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COFYRIQHTEDIN 1941 BY WILLIAM B. DANA COMPAMY, NEW YORK.
VOL. 152.
*s"°dws6f8kloYo40Pe'?eYet3ar'Copy~
ENTERED AS SEC0ND-0LA8S MATTER JUNE 83, 1879, ATTHC POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, W79.
NEW YORK, APRIL 26,1941
NO. 3957
BROOKLYN TRUST
THE
CHASE
COMPANY
NATIONAL
Chartered 1866
BANK
OF THE CITY OF NEW YORK
George V. McLaughlin
President
.
Broaden your customer
NEW YORK
BROOKLYN
service with Chase
Member Federal Deposit Insurance
correspondent
Corporation
facilities
Member Federal Deposit Insurance
Corporation
y
:
y
Hallgarten & Co.
Established 1850
United States
NEW YORK
Government
Chicago
London
City of
Securities
Philadelphia
:;!. y:;/
■
Announcing:
„
Y-'
Bonds
"Guide to Railroad
Reorganization Securities"
The New and
Improved 1941 Issue
Containing all New Plans of Reorganiza¬
tion and all the changes in prior plans,
together with detailed maps of each
system..
y ;yvyy.y
There will be only one printing
Subscriptions
now
$5
The
FIRST BOSTON
CORPORATION
being received at
/;y
/' yy
Moncure Biddle & Co.
BOSTON
NEW YORK
CHICAGO
per copy
PHILADELPHIA
philadelphia
•y\ \■>. ;■;
SAN PRANCISCO
(Including New York City Sales Tax)
Publication date about May 1st
AND OTHBR
O
PRINCIPAL CITIES
Pflugfelder, Bampton & Rust
Members New York Stock Exchange
61 Broadway
New York
Telephone—DIgby 4-4933
Bell Teletype—NY 1-310
>"T~1
■
v'".-y
-
"C-.y
The
New York Trust
Riter & Co.
Members New York Stock
Members
New York Curb
Company
Exchange
Chicago Stock Exchange
Exchange (Associate)
O^'vyyv ^ :"y
48 Wall
Capital Funds
Street, NewYork
CHICAGO
PHILADELPHIA
OTIS & CO.
Morrietown
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
MADISON AVENUE
BOSTON
Easton
99 Wall
f
New York
PHILADELPHIA
LAMBORN & CO.. INC.
AND 40TH STREET
INVESTMENT SECURITIES
Street
Milwaukee
Hartford
Chicago
R. H. JOHNSON & CO,
64 Wall
St. Paul
Rochester
Street, N. Y. C.
sugar
y
Export—Imports—Futures
ONE EAST
DIgby 4-2727
57TH STREET
Canadian Securities
Carl m. Loeb, Rhoades & Co.
61
BROADWAY
NEW YORK
London
Geneva
Member of
Buenos Aires
the
y
Federal Deposit
Insurance Corporation
HART SMITH & CO.
maSt.
illiWM
Montreal
NEW YORK
Toronto
The Commercial &
II
April 26, 1941
Financial Chronicle
READING COMPANY
Forty'Third Annual Report—For the Year Ended December 31, 1940
submits herewith its 43rd Annual
Report of the operations
and affairs of the Company for
ended December 31, 1940:
Increase
*
or
1.22 .1%
1,449.91
1.448.69
operated-
bonds and notes
in stocks,
carried
merchandise,
gers.
passen¬
$7,053,427 12%
39,612,689
4,439,288 11%
railroad
$19,745,999 $17,131,860
Net Revenues
$2,614,139 15%
4,480,363
1,059,958 24%
5,540,321
Federal, State and other taxes--
companies in
Payments to other
Net Railway Operating
3%
720,493 ,""r,r 24,379
744,872
of joint facilities
ment and use
$1,529,802 13%
Income_$13,460,806 $11,931,004
investment in se¬
Income from
curities, property rentals
Miscellaneous income
Gross Income
deductions
4%
9%
73,669
68,768
1,921,812
790,524
ed debt, rentals
$1,672,239 13%
$14,734,531 $13,062,292
for fixed charges
Fixed charges—interest on
fund¬
8,307,314
railroads, etc
Income available for
other
and
dends
not
available to the Company
divi¬
$1,705,566 36%
$4,721,651
dollar
each
of
Reserve for
Rate of return on Investment
.76%
69.81%
69.05%
by operating expenses
The
82,564,202
81.509,680
1,054,522
797,672
732,731
64,941
98,083,573
95,143,855
2,939,718
361,442,564 361,278,065
164,499
items
including
adjusted
liabilities, credits
from the
.32%
.20
2.67%
1.57
of the
Company
1.77
including
Debt,
bonds,
127,686,381 127,551,465
27,991,150 27,991,200
41,970,600 41,970,650
69,989,100
69,989,100
First Preferred Stock
Second Preferred Stock
$1.22
$3.37
$4.59
Second Preferred Stock
Common Stock
Common
Making a total capitalization of
Stock after First and Second
require-
*
•
After
$1.22
$1.37
$2.59
share each.
deducting
from
net
this
assets
Source and
Disposition of Reading
134,816
93,805,333
93,775,650
Company's Operating Income
Cents)
From
Comparison of Years 1940 and 1939
Increase or
1940
Decrease
1939
Freight:
Anthracite Coal
23.58
.11
Bituminous Coal
19.01
.81
47.28
90.57
Total
Passenger
„
1.62
89.87
.70
5.65
Merchandise
.73
63
MaU
press---
—
All Other--
—
—
-
.69
.06
.65
.73
.08
3.06
.17
3.23
100.00
Grand Total
Receipts
Where the
Dollar Went
Comparisonfof^Years 1940Jand 1939
Increase or
1940
1939
Decrease
43.18
44.19
1.01
6.54
.58
»
7.01
.49
il
69
4 82
46
.23
Operating Expenses:
Payrolls
Juel
Ties.
-
Rails, Frogs and Switches
Depreciation and Retirements
Loss and
Damage—Freight-.
AH Other
.25
12.99
5*57
'23
.75
.02
11.86
1.13
69.05
69.81
.76
Railway Tax Accruals
8.68
7.89
.79
Equipment and Joint Facility Rents, etc.
Railway Operating Income to Apply
1.17
127
.10
Fixed Charges
Balance for Dividends and other Corpo¬
13.02
14 70
1.68
8.08
6.33
1.75
100.00
100.00
Total
-
Net
on
rate
Purposes
Grand Total
Expenditures
For
Safety, Economy and Comfort
Travel by Train—Use The Reading
—
a
(.All Figures Shown in
Where the Dollar Came
50
50
capitalization
there remained
corporate surplus of
Italics denote decreases.
134,916
267,637,231 267,502,415
equipment obligations, etc
Earnings per share of First and
dividend
available
consisted of the following:
earned
Earnings per share of
capitalization
Funded
2.99%
per
895,000
925,255
depreciation of road and
liabilities,
After deducting these items
in
tion service
$2.00
9,472,415
3,429,029
equipment
property used for transporta¬
ments of
10,367,415
4,354,284
—
capital net assets of
operating revenue consumed
Preferred
other
due._
and reserves was
$6,427,217
Times fixed charges
69,822
3,104,217
interest
and
and rents accrued but not yet
total assets there remained
of
1,467,344
——
corporate
purposes-.
Percentage
1,397,522
459,526,137 456,421,920
yet
for materials, sup¬
companies,
The total of these
Net
but
due
items
due to others not yet
33,327
8,340,641
4,140,298
unadjusted debits,
Total Assets of the Company were
railroad
332,587
4,472,885
equipment in good repair
Deferred
paid for leased
627,078
,
road and
plies necessary for keeping
Taxes accrued but not due..
before deductions
3,691.182
and other sup-
plies, wages and balances to
1,995,481
721,756
4,318,260
hand fuel, rails,
ties, bridge material
The Company owed
and
other items
4,657,993
owed
—
The Company had on
including
companies for hire of equip-
6,210,507
had cash
Railroad companies and others
Deferred assets and
of receipts from such
excess
3*9,795
2,**3,619
73,964,479
-
the Company
44,051,977
and maintaining the property
74,314,274
438,468,970 440,912,589
10,868,500
at
The Company
$63,797,976 $56,744,549
etc
of operating the
Cost
2,093,82*
had invest¬
Total Investments.-----------
bituminous
of anthracite and
$
364,504,491 366,598,315
erty of
Receipts from the transportation
coal,
$
investments
had
Company
ments
Average miles of road
Decrease
In
land, railroad tracks, terminal facili¬
ties. shops, locomotives, freight and
passenger cars and other fixed prop¬
The
In addition the Company
Decrease
1939
1940
or
1939
$
The Board of Directors
the year
Increase
1940
of Reading Company:
To the Stockholders
DECEMBER 31»t.
FINANCIAL POSITION,
Philadelphia, Pa., March 25, 1941.
For Luxurious Comfort at No Extra Cost
Use The "Crusader"
Between
Philadelphia and New York
29,683
No. 3957
APRIL 26, 1941
Vol. 152
CONTENTS
Editorials
The Financial Situation.
.
i.
Attack
on
Insurance
2595
.
Emergency Taxation ...
.
Companies Continues.
-—_2607
...2609
Comment and Review
Week
on
the European
2599
2599
2605 & 2649
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
2611
Indications of Business Activity
2612
Week
on
the New York Stock Exchange
2597
Week
on
the New York Curb Exchange
2648
News
,;i- re¬
current Events and Discussions
2622
Bank and Trust
2647
2690
Company Items
General Corporation
and Investment News
Dry Goods Trade
State and
2736
-
2737
Municipal Department.
Stocks and Bonds
2649
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
2651
Dividends Declared
2651
.....
.2651
New York Stock Exchange—Stock Quotations
2658
♦New York Stock Exchange—Bond Quotations.2658 & 2668
New York Curb Exchange—Stock Quotations
2674
♦New York Curb Exchange—Bond Quotations
2678
Other Exchanges—Stock and Bond Quotations
2680
Canadian Markets—Stock and Bond Quotations..-.-.2684
Over-the-Counter Securities—Stock & Bond Quotations.2686
Auction Sales
........
::
Reports
2604
Foreign Bank Statements
2649
Course of Bank Clearings
Federal Reserve Bank Statements
General Corporation
—
..2622 & 2655
2690
and Investment News..
Commodities
The Commercial Markets
and the Crops-.
Cotton
Breadstuff8
•
on
Attention Is directed to the
2727
-2730
2733
column Inconjorated in our
New York Curb.ErchangeJbond
new
New York Stock Exchange and
tions
-
tables
quota¬
pertaining to bank eligibility and rating.
Dana Company, 25 Spruce Street, New York City, N. Y.
PrartdeM yd Trearorer;William p Bigg. Bmjaaee Manager.
208 8outh La Salle Street (Telephone State 0613). London-—
Edwards A Smith, lDrapers* Gardens, London, A.O.
Copyright 1941 by William B. Dana Company. -Entered as second-class matter
Jane 23,1879, at the post office at New ifork, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00
year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central AmericajSpain, Mexico and
ba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except ftpMn), Asia. A^ti^ia andAfri^, $g ;W pe^ear,
!.50 for 6 months.
Transient display advertising matter, 45 cente per agate fine.
Contract and card
^J^^ert. NOTE. Onaccount
of the'nuctuaUwag8h the'rat«"of^change,TremittancesVfor forSgn subscriptions and advertisements must be made in New York funds.
Published Every
Saturday Morning by the William B.
Herbert D. Selbert. Chairman of the Board and Editor: William Dana Selbert.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
1
April 26, 1941
The Commercial & Financial Chronicle
VI
This announcement appears merely as a matter of
all of this Preferred Stock has been sold.
record
as
■
S
36,103
(of 43,706 Sharea offered to Preferred Stockholders for
subscription)
Company
The American Brake Shoe and Foundry
Preferred Stock,
5'/4% Cumulative
($100 PAR VALUE)
Price $123 per
share (flat)
MELLON SECURITIES CORPORA TION
MORGAN STANLEY & CO.
Incorporated.
'
HARRIS, HALL & COMPANY
DREXEL & CO.
*-,
SPENCER TRASK & CO.
-V;
(Incorporated)
'
,
"■
"■
•'
April 2//, 19^1.
Meetings
NORFOLK AND
WESTERN RAILWAY
COMPANY
Roanoke, Virginia, April 4, 1941.
K. Sheridan
Hayes
OF ANNUAL MEETING OF
NOTICE
STOCKHOLDERS
The
Annual
of the
Meeting
Stockholders of
Norfolk and Western Railway Company will
his resignation as General Director
announces
be
held, pursuant to the By-laws, at the principal
office of the Company in Roanoke, Virginia, on
Thursday, May 8, 1941, at 10 o'clock A. M., to
elect a Board of eleven Directors, and to transact
such other business, not known or determined at
of the
this
time,
meeting.
UNITED STATES TAX REFORM ASSOCIATION
as
properly
may
before
come
the
Stockholders of record at the close of business
practice
to resume
as
April 18, 1941, will be entitled to vote at such
meeting.
adviser to taxpayers
„
_
w
L.
in connection with their
W. COX, Secretary.
liability under the
Dividends
FEDERAL
REVENUE
ACTS,
with headquarters at the
OTIS
Kellogg Building, Washington, D. C.
ELEVATOR
COMPANY
Dividend
Preferred
Common
Dividends
Dividends
A
THE
BUCKEYE
PIPE
LINE
COMPANY
26 Broadway,
been declared
on
the Capital Stock of this Com¬
payable June 14, 1941 to stockholders of
record at the close of business May 29, 1941.
pany,
J.
R.
a
meeting
of the
Board
of Directors
on
the Preferred Stock and
the
value Common Stock have
been declared, payable June 20,
1941, to stockholders of record
a
$7 Preferred Stock Dividend
At
New York, April 26, 1941.
A dividend of One ($1.00) Dollar per share has
dividend of 20 £ per share on
no
$7 Preferred Stock of the Corporation for pay¬
June 2, 1941, to stockholders of record
business May 9, 1941.
ment
par
at
of
United Gas Corporation held on April 23, 1941,
a dividend of $2.25 per share was declared on the
the close of business
at the close of
E.
PAST, Secretary.
H.
DIXON,
May
Checks will be mailed.
Quarterly dividend No. 91 of one dollar and
seventy-five cents ($1.75) per share on the pre¬
ferred stock, payable June 2,
1941, has been
"Expandit" Binder
on
23, 1941.
Treasurer.
INTERNATIONAL HARVESTER COMPANY
The
134
quarterly dividend of $1.50 per
share
UNITED GAS CORPORATION
170
No.
Dividend No.
Hew York, April 23, 1941.
C. A. Sanford, Treasurer
declared to stockholders of record at the close of
business May 5, 1941.
SANFORD
B.
WHITE, Secretary.
is
adjustable to the thickness of
the number of issues it contains
BANK
ADVERTISING
MAN
Thoroughly
In sizes up to 13x8 J4
inches
Price $2,00 each
Plus postage
Prices for larger sizes
on
application
experienced
in
the creative and production
ends of all types of financial
advertising. An expert in de¬
veloping and securing pub¬
licity. Alert to the necessities
of
modern banking.
Salary
requirement during proving
period moderate, but oppor¬
tunity must exist for service
that
will ultimately justify
substantial earnings.
NATIONAL DISTILLERS
PRODUCTS CORPORATION
The Board
of Directors has declared a regular
quarterly dividend of 504 per share on the out¬
standing Common Stock, payable on May 1,1941,
to stockholders of record on April 15, 1941. The
transfer books will not close.
THOS. A. CLARK
Marchj7,^ 1941
^
NORTHERN
PIPE
_^^tmeaspbee
LINE COMPANY
Broadway
26
New York, April 18,1941
Fifty (50) Cents per share has
the Capital Stock ($10.00 par
value) of this Company, payable June 2, 1941 to
stockholders of record at the close of business
A dividend of
Box
THE "EXPANDIT" BINDER
25
Spruce St.,
New York City
&
F.
The Commercial
Financial
Chronicle,
25
K.,
Spruce St., New York, N. Y.
been
declared on
May 16, 1941.
(
„
_
J. R. FAST, Secretary.
The Financial Situation
will effect.
program
That is to say, the plan thus
FOR THE better to be of afull support of large
year Congress, with
what appeared part the
laid out, which in
general terms, the Secretary of
majority of the people of the
the
meets with hearty Congressional
a
has been
country,
busily engaged in appropriating almost if not quite
unprecedented amounts of funds which the Presi¬
dent and his aides have been
of
our
defense pro¬
own
and the steadily and rapidly growing
gram
aid to the
called
various
considerably
program
says,
than
more
It is, of course,
rapidly using in making
titanic commitments both for
Treasury
approval, requires increases in taxes amounting to
even
year, we must raise as
large
Another Dose from the Same Bottle
From the standpoint of the Treasury it was
one of the most satisfactory meetings we have
"sac¬
had.
ever
rifices"
which
said to be
were
make
to
all
defense and of
us
the
be
combatting
Europe
though
and
Asia,
has
it
stomach
for
al¬
1942
that period
little
such
that
after the other
ated
and
appears
the
Adminis¬
credible
of
almost
in¬
expenditures had
land
before
it
brought
forcefully before the Amer¬
ican
of
the
people
finding the
problem
funds
re¬
quired.
This latter it
ever, now
of
done in the form
the
from
the
Secretary
Treasury.
the
official
in
all
why
of
estimate
be
re¬
duced, and unessential
ex¬
wholly
penditures
elimi¬
non-de¬
Reduce
nated.
expenditures to
the
proximately
ap¬
amount
annually expended for all
by the
Government
iw
JJeal,
in
the
promising
drastic economies ,
reins
Federal
before
1933,
took the
and
very
nearly all if not quite all
the
$3,600,000,000
that
the
Treasury
says
now
must be added to the tax
burden
of whom would find their taxes raised
next
sixfold.
year
from
disappear
would
the
ex¬
penditures side of the
budget at
any
once.
Refuting New Deal
Doctrine
The other observation is
the
that
what
part with truth—completely refutes the long
1942 is
some
President at the first of the year—and that
plan to raise two-thirds of this amount by
we
In terms of
must
667,000,000
even
dollars, he
this
says,
plan to raise by taxation
during
$3,600,000,000
the
outlays
non-defense
most
taxation.
duce
reason
$19,000,000,000
must
that
but that
more
$1,500,000,000 above the budget estimates
—some
of the
the
drastically
expendi¬
tures for the fiscal year
we
peace year
history,
should
calmly told the public that
his
aid
expenditures
normal
our
is
plan seems to be wholly unrelated to
idea that really may be entertained of
having "everybody .
.
.
contribute onethird more next year than this."
day
other
in any
at
than
or
larger than all
Federal
The
This
much
are
fense
some
announce¬
falls within the
expenditures,, which alone
nature
more
dramatic
a
ment
of
has, how¬
enor¬
category of defense
length as a result of pressure too
great to be resisted, the details, or some of
them, of the Treasury's proposals became
known a few days ago, it was found that
plans for reaching "some of those people who
don't pay anything at
present" are con¬
spicuous by their absence, and that the
schedules drawn were directed primarily at
that group already severely burdened whose
income is $100,000 per annum or less, par¬
ticularly those with an income of $25,000
or less, and most severely of all those in the
lowest brackets now paying income taxes,
part of the law of the
a
get
what
of the
outlays planned for
mous
to
the
Concededly,
part
purposes
When
which
reason
during the past eight
next year
forth.
been approved and become
only by
inexcusably profli¬
larger
yes."
the
$19,000,000,-
policies of the New
years.
the public was
of the tax
legislation the Treasury had suggested for
accomplishing the purposes thus plainly set
learn
to
con¬
Deal
Several days elapsed before
permitted
that
gate
with representatives
His reply was, "Oh,
care¬
fully waited until its
programs
expect
there
of the
for
of
the press when these words were spoken,
the Secretary was asked:
"Is it also your
intention to reach some of those people who
don't pay anything at present?"
now
have
forces
tration
we
next year includes
At the conference
en¬
clear enough, how¬
that
ever,
It
which
is
many sums
of that
revenue
was
increasing taxes by about a third so it
would be ideal if everybody would contribute
one-third more next year than this.
Every
business' and every individual.
That is our
goal.—-The Secretary of the Treasury re¬
porting the results of the tax discussion with
Congressional leaders on April 17.
been initi¬
thusiastically.
$9,223,000,000
are
are
What this amounts to, roughly, is that we
one
so
group
One
000
are
action
adopted
at
are
likely to make at
once.
there
is
thoughtful stu-
dents of the situation
tained in the
hope to derive from improved business
conditions, then-—an estimated $950,000,000.
any
have
1,
may
we
revenue
of
programs
those
as
The
professedly
inevitably needed for
approval by the
The estimate of fiscal
arrived
we
from present taxes
changes
part the
We
Thes$, of course, are Treasury estimates,
not budget figures.
If and when Congress
passes a
new
tax bill, we will get approxi¬
mately $3,500,000,000
additional revenue.
of time there
in the tax laws
to raise in
beginning July
.
During
have been certain
year,
$19,000,000,000.
as
all this
as to
two observations
are
rather
$9,223,000,000.
It
leaves $3,444,000,000 to be raised in
taxes
over and above
the present ones, and that
figure also was unanimously approved. . .
asking labor
sacrifices..
unanimous
formula.
and farmer groups to make
such
fiscal
around
be
this should be raised by revenue and
painfully obvious that the
had
;
10% up or 10% down.
expressed the opinion that two-thirds of
was
appeared
Administration
taxation
which most
I
the so-called dictatorships
in
coming
Would
of
name
there
I gave the picture as we saw it at
We figured that expenditures for
this time.
expected
the
in
of
by
feasible, but
There has been vague talk
about
to spend
are
part of this immense
a
total
so-
democracies
times
we
nearly $19,000,000,000 during the coming fiscal
throughout the world.
at
third.
one
obvious that if
more
the
means
something
like
than existing laws would
pro¬
year,
or
with the improvement in business
Treasury
optimistically
$12,-
some
assumes
the
which
defense
cherished
New
Treasury
Deal
now
doctrine
says—and
that
many
for the
of
our
problems, including that of the budget,
be solved if only the Federal Government
economic
would
spent enough money to "activate"
Heaven
at
knows
how
many
business fully.
times it has been said
Washington in recent years that once the New
Deal
had succeeded
in restoring business
fully it would be quite
activity
simple greatly to reduce
Tbe Commercial at
2596
financial Chronicle
April 26, 1941
•
.c
ordinary outlays and to raise
They are in part the very groups
ing the rates of taxation,
levying
without greatly chang¬
funds quite sufficient to
pay all Governmental expenditures and in addition
begin to reduce the National debt.
Yet here we
with
are
situation in which
a
American industry is
expected next year to be operating at capacity, in
which National income is expected to be limited
only by the capacity of industry to produce—and
of course the behavior of prices—and still there are
in ordinary
outlays which on the contrary are expected to be
about as large as they have been right along, and
may be larger, and tax receipts despite increase in
plans of importance for reduction
no
basis
outlays, and even on the basis of
short of covering
present suggestions of the
seven
billions short of that
the
or
fail
the
when
present
had to say on
is
emergency
over
by what the Treasury has
would be forever silenced
now
One would
has shown the way to prosperity we must
to take advantage of the demonstration
afforded
so
goal.
that school of New Deal thought
been saying that now that the defense
has
program
not
Treasury some six
that
suppose
which
the
on
fall around $10,000,000,000
existing law
of
admittedly,
will
changes
other
and
rates
ington day dreamers, the fact remains that we are
spending enormous sums of money even for
now
these
that
times, and
spend
shall without question
we
during the year to come, and spending
must find some way of raising
more
all this money, we
In
it.
short,
hands and
it
have a real tax problem on our
we
Ave
must address ourselves seriously to
of
regardless
the
nonsense
that is
constantly
being uttered in Washington in this and related
Whether
subjects.
$3,600,01)0,000 or not, we must do Avhat we
reasonably do to pay for our war preparations
can
and
We
generosity to other countries as we go.
our
must not drift
its
succeed in raising an addi¬
we
along as the New Deal has done Avith
huge and wasteful expenditures during the past
eight
That Avay Avould lead quickly to dis¬
years.
aster, the quicker by reason of the very fact that
the NeAv Deal has in the
reason
past been so lax in it fiscal
It is equally important that
policies and attitudes.
justice,
and Avisdom, rather than NeAv Deal
fol-de-rol, dictate the form and substance of
program
Our
tax
system
has long cried
for
out
a
thorough overhauling, and it still is in dire need
of
Ave are
ready levied
iioav
all these to feel the costliness
of both the defense
and the regular NeAv Deal pro¬
such
any
program
of collections
principles
which
all of the NeAv Deal tax
as
the influence of
past, and nothing could be less just than for
who have been paying through the nose for
those
governed
lion's share of the added burden of the defense pro¬
gram.
as
V
good deal more than fair-play—as important
A
that
is—is, however, involved in this issue. What
during the past eight
has been done with taxation
and what is noAV proposed by the
or more
years
Treasury are both largely cut from the same cloth.
and social
in
justice and the like which are deep-dyed
of all good NeAv
the avooI
of
afraid
good
a
mouths of
This latter is
the
is
they do about economics.
that
as
suggested
now
nearly
ber of
the
rank
and
wholly untouched
realizing it must
are
and
file Avho
saAre as
pay
identically the
the first
Notions
task
to expunge
of course, now
pay
no
same
num¬
income tax
they Avitliout knoAving
heavy taxes indirectly.
groups
or
These
Avhich have from
applauded the profligacy of the NeAv Deal,
in very
substantial part those
goups
have most of the
strange New Deal laws—but it
really have little
or
nothing
emergencies.
faced
real emergency demanding enormous ex¬
by
a
penditures to
takes
a
strongly for taxation which
argue
in the community—provided first, that
prosperous
it likewise took
all,
It would be possible when
large part of the income from the more
very
reasonable
a
part of the income of
virtually all citizens, and, second, that such
or
of
schemes
taxation
were
discontinued
promptly
the real need for them ceased to exist.
when
of these
first
The
provisos is AAdiolly lacking from the
suggestions of the Secretary of the Treasury and
the
second
as
a
in
existing circumstances must be set
vain
hope.
time.
.
When the
haATe
who
are
at
are
at
subject is vieAved in this
once
already
the
same
run
of living.
apparent.
way
several
One of them is that
we
into the ground the old and honor¬
taxing according to ability to
pay.
constant lip service to this notion
that
time
they
demand exceedingly
steep gradations in the surtax rates often cite the
well known
"principles" of taxation laid doAvn by
Adam Smith and in
so
doing obAdously distort that
authority's meaning most shamefully.
Smith
State
actually Avrote
the Government,
tion
was
What Adam
"the subjects of
every
ought to contribute towards the support of
under the
inevitably raising
We must look further than
present emergency in drafting a tax bill at this
regard for the fact that they
It is,
to do Avith
tion to their
are
it from the statute book.
floAvs from ideas Avhich
actively at work demanding—and getting—
higher and still higher aaTages Avithout the slightest
noAV
the cost both of the defense program and
scheme
a
Secretary of the
put forth as an emergency measure—
Those who pay
They leave that vast
Once such
the
by
Treasury is translated into law, it will be no easy
the
precisely Avhat the suggestions of
Treasury do not do.
great deal more about
a
coining fine phrases and shouting popular doctrines
than
measures.
Old
from the
issuing
arguments
who knoAV
men
Dealers, and we are
others Avho have been led
many
specious
by
astray
able maxim of
Same
to have to assume the
the New Deal extravagances
facts
have
have been obliged to pay for
the rates which others
years
the
contemplated it is doubly important that these
execrable
through the necessity of having to pay di¬
gram
rectly to the Federal Government income taxes in
amounts that would be as burdensome for them as
to super-impose upon taxes al¬
imposts be freed from
neAV
Avholesome than for
doAArn
it, but if
Nothing could be more
until disaster overtakes us.
any
designed to raise the funds in question.
entire
utterly reckless fiscal policies
in
Administration
as
tional
upon
They both rest upon fallacious notions of economic
the subject of defense taxation.
putting aside all these fantasies of the Wash¬
But
who have been
the construction of army
camps and other defense projects Avithout giving a
thought to the expense to the tax-payer. They are,
all of them, the groups which, as things now go, will
continue to encourage and effectively support the
tribute
to the
possible, in
porpor-
respective abilities; that is, in
propor¬
as
revenue
nearly
which
as
they respectively enjoy
protection of the State.
Go\rernment
to
the
individuals
The
of
expense
a
of
great
Volume
nation
the
is
like
joint
all
the
obliged
to
of
in
How
untaxed, obliges
$2,500
per
to pay
year
supporting
have
been
per year
an¬
73.8% of it in
pay
drifting toward for
years
reality is the socialistic doctrine of approxi¬
mately equal division of income brought to
virtual
earn
order
to
than
more
program which
in
of
others, that is to
say,
give to him who hath not.
Nothing
thoughts of Adam Smith,
of the other authorities enunciating similar
any
doctrines.
nate
by
simply takes from him who hath
could be further from the
or
pass
expropriation of the income of those who
able to
are
a
But this is not
justice.
fair
As is
play
merely
often the
so
matter of in¬
a
the
case
disregard
reasonable treatment in this
or
case
brings its own reward in injury not merely to the
victims, but to those who perpetrate the injustice.
As
Adam
Smith in his famous fourth
"principle"
says, unwise taxation
"may obstruct the industry of
people, and discourage them from applying to
the
certain branches of business which
tenance
While
and
it
which
employment
to
perhaps destroy,
or
might enable them
The time has
might give main¬
the
the
easily to do so."
more
Secretary of the Treasury
other
day with
New Deal in
This is true
as
people to take
be¬
come
even
came
forward
plan for outdoing
a
formulating
well "obstruct the
of the funds
some
these wise words to heart—and had
fore
it may thus
pay,
for the American
come
multitudes.
great
obliges the people to
diminish,
even
the
tax program which may
a
general principle of sound
eco¬
statesmanship—made urgent by reason of the
excesses already
indulged and others even worse
proposed,
urgency
which
but
there
is
likewise
There is
everywhere, unless
a
New Dealers have had
number of
such
appears
to be
proposals of
more
or
means
of
a
good deal
usual
as
catastrophe.
a
abstract at least that
one, and
fundamental
a
But
come
income
which
for¬
strange sort
even
among
less agreed in
the
perhaps the most
controlling the situation is
through taxation, excessive
away,
most,
stemming from the defense and
the subject, and have
prevent
result
may
from
or
un¬
defense
activities and apply the proceeds to the cost of de¬
fense.
The trouble is that when it
comes
to
apply¬
ing the doctrine there is consistent "wincing and
relenting and refraining." Thus at one and the
same
for
time wage increases and various other devices
increasing the income of
mitted,
drawn
same
swelled the
Federal Reserve
for the time
somewhat
banks, where the funds
now
changes bearing
was
balances
reserve
to
was
over
a
legal
$5,760,000,000.
the member bank posi¬
upon
relatively modest and tended to balance
were
out.
The net result
common.
by $500,000,000,
requirements
tion
placed
diminished, in turn, by the heavy Treas¬
decrease of member bank
Other
were
The vast accession of funds
being.
outlays
ury
by the Treasury, and this promptly
Treasury general account with the 12
Monetary gold stocks of the country increased
$61,000,000 to another record at $22,482,000,000.
Currency in circulation began to rise again after the
minor
post-Easter dip, the advance now recorded
being $3,000,000 to $8,992,000,000.
Non-member
deposits and other Federal Reserve accounts were
$45,000,000.
up
picture
On the demand side of the credit
degree of uncertainty has been apparent
a
lately in New York City, and the condition statement
of
weekly reporting New York City member banks for
the
period ended April 23 emphasizes this situation.
industrial
Commercial,
such banks
and agricultural
loans by
reported down $7,000,000 to $2,088,-
The trend for the country as a whole has
000,000.
been
are
steadily
upward,
the
despite
Brokers' loans
New York.
on
New York City banks were
variations
at
security collateral by
reported lower by $14,-
|
000,000, at $323,000,000.
Treasury in Washington deposited $34,998,000
gold certificates with the regional banks in the state¬
ment
to
week, raising their holdings of such instruments
$20,159,729,000.
Other cash of the 12 Federal
modestly, and their total
were
faced.
are
ward with
usual
tion notes offered
reserves
to say on
take
influence
April 17, subscribers made cash payment
or on
resulting from the particular situation by
aid programs.
to
now
of the statement
banks increased
we
them it
course
$644,000,000 of Reconstruction Finance Corpora¬
Reserve
fear of inflation
to
week,
Treasury
In the
special
a
it be among
wage earners who would suffer
a
banking position.
The
nomic
now
actions of the United States
the
industry of the people."
a
program.
Federal Reserve Bank Statement
for
past, and what the New Deal is rapidly bringing
into
not obliged to
provide their share of the costs of that
April 23 of the extraordinary degree to which trans¬
$1,000,000 income to
we
but not merely
are
2.9% of his income to the
taxes is difficult to understand.
What
activities, and who
FRESH indications are the weekly period official
banking statistics for afforded in the
ended
39.1% of his income in taxes, and still
other with
defense
income of
an
Government, another with $50,000 income
to pay
result of the defense program,
a
in¬
an
large groups wholly
individual with
one
2597
such
estate."
be tortured into
can
as
in
their
tax schedule which leaves
come
to
are
who
proportion to
the
in
management
estate,
great
a
contribute
interests
doctrine
of
expense
tenants
respective
a
The Commercial & Financial Chronicle
152
even
in
wage
presently
encouraged,
such
a
way
earners
we
wage earners are per¬
and
that,
escape
tax
save
schedules
almost
entirely.
many
fear, it will
from
those
who
come as
are
a
Total deposits with
regional institutions fell $15,471,000 to $16,260,-
530,000, with the account variations consisting of a
by $473,-
decline of member bank reserve deposits
407,000 to $13,505,723,000; an increase on the Treas¬
ury
an
general account by $413,083,000 to $946,798,000;
of foreign deposits by $29,080,000 to
increase
$1,272,379,000, and an increase of other deposits by
$15,503,000 to $535,630,000.
The reserve ratio in¬
91.2% from 91.0%.
creased to
Discounts by the
advanced $999,000 to $2,217,000.
advances were $21,000 higher at $7,491,-
regional banks
Industrial
000, while commitments to make
$47,000
again
of
to
were
United
such advances fell
Open market operations
lacking in the weekly period, as holdings
$8,461,000.
States
Treasury
obligations
changed at $2,184,100,000.
were
un¬
?v.
are
If
as
result of the demand
receiving much larger
$43 209,000 to $20,504,434,000.
$11,695,000 to $6,217,967,000.
the
The New York Stock Market
indirectly, these
develop another "silk shirt era,"
up
Federal Reserve notes in actual circulation increased
wages
PENDING the determination of of thegreat ques¬
presented by the course the
European
tions
war
the
and the
New
possibility of American involvement,
stock market did little more than
York
TAe Commercial & Financial Chronicle
2598
mark time this week.
that
trend
a
The
Call loans on the New York
mained unchanged at 1%.
price trend, to the degree
discernible, was toward slightly
was
April 26, 1941
Stock Exchange re-
On the New York Stock Exchange the sales on
Saturday were 230,110 shares; on Monday, 430,600
week.
The fall of Yugoslavia to the Axis invaders
shares; on Tuesday, 436,160 shares; on Wednesday,
and the imminent collapse of the Anglo-Greek de^474,800 shares; on Thursday, 487,670 shares, and
tense kept the New York market easy in the early
on Friday, 424,900 shares.
sessions of the current week.
New lows by the score
On the New York Curb Exchange the sales on
higher levels, this being an obvious recovery from
pessimism of the final sessions of last
the overdone
,
reported for the year on the New York Stock
were
But the modest losses then recorded
than offset in a mild rally on Wednes-
Exchange.
more
were
But the advance was not re-
day and Thursday.
sumed
yesterday, since addresses on the war by our
authorities added to the
own
felt
that
on
Balkans.
Tax
ington,
apprehensions already
after the German victory in the
score
proposals by the Treasury in Wash-
congressional
by
counter-proposals
and
spokesmen, merely added to the general gloom and
Price control methods of the Adminis-
confusion.
tration will be hardened,
according to recent indi-
cations, but there is still no apparent tendency to
halt the
of strikes which is
wave
interfering with
production and adding sharply to the costs of proThe bituminous coal strike
duction.
is inter-
now
fering with vital production, and even with trans-
portation.
These and the many
market mood
up a
ers
and
or
other matters that
investors, but it is hardly
prise that
they failed
securities.
Trading in equities
Stock
go
to make
tendency were noted by tradadd
to
a
matter for surthe
to
on
interest in
the New York
Exchange held consistently below the 500,000-
share level
each
in
and every
Steel,
full session.
motor, aircraft, manufacturing and similar industrial issues led the
feeble
the mid-week session.
buying,
notwithstanding
price controls.
and
some
some
were
a
of
assurance
Utility stocks
little
harsh
dull throughout,
Railroad issues
were
favored
emphatically than others, at times, and
more
of the advances
view of the low
are
the
leading equities in this department lost
ground for the week.
rather
rally that developed in
Metal stocks reflected
can
be
considered
sizable, in
prices at which most carrier stocks
Friday, 58,175 shares.
The Balkan situation was such as to further depress prices on Saturday of the previous week, and
equities during the course of trading touched their
bottom figures since June of last year. The market,
too, had to contend with domestic factors. Strikes
within the soft coal industry and their resultant
effects on many other industries worked against
a
Irregularity was present from the
better trend.
outset, and prices turned easier in the first
In the listed bond market
sessions
most
of
firm tone
a
week.
the
was
United
hour. A
in the second
period, leaving changes mixed at the close.
The
aspect of the war and domestic conditions reflected
no appreciable change over the week-end.
This
resulted in lower values in early trading on Monday.
Prominent issues in both the steel and motor groups
dropped to new low points since June, last. In late
trading, however, a feeble effort was made to alter
the downward drift of values. The effort was successful to a degree and left the list firm and slightly
improved at the close. An attempt was made on
Tuesday to lift prices, but Federal tax levies at
present under discussion, disheartening war news
from the Greek front, and the domestic strike situadegree of firmness came to the list
tion all worked against any
but it
was
only moderately so, as later weakness left
The general attitude of
the list mixed at closing.
traders
appreciable advance in
Some improvement was made,
the price of equities.
on
Wednesday was a more cheerful one.
The market was inclined to discount certain phases
of the
war,
such as the Greek campaign, and to look
ultimate
at the conflict from the viewpoint of an
The oversold condition of the
victory for the Allies.
selling.
ent in
Saturday were 40,165 shares; on Monday, 73,555
shares; on Tuesday, 76,605 shares; on Wednesday,
85,805 shares; on Thursday, 62,835 shares, and on
appar-
lowing
Fol-
made the time opportune for a rise.
market
States
a
quiet opening a modestly higher trend de-
Treasury obligations slowly improved, owing to the
veloped which turned easier later in the morning.
Washington drive for vastly increased immediate
As the day progressed word came from the
taxation.
congressional committee that new income tax pro-
Best
grade
municipal
corporate
and
bonds
were
group
showed occasional signs of life, and most of
in
demand.
the formal bond
all
trend
trading
The
speculative railroad
in such loans, the over-
was
being toward modestly improved levels,
Among foreign dollar bonds the Canadian group
enjoyed
a
sharp advance, which stemmed directly
from the economic collaboration between
ton and Ottawa announced last
eign dollar securities
Sunday.
Washing-
Other for-
quiet and little changed,
were
Commodity markets backed and filled, with changes
of no importance in the
leading grains, for the week
as
a
whole.
Base
metals
naturally were merely
maintained, in view of threats of added restrictions
by the Washington authorities.
trading brought
a
the
touched
New
new
Curb
a
prices to their highest levels of the week.
was
The news
strong reaction in the final hour, sending
Recovery
noted in steel, motor, copper, aircraft and mad
order stocks, while other important groups showed
Interest centered in rails on Thurs¬
mixed changes.
day, which produced moderately higher levels for
the general list.
A strong undertone was present
from the beginning, and on receipt of news of an
increase in car loadings, rail shares moved forward
more
persistently.
By noon
they
approximated
No change in trend took
their previous high levels.
place during the better part of the afternoon, but
prices eased in the final hour when it became known
York
new
that the
Stock
levels
Exchange
for
low levels.
the
and 161 stocks touched
new
year
11
stocks
while 349
On the New York
Exchange 24 stocks touched
induced
Foreign exchange
high
stocks touched
posals under consideration by that body would be
less drastic than was at first anticipated.
gain in the Canadian dollar, but
other rates varied little.
On
joint
new
low levels.
high levels
Treasury would insist upon its income tax
schedules being adopted.
The announcement on Fri-
day of a proposal made by the President and high
Government
patrol to
officials
cover
the
that
our
seven seas
expansion of stock prices.
Navy
brought to
extend
a
its
halt the
Here and there equities
I
Volume
The Commercial & Financial Chronicle
152
firm, but former leaders developed weakness,
were
and the
Mixed
list, in the main, finished irregularly lower.
changes
ing prices
tions
on
on
revealed in
are
Friday of this week with final quota¬
Friday
a
yesterday at 29% against
Friday of last week; Consolidated Edison Co.
on
of N. Y. at
tric at
19% against 19%; Columbia Gas & Elec¬
2% against 3; Public Service of N. J. at 24%
24%;
against
Harvester
International
at
44%
in the week ended April 19
power
Edison
Electric
Institute
at
was
reported by
2,701,879,000
kwh.,
against 2,720,790,000 kwh. in the previous week, and
2,421,576,000 kwh. in the similar week of last
Car
week ago.
General Electric closed
30
comparison of clos¬
a
2599
loadings of
x^pril 19
were
reported by the Association of Amer¬
ican Railroads at
708,651
ceding week of 28,843
week of 1940 of
As
year.
freight for the week ended
revenue
80,183
indicating the
gain
cars, a
cars,
and
over
the
pre¬
the similar
over
cars.
of the commodity
course
mar¬
against 44; Sears, Roebuck & Co. at 68% against
kets, the May option for wheat in Chicago closed
69; Montgomery Ward & Co. at 32% against 32%;
yesterday at 91%c. against 90%c. the close
Woolworth
day of last week.
at
Tel. & Tel. at
28%
against 29%,
at
on
American
May
corn
yesterday at 20% against
Friday of last week; Allied Chemical & Dye
147% bid against 148%; E. I. du Pont de Ne¬
mours
at
ter at
11% against 12; National Dairy Products at
week.
37%c. against 38%c. the close
on
Friday of last
on
Friday of last
week.
The
140% against 140%; National Cash Regis¬
spot price for cotton here in New York closed
yesterday at 11.31c. against 11.45c. the close
16%; Texas Gulf Sulphur at 32 against 33; Loft,
yesterday at 22.87c. against 23.00c.
Inc., at 16% against 16%; Continental Can at 35%
Friday of last week.
Eastman
Kodak
at
126%
against
on
Fri¬
The spot price for rubber closed
day of last week.
33%;
Fri¬
May oats at Chicago closed yesterday at
12% against 13%; National Biscuit at 16% against
against
on
closed yesterday at
68%c. against 67%c. the close
154% against 156%.
Western Union closed
19%
and
Domestic
the close
copper
closed
on
yes¬
terday at 12c., the close on Friday of last week.
In London the
128%; Westinghoiise Elec. & Mfg. at 89 against
price of bar silver closed yesterday
88%; Standard Brands at 5% against 5%; Canada
at
Dry at 11% against 11%; Schenley Distillers at 9
week, and spot silver in New York closed yesterday
8%,
against
National
and
Distillers
17%
at
at
the
closed
last
rubber
Goodyear Tire & Rubber
group,
yesterday at 17% against 17
Railroad stocks
closed
fers
the matter of
on
London
$4.01 the close
Friday of last
foreign exchanges, cable trans¬
closed
on
yesterday at $4.03 against
Friday of last week.
European Stock Markets
20% against 20%.
picked
ground this week and
up
Pennsylvania RR. closed yesterday
higher.
23% against 23
son
Friday of
on
week; B. F. Goodrich at 11% against 11%, and
United States Rubber at
at
on
the close
pence per ounce,
34%c., the close on Friday of last week.
In
against 20.
In
23%
Friday of last week; Atchi¬
on
Topeka & Santa Fe at 26% against 24%; New
York Central at 12
77%
bid
against
9%;
against
against 11%; Union Pacific at
76;
Southern
Southern
Pacific
Railway
10%
at
12%
at
against
United States Steel closed
50%
on
week.
yesterday at 51% against
Friday of last week; Crucible Steel at 38%
against 37%; Bethlehem Steel at 69 against 69, and
Youngstown Sheet & Tube at 32% against 31.
In the motor group,
General Motors closed yester¬
day at 37% against 39
Chrysler
at
Friday of last week;
on
57% against
57%;
Packard
spring
light
everywhere.
The London Stock Exchange was
somewhat depressed, early in the week, by the
flect, this week, the varying reports of the
Dealings
campaigns.
war
in Greece and the
events
at
2%
As
were
extremely
growing realization that
the Germans had achieved a
12%, and Northern Pacific at 6% against 5%.
Steel stocks added to their levels the present
TENDENCIES on stockcenters continuedleading
markets in the to re¬
European financial
victory in the Balkans.
received, however, of the heavy
bombardment of the Libyan coast and the
reports were
fleet
Italian
port of Tripoli, sentiment improved in
The
don.
Lon¬
gilt-edged section was aided to a degree
by further extensive requisitions of British holdings
stocks, for it was assumed that the
of American
realized
funds
would
be placed
British funds and other
in
the available
high-grade issues.
Recent
advance
prices is taking place in French securities. This
against 2%; Studebaker at 5% against 5%, and
dispatches from Vichy state that a steady
Hupp Motors at % against %.
of
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 35% against 34%
on
Friday of last
movement is an obvious
the
reflection of the resort to
printing press made necessary in France by the
occupation costs and the in¬
costs
through ordinary means. The Amsterdam Bourse
was quiet, save for occasional demand for equities
week; Shell Union Oil at 13 against 13, and Atlantic
heavy German army of
Refining at 23 against 23.
ability
Among the copper stocks, Anaconda Copper closed
yesterday at 23% against 22% on Friday of last
wreek;
American
Smelting
&
Refining
at
36%
against 34%, and Phelps Dodge at 27% against 27.
In the aviation group,
Curtiss-Wright closed
yes¬
of the French authorities to cover
and American share
certificates.
Regulations were
issued
Wednesday confining trading in American
issues
at
Amsterdam to residents of The Nether¬
good deal of
terday at 7% against 7% on Friday of last week;
lands, after the end of April, and a
Boeing Aircraft at 13% against 13%, and Douglas
preliminary inquiry developed this week. The Ber¬
lin Boerse was dull throughout the week,
with
Aircraft at
67% against 64%.
Trade and industrial
a
of
decline from
the
nous
levels well maintained after the
previous periods, obviously because
previous advance.
Battle of Great Britain
increasingly adverse effects of the bitumi¬
coal
the week
Iron
reports of the week showed
and
and
other strikes.
Steel production for
ending today was estimated by American
Steel
Institute
at
96.0%
of
capacity,
against 98.3% last week, 99.8% a month ago, and
60.0% at this time last year.
Production of electric
MORE pointedly her allies in the Balkans this
Britain and than ever, the defeat of Great
week
directed
mense
efforts
attention to
the course of the im¬
struggle involving the British Isles.
were
made in London to
Some
minimize the seri-
The Commercial & Financial Chronicle
2600
sible authorities took
an
soberly realistic view of the
a
Nazis, it was realized, now
their immense military
will be able to concentrate
Military strategists
fresh objectives.
upon
power
mostly inclined to the view that the next Reich
moves would involve an attempt to pinch closed the
ends, with a view to further
Mediterranean at both
But the
influence in the Near East.
of German
extension
possibility of an invasion attempt was not
A
discounted.
degree of unrest naturally has been
by the stunning defeat of
London
in
occasioned
the British Balkan con¬
tingents, in a mere three weeks. Foreign Secretary
Anthony Eden was singled out for attack early in
Yugoslavia, Greece and
the
week, but was defended by Prime Minister WinSome
Churchill.
ston
Churchill also
murmurings
to be
were
Mr.
against
in
successes
much
In
suitable time.
Balkans
the
Germany and Italy the
without
accepted
were
Chancellor Adolf Hitler
popular enthusiasm.
spent the last week-end in the field with his Balkan
armies, and
he reached the age of 52, last Sun¬
as
man aerial, surface and submarine campaign is taking a terrible toll of British shipping. Some unofficial commentators have issued estimates, doubtless exaggerated, that 40% of shipments from the
United States are going to the bottom. These lurid
accounts can safely be regarded as efforts to draw
the United States into convoy protection, which
would be
forerunner to
a
tons, which was torpedoed and sunk
circumstances.
Balkan
moved to
with the utmost
to the United
was
Airplane bombing of British
one.
continued this week
of
fall
Yugoslavia
don suffered
A bitter
heavily in
A second vast
consequence.
destructive raid
the British
upon
reported last Saturday night, in "re¬
was
it
made
bombing of Berlin.
London
known, early this week, that
the dome of St. Paul's Cathedral had been
a
on
three
there, but could not keep it in bounds for any experiod. Inexorably, the Germans moved for¬
tended
ward
despite extremely heavy losses.
battle
the
of
also
bombers
attacked
received
cargoes
from America
The Western ports of
some
German
an
British
attention.
cities
industrial
and
ports, and are said to have inflicted much damage.
ports
hammered
were
sally forth.
Brest
attacked
was
on
again,
and
again
since it is from such ports that German
from
on
the
can
don and
more
submarines
number of
a
battleships Scharnhorst and Gnei-
there, have been seriously damaged.
critical than the aerial warfare is that
seas, now
of the Atlantic.
merchant
known generally
as
Specific British data
vessels
monthly, under
will
a recent
be
made
the Battle
on
sinkings
known
change in the method of
predict
fall of Great Britain unless American aid
quickly and fully.
were
now
aspect of affairs, a tendency pre-
vails to exaggerate the British losses and to
these
only
Partly because of the mystery that
attaches to this
a
on
That the British would lose
the Continent
was
accepted in Lon¬
elsewhere, with the repercussions only be-
ginning to develop.
that
The shocking events of the last
major
a
London is the
source
of
the latest series of
has
been suffered
by the
fall
The
of
much of the
Greece
was
all
but inevitable after
Yugoslavian Army ceased fighting and
great masses of German troops began to pour down
through the Bitolj
the Grecian
and British forces
anized
pass
will prove an
epic tale, no less
of the defensive battles of ancient
some
But the
into the northern area of
The resistance of the Greek
territory.
overwhelming might of Nazi mech¬
units, together with the modest pressure of
the Italians to the
west, proved too much for the
valiant defenders of modern Greece.
after withdrawal
was
admitted by the
British, this week, to
stretching
across
ever
Withdrawal
Greeks and
shorter defense lines
the Grecian peninsula from the
Aegean to the Adriatic.
These reports were paral-
leled by German official claims of movements southward.
To
an
anxiously watching world, the mili-
comes
tary campaign seemed to move toward a tragic con-
of
elusion with all the gloomy grandeur and inevita-
some
gloomy forebodings, and the fact that they
permitted to pass the censors suggests a
variety of conclusions.
setback
British.
Hellas.
reporting.
on
Crete, where he exepcts to direct
observe his rule.
their toehold
that the German
senau, moored
of
The course
clearly outlined
continuing resistance of those subjects who still
heroic than
high
so
Athens, Wednesday, in order to take refuge
the Island of
occasions, with the British increasingly confident
the
already
the entire struggle between Great Britain and the
German Nazis, and there is no disguising the fact
Plymouth, possibly because of
being unloaded there.
Even
was
occasions, this week, visited terrible
England
on
tide here and
three weeks, it is obvious, must affect the course of
impression in Berlin that
French
the Nazi
The Nazi
destruction upon
were
pierced
German heavy bomb, and that both Houses of
Parliament had been hit and damaged.
fliers
stemmed
soldiers
British
rearguard action by the troops of
country and the modest contingents of
zis, committed suicide late that day, rather than
face the defeat of his country.
King George II fled
was
Germans, however, and Lon¬
taliation" for British
by
followed by the expected
rapid advance of the mechanized Reich forces into
April 18 that the Greek Premier, Alexander Kori-
generally
authorities
The
preponderance of aerial might seems
The
capital
by vast Reich forma¬
was
of Europe.
returned by British
still to rest with the
and
continue
intensity is obvious, and the threat
tions, and the compliment
fliers.
will
Kingdom begins to be regarded as a
serious
most
cities
Britain
end
an
acknowledged masters of the military sit¬
victory in the great
war.
Campaign
uation and of the entire Continent
Greece.
Battle of Great
in undisclosed
this
SWIFTLY and decisivelyweek, Balkan campaign
the with the German
Nazis the
the invaded
the
The only British
shipping loss officially disclosed this week is that
of the armed merchant liner Rajputana,
16,644
day, he was assured by his military chieftains of
That
shooting and to full Amer¬
participation in the conflict.
ican
Parliament, Thurs¬
day, to postpone debate until a statement can be
a
This has long been recognized by military observers.
In various ways the information
has been disclosed of late that the intensified Ger-
heard, but they died down
when the Prime Minister asked
made at
for
the British.
The German
situation.
1941
extremely serious supply problem is involved
sideshow," but most respon-
of the "Balkan
ousness
April 26,
Whatever the occasion for
reports may be, the fact is that
bility of ancient Greek drama,
Massing their forces continually, the Germans
over
upon
the last week-end began to bear down heavily
the thin lines of the British, who held the
The Commercial & Financial Chronicle
Volume 152
right
wing of the defense.
Based upon Mount
Olympus, the British held tenaciously to their po¬
sitions and
possibly would have remained there in¬
definitely if supplies
were
adequate and other areas
had been able to hold out.
But the Germans drove
down
sharply through the center of the line, and
slow but
orderly retreat began.
German dead
a
were
reported piled high around Mount Olympus, but in
order to avoid encirclement the British
contingents
at that point and the Germans managed
gave way
to raise their
of fabled
flag last Saturday
Olympus.
the summit
upon
Towns with unfamiliar names,
like
Kalabaka, Larissa and Lamia fell progressively,
this
week, until the ancient and world-renowned
of
pass
Thermopylae
forces for
after
time.
a
stand, and held the Nazi
a
But the Germans
transfer of government was
nesday.
spread fanwise
reaching the plains of Thessaly, earlier in the
appointed
was
issued
a
Premier
manifesto
succeed
to
flight to Crete
the enemy.
he
delayed until last Wed¬
In the meanwhile, Emmanuel Tsouderos
When the
urging continued resistance to
said, "I do it only in order that freely and from
territory we may be able to continue to fight
against the invaders, until the final victory which
will
crown
in full the
great sacrifices of the nation."
The Germans and Italians
acknowledged at various
times the heroism of the Greek
defense, and Berlin
intimated that Greece will not suffer
German
So far
in
the outside world is aware,
as
Yugoslavia terminated at
the bulk of the
Yugoslavian armies
however, that
in Albania.
Too reluctant to withdraw from their
mountains and
engagement
with
in
of
the
Italians,
250,000 Greek troops
endeavored
were
on
an
victory, but
apathetically and with apparent realiza¬
tion
the
;
that the German
his
own
citizens received
Panzer divisions
for their Axis comrades in
war
really
won
arms.
As the Germans moved forward
vast aerial forces
oritv
all
at
prepared the way, and there is no
times.
A
aerial
force
inadequate Greek squadrons, and it ap¬
that much damage
pears
British
small
munications.
But
the
was
done to German com¬
German
fliers
finally
ap¬
peared in such numbers that the defending aerial
forces
were
visited
by the Nazis
of the
rear
tion
overwhelmed.
Anglo-Greek lines, and particular atten¬
might
use
in
a
withdrawal from Greece.
Renewing their premature
the
Balkan
ships
in
were
Dunkirk
of the early days of
again, this week, that the
headlong flight and that another
in progress.
was
were
cry
campaign, the German spokesmen in
Berlin declared time and
British
towns and cities to the
There is
held in readiness for
drawal, and German dive-bombers
have sunk
to
a
are
no
doubt that
important highways and railways of the Balkan
render to the Reich
his Ministers had
tine
Italian
as an
One Yugoslavian official
official British version remains to be
The
told, and in
to mounting criticism in Australia and at
home, Prime Minister Winston Churchill
7
on
Thurs*
•
was
indicated.
Yugoslavians issued statements to the effect that
German forces struck before
The
they could prepare
temporary fate of the two small Balkan coun¬
tries which
were
overwhelmed
three brief weeks since
by the Germans in the
April 6
consideration, this week, in
was
German and Italian authorities.
mation of any
reported under
conferences between
No official infor¬
kind is available, but Rome press
the Dalmatian coast will fall to
of
Italy.
A small
been
occupied by troops of that country, presum¬
man
Croatia is understood
separate State, under Ger¬
suzerainty/ Bulgaria probably will receive
corridor to the
Aegean,
as
made
mained
ish
available.
Only
reports
re¬
available, this week, of the size of the Brit¬
force
in
Greece, with estimates running from
50,000 to 80,000
men.
Uncensored reports
reached
unofficial
given to the Reich, and it may be that Turkey will
receive
a
strip if Ankara can be brought by this or
into the German orbit.
other
means
mans
intend to remake the map
clear that the
of
press
correspondents who
desperate plight of the country was
fully realized immediately after the fall of Yugo¬
slavia
was
indicated.
King George II prepared late
last week to leave the
from
of
Rumania
That the Ger¬
of Europe to suit
country and direct the fight
plain, but nothing
was
can
be considered
Unrest in
reported this week from Bucharest,
partly because of dissatisfaction over the award of
much of
mans
Turkey from Athens, this week, make it
a
compensation for the aid
lasting, of course, until the war ends.
be
area
Yugoslavia contiguous to Hungary has already
themselves is
will
re¬
ports indicated an expectation there that much of
and gave assurances
soon
an
;-5
adequate defense. /
day asked the forbearance of the House of Commons,
that full information
From
refuge "somewhere in the Middle East," the
to have been set up as a
shipping.
was
fighter plane attacked the craft
carrying the Yugoslavians, it
their
King Peter and
young
journeyed precariously to Pales¬
by airplane.
,
killed
sur¬
forces, and it was made known
said in Berlin
calmly denied, until yester¬
the other hand,
on
plains of the north and
ably with German consent.
day, that a flight from Greece was in progress.
response
continuing the conflict in
evident,
British with¬
thousands of tons of such
But British authorities
Some dispatches
Kingdom. * Formal resistance ceased with the
was
paid to the embarkation ports that the
was
British
Immense destruction
upon
are
But it is
that the Germans hold the
all
to the rugged
suggest that some
sources
belatedly, last Monday, that
land, their
on
blinking the fact that the Reich had aerial superiaided the
operations.
European
this fashion.
the
even
guerilla
300,000 Yugoslavians
Thursday to depict this as
way
fully intend to harass the invaders
announced, Wednesday,
"Italian"
news
endless
from neutral
reported
It is obvi¬
of the tough and seasoned
many
Premier Benito Musso¬
was
both in Berlin and Rome.
lini
Greeks
the
by the Nazis, and the surrender
were
by Berlin to have laid, down their arms.
ous,
the conflict
April 18, when
noon,
Yugoslavian fighters made their
rear
unduly in any
rearrangement of European affairs.
week, and they managed to entrap the large Greek
caught at the
Korizis.
"Being compelled to proceed to Crete,"
forces
fighting the good fight against the Italians
Mr.
effected, King George
was
Greek
Wednesday.
reached,
was
There the British made
2601
Transylvania to Hungary.
it
made
clear
that
But the Ger¬
they support fully the
regime of Premier Ion Antonescu, and the prospect
of German
military action apparently quieted the
malcontents.
v-
;;
Balkan Aftermath
the Island of
Crete, but the untimely death
THROUGHOUT the vast area from were aroused
the Near East, uneasy stirrings Gibraltar to
Korizis
complicated matters, and the
by the rapid progress of German forces
Premier
through
The Commercial 6
2602
The implications of a com¬
Yugoslavia and Greece.
Europe
by Nazi troops are, of course, immense. The Balkan
campaign was depicted by some Berlin observers as
plete German domination of Southeastern
incident in the effort to keep
a mere
from the Continent of
ence
Europe and to expel the
(Mediterranean.
British fleet from the eastern
Canal needs
is endeavoring to
believe, moreover, that Germany
to
arrange
a
There is excellent reason
emphasis.
no
That
of the Suez
sharp fight now impends for control
a
I
British influ¬
for passage of troops through Spain, with
planting huge naval guns on either side of
Straits of Gibraltar.
The supplies of the Near
view to
the
of
and
East
of Africa unquestionably
Nor is the possibility to be dis¬
portions
beckon the Nazis.
counted that peace
with
the
the
a
efforts will be made in Berlin,
pacification of
view to some sort of interim
The. military
Continent.
entire
campaign of
spring of 1941 now is in full swing, and a com¬
parable diplomatic campaign can be expected.
The
forces and
Egypt was at a stalemate, this week.
rations
British con¬
are
being made for hostilities between
Affairs at the western end of the
Some observ¬
predicted that the Germans would swing south,
through the desert, and endeavor to invade Egypt
in a typical encircling movement.
But the problem
of supply now is a serious one for the Reich, which
cannot have a terribly large force in Eastern Libya.
good deal of damage to the Axis units.
ers
British aerial
superiority
and the British lines of
to be acknowledged,
supply
relatively short
are
Nor is the British sea power in
and commodious.
the
seems
Mediterranean
be
to
illustrated dramatically at the Italian
power was
Powerful
port of Tripoli, in Libya, last Monday.
units
That
underestimated.
of the British
Navy appeared off Tripoli at
dawn and shelled the town for 42
minutes, destroy¬
ing port works and power plants.
It is to Tripoli,
of course,
that German and Italian units have been
transferred
dria and
initially for the drive toward Alexan¬
Suez, and the destruction wrought by 1,000
tons of British shells will make the
to the Axis.
the
British
No loss in
this
in
warships
port less useful
was
sustained by
action, despite heavy attacks
The
campaigns in East Africa
were
virtually
con¬
early in April, and sparse reports from the
former Italian colonies of
Eritrea, Somaliland and
Ethiopia indicate only minor engagements in recent
days.
But farther to the East, difficulties were
looming.
Iraq, which is rich in oil, apparently is
subject to Nazi intrigues, for
ment there
was
a
change of govern¬
favorable to the Germans.
ing this threat, British forces
were
The Turkish attitude is
that German forces have taken
kans and
Some
are
on
over
the borders of
Counter¬
landed last Sun¬
day at Basra, the principal port of Iraq
sian Gulf.
on
been landed
Samothrace and
Lemnos,
on
the Per¬
uncertain,
now
all of the Bal¬
European Turkey.
reports stated, Tuesday, that Reich
gents have
contin¬
the Greek islands of
near
the Dardanelles.
If
correct, this suggests a German intention to control
the Dardanelles without
moving through European
Turkey to attain the same objective.
at
Vichy suggest¬
ing, early this week, that final peace terms were
The return of Pierre Laval to
under consideration.
in France was said to be one German
power
hopes to gain all sorts of concessions
Berlin
Berlin to permit the transfer of
from
pressure
Straits just west of Gi¬
armed units to the narrow
Some
braltar.
accounts
that German
suggested
contemplated.
indicating a Ger¬
bring unoccupied France and Spain
Portugal were
against
movements
reports can be interpreted as
All
drive to
man
Nor is it to be forgotten that
into the Axis fold.
developments along these lines might well lead
bases in French
establishment of German
the
to
through
Spain was said to be under insistent
Laval.
M.
aim,
circles this was held to mean that
and in British
Africa, and in Spanish possessions far out in
West
Atlantic.
the
Aid
to
Great Britain
ENDLESSby the Roosevelt this week o^ fresh
rumors circulated Administration in
steps
the
Washington under
of all-out aid to
program
the totalitarian
Britain in its struggle with
Great
aid
direct
United
the
to
In¬
revealed.
Powers, but few actual moves were
Kingdom,
through im¬
Canada, is perhaps the most
mediate assistance for
significant recent development, and is discussed else¬
where in this issue.
The extent of American supply
Britain, especially in the aviation
to
known
on
Minister of Aircraft
American and Canadian
ton,
was
made
Production, in the course of a
Nearly 1,000 assembled
debate in the House of Lords.
over
field,
Wednesday by Lord Beaverbrook, British
aircraft have been handed
British Air Force, he said.
to the
Secretary of the
In Washing¬
Navy Frank Knox stated,
Wednesday, that about 20 high-speed naval motor
torpedo boats either had been or were about to
be
shipped across the Atlantic, to augment the British
facilities for combating submarines and other mer¬
The convoy problem was less
chant-ship menaces.
under discussion than in previous
Russia
can
Administration that the United
weeks, owing to
At
a
conference, late last week, President
press
Roosevelt is reported to have
people
are
said that the American'
not sufficiently aware of the dangers con¬
fronting them in consequence of
He
the situation abroad.
expressed the belief, however, that an awareness
of what he called the
Mr. Roosevelt again
peril to America is spreading.
commented
on
the foreign situa¬
last Tuesday.
He
counseled against plunges from the pinnacles of hope
to the depths of despair because of day-by-day war
developments, and was reported as declaring that
the war can be won by assuring the existence of
tion,
at
England.
his
press
conference
Confidence
was
expressed by the Presi¬
dent, moreover, that Great Britain can hold out with
American
tinual din of
current that extensive prepa-
States Navy is not
secretly for the convoying of British
supply ships. That this question again will become
acute was grimly obvious, however, owing to con¬
tinued heavy sinkings of British ships.
being used
hardly view such developments with complacence,
Negotiations
authorities
French
free
Vichy suddenly were advanced, with
and
some rumors were
and
German
between
categorical assurances by Senate spokesmen for the
by the Axis airplanes.
cluded
Rus¬
Mediterranean
similarly fluid and uncertain.
were
tingents held the aggressors in check, both at the
beleaguered City of Tobruk and at the border points,
and occasional sorties by Empire forces inflicted a
April 26, 1941
the Reich.
sia and
any
between German-Italian
British troops on the border of Libya and
struggle
military
Financial Chronicle
aid.
Contrasting sharply with the
war
con¬
reports and pronouncements was
Volume
The Commercial & Financial Chronicle
152
last Sunday, issued by
simply humane appeal,
a
Mr.
Roosevelt in
his
capacity
American Red Cross.
had
been
tion
made
President of the
as
An acute shortage
the
known to
of doctors
American
organiza-
question of aiding Great Britain
King, the Hyde Park statement of last Sunday indi-
humanitarian service in the
doctors
young
the President remarked,
inflicted
wounds
alike
in this cruel war."
Debate
the
on
The
United Kingdom.
desperately needed by Great Britain,
so
Guardia of New York City, who also is co-Chairman
of the United States-Canadian Joint Defense Board,
Mr. LaGuardia remarked that joint preparations are
civilians and military
American physicians to volunteer for
young
ments at Ottawa Wednesday by Mayor F. H. La
being made for defense not only of the North American coastline, but oc the seas for a distance of 900
miles from shore. This, he elucidated, is the distance an airplane speeding at 300 miles an hour can
travel in three hours.
Among other important matters discussed by
by the British Red Cross, he said, and he asked
1,000
2603
"can do much to heal the
upon
President Roosevelt and Prime Minister Mackenzie
*
problem of formal entry into the war, during the
latter half of this week.
In a Washington speech,
cated, were measures by which the most prompt and
effective utilization might be made of North American
productive facilities for purposes both of defense and
Thursday, Secretary of State Cordell Hull bitterly
of assistance to Britain and the other democracies,
began to shift to the
and
graver
even more
immediate
conquerors" of Europe and
Each country agreed to provide the other with the
the
greatest possible aid must be extended by the United
States to the countries being attacked.
He called
defense articles which it is best able to produce, and
assailed the
"would-be
"methods
their
of
that
adding
barbarism,"
danger to the
coordinate production programs to this end.
Despite heavy Canadian purchases in the United
States and a manifold increase of Canadian produc-
safety of this hemisphere and held that such resistance
must be made "wherever resistance will be
tion, there are still numerous defense articles which
that country must obtain in the United States, the
for resistance to what
The address
most effective."
call for
a
as
called the
he
regarded generally
was
Secretary of the
American convoys.
Navy Frank Knox
the
on
same
day not only called
On the other hand, it added,
Canada has the capacity for the speedy production of
certain kinds of munitions, strategic materials, alumi-
In
conference, yesterday, President Roosevelt
State and Navy Secretaries ex-
$200,000,000 and $300,000,000 worth of such defense
articles.
This is a small fraction of the total defense
convoys
"this is
added that
but
our
German spokesmen, Berlin dispatches said
fight."
yesterday, dismissed the speeches of the two Secrewith
press
who envision
comment that those
a
Reich attack
a
statement indicated.
and ships, which are urgently required by the
United States for its own purposes. "While exact
estimates cannot yet be made," the joint statement
continued, "it is hoped that during the next 12 months
Canada can supply the United States with between
openly for
taries
to
America
on
are
"150% lunatics."
a
indicated that the
his
pressed
but he
views,
own
reported
was
as
num
program
of the United States, but many of the articles
In addition,
denying flatly and unequivocally that convoys are
to be provided are of vital importance.
the
Administration, he intimated, will be to establish
"patrols" extending 1,000 miles into the Atlantic,
it is of great importance to the economic and financial
probable
The
contemplated.
President hinted that
The
an
next
of
move
Axis occupation of a
portion of Greenland may have taken place, and he
added,
in
response
to
questions, that steps
will
promptly be taken to counteract any such occupation,
....
,
.
^
Ottawa and Washington
relations between the two countries that payment by
the United States for these supplies will materially
assist Canada in meeting part of the cost of Canadian
defense purchases in the United States, In so far as
Canada's defense purchases in the United States con-
sist of component parts to be used in equipment and
munitions which Canada is producing for Great
Britain, it was also agreed that Great Britain will
placed
effect of a far-reaching nainclusion in the finished
JOINT economic arrangements by the United States obtain these parts under the Lend-Lease Act and
ture will be
in
forward them to Canada for
and Canadian Governments under the terms of an
agreement
completed by President
Prime Minister W. L. Mackenzie
The
understanding will
ease
King last Sunday,
the Canadian
ing problem and presumably will solve
States
United
tered
by
in this
dollar exchange
northern neighbor.
our
Roosevelt and
war
difficulties
encoun-
Unable to borrow
Neutrality
Act, Canada apparently is to be financed under the
of the Lend-Lease Act.
No indication was
to the duration of the new compact, and
seems so far to have been accorded
little consideration
the
problem of Senate approval in Washington, if,
such
indeed,
Roosevelt.
standing
were
President
for
a
approval is
The
necessary
by Mr.
conferences leading to the
under-
started at Washington last week.
The
journeyed to his home at Hyde Park, N. Y.,
week-end rest,
eluded
held
there.
A
and the discussions were con-
brief
joint announcement
made
known to the world the momentous results of the conversations.
on
Immediately after his return to Ottawa
Monday, Prime Minister Mackenzie King indi-
cated that Mr. Roosevelt is expected soon to pay a
visit to the
Dominion.
nounced
hereafter in accordance with the an-
principles.
financ-
country under the terms of the
as
Technical and financial details are to be
out
ar
altogether the
terms
given
articles."
worked
Also indicative
were
state-
<
/^\NLY tentatively, as yet, are diplomatic adjustv/
ments being made in London and
Washington
neutrality treaty of April 13,
which plainly indicated that Moscow intends to
to the Russo-Japanese
avoid
hostilities with Japanese forces in the
Far
the basis of joint recognition by these
of territory
effected by either at the expense of China.
The
British Government, occupied with the adverse
developments of the European war, gave no indication of counter moves. In Washington, however,
it was disclosed, Tuesday, that a sizable contingent
of American troops had been disembarked that day
-near Manila, in the Philippines.
This may have
been a routine operation, but the manner in which
it was emphasized illuminates the reaction to the
new Moscow-Tokio accord.
Secretary of State
Cordell Hull conferred at length, on the same day,
with Viscount Halifax, the British Ambassador,
East,
on
predatory governments of recent seizures
The Commercial & Financial Chronicle
2604
and with Richard G.
Casey, the Australian Minister,
the
impression prevailing in Washington that the
Far
Eastern situation had been discussed.
start
of the
ance
of
the
April 26, 1941
nish the various items with comparison for
OF ENGLAND'S COMPARATIVE STATEMENT
BANK
At the
week, Mr Hull minimized the import¬
Avril 23,
1941
April 24,
April 26,
April 27,
April 28,
1940
1939
1938
1937
£
£
£
diplomatic exchanges between Russia and
United States.
622,450.000 537,146 086 489,079, 954
16,125,000 40,702 521 26,956, 846
164,729,318 144,008 029 129,014, 187
Bankers' accounts. 112,522,159 103,447 153
91,424, 789
Other accounts
52,207,159 40,560, 876 37.589, 398
Govt, securities
132,172,838 130,649 ,068 107,156 164
Other securities
27,682, 682 28,514 ,818
57,310,156
Dlsc't A advances.
4,860 028
6,171, 403
38,238,362
Securities
19,071,794 22,822 654 22,343 415
Reserve notes & coin
38,008 931
9,057,000 44,070 ,101
Coin and bullion
1,216 ,187 227.088 ,885
1,507,659
Circulation
489 261,893 468,816,326
10 ,889.533
Public deposit#
In the
Japanese capital, Foreign Minister Yosuke
Matsuoka
his
on
welcomed, Tuesday,
was
the
from
return
developed the
as a conqueror,
journey to Europe which
treaty with Russia.
new
That
new
now
will
developments in Japanese foreign policy
possible
prove
generally maintained by Japanese
was
unofficial spokesmen,
able
Japanese
inclined
clared
militarists
mild
toward
China seemed
in
intensification
eralissimo
Chiang
Kai-shek,
conditions
this connection.
possibly
but
of
the
the
improved
reported Wednesday, with the
was
obvious aim of cutting
Chinese supply routes.
The
Chungking Nationalists merely indicated that they
fight on and on.
will
to liabilities
2%
Foreign Central Banks
rates
Present
rates
the
week
sold
leading
centers
in
148s.
New York
the
23.6%
2%
29.9%
2%
11 Xd. 84s.
6d, 84s.
11 Xd.
Market
were
and
months.
on
Monday
a
The
days, and awards
of 0.097% discount, computed
bank discount basis.
Stock
from previous
Treasury in Washington
further issue of $100,000,000 dis¬
count bills due in 91
average
money
carried forward
again
weeks
and
Call loans
were
the New York
on
Exchange held to 1% for all transactions.
again
1%% for 60 and 90 days,
were
1%% for four to six months' datings.
New York Money Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Exchange
Stock
Pre
Rate in
Date
vious
Effective
Effect
Apr 25
Country
Rate
Country
Pre¬
Date
vious
Effective
Effect
Apr 2b
Rate
Argentina..
Belgium
Bulgaria
SX
Mar.
1 1936
3
Aug. 29 1939
2
2
Jan.
51940
2X
Hungary
4
Aug. 29 1935
4X
6
7
India
3
Nov. 28 1935
2X
4X
May
5
...
Chile
3
Dec. 16 1936
4
Italy
Japan
Colombia..
4
July
5
Java
3
Jan.
Lithuania..
6
3
Jan.
1 1936
3X
Morocco...
6X
4
Jan.
2 1937
18 1933
Czechoslo¬
3.29
Apr.
18 1936
7 1936
loans
5
Norway
4X
4X
May 22 1940
5X
Poland
4X
Dec.
3
June 30 1932
3X
Portugal...
4
Mar. 31 1941
England...
2
Oct.
26 1939
3
Rumania
3X
Estonia
4X
Oct.
1 1935
5
SouthAfrica
May
5 1938
May 15 1933
3 1934
vakia
Danzig
Denmark
Finland
..
4
_.
3X
4X
4X
Greece
Not
4X
Spain
Mar. 29 1939
is
unchanged this week.
2
Sweden
3X
May 17 1940
4
Switzerland
IX
Nov. 26 1936
2
Jan.
4 1937
7
Yugoslavia.
5
Feb.
OX
*4
1 1935
'HE market for prime
been quiet
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
were
as
Friday of last week, and 1 1-32@1
three months'
bills,
was
1-16% for
against 1 1-32@1
as
Friday of last week.
Money
on
1-16%
on
call at London
on
1%.
ers' rates
of
many
revealed
of
a
compared
week
ago
with the
and £537,-
decline, the ninth in as
£173,000.
Public deposits rose
a
£1,254,000, while other deposits dropped £3,827,315.
203,852,
to
which
decreased
respectively.
liabilities remained
week ago; a year
ago
The
at
it
£2,623,463
proportion
34% bid and 7-16% asked; for bills running for four
months, %% bid and 9-16% asked.
and
of
THERE have been nothe Federal Reserve banks;
changes this week in the
rediscount
rates of
recent advances
and
on
Government
in the footnote to the table.
schedule of rates
of paper at
now
obligations
RATES
£1,-
in effect for the various classes
OF FEDERAL
RESERVE BANKS
Date
Previous
April 25
Established
Rate
23.8%.
Government
1
New York.
1
1, 1939
Aug. 27, 1937
Philadelphia
a
shown
Rate in Effect
Federal Reserve Banks
5.0%, unchanged from
are
The following is the
the different Reserve banks:
DISCOUNT
IX
Sept.
Cleveland
Sept.
IX
IX
4, 1937
2
11, 1935
2
114
IX
Aug. 27, 1937
Atlanta
*IX
Aug. 21, 1937
2
Chicago
Aug. 21, 1937
2
2, 1937
2
Kansas City..
*1X
*1X
IX
*1X
3, 1937
2
Dallas
*1X
Aug. 31, 1937
2
3, 1937
2
Richmond
counts
34% f°r bills
Discount Rates of the Federal Reserve Banks
reserve
security holdings contracted £515,000 and other
curities
The bill-buying
Boston
was
Deal¬
reported by the Federal Reserve Bank of
months, 9-16% bid and 34% asked; for five and six
The latter includes "bankers' accounts" and "other
accounts,"
The demand has been
again in light supply.
a new
Gold holdings gained £74,583,
a year ago.
weeks,
at
£622,450,000,
previous high, £622,203,000
reserves
are
running from 1 to 90 days.
notes
high
as
bankers' acceptances has
this week.
New York for bills up to and including 90 days are
THE statement of the Bank circulation ended
April 23 showed
in for the week
146,086
of the supply.
rate of the New York Reserve Bank is
Bank of England Statement
while
excess
54@J4% for all maturities.
are
good but prime bills
record
paper
Bankers' Acceptances
officially confirmed.
Friday
commercial
Business has been moder¬
3
6 1940
Ruling rates
Foreign Money Rates
on
new
money
5
Mar. 17 1941
Apr.
6
..
time
134% for four to six months'
The market for prime
maturities.
for
Rates continued nominal at 134%
quiet.
to 90 days and
ately active with the demand in
5
4H
4X
1
Germany
market
3X
17 1937
3X
...
France
*
Dec.
...
The
renewals.
7
July 15 1939
May 28 1935
Sept. 22 1939
Erie
4
and
continues
up
3.65
14 1937
was
ruling quotation all through the week for both
3X
Canada
Aug. 15 1935
Mar. 11 1935
Holland
at an
annual
on an
are
shown in the table which follows:
Rate in
5.467,958
21,967,646
19 ,379,556
37 ,961,285
45,853,611
327 ,223,178 314,669,937
ONLY a modest amount of business was done this
market, and
rates
any
at
39,577,910
97,729,891
27,435,604
26 443,241
7 063,685
24.3%
2%
1686.
New York Money
THEREdiscount noof
have been changes during_the week in
the
of the foreign central
banks.
23.8%
2%
5.0%
168s.
Gold val. per fine oz.
Time loans
Discount Rates of
87,565,860
36 512,509
113 996,164
unde¬
Occupation of the Chinese Treaty
Port of Foochow
26.161,354
149 800,605 127,143,770
113 288,096
Proportion of reserve
Bank rate
be
to
of inportamce in
were
Other deposits..
be expected.
to
now
avail¬
were
against the Chungking regime of Gen¬
war
weather
indications
no
the turn of affairs
to
as
The
but
previous
years:
se¬
£1,870,137.
Other securities comprise dis¬
and advances, which declined
£2,545,437,
securities, which
made in the
rose
£675,300.
No change
was
St. Louis
Minneapolis
San Francisco..
♦
2% discount rate.
Following
we
fur-
IX
May
Sept.
Aug. 24, 1937
8ept.
Sept.
2
2
Advances on Government obligations bear a rate of 1%, effective Sept.
1, 1939,
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas; Sept. 21,1939, St. Louis
Volume
2605
The Commercial & Financial Chronicle
152
Course of
Canada has been undergoing a severe financial strain
Sterling Exchange
THE decline in the halted by which recovery few as a result of thehas consistently had anthe United
free pound
began a on States Canada war. In its trade with excess of
weeks
ago
Monday.
at
some
was
The unit
was
frequently quoted last week
the lowest prices since August.
In foreign ex-
change circles the softness of the free pound is a1>tributed
the
to
buyers who
diminishing
steadily
still able to
are
number
of
that currency in
use
settling old contracts and to the fact that sellers of
free sterling are finding difficulty in working out
their
offerings except at sharp cuts from earlier sales,
On Saturday last the prices offered for free sterling
were slightly better.
The range this week has been
between $4.00% and $4.03% for bankers' sight,
compared with
a range
between $4.01 and
of between
,
of between $4.00% and $4.03
has been
The range for cable transfers
last week.
$4.03%, compared with
$4.00% and $4.03%
week
a
a range
ago.
.Official rates quoted by the Bank of England continue
New York, 4.02%-4.03%; Canada,
unchanged:
4.43-4.47
official
(Canadian
United States
90.09c.@90.91c.
per
dollar); Australia, 3.2150-3.2280; New
American commercial bank
Zealand, 3.2280-3.2442.
registered sterling continue at 4.02 buying
rates for
and 4.04 selling.
In London
exchange is not quoted on Germany,
of the invaded European countries. In
New York exchange is not quoted on the invaded
Italy,
or any
European countries, but German official marks are
nominally quoted around 40.00 and registered marks
Italian lire
at 13.00.
The
focused
are
pegged in New York at 5.05.
the
of
interest
market
quite
naturally is
the financial pressure on London.
on
On
April 20 the British Treasury announced that another
block of United States dollar securities owned by
British nationals
to be taken over.
was
These hold-
imports over exports, but at the same time has
enjoyed a favorable trade balance with other British
Empire countries. Canada has been able to use the
favorable balance from other Empire countries to
wipe out the adverse balance with the United States
and to handle the entire transaction on a free exchange basis. Although England and Empire countries have been paying for many of their Canadian"
purchases in dollars, Britain's own supply of free
exchange has been dwindling and consequently
Canada's supply has diminished. The Prime Minister
said that the agreement will improve the budgetary
position and that Finance Minister Ilsley will
probably bring the budget to Parliament next week,
Only on April 11 the New York Foreign Exchange
Committee notified the market as follows:
"We understand that the Bank of England has
notified banks in United Kingdom that applications
for foreign exchange or for permission to transfer
sterling to meet losses or to provide margin requirearising out of transactions in commodity
markets outside sterling areas either by private
persons or by brokers acting on behalf of third parties
ments
will not be approved unless the applicants have been
acting under authority given by Bank of England or
on behalf of and with the prior permission of a
Government Department.
Similarly brokers and
others who have been permitted to retain foreign
currency accounts are not permitted to utilize these
accounts for the settlement of such losses or the
provision of margin requirements unless prior ap- ?
proval has been obtained."
'■
Great Britain relies heavily upon the gold produc-
ings include 125 stock issues and 39 bond issues, of
an unstated value.
T. J. Carlyle Gifford, special
tion of South Africa and other overseas Dominions
to meet its large dollar requirements on this side,
British Treasury, who is in
The United States Treasury's announcement ( on
April 17 of the arrival in New York of $132,000,000
of gold for delivery to the United States Assay Office
agent in New York for the
securities, announced liquidation of such securities from
February, 1940 to the end of March as totaling 187
issues, so that with the present order the total reaches
charge of the sale of British-owned American
The dollar amount involved is not likely
351 issues.
to be
more
disclosed,
it be estimated how many
Many
have been cleared through the New
nor can
British-owned issues may be liquidated.
of these issues
York Stock and Curb exchanges
but it is believed
counter.
serve
to
replenish dollar exchange resources of
the British Government in
the American market,
sterling in London and the proceeds re-
England. In 1940 the Transvaal gold output reached
a record of 14,037,741 ounces.
It is expected that
ceived here
are
used, to
pay
for
necessary
purchases here.
British
,(
primarily to aid Britain that the United States
has undertaken to assist Canada by the new agree¬
It is
ment announced on
Aj)ril 21.
In essence the plan is
United States to purchase $200,000,000 or
$300,000,000 more yearly of Canadian
materials.
This
arrangement
Canadian dollar by
payments.
or
goods and
will strengthen the
equalizing Canada's balance of
It is thought that it may even result
in the abolition of the Canadian
later
explained by President Roosevelt and Canadian
King, the agreement with
Prime Minister Mackenzie
Canada calls among
other things for the shipment -j
munitions,
supplies needed here,
several weeks it was evident that
by Canada to the United States of various
strategic materials, and other
During the past
production this year will exceed 15,000,000 ounces.
At the current price its value would amount to
£126,000,000, well above $500,000,000.
The New York Bankers Foreign Exchange Com¬
mittee
reported
on
April 22 the receipt of advice from
London relative to new regulations
counts
of
refugees
respecting ac-
domiciled in the British Isles.
Sterling balances remaining to the credit of refugees
will continue to be treated as "resident" and no
transfers outside the
so-called sterling area will be
permitted for any purpose whatsoever.
discount.
As
sale
The entire Cape production at present is bought by
the South African Reserve Bank for the Bank of
ties with
sooner
by the United States Treasury Stabilization Fund
from the British Treasury and the proceeds of the
has been disposed of over the
The British owners are paid for their securi-
that the greater part
for the
represents perhaps the largest single shipment of the
metal directly from Cape Town on record. This
newly produced gold was purchased in South Africa
In parti¬
cular, interest and dividends on sterling securities
and income arising from other sterling assets owned
by the refugee at the time of hig departure from Great
Britain, and, income on any assets acquired subse-
departure with funds standing to
his credit in "resident" account, can only be credited
to the "resident" account. y-j ,.
V
quent to a refugee's
TAe Commercial & Financial Chronicle
2606
London money market rates continue easy,
call
money
against bills at 3-4%.
three-months
1
bills
1
are
1-32%, four-months bills
3-32%, and six-months bills 1%%.
show
United States would freeze all foreign balances, the
resulting flight from the dollar, thought to be mostly
Most of the commercial business with
July, 1940.
by German interests, sent the Swiss franc up to
23.30 cents, the highest since February, 1938.
At
Canada is done at the official rates
continues
on
the American
premium of 10% buying and 11% sell-
a
The present firmer trend of the free,Canadian
ing.
attributed
dollar is
tourist demand.
to
funds ranged during the
12% and
a
are
week between
a
Montreal
discount of
discount of 11%%.
The amounts of
follow
than 2 cents, following
1940, when Swiss
neutrality was threatened.
On the other hand in
January of this year, when it was expected that the
the defeat of France in May,
since
dollar
market
free
ruling at the highest rates
firmness,
dollar at
\
The Swiss-dollar rate fell sharply
financial events.
to 21.12, a decline of more
to
Canadian
The
are
Two- and
months past.
from several
unchanged
with
Bill rates
April 26, 1941
gold imports and exports which
Department of Commerce and
the week ended
The trend
States Government investigators that German-afficoncerns
in this country, especially in the drug
and chemical industries, have been supplying German
patented goods in the Latin American market.
While estimates of German investments in this
country cannot be verified, it is asserted that a rapid
imports april io to april 16, incl
imports
Exports
liquidation of
'
,...1138,1*9,200
{881
estimated total of $106,000,000 of
an
German investments here is occurring
by
Total
distinct shift of foreign capital
thought to confirm recent charges by United
was
cover
April 16, 1941.
gold exports and
was a
to Latin America, notably to Argentina.
liated
taken from the weekly statement of the
United States
that time there
a
and is paralleled
similar reduction of United States investments
in Germany, which are placed at $488,000,000, leava $382,000,000 advantage in funds
available for possible seizure.
Much of the $900,-
shipmentGermany with
of Refined Bullion and Coin
united Kingdom
S2i,227
SSiwe.vindf^::::::::::::::::::;:::::::: 3m'nl
::::::
000,000 originally invested in Germany by united
Sniolko?ioUtn Af132,Iot:212
::::::
States nationals was in fact previously lost to them
because of defaults on principal and interest of bonds
*
chiefly $248,675 Canada, $188,877 Peru, $901,389 Philippine islands,
—ril
by
Referring to day-today rates sterling exchange
Saturday last
$4.00M@S4.0lK for
was
sight and $4.01 @$4.02 for cable transfers.
day the
range
On Mon-
J4.01K@I4.03M for bankers'
was
sight and S4.01M@$4.03M for cable transfers.
Tuesday bankers' sight
cable transfers
on
bankers'
S4.0lM@S4.02K and
was
$4.02@$4.03.
were
On
On Wednesday
bankers' sight was S4.0lM@S4.02K and cable transfers
were
$4.02@$4.03.
S4.01M@S4.02K
On Thursday the
bankers'
for
$4.03 for cable transfers.
$4.02M@S4.03 for
Friday
were
60- and
range was
and
$4.02®
On Friday the range was
sight
bankers'
$4.03M for cable transfers.
transfers.
sight
and
$4.02M@
Closing quotations
on
$4.02M for demand and $4.03 for cable
Commercial
90-day bills
sight bills finished at $3.99;
longer quoted.
are no
-
and loans and by restrictive government measures
wher®f German investments here are by law paid
'nto German accounts and become subject to the
dlr®ctlon of.the Embank, whlf can issue marks
excAhaaf for
dollars paid
At the present time New
Jork banks hold about $6,000,000 credited to
40 Geurman mvestof ln
f°r ,the'r ^count here.
German account. The remaining $100,000 000 of
estimated German investments in the United States
18 beheved t0
°fJ45'000'0b0
enterprises $20,000,000 in stocks, $12,000 000 in
corporate bonds, and $23,000,000 in miscellaneous
sec^ntl.esl
,'Z, *^™l:ncan ZT-iZi
m frma®o Z
S30,000,000 in standstill loans an an. $ , C 0,0
aa by Lee-Higginson Corp. In ad l ion to t e
$488,000,000 invested in Germany by United States
nationals there
debt of
0
.
is
Continental and Other Foreign Exchange
.
,
,
...
$1,270,000,000 owed to
a
the United States Government
on
World War claims.
THE New Yorkdistributing copies Committee on
Foreign Exchange of the Vichy
April 14 in
000,000,000 lire, according to
"law relative to
by the Italian Finance Minister before the Budget
the
payment of certain debts in
Italy's war deficit this year statement on April 18
will amount to 65,a
foreign currency" closed its note of transmission with
Committee
this sentence:
minister stated that the deficit will be met byTreas-
mittee
any
nor
"Please note that neither this
individual member thereof
any
responsibility
of this text."
as to
the
accuracy or
This remark may
to all statements
financial matters
assumes
completeness
safely be applied
regarding foreign exchange
originating in
com-
any
or
Trading in the Swiss franc has been quite active
stituting the only diversions in
foreign exchange market.
otherwise colorless
The offerings of the Swiss
franc, it is believed, reflect
a
three-cornered
move-
capital through the medium of the dollar,
franc, and Argentine
to
an
con-
peso.
This shifting of capital
on
the invaded European countries is
Italian lire
are
market at 5.05.
are
pegged in New York in a nominal
Swedish kronor in limited trading
steady around 23.85, against 23.85.
(commercial)
23.19.
Exchange
on
Finland closed at 2.05 (nominal)
against 2.05 (nominal).
Spanish pesetas are nomin-
ally quoted at 9.25, against 9.25.
—•—
and Switzerland the volume of business is too slight
to be reflected in rate fluctuations.
Hi
Swiss francs
quoted around 23.21%, against
are
F'XCHANGE
promptly reflected the trend of political and
The German official mark
quoted around 40.00 and registered marks at 13.00.
Argentina is linked with German-Swiss operations.
Activity in the Swiss unit due to transfers of capital
The
He said that Italy's ordinary
quoted in New York.
On actual trade account between the United States
has
Deputies.
bring in about 24% of the national income,
Exchange
not
of
bonds, advances from various institutions, and
taxes
is
recently, with alternate firmness and reaction,
Chamber
Bank of Italy loans.
other
of the European
capitals.
ment of
ury
the
of
presents
on
the
no new
held steady by
Latin
features.
American
countries
These currencies
the local exchange controls.
are
However, the Argentine free peso on several occasions
during the past few weeks was up sharply, rising
Volume
sometimes
receding
The Commercial & Financial Chronicle
152
much
as
to
to transfers of
to Buenos
points in
Argentine unit
day and then
a
nearly normal.
more
firmness in the
20
as
The spurts
European-held funds from New York
Aires..
Practically all transfers of funds
between Argentina and the
account are handled
United States
•
through the Argentine exchange
fluctua¬
■
Last
'•V
week
the
Government
Brazilian port,
a
of
shipments
or
on
goods landed
regardless of origin.
Note—The
war in Europe has made it impossible to obtain up-to-date reports
many of the countries Bhown in this tabulation.
Even before the present
regular reports were not obtainable from Spain and Italy, figures for whioh
are as of April 30,
1038, and March 20, 1940, respectively.
The last report from
France was received June 7; Switzerland, Oct. 25; Belgium, May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of 1940)
and Germany, as of April 18,1941.
from
war,
*
was formerly the basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £1,507,659, equivalent, however, to only
about £762,423 at the statutory rate (84s. 11 Hd. per fine ounce), according to our
calculations.
In order to make the 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.
x Gold holdings of the Bank of Germany as reported in 1939 and 1940 include
"deposits held abroad" and "reserves in foreign currencies."
y The Bank of France gold holdings have been revalued several times in recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs; prior
to March 7,1940, there were about 296 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
of changes, see footnote to this table in issue of July 20, 1940.
cargoes
about
10 cents
here have interpreted it
men
a
to coastwise Brazilian
even
unloading tax rather than
or
an
The tax is applicable to all
imports.
on
applied
and shipping
landing
a
as
impost
cargoes
landed at Brazil after April 9.
The decree organiz¬
ing the Marine Commission
signed
was
Cargoes exempted from the tax
The
Argentine
unofficial
March 7.
gasoline, kero¬
are
or
closed at 23.65, against 23.65.
closed
at
nominal at
5.17,
at
Brazilian milreis
Chilean exchange is
5.17.
against
15.75, against 16.00.
Peru is
The Mexican
peso
—*—
a
Secretary Morgenthau revealed that the next major
step of the United States in its aid to nations resist¬
ing aggression will be the allocation of $50,000,000
Stabilization Fund with which to support
the currency
the
of China.
Mr. Morgenthau said that
with the Chinese
agreement
probably be signed within
has been in the
process
a
thau
and
other
ment
and
Dr.
Dr.
T.
Y.
officials
Hu
Soong,
Government will
few days.
The compact
of negotiation for the last
several weeks in conferences
by but
tinguished
between Mr. Morgen¬
representing this Govern¬
Shih, Chinese Ambassador, and
chairman of the
board of the
Central Bank of China.
the United
States
finally
and
to
the
position of Chief Justice, in which he continues to
There
serve.
and the
posal,
which
States,
pending before the people
afterwards
the
to
became
Congress
the
of
lay
to
and
incomes, without apportionment
the States upon
of
respect
pro¬
Sixteenth
the
Constitution
authorizing
taxes upon
in
then
was
Legislatures of the several States the
United
collect
among
the basis of population as required
other
all
direct
Governor
taxes.
Hughes conceived it to be his duty to recommend
the
to
Legislature
proval
of
did
Jan.
so
in
of the
proposed
special message
a
5, 1910, but to base his disap¬
what he considered defective wording
intended
the
while
on
rejection
the
he
and
upon
change
in the fundamental law,
indicating strongly his approval of the prin¬
ciple of the proposed enlargement of the Federal
power
A few sentences taken from his
of taxation.
message
to the Legislature completely define the
position which he regarded it
concerning the proposal which
form that
as necessary
was
to take
actually in the
eventually became the amendment to the
Constitution.
First,
taking
strong
and
broad
ground in favor of the principle which he believed
warranted the great
eral
I
change in the basic law of Fed¬
taxation, he said, in part:
am
in favor of
the power to
Quotations for yen checks this week were 23.46,
against 23.46 on Friday of last week.
Hongkong
closed at 24.45, against 24.55; Shanghai at 5.35,
against 5.50; Manila at 49.80, against 49.80; Singa¬
pore at 47H, against 47Bombay at 30.31, against
30.31; and Calcutta at 30.31, against 30.31.
which led him almost to the presi¬
career
of
dency
separated
few years from the beginning of that dis¬
a
transmitted
EXCHANGEfollowthefamiliar pattern. On April 21
on
Far Eastern countries con¬
from the
January, 1910, Charles Evans Hughes was
Governor of the State of New York and
amendment,
quoted at 20.75, against 20.75.
tinues to
In
Amendment
peso
The Argentine official
5.15, against 5.15.
nominally quoted
market
free
has long been held at 29.78.
peso
is
on
Diesel oil, lamp fuel, and lubricating oil.
sene,
For details
Emergency Taxation
The tax is designed to
Commission apd will amount to
It will be
1939, the Bank of England
which
support Brazil's recently created Merchant Marine
ton.
Pursuant to the Currency and Bank Notes Act,
statements for March 1,1939, and since have carried the gold holdings of the Bank
at the market value current as of the statement date, Instead of the statutory price
A few types
exempted.
are
import
a new
tax to be applied immediately
at
notified
Brazil
of
steamship operators in New York of
cargo
trade
on
control and do not permit of any important
tions.
of
attributed largely
are
2607
conferring
tionment among the
lieve
ernment
so
the Federal Government
States according to population.
this power should
that
upon
lay and collect an income tax without appor¬
as
I be¬
be held by the Federal Gov¬
properly to equip it with the means of meet¬
ing national exigencies.
Then,
immediately following this succinct and
declaration,
unequivocal
Governor
Hughes
ex¬
plained the objection that he considered ought to
Gold Bullion in European Banks
prevent ratification in the form in which the pro¬
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate, 84s.
the principal European
llj^d. per fine ounce)
banks as of respective
dates of most recent statements, reported to us by
special cable yesterday (Friday); comparisons are
in
posal then stood.
in the
But
This portion of the
message was
following words:
the power to tax
such
terms as
from
bonds
to
issued
incomes should not be granted in
subject to
by
the
Federal
taxation the income
State itself,
or
those issued by
municipal governments organized under the State's author¬
ity.
four years:
Batiks of—
1940
1941
1939
1938
1937
France y
Germany x_
Spain......
Italy
Netherlands
Nat. Belg..
Switzerland
Sweden
Denmark..
Norway...
Total week.
Prev. week.
*762,423
242,451,946
3,876,150
63,667,000
16,602,000
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
6,667,000
697,854,519
697,816,803
*615,026
242,447,900
3,359,600
63,667,000
17,440,000
08,344,000
130,600,000
85,120,000
40,339,000
6,505,000
6,667,000
695,104,526
696,491,430
£
*129,917,551
311,709,264
3,010,000
63,667,000
23,400,000
108,000,000
87,565,000
98,978,000
33,111,000
6,655,000
8,222,000
£
327,223,178
293,720,843
2,522,000
87,323,000
25,232,000
122,539,000
89,683,000
75,079,000
27,844,000
6,542,000
7,442,000
would be an impairment of the essential rights of
State, which, as its officers, we are bound to defend.
power
the
£
£
England
To place the borrowing power of the State and of its
governmental agencies at the mercy of the Federal taxing
£
314,669,937
347,629,412
2,449,550
87,323,000
25,232,000
76,626,000
103.723,000
83,537,000
25,655,000
6,550,000
6,602,000
874,134,815 1,065,150,021 1,097.353,999
862,301,759 1,064,754,202 1,097,360,090
Other
leading statesmen of the period, notably
Senator
Root, disagreed with Governor Hughes's
interpretation of the proposed amendment which
construed it
terest
as
opening the door to taxation of in¬
paid in respect of State and municipal bor¬
rowings and their view, which certainly assigned
the narrowest
possible meaning to the words "from
T/ie Commercial & Financial Chronicle
2g08
derived," ultimately obtained the
whatever sources
sanction
of
a
majority of the Supreme Court, led
by the late Chief Justice White. The authority of
wholly accepted by the
this decision has never been
proponents of taxation levied upon in-
radical
more
comes,
including the present President of the United
States, and, despite the fact that the ruling has
for two decades without any effort on the
stood
part of Congress to alter
ment, there are numerous
Governor
led
which
trine
it by a further amendindications that the docHughes
amendment that he believed to
to
oppose
an
April 26, 1941
Federal expenditures could count confidently upon
their own exclusion. The limitations of the doctrine
which deceptively supports this pleasing sense of
mass immunity, when
income taxes are made
progressively more severe upon incomes rising above
the average, are not easily recognizable, yet great
masses of voters must have been convinced, or with¬
out thinking accepted the conclusion, that there
had been achieved the condition described, as early
historian, William E. H.
as 1893, by the English
Lecky, when he wrote:
be sound in prin-
voting taxes which another
complicated reasoning leading to the contrary conJ
for all practical purposes
.
elusion.
give one class the power of
result is to
inevitable
ciple will be revived and return to plague those
who were formerly so ready to accept the rather
class almost exclusively pay,
and the chief tax-payers, being
Democracy pushed to its full consequences
■
property of the country in the
t
Ratification of the income tax amendment, in the
completely swamped, are
completely disfranchised.
them
giving
unlimited power
. . .
places the whole
hands of the poorest classes,
of helping themselves. . . .
disapproved by the present Chief Justice, was
very naturally, every restraint of economy under such a
eventually favored by 42 State Legislatures while
system is weakened, and the sphere of government activity
form
only three—Connecticut, Rhode Island and
Utah—
adopted resolutions of rejection; and on Feb. 25,
1913,
week before the ending of the presidential
one
William Howard Taft, who had urged its
term of
and
inereased.-ZWcracj,
rapidly
is
expense
lAbirtV> 01 -PPWhat Mr. Lecky wrote in England in 1893 might
measuring what
well pass as a chart defining and
adoption, Philander C. Knox, as Secretary of State,
has happened in the United States since the adop-
proclaimed it as the then latest addition to the Con-
tion of the Amendment authorizing taxation, at
States.
of the United
stitution
Records of
and at their worst too
untrustworthy to be accorded
credence, but it is scarcely to be believed that there
were
between July 12, 1909, when the pro-
many,
posal
formally offered by Congress, and its
ratification by a sufficient number of the
was
ultimate
States, who relied upon the simple faith which conGovernor Hughes
vinced
that the extended
to tax thus conferred upon
power
Congress would be
con-
tinently held in reserve to be resorted to only to
enlarged
the abnormally
supply
requirements of
special and therefore temporary exigencies.
must
the
be
Yet it
concluded, upon the record, that, unless
Legislature of New York had
that it was,
in ratifying
Far from
progressive rates, of individual incomes.
political motivation are at best scanty,
been convinced
holding this new power of taxation in reserve to
meet the unpredictable requirements
of inescapable,
and incalculable emergencies, as
Governor Hughes predicted, Congress, within the
but
unforeseen
of
space
few years, made such taxation the
the productive back-bone
a very
basis and
fundamental
of the entire structure of Federal taxation.
The
first measure of national taxation of individual in¬
adopted with the least
comes,
practicable delay
after the proclamation of the Amendment, provided
for the quite moderate rate of 1% upon the first
$20,000 of income with
upon
a
surtax at the same rate
income in excess of that amount, but this
moderation
was
of the briefest duration,
change that must always
Very speedily, under President Wilson and even
operate to lay upon citizens of the Empire State
before the United States intervened in the European
taxes
of the
a
much heavier than
its numerical
aggregate to be raispd, taxes to be collected
within the
State and in very
large
measure to
expended beyond its borders and for
which its interest
creating,
power
proportiou
as
was
purposes
indirect and remote;
Governor Hughes opined,
War of 1914-1918, the rates were notably advanced,
the rates of progression
be
incomes
in
developed
merely
an emergency
to be restrained by legislative wisdom and
were
in respect of the larger
greatly increased,
so as
and
the
system
emphatically to establish precisely
that condition which had been described in advance
by Mr. Lecky.
have been
Regularly, since that time, the rates
advanced, especially in respect of the
rarely and cautiously utilized, ratification by this
larger incomes, and very rarely have there been any
State
reductions.
would
resolution of
T.
have
impossible.
And
if
the
rejection advocated by Senator Josiah
Newcomb
adhered
been
had
been
adopted
at
Albany
and
to, as it might easily have been, enough
other States
might have been aligned which could
have been led to follow conservative
was
not to
taxation, prevailed at Albany; the Amend-
to the emergency character of in-
ratified here and
first time in American
upon
a
the
elsewhere, and for the
history it
was
made possible,
national scale,
scious of
cut down quite materally,
Congress in the main
brackets, which obviously most effectively interfere
come
was
real efforts at economy in Federal ex-
be; the view supported by Gov-
Hughes,
ment
were
rejected the Treasury Department's recommendations in favor of reductions in the highest rate-
ernor
as
there
penditure and Governmental outlays were actually
leadership to
prevent final ratification.
But it
Even during the period of retrench-
ment under Presidents Harding and Coolidge, when
for voters, wholly uncontheir subjection to the
tax-gatherer and
potent consequences of the inevitable diffusion
of the ultimate incidence of excessive tax
with
accumulation
of
productive
capital
and
diminish the supply and utilization of labor-saving
tools and machinery, in order to popularize the
fiscal management by distributing the possible
duetions
among
taxpayers.
re-
the greatest possible number of
But, of course, all tax-reduction became
impossible when the New Deal got under
way
and,
burdens,
although Candidate Roosevelt had declared, in 1932,
to vote exhorbitant taxation in the innocent belief
that Federal taxation under President Hoover, his
that
opponent, was impossibly high and seriously detri-
they would fall finally
group
upon a relatively small
from which the happy supporters of huge
mental to American labor and industry, President
Volume
Roosevelt
dens of
The Commercial & Financial Chronicle
152
has
steadily augmented the public bur-
must they regret,
the few and permit the largest multitude of
upon
the voters to excape
Tax Amendment
Bitterly
their delibera-
commence
extreme proportion of the taxing ;
an
resources
of the Untied States
were
exhausted in the unproductive extravagances of the
effect, the total receipts of
took
New Deal before the imperious demands of the
and
expenditures to $735,081,431.
the
end
other
and borrowing
they
as
of 1913, when the Income
year
the Federal Government amounted to
of
tions, that such
from tax-consciousness.
During the fiscal
other taxes of kindred character.
some
taxation, especially those that rest initially
2609
than
$724,111,230
present were considered.
That was almost
astronomical
Bitterly must they regret
that the wise restraint in resort to income taxation
during the twelve months that ended with June 30,
imagined and hoped for by Governor Hughes, when
that wide door was opened by the Amendment of
1916, the receipts aggregated $782,534,548 and
1913, proved to be
penditures
$734,056,202.
were
expenditures of
in practice and
to
rose
only $3,115,554,050
ing.
Income
taxation,
Federal
brackets the high levels attained
by competent authorities
were
have been1 advanced
to
from there
having been left
income taxation to be held in
be
Moreover, the limit of the
in
the
rates
So doubly seconded with will and
Must make perforce a universal
fast eat up Wmself*
demanded, particularly in
These
tion of the fiscal
was
for
every reason
apt words in which to epitomize the
are
majority of
conserva-
of the American
resources
power,
prey,
ultimate stages of a sequence sure to result when a
accruing income to the Government.
Thus when there
Shake-
And appetite, a universal wolf,
respect of the largest taxpayers, may not actually
diminish the
is the destruction to which it extends,
fZZ£%£ig.SMS.? P°""
in
willing to venture the assertion that further
increases
power
^
.
exigent
an
jurists have questioned
than demonstrated itself in
sound student of public finance ought
emergency no
to
for
reserve
men
"the
that
to destroy" and although
power
more
•
So tar
safe margin
even a
in
to be self-defeat-
declared
In the first act of Troilus and Cressida,
speare made Ulysses say:
believed
beyond the point .1 m.ximum productwty.
among recent
taxing
results, to extreme levels and, in respect of
many
vestige
no
attempted
widespread experience.
most other expedients of
these
now
prove
Marshall
is the
that truth it has
taxation, had been raised, in order to obtain
among
Justice
smaller
of $5,924,836,402.
revenues
Chief
power to tax
re-
and last year the total of expenditures was
venues;
$9,666,085,539, with total
increases
confidence that they will not
$7,105,050,085, of
supplied out of
was
illusory that it left
so
any
that field must be undertaken without warrantable
under President Frank-
year
lin D. Roosevelt the total
which
ex-
Since 1917 the lowest
totaled $3,493,584,519, in
any year
1930; in the first full
but
figures,
people
any
people, supposing itself to be im-
from the burdens of
mUne
wantonly excessive taxa¬
tion that it has intended to
by their Government, when the instinctive reaction
of every
startlingly
impose
upon
small
a
fraction only
reasonable
electorate
should
banding of the
row
no
and
headstrong
of
such
And
no
was
now
emergency
rushed
the emergency
was
was
was
upon
least
conceived
fully
upon
who
constitute
no
preparation.
suitable
mar-
left has suddenly
or
is at
Upon about 32,500,006 families,
the
population
of
this
country
which almost 11,000,000 families have been
characterized
by the Chief Executive
the
minority,
remaining alternative except
to tax itself than it had
it must
assume
ever
cruelly
even more
intended to tax others,
■
Attack
on
or
by their titular leadership to be
them.
taxing
heavy burdens and to meet them has left
into
ignored
the people of the United' States,
come
of
and for that
no
for which
no
*
accumulating
foreseen
there
gin of reserved power to tax
among
headlong
and
counsel
was
not foreseen
bilities
added and
was
reckless and
resources,
expenditures
budget deficits, cautious
hus-
and the ability to bor-
administration
budget
which
safe
the
the credit of future taxation, there
upon
reviled,
composing the
woman
towards
power to tax
conservation
rising
man
have been
of its countrymen, finds suddenly and
that, having exhausted all the possi-
Insurance Companies
Continues
It seems curious
National Economic
that
the
Temporary
recent
Committee
monograph
on
"Savings, Investment, and National Income" has
apparently exploded in
a
vacuum,
with
no
public
discussion.
Perhaps that is just
graph contains
a
as
well, because the
mono-
body of sophistry well calculated
to further the aims of Washington's platonic idea-
under the
men
whenever the
compulsion of poverty, remaining ill-fed, ill-housed,
it is
as
and
brow for the public.
ill-clothed
demand,
as
has
come
an
emergency
the President affirms, for $12,500,000,-
000 to be raised
of highest
year
there
as,
by
a
year's taxation; although the
revenues
in the past, which was 1938,
produced only $6,241,661,227.
That is the
war emergency
clears; perhaps
well that it is written in terms too high-
However, these TNEC documents
used in future years
as
are
likely to be
source-material by ambitious
professors whose twentieth century role in
some-
what akin to the thirteenth century role of the Paris
on
schoolmen whose abstruse logic helped handsomely
Ways and Means of the House of Representatives,
to build up the power of the French throne at the
expense of French society.
Already Stuart Chase,
under
problem with which the Committee
Chairman
Robert
L.
Doughton,
of North
Carolina, has begun to struggle.
Early in their
the
exploration the committeemen
likely to make
articles quoting one-sidedly from one-sided testi-
resources
mony
the
are
discovery that the income tax
which
upon
they might otherwise have depended have
been
so
years
that the principal recourse
largely exhausted during the last eight
the undesired
one
of
now
imposing taxes
remaining is
upon
general
consumption, either in the form of sales taxes
or
semantic
man,
has
before the TNEC.
begun
writing
popular
With the imprimatur of
a
congressional committee, one-sided economic theo-
ries have
a much higher prospect of survival in a
confusing world than they could hope to enjoy on
the bare recommendation of their popular reada-
bility; for these new-school friends of "the have-
The Commercial & Financial Chronicle
2610
April 26, 1941
nots, right or wrong" show a singular callousness
to the common American man's liking for plain
000,000 fund to guaranty insurance policies up
to $5,000, to be raised by a payment of a one-
thoughts plainly spoken.
tenth of one per cent assessment on premiums
by companies voluntarily entering the system. A
"limited amount" of this reserve would be invested
in common stocks. This amusing bill probably has
about the same prospect of enactment as Mr. Patman's H.R. No. 1 in 1940 to kill off the chain stores
by punitive taxes. Its chief significance is to indicate the trend. Mr. Patman has a keen sense for
the trend of public prejudices.
»
;
It may
also mean something that the "Savings,
Investment, and National Income" monograph deal-
ing at great length with the life insurance business
has
appeared just a month following Monograph
No. 28—a
"Study of Legal Reserve Life Insurance
Monograph No. 28 devoted well over
Companies."
300 pages
of abuses and alleged abuses in the life
insurance
business,
but ascended in the last few
only half loaded; the fashionable
To return to the "Savings, Investment, and National Income" monograph. The theme, briefly, is
that since 1935 the volume of American "savings"
anti-big-company argument based on the fashionable
has recovered to the level of the 1920's, but without
savings theory was only haltingly developed.
corresponding "investment" outlet for these savAnd, since "all incomes must be spent for
consumption or investment," it is argued that this
is why we have semi-depressions and under-employment—or did have until the defense program came
along. "And," runs the argument, "a larger proportion of individual savings is transferred to institu-
into the stratosphere of economic theory for
pages
the
of dropping its common-stock bomb,
purpose
bomb
The
was
Now
ings.
Monograph No. 37, developing this theory at
comes
great length, and devoting 14 pages out of 190 to
the life insurance
business, touching only cursorily
savings banks, investment banking, commercial
on
The master minds of the TNEG
banking, &c.
are
nothing if not keen on the right publicity angle—it
is unfortunate that
life insurance
much cannot be said for the
Sporadic bills
timing than this.
ning to appear as
the
as
people—and there could be
an
are
no
better
already begin-
advance light Stuka attack
on
outpost and weaker positions of the life insur-
companies, and Monograph No. 37
ance
appears as
excellently timed piece of political propaganda
an
to soften up
Before
the companies under attack.
considering the argument of the "Savings,
might be worth while to review the bills which have
far
appeared.
Representative Sam Hobbs of Alabama has two
panies.
or
so-called
They apply,
now,
only to
"phantom" insurance
One would ban the
use
com-
of the mails to such
companies unless they comply with the insurance
laws of the States where at present
radio
of
use
and
they sell by the
advertising, without
newspaper
And the second would give such companies
agents.
the choice of either
laws where
than before 1929."
now
goes
flowing
And
good part of
a
"Savings
to the life insurance companies.
life
to
by
measured
increase in
companies—whether
insurance
income,
premium
income,
total
or
adjusted for change in policy
assets
loans—were substantially higher in proportion to
national income in the 1930's than in the 1920's."
graphical concentration.
.
."
.
The life insurance
companies "were the only savings institutions investigated by the TNEC."
They "are absorbing
a
larger share of the national income than before the
bills, H.R. 3796 and 3797.
mail order
tions
this
And "life insurance assets show the greatest geo-
Investment, and National Income" monograph, it
so
•
complying with State insurance
they sell, getting
a
Securities and Ex-
depression."
These companies, it is found,
,m
on
are run
by
men
who
account of their age, college education, experi-
ence
and large incomes "may be expected to prefer
large transactions and investments apart from the
relative costs involved, to small ones; and to prefer
security and conservatism in the form of
conven-
tional accounting ratios rather than in 'character'
the
as
old
country banker knew it.
ditioning characteristics
may
These
con-
help to explain, too,
change 'Commission permit—or being banned from
why insurance executives uniformly
the mails.
ization of
legal investment requirements, despite the
fact that
they found great difficulty in investing
These bills have received
from
the
obvious
legal
SEC
companies,
for
Representative Hobbs is not ridTNEC
or
patiently inserting
1937.
official condemnation
insurance
reserve
reasons.
ing the
no
coat-tails;
these
bills in
he
has
Congress
been
since
They do not affect the regular legal reserve
There has been a rapid growth of these
oppose
their funds under present conditions.
But this feint attack
on
the
.
.
."
companies'
tive leadership does not follow through.
ment shifts to the point that ".
.
liberal-
conserva-
The
with the
.
argu-
excep-
tion of United States Government securities,
the
companies.
supply of securities available for investment since
mail-order companies in recent
years; some of them
1929 has not kept pace with the flow of savings to
are
respected by those who know their insurance,
but
some
with
have built up a very questionable business
thousands of
These
reserves.
without
agents,
policyholders and insignificant
mail
are
order
of
companies, operating
course
competitors of the
regular companies, and would be competitive thorns
in their flesh
were
life insurance
ance
it not that—as the
savings bank
departments have found out—insur-
is sold in multo but
bought in
parvo.
There is a Reeves bill, along the line of the Hobbs
bills, but with slighter enactment prospects.
The indefatigable Honorable
Wright Patman,
astute dealer in
introduce
surance
a
bill
public prejudices, is preparing to
to
Commission
give
the Federal Deposit Inauthority to operate a $150,-
Hence the companies cannot
savings institutions."
find outlets for the funds flowing into their "con-
centrated"
And
control.
accumulated
cash
far
in
so
the
companies have
of
excess
the
levels
of
the 1920's.
So
far
there
is
no
argument.
"The insurance
executives agreed that their companies have held
and
hold too much cash."
They cannot find
satisfactory investment outlets.
Everybody agrees.
now
But the next step in the argument
is,
as
Pat said
when he stepped into the empty elevator shaft, a
son
of
a gun.
"The growth of cash hoards," says the report on
page
50, "slows down the rate of economic activity,,
and thus destroys
.
.
.
the continuous operation
Volume
The Commercial &
152
of the economic
system.
To solve this problem
...
requires frank dealing with this fundamental para¬
So far
dox.
require
shift
a
life insurance is concerned it may
as
others which will be essentially risk-
spreading,
and,
speaking, insurance con¬
strictly
tracts."
of
And in
tion
for
policies
pushing
risk-taking
radical
and
new
deposits in the last 10 years have jumped
$30,000,000,000
some
though bank
below the level of the
were
be
fOO,000,000,000
around
to
(until the defense program)
debits
'twenties,
so
that it may
safely said that the rest of the country has piled
up some
And in
companies' idle $1,000,000,000
and
were
totally invested
kept invested, the temporary increase in em¬
be
banks
spite of the fact that the commercial
have
now
spent
the
$6,000,000,000 of idle funds
out
in
companies to get at funds held there in trust
ance
policyholders who have put them there with,
the
has
been
sporadically
proposing
be sterilized.
reserves
$1,000,000,000 of unspent policyhold¬
ers'
practically the whole $1,000,000,000
merely move into the hands of some present
bondholders who could not be relied
still
on
further.
on
to pass
(Tables furnished in the
mono¬
capital issues has not touched $1,000,000,000 in
single
war
of the last 10
one
1935-39
years
it
total of "productive"
show that the
graph itself
years,
averaged
and in the five
hardly
pre¬
$300,-
over
spite of the fact that the previous Mono¬
All classes of bonds have been
the
group
Medium
grade
all
of
its end,
up, near
a
serious
picture of the growing demand-liabilities of the life
options, and potential requests for policy loans and
cash surrender values
"subject to immediate with¬
demand of the
policyholder"—which
cer¬
tainly justifies the companies' keeping themselves in
far
liquid condition than 10
more
And in
itself
says
nal
years ago.
have been
savings to savings institutions"—i.e., it is not
dearth
neces¬
surplus of savings, but quite possibly
a
of would-be
In
for
a
And in
devotes not
one
word, from
"frank" look-see into the
in would-be borrowers.
a
section
on
dential
ing,
building,
nor
we
cover
reasons
to cover, to any
for this
falling-off
All it does is to point out,
"Factors
Investment," that
Governing the Level of
have not had the boom in resi¬
consumer
credit,
or
foreign lend¬
the urban migration, nor new automobile
say
why,
nor
we
had in the 'twenties.
It does not
does it waste one word on the capital
for
bonds
and
ground,
the
market
than
advanced
grades,
High
further
levels
high
on
prevailed
fairly
broad
with only few exceptions,
many
issues attained
Canadian
year.
has
a
issues,
because
the
of
growing economic integration with the United States, have
Northern Power
in considerable demand, and Canada
5s, 1953; Gatineau Power 3%s, 1969, and Shawinigan Water
& Power
A
4%s, 1970, advanced several points.
observed among industrial bonds
better tone has been
this week,
tions,
but gains have been primarily confined to frac¬
except
that a number of lower-grade issues scored
The latter include the Hudson
gains of a point or better.
General Steel Castings 5%s, 1949; Atlantic,
Coal 5s, 1962;
company
1959; building materials
issue such as Celotex 4%s and Certain-teed Prod¬
5%s
and
the
Childs
Co. 5s,
fractionally
1943.
While
steel com¬
generally steady to firm, the
obligations have been
Otis 4%s, 1962, lost
to
4% points at 79.
Oils have been steady
Changes in
other groups were of
higher.
but minor importance.
The announcement of the new United States-Canadian de¬
fense production agreement
issues
in
released strong support for Do¬
which touched new high levels for the year
up
somewhat
was
to five points.
improved
Toward the close sentiment
throughout
the list and favored
particular the more speculative issues.
Haiti 6s advancing another
Among the latter
7 points have again been the out¬
standing performer among Latin American issues.
5s firmed up and Santa
The
over.
Panama
Fe 4s gained a point on small turn¬
European list has been mixed
German issues hardened, while
as
Danish and
Belgian 6s lost more than 7
pointy.
There has been some slight improvement in Aus¬
tralian
obligations, and among Japanese loans Ujigawa 7s
were
industry that
week.
with gains
spite of the fact that Monograph No. 37
New York Central issues
Defaulted rails registered gains
active
more
utility
time
this
minion
present slow-down.
in
somewhat
some
front
a
borrowers, that has caused the
Southern Pacific
in active trading.
"the supply of securities available for invest¬
with the flow of
been
have
higher, as were Nickel Plate, Illinois Central and
Atlantic Coast Line bonds.
ucts
pace
bonds
Among the former Great North¬
4s, 1950, recording a new high at 88, while the debenture
pany
kept
rail
speculative
and
Gulf & West Indies S.S. Lines 5s,
spite of the fact that Monograph No. 37
ment since 1929 has not
fairly strong this week, and
have advanced.
averages
4%s scored gains of over 4 points.
("Savings Investment, and National Income")
sarily
with
especially strong, the San Francisco Termi¬
issues have been
companies involved in annuity contracts, settlement
on
take risks
4s, 1946, advanced one to 102%.
G
ern
been
Companies") built
drawal
won't
executives
them.
recovered
graph No. 28 ("Study of Legal Reserve Life Insur¬
ance
highly-paid, perhaps
conservative and promise-keep¬
stuffed-shirt—~but
a
000,000.)
And in
self-perpetuating,
country-club,
college-trained,
interlocking,
strong in active trading.
spite of the fact that if the companies
savings,
things, the hope and confidence that
middle-aged,
or ex¬
invested this
would
cuff, for their ventures, with¬
The Course of the Bond Market
of member bank
And
the
on
or
breaking into the strong-boxes of the life insur¬
for
large proportion of this idle $6,000,000,000
a
spite of the fact that if conditions are
of the sock
spite of the fact that another branch of
Government
that
in
And
right, would-be borrowers can always find cash, out
cess reserves.
And in
invested annually in order to keep up
or
ing—insurance
ployment would be trifling.
This, in
spite of the obvious fact that there is no
fixed total volume of national income which must
above all other
$30,000,000,000 of idle funds.
This, in spite of the fact that if the insurance
*
part politically Over-touted and eco¬
nomically under water to begin with.
This, in the face of the nnmentioned fact that
total bank
Corporation and the Federal Reserve
to the effect that small loans to small business are
employment.
the companies.
on
Government, which
spite of all evidence from the Reconstruc¬
,
thirty-odd billion already invested, is justifica¬
the
have choked off risk-taking.
tion Finance
company-held funds not invested, compared with
the
of
anti-business obsession
may
for the most
■'
..
words, the approximately $1,000,000,000
2611
gains tax, Utility Act, Government competition, or
from contracts which require
away
savings to
In other
inancial Chronicle
bid up
higher.
Moody's computed
are
bond prices and bond yield averages
given in the following tables:
Chronicle
The Commercial <& Financial
2612
MOODY'S BOND YIELD
MOODY'S BOND PRICES f
(Based
on
U. s.
Corporate by Group s*
Corpo¬
Averages
Bonds
rate •
P. U.
R. R.
Baa
A
Aa
Aaa
Avge.
Corporate bp Groups
Corpo¬
3.38
3.02
2.82
3.38
Apr. 25-
Baa
Aa
Aaa
rate
Average
Indus.
Prices)
Corporate bp Ratings
1941
Daily
Avge.
Govt.
AVERAGES t
(Baaed on Individual Closing
Average Yields)
Corporate by Ratings *
1941
Dally
April 26, 1941
2.82
3.36
R.
P. U.
R
Indus
3.15
3.96
4.33
Apr. 25.. 118.62
24— 118.65
106.21
116.61
112.75
110.34
112.19
91.34
96.69
110.34
112.37
24
3.02
3.96
3.15
106.39
4.32
116.61
112.75
3.37
106.21
91.34
96.69
110.34
112.19
23
3.38
2.82
3.02
3.96
3.15
116.61
100.39
4.32
106.21
112.75
3.37
23.. 118.61
3.02
4.34
3.97
3.15
106.04
2.81
3.37
22.. 118.69
3.39
3.39
2.81
3.02
3.37
4.35
3.97
3.15
3.40
2.83
3.03
3.37
4.35
3.97
3.16
4.35
3.97
3.16
90.69
91.19
106.50
110.80
112.75
91.05
90.54
110.34
112.19
22
21.. 118.65
106.04
110 80
112.75
106.39
90.91
96.54
110.34
112.00
21—
19.. 118.28
105.86
110.41
112.56
106.39
90.91
90.54
110.34
112.00
19
18- 118.28
105.86
110.41
112.56
106.39
90.91
96.54
110.15
112.00
18
3.40
2.83
3.03
3.37
90.54
109.97
112.00
17
3.40
2.83
3.04
3.39
3.17
110.41
90.91
3.97
106.04
4.35
112.37
2.83
3.05
3.39
4.35
3.97
3.17
106.39
—
17— 117.89
105.86
16- 117.69
105.69
116.41
112.19
106.04
90.91
96.54
109.97
111.62
16
3.41
90.91
96.54
109.97
111.02
15
3.41
2.83
3.06
3.97
112.00
106.21
4.35
105.69
116.41
3.38
117.55
111.81
14
3.41
2.84
3.05
3.39
4.35
3.97
3.18
3.06
3.39
2.83
1
Excban ge Clos ed
3.38
3.05
2.83
3.38
3.05
2.83
4.35
3.97
3.18
4^36
3.97
3.18
4.35
3.97
3.17
2.83
3.04
3.38
4.34
3.96
3.37
4.33
3.95
3.16
15-
14-
117.48
105.69
116.22
112.19
12-
117.40
105.69
110.41
112.00
100.04
90.91
109.79
90.54
3.41
12
111.81
Stock
11
Exchan ge Clos ed
Stock
11-
109.79
96.54
90.91
106.04
10— 117.36
105.69
118.41
112.19
106.21
90.77
96.54
109.79
111.81
10
3.41
117.42
105.80
110.41
112.19
100.21
90.91
96.54
109.97
111.81
9
3.40
106.21
91.05
96.69
109.97
111.81
8——
3.40
9-
3.17
3.17
8- 117.47
105.86
116.41
112.37
7- 117.45
106.04
116.61
112.37
100.39
91.19
96.85
110.15
112.19
7
3.39
2.82
3.04
90.85
112.19
5
3.39
2.81
3.04
3.38
4.32
116.80
91.34
109.97
3.17
106.21
3.95
112.37
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.39
2J81
3.04
3.38
4.32
3.94
3.17
3.39
2.82
3.04
3.38
4.33
3.95
3.17
3.39
2.82
3.05
3.38
4.32
3.95
3.17
3.40
2.83
3.05
3.39
4.34
3.97
3.18
100.04
5- 117.48
4— 117.55
106.04
116.80
112.37
106.21
91.48
97.00
112.19
4
3— 117.67
106.04
110.80
112.37
100.21
91.34
97.00
109.97
112.19
3
106.21
91.19
96.85
109.97
112.19
2
2- 117.66
100.04
1— 117.72
106.04
112.37
116.61
110.01
109.97
90.85
91.34
106.21
112.19
109.97
1
112.00
109.79
111.81
-
Mar. 28—
Mar.28.. 117.80
105.86
110.41
112.19
100.04
91.05
96.54
90.77
96.54
110.15
112.75
21
3.38
2.80
3.01
3.46
106.50
3.97
117.00
112.93
4.36
106.21
3.36
117.85
96.54
109.97
113.31
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
106.50
90.48
3.37
4.40
3.99
3.17
3.18
21-
117.40
113.31
14- 117.77
106.21
7— 116.90
Feb. 28— 116.93
106.04
117.40
113.31
100.39
90.20
90.23
109.97
113.12
7
3.39
2.78
2.99
105.80
106.21
89.78
95.92
109.79
112.75
Feb. 28
3.40
2.79
3.01
3.38
4 01
112.93
4.43
117.20
21
3.42
2.80
3.02
3.39
4.45
4.03
4.01
3.19
112.75
109.60
95.62
3.19
21.. 116.06
105.52
117.00
112.75
100.04
89.52
105.80
117.00
113.12
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
14— 116.24
100.21
4.44
109.79
113.31
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
95.54
31..
3.37
2.75
2.97
3.37
4.37
3.95
3.18
24..
3.36
2.77
2.96
3.36
4.36
3.93
3.17
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
4.39
3.96
3.16
7— 116.62
100.21
117.80
113.31
100.39
90.20
Jan. 31.. 117.14
106.39
118.00
113.70
100.39
90.48
96.85
109.79
113.70
24- 117.64
106.50
117.60
113.89
106.50
90.77
97.16
109.97
113.50
100.66
17- 118.00
118.20
113.89
106.50
90.48
110.15
96.69
Jan.
113.89
114.08
10
3.36
2.74
2.94
3.36
3
3.37
2.73
2.93
3.37
4.43
4.01
3.16
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.35
2.72
2.91
3.35
4.31
3.92
3.14
3.81
3.06
3.19
3.78
5.24
4.68
3.42
4.00
3.12
118.03
106.50
118.20
114.27
106.50
90.34
90.69
110.15
118.65
100.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
High 1941 119.05
106.74
118.60
114.85
100.74
91.48
97.31
110.52
114.60
High 1941
1941 115.89
106.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
Low
103
Low
—
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
Low 1940 113.02
99.04
112.19
109.60
99.52
79.37
114.85
110.88
90.07
86.38
106.56
105.52
High 1940
Low
1
1 Yr. Ago
Apr.25'40 110.03
113.31
116.41
103.64
112.37
109.06
91.34
85.85
102.90
2
98.73
112.75
106.92
104.14
86.78
80.32
96.85
109.42
2.70
2.90
3.35
4.42
3.53
2.83
2.99
3.57
4.72
4.32
3.22
3.83
3.02
3.20
3.95
5.16
4.65
3.50
3.35
1940
Year Ago—
Apr. 25, 1940...
2 Yrs.Ago
Apr.25'39 115.18
1941.
Years
Ago—
Apr. 25, 1939...
yields on the basis of one "typical" bond (3H% coupon, maturing In 25 years) and do
average level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the
movement of yield averages, the latter being the true picture of the bord maricet.
t The latest conolete list of bonds used In computing these Indexes was published In the Issue of July 13, 1940, page 160.
•These prices are computed Irom
average
not purport to show either the
relative levels and the relative
Indications of Business Activity
THE
STATE
the
current
which
due largely
this
year,
strike,
signs of being
to the present time shows little
up
War
tional
Department warns that plants working on na¬
orders
defense
having
were
operations
curtail
to
drastically because of the growing shortage of coal, while
President Roosevelt
a
two weeks'
strike.
War
fense
that
informed that the Nation has only
supply of soft coal as
result of the continued
a
Department officials said not only that numer¬
orders
it
orders
now
having
were
would
after
take
a
week
a
labor
situation
that the Administration must
soon
to
take drastic steps
Commerce,"
of
109.1
for the previous week
to stills
were
weekly
and 93.6 for a year ago.
and petroleum
in the period ended
the sixth successive week
April 19, dropping to 2,701,879,000 kwh.
1,720,790,000
week
a
earlier
continue to make themselves felt,
report shows.
as
seasonal
influences
the Edison Electric Insti¬
This compares with 2,421,576,000 kwh.
Loading of
revenue
totaled 708,651 cars,
with
made
over
according to these
In the meantime pig iron is being
the
This
period
two
years
loadings
average
preceding
in
for
American
an
Railroads
and
increase of 28,843
cars
this year,
1940,
ago.
of
was
preceding week
corresponding week
19
according to reports filed by the rail¬
Association
public today.
the
the week ended April
freight for
and
This
the
80,183
more
than
150,784 above the
total
was
corresponding
115.18%
week
of
the
same
of
the
the
10
matter of early concern.
a
industries
ment
appealing to the Office of Production
are
for three weeks,
being
the "Iron Age" states in its midweek
prices, which has been in effect
and steel
smoothly, and a particular hardship is
is not working
to foundries,
caused
review, issued lately.
"Iron
Age"
price
advance
recent
to
compensate in part for the
to
necessary
apparently the intention of the leading producer
half
absorb
the
of
wage
be
"nipped"
open" for
companies.
The usual post-Easter letdown in retail trade has failed
to develop, and in its stead there has been exceptionally
heavy activity in retail sales, it was indicated today.
Fav¬
the
Price
Administrator
"left
the door
proof of any undue hardship on smaller
orable
weather
helped
stores
and
move
purchasing power of the
accelerated
a
in the last week, Dun
of which
& Bradstreet, Inc., said in its weekly
totals again ranged
week
a
year
looking," the agency said.
found to be "just
were
Sales
where
increased farm income
near-record volume of merchandise
Stores were thronged with shoppers, relatively few
survey.
ago,
sharply above the corresponding
it was said.
Except for the Northwest,
gains continued somewhat smaller than average, all
major regions recorded increases of better than 10%.
a
few areas of the
country the past week, resulting in very
unusual conditions
weather
of
will
moderate
At the same time, how- •
by the order which pegged prices.
of the country
defense program
put
looking to higher steel prices were
that any steps
ations,
that the
and
increase
effect," the survey observes, adding
into
increases
price
of the price order,
the time
engaged in studies to determine the
were
increase.
wage
was
at
that
said
steel companies
Freakish
the result
Manage¬
Government control of iron
needed coal.
for much
is causing a further sharp curtailment in steel-making oper¬
with
the steel companies, other defense
Aside from the plight of
years.
Increasing shortage of coke resulting from the coal strike
such a degree
and steel scrap supply may become
that the dwindling iron
public through higher payrolls and
the 1940 week.
roads
week, steel output will decline
of 1,500,000 tons a month,
rate
ever,
moderately higher.
Power production declined for
tute
the
109.5, which compares
Automotive activity showed a marked gain,
from
10 points next Monday, it was
2.3 points.
as
defense authorities.
"It
"Journal
the
index of business activity registered
runs
same
■
According
with
the
at
is
serious menace to the defense pro¬
a
the effects will become little short of tragic for the whole
country. ; '■ •'
in
but also
filling coal
start
to
The
settlement;
strike
production,
to curtail
least
at
becoming such
gram
or
was
major steel companies and textile mills working on de¬
ous
much
as
This week the ingot rate dropped
replaced with scrap in ingot manufacture to
settled.
The
be off
If the strike lasts another
lowest level
the coal
to
may
learned.
Friday Niyht, April 25, 1941.
Business activity is still holding around the
of
EPITOME
TRADE—COMMERCIAL
OF
;
prevailed in
not
rainfall, which was frequent and heavy in the interior
and mostly absent in the more Eastern States
seriously impeded if the coal impasse continues much longer.
The latter accounted for many of the forest fires, the un¬
Alarmed
usual
defense
officials
estimate
that
steel
operations
warmth
creating
an
urgent
demand
for
moisture.
The Commercial & Financial Chronicle
Volume 152
heavy precipitation" occurred
central
west
and
Gulf
States
and
in
of
most
the
nearly all the interior
Valley and the Great Plains, though the weekly totals were
light in
were
northern plains sections.
some
reported
southeastern
stations
in
western
Kansas, and
having weekly
Arkansas,
totals
2
of
Oklahoma,
eastern
with
Missouri,
of
most
The heaviest falls
inches
7
to
April
1,
steam
Widespread
and
1940,
56
from
1
2
to
inches.
ranging
area
Heavy
from
6
Kansas up to 12 to 20 inches in
ern
Montana.
In the New York
City
in
The weather
ranged
clear
was
between 39
area
New
freight
on
degrees
and
Friday,
as tempera¬
60 degrees.
Local
Friday night, with the
Prevailing winds
northeast to easterly
were
direction, with the
prospect of partly cloudy and slightly warmer weather
Saturday; highest temperature
at about 68
on
123,
of which 27
New
freight
included
in
Overnight at
Revenue
on
months
of
1941
and
electric and
96
railroads put 79
new
Diesel.
In
the
locomotives in service,
same
and locomotives leased or otherwise
cars
figures.
acquired
' 'v, :.v
which
are
.v
not
':v,
was 40 to 50 degrees; Pittsburgh,
Me., 35 to 48; Chicago, 37 to 51; Cin¬
12.8% above the corresponding week in 1940 and an in¬
of 150,784 cars or 27.0 % above the same week in 1939.
Loading of revenue freight for the week of April 19 was an
increase of 28,843 cars or 4.2% above the preceding week.
The Association further
to 67,
and Seattle, 43 to 67.
reported:
Miscellaneous freight loading totaled 344,833 cars, a decrease of 2,621
cars
below the preceding week, but an increase of 78,738 cars above the
corresponding week in
1940.
Loading of merchandise less than carload lot freight totaled 161,009
decrease of 658
cars
cars,
below the preceding week, but an increase of 12,859
above the corresponding week in
1940.
Coal loading amounted to 33,404 cars, an increase of 1,812 cars above
the preceding week, but a decrease of 80,553 cars below the corresponding
Cleveland, 30 to 54; Detroit, 30 to 51;
Salt Lake City, 41
freight for the week ended April 19,
revenue
or
cars
City, 47 to 66;
three
Freight Car Loadings Gain 12.8% in Week
Ended April 19
week in 1940.
Oklahoma
first
crease
a
Milwaukee, 31 to 48; Charleston, 61 to, 82; Savannah, 64
to 82; Kansas City, Mo., 41 to 62; Springfield, 111., 37 to
61;
the
in
same period last year.
service in the first three months of 1941 totaled
totaled 708,651 cars, the Association of American Railroads
announced on April 24.
This was an increase of 80,183 cars
Bostoq it
cinnati, 38 to 63;
service
in
steam
were
the above
Loading of
the latter day was placed
degrees.
33 to 53; Portland,
put
cars
compared with 20,253 in the
New locomotives put in
central sections of
the weather was gen¬
and cool
10 points lower in outlying sections.
a
59
March 1,
the
west¬
dropping to about 45 degrees in the city and
light and from
on
included 16 steam and 63 electric and Diesel.
"
frosts were forecast for the suburbs
thermometer
order
.
some
erally clear and cool the past week.
tures
on
including
1941, totaled 298, of which 132 were steam and 166 electric and Diesel.
period last year the
in
of
parts
order,
on
New locomotives
more.
or
occurred
snows
inches
locomotives
new
electric and Diesel.
totaled 18,464,
most of the Great Plains from central South Dakota south¬
ward
2613
115
were
many
Much of the Ohio Valley had from 1 to 2 inches of rain, and
Plains
there
'K
<;'/
Grain and grain products loading totaled 33,512 cars, a decrease of 184
cars
below the preceding week, and a decrease of 651 cars below the cor¬
In the Western Districts alone, grain and grain
responding week in 1940.
products loading for the week of April 19 totaled 19,820 cars, a decrease of
116
cars
below the preceding week, and a decrease of 2,181 cars below the
corresponding week in 1940.
Live stock
^
.
loading amounted to 11,502
cars an
y
.v-
increase of 714 cars above
the preceding week, and an increase of 198 cars above the corresponding
week in 1940.
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
In the Western Districts alone,
loading of live stock for the
week of April 19 totaled 9,061 cars, an increase of 1,050 cars above the pre¬
ceding week, and
increase of 503
an
cars
above the corresponding week
in 1940.
General Motors Corp. and Cornell University, which
prior to the European war had collaborated in the publication
of a world commodity price index, have resumed issuance
of international price statistics, but on a different basis than
before the war.
Instead of a composite index of world
prices, these organizations now are publishing the informa¬
tion only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as
possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
Overseas Operations from sources described as "the most
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals, and a
list of other miscellaneous materials (rubber, hides, lumber,
newsprint, linseed oil, &c.)Weights assigned in the index
to the different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; Miscellaneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported April 21 as follows:
major railroads to report for the week ended
April 19,1941 loaded a total of 314,052 cars of revenue freight
on their own lines, compared with 301,784 cars in the pre¬
ceding week and 298,332 cars in the seven days ended April
20, 1940.
A comparative table follows:
(August, 1939=100)
(Number of Cars)
Argen¬
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Mex¬
Java
ico
New
Swe¬
den
Zeal'd
Forest products
loading totaled 40,894
above the preceding week,
an
increase of 1,612
cars
cars
above the
cor¬
responding week in 1940.
Ore loading amounted to 74,345 cars, an increase of 28,394 cars above the
preceding week, and
an
increase of 69,167
cars
above the corrsponding
week In 1940.
Coke loading amounted to 9,152 cars, a decrease of 326 cars below the
preceding week, but
in
an
increase of 1,627 cars above the corresponding week
1940.
All districts reported increases compared with the corresponding week in
1940 except the Pocahontas and all districts reported increases compared
with the corresponding week in
1939.
4 weeks of January
_
5 weeks of March
628,468
683,402
5
Week of April 12
10,020,938
2,824,188
3,817,918
4 weeks of February
Week of April
679,808
708,651
.
Week of April 19
11,445,062
Total
2,288,730
2,282,866
2,976,655
534,952
547,179
557,867
9,188,249
2,557,735
2,488,879
3,123,916
602,835
619,105
2,740,095
.
1939
1940
1941
The first 18
Loaded on Own Lines
Weeks Ended—
Switz¬ United
erland
cars,
and an increase of 8,798
States
1940—
Received from Connections
Weeks Ended—
Apr. 19 Apr. 12 Apr. 20 Apr. 19 Apr. 12 Apr. 20
1941
1941
1940
1941
1941
1940
May
120
143
116
113
112
131
132
112
June..
118
118
120
144
116
113
114
131
136
109
July
August.,
118
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
September..
116
120
121
145
116
110
122
135
153
111
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul A Pac.Ry.
Chicago & North Western Ry....
October...
118
113
120
123
122
145
117
110
120
139
158
114
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
_
1941—
..
Gulf Coast Lines.
.
January
114
127
126
150
121
111
119
144
171
120
International Great Northern RR
February...
114
126
127
150
121
113
119
147
171
120
Mlssou^l-Kansas-Texas RR
1941—
Missouri Pacific RR
Weeks end.:
1..
114
125
128
149
122
114
119
153
171
rl20
Mar.
8-
rl 13
124
128
150
122
115
119
163
171
121
Mar. 15..
rll4
123
114
154
*171
129
151
Mar. 22..
119
121
129
*153
123
114
120
154
Mar. 29..
119
120
130
*152
124
114
119
157
120
131
*152
124
114
119
157
121
132
*153
124
114
120
156
Apr,
5—
Apr.
12..
123
r 118
*118
*
.....
New York Central Lines........
Mar.
Preliminary,
r
119
120
rl22
N. Y. Chicago A St. Louis Ry...
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
.......
124
Southern Pacific Lines..
125
....
Pittsburgh & Lake Erie RR
Wabash Ry.....
Revised.
.....
mmmmmmmrnmmtw
Total
x
Railroads Had 42,335
Class I railroads
..........
123
...
New Freight Cars
April 1
/■? v
Order
on
was
an
order
increase
on
of
March
1,
reported:
New
cars,
24,627
miscellaneous
box, 15,141 coal,
on
of which
on
166
1,244 refrigerator, 1,167
April 1, this year, also had 335
were
steam
and
169
were
1,845
13,161
43,858
6,023
7,982
63,651
6,607
6,964
30,397
5,945
13,655
18,316
15,116
3,213
1,624
3,760
11,989
38,021
4,898
18,674
53,330
6,078
5,579
28,144
5,153
301,784*298,332
7,278
16,709
7,410
8,449
7,489
10,199
1,805
2,870
3,580
10,279
29,861
'
9,906
4,595
36,993
5,048
4,237
10,596
8,322
7,117
16,912
7,710
6,450
14,932
9,941
9,022
7,991
7,558
6,880
9,126
1,225
2,488
2,722
8,294
17,346
1,708
2,361
10,683
31,540
10,425
5,085
40,931
5,169
3,252
10,853
8,699
36,930
9,305
4,381
39,011
5,597
4,285
8,439
7,914
185,626 189,804 185,478
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
flat,
new
electric
1941,
and 156
locomotives
and
Weeks Ended—
April 19,1941
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louie-San Francisco Ry
......
Total
April 1,
cars.
Class I railroads
order,
'K.1
for which orders had been placed
3,774
new
on
.;C', ■■:y
freight
included
order
20,081
18,212
28,096
22,474
Net available.
on
April 1, 1940.
It also
2,982 compared with the number on
this year.
The Association further
on
20,744
28,061
8,713
14,296
19,682
(Number of Cars)
April 1, 1941, had 42,335
pared with the number
13,932
19,852
21,135
2,997
1,794
4,045
13,157
46,008
6,437
7,533
67,958
6,759
6,842
31,617
5,936
314,052
freight
cars on order,
the Association of American Railroads an¬
nounced on April 21.
This was an increase of 21,223 com¬
on
19,687
29,480
8,883
Diesel.
on
On
In the
April 12, 1941
April 20, 1940
25,313
33,530
26,365
33,212
12,926
13,832
22,111
28,196
12,037
71,769
73,409
62,344
following we undertake to show also the loadings
for separate roads and systems for the week ended April 12,
1941.
During this period 95 roads showed increases when
compared with the same week last year.
TAtf Commercial & Financial Chronicle
2614
Total Revenue
from Connections
1941
1939
1940
1941
Freight Loaded
Railroads
1940
1941
Southern District— (Concl.)
575
601
575
1,130
2,044
8,136
1,038
1,904
6,619
2,074
7,526
1,646
250
222
12,493
1,949
9,866
1,961
........
Bangor A Aroostook
Boston A Maine
Chicago Indianapolis A Lou Is v.
1,140
1,150
9
Central Indiana
23
15
38
40
1,383
4,659
9,057
1,285
1,212
4,463
5,521
8,482
10,141
2,199
8,564
7,395
1,914
7,044
6,800
3,537
1,402
3,311
1,253
2,846
Piedmont Northern
480
395
424
Richmond Fred. A Potomac...
378
319
354
10,126
23,772
9,411
21,260
9,410
18,918
569
399
147
135
107,636
Nashville Chattanooga A
Delaware A Hudson
Delaware Lackawanna A West.
255
242
265
102
2,504
2,286
712
2,300
11,228
7,888
2,002
1.480
2,938
10,855
...
Detroit Toledo A Ironton..
419
314
271
14,236
5,988
10,696
11,778
4,293
Detroit A Toledo Shore Line...
............
Grand Trunk Western
290
Maine Central
259
286
1,528
7,435
2,830
...
Lehigh A Hudson River
Lehigh A New England.......
Lehigh Valley.......
1,394
7,007
2,300
4,837
1,458
37,939
8,758
2,385
9,244
2,475
7,850
3,548
7,383
1,722
1,137
6,224
2,812
190
354
190
4,728
315
Monongahela
25
Montour
875
530
654
134
805
748
100,329
89,753
78,000
68,219
13,965
12,903
2,484
17,982
17,679
3,229
16,207
3,191
1,001
10,346
2,969
7.991
4,073
9,036
2,562
6,930
3,241
454
375
562
436
6,475
6,659
5,048
5,349
Southbound—
965
A North Western.....
Great Western
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
Duluth Mlssabe A I. R.......
Duluth South Shore A Atlantic.
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
9,562
983
1,062
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
4,876
4,702
461
392
430
Pittsburgh A Lake Erie
6,780
3,853
Pere Marquette
6,607
5,654
6,171
160
760
93
39
81
215
389
175
198
251
31,460
15,264
11,284
5,169
Great Northern
392
909
237
1,938
1,382
Rutland
651
609
546
980
5,945
3,449
4,954
3,294
5,044
2,284
8,699
3,169
7,983
2,935
148,125
136,023
130,133
155,117
145,973
,
494
475
136
200
9,286
8,920
4,079
2,724
497
531
673
5,645
9,420
Northern Pacific
609
365
160
72
56
1,675
4,473
2,475
1,602
A Ishpemlng
1,537
4,454
8,397
1.992
1,824
2,030
3,312
9,208
2,511
3,998
153
81
107
393
277
2,507
1,634
1,807
1,915
1,405
109,456
73,265
70,343
47,025
40,115
20,744
17,679
2,521
19,558
3,178
2,602
7,117
2,519
5,440
1,890
614
559
337
71
109
14,296
13,721
1,780
10,056
9,022
7,232
808
610
12,262
2,383
13,804
1,878
10,312
2,486
629
688
752
1,283
1,964
1,734
9,537
2,911
1,667
3,069
7,706
2,331
1,337
2,750
Spokane International
887
Wabash
124
267
744
514
Minneapolis A 8t. Louis—
Minn. St. Paul A S. 8. M
Lake Superior
3,228
15,627
Green Bay A Western
4,718
5,340
1,340
3,436
2,367
515
1,714
9,057
1,445
2,082
10,425
5,055
Northwestern District—
Chicago
Chicago
Chicago
Chicago
38
6,023
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Total
35,028
41
95
New York Ontario A Western.
N. Y. N. H. A Hartford
Winston-Salem
417
33,090
10,854
1,492
43,938
10,819
New York Central Lines
385
Tennessee Central
1,384
92
1,480
Detroit A Mackinac
—
1,264
4,485
4,708
14,721
2,508
Seaboard Air Line
Southern System—
2,620
18,995
—
3,467
1,010
1,243
6,018
5,391
15,562
20,081
St. L.
Norfolk Southern
--
Central Vermont.....
Erie
from Connections
1939
1940
1941
1940
Eastern District—
Ann Arbor
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
CARS)—WEEK ENDED APRIL 12
AND RECEIVED FROM CONNECTIONS (NUMBER OF
REVENUE FREIGHT LOADED
April 26, 1941
Wheeling A Lake Erie
Total.
Spokane Portland A Seattle...
Total
Central Western District—
Atch. Top. A Santa Fe
System
Alton
Alleghany District—
629
513
424
799
668
...
28,061
28,437
20,989
13,945
.....
2,291
16,912
1,406
Akron Canton A Youngstown..
Baltimore A Ohio
Bingham A Garfield
Chicago Burlington A Qtilncy.
Chicago A Illinois Midland—
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
2,243
972
3
325
318
1
4
6
1,330
5,982
2
7
10
6,679
12,591
11,166
675
Bessemer A Lake Erie
Buffalo Creek A
627
473
51
45
Denver A Rio Grande Western
63
211
39
36
37
Denver A Salt Lake
46
94
19
38
29
Fort Worth A Denver
Gauley
Cambria A Indiana
6,943
Central RR. of New Jersey
Cornwall
Cumberland A
Pennsylvania...
Llgonler Valley
Long Island
.....
843
536
650
1,561
63,651
1,098
55,148
15,712
20,484
2,240
12,555
13,850
3,178
1,038
46,284
12,976
143,208
126,127
Penn-Readlng Seashore Lines..
Pennsylvania System...
Reading Co
Union (Pittsburgh)...........
Western Maryland...
....
...
207
1,268
2,792
1,646
40,931
15,927
3,496
6,146
10,283
1,686
2,790
1,488
Colorado A Southern
Illinois Terminal........—-
347
870
966
966
836
1,617
1,878
1,428
1,314
102,832
768
872
1,955
1,767
66
127
765
678
646
394
388
5
8
21
0
0
24,967
22,891
21,569
334
295
277
14,479
16,178
1,974
102,779
North Western Pacific
92,653
13,160
13,468
6,209
1,380
8,384
4,683
1,164
7,149
—
Peoria A Pekln Union
Southern Pacific (Pacific)
Union Pacific System
0
227
196
4
0
1,601
1,559
1,530
2,251
2,014
103,636
96,266
96,560
58,144
47,428
Utah
Western Pacific
Pocahontas District—
9,984
8,713
17,690
3,679
5,826
7,710
5,085
1,598
4,215
710
17,544
Virginian
6,813
849
Norfolk A Western
22,543
7,982
Chesapeake A Ohio
43,912
13,349
14,393
15,436
...
Total.
Total
—
1,237
Southwestern District—
157
140
115
217
192
3,774
1,845
2,857
1,542
3,166
1,708
2,361
1,264
2,286
Burlington-Rock Island......
Gulf Coast Lines
F Southern District—
Alabama Tennessee A Northern
325
250
217
154
217
Atl. A W. P.—W. RR. of Ala-
955
761
747
1,707
1,403
Atlanta Birmingham A Coast..
Atlantic Coast Line
731
698
579
1,019
924
13,292
4,791
10,069
3,865
399
International-Great Northern.
439
3,898
287
246
299
875
626
Southern.......
2,263
1,950
1,816
1,786
1,487
2,462
2,169
1,660
1,257
4,910
3,188
1,342
Louisiana A Arkansas—-—-.
2,321
Missouri A Arkansas
4,147
13,192
Missouri Pacific—.—-—--
1,092
1,339
1,281
1,071
777
42
36
34
125
136
Quanah Acme A Pacific
St. Louis-San Francisco
1,082
1,029
865
1,619
2,040
265
595
534
3,300
11,922
7,281
3,382
10,281
5,478
Illinois Central System
Louisville A Nashville
22,306
15,281
20,943
13,329
Macon Dublin A Savannah....
179
126
115
782
189
128
136
403
244
3,263
10,683
2,570
8,167
86
134
126
6,293
2,133
6,018
6,120
3,559
2,127
6,626
3,948
5,409
2,949
3,701
4,204
4,405
2,281
2,752
3,424
St. Louis Southwestern..
Texas A New Orleans
Texas A Pacific
131
191
82
70
8
39
35
27
43,183
44,209
41,630
32,371
Wichita Falls A Southern
Wetherford M. W. A N. W...
618
Mississippi Central
3,832
11,634
70
16
Mlssourl-Kansaa-Texas Lines.
386
xl,574
18,662
3,489
11,832
50,203
294
267 i
297
289
119
345
134
3,425
18,998
228
340
7,516
3,938
361
160
404
747
264
152
7,035
2,699
1,056
344
4,002
912
463
139
135
1,239
333
236
Georgia A Florida...
337
484
173
1,521
Gulf Mobile & Ohio
374
452
Midland Valley
Durham A Southern..........
Florida East Coast..
Georgia
2,031
286
Litchfield A Madison
Columbus A Greenville.
Galnsville Midland
1,903
Kansas Oklahoma A Gulf....
Kansas City
5,965
3,835
1,374
1,789
10,261
464
...
Central of Georgia
Charleston A Western Carolina
Clinch field
341
333
932
1,941
Missouri-Illinois
Nevada Northern
Toledo Peoria A Western
Total.
7
8
337
161
1,122
1,733
City
36,660
6,391
2,493
...
Note—Previous year's figures revised.
Bureau
Ended
Prices
of
Wholesale
Slightly
Total
Gulf Mobile A Northern only.
Com¬
Week
During
The movements
during
the week
ended April
Labor Statistics' index of
19.
The
nearly 900 price series
0.1%, the smallest advance in 6 weeks, Commissioner
reported on April 24.
"Continued increases in prices
of fats and oils and foodstuffs, and higher prices for crude
rubber largely accounted for this slight increase," Mr.
Lubin said.
"The index has now risen steadily since the
first of March and in the past 8 weeks has gained more than
3% to reach a new high level since mid-November 1937 at
83% of the 1926 average."
rose
Lubin
The Labor Bureau's announcement further said:
Although the advance
was moderate It was quite general.
Eight of the 10
major commodity group indexes averaged higher.
The increases ranged
from 0.6% for chemicals and allied products, to 0.1%
Tin tetrachloride also continued to advance and
higher. Soap and cylinder oils reflected
palm, and soybean oils.
prices for alcohol were generally
the sharp increase
upward movement in wholesale commodity
slackened
Bureau of
Index
Advanced
*
April 19
The recent
prices
Statistics'
Labor
of
modity
• Previous figures.
rose
in prices of fats and oils.
in prices for agricultural commodities were mixed.
1.8% as quotations were
Livestock and
dropped 1.1% following the sharp rise of the preceding
poultry
as a group
week.
Prices were lower for calves, steers,
Foodstuffs
most
cereal
rose
during the week because of rising markets
0.4%
and most edible
grades of fats and oils.
for the principal groups of
for April 20,
1940 and the percentage changes from a week ago, a month ago, and a year
ago (2)
percentage changes in subgroup indexes from April 12 to April
The following
tables show (1) index numbers
commodities for the past
3 weeks, for March 22, 1941, and
19,1941.
(1926=100)
Percentage Changes to
Apr. 19, 1941 from—
Fuel and
Apr
at the
are
about 65% higher than they were
approximately 6%
on
the report that cargoes
would be unloaded at Pacific ports in order to avoid congestion in the
New
York harbor with consequent higher shipping costs and the announcement
of the Japanese-Russian pact.
rose
carpets.
Prices
0.7%.
also higher for burlap,
Raw silk, on the contrary, declined
The metal markets
tin and solder.
drop siding,
finish,
Prices
were
more
manila fiber, and
than 2%.
steady except for slightly higher prices for pig
The lumber index advanced 0.1% because of higher prices
for certain types of
shingles.
were
yellow pine lumber including No. 2 boards, dimension,
and flooring, and for maple flooring and red cedar
were
also higher for turpentine and rosin.
Among the chemicals, advances
were
rather general for industrial fats and
oils, including fatty acids, copra, castor oil, inedible tallow, and coconut,
Farm
Apr
12,
1941
5,
1941
22,
20,
1941
1940
Poods
*
»
Mar.
1941
1940
22,
Apr. j
20,
products
Textile products
82.9
82.2
81.6
78.5
+ 0.1
+ 1.7
+ 5.7
74.9
72.7
72.3
69.6
+ 0.1
+ 3.7
71.9
75.6
76.7
77.5
77.8
104.3 103.9 103.9 103.3 102.5
71.6
78.2
80.1
80.4
80.5
»
Hides and leather
Apr.
12,
75.0
'
products
+ 0.4
+2.9
+ 0.4
+ 1.0
+7.8
+8.2
+ 1.8
+ 0.1
+2.9 + 12.4
+ 1.4
+ 1.1
73.3
73.4
73.2
72.5
72.3
—9.1
97.8
97.8
97.8
97.8
95.3
0
0
100.0
99.9
99.8
99.5
92.8
82.2
81.7
80.9
80.0
76.9
+0.1
+0.6
+0.5
+2.8
Housefurnishing goods
91.6
91.5
91.5
90.9
89.9
+ 0.1
+ 0.8
Miscellaneous commodities
78.4
78.1
78.0
77.5
76.8
+ 0.4
+ 1.2
Raw materials
77.6
77.4
76.2
75.6
72.9
Semimanufactured articles
84.9
84.6
83.6
79.5
85.7
85.6
85.1
84.5
81.5
+0.3
+0.1
+0.1
+2.6
85.0
+ 1.4
+2.1
+6.4
+ 6.9
+ 5.2
84.8
84.7
84.4
83.7
80.5
+0.1
+ 1.3
+ 5.3
86.0
85.9
85.8
85.1
82.6
+0.1
+ 1.1
+4.1
Fuel and lighting
Hides and skins averaged nearly 2% higher during the week and cotton
goods
Mar
83.0
All commodities
advanced
Apr
3.8% under the impetus of heavy
rose
beginning of 1941.
Crude rubber
Apr
1941
19,
1941
Commodity Groups
unchanged at last week's level.
buying and
(for
pork, pepper, cocoa beans,
Butter, lard, raw sugar, and wheat
products, fruits and vegetables,
flour declined.
lighting materials declined slightly and metals and metal products remained
demand and speculative
citrus fruits, onions,
and hops.
for farm products,
textile products, building materials, and housefurnishing goods.
Prices of industrial fats and oils
hogs, and live poultry but were
There were also declines for eggs,
higher for cows.
Grains
higher for barley, corn, rye, oats and wheat.
beans, and potatoes also were up.
Prices of cotton, tobacco,
materials
Metals and metal products
Building materials-
—
Chemicals and allied products.
-
Manufactured commodities
All commodities other than
+6.9
+ 1.9
farm
products
All commodities other than farm
products and foods
+ 1.7
+2.6
+ 7.8
1
'
Volume
2615
The Commercial & Financial Chronicle
152
12 TO
PERCENTAGEICHANGES IN SUBGROUP INDEXES FROM APRIL
APRIL
19,
Report by Cities
1941
Percentage Change from Corresponding
Increases
3.8
Other building
Hides and skins
1.9
Cereal products....
Grains
1.8
0.4
Other miscellaneous..
Nonferrous metals
Oils and fats
„
0.2
0.1
0.1
0.1
0.1
materials
Fruits and vegetables
1.6
Lumber
Meats
0.9
Paint and paint
0.7
Drugs and
0.6
0.6
Furnishings
Cotton goods
Other farm products
Other textile products
__
Chemicals
materials
0.1
—-.0,1
pharmaceuticals
..........
0.1
Furniture
0.6
Decreases
Cattle feed
.
2.4
Bituminous coal
Livestock and poultry
11
Fertilizer materials..
Mixed fertilizers
0.5
0.3
0.1
Dairy products
2.1
0.7
Silk
_
.....
...
Feb.
Mar.
1941
1941
+ 11
+8
+9
Portland, Me
+ 15
+6
+7
Chicago, 111
Boston, Mass
+ 17
+3
+5
Peoria, 111..
Springfield, Mass
Providence, R. I
+ 19
+7
Fort Wayne,
+21
+ 19
+10
+15
Bridgeport, Conn
+19
Newark, N. J
+ 13
Albany, N. Y
+ 12
Binghamton, N. Y...+20
+17
+4
+11
+ 15
+6
+21
+ 16
Buffalo. N. Y
Elmira. N.Y
+ 15
+26
+ 19
+ 42
+45
+ 37
+4
—4
—1
compared with 186.3
week
a
this
in cotton and hog
individual
changes were the declines
prices and the advance in wheat.
The movement of the Index
Fri.
April
April
Mon.
April
Tues.
April
Wed.
April
Thurs. April
Fri.
April
as
Little Rock, Ark
+2
+7
Syracuse, N.Y
+17
+ 16
+2
+3
+7
Springfield, Mo
Memphis, Tenn—
Minneapolis District
+ 18
+3
+9
Superlor-Wis
186.5
183.0
163.5
171.8
149.3
....187.3
April 10
25
1940 High—Dec. 31
Low—Aug. 16
Minneapolis, Minn—
171.6
Week
National Fertilizer
Commodity Price Average Fractionally Higher in
+9
+6
St. Paul, Minn
There
level
another rise in the wholesale
was
last
In the week ended April
National Fertilizer Association.
this index
month
a
based on
The Association's report, under
and 99.7 a
ago,
the 1935-39 average as
date of April
19
104.4, compared with 104.2 in the preceding
was
102.6
week,
The
the index compiled by
according to
week,
commodity price
100.
year
ago,
21, continued as follows:
mainly responsible
for last week's rise in the all-commodity index.
The food price average is
now
at the highest point reached since 1939, with 13 items included in
the group advancing during the week and only four declining.
The upturn
in
the testile index reflected rising quotations for cotton,
cotton cloth
Advancing quotations- for foodstuffs and textiles
were
r+16
+9
+ 11
York, Pa
+ 18
+ 11
+22
+ 10
+ 14
+9
+ 19
Erie, Pa
Pittsburgh, Pa
+ 13
+ 10
+18
+1
+14
+28
+15
+11
Wheeling, W. Va
+ 12
+9
+ 14
An increase in
alcohol and castor oil prices caused the chemical and drug index to move
upward.
Increases were also registered by the indexes representing the
prices of building materials, fertilizer materials, and miscellaneous com¬
modities.
The average for all farm products was somewhat lower, the
and yarns,
net
and woolen materials; raw silk prices declined.
declining prices for eggs, cattle, hogs, and poultry offsetting
result of
increases
in
and grains.
cotton
indexes likewise
The mixed fertilizer and farm machinery
declined.
During the week 38 price series included in the index advanced and 18
declined; in the preceding week there were 35 advances and 14 declined;
the second
in
preceding week there were 41 advances and 11
WHOLESALE COMMODITY
WEEKLY
declines.
PRICE INDEX
(1935-1939=100*)
Compiled by The National Fertilizer Association.
Latest
Each Group
Bears to the
Preced¬
ing Week
Ago
April 19 April 12 Mar.
Group
Year
Month
Week
Per Cent
A oo
22 April 20
1941
Foods
1941
1940
98.4
96.1
+4
+ 10
+ 18
+ 14
98.1
Cottonseed oil
96.0
85.9
87.2
99.4
100.2
96.0
90.7
105.7
105.5
100.7
99.3
92.3
91.5
89.1
95.7
99.0
100.5
17.3
Fuels.
102.2
102.2
102.1
106.0
10.8
Miscellaneous commodities..
114.5
113.9
113.4
113.6
.
84.0
8.2
Textiles...
120.5
119.8
118.0
104.7
7.1
Metals
103.4
103.4
103.5
99.8
6.1
Chemicals and
118.1
118.0
117.6
104.9
104.3
104.0
100.2
107.0
Building materials
1.3
*
+8
+8
+5
+6
+1
+8
+2
+6
+7
+ 9
#
—4
+ 13
+6
+ 11
+ 14
+6
+ 13
—2
+7
+4
+6
+1
+ 15
Dallas, Texas
+6
Fort Worth, Texas... +2
Houston, Texas
+ 16
San Antonio, Texas.
+ 12
+8
—2
+6
+ 17
+ 16
+3
Phoenix, Ariz
Bakersfield, Calif
+ 13
+2
+45
Fresno, Calif....
+3
+ 10
+3
—4
+1
+7
+ 12
+7
+7
+2
+2
+3
+ 13
..
Francisco Dist.
San
+5
+23
Long Beach, Calif
Los Angeles, Calif
Oakland and Berkeley,
+9
+ 12
+ 10
+2
+9
—3
+4
Sacramento, Calif
San Diego, Calif
+ 10
+2
—6
+ 21
San Francisco. Calif..
+ 18
—2
+3
+ 33
+4
+ 25
+6
+ 28
San Jose, Calif
+8
—7
—3
Boise & Nampa, Idaho —2
—9
—3
+8
Portland, Ore
+9
Salt Lake City, Utah.. +12
+ 11
+5
+ 11
+7
+4
Everett, Wash.......
+8
:
0
+8
Seattle, Wash
+ 12
+ 15
Yakima, Wash
+ 11
+ 20
+ 24
+ 20
+ 13
+ 12
+45
+ 39
—12
..+ 18
+ 13
+ 31
+8
Spokane, Wash
Taeoma, Wash
+ 11
+41
*
—1
.
...
Revised.
Electric Output for Week
Ended April 19, 1941, Totals
2,701,879,000 Kwh.
The'Edison
weekly re¬
production of electricity by the electric
light and power industry of the United States for the week
ended April 19, 1941, was 2,701,879,000 kwh.
The current
week's output is 11.6% above the .output of the correspond¬
ing week of 1940, when the production totaled 2,421,576,000
kwh.
The output for the week ended April 12, 1941, was
estimated to be 2,720,790,000 kwh., an increase of 12.5%
Electric Institute, in its current
port, estimated the
the like week
over
a year
ago.
PERCENTAGE INCREASE
FROM PREVIOUS YEAR
106.9
105.8
105.2
drugs
104.2
>
.3
Fertilizer materials
.3
Fertilizers
101.2
102.0
102.0
102.4
.3
Farm machinery
99.7
99.8
99.8
100.5
104.4
104.2
102.6
Week Ended
Week Ended
Major Geographic
Regions
102.6
Grains
Livestock
+ 14
+4
Macon, Ga
+ 17
Baton Ro.Jge, La..... + 10
New Orleans, La
+ 11
Jackson, Miss
+ 11
Chattanooga, Tenn_._ + 13
Knoxville, Tenn
+ 11
Nashville, Tenn
+ 14
r
80.5
Farm products
Cotton
*
*
78.7
99.7
*
*
+ 15
+6
—3
+17
+15
+3
—1
—9
+2
+5
+6
+7
+8
+22
r
*
Shreveport, La
Calif
r+7
+5
Not available,
+ 39
+2
+40
+5
+9
+6
Atlanta, Ga
*
+4
+31
+7
+48
+11
Dallas District—
+9
Atlanta District—
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
+6
+ 1
+ 30
+7
+12
+11
—4
+16
—2
+ 15
+ 16
Winston-Salem, N. C. + 12
Charleston, S. C
+ 28
Lynchburg, Va
+6
Norfolk, Va
+44
Richmond, Va
+9
Charleston, W. Va.__ + 16
Huntington, W. Va_.. +15
93.6
104.5
Fats and oils
23.0
1941
99.0
Total Index
25.3
+7
Washington, D. C
Baltimore, Md
+19
1
+ 10
+ 13
Topeka, Kan
+ 16
Wichita. Kan
+7
Kansas City, Kan &Md +7
St. Joseph, Mo
*
Omaha, Neb
—2
Oklahoma City, Okla. + ll
Tulsa, Okla
+7
+ 19
+6
+ 14
Cleveland, Ohio
Columbus, Ohio
+4
+8
Kansas City District
Cleveland District—
Cincinnati, Ohio
....
+13
—5
Denver, Colo
Hutchinson, Kan
Akron, Ohio
Tampa, Fla
+ 17
+ 12
*
Richmond District—
Association
+ 29
+28
+9
+19
*
+7
r
Youngstown, Ohio
1941 High—April 16
Low—Feb. 17
+ 37
*
+ 13
+ 14
r+19
Wilkes-Barre, Pa
Month ago, March
Year ago, April 25
+4
+19
Duluth-Minn.
+7
+11
Reading, Pa
follows:
April 19, According to
Qulncy, 111
Evansville, Ind
Louisville, Ky
St. Louis, Mo
+2
+12
Philadelphia District
Trenton, N.J
r+13
Lancaster, Pa
_r—1
+5
+ 20
+7
+ 18
+ 10
+2
+ 30
+3
+ 63
-+13
Fort Smith, Ark
+9
+12
+5
District—
+5
Toledo, Ohio
Ended
St. Louis
Brooklyn,
Philadelphia, Pa
Two weeks ago,
..186.3
186.0
186.1
185.2
185.3
185.2
185.6
18
19
21
22...
23
24
25-
Sat.
was
The principal
ago.
+8-
+8
+18
+ 10
+8
+ 15
Indianapolis, Ind
+ 12
Des Moines, Iowa
+4
Sioux City, Iowa
+4
Detroit, Mich
+ 19
Flint, Mich
+ 27
Grand Rapids, Mich.. +9
Lansing, Mich
+ 23
Milwaukee. Wis
+ 10
New York, District—
+4
+'2
+ 18
r+9
Ind
+7
Poughkeepsle, N. Y..+22
Rochester, N. Y
+ 10
Moody's Daily Commodity Index closed at 185.6
1941
+4
Chicago District—
New Haven, Conn
Niagara Falls. N. Y_.
Moody's Commodity Index Declines
Mos.
1941
+4
1941
N.Y
as
Three
Mar.
1941
Feb.
Mos.
Boston District—
New York <fc
Friday,
Period a Year ago
Three
5.9
Rubber, crude
April 19, 1941 April 12, 1941
Week Ended
Mar. 29,
21.6
14.6
17.6
New England
Week Ended
Apr. 5, 1941
1941
19.4
13.2
Middle Atlantic...
5.4
9.3
13.4
Central Industrial.
16.7
16.4
21.7
West Central
12.4
14.7
13.0
12.4
Southern States...
12.9
13.3
16.9
20.8
Rocky Mountain..
14.0
10.2
10.0
12.1
19.5
4.4
8.1
9.8
5.0
11.6
12.5
16.7
15.7
Pacific Coast
99.7
100.0
All groups combined
Total United States.
FOR
DATA
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
*
Base period changed
Indexes
on
Jan. 4 from 1926-28
average to
1935-39 average
as
100.
1926-28 base were: April 19,1941,81.3; April 12. 81.2;April 20, 1940,77.7.
Change
1937
1941
1940
1941
Week Ended
1932
1929
from
1940
Dollar
Volume
Increased
Governors
of Department Store Sales in March
9% Over Year Ago, Reports Board of
of Federal Reserve System
The Board of Governors of the Federal Reserve
announced
on
System
April 24 that the dollar volume of department
the
whole increased 9% in
March over the corresponding period of a year ago.
The
average increase for the three months of 1941 over the same
period of 1940 was 10%.
These figures are based upon
reports received from each of the 12 Reserve districts.
Following is the Board's compilation showing the percentage
change from a year ago for the country as a whole, for Federal
Reserve districts and for the various leading cities:
store
sales
for
country
DEPARTMENT
as
a
STORE SALES IN MARCH,
Report by Federal
11
Jan.
18
Jan,
26
Feb.
Feb.
22
*
1
<*
—
Mar.
8
m
Mar. 15
—
Mar. 22
-
Mar. 29
Apr.
Apr.
Three
Three
Mar.
Mos.
Federal Reserve
Feb.
Mar.
Mos.
1941
1941
1941
District
1941
1941
1941
+9
+ 12
+ 18
+7
+9
St. Louis
New York
+ 10
+5
+7
Minneapolis
+4
+6
+5
Philadelphia
r+
+7
+9
+8
+6
+9
+4
+8
+7
+8
+9
+9
+11
+12
+14
+8
+10
+ 10
+8
+14
+10
+5
Kansas City
Dallas
+9
+10
Cleveland
+ 13
+ 14
r
Chicago
San Francisco
*
5
12
Apr.
19
P pr.
m
2,244,030
2,565,958
+ 10.3
2,541,358
+ 11.3
2,823,651
2,522,514
+ 11.9
2.810.419
2,475,674
+ 13.5
2,820,161
2,455,285
2,479,036
+ 14.9
2,264.125
2,256.795
2,214,656
2,201,057
2,199,860
2,211,818
2,207,285
+ 14.0
2,199,967
2,463,999
2,460,317
2,424,360
+ 15.1
2,212,897
2,211,052
2,200,142
2,422,287
2,381,456
+ 15.7
2,417,994
+ 12.5
2,701,879
2,421,576
+ 11.6
2,825.510
2.835,321
2,817,893
2,808,916
2,802,255
2,778,628
25
—
+ 14.5
+ 15.9
2,146.959
2,176,368
2,173,223
2,188,124
2.193,779
+ 16.7
2,397,626
of
Sales
Ordinary
Life
+ 10
United States total. _r +10
1,619,265
1,602,482
1,598,201
1,588,967
1,588.853
1,578,817
1,545,459
1.612,158
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
1,542,000
1,733.810
1,736,729
1,717,315
1,728,203
1,726,161
1,718.304
1,699.250
1,706.719
1,702,670
1.682,229
1,683,262
1,679,589
1,663,291
1,696,543
1,709,331
1,699,822
Insurance Above Year
Higher Than
1940 Period
Feb.
Atlanta
-
+9.4
+9.3
+ 10.6
2,704,800
2,834,512
2,843.962
2,829,959
Ago—Sales for Three Months Also
District
Richmond
m
-
Mar.
Reserve Districts
Federal Reserve
13
m
-
15
Feb.
Percentage Change from Corresponding Period a Year ago
Boston
-
m
March
1941
-
8
-
1
Feb.
»
2,692,767
2.672.117
2,720,790
4
Jan.
2,473,397
2,829,690
Jan.
In
March
United
the
States
sales
of
life insurance in the
$598,217,000, or approximately
ordinary
amounted to
volume sold in March, 1940, according to
issued by the Life Insurance Sales Re¬
search Bureau, Hartford, Conn.
The total sales volume for
the year to date is given as $1,658,536,000, which is about
3% above sales in the comparative period of 1940.
4%
above
the
the monthly survey
.
The Commercial & Financial Chronicle
2616
sections are reported
The sales volumes and ratios for all
April 26, 1941
INDUSTRIAL PRODUCTION
(1935-39 average — 100)
by the Bureau as follows:
'•
'
''
■
1'
'
'
,
•'
Without
Adjusted for
Year to Date
March, 1941
'.
'
1
Seasonal Variation
Sales
Ratios
Sales
Ratios
Volume
1941-1940
Volume
1941-1940
in $1,000
All Cos.
in $1,000
Seasonal Adjustment
All Cos.
Mar.,
Feb.,
Mar.,
1941
1941
pl68
Mar.,
Feb.,
Mar.,
1941
1941
1940
1940
Manufactures
$46,533
107%
$136,522
107%
160,635
100%
460,934
138,612
104%
385,912
54,634
151,106
47,986
14,517
51,114
103%
109%
112%
115%
98%
108%
123,788
100%
103%
102%
104%
110%
108%
39,346
137,644
108%
$598,217
104%
$1,658,536
103%
New England
Middle Atlantic
•
West North Central........
59,030
25,156
South Atlantic
East South Central.....
West South Central
Mountain.
_
Pacific
United States Total
158,720
64,564
168
106
pl81
172
113
170
178
118
178
176
124
pl69
167
105
pl81
172
112
Machinery
pl82
177
123
pl86
177
Transportation equipment—
pi 88
199
132
p203
199
144
p750
728
299
p750
728
299
pl45
159
120
pl61
161
134
158
Iron and steel
Pig iron.....
t
Steel ingots..
Aircraft
Automobiles.
98%
*
..
........
»
p!61
187
149
pl71
180
Locomotives
p250
218
101
p245
222
Shipbuilding.— —
p 321
316
156
p334
307
162
pl85
184
132
P190
181
134
pi 36
Railroad cars
-
-
Non-ferrous metals and products
Above
a
16,
6.9%
1941,
reported by banks in leading centers for
the week ended April 16 aggregated $9,620,000,000.
Total
debits during the 13 weeks ended April 16 amounted to
$124,004,000,000,'or 15% above the total reported for the
corresponding period a year ago. At banks in New York
City there was an increase of 10 % compared with the corres¬
ponding period a year ago, and at the other reporting centers
there was an increase of 18%.
These figures are as reported
on April 21, 1941, by the Board of Governors of the Federal
Reserve System.
Bank debits
as
137
209
129
146
117
145
149
120
135
111
pl24
119
139
110
118
115
104
129
112
pl36
129
113
pi 58
Stone, clay and glass products
Polished plate glass
Textile and products
158
p219
pi 34
Lumber...
Furniture
137
163
125
125
Lumber and products
140
130
pl28
Zinc shipments
137
155
218
142
Copper deliveries
April
Year Ago
Ended
Week
for
141
155
.........
Zinc smelting
Debits
99
p211
'Copper smelting..
Bank
126
158
120
P131
112
pi 36
107
101
135
141
131
111
100
pl46
143
101
142
108
156
152
115
pi 57
Cotton consumption
105
134
147
Rayon deliveries...-....-
138
pi 43
148
139
pl48
145
132
66
Silk deliveries
p71
67
64
p74
68
Wool textiles.
P150
136
77
pi 50
149
77
pl09
108
94
pi 17
117
100
*
103
92
*
112
92
125
95
98
79
Leather and
products
Leather tanning
—
*
Calf and kip leathers
112
95
♦
Cattle hide leathers..
*
92
84
*
92
*
90
pi 14
111
95
pl26
120
106
pl20
118
112
pl07
103
100
#
Goat and kid leathers
Shoes
Manufactured food products
87
91
97
105
105
100
102
104
Cane sugar meltings
p!25
118
86
pi 38
115
95
Meat
pi 33
126
128
pl20
122
116
pl20
p 105
Wheat flour
RE8ERVE DISTRICTS
FEDERAL
SUMMARY BY
(In Millions of Dollars;
packing
118
112
103
98
*
129
110
*
133
114
138
134
109
144
138
113
*
114
106
♦
115
111
*
105
103
*
104
107
*
121
118
*
120
114
*
117
117
*
115
113
*
118
115
*
114
109
*
122
121
*
124
*
104
124
*
103
123
*
123
123
*
124
125
p353
Other manufactured foods
295
80
p442
398
100
Paper and products.
13 Weeks Ended
Week Ended
Federal Reserve District
Apr. 16,
Apr. 17,
Apr. 16,
Apr. 17,
1941
1940
1941
Paperboard
Printing and publishing
1940
Newsprint consumption
Petroleum and coal products
Petroleum rellning
$573
$501
$7,016
$5,871
3,722
3,932
61.072
46,388
Philadelphia
501
430
6.595
6,579
Fuel oil...
Cleveland
788
594
8.780
6,960
Lubricating oil
Kerosene...
Boston
New York
...
Richmond
375
329
4.R08
3,875
Atlanta
318
270
4.049
3,383
Chicago
Gasoline
1,486
1,262
18,965
16,022
Louis
309
269
3,755
3,118
Minneapolis
172
191
2,065
1,997
Kansas City
318
286
3,679
259
227
3,114
.........
Beehive coke
109
pl30
123
113
pl50
150
116
pi 50
147
116
153
Chemicals
2,690
119
152
116
153
149
116
114
123
pl25
3,295
Dalias
—
St
798
721
10.105
8,678
$9,620
$9,003
$124,004
$107,857
San Francisco
--
Rubber products..
Minerals
pl20
113
114
pl 19
118
pl49
pl02
114
109
pl43
134
Anthracite
102
84
pl05
112
86
Crude
pllO
113
120
pill
112
121
pl50
150
133
p93
98
87
»
Fuels..
Bituminous coal
Total, 274 reporting centers
New York City *
3,398
3.640
46,639
42,440
140 Other leading centers *
5,387
4,621
56,615
835
742
67,057
10,309
133 Other centers
8,802
—
Rubber consumption
—
petroleum
Metals
188
Centers for which bank debit figures
available back to 1919.
are
Business
Continued
Record
at
Levels
in
March, Reports Wells Fargo Bank (San Francisco)
March
business
in
California
still
was
record
at
pl51
154
144
142
124
147
145
130
133
124
♦
122
103
*
133
113
*
137
118
-
Silver
California
*
141
140
.............. — ...
Gold
151
151
*
Zinc
185
♦
pl48
Iron ore.......
Copper
•
-
Preliminary or estimated.
* Data not yet available.
Note—To convert coal and miscellaneous indexes to points in total index, shown
p
multiply coal by 0.210 and miscellaneous by 0.477.
in Federal Reserve Chart Book,
(1923-25 average = 100)
by the Wells Fargo Bank k Union Trust Co. of San Fran¬
The Wells Fargo index of California business rose to
Adjusted for
1935-39
the
average
last
month
from
140.7
of
debits,
the
and
index
factors
(department store sales, bank
production), while the fourth (car
industrial
Seasonal Adjustment
in
Mar,,
Mar.,
Mar.,
Feb.,
1941
1940
1941
1941
86
75
66
91
89
70
109
89
70
114
119
73
80
Coal
Feb.,
1941
February.
A year ago the index stood at 110.5.
The
March gain over February resulted from small increases in
three
Without
Seasonal Variation
cisco.
of
LOADINGS
FREIGHT-CAR
high
levels, according to the current "Business Outlook" released
141.5%
104
71
75
74
65
69
-
Coke
Grain
Mar.,
1940
39
31
31
31
56
43
54
54
44
138
105
36
33
26
Miscellaneous
slightly lower.
was
53
146
loadings)
Monthly
Indexes
of
Board
of
Governors
of
Federal
99
104
77
95
89
74
Merchandise, l.c.l..
64
65
60
64
62
Reserve System for March
60
38
38
Livestock
Forest
products
points in total index, shown
in Federal Reserve Chart Book, multiple coal by 0.210 and miscellaneous by 0.477.
Note—To convert coal and miscellaneous indexes to
The Board of Governors of the Federal Reserve
System
issued
on April 19 its
monthly indexes of industrial produc¬
tion, factory employment and payrolls, &c.
In another
item in these columns of today we give the Board's custom¬
ary
summary
of business conditions.
The indexes for
March with comparisons for a month and a
year ago follow:
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
March
=
1923-25 average
announced
100 for industrial production:
100 for all other series)
=
Activity Increased
Further but
Board of Governors of the Federal Reserve
The
BUSINESS INDEXES
(1935-39 average
Industrial
Declined in First Half of April
in
further
System
industrial activity increased
March but declined somewhat in the first half
April
on
19 that
April owing to temporary reductions in output of bitu¬
minous coal and automobiles.
The Board also reported that
of
Adjusted for
Without
Seasoned Variation
Seasonal Adjustment
prices of many commodities advanced consider¬
wholesale
Mar.,
1941
Industrial production, total.
1941
1940
Mar.,
Mar.,
Feb.,
1941
1941
1940
141
113
pl43
138
112
pl46
145
112
pl48
142
172
118
pl76
167
121
pl26
123
106
122
105
2
pl25
pl24
118
117
pll6
115
110
total"
p95
99
62
p96
86
63
Non-durable
Minerals
Construction contracts, value,
Residential..
p76
~~~ Pill
All other
Factory employment, total
♦
Durable goods
76
118
118.5
57
p79
pl09
117.8
Non-durable goods
98.6
*
121.0
*
114.7
126.9
99.8
*
139.4
98.7
*
112.9
101.0
87
86
69
P103
103
89
p94
82
86
*
73
70
*
70
71
83
79
showed
first
at
67
Note—Production, cm-loadings and department store sales Indexes based
on dally
To convert durable manufactures, non-durable manufactures and min¬
erals indexes to points in total index, shown in Federal
Reserve Chart Book, multiply
durable by 0.379, non-durable by 0.469, and minerals
by 0.152.
Construction contract indexes based on three-month
averages.
at second month of F. W. Dodge data for 37 Eastern States.
to value figures, shown in Federal Reserve Chart
Activity
further
increased
in
durable goods industries,
ships, and armament.
most
centered
To convert indexes
Book, multiply total by *410 269 000, residential by $184,137,000, and all other by $226,132,000.
'
'
Employment index, without seasonal adjustment, and payrolls Index compiled
by Bureau of Labor Statistics.
little
half
of
change
the
from
April output was
March,
high rate reached in February.
In the
reduced considerably owing to a shutdown
plants of the Ford Motor Co. during an industrial dispute which was
the middle of the month.
Retail sales of new and used cars
settled about
advanced to
of
* Data not yet available.
moving averages
increase in March, and the
143% of the 1935-39
continued to
seasonally adjusted index rose from 141% to
production increased to about 100% of rated capacity.
Automobile production, which usually increases considerably in
109.5
*
.
output
Steel
99.1
109.2
..
industrial
particularly in those producing machinery, aircraft,
115.2
»_
Freight-car loadings
Department store sales, value
Department store stocks, value
Board's
of
average.
104.4
122.1
..
.
Production
Volume
65
100
*
*
Durable goods
lows:
60
68
66
104.0
*
Non-durable goods
Factory payrolls, total
ably and the Government took steps to limit price advances
of some additional industrial materials.
The summary fol¬
112
pl71
Durable...
Preliminary.
Mar.,
pl43
Manufactures, total
p
Feb.,
new
peak levels in March, and dealers' stocks at the beginning
the current rate of sales.
unusually high levels during
April amounted to about a month's supply at
Output of lumber, which had been sustained at
the winter months,
less than seasonally.
rose
Activity in the textile and shoe industries
Cotton consumption rose
also
an
sustained
increase
at
the
in
rayon
peak
March.
At wool textile mills activity was
deliveries.
rate
reached
in
showing the usual
and rubber industries further
February, not
large seasonal decline, and in the chemical
were reported.
advances
increased further in
to a record level of 854,090 bales, and there was
Volume
of crude
had prevailed
in the four preceding months.
In the first half of April coal production
declined sharply, however, as most mines were closed pending conclusion
of contract negotiations between mine operators and the miners' union.
Production of non-ferrous metals continued in large volume in March, and
deliveries of refined copper showed a sharp rise as domestic production
was
supplemented by supplies received from South America.
Construction contract awards rose sharply in
March and were larger
than in any month since the middle of 1930, according to the F. W. Dodge
Corp. data.
The rise was chiefly in awards for publicly-financed work,
which had been reduced considerably in January and February, and in
private non-residential projects, particularly factory construction.
Awards
for private residential building, which had been unusually large during
the winter months, showed less than the customary seasonal rise in March.
Bituminous
petroleum
coal
production
considerably,
rose
output
while
at about the rate that
maintained in March
was
Distribution
In
March
the
high
distribution
level
department
the
Freight
loadings
freight,
which
sonally
adjusted
basis,
in
variety
sales
store
at
and
showed
houses
rise.
by
increased
grain
laneous
order
mail
at
sustained
was
consumers
and
seasonally,
seasonal
Loadings of coal and
to
Sales
February.
in
increased
usual
car
commodities
of
reached
stores
than
more
showed
the usual seasonal amount.
while shipments of miscel¬
steadily, on a sea¬
increase than is usual at this
about
considerably,
rose
months
previous
smaller
a
The Agriculture Department explained that these food
supplies can be used for domestic distribution to public aid
families and for free school lunches, to meet requests from the
Red Cross for shipment to war refugee areas, for transfer
to other countries under provisions of the Lend-Lease Act,
the market when this is desirable.
purchase of commodities during the first two weeks
of April was noted in our issue of April 19, page 2465.
for release upon
or
The
+
Weekly Statistics of Paperboard Industry
basic
commodities
of
prices
rubber,
number
of
domestic
and
of
Labor
lead.
Increases
Statistics
increases
Unfilled
Production
Tons
established
were
kinds
some
taken
of
expanded Federal purchase
followed
was
and
during
continued
metal
prices of
index of
the
a
Bureau
March
520,907
456,942
May
682.490
624,184
247,644
76
72
449,221
15
showed
of
to
April
509.781
236,693
79
73
587,339
72
73
74
73
maximum
price
196.037
162.653
468,870
470,228
72
73
scrap
October
670,473
648,611
163,769
184,002
November
488.990
509,945
161,985
77
73
December
464,537
479,099
151,729
71
73
January
February
673,446
629,863
202,417
75
608.521
548,579
261,650
81
March
652,128
671,050
337,022
82
153,111
161,994
168,364
185,003
202,417
219,026
234,260
247,271
and
materials,
Sharp reductions in prices
scrap.
Announcement of
resulted.
an
1941 —Month
and poultry products
for hog, dairy,
Credit
member
reporting
further,
banks
of
101
in
April.
cities
of about
net
loss
3*4
points
a
about
April 15
securities
4
100,798
101,099
Jan.
11
18
137,150
138,863
130,847
Jan.
134,135
Jan.
25
147.634
130,750
1
149.001
150,012
133,032
133,091
154.524
138,549
148,723
Feb.
in
% of
8
the previous
month.
15
Feb.
22
Dec.
was
80
78
15, following a rise
277,115
82
78
this
on
issue
on
Lumber production during the week ended
April 12, 1941,
1% greater than in the previous week; shipments were
6% less; new business 2% greater, according to reports to
Association
from
regional associations covering the operations of representa¬
hardwood
and
softwood
mills.
Shipments were 3%
orders 7% above production.
Com¬
pared with the corresponding week of 1940, production was
15% greater, shipments 5% greater, and new business 16%
new
The industry stood at 125% of the average of
production in the corresponding week of 1935419 and 115%
of average 1935-39 shipments in the same week.
The Asso¬
greater.
ciation further reported:
Year-to-Date
Reported production
corresponding weeks
and
15
new
orders
weeks
of
shipments
1941
were
of
were
Comparisons
for the 15 weeks
1940;
of
shipments
1941
were
to
19%
date
date,
business
new
was
10%
Supply and Demand Comparisons
compared with 22%
ago;
year
shipments
For the
above production
and
7% above production.
The ratio of unfilled orders to gross stocks was
a
17% above
was
above the
20% above the orders of the 1940 period.
to
gross
a
year
stocks
13%
' ;
37%
Unfilled orders
ago.
were
on
were
April 12, 1941,
44% greater than
less.
Mar. 15
168,701
143,748
300,378
Mar. 22
167,430
141,874
322,605
82
337,022
368,304
393,732
415,485
84
79
83
79
85
80
78
80
Mar. 29
161,996
147,263
Apr.
5
183,264
146,578
12
19
181,778
150,259
160,769
134,853
-
Note—unfilled orders of the prior week
not necessarily
Record
board
for
the
for
and
the
current
week
ended
a
12,
year
1941,
ago
for
follows,
♦
in
previous
thousand
feet:
Hardwoods
Softwoods and Hardwoods
1941
1941
1941
1941
1940
Week
Week
Week
Week
Previous
Week
(Revised)
Mills
95
380
.-.
Production
Shipments
233,157
226,527
Orders
250,279
100%
97%
107%
12,092
11,100
11,594
460
100%
92%
96%
460
480
245,249
213,648
242,965
237,627
261,873
226,861
253,984
257,776
226,279
general,
U.
Department of Agriculture announced on
April 21 the purchase of the following food supplies during
the period April 13 through April 19:
Shell eggs
Dry beans
Canned fish
_l
Quantity
.100,200 bushels
12,936 boxes
554 tons
79,018 bushels
114,851 cases
240,000 pounds
70,696
cases
tended to increase marketing costs,
costs," writes R. O. Been of the
are
getting
much
more
in the way of goods
than a quarter century ago.
the cost of marketing, and partly explains the increased
the marketing system now
and retail prices."
several decades the portion of consumers'
farm
between
During the last
expenditures
has decreased while the portion taken
marketing services has increased.
The
farmer once received a half or more of the consumer's food dollar.
He
now
gets considerably less than half of this dollar—42c. in 1940.
"It is inaccurate to conclude,
however, that the persistent shrink in
the share of the consumer's dollar going to the farmer necessarily demon¬
by
middlemen
the
that
strates
situation
downward trend
and
shifted
for
payment
in
in
the
of
farmer
farmer's share
the
is
getting progressively worse.
is largely a result of modern
towards increasing specialization which has introduced new proc¬
added services into the marketing system while the farmer has
diversified to specialized fanning in areas far removed from
from
centers.
consumption
...
"Direct labor costs are the
S.
Commodity—
Potatoes, white.
Oranges
Grapefruit
Fresh apples
to
the
going to farmers for their products
esses
The
decrease
consumers
from
adds
this
spread
to
staff.
economics
progress
for Other Countries Under Lease-Lend Act
tended
have
"In
The
Department of Agriculture Reports Food Purchases
from April 13 Through April 19—Supplies Available
food products have
distribution 6f
and services
All
Softwoods
Food
Spending—Market Changes Aid Consumer
Estimates of the distribution of consumer expenditures
for foods, made April 18 by the Department of Agriculture,
show that in 1940 consumers spent about $14,800,000,000 for
food products produced by United States farmers.
Total
payments to farmers for producing these foods amounted to
$6,200,000,000.
The national marketing bill was $8,600,000,000.
The estimates, the first of a series of articles on
marketing problems and needs at country assembly points,
in transportation, processing, storage, wholesaling and re¬
tail distribution, appeared on April 18 in the April issue
of "The Agricultural Situation," monthly publication of the
Bureau of Agricultural Economics.
The national marketing
bill was about $3,600,000,000 for retailing, $1,200,000,000 for
wholesale distribution, $800,000,000 for transportation, and
$3,000,000,000 for processing and local assembly.
The fol¬
lowing regarding the article was reported in the Agricul¬
ture Department's announcement:
"Some of the many changes which have taken place in the processing
Bureau's
the
do
Compensation for delinquent
made necessary adjust¬
filled from stock, and other Items
Agricultural Economics Studies
of
Bureau
and
April
corresponding week of
78
plus orders received, less production,
equal the unfilled orders at the close.
reports, orders made for or
ments of unfilled orders.
others
Softwoods and Hardwoods
week
77
82
138,165
was
below production;
77
261.650
154,001
Report of Lumber Movement Week Ended April 12, 1941
tive
76
80
'
75
81
155,262
The yield
Manufacturers
79
1
2.14%, compared with 2.03% at the all-time peak in prices
on Feb. 15.
Lumber
75
8
10, and 2.30% at the recent low in prices
National
74
Mar.
Apr.
the
72
79
Mar.
*
Apr.
on
69
78
The 1960-65 bonds
April
on
irregularly from
;
69
77
78
135,763
141,176
slightly.
rose
point
one
declined
V»m
1941—
Jan.
Treasury
'
Week Ended—
States Gov¬
new
73
79
of—
Commercial
holdings of United
reflecting purchases of
but subsequently
9,
70
487.127
Feb.
March
70
70
508.005
Government
States
69
452,613
United States Government Security Prices
United
71
April..
453,518
429,334
Feb.
of
71
70
167,240
137,631
129,466
193,411
579,739
528,155
420.639
March
544.221
discourage
to
offerings.
Prices
72
of—
January
February
August
September
substantially, and
increased
Cumtdative
July
first two weeks
the
and
rise
1940—Month
Current
June.
Government
scrap
program
at
Tons
bituminous coal, secondary and
steel,
investments
to
securities
ernment
cotton,
by price increases for these and related products.
loans
increased
loans
burlap,
Activity
Remaining
price
the
Bank
Total
the
from
to 83% of the 1926 average.
and iron and steel
non-ferrous
in
wholesale
in
the general
industrial
for
sharply
substantial increases
were
reported
and
by
additional
aluminum and zinc,
of
products,
was
seme
also
were
advance
to
There
Percent of
Orders
Received
Tons
further advances
and
two points
rose
action
of
schedules
foodstuffs
manufactured
Informal
continued
the middle of April.
ACTIVITY
MILL
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
Orders
of
from the
had risen
Period
middle of March to
us
Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% 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 thev represent the total industry.
Commodity Prices
in
received by
We give herewith latest figures
National Paperboard
time of year.
Prices
2617
The Comma x,ial & Financial Chronicle
152
dominating single expense item in marketing
the total operating expenses for
third of the value added in manu¬
farm
products, amounting to nearly half
most
marketing functions, and about a
agencies the aggregate of direct non-labor costs
may be more important than the direct labor costs.
Payments to labor
by marketing agencies add to the stream of consumer incomes and increase
In
facturing.
the demand
certain
for farm products.
and
To the
wise
capital
resources
extent that
be
idle
or
of excessive amounts of
marketing operation.
who would otheroperates to equalize real incomes.
Even
marketing results from the use
"Inefficiency in
labor
in performing a specific
inefficient marketing employs persons
on
relief,
it
The Commercial & Financial Chronicle
2618
social
gain
marketing efficiency attained through
increased
from
man-hours required in marketing operations will
depend upon how effectively the displaced labor is utilized elsewhere.
However, the selfish interest of the farmer is best served when labor require¬
reducing the number ol
in
ments
marketing
are
reduced,
though that labor is unemployed
even
much lower rate elsewhere.
The farmer also makes a direct
gain in prices received through any increases in wages or employment in
agencies not concerned with marketing of farm products."
or
paid
Been
farmers
to
12,055,000 barrels.
changes follow:
Price
a
April 24—Standard of California raised crude prices in all
State 1 to 13c.
says,
and
however,
must not
"we
consumers."
Petroleum
and
'T"
Its
'•
*•»-—
lrj
,.
'
"
|
Wells
(All gravities where A.P.I, degrees are not shown)
*2.40
Bradford. Pa
East Texas, Texas, 40
Pecos County, Texas
Md-Cont't, Okla., 40 and above..
1.15
.76
1.10
1.19
Kettleman Hills, 39 and over.
1.07
Lance Creek, Wyoming
Smackover. Heavy
Control
UP—SOCONY
GASOLINE PRICES
GAS, FUEL OIL AGAIN—RETAIL
LIFTS
Legislation Unlikely This Year—Cole—West Coast
GAIN—MAY GASOLINE DEMAND 10.5% ABOVE LAST
Oil
—GASOLINE STOCKS HIT BY SEASONAL
Prices
Crude
Oil
""
Up—Penn
Demand
Above
Grade
a
Oil
Advanced—May
Year Ago—Daily Average
OPERATIONS
Output Rises
possibility that legislation calling for Federal control
industry will be introduced before
Congress during 1941 dwindled following the Cole com¬
mittee's tour of the Southwest during which the members
session of the
saw
Interstate Oil
Louisiana become
a
Compact Com¬
member of the compact
group.
;
Comments of
Representative Cole, Chairman of the com¬
mittee, indicated that no recommendations will be made for
Federal regulation.
The committee's report, due May 1,
probably will not be made for some time after as a request
for an extension will be made.
Originally scheduled to report
several months ago, the committee reopened its investigation
to check the results of defense activities upon the petroleum
industry.
Statements of Representative E. A. Kelly and C. A.
Wolverton, other members of the committee, in which they
commended State oil regulatory agencies for the progress
made in oil conservation plans, lent credence to the impression
that the committee would not recommend Federal regulation.
"When progress is being made like the State conservation
agencies are making," the representatives said, "there is not
the same need for Federal regulation as before."
0
Coincidental with an advance in gasoline prices, Standard
Oil of California boosted crude oil prices 1 to 13 cents a
barrell, with the heaviest advances being scored in the inter¬
mediate gravities.
The crude advance, announced April 24,
applied to all fields in California where Standard of California
post prices.
Prices of Pennsylvania grade crude oil scored their second
advance since Jan. 1 on April 23, moving up 10 cents a
barrell with the Joseph Seep Purchasing Agency of the South
Penn Oil Co.
posting the increase.
Under the new price
schedule, Southwest Pennsylvania Pipe Lines moved up to
$2.05 a barrel; Eureka to $1.99 and Bradford-Allegheny to
$2.40 a barrel.
No change was made in Corning grade crude
which was recently advanced.
Tide Water Associated Oil
Co. met the increase in Bradford-Allegany.
Daily average domestic crude oil demand during May in
the United States was set at 3,779,700 barrels by the Bureau
of Mines, 90,400 barrels higher than the estimated April
domestic crude oil demand and 2% above actual demand in
the comparable 1940 month.
In view of the present trends
of demand, the Bureau's report pointed out that crude runs
to stills at a level close to 3,800,000 barrels will be
required
during the summer months.
Due to the failure of members of the Conservation Com¬
mittee of the California Oil Producers Association to
ratify
proposals submitted for
an
California fields at their
meeting this week, the May allow¬
increase in allocation of oil to
able will be set at 571,000 barrels, unchanged from the April
schedule.
The allocation subcommittee, after
prolonged
study, had recommended
a
quota lift of approximately 15,000
barrels
daily over the April level of 571,000 barrels.
Texas
set its May quota at 1,417,222 bairels,
up 43,863 barrels
from April.
With
California
the
only major oil-producing State to
report lower production, daily average output of crude oil
in the United States during the week ended
April 19 gained
149,000 barrels to hit 3,752,650 barrels, according to statis¬
tics released in mid-week by the American Petroleum In¬
stitute.
Compared with the April market demand estimate
of 3,709,300 barrels daily set by the United States Bureau
of Mines, this meant "overproduction" of some 44,000
gain of 121,050 barrels in Texas lifted daily
were
domestic
consumption of gasoline in May at 58,500,000
barrels, up 10.5% from the comparable month a year earlier.
Export demand was set at 1,700,000 barrels, 200,000 barrels
under the April figure.
stocks pared holdings of finished,
gasoline by 755,000 barrels during
the week ended April 19, the American Petroleum Institute
disclosed in reporting total holdings of motor fuel of 97,899,000 barrels.
Of the total, 6,839,000 represented aviation
motor fuel, which was up 143,000 barrels from the previous
week. Gasoline production rose 463,000 barrels to 12,574,000
Seasonal drains
daily total of 329,050 barrels while Louisiana
5,100 barrels
to 308,300 barrels.
Kansas showed
barrels.
The decline in
gasoline stocks was all the more noteworthy
in refinery operations, which
86.2% of capacity. Daily average runs of crude oil
to stills gained 75,000 barrels, totaling 3,705,000 barrels.
There was only a small increase in fuel oil stock, totaling
because of the rise of 1.8 points
were
at
194,000 barrels.
Price
changes, showing the trend of the refined products
during the week, follow:
22—Socony-Vacuum advanced most posted prices of kerosene, al*
markets
Apri
methods of
ing
area,
delivery, 2-10ths cent
sharp
spurt, rising 11,550 barrels to 218,500 barrels.
California
production was off 13,300 barrels to a daily flow of 619,300
April 22—Socony-Vacuum
fuel
oil
l-10ths
cent
domestic
and
foreign crude oil were off
380,000 barrels during the week ended April 12, dropping to
England, effective
advanced most posted prices of Mobilheat,
galllon
a
Massachusetts,
throughout Maine,
New
for Mobilgas 3-10ths
f.o.b. terminals, throughout New York and New
April 22—Socony-Vacuum advanced posted prices
cent
a
gallon, tank
cars,
England, except western New York State.
April 24—Standard of California lifted gasoline prices
U.
S.
area
Gasoline (Above 65 Octane),
Tank Car Lots, F.O.B. Refinery
Other Cities—
New York—
New York—
x
Socony-Vac.
Tide Wat. Oil..._
H cent a gallon
served by the company.
Texas
$.071
.076
t Shell
-
East'n...
$.076
.077
Chicago
Gulf Coast
Okla
x
Branded,
$.05-.05
.05-.05K
.05-.05H
t Super
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Philadelphia
(Bayonne)
$ 052 J North Texas
.5251 Los Angeles
Baltimore
Fuel Oil, F.O.B.
of
gallon in New York City and surround¬
Hampshire and Rhode Island, effective April 23.
barrels.
Inventories
a
York State to Utica and New
eastern New
April 23.
was up
a
upon
unfinished and aviation
average
output for the Lone Star State to 1,403,200 barrels while
Oklahoma's spurt of 16,150 barrels lifted the
daily flow there
to 415,100 barrels.
Illinois showed a gain of 8,100 barrels
with its
marked up
during the week as Socony-Vaeuum
the New York-New England market
on April 23.
The announcement by the company, made on
April 22, stated that most posted prices of kerosene, all
methods of delivery, were advanced 2-10th cent a gallon in
New York City and surrounding territory, eastern New York
State to Utica and New England.
The announcement also reported an advance of 1-10th
cent a gallon in most posted prices of Mobilheat, fuel oil,
throughout Maine, Massachusetts, New Hampshire and
Rhode Island, effective the same day.
Posted prices for
Mobilgas were lifted 3-10th cent a gallon, tank cars, f. o. b.
terminals, throughout New York and New England with the
exception of those in western New York State.
Retail prices of gasoline in 50 major cities throughout the
Nation rose to 12.42c. a gallon on April 1, against 12.27c. a
gallon a month earlier, reports released by the American
Petroleum Institute disclosed.
Compared with April 1,
1940, when prices were 13.17c. a gallon, however, the show¬
ing was not so favorable.
Gasoline taxes averaged 5.9c. a
gallon on April 1, last, against 5.42c. on the like 1940 date
and lifted the average cost of motor fuel to consumers to
18.32c. on April 1, against 18.17c. a month earlier and 18.59c.
last year.
U'-.-".-'
The strong demand for motor fuel in the domestic market,
illustrated so strikingly in the gains of better than 12%
during the first quarter of 1941, will continue during May.
The Bureau of Mines market demand estimate nlaced
line
lifted the quotations in
in the West Coast
barrels.
A
SPURT
change in prices in nearly 12 months, Standard
Oil of California on April 24 posted a general increase in the
price of gasoline of ^c. a gallon, effective throughout the
West Coast area served by the company.
The last change
made was last May 27, when cuts of 13^ to 2lAc. a gallon
were made in prices of motor fuel.
H
Further advances in prices of kereosene, fuel oil and gaso¬
The
mission that
YEAR
DRAIN—REFINERY
In the first
of the domestic petroleum
attended the
.85
.82
1.14
—
Signal Hill, 30.9 and over
REFINED PRODUCTS—WEST COAST GAS PRICES
Oil
and over —*1.15
1.17
Eastern Illinois
'
Products—Federal
lifted 10c. a barrel,
Coming, Pa
Rodessa, Ark., 40 and above
"*U*-
feilds in the
.
Prices of Typical Crude per Barrel at
.
'
barrel.
Bradford-Allegheny moving to $2.40.
with
••
imiiawi* llf,!insrjn»ri->'if"|r
a
April 23—Pennsylvania grade crude oil prices were
conclude, merely because such
profits as exist in marketing enterprises seem reasonable, that nothing
can
be done to reduce marketing costs.
The costs which exist today in
many cases are erected upon a foundation of inefficient organization and
outmoded facilities which not only weigh upon consumers and producers
but also penalize middlemen themselves.
New methods, reorganization of
marketing processes, and the providing of adequate modern facilities should
improve the position of the middlemen and at the same time benefit both
Mr.
barrels, according to the Bureau of Mines.
Holdings of American crude oil dipped 334,000 barrels, while
withdrawals from storage of imported crude oil pared this
total 46,000 barrels.
Stocks of California crude oil, not
included in the "refinable" holdings, were up 119,000 barrels
265,160,000
though this may result in higher costs and increased prices to consumers,
additional workers are enabled to buy.
"The
April 26, 1941
N. Y. (Harbor)—
Bunker C
Diesel
i
$1.35
1.751
,525]New Olreans. $.053£-.05H
.04#-.04H
$.04|Tulsa
.03 3^-.051
Refinery or Terminal
California 24 plus D
$1,251 Gulf Coast
Phila., Bunker C
5.85-.90
1.35
Volume
Che Commercial <£ Financial Chronicle
152
from the Bureau's estimated
Gas Oil, F.O.B, Refinery or Terminal
N. Y. (Bayonne)—
(Chicago—
$.04]
28.30 D___
7plus
2619
S.03H-.0ZM,
ITulsa
$.053]
to be
requirements to determine the amount of new crude
produced.
b Oklahoma.
Kansas,
Mississippi and Indiana figures
Nebraska,
for week
are
ended 7 a.m., April 16.
This is the net basic 30-day allowable as of April 1 but experience indicates
that it will Increase as new wells are completed, and If any upward revisions are
c
Daily Average Crude Oil Production for Week Ended
April 19, 1941, Gains 149,000 Barrels
The
American
Petroleum
Institute
the
that
estimates
daily average crude oil production for the week ended
April 19, 1941, was 3,752,650 barrels. This was a gain of
149,000 barrels from the output of the previous week. The
current week's figures were above the 3,709,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during April.
Daily average produc¬
tion for the four weeks ended April 19, 1941, is estimated
at 3,654,300 barrels. The daily average output for the week
ended April 20, 1940, totaled 3,858,550 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 19, totaled 1,416,000 barrels,
a
daily
of 202,286 barrels, compared with
average
a
daily average of 299,571
barrels for the week ended April 12, and 293,393 barrels daily for the four
weeks ended April 19.
or
These figures include all oil imported, whether bonded
for domestic use, but it is impossible to make the separation in weekly
statistics.
Receipts of California oil at Atlantic Coast ports during the week ended
April 19, amounted to 351,000 barrels, a daily average of 50,143 barrels,
all of which
was
made.
Panhandle shutdown days are April 6, 13, 26 and 30; East Texas, April 6,
6, 12, 13, 19. 20, 26, 27 and 30; schedule for rest of State same as East Texas but
with
one
additional day, April 9.
estimated
U. S.
weekly report of the Bituminous Coal Division,
Department of the Interior, disclosed that the total
production of soft coal for the country in the week ended
April 12 is estimated at 1,200,000 net tons.
This is
of 1,900,000 tons from the output in the
crease
week, which included
The U.
day in March.
one
S. Bureau of Mines
reported that Pennsylvania
anthracite for the week ended April
634,000 tons.
This
de¬
a
preceding
12
estimated at
was
decrease of 21,000 tons from the
was a
preceding week.
Compared with the output in the corre¬
sponding week of 1940, there was a decrease of 229,000 tons
(about 27%).
UNITED
PRODUCTION
STATES
OF
SOFT
COAL
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
refining capacity of the United
daily potential
estimate of any oil which
any
Weekly Coal Production Statistics
The current
Reports received from refining companies owning 86.2% of the 4,535,000
barrel
include
might have been surreptitiously produced.
ESTIMATED
gasoline received at the Port of Philadelphia.
Exemptions are few.
d Recommendation of Conservation Committee of California Oil Producers.
Note—The figures indicated above do not
indicate that the industry as a whole ran to stills, on a Bureau
(In Thousands of Net Tons)
States,
of Mines'
Week Ended
Calendar Year to Date c
basis, 3,705,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals,
pipe lines
gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 12,574,000 barrels during the week.
Apr. 5
Apr. 13
1941
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
19,
ENDED APRIL
Bituminous Coal
1941
1940
Daily Refin¬
Crude Runs
Gasoline
to StiUs
Produc'n
Fin¬
of
at Re¬
ished &
Gas
of Re¬
Unfin¬
Oil
sidual
tion
ished
and
Fuel
Gaso¬
Gaso¬
Dis¬
OH
3,100
200
1929
620
5,772
5,630
7,662 139,719 134,112 158,508
1,277
1,588
1,522
1,781
weekly output.
6,173
86,326
89,527
63,730
comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook, 1938, page 702.)
c Sum of 15 full
weeks ended April 12, 1941, and corresponding 15 weeks of 1940 and 1929.
Includes for purposes of historical
line
line
1940
Crude Petroleum b—
a
ing Capacity
tillates
Po¬
P. C.
ten¬
Re¬
tial
port¬
Daily
Rate
ing
Aver.
District
Stocks
1,200
Daily average
Coal equivalent of
1941
(Figures in Thousands of Barrels of 42 Gallons Each)
1941
a—
Total, including mine fuel
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
WEEK
Apr. 12
of the end of the week, 97,899,000 barrels of finished and
as
unfinished
in transit and in
fineries
P. C.
Incl.
Oper¬ Natural
ated
Blended
Stocks
a
a
Stocks b Stocks
Avia¬
PRODUCTION
ESTIMATED
PENNSYLVANIA
OF
ANTHRACITE
AND
BEEHIVE COKE
(In Net Tons)
8,659 E. C'st
East Coast
643 100.0
536
83.4
1,601
21,411
7,208
Appalachian..
Ind., 111., Ky.
156
91.0
131
92.3
473
372
451
743
90.2
554
82.7
2,126
3,270
18,423
2,254
3,001
Okla..
637
Calendar Year to Date
Week Ended
Kans.,
Apr. 12
Apr. 5
Apr. 13
1941
1941
1940
Inter'r
280
86.7
Inland Texas.
280
59.6
128
76.6
654
2,245
322
Texas Gulf...
1,071
89.2
928
97.2
3,002
15,298
4,985
6,555 G. C'st
Louisiana Gull
164
97.6
137
85.6
358
3,382
1,059
2,219
No. La. & Ark
101
51.5
52 100.0
139
586
302
586
Rocky Mtn..
121
56.0
61
89.7
236
1,689
152
475
836
87.3
564
77.3
1,536
16,074
10,059
68,698
1,638
86.2
3,371
86.2
11,174
91,024
27,910
94,006
6,579
1,400
6,875
500
1,630
260
12,574 e97,899
12,111
98,654
28,410
28,381
95,636
95,471
6.839
420
Missouri...
California
76.9
1,049
8,646
1,966
1,197
334
1940
1929
c
c
3,417
Calif.
Penn. Anthracite—
Total, incl. colliery fuel a 634,000 655,000 863,000 15,140,000 14,023,000 20,465,000
Comm'l production.b.. 602,000 622,000 820,000 14,384,000 13,322,000 18,992,000
Beehive Coke—
7,000
1,167
United States total
Daily average
Reported
Est. unreptd.
1941
887
1,396
Includes washery
a
562,800
6,395
1,665,100
4,300
18,922
1,763,700
20,042
and dredge coal, and coal shipped by truck from authorized
b Excludes
operations,
25,800
74,600
12,433
colliery fuel,
Adjusted to comparable periods in the
c
three years.
♦Est. tot.U.S.
4,535
3,705
4,535
Apr. 19, '41
Apr. 12, '41
3,630
■
-
ESTIMATED
6,696
WEEKLY PRODUCTION OF COAL, BY STATES
(The current weekly estimates are based on railroad carloadlngs and river ship¬
to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
ments and are subject
♦U.S.B. of M.
dll,379 103,622
c3,566
Apr. 19, '40
24,290 102,603
5,034
(In Thousands of Net Tons)
*
Estimated Bureau of Mines basis,
a
At refineries, bulk terminals, in transit
and
pipe lines,
b Included in finished and unfinished gasoline total,
c April,
1940, daily average, d This is a week's production based on the U. S. Bureau of
Mines April, 1940,
dally average,
e
Week Endedr-
Apr.,
State
Finished 90.604,000 bbl.; unfinished, 7,295,000
Mar.29i Apr. 6
Apr. 5
bbl.
1941
1941
Apr. 8
Apr. 6
1939
1940
1929
Avge.
1923
e
DAILY AVERAGE CRUDE OIL PRODUCTION
OvC^v:
'
(Figures In Barrels)
'■
'
' ;
,v;;
v,
....
5
4
2
3
116
Alaska
377
267
27
.
Alabama
f
i
343
Arkansas and Oklahoma
Four
B. of M
56
11
12
175
86
80
126
1
1
Change
Weeks
lated
*
Georgia and North Carolina
State
Ended
from
Ended
Allow¬
Apr. 19,
Previous
Apr. 19,
ables
1941
Week
1941
Week
Ended
Apr
20,
1940
(April)
*
t
70
184
1
345
1,515
660
637
779
1,471
182
615
285
221
237
514
30
74
41
53
57
Kansas and Missouri
109
184
95
91
78
138
216
931
588
49
640
620
254
94
194
188
Illinois
Indiana
.......
Iowa
--
....
........—.......
100
263
121
429,300
400,000
b415,100
+ 16,150
411,150
408,050
Maryland
10
42
28
200,700
210,700
b218,500
+ 11,550
211,750
160,900
Michigan
2
15
7
1
12
22
b4,250
—50
Montana
49
60
57
34
38
42
18
28
21
19
45
Western...Oklahoma.
Kansas
4,300
Nebraska..
4,300
...
New Mexico....
77,300
80,600
Panhandle Texas
101,700
North Texas
+ 2400
76,800
100,500
106,300
38
34
22
f23
fl6
668
328
21
314
766
2,865
1,780
66
2,292
3,531
55
148
109
25
92
121
10
9
15
16
21
26
95
42
32
76
70
Virginia...
110
357
230
37
205
249
Washington
31
38
29
30
39
35
530
2,258
1,513
17
1,425
1,256
844
520
21
579
778
140
83
79
84
116
228,150
33,900
280,800
+ 5,700
77,150
86,750
+ 100
396,700
Utah
211,150
272,350
+36,000
372,850
197,000
248,800
268,150
261,000
+36,100
Pennsylvania
bituminous
.......................
West Virginia—Southern a
1,355,300 C1373359 1,403,200 + 121,050 1,332,200 1,510,400
Total Texas.
Northern
b
\
J
106
Wyoming
70,000
Louisiana...
—600
70,4.50
69,100
238,300
North Louisiana
+ 5,700
235,400
299.700
300,893
308,300
72,024
+5,100
305,850
287,800
70,250
+ 1,350
433,050
71,600
336,000
329,050
+ 8,100
71,350
19,800
323,200
23,700
bl9,450
—2,550
20,100
9,500
b22,750
20,300
Mississippi..
Illinois
Indiana
*
*
20
f4
f6
7,781
10,836
218,700
75,700
Arkansas
*
*
Other Western States.c...
6,953
655
11,800
1,084
689
997
1,280
1,974
3,755
Pennsylvania anthraclte.d
Total, all coal
12,884
7,642
2,684
9,061
12,810
6,2.50
Eastern (not incl. Illi¬
100,700
92,400
+950
44,000
37,400
+ 500
92,050
37,300
100,200
Michigan
Wyoming
88,700
+750
77,050
69,050
Montana
21,300
79,550
19,400
—100
19,0.50
17,500
3,850
108,550
3,850
108,900
Includes operations on the N. & W.;
the B.
& O. in Kanawha,
1,687
C. & O.; Virginian; K. & M.; B. C. & G.
b Rest of State,
Mason, and Clay Counties,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
3 850
—500
a
and on
.
3,100
Total bituminous coal
Total Louisiana...
59
26
650
30,450
+40,500
80,400
374,450
Coastal Texas
52
Tennessee.....
+ 550
251,700
Southwest Texas
39
Texas.
30,850
West Texas
East Texas
*
140
North and South Dakota..
Ohio
East Central Texas.
West Central Texas-
Coastal
412
39
60
Kentucky—Eastern
Week
Calcu¬
Require¬
ments
20
Colorado
Actual Production
111,850
nois and Indiana)
Colorado
New Mexico
—
4,300
109,000
110,000
3,133,350 + 162,300 3,037,900 3,251,050
Total East of Calif. 3,113,000
California
596,300
Total United States 3,709,300
a
These are Bureau of Mines'
1 based upon
62,400
d571,500
619,300
—13,300
616,400
607,500
3,752,650 + 149,000 3,654,300 3,858,550
calculations of the requirements of domestic crude
certain premises outlined in its detailed forecast for the month of
April.
As requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
anthracite
rate
for
from
entire
published records of the Bureau of Mines,
e Average weekly
f Alaska, Georgia, North Carolina and South Dakota
*Less than 1,000 tons.
month,
included with "other Western States."
Portland Cement Statistics for Month of
The Portland cement industry
March, 1941
in March, 1941, produced
10,056,000 barrels from the
end of the month 25,853,000
barrels, according to the Bureau of Mines.
Production
and shipments of Portland cement in March, 1941, showed
10,600,000
barrels,
shipped
mills, and had in stock at the
The Commercial & Financial
2620
and 30.3%, respectively, as
1940.
Portland cement stocks at
33.9
of
increases
with March,
compared
mdls were
1.0% lower than a year ago.
_
Statistics given below are compiled from reports for
March received by the Bureau of Mines from all manufacturing
„
M
April 26, 1941
Chronicle
February
46,604
47,764
Production—From domestic ore
March
47,248
46,748
6,467
14,755
54,231
Secondary and foreign
61,503
,
54,859
plants^
relation of production to
foUowing gtatement 0f
capacity the total output of finished cement is compared
estimated capacity of 159 plants at the close of
March, 1940, and 156 plants at the close of March, 1941.
with the
RATIO OF
Stock at end.......
Domestic
shipments,
62.090
46,604
...........
—...
45,996
industries, for the months of February and
by
March, in tons, were as foUows:
February
March
12,417
13,937
1,871
3,241
PRODUCTION TO CAPACITY
To:
Jan.,
Feb., 1941
Mar., 1940 Mar., 1941
1941 Dec.,
1940
Cable
Ammunition—
2,204
The 12 months ended...
42.4%
53.1%
43.5%
54.4%
49.8%
55.6%
36.3%
47.5%
The month.-
51.2%
50.6%
Batteries.
SHIPMENTS, AND STOCKS
CEMENT, BY
OF FINISHED PORTLAND
1941
1940
1941
.......
Includes pigments,
Eastern Pa., N. J.
1,427
1,830
286
A Md
New York arid Maine
2,335
663
336
562
——
6,174
1,836
4,991
2,153
3,055
of the total March output,
Washington last week.
596
827
3,777
359
242
390
2,188
2,256
foreign—was 70,588 tons.
683
660
923
3,100
3,128
Most
1,168
1,057
1,448
1,106
1,460
1,724
634
529
477
489
1,761
3,245
3,234
763
Michigan
Wis., III., Ind. A Ky
Va., Term., Ala., Ga., La. A Fla.
East. Mo., Ia., Minn. A 8. Dak.
335
482
571
673
1,773
1,870
589
742
678
707
762
808
96
282
200
365
502
501
California
986
1,400
963
1,540
1,483
1,473
Oregon and Washington..
409
294
522
256
515
646
33
31
38
34
2
14
7,918
10,600
7,716
10,056
26.118
25,853
W. Mo., Neb., Kan.,
Texas..
Okla. A Ark
:
Ida.
Colo., Mont., Utah, Wyo. A
Puerto Rico
Total
set aside for
FINISHED PORTLAND
MONTHS, IN 1940 AND 1941
SHIPMENTS, AND STOCKS OF
CEMENT, BY
Domestic output in March was 63,366 tons.
raised to a higher level
anything,
impossible to obtain
sufficient zinc. The price of Prime Western continued at 734c., St. Louis.
Those in the industry who have been exacting a premium of 25 points for
Brass Special have been warned by Leon Henderson to return to the old
Though the quota for the defense suppiy was
than anticipated, the
industry appears to be prepared for most
full priority status.
even
Many consumers still find it
basis of 10 points.
with
tons,
the week ended April 19 amounted to
shipments at 4,444 tons.
5,811
The backlog increased slightly to
94,398 tons.
Tin
Stocks at End of
Month
Shipments
Production
be higher than the 5%
April.
(In Thousands of Barrels)
Month
needs will absorb 17%
12,000 tons of zinc, it was announced in
producers expected the quota for May to
Sales of common zinc for
PRODUCTION,
or
Total March production—combined domestic and
978
207
Va
Ohio, western Pa. & W.
Included under
Zinc
During the month of May the "pool" for defense
1,729
62,090
oxides, solder, babbitt, some ammunition not
that classification, lead for tempering gasoline, pipe, and sheet.
a
1941
1940
944
24,371
54,859
Totals.......
of Month
Shipments
Production
1940
1,025
Unclassified
>
9,006
23,786
Jobbers
a
Slocks at End
District
-
480
6,601
Brass-making
DISTRICTS, IN MARCH, 1940 AND 1941
(In Thousands of Barrels)
8,405
505
Sundries
PRODUCTION,
1,706
6,450
-
Business in tin
were
was
in fair volume in a steady market.
Tin-plate makers
the largest buyers.
Straits tin for future arrival was as follows:
1941
1940
1941
1940
1941
1940
25,759
April
May
June
July
April 17...
52.125
52.000
51.750
51.500
April 18...
7,986
52.125
24,420
January....
6,205
9,025
3,893
February..
6,041
a8.365
4,907
a7,458
25,894
a25,309
7,918
10,043
12,633
10,600
7,716
10,066
26,118
25,348
25,853
March......
April
May.....
52.000
51.750
51.500
24,758
April 19
52.375
52.250
51.875
51.625
13,206
24,010
April 21
52.375
52.125
51.875
61.625
10,829
'
12,490
13,223
13,442
22,855
April 22
52.000
61.7.50
51.500
12,290
52.375
July
21,549
19,921
April 23
52.375
52.000
51.600
August
14,018
14,741
51.750
12,712
June
...
...
September...
13,105
October
13,935
::::::
18,008
was
nominally as follows:
12,725
...
December.
Total
15,776
10,372
20,353
8,192
23,381
April 23
130,315
April 17 , 51.625c.»
April 18, 51.625cs, April 19, 51.875c., April 21. 51.875c.;
11,195
130,292
November.
a
Chinese tin. 99%, spot,
,
DAILY
Revised.
PRICES OF
METALS ("E. A M. J." QUOTATIONS)
Electrolytic Copper
Dom.,Refy. Exp., Refy.
Position of Zinc Continues
Non-Ferrous Metals—Tight
April 22, 51.750c.:
51.750c.
Straits
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
reported that with larger tonnages of zinc due to be set aside
for national defense needs, the industry looks for further
difficulties in
consumers,
Demand
is
brass
rising trend in production.
a
There
enormous.
few
were
price
changes in non-ferrous metals during the last week.
Tin
averaged a little higher on steady buving by tin-plate makers.
Quicksilver eased moderately, selling on spot yesterday at
$179, a decline of $1 per flask.
Copper and lead were un¬
changed.
The publication further reported:
Copper
Domestic business in copper accounted for 21,621 tons during the last
The large mine operators
week, against 22,464 tons in the week previous.
continued to quote
smelters
was
So-called premium business by custom
12c., Valley.
in light
The Government has under consideration
volume.
the purchase of additional large tonnages
authorities
claim.
decision
A
to
fix
a
of Latin American copper, trade
ceiling on copper prices has not
yet been rendered.
The export market was a narrow affair, with sellers at prices ranging
from 11c. to 12c., f.a.s.
Most of the business was booked at
New York.
the lower level.
As part of the study to fix a ceiling on the price of copper,
son
has asked the Commodity
Leon Hender¬
Exchange for information on the open posi¬
tion of physical copper and the names of the counterparties to
positions.
A survey by the Copper &
yellow brass pipe and
such open
7.25
5.70
7.25
5.85
5.70
7.25
April 21
11.775
10.950
52.500
5.85
5.70
7.25
11.776
10.950
52.375
5.86
5.70
7.25
11.850
10.950
52.375
5.85
5.70
7.25
11.800
10.950
52.375
5.85
5.70
7.25
April 23
Average..
April 19 are: Domestic copper
b. refinery, 11.796c.; export copper, f. o. b. refinery, 10.950c.; Straits
52.229c.; New York lead, 5.850c.; St. Louis lead, 5.700c.; St. Louis
Average prices for calendar week ended
f.
o.
tin,
zinc, 7.250c.; and silver, 34.750c.
The above quotations are "M. A M. M.'s" appraisal of the major United States
markets, based on Bales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zlno quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestlo copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantlo
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to Las. transactions, dollar basis.
Quotations, for the present
reflect this change In method of doing business.
A total of .05 cents Is deducted
from f.ajj. basis (lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: April 17, spot, £271,
three months, £267%; April 18, spot, £271%, three months,
£266%; April 21, spot, £271, three months, £267; April 22,
spot, £271, three months, £267; and April 23, spot, £270%„
three months, £266%.
♦
are
concentrating
on
the trade believes.
last week amounted to
previous week.
was
a
reflection of the higher
Sales of
13,491 tons, which
Producers
common
compares
lead for the
with 8,648 tons in
hold that domestic consumption of lead
has increased to between 65,000 and
70,000 tons
a
month.
The price situation was unchanged, the New York quotation holding at
5.85c., which
was
Will Result in Presentation of Cost
Individual Producers to Support Plea for
red brass alloy for this product.
Lead
of consumption,
Facts by
Relief
discontinued production of
1940 sales of yellow brass pipe, the substitution will make avail¬
Another active week in the lead market
the
5.70
5.85
52.500
Steel Price Ceiling
now
able, 4,000 tons of zinc for national defense.
rate
5.85
52.250
10.950
Brass Research Association shows that prac¬
tically all manufacturers of brass pipe have
on
52.250
10.950
Members of the Exchange had been requested to furnish this
information before midnight of April 23.
Based
10.950
11.775
11.850
providing for the ordinary requirements of
notwithstanding
for
11.775
April 22
in its issue of April 24
Markets"
"Metal and Mineral
April 17
April 18
April 19
Plague Producers—Few Price Changes
to
also the contract settling basis of the American Smelting
The "Iron Age" in its issue of April 24 reported that steel
companies probably will make no concerted effort to obtain
relief from Price Administrator Henderson's order of April 17
pegging steel prices at the March 31 level. Nor is there any
will contest the legality of the
price ceiling by court action or by openly defying the order.
The "Iron Age" further stated:
indication that any company
When the Price Administrator's order was
some
of the major steel
price advances necessary to compensate
It was
the wage increase and put
this country for the months of February
and March, in tons, according to the
follow:
American Bureau of Metal Statistics,
in part for the recent wage increase.
producer to absorb half of
apparently the intention of the leading
Refining Co., and in St. Louis at 5.70c.
Statistics covering lead refined In
&
unexpectedly issued last week
companies were making studies to determine the
offset the
other
moderate price increases into effect that would
half and the increased costs caused by liberalization of
vacation allowances.
Volume
The Commercial & Financial Chronicle
152
In any event the suggested price increases would have been submitted
the
to
that
Office of Price Administration
were
before being announced,
being taken in that direction
were
but steps
from
the preceding week.
Weekly indicated rates of steel
operations since April 1, 1940, follow:
nipped by the order freezing
prices.
1940—
1
61.7%
Apr.
8
Apr.
15
61.3%
60.9%
60.0%
61.8%
July
July
July
29
Oct.
Nov.
Nov. 11
likely that
a
96.1% Feb. 17
96.6% Feb. 24
96.6% Mar. 3
attention
June
3
June
10
84.6%
Sept. 23
at subnormal
June
17.....87.7%
8ept. 30
Oct.
7
92.6% Jan.
94.2% Jan.
horizontal price increase will be advocated, but that situations
which exist in certain products will be the basis for
to make
It does not seem
an
appeal for permission
Before the price order had been issued it had been
brought to the
of the Washington authorities that the
profits
under
might be forced to operate at
condition
a
which
would
leave
companies with at least moderate profits.
a
the
loss
or
well
large,
integrated
The door has been left open by
the Price Administrator for proof of
any undue hardship that may
to any
Apr. 29
May
6
May 13
May 20
price adjustments.
with respect to costs
Apr. 22
May 27
June 24
July
July
The possibility of a dual system of
prices has
as an alternative some kind of a government subsidy
be worked out for those which would be immediately forced into an
operating loss.
:
complete standstill as a
to an almost
come
result of that portion of the order which puts a
ceiling also on export prices.
As most of the recent sales to countries other than those coming under the
provisions of the Lease-Lend law have been at prices above the domestic
level, the effect of the order
is
reduce
to
Under the circumstances neutral
countries may find it more difficult than
Pig iron prices
ever to
were not included in the steal
buy steel here.
order, but action may
been in effect for three weeks, is not working
smoothly.
still
prices, which has
A particular hard¬
Whether the miners go back to work this week or
not, further production losses are inevitable
as
it will take some time to get
back to the 100% operation that prevailed in March.
have
been
reduced blast.
banked
blown
or
out
while
Ten
others
or more
blast
operating on
are
The loss of pig iron has brought curtailment of steel
The industry rate is down two and
compared with the
to
100% rate of March
loss this week of more
means a
than 54,000 tons of ingots and about 38,000 tons of finished steel at a
There
was a
time
loss of 6 points to
96% in the Chicago district and 1 of 4 points to 95% at Pittsburgh.
A
major producer has lost about 10 points in its operating rate in the past 2
weeks and may be forced still lower next week.
curtailment
tonnage at the mills.
of steel production is to
increase unfilled
A further increase is occurring because of the con¬
tinued receipt of new business in a volume exceeding shipments.
may face a
shortage of pig iron
as a
Foundries
result of loss of blast furnace output.
Continuous sheet mills, forced to roll ship plates, will have a smaller output
of sheets and strip.
With the award of 184 additional ships, plate require¬
ments will increase.
Tin plate business is expanding rapidly
additional burden
an
on
the
which forces
these mills.
"IRON AGE" COMPOSITE PRICES
Finished
April 22, 1941, 2.261c.
a
2.261c.
One year ago......
2.261c.
wire, rails, black pipe, sheets
Low
High
1941
2.261c.
Jan.
7
2.261c.
7
2.261C.
Jan.
2
2.211c.
1939
2.286c.
J*.,
3
2.236c.
May
16
16
1938
2.512c.
May 17
2.211c.
Oct.
18
Jan.
4
Apr
1937
2.612c.
1936
2.249c.
Dec. 28
2.016c.
1935
2.062c.
Oct.
1
2.056c.
Jan.
Apr. 24
3
1.945c.
Jan.
2
1.792c.
May
2
1.870c.
1.883c.
Mar
2.249c.
9
Mar. 10
8
1934
2.118c.
1933
1.963c.
Oct.
1932
1.915c.
Sept.
1931
1.981c.
Jan.
6
13
1930
2.192c.
Jan.
7
1.962c.
Mar. 16
Dec. 29
Dec.
9
2.236c.
May 28
2.192c.
Oct. 29
Based on average for basic iron at
April 22,1941, $23.01 a Gross Ten
$23.61
23.61
One week ago
furnaoe
and foundry
22.61
and
$23.61
Mar. 20
$23.45
Other
order,
Jan.
2
1940
23.45
Dec. 23
22.61
1939
22.61
Sept. 19
20.61
Sept. 12
23.25
June 21
19.61
July
1937
23.25
Mar.
9
20.25
Feb.
1936
18.73
2
6
19.74
Nov. 24
1935
18.84
Nov.
5
1934
17.90
May
1
16.90
16
Aug. "
ll
May 14
Jan. 27
1933
16.90
Dec.
5
13.66
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
1930
18.21
Jan.
7
15.90
Dec.
1929
18.71
May 14
18.21
Dec.
I5
10
I7
Steel
17.83
Scrap
April 22,1941, $19.17 a Gross Ton
$19.17
Based
1
on
No.
heavy melting steel
quotations at Pittsburgh. Philadelphia,
and Chicago.
20.33
16.13
$2
prices
ton
a
by
1941
$22.00
1940
21.83
$19.17
Dec. 30
16.04
14.08
11.00
12.92
3
22.60
Oct.
1938
15.00
Nov. 22
21.92
Mar. 30
1939
1936
17.75
Dec. 21
1935
13.42
Dec. 10
1934
13.00
Mar. 13
1933
12.25
Aug.
8
8.50
Jan.
12
1931
11.33
Jan.
6
1930
15.00
Feb.
18
1929
17.68
Jan.
29
-
of
costs
the
10c.
that
nounced
that
12.67
10.33
9.50
6.75
6.43
8.50
11.25
14.08
Apr. 10
Apr.
9
May 16
June
7
Nov. 10
June
9
Apr. 29
Sept. 26
Jan.
S
July
6
Deo. 29
Dec.
9
Dec. 8
April 21
an¬
telegraphic reports which it had received in¬
steel companies having 96%
industry will be 96.0% of
capacity for the week beginning April 21, compared with
98.3% one week ago, 99.8% one month ago, and 60.0% one
year ago.
This represents a decrease of 2.3 points, or 2.3%,
dicated that operating rate of
of the steel capacity of the
97.1%
levels
quarter
when
the
rates,
wage
producers
leading
Non-integrated
boost.
wage
their
instance, iron
terne
materials
raw
pig
lead
the
plate,
equipment
prices
position
producers
in
some
untenable by the steel
been made
has
Just 24 hours before the "freezing"
freight rates
ore
used
in
month,
past
least ?5% higher,
are at
making
will
the
was
$4
rise of
the
increase
ton
per
producing
of
cost
Costs of rolling mill and auxiliary mechanical
example.
as one
steel
which
an
on
than
average,
ago.
a year
what
to
as
first
quarter
in view of several irregularities.
In finished steel prices charged
•by individual producers for various extras for size, quality, quantity and
special service in preparation have lacked uniformity.
Moreover, the
are
"freeze"
ruling may wreak hardship on marginal steel producers, such as
plate makers; healthy conditions among platemakers are especially
certain
desired
this
at
The
and
extras
time
of
major
ruling will
new
discounts,
also
shipbuilding.
tend
to
the
disrupt
which
revisions
times
the
193
downward
economies of manufacture
as
ruling extras, too,
present
In
view
of
Stabilization
these
all
Commission
exceptions and revisions,
it
later
every
often
so
Such revisions
accomplished.
are
of
keep
to
are
some¬
But under
frozen.
are
factors
periodic adjustments
needed
are
prices abreast of changing costs of manufacture.
is
will
commonly
expected that
the
recognize
has been the
the
Price
allowing
of
necessity
with steel scrap prices.
It is
possible that certain steelmakers, particularly smaller inde¬
pendents, may be allowed to show proof that higher prices are necessary
recognized
for
their
fixed
effective
for
A
new
cooperation
A
the
of
the
of
demand
present
is
that prices
encountered
by steelmakers, partly
weather which revives outdoor projects.
warm
highest
statedly not being
are
necessarily.
emergency
because
Some makers
improvement in orders by
as much as 20% over the similar March
It is expected that 1941 production will have been 95% sold out
nails,
rope,
tool
nuts,
case
in pushing steel production to the
mitigating factor is
duration
wave
of premature
wire
as
as
possible level.
10 items still obtainable, including floor plates,
some
manufacturers'
steel and casings,
wire,
fencing,
all of
on
which
merchant pipe,
bolts
and
fairly prompt delivery still
be obtained.
can
Though slowing down in demand lias been reported frequently in fabri¬
shapes, actual sales in April ran far ahead of March when the
average
20,000
was
lots
two
of
26,000
another at Tulsa,
Prices
levels
in
tons
weekly.
each,
tons
Consolidated Aircraft
for
one
plant at Fort
a
is
inquiring for
Worth, Tex., and
Okla.
Lake
on
named
Superior
iron
for
ore
early spring of
1940,
1941
and
have
several
been
reaffirmed
millions
of
at
have
tons
been sold at these prices.
The coal strike
shut
down
blast
on
has
slow
or
furnace
caused
down
operators
a
number
because
of
fearful
are
of
the
lest
blast
furnaces and foundries
shortage of coke.
linings of
recent
shutdowns
were
for relining,
on
to
A number of
furnaces will
epidemic scale because of the long strain placed
an
out
wear
them.
In fact,
with fuel shortage incidental.
Scheduled
automobile
production for the week ended April 19 was
99,945 units, an increase of 685 for the week, comparing with 103,726 for
the
corresponding week of 1940.
to 92,
to
production last week
place
follows:
as
unchanged at 98% of capacity.
was
Detroit 9 points
and Chicago % point to 102.
91%,
Wheeling
Cleveland
4
2
points to
points
Gains
70%, New
Declines
90%,
to
to
England 2 points
Cincinnati 2% points
were:
Pittsburgh
2
points
to
100,
and
84.
Unchanged were eastern Pennsylvania at 96,
Birmingham at 90, St. Louis at 98, Buffalo at 90%, and Youngstown, 97.
"Steel's"
iron
at
and
three
steel
at
composite
$38.15,
price
for last
groups
finished
steel
at
week
$56.60,
were
and
unchanged:
steelworks
scrap
$19.16.
Steel ingot production for the week ended April 21, is
placed at 97% of capacity according to the "Wall Street
Journal" of April 24.
This compares with 98% in the
previous week and 99% two weeks ago.
The "Journal"
further reported:
ago.
Leading independents
are
credited with 97%%, com¬
pared with 99%% in the preceding week and 100% 2 weeks
ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
U. S. Steel
Industry
1941
97
1940
61
1939
50
1938
32%
1937
92
1936v-.—
Steel Institute on
98.3%
96.0%
97.2% Apr. 21
98.5%
96.5%
8
13
indicated that a general
would prevent deterioration of their profit position
.....
70%
1935
55
95%
1933
1930
28%
,
48%
77%
1929
101
1928
30%
+
+
82
1932 not available
%
%
%
%
+3
41%
%
%
97%
—
34
—1
95%
—1
-1%
%
+2
75%
49%
+1
4-4
32
+ 4%
50
—1
47%
80
—1
75
103
+3
99
90
—2
—2
52
66
04
24
+4
—
—
87
Independents
63
—1%
+1
+1%
42
*4*2
85
1927
+
58
47
—1
46
1934
and
99.2%
99.3%
U. S. Steel is estimated at 95%%, against 95% in the week before and
7
Jan.
1937
Iron
first
at
Some
steelmaking costs have risen.
for
97% 2 weeks
Low
High
The American
1941—
on the Great Lakes were raised
10%, which will increase materially the cost of transporting the predicted
75,000,000 tons of Lake ore this season.
An instance of the high
took
Jan.
1938
1932
of
Steel
Low
High
1941
Valley
iron at Chicago,
Buffalo,
Valley,
Southern Iron at Cincinnati.
Philadelphia,
...
One year ago.........
Dec. 30
price ruling.
some
Pig Iron
One week ago....
One month ago
21
99.4%
99.8%
96.8% Mar. 24
80.8% Mar. 31
7
95.9% Apr.
Apr. 14
Dec. 23
cated
Jan.
1940..
One year ago.......
9
16
94.4% Jan. 20
94.9% Jan. 27
14
Oct.
steel
declared
period.
tank plates,
and hot
rolled strips.
These pi oducts represent
86% ol the United Stat, s output.
2.261c.
One month ago....
Oct.
by May 1, with only
Steel
Based on steel bars, beams,
Lb.
One week ago
One month ago
1929
Sept. 16
industry.
affected
cases
report
THE
of
steel
increase
as
making.
half points this week to 96%, which
a
when every ton of steel is urgently needed.
An effect of the
9
96.9% Mar. 10
96.0% Mar. 17
2
Dec.
Moreover, there will be considerable confusion
Greatly complicating its other problems is the loss of production of coke,
pig iron and steel by the steel industry as a result of the continuance of the
furnaces
Sept.
Deo.
Dec.
April 21 stated:
on
Freezing
ship is being caused to foundries.
bituminous coal strike.
2
principal cost factor, had advanced sharply, last week proved disconcerting
in
scrap
Sept.
94.6%
96.3%
97.5%
98.8%
record
be taken to freeze these.
Meanwhile, government control of iron and steel
1
markets,
The Price Ad¬
export prices.
ministration has not clarified its position as to whether all private export
business will be governed by the
ceiling.
Aug. 26
Nov. 25
"Steel" of Cleveland, in its summary of the iron and steel
been discussed, or
may
Export business in steel has
Aug. 19
Nov. 18
be caused
producer and advantage of this offer may be taken quickly by some
of the smaller companies.
Aug. 12
86.5%
74.2%
86.4%
8
5
Aug.
96.9%
97.1%
96.0% Feb. 10
65.8%
70.0%
73.0%
76.9%
80.3%
Office of Price Administration with requests for relief.
3
4
88.2%
90.4%
90.5%
89.5%
89.7%
91.3%
82.6%
91.9%
92.9%
92.5%
by all companies and in due time the results will be presented to the
95.7% Feb.
28
88.8%
15
22
companies less favorably situated
made
1941—
1940—
1940—
Apr.
Studies of the effect of the wage increase on costs and earnings are being
2621
80
89%
75
4-3
banks, $30,000,000
in circulation, and
$45,000,000 in non-member deposits and other Federal Re¬
serve accounts, and a decrease of $47,000,000 in
Reserve
Bank credit, offset in part by increases of $61,000,000 in
Treasury deposits with Federal Reserve
in Treasury cash, $3,000,000 in money
gold stock and $2,000,000 in Treasury currency.
Excess
reserves of member banks on April 23 were estimated to be
approximately $5,760,000,000, a
decrease of $500,000,000
for the week.
77\-
pages
April 23, 1941
;V
v
Bills discounted
-
obligations
TJ. 8. Govt, guaranteed obligations.
Industrial ad vs. (not lncl. $8,000,000
commitments, April 23)
U. 8. Govt, direct
Total Reserve Bank
credit
Gold stock
-8
2,000,000
2,179,000,000
5,000,000
—
Money In circulation
Treasury cash
*
Treasury deposits with F. R.
Non-member
deposits
and
—278,000,000
—5,000,000
—3,000,000
7,000,000
—47,000,000
+ 24,000,000
—47,000,000 —262,000,000
+61,000,000 +3,744,000,000
+121,000,000
8,992,000,000
+3,000,000
2,299,000,000 +30,000,000
banks.
947,000,000 +413,000,000
+1,472,000,000
—6,000,000
+477,000,000
13,506,000,000 —473,000,000
other
+ 623,000,000
+45,000,000 +1,068,000,000
2,097,000,000
F. R. accounts
in New York City
Chicago—Brokers' Loans
Member
of
Below is the statement of
the Board of Governors
Reserve
week, issued in advance of
ber banks, which will not be
rent
and
the cur¬
OF WEEKLY REPORTING MEMBER
IN CENTRAL RESERVE CITIE8 V
ASSETS AND LIABILITIES
New York City
Chicago
Apr. 23 Apr. 16 Apr. 24
1941
1941
1940 /
I
11,456
3,202
11,155
3,226
9,159
2,961
2,574
768
2,629
773
%
2.246
582
2,088
94
2,095
93
1,689
109
551
25
405
18
323
337
480
42
554
25
162
164
159
54
111
30
396
119
37
368
21
64
112
28
395
54
20
75
76
49
409
1,390
3,207
345
1,366
283
136
3,174
163
921
2,520
833
351
136
833
290
160
715
1,793
1,455
5,981
83
97
324
1,586
1,458
6,354
81
116
332
1,278
1,316
6,335
77
81
342
143
411
1,082
35
264
41
126
410
1,037
27
267
42
142
358
1,023
31
262
46
11,026
741
deposits.....
17
10,941
746
18
9,121
666
44
2,088
502
100
2,034
502
1,818
504
84
Assets—
Investments—total..
Loans—total
Commercial,
BANKS
(In Millions of Dollars)
Apr. 23 Apr. 16 Apr. 24
1941
1941
1940
%
%
%
%
Industrial and
agricultural loans....
Open market paper
...
Loans to brokers and dealers..
32
44
Real estate loans
Loans to banks....
Other loans....
Treasury bills
...
Treasury notes....
.....
United States bonds
Obligations
guaranteed
by
j
14
....
the
United States Government
Other securities
Reserve with Fed. Res. banks..
Cash In vault
Balances with domestic banks..
Other assets—net
Liabilities—
Demand
deposits—adjusted
Time deposits
U. S. Government
3,947
593
3,772
592
Foreign banks
Borrowings
100
'77, 77'7'";''
Inter-bank deposits:
Domestic banks
283
282
1,510
282
1,511
Capital accounts
3,711
672 !
....
.
..........
Other liabilities
1,498
1,016
.
7
Commercial, Industrial and
....
....
17
266
.
925
1 8
16
18
266
252
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
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
be compiled.
In the following
will be found the comments of the
Board
Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business April 16:
,
\.
The condition
statement of weekly reporting member banks in 101
of Governors of the
changes for the week ended
April 16: Increases of $36,000,000 in commercial, industrial, and agricul¬
tural loans, $240,000,000 in reserve balances with Federal Reserve banks,
$147,000,000 in demand deposits—adjusted, and $210,000,000 in deposits
credited to domestic banks.
7>Commercial, industrial, and agricultural loans increased $12,000,000 in
the Chicago district, $11,000,000 in New York City, $36,000,000 at all
reporting member banks.
Loans to brokers and dealers in securities de¬
shows the following principal
leading
cities
creased
$12,000,000.
Government direct and guaranteed obligations
$17,000,000 at all reporting
Holdings of "other securities" decreased $17,000,000.
Holdings of United States
increased
$41,000,000 in New York City and
member banks.
$
5,530,000,000
+25,000,000 + 3,574,000,000
+25,000,000 +1,218,000,000
+ 36,000,000 +1,100,000,000
350,000,000
+ 3,000,000
+19,000,000
485,000,000
—12,000,000
—134,000,000
449,000,000
—6,000,000
+-1,000,000
—25,000,000
purchasing or
for
loans
Other
carrying securities
1,229,000,000
39,000,000
1.789,000,000
878,000,000
2,179,000,000
7,682,000.000
Real estate loans
+46,000,000
—8,000,000
Loans to banks...............v
Other loans
Treasury bills
Treasury notes
United States bonds
Other securities
2,755,-000,000
3,798,000,000
banks..11.668,000,000
501.000,000
banks
3,548,000,000
Reserve with Fed. Reserve
Cash in vault..
domestic
Balances with
+3,000,000
+220,000,000
+10,000,000
+270,000,000
—2,000,000
+ 339,000,000
+-5,000,000 +1,128,000,000
United
Obligations guaranteed by
States Government
+ 4,000,000
—17,000,000
+ 240,000,000
—20,000,000
+109,000,000
+349,000,000
+ 270,000,000
+ 939,000,000
+39,000,000
+309,000,000
nobilities—*
deposits—adjusted
Demand
Time deposits
deposits
...
23,577,000,000
5.450,000,000
413,000,000
+147,000,000 +3,922,000,000
—7,000,000
+138,000,000
—1,000,000 —164,000,000
7
Inter-bank deposits:
9,378,000,000
653,000,000
1,000,000
Domestic banks....
Borrowings
+210,000,000
+ 9,000,000
—4,000,000
+914,000,000
—64,000,000
+
Argentina
Purchase
to
Plan
Announces
to
Large
Spend
Corn
of
Surplus
150,000,000 Pesos to
Buy New Crop
had made announcement
to spend 150,000,000 pesos to pur¬
chase the new corn crop at 47 pesos 50 centavos a ton is
reported in cablegram advices from Buenos Aires, April 5,
to the New York "Times" of April 6.
The advices added:
This will be a heavy burden because the Government already owes the
Bank of the Nation 300,000,000 pesos for previous grain operations and
the Finance Ministry foresees a deficit of at least 200,000,000 pesos in the
on
Argentine Government
April 4 of its intention
State
7.7
budget this year.
The
com
7
■
Government probably will be left to
bought by the
rot in the
amount to about 6,500,000 tons, ample
for the coming year. ;•
.7;'7
,7;:\ '• ' + -777 7,More than
half the Argentine population is agricultural, and if the
farmers are unable to market their crops paralysis of the whole national
economic structure would follow.
Part of the United States $110,000,000
granaries,
loans
because present stocks
finance grain
will
purchases.
♦
:7l
18,300,000 Bushels of Wheat from Last
ported by Australian Bureau of
Remaining to Be Sold for Export
bushels
v7^7/
April 7:
Statistics reported today that 18,300,000
of wheat from the last harvest of 83,800,000 bushels remained to
for export.
The flour export total for this year so far has reached
Australian
The
Harvest Re¬
Statistics as
Associated Press are from
advices by the
The following
Canberra, Australia,
Bureau
bushels,
5,600,000
with
of
5,600,000 bushels of wheat
exported from the
Vy-'7J \7?::,777,,77:','7. 7.7;
7„7 The bureau said that action was being taken to restrict wheat-growing
acreages
in the four largest wheat-producing countries in the world—
Canada, United States, Argentina and Australia.
last .harvest.
Member
'77,;
■
Trading
on
The
Securities
\
New York Stock
Curb Exchanges During
As
cannot
agri¬
cultural loans
(—)
Apr. 17, 1940
Apr. 9, 1941
S
S
Investments—total....27,163,000,000
9,871,000,000
Open market paper...
Loans to brokers and dealers in
be sold
1,077
7 ':
♦
Complete
1941
.
Other loans for purchasing or
carrying securities..
since
Apr. 16.
Loans—total
That the
777'"77
for the week
7
Increase (+) or Decrease
'.'77
'7:'/,
.■
Assets—
Loans and
full statements of the mem¬
available until the coming
Monday:
Loans and
:7
Foreign banks
of the
and liabilities of re¬
member
System for the New York City
banks and also for the Chicago member banks for
Federal
'7';7v7;
U. 8. Government
♦
Banks
'7;
of the principal assets
summary
securities
+2,000,000
Member bank reserve balances
A
porting member banks, together with changes
and the year ended April 16, 1941, follows:
April 24, 1940
.
A $
+1,000,000
3,118,000,000
Treasury currency
Returns
AprillQ, 1941
8 v.
46,000,000
2,239,000.000
22,482,000,000
Other Reserve Bank credit
Deposits credited to
(—)
Increase (+) or Decrease
Since
7 -!7 '
-'7:
':'\S7;77:; '• "7. ■'7'
7,:77.. 777 \
domestic banks increased $111,000,000 in New York
City, $13,000,000 each in the Boston, Philadelphia and Cleveland districts,
and $210,000,000 at all reporting member banks.
Deposits credited to
foreign banks increased $9,000,000.
'
$7,000,000.
V. 7'-v
full for the week ended April 23 will be
2656 and 2657.
Changes m member bank reserve balances and related
items during the week and year ended April 23, 1941, follow:
on
decreased
/,•
The statement in
$28,000,000 in the San Fran¬
$147,000,000 at all reporting member banks, and
$53,000,000
in New York City.
Time deposits decreased
and
district,
cisco
$118,000,000 in the Chicago dis¬
the Cleveland district,
trict, $38,000,000 in
During the week ended April 23 member bank reserve
balances decreased $473,000,000.
Reductions in member
bank reserves arose from increases
of $413,000,000 in
found
deposits—adjusted increased
Demand
Reserve Banks
with the Federal
Week
The
April 26, 1941
Chronicle
Commercial & Financial
The
2622
and New York
Week Ended April 12
and Exchange
Commission made public
(April 25) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all mem¬
bers of these exchanges in the week ended April 12, con¬
tinuing a series of current figures being published weekly by
the Commission.
Short sales are shown separately from
yesterday
other sales in these
figures.
Trading on the Stock Exchange for the account of
bers during the week ended April 12 (in round-lot
,
mem¬
trans¬
amount was 16.29%
of 2,498,520 shares.
with member trading during the previous
week ended April 5 of 627,610 shares or 18.09% of total
trading of 3,413,050 shares.
On the New York Curb Ex¬
change, member trading during the week ended April 12
amounted to 76,160 shares, or 16.71% of the total volume
on that Exchange of 366,945 shares; during the preceding
week trading for the account of Curb members of 80,710
shares was 16.42% of total trading of 500,805 shares.
The Commission made available the following data for
actions) totaled 427,820 shares, which
of total transactions on the Exchange
This compares
the week ended
April 12:
Volume
The Commercial & Financial Chronicle
152
The data published are based
upon weekly reports filed with the
York Stock Exchange and the New York Curb
New
Exchange by their respective
members.
These reports
are
classified
as
follows:
New York
New York
Stock
,
x
_
Total number of reports received
Exchange
1.065
1. Reports showing transactions as
specialists
2. Reports showing other transactions initiated
floor
with the
769
188
STOCK
93
184
previous week.
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
25
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
the
on
by the Commission.
The figures are based upon reports
filed with the Commission by the odd-lot dealers and
special-?
ists.
The Commission also made public yesterday (April
25)
the figures for the week ended April 19; these are
incorporated
Curb
Exchange
_
2623
3. Reports showing other transactions initiated off the
floor
.
4.
Total for
192
transactions...
no
Week Ended
67
595
618
—
Reports Bhowing
Apr. 12 '41
Note-—On the New York Curb
Exchange, odd-lot transactions are 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
Stock
York
Exchange, on the
effected by dealers
other hand, all but a fraction of the odd-lot transactions
are
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
two exchanges.
Odd-lot sales by dealers (customers' purchases):
Number of orders
....
Total for
Week Ended
Apr. 19, *41
13,455
........
14,046
Number of shares
354.967
Dollar value
12,748,792
Odd-lot purchases by dealers (customers' sales):
Number of orders:
The
number
of reports
than the number
entries in
more
in
of reports
than
the
various
classifications
received because
may
total
Customers' short sales
more
313
390
13,841
Customers' other sales,a
single report may carry
a
classification.
one
13,939
Customers' total sales
14,329
TOTAL
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
Number of shares:
Customers' short sales.
Customers' other sales.a................. ...
Total for
Week
Total round-lot sales:
Short sales...
A.
Per
Cent
Total sales
Customers* total sales
360,091
a
74,930
2,423,590
11,092,050
Round-lot sales by dealers:
Number of shares:
2,498,520
.....
i
..........
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
►
100
20
84,890
89,500
........
Total sales
89,520
Transactions of specialists in stocks in which they are
► registered—Total purchases
Short sales
Round-lot purchases by dealers:
196,760
26,430
185,740
-
Other sales.b
Number of shares..
a
Total sales.....
212,170
2. Other transactions Initiated on the floor—Total
purchases
8.18
Short sales......
90,710
b Sales to offset customers' odd-lot orders and sales to
a
liquidate
128,590
An additional list of American securities
list taken
was requisitioned
No indication was given
treasury April 21.
by the British
4,410
82,650
of the value of the securities involved.
Short sales
Other sales.b...
.............
Total sales
3.36
87,060
Total—Total purchases..:
386,050
Short sales
Other sales_b
41,540
386,280
Total sales
427,820
....
This is the second
by the British this year; the last one appeared
in our issue of Jan. 18, page 353.
A report of the progress
of the liquidation was published in our issue of March 8,
page 1510.
Following is the new list:
over
Stocks
16,29
Allied
Stores
5%
cumulative
pre¬
Liggett &
Myers Tobacco 7%
ROUND-LOT
AND
STOCK
STOCK
SALES
ON
NEW
THE
TRANSACTIONS
FOR
YORK
ACCOUNT
CURB
OF
Week Ended April
Week
Total round-lot sales:
Short sales
r
a
;
.........
,
Transactions
of
registered—Total purchases
.....
Total sales
..........
2. Other transactions initiated on the floor—Total purchases
Short sales
....
Other sales-b
3. 0ther transactions initiated off the floor—Total puichases
Short sales
....
.....
Total—Total purchases
Short sales........
18,650
76,160
Odd-lot transactions for the account of specialists:
Customers' short sales
Customers' other sales.c
The term "members"
Includes
....
all Exchange
4.01
16.71
80
20,980
members, their firms and their
partners, including special partners,
a Shares in members' transactions
as per cent of twice total round-lot volume.
In calculating these percentages, the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that the total
t
of members' transactions Includes both
purchases and sales, while the Exchange
volume includes only sales.
are
exempted from restriction by the Commission
c'Sales marked "short exempt" are
The
Securities
included with "other sales."
on
and
Exchange Commission made public
for the week ended April 12, 1941,
of/complete figures showing the daily volume of stock trans¬
actions for the odd-lot account of all odd-lot dealers and
April
18
preferreds
Armstrong Cork common
Babcock & Wilcox capital stock
North American Co. 5%% preferred
Northern States Power (Del.)
7%
a summary
specialists who handle odd lots on the New York Stock Ex¬
change, continuing a series of current figures being published
New York Air Brake common
Baltimore & Ohio BR. common
preferred
Rank of the Manhattan capital stock Ohio Oil common
Oxford Paper $5 cumulative prefer¬
Barnsdall Oil common
Bendix Aviation capital stock
ence, first series
Pacific American Fisheries common
Briggs Manufacturing common
Central Illinois Public Service $6 Paraffine Companies common
Pennroad Corp. capital stock
preferred
Cities
Service
$6
preferred
and Pere Marquette Ry. 5% prior prefer¬
ence
capital Phelps Dodge capital stock
Philadelphia 6% preference
Collins & Aikman common
Pittsburgh, Fort Wayne & Chicago
7% preferred
Columbia Gas & Electric common
Commonwealth & Southern $6 pre- Pittsburgh Plate Glass capital stock
Pure Oil 6% preferred
ferred
Continental Baking of Delaware 8% Remington Rand $4.50 preferred
Republic Steel 6% preferred
preferred
Continental Baking of Maryland 8% Revere Copper 7 % preferred
Graphite
Bronze
preferred
Steel 5% convertible pre¬
7% preferred
Detroit Steel Products common
Eastman Kodak 6% preferred
Electric Bond & Share common
Electric Power & Light $6 preferred
Electric Storage Battery common
Crucible
ferred and
Engineers Public Service $6 preferred
Federal Water Service $6 preferred
First Boston Corp.
St. Regis Paper common
Selected Industries $5.50 prior stock
Shell Union common
Simmons common
Skelly Oil common
Southern California Edison 6%
and
5M% preferreds
Southern
Ry.
preferred
5%
and
&
6%
common
Southwestern
Light
Power
preferred
Firestone Tire common
capital stock
Food/ Machinery common
Gamewell Co. $6 preferred
General American Investors common
General Realty & Utilities $6 pre-
Standard Brands common
Standard of Indiana capital stoc*c
Stone & Webster capital stock
Sylvania
General Shareholders $6 convertible
Industrial
Corp.
capital
stock
Tide
ferred
Water
Associated
$4.50
pre-
ferred
Tricontinental Corp. $6 preferred
convertible
Gillette Safety Razor $5
preference
New York Stock Exchange During
Weeks Ended April 12 and 19
on
National City Lines $3 preferred
Malleable Steel Castings
capital stock
preferred
bTRound-lot short sales which
rules are Included with "other sales."
Odd-Lot Trading
National
common
28,818
...
pre¬
stock
28,738
Total purchases
...
Refining 7%
National Power & Light common
New England Public Service $7 pre¬
ferred
Cleveland
71,800
r
*
1.53
10,750
4,360
.......
Total sales.
Total sales
0
46,450
Other sales _b
C.
11.17
2,325
16,325
Other sales_b
Total sales.....
Monsanto Chemical common
National Biscuit common
Arkansas Power & Light $7 and
5,075
6,125
preferreds
pre¬
Service
American Water Works $6 first pre¬
ferred
6,125
Total sales.....
4.
51,385
Sugar
common
Minnesota Power & Light $7 and $6
7%
Public
ferred
2,035
49,350
Other sales _b
com¬
mon
Melville Shoe
common
common
American
30,625
...
Short sales
com¬
Marlin Rockwell of New York
preferred
Maytag $3 preference
ohnson common
American Light & Traction common Mead Jo"
ferred
specialists In stocks in which they are
common
Rockwell of Delaware
mon
lative
American
Round-lot transactions for the account of members:
1.
Marlin
and
366,945
..
McGraw Electric
American News capital stock
American Power & Light $5 preferred
362,260
Total sales
Amerada Corp. capital stock
American Chain & Cable common
American Locomotive
4,685
Other sales.b.
B,
Per
Cent
P. Lorillard common
American Cities Power & Light $2.75
cumulative class A stock
American & Foreign Power $7 cumu
12, 1941
Total for
A.
EX¬
MEM¬
(SHARES)
pre¬
ferred
ferred
Aluminum Co. of America common
CHANGE
long position
British Take Over Additional American Securities
4.75
80,740
3. Other transactions initiated off the floor—Total purchases
BERS *
a
round lot are reported with "other sales."
10,700
117,890
Total sales
TOTAL
94,180
Sales marked "short exempt" are reported with "other sales."
which Is less than
108,550
Other sales.b
4.
.'.
.
Short sales
Other sales, b
1.
12,336
347,755
351,767
Dollar value
....
Other sales.b...
B.
9,778
.........
.......
Week Ended April 12, 1941
Gimbel Brothers $6 preferred
Goodrich $5 preferred
Union Bag & Paper
mon
United
Goodyear Tire common
W. T. Grant common
capital stock
United Gas Improvement common
United States Pipe & Foundry com¬
States Playing Card
capital
stock
capital Utah Power & Light 7% preferred
Utility Equities $5.50 preferred
Vanadium Corp. capital stock
Gulf Oil capital stock
Vick Chemical capital stock
Homestake Mining capital stock
West Penn Electric 7% preferred
Illinois Central RR. common
International Paper & Power common West Texas Utilities $8 preferred
Wheeling Steel $5 prior preferred
Jersey Central Power & Light 7%
Great
American
Insurance
preferred
Kentucky Utilities 6% preferred
Lerner Stores common
.
Libbey-Owens-Ford common
Wolverine Tube common
Wm. Wrigley Jr. capital stock
Youngstown Sheet & Tube common
The Commercial & Financial Chronicle
2624
Bonds taken
over
under the latest order were
Amendment to Proxy Rule
Bond*
Alleghany 5s of 1944 and 1949
Belgian Kingdom external 7s and 6s of 1955
Cities Service Power & Light 5Hb of 1952
Cuban Republic
of 1953, 5s of 1944, and 4M» of 1949
Erie Railroad first consolidated 4s of 1996, bearer and registered, and con¬
solidated general 4s of 1996, bearer and registered
International Telephone 5s of 1955 and 4 H % of 1952
Interstate Power 5s of 1957
,
Mississippi River Power 5s of 1951
_
J
.
„
bonds and certificates of
deposit, series A of 1965, series F of 1977, series G of 1973, series H of
1980 series I of 1981
Missouri Public Service 5s of 1960, bearer and registered
Southern Railways 5s of 1994, bearer and registered, and development
and general mortgage bonds series A of 1956
Standard Gas & Electric 6% notes of 1948, and 6% conv. notes of 1948,
and 6% debentures of 1951
Standard Oil of New Jersey 3s of 1961
Standard Power & Light 6% debentures of 1957
Missouri Pacific KB. first & ref. mortgage 5%
,
„
^
+.
Stock
In a letter to members of the Chicago Stock Exchange
April 23, Arthur M. Betts, Chairman of the Exchange's
Board of Governors, revealed that trading on the Exchange
will end one-half hour earlier on week-days (at 2.30 p. m.)
during the summer months, beginning Monday, April 28. Mr.
Betts also reported in his letter an improvement in exchange
volume due to the extension ot trading hours on the Exchange
inaugurated last September.
Mr. Betts' letter follows in
part:
1940, the Chicago Stock Exchange extended its trading
weekdays and from 11.00 a. m. to
Sept. 30,
11.30
transacted in the added
This has undoubtedly been a factor
improved relative showing of the Chicago Stock Exchange.
in the
approach of the summer months and the present light
In view of the
volume of transactions
the Board of Governors
all security markets,
in
of
The closing
today authorized closing of the trading session at 2.30 p. m. (instead
3.00 p. m.) on weekdays, beginning Monday,
April 28, 1941.
mission.
As
Corp. Securities—
Viscose
American
Banking Group Recently Acquired Block
Securities and Ex¬
change Commission said that according to announcements
in the press the Government of Great Britain, acting under
its war powers, recently acquired from Courtaulds, Ltd., a
block of the securities of American Viscose Corp., and dis¬
posed thereof to a banking group in the United States. "As
a
result of this transaction," said the Commission, "the
question has been presented to the SEC whether, if the
banking group should in turn dispose of the securities by
means of
a
public distribution in the United States, the
British Government would be subject, in connection with
such distribution, to the liabilities of an underwriter under
a
April 18
issued
statement
the Securities Act of 1933."
In
the
The SEC went
to say:
on
examining this question the Commission has recognized the accepted
principle of international law,
States
courts, that
reflected
in
decisions
many
of the United
friendly government is Immune from suits
foreign
a
brought, without its consent, to enforce claims against either it or its
Without considering the extent to which this immunity could
legally be abrogated by the appropriate constitutional authority, it appears
clear that no intent on the part of the Congress to abrogate it can be
property.
presumed in the absence of
The
Securities
Act
of
express
1933
statutory language.
contains
no
express
language
subjecting
foreign governments to civil liability as underwriters.
In fact, it can be
argued that an intent to exclude foreign governments from civil liability
under the Act
affirmatively appears from Section 6 (a) of the Act, which
registration statement relating to a security issued by a
foreign government, or political subdivision thereof, need not be signed
by the issuing government.
provides that
a
Accordingly,
stances
involved
will
ment
the
be
not
Commission
in
the
expected to be available
forwarded
forms
all
to
available
are
which
registrants
copies
have
The March 5 action was reported in these
requested them.
columns March 8, page 1512.
amended
also announced
X-13A-7
rules
Exchange Act of 1934.
April 14 that it has
on
X-15D-4 under
and
the
Securities
These rules permit investment
com¬
registered under the Investment Company Act of
file copies of their registration statements under
that Act as their annual reports under Sections 13 or 15 (d)
of the Securities Exchange Act of 1934.
The amendments
extend until July 14, 1941, the period within which regis¬
tration statements may be filed as annual reports under
panies
1940
to
these rules.
With
Rule
respect to the adoption of a minor amendment to
X-14A-7
the SEC on
In
under
Securities
the
Exchange Act
of 1934,
April 18 said:
general, this rule sets forth the solicitations of proxies which
subject
the
to
U-62
under the
relates
under that Act.
regulations
proxy
which
solicitations
to
by
Paragraph
registered
are
not
of
the
(f)
utility holding
companies and their subsidiaries, has been amended to conform with Rule
public
Holding Company Act.
SEC Adopts Rule Providing Certain Exemptions Under
Investment Company Act
The Securities and Exchange Commission announced on
April 16 the adoption of a rule under the Investment Company Act of 1940 providing certain exemptions from the
requirements of Section 30 (f) of the Act. This action was
explained as follows:
their
has
American
subject to
concluded
Viscose
Corp.
the liabilities
of
circum¬
British Govern¬
underwriter under the
case
an
the
under
that
the
(f),
30
with
beneficial
and liabilities.
for
The
requires
and
having
persons
closed-end
of
investment
transactions
rule exempts
new
specified period in
a
or
committee
other
the
in effect,
registered
a
ownership
in
for
similar
A
specified
to
securities
report
such
of
from these provisions securities held
decedent's estate; securities held by
a
incompetent; securities held
an
and
persons;
securities
by
a
guardian
receiver,
a
reacquired and
held
trustee
by
for
;V
or
"v'-. '
issuer.
substantially identical rule
Section
certain
company
the
and imposes in respect of such transactions certain other duties-
company,
or
of Stock
In
were
these
as
soon
be
will
thereof
§ection
Liabilities of Underwriter in Event of Public Dis¬
of
31, 1940,
Form A for
by the end of March.
The time for filing was extended
because the forms have not yet been received by the Com¬
affiliations
SEC Rules British Government Will Not Be Subject to
American
to the fact
March 5 that copies of
on
the year ending Dec.
Saturdays will remain unchanged at 11.30 a. m.
tribution
calls attention
Commission
the
announced
important addition
an
exchange volume.
Since its inauguration, the volume of business
session has aggregated 462,390 shares.
on
time
same
The extension of the trading session provides a
Saturdays.
a. m. on
useful market service for the public and supplies
to
the
that it
rule,
hours from 2.00 p. m. to 3.00 p. m. on
on
April 14 that it has extended for 30 days the time for filing
annual reports on Forms
12-K and 12A-K for the fiscal
year ending Dec. 31, 1940, of all registrants which are
required to file with their annual report copies of reports
on
Form A to the Interstate Commerce Commission.
At
The Commission
Exchange to Close One-Half Hour
Earlier
During Summer Months—A.
M, Betts,
Chairman of Board, Reports Additional Business
Volume Since Inauguration of Extended Trading
Hours Last September
On
and Exchange Commission announced
The Securities
American & Foreign Power 6s of 2030
Associated Electric 6s of 1961 and 4^6 of 1953
Chicago
Filing Annual Reports—Minor
Adopted
SEC Extends Time for
follows:
as
April 26, 1941
16
of
the
has
been
effect
in
for
some
time
under
Securities
Exchange Act of 1934, which imposes in
respect of equity securities listed on national securities exchanges require¬
ments similar to those of Section 30 (f) of the Investment
Company Act.
General
Revision
SEC
of
Rules
Under
Act—Designed
to Simplify
Eliminate Obsolete Provisions
pany
Holding Com¬
Language and
Securities
The
and Exchange Commission announced on
general revision of its rules under the Holding
Company Act primarily to simplify the language of the
rules and to eliminate provisions which are obsolete or of
infrequent application. A draft of the general revision was
submitted to registered holding companies in December,
1940, with the result that numerous changes have been
April 18
made
a
in
comments and suggestions received
Certain substantial changes have been
made in the revised rules, it is stated, explaining the more
important of these changes as:
The
the
to
response
from the
industry.
narrowing
inclusion
inconsistent
the
of
of
holding companies
general
rule
a
financial
statements;
which
exemption
concerning
for
requirement
a
non-utility subsidiaries;
or
publication of
distribution
the
that
certain
non-utility
subsidiaries of
registered holding companies
of accounts prescribed by the Commission;
requirement that operating company subsidiaries, not already subject
are
conform to the uniform system
and
to
a
uniform system
a
of
either
Railroad
the
and
of accounts, conform to the
Federal
Utilities
Power
Commission
the
or
classification of accounts
National
Association
of
Commissioners.
Securities Act of 1933 in the event of
The Commission's announcement further states:
group
In connection with the substitution of Rule U-64
a public distribution by the banking
which has acquired the American Viscose Corp. securities.
In order forgive its conclusion the status of
a
rule of the
Commission, the SEC has adopted Rule 143 under the
Securities Act of 1933, as follows:
Rule 143.
Definition of
Has Purchased"Sells For," "Participates/'
and
"Participation"
Used in Section 2
(11), in Relation to
Transactions of Foreign Governments for War Purposes.
as
Certain
The terms "has purchased," "sells for," "participates," and "participa¬
tion," in Section 2 (11), shall not be deemed to apply to any action of a
foreign government in acquiring, for war purposes and by or in anticipa¬
tion of the exercise of war powers, from
any person subject to its juris¬
diction
States
securities
or
any
of
State
a
or
person
organized
Territory,
or
under
the
laws
of
the
United
in disposing of such securities with a
view to their distribution
by underwriters in the United States, notwith¬
standing the fact that the price to be paid to such foreign government
upon
be
the disposition of such securities by it
in direct
or
may
indirect relation to such price
as
be measured by
may
or may
be realized by the
underwriters.
This
action
shall
become effective April
was
referred
to
in
Commission announced
its interpretation of
18,
1941.
these
columns
22,
(relating to the
scope
reorganization plans) for Rule U-11F-1, the
change
no
Section 11
is
to
be
(f) of the Act.
with
implied
respect
to
This seetion is applicable
plans of reorganization for registered holding companies and their
subsidiaries, regardless of whether or not the reorganization proceedings
pending at the time of registration.
In that respect, Holding Com¬
pany Act Release No. 952 supersedes Release No. 54.
were
The revised rules
which
that
not
were
the
the
are
June
are effective April 21,
1941, except as to transactions
subject of pending applications or declarations, and except
1, 1941,
is the effective date
rules
also
detail
in
are
the
to certain
transactions which
continued in effect
U-8)
beyond June 1,
1941,
as
is set forth in
appendix of the revised rules.
Commissioner Healy dissented
Rule
as
required to be the subject of an application or declaration under
Certain of the exemptions granted by the previous
previous rules.
for the
reasons
1940, and made public
on
set
from the adoption of Rule U-23
forth
June 27,
in
his
memorandum
dated
(former
April
1,
1940, in connection with the related
previously in effect.
Form U-R-l
March
that
to
rule
The recent sale of these securities to the American, bank¬
ing group
page 1904.
of applications for approval of
U-62"
also
entitled
was
"Declarations
adopted,
as
setting forth
to
the
Solicitations Pursuant to
information
required in
Rule
pro¬
ceedings concerning the solicitation of security holders of registered hold¬
ing companies or subsidiary companies.
Only minor changes have been
Volume
made
since
The Commercial & Financial Chronicle
152
the
form
to
holding companies for
registered
•'1
comment.
Paragraph
1934
submitted
was
(f)
of Rule
amended
was
conform
to
activity
into
individual
X-14A-7
under
with
Rule
the
Exchange Act of
Securities
and
to
U-62.
useful
is
to
and
employment
this
Balances
for
Decreased
New
York
$1,000,000
Stock
Firms
Borrowings In¬
Exchange
Firms'
But
of
Member firms of the New York Stock Exchange carrying
margin accounts for customers reported for March, 1941, a
decrease of $1,000,000 in their customers' debit balances and
increase of $12,000,000 in money
borrowed by the report¬
ing firms, the Board of Governors of the Federal Reserve
System announced on April 21.
During the year ended
March 31, 1941, customers' debit balances decreased by
$253,000,000 and money borrowed by $228,000,000.
The
advices from the Board also state:
employed
or
related items
At
the end
of
billion
aside
Feb. 28,
1941
This
cates.
$633,000,600
1940
—$1,000,000 —$253,000,000
—3,000,000
+ 1,000,000
90,000,000
+ 13,000,000
199,000,000
Credit balances:
387,000,000
+ 12,000,000
—228,000,000
268,000,000
+ 1,000,000
+21,000,000
56,000,000
+3,000,000
—14,000,000
Money borrowed...-....—......
Customers' credit balances:
Free
....... ................
Other.
...
...
Credit balances In firm and partners'
Investment and trading accounts..
27,000,000
—1,000,000
Credit balances In capital accounts._
231,000,000
—6,000,000
millions
for
is
who
20 Banking Institutions in St. Louis
District Joined Federal Reserve
Months
—1,000,000
—39,000,000
Federal Reserve
System in Past
JTrf;
:'
panies in the Eighth (St. Louis); Federal Reserve District
have joined the Federal Reserve System, the Federal Re¬
Bank of St. Louis revealed
St.
the
that
that day
total
on
become a member of the System.
said
ment
April 17 in announcing
Savings Bank, St. Charles, Mo., had
Charles
that
including the
just before
1939,
end
United
of
the
Kingdom
that
1940
months.
16
in
the
sale
to
for
the
spirit
The
conflict
held
one
had
sum
that
broke,
and
number
of
the
half
a
half
by
grown
savers
a
grew
that cannot
saved before
of
the value of
Department
defense
bonds.
support this
on
defense bonds.
citizen
any
to
and
factories
It
is
put
launch
to
broad
a
duty and privilege
our
teaching
thrift.
about
is
to
campaign
American
as
Mutual savings banks stand ready to assist
cause.
public and the Government.
of
in offices
of buying national savings certifi¬
fail.
Moreover, the regular invest¬
purpose
currently earned will 4mplant the savings habit,
never
Facilities will be provided to further the
Every mutual institution will help shape the
he may do his part in carrying national
that
so
success.
Outstanding Consumer Credit Loans of United States
Banks
Increased 10% in Last
Quarter of 1940,
Reports American Bankers Association
Banks
throughout
The announce¬
Charles
St.
institution
the
membership of the St. Louis Reserve Bank is now 421.
The deposits
in these member banks, it is pointed out, aggre¬
gate approximately $1,739,000,000, and amount to 75% of
the deposits of all commercial banks in the Eighth District.
The St. Charles Savings Bank has a capital of $100,000,
surplus of $100,000, and total resources of $1,786,111.
Offi¬
cers of the new member institutions are:
G. H. Willbrand,
Chairman of the Board; Theodore C. Bruere, President;
Herbert C. Sandfort, Vice-President; Robert E. Schnedler,
Cashier, and Charles E. Rechtern, Assistant Cashier.
the
increased
country
standing amount of their
the
total
out¬
10% during
credit loans
consumer
the last quarter of 1940 as compared with the third quarter
of the
sumer
year, according to a survey conducted by the Con¬
Credit Department of the American Bankers Associa¬
The increase in the volume of these loans outstanding
attributed by the department to a rising demand for
tion.
was
and
goods
instalment
financing
resulting
from
the general increase in business activity under the national
defense program, said an announcement made available by
the Association, which added:
Instalment
During the past 12 months 20 State banks and trust com¬
serve
the
Treasury
own
consumer
12
the
week
a
of money
ment
defense
Debit balances in firm and partners'
■
part of
a
mind
Mar. 31,
i
Debit balances:
.
the
needs
returned
31,
1941
hand and In hanks
the
Let it be borne in
have been organized
groups
much
so
affairs
_
for
step
for
person
amazingly—10,000,000 of persons.
Organized savings in Great Britain
has proved one of the vital sources of
money for the Government,
Over
there, savings
purchase of
nn
At
the
of
pounds—one-third
pounds.
the
Investment and trading accounts..
August,
billions
1941, follows:
raah
of
principal savings agencies
accounts, together with changes for the month and year ended March 31,
Customers' debit balances
every
we
citizens
Increase or Decrease Since
first
earnings
that
better terms should set aside
upon
that lie ahead.
days
The
current
would urge
I
country, amounted to something more than $2,000,000,000.
This
should be able to increase that figure.
Contrary to what might
expected, savings in Great Britain have gained measurably in the war
be
of the member firms of the New York Stock Exchange that carry margin
March
from
reserve
the
year
Our
A summary of the customers' debit balances and principal
a
savings money will go far to meet the defense needs of the
Last year new savings, reflected by the principal thrift agencies
Treasury.
period.
creased $12,000,000
an
new
channels.
permanent
upbuild
opportunities of tomorrow.
present earnings for
Board of Governors of Federal Reserve System Report
on Brokers' Balances for March—Customers' Debit
2625
paper
purchased
of automobile sales showed
from
automobile
while automobile loans extended
An
increase
purchased
than
of
from
19.4%
dealers
automobiles, and
A
decrease
Federal
shown
0.6%
of
with
the
the
purchasers increased 33.8%.
purchase
24.5%
the
Plans for
of
amount
was
of
instalment
paper
merchandise
other
shown
in
during the last
quarter
the
amount
quarter
in
total
Housing Administration Title I loans, and
in
financing
the
volume of
consumers.
occurred
third
car
in the
financing
financing handled directly for
compared
the
for
compared with the third quarter,
directly to
increase of
an
as
recorded
was
for
dealers
increase of 17.4% in the amount outstanding
an
during the fourth quarter of the year
an
the year
as
outstanding
of
of
increase of 5.5% was
outstanding total of personal cash loans to salaried workers.
Extending "Timeplan" Consumer Financing
to
Banks Throughout
Nation—E. A.
Facilities
Mattison to Leave Bank of America to Head Time-
plan Incorporated
Completion of plans for the extension of Timeplap con¬
financing facilities to leading banks throughout the
country was announced in St. Louis, Mo., on April 22 by
E. A. Mattison, Vice-President in charge of Bank of Amer¬
ica's instalment credit operations and Chairman of the
bank's public relations committee.
At the same time he
revealed that Timeplan loans made by Bank of America
in California since 1936 will reach a total exceeding $1,000,000,000 this year.
Mr. Mattison, under whose supervision
Timeplan was developed, announced he is leaving Bank of
America to head Timeplan, Inc., under which priority fran¬
chise rights for the perfected Timeplan system will be made
available to subscriber banks.
Headquarters of Timeplan,
Inc., will be in the Wrigley Building, Chicago.
In St. Louis
sumer
M.
F.
Links
Converse
125th
Anniversary of Mutual
National Defense—Head of
Stresses Part That Savings
Will Play in Present Emergency
Banks
Savings
National
with
Association
The part that saving will pay in meeting national defense
was
stressed
on
April 22 by Myron F. Converse,
needs
President
Banks,
of
in
Association
broadcast
address
Mutual
of
WMCA,
over
"National defense holds
radio station.
Savings
New
York
attention today
our
before in the long history of mutual savings banks,
as never
which
National
the
an
their 125th anniversary
"Collectively, mutual institutions
commemorating
now
are
year," Mr. Converse said.
constitute
oldest
the
of
group
banks
in
the
country.
Throughout a century and a quarter they have endured and
flourished through wars and panics, depressions and infla¬
tions, with an unmatched record of security.
Mr. Converse
I
believe
every
situation
Government
any
is
rose
to
that
any
War,
How different from
the credit of the
when
considerable public loan
we
savings capital for
with
have known
$74,000,000,000,
tainly will
rise
told
see
would
balance
But these
the
defense
thought
was
with
in
a
larger
the
and
long while.
highest
coveted
level
the
figures
new
are
so
necessary
to divert
the financing of governmental
Huge
program.
more
Last
since
the figure pass $80,000,000,000,
toward
further
the
ourselves
find
we
than
probably shall not find it
we
our
connection
be,
must
in the national
...
heartening that
in
revenue
beginning of the Civil
weak
so
large share of
needs
for confidence
causes
record figures for all time.
are
the
at
was
impossible.
It
soundest
our
backlog of the American people.
If our entire
form should be added together, they would exceed $75,-
These
000,000,000.
the
of
one
is the savings
in
savings
that
'29.
though
active
year
its
cost
of
sources
national income
This
year
we
cer¬
and it is not unlikely to
$100,000,000,000
a
year,
which
we
We do
by daily observation, a host of men and women formerly idle or
employed at public expense are back at work again, enjoying the satisfac¬
of
regular
a
doing
pay
worthwhile
jobs,
plus
impossible to
which
escape
us
confidence
that
comes
join in the wish that
the consequences of a world disaster, and
labor to /preserve
no
man
can
see
whatever benefits may derive from
from
so
a
large
an
outgrowth
of
a
we
earnestly
situation of
the end.
Aside from the question of defense,
as
the
Of course all of
envelope.
part of the new activity did not spring from the needs of war, but it is
should
Mr. Mattison paid tribute to the con¬
in the consumer credit
tinuing studies of the Association
field and endorsed the
war
the only benefit that I
activity will be
the opportunity to
can
perceive
spread
Manufacturers
wide bank
with
objectives of the St. Louis meeting.
country-wide markets
are
in
real
need of
a
nation¬
financing plan for such goods as automobiles, electric
washing machines, vacuum cleaners, radio sets and other
household equipment, and a varied list of other consumer goods.
These
consumer
refrigerators,
firms
can
use
service which
a
independently of finance companies
operates
chiefly affiliated with competing manufacturers.'
Mr. Mattison explained that Timeplan experience in Cali¬
fornia
had
provided
credit laboratory in which many
financing had been solved, and he
of this experience, the simpli¬
fication of handling processes, the type of forms developed
and the credit standards worked out," &c., will be available
to Timeplan, Inc., subscribers.
v"<;
problems
of
indicated
that
a
consumer
"the
benefit
are
economy.
great that they get beyond our grasp.
know,
tion
the Consumer Credit Conference of the American
Bankers Association,
Mr. Mattison said:
further stated:
emergency
to attend
this
Daylight Saving Time to Go Into
(April
27)-—Announcement by
Effect
Tomorrow
Federal
Reserve
Bank of New York—Merchants' Association Favors
Adoption
Vital
The
to
of
National
National
Federal
Reserve
Daylight
Saving
Law
as
Defense
Bank
of
New
York
on
April 22
issued the following announcement regarding the observance
of Daylight Saving Time, which goes into effect at 2 a. m.
tomorrow
(Sunday), April 27,
one hour):
turned ahead
(when the clocks will be
The Commercial & Financial Chronicle
2626
BANK OF NEW YORK
FEDERAL RESERVE
Department
Treasury
April 26, 1941
Submits
House
to
Ways
and
[Circular No. 2204, April 22, 1941]
Means Committee Proposals to Raise $3,500,000,000
Daylight Saving Time
Annually in New Revenue—Assistant Secretary
Sullivan Outlines Tax Program—Joint Congressional Group Also Presents Plan—-Both Plans Call
To all Banks and Trust
Companies in the Second
Federal Reserve District and Others
Concerned•
of New York and
Sunday, April 27,
During this period local time
and Buffalo, New York, will be one hour in
for Rise in Surtaxes
"Daylight saving time" will be effective in the cities
Buffalo, New York, during the period from 2 a. m. on
1941, to 2
a. m. on
in the cities
Sunday, Sept. 28, 1941.
York
of New
advance of Eastern
Bank will operate on such
standard time, and this
locai time.
allan
sproul, President
Rising sentiment in favor of a uniform Federal daylight
saving law, as a measure vital to the National Defense
Program, is reflected in a report released April 21 by The
Merchants' Association of New York.
Daylight Saving
most of New York State and 16
Sunday, April 27, and will remain
m. Sundav, Sept. 28.
In making
Time goes into effect in
other states at 2:00 a. m.
until 2:00
in effect
a.
public the result of the survey, Thomas Jefferson Miley,
Secretary of the Association, pointed out that the confusion
of time, which will be inevitable, when Daylight Saving
goes into effect on April 27, could all be avoided if Congress
would pass the National Daylight
Saying Law. An added
hour of daylight would speed industrial production, con-
coal and electricity, reduce industrial accidents
serye gas,
and foster the health of workers in the defense program by
mv
m
on
Incomes
Donartmfint's nlan for raisine" &3 500 000 000
„
1 "6 rrcas«ry department S pianior raising «*>,OUU,thAJ,UUU
.
additional taxes to COVer part ot the National Defense
presented to the House Ways and Means Com-
ID
program was
mittee
April 21 by John L. Sullivan, Assistant Secretary
on
Treasury.
On the following day (April 22) experts
of the Joint Congressional Committee on Internal Revenue
Taxation submitted to the House Committee their tax
proposals
Rnfh
nl*
wprA
nroSPntfid to closed sessions of the Corn-
,f °tJl plans 77G™ presefte?t0 close(* sessions ot the Cornmittee as preliminaries to the open hearings which began
on April 24 with Secretary of the Treasury Morgenthau as
the first witness.
At the April 24 hearing, Secretary Morgenthau referred
the amount sought in increased revenue as "without
precedent," but he said "the situation confronting us today
js apso without parallel." The prepared statement of Secre-
head in this issue.
tary Morgenthau is given under another
have
jn that statement he said that "we now
a program
of
giving them an extra hour for open air recreation," Mr.
Miley said. In noting this, an announcement by the Asso-
about $39,000,000,000 for defense expenditures including the
lend-lease appropriations."
He further said that "the
ciation added:
Treasury estimate is that at the start of the new
At the instance of The
in
Congress
Representative
by
Knw£eth'
Donald
II.
McLean,
Republican
from
affected will be from the last Sunday in March until
bill the period
last Sunday in
Merchants' Association a bill has been introduced
?
the
♦
defense."
»
,
nr
m
i
Secretary of the Treasury Morgenthau announced on
April 21 that the tenders to the offering last week of $100,000,000 or thereabouts of 91-day Treasury bills totaled
$247,429,000, of which $100,100,000 was accepted at an
price of 0.097%.
The Treasury bills are dated
April 23 and will mature on July 23, 1941.
Reference to the
offering appeared in our issue of April 19, page 2476.
k'-The following regarding the accepted bids for the offering
is from Mx. Miorgenthau S announcement of April 21:
average
Total accepted $100,100,000
Total applied for $247,429,000
Range of accepted bids:
0.040%
99.972 Equivalent rate approximately 0.111%
99.975 Equivalent rate approximately 0.097%
Average price
(67% Of the amount bid for at the low price was accepted)
^
Course
^
The Associated Press accounts
starting July 1.
from Washington, April 24, also stated:
Tbe Secretary said that the place he would look first would be at the
Department of Agriculture appropriation bill, which includes $500,000,000
for conservation payments. He referred also to the fact that the Senate had
,ncreaBed the fund
proposed for parity payments to farmers from
000,000 passed by the House to $450,000,000.
Mr. Morgenthau suggested also that cuts might be
for the Civilian Conservation Corps, now about
$212.-
I
made in appropriations
$300,000,000, and for the
National Youth Administration, now about $370,000,000.
''The cc? an(* the nya," he asserted, "are taking m boys over 21 as if
X^dSSS
be taken at the Federal
at what he
called
suggested that a look
8200,000,000
Government
highway ald appropriation of about
second
class
postage
subsidies, and at
publicity departments.
ment to the Committee on
Treasury Sullivan in his stateApril 24 said that the Treasury
proposals leave the personal exemptions unchanged from the
Revenue Act of 1940, under which they were substantially
decreased.
He noted that "the proposed increases in the
personal income taxes are substantial."
New Offering of $100,000,000 of 91-Day Treasury
Will be Dated April 30, 1941
Bills—•
On the first bracket of income
He went on to say:
above personal exemptions, the combined
is 16.5%, compared with 4.4%
Increases are proposed throughout much of the rate
schedule, but they taper off as the very high rates of the higher brackets
surtax, normal tax and defense tax rate
offering of 91-day Treasury bills to the
amount of $100,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
a
year
Assistant Secretary of the
99.990 Equivalent rate approximately
-
-
Tenders to
In the
fiscal
than $1,000,000,000 a month
of questioning after his general
no more
Associated
expressed the opinion that itlspjTfectly pOSSlbletO
non-defense items to the extent of $1,000,000,000 for the
fiscal year
.
$247,429,000 Received to Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,100,000
Accepted at Average Price of 0.097%
•Low
on
spending
statement, Mr.j Morgenthau, according to the
.1
°
cut
Tenders of
,c
shall be
October. Representative Keogh of New York has introduced
similar bill.
a
we
new
under present law.
are reached.
Under date of April 24 United Press advices from Washing-
April 25, by Secretary of the Treasury Morgenthau.
Tenders will be received at the Federal Reserve banks, and the
ton stated:
branches thereof, up to 2 p. m. (EST) April 28, but will not
be received at the Treasury Department, Washington.
The
The Treasury tax plan, calling for a minimum 11% surtax on the first
dollar of taxable income, over and above the normal and special defense
Treasury bills will be dated April 30 and will mature on
July 30, 1941, and on the maturity date the face amount of
income tax rates, was first presented to the Committee at a secret
the
bills
be
will
April 30
in amount of
$101,298,000.
Morgenthau in his
Mr.
They (the bills) will be issued in bearer form only, and in
denominations
(maturity
$1,000. $5,000, $10,000, $100,000, $500,000, and $1,000,000
Each tender must be for an even multiple of $1,000, and the price
value).
offered must be expressed on the basis
decimals,
e.
Tenders
99.925.
g.,
will
be
trust companies
of 100, with not more than three
Fractions may not be used.
received
wihout deposit from incorporated banks
Tenders from others must be accompanied by payment
of the
amount
face
of Treasury bills
applied for,
of 10%
unless the tenders are
accompanied by an express guaranty of payment by an
or
and
and from responsible and recognized dealers in investment
securities.
incorporated bank
trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches,
be made
Those submitting tenders will be advised of the accep-
of accepted bids.
tance or rejection
the
thereof.
the
respect(shallj)e final.
Payment of accepted tenders at
prices offered must be made or completed at the Federal Reserve Bank
in cash
or
other
immediately available funds
The income derived from
sale
The Secretary of the Treasury expressly reserves
right to accept or reject any or ail tenders, in whole or in part, and his
action in any such
►
following which public announcement will
by the Secretary of the Treasury of the amount and price range
or
on
April 30, 1941.
Treasury bills, whether interest
other disposition of the
bills, shall not have
any
or
gain from the
exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not
special treatment, as such, under Federal tax Acts
now or
have any
hereafter enacted.
ranging up to 24%.
Treasury plan called for new and increased luxury taxes,
Corporations now pay normal income tax rates
In addition, the
of the offering
announcement
further said:
of
th7°b=
There » a
payable without interest
maturity of a previous issue of Treasury bills on
meeting
Monday.
upward revision of estate and gift taxes, and
liquors and a wide range of goods.
higher levies on beer, tobacco,
Proposed new taxes included a levy of 5% on telephone bills, in addition
to increases in the existing taxes on long-distance telephone calls and
telegrams. A 5% tax on all railroad, bus, air and steamship tickets costing
over 35 cents also was asked.
»»Mr. Sullivan, in presenting the program, said "we want the kind of
Federal revenue system which can readily be adjusted to the Nation's requirements after this job is done and the emergency is past."
Undersecretary of the Treasury Daniel W. Bell estimated that the new •
taxes, together with those already in effect, would consume about 24% of an
estimated $80,000,000,000 national income next year. After paying the
taxes, he said, the public will have an income of $57,000,000,000 left.
It was pointed out that a national income of that latter figure would be
$17,000,000,000 more than the total national income in 1932 at the depth
of the depression.
The Treasury estimated that its plan would produce the following additional revenues:
Income surtaxes, $1,521,000,000.
Estates and gifts, $347,000,000.
Corporation surtax and upward changes in the excess profits tax, $935,000,000.
Commodity excise and luxury taxes—$1,233,000,000 of which $86,000,000 would come from general excise taxes, $178,000,000 from liquor, and
$188,000,000 from tobacco.
to
the changes affecting
The,bills shall be subject to estate, inheritance, gift, or other excise taxes,
personal income taxes, Mr.
Quill van snirl*
taxation now or here-
«milvan saiu.
whether Federal or State, but shall be exempt from all
after imposed on
the principal
or
interest thereof by any State, or any of the
possessions of the United States,
purposes
or
by any local taxing authority.
For
of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Treasury Department Circular No. 418, as amended, and this notice.
prescribe the terms of the Treasury bills and govern the conditions
issue.
of their
Under present law, a married person with no dependents and a net
income before personal exemption of $2,500 pays a tax of $11, the proposed
schedule will raise his tax to $72 or 2.9% of his net income. The same person
with a $5,000 net income pays $110 under the present law. Under the
proposal he would pay $506 or an effective rate of 10.1%. For a married
person having no dependents with a $10,000 income, the proposed schedule
will increase the tax from $528 to $1,628, an effective rate of 16.3%.
Volume
In
consideration
Volunteer for British Service
of the tax and
of the lower brackets the
paid not to the percentage of increase but to the amount
the effective rate of tax burden.
increases
several-fold,
are
total tax is not
In order that
.
,
.
tion from the income tax due to
are
keep in mind
received practical exemp¬
securities.
their ownership of tax-exempt
ment or
were
purchased it
at the rate of
5%
for
cost of
doing business and thus would be passed
the public
to
would exert
on
to
Moreover,
rising
No
income carries
national
man
can
covenant
defense costs
it
with
a
To
greater
should provide
taxes
In terms of the
Treasury's
this amount.
In
.
designed
is
to
produce approximately
revisions in the right direction, the Federal revenue system
is still heavily
revenue
For this reason,
we
better balance.
^v'yv; '
%'w:.
■
Jr.
After these changes are superimposed upon the present revenue system;
third from ability-to-pay taxes, one-third
excises.
from corporate taxes, and one-
Treasury's
revenue
proposals
expected to yield approximately $3,600,000,000 of net additional revenue.
The yields of the
individual items add to
a
total of approximately $4
It should be noted, however, that the estimated yield of
billion.
Items has been computed without reference to the interrelated
several proposals.
the
the
In some
Thus
yield of others.
excess
taxes
profits tax.
cases
an
each of the
effects of the
the imposition of one tax will decrease
increase in the corporation tax will decrease
Increases in corporation taxes and excess profits
We
will likewise decrease the yield of the individual income tax.
estimate that after
program
an
allowance for this factor the net yield of the proposed
':
will be approximately $3,600,000,000.
It should be noted that much of the increase in this tax will not
ceived during fiscal 1942.
about 40%
be
-
re¬
The lag in payments will delay the collection of
of it until fiscal 1943.
Both the proposals of
Committee favor
the Treasury and Joint Congres¬
continuance of the present 4%
normal individual income tax but would add surtaxes.
While the Treasury plan recommends application of an 11%
surtax, starting at the first $2,000 of taxable income, the
Joint Committee, it is said, suggested a 6% rate on income of
more than $2,000.
To both the normal and surtaxes would
be added the 10% defense super-tax.
The following comparison of the two plans was reported
in United Press Washington advices of April 23:
sional
The Treasury
recommended application of an 11% surtax on the first
$2,000 of net taxable income after deductions and exemptions.
plus the normal 4% tax and the 10% defense tax, would take
person
This levy,
$506 from a
earning $5,000 a year, instead of $110 under present law.
These
proposed
surtaxes
would graduate upward
until they reached
75% on incomes in excess of $5,000,000. This peak is reached also under the
Congressional plan, but it would impose surtaxes beginning at 6%.
tax on a $5,000 income
In
neither
consideration
in
The
would be $332.
plan would
10%
the
determination
earned income deduction be allowed
due from surtaxes.
of the amount
The
Treasury plan would allow this deduction from gross income for purposes
determining what the taxpayer owed after application of the
rate— The amount due from surtaxes
of
normal 4%
would have to be computed without
the earned income credit deduction.
The
the
recommendations
earned
the surtax,
income
credit
to $2,000.
of
the
and
experts
would
eliminate
of
limit over-all deductions, for purposes
The staff experts proposed to retain a $2,000 ex¬
emption from surtaxes, whereas the Treasury asked
taxable net income be subjected to surtaxes.
and will bear interest at the rate of
payable semi-annually. The bonds of
both series will be redeemable before maturity, at the option
of the owners at fixed redemption values.
These bonds are
intended to provide facilities for the larger investors, and
registration will not be restricted to individuals.
The
aggregate amount of bonds of either series, or of the two
series combined, originally issued to any one person during
any one calendar year that may be held by that person at
any one time may not exceed $50,000 (issue price).
Supplementing the sale of savings bonds will be the plac¬
ing on sale on May 1 of defense savings stamps in denomina¬
tions of 10, 25 and 50 cents, and $1 and $5 at any post office
where bonds are on sale and at other designated agencies; a
description of these stamps was given in these columns^of
April 19, page 2484.
In this same issue (page 2476)rwe
gave the regulations governing agencies for the issuance^of
the bonds.
'.
VA-rv- ••A--- -;A_
A previous description of the savings bonds appeared m
these columns of March 22, page 1837.
Following are the circulars issued by Secretary Morgenthau #
per
UNITED
annum
STATES DEFENSE SAVINGS
Issued on a discount
Investment
approximately
yield,
Issued at 75% of
originally issued to
be held by that person
registration permitted.
that every dollar of
Defense Postal
Under the joint committee
-,*-
Savings Stamps for Instalment
1941
■
of the Public Debt
The
as
proposed by the Committee.
week on new taxes
noted in our issue of
Secretary Morgenthau's remarks last
April 19,
page
2481.
transferable,
Not more than $5,000 (maturity
any one person during any one calendar year
at any one time.
Coownership and beneficiary
U
vV,'
Department Circular No. 653
Fiscal Service, Bureau
Joint Congressional Committee's income tax rates
reported to be less drastic than the Treasury's on incomes
up to $25,000, but above that figure the rates are higher.
The Treasury's schedule is estimated to raise about $1,500,000,000 additional revenue compared with approximately
2-9% to maturity. Redeemable before
fixed redemption values.
i
maturity value, in registered form only, not
registration restricted to individuals.
value)
may
BONDS, SERIES E
basis—payable 10 years from issue date, at par.
maturity, at option of owners, at
I.
are
$1,000,000,000
Available
will be issued at par,
other exemptions now
dependent—would be disallowed.
incident to the defense program were
Made
Savings bonds of Series E and Defense Series F
The first named issue,
plan, $2,000 would be the allowable deduction and
granted—such as $400 for each child or
Financing
Defense
the
2lA%
with
Congressional
Aid
to
year
...
In the first full year of their operation the
are
a
originally issued to any one person during any one calendar
that that person may hold limited to $5,000 (maturity
value).
These Defense Savings bonds will replace the
present "baby bond" series.
They will be issued on a dis¬
count basis, in denominations of $25 (maturity value), and
multiples thereof, the issue price being 75% of its maturity
value, with maturity of 10 years.
The bonds of Series F will be issued on a discount basis,
with a 12-year maturity value at 74% of their maturity
value; if held to maturity the yield will approximate 2.53%
per annum.
The bonds of Series G, likewise with a 12-year,
roughly one-third will be derived from each of the three categories—onethird from commodity
the Red Cross Treaty of Geneva,
belligerents since 1864.
by all
eligible and able to go, service in this
Defense Savings bond of Series E, are intended
primarily for the investment of small or moderate amounts
saved from current income by individuals, and their issue is
restricted to individuals in their own right, with the amount
viz.
that the entire system might be brought into
so
of
respected
and Defense Series G will be sold.
consider it appropriate that
designed to meet emergency defense costs rely heavily
program
ability-to-pay taxes
on
protection
been
presents a splendid opportunity.
Defense
weighted with consumer taxes, particularly in view of the extensive use of
a
the
which will go on sale throughout the country on May 1.
Three issues of United States Savings bonds, designated
:yV:.J-1'
devising this program, it was recognized that despite several recent
such taxes by the States.
Cross in
Secretary of the Treasury Morgenthau issued on April 15
two circulars describing the new Defense Savings bonds
approximately $3.5 billion to be raised by new
program
Red
Postal Savings Stamps
Present taxes are expected to pro¬
yielding $12,667,000,000.
The
taxes.
the American
will be enrolled by the British Red Cross and
volunteer
has
American doctor who is
Bonds
$19 billion expenditures now indicated for fiscal year 1942, this requires a
vide $9,223,000,000, leaving
and the American College of
to
by Secretary Morgenthau—Will Go on Sale May 1
—Issues Priced from $25 to $10,000—New Series of
approximately two-
thirds of Federal expenditures during the emergency period.
tax system
Surgeons
their assistance
Details of Three New Issues of United States Savings
^
current
College of
offered
under
which
any
cause
With these fundamental considerations in mind, the Treasury has come
that
They
foresee whether the future will bring
of the certainty of the present.
the conclusion
have
Those who
work
will
greater or lesser ability and It is the better part of wisdom to take advantage
to
Public Health Service.
should encourage eligible American doctors to
service with our British friends.
I also
Division of Medical Sciences of the National Research
doctors whom Great Britain so desperately needs can do much
heal the wounds inflicted alike upon civilians and military in this cruel
war.
To avoid
si ,^-j^.%.
This tax program will enable us to distribute the burden of
equitably.
acute shortage
civilian
The young
borrowing, together with increased purchasing power,
ability to pay taxes.
and
we
the American
Council,
also quote:
this, the tax program is essential.
American Red Cross
meeting this emergency.
strong and dangerous upward influence on prices.
a
the
through
humanitarian
this
informed that the
am
in the
the Government and
dangers of inflationary price movements are real, and must be avoided
Excessive reliance
for
Physicians
we
appealed
military
in believing
me
volunteer
in general price increases.
From Mr. Sullivan's statement
The
on to
has
Surgeons General of the Army, Navy and
joined
We have
the basic necessities of life
excises which, while productive, would constitute an increase
and
Cross
British
in
doctors
the
number of new taxes
be imposed and the rates of some existing taxes be increased.
endeavored to avoid excises which would fall on
Red
to 1,000 young American doctors to help it meet an
hospitals.
As President of
the American Red Cross I heartily approve this request.
When the British appeal came to my attention I asked the opinions of
This will yield $535 million.
In the field of excise taxation, it is proposed that a
The President's statement follows:
up
of
of a surtax
the first $25,000 of net income and 6% on the balance.
on
service in
his
British
The
Accordingly, it is suggested
corporations.
on
an
military and civilian
from
war."
granted by
increase in the corporate tax rate be made in the form
an
When
income tax.
anticipated, either by the Govern¬
It is undesirable that any additional tax benefit be
increasing the normal rate
that
was not
by corporations, that the tax benefit from them would be as great
it is.
as
approximately $20 billion of such securities
At present,
held by corporations that are subject to the Federal
these securities
appeal for
doctors to volunteer for
hospitals.
In his statement,
Hyde Park (New York) home, the Presi¬
dent said that the request was made by the British Red
Cross through the American Red Cross and that, as head
of the United States organization, he heartily approved it.
Mr. Roosevelt also said that "the young doctors whom Great
Britain
so
desperately needs can do much to heal the
wounds inflicted upon civilians and military in this cruel
issued
large volume of these securities is in the form of partially tax-exempt
Federal securities.
issued
20
on
American
young
British
proposed also to increase the general corporation
In this connection, however, it is important to
that in the past many financial corporations have
A
1,000
April
Roosevelt
President
by the
represented
of income
.
of the additional tax burden be borne by all corpora¬
some
tions with net income, it is
income tax.
While in some
the proportion
unduly large.
Doctors to
President Roosevelt Asks for 1,000 American
attention be
I suggest that particular
of these rates,
2627
Financial Chronicle
The Commercial &
152
Offering of Defense Savings
Payments
Treasury Department,
Office ot the Secretary,
Washington, April 15, 1941
Bonds—Series E
pursuant to the authority of the
Second Liberty Bond Act, as amended, offers for sale, to the people of
the United States, through the Postal Service and other designated agencies,
an
issue of United States Savings Bonds, designated Defense Savings
Bonds—Series E.
The bonds, hereinafter fully described, will be issued
on a discount basis, in denominations of $25 (maturity value), and multiples
thereof, the issue price of each bond being 75% of its maturity value.
The
bonds will mature and be payable at face value 10 years from their reX.
The
Secretary of the Treasury,
The Commercial & Financial Chronicle
2628
spective Issue dates, but will be redeemable before maturity, at the option
of owners, at fixed redemption values.
The bonds will be placed on sale
nated person.
1.
registered
form, in denominations of $25, $50, $100, $500 and $1,000 (maturity values),
at prices hereinafter set forth.
Each bond will bear the facsimile signature
and
Secretary of the Treasury, and will bear both
an
impression of the Seal of the Treasury.
issuing agent will inscribe the
bond, will enter the date
corner, and will
imprint (in red)
an
At the time of issue, the
address
of the
owner
each
on
of which the bond is issued in the upper right
as
imprint his dating stamp (with current date) in the circle
in the lower left corner.
inscribed
and
name
and dated,
as
Defense savings bonds shall be valid only if duly
above provided, and delivered
by
authorized
an
agent following receipt of payment therefor.
2.
The bonds will, in each instance, be dated
month in which payment of the issue price
chased by mail, the application
of the first day of the
as
The
bonds
(or, in the
of bonds pur¬
case
accompanied by remittance to
be payable at face value
be
not
may
called
the
cover
10 years from such issue date.
for redemption
Treasury prior to maturity, but they
by
the
Secretary of the
be redeemed prior to maturity,
may
after 60 days from the issue date, at the owner's option, at fixed
redemption
No interest as such will be paid on the bonds, but
they will in¬
values.
in redemption value at the end of the first year from issue date, and
the end of each successive half-year period thereafter until their ma¬
crease
at
turity, when the face amount becomes payable.
will be payable
The purchase price of Defense
Savings Bonds of Series E has been fixed
so
yield of about 2.9%
per
held to maturity;
are
afford
investment
an
exercises his option to redeem
owner
prior to maturity the investment yield
end of this circular shows:
to
compounded semi-annually if the bonds
annum
if the
will
be
less.
The
a
table
bond
the
at
denominations, increase in redemption value during the successive
half-year periods following issue, and (2) the computed investment yields
(a) on the Issue price from issue date to the beginning of each
half-year
period, and
(b) on the current redemption value from the beginning of
half-year period to maturity at the end of the 10-year period.
3.
The
bonds will not be transferable, and will be
payable only to the
named thereon,
owner
except in case of death
disability of the
or
owner
otherwise specifically provided in the
regulations governing savings
bonds, and in any event only in accordance with such
or
as
ingly they
for
may
regulations.
Accord¬
be sold, and may not be hypothecated as collateral
not
dated upon receipt of the issue price.
purpose
of determining taxes
and tax exemp¬
tions, the increment in value represented by the difference between the
price paid for United States Savings Bonds and the
redemption value
received therefor (whether at or before
maturity) shall be considered as
interest, and such interest
income
The
taxes,
States, the Canal Zone and the Philippine Islands.
will
profits taxes
shall
be
now
subject to
estate,
inheritance,
gift,
or
other
of the possessions of the United
States,
or
by
authority.
III.
1.
by
while this offer is in
effect,
may
be purchased,
(a) Over-the-counter for cash:
(1) At United States post offices of the first, second, and third
classes,
and at selected post offices of the
fourth
class, and generally at classified
stations and branches.
(2) Postal savings—Subject to regulations
prescribed by the Board of
Trustees of the Postal Savings
System, the withdrawal of postal savings
deposits will be permitted for the purpose of
acquiring Defense savings bonds.
(3) At such incorporated banks, trust
companies, mutual savings banks
and other agencies as have been
designated and have duly qualified as
sales agents
to the provisions of
pursuant
Treasury Department Circular
No. 657, dated April 15, 1941.
will be accepted,
subject to collection.
Checks,
or
other forms of exchange,
should be drawn to the order of the
Treasurer of the United States
Federal Reserve Bank, as the
case may
10, 25 and 50 cents, and $1 and
$5,
are
may be purchased
on
at any post
sale, and at such
other
stamp albums, for affixing the
stamps,
will be available
receivable, in the
without
amount of the affixed
as
issue
prices
of
charge,
stamps,
on
denominations
of
the purchase price of Defense
savings bonds.
Prices—The
2.
the
various
Defense Savings Bonds of Serins E
follow:
$100.00
5500.00
$1,000.00
37.50
75.00
375.00
IV.
during
in the
Limitation
on
name
Savings Bonds of
another named
at
time shall
one
acquired
original
on
surrendered
Series E
originally issued
including those registered
of that person alone, and those
registered in the
Derson with
not
name
of that
coowner, that may be held by that person
exceed $5,000
(maturity value).
of the
create
issue
an
price,
excess
as
must
Any bonds
immediately be
provided in the regulations
V.
Defense
names
Authorized Forms of Registration
Savings Bonds of Series E
may
only
in
the
the
Philippine Islands, or citizens of the United States
temporarily residing
abroad, as follows:
(a) In the name of one person,
(6)
(but not
more
than two)
person payable on death
purchase,
subsequently.
or
Postmasters gen¬
VII.
1.
Payment at Maturity
as
or
Redemption Prior to Maturity
General—Any Defense savings bond will be paid in full
at the option of the owner, after 60
or,
redeemed in whole
following
maturity,
in part at the
or
presentation
arrang¬
safekeeping agents.
at maturity,
days from the issue date, will be
appropriate redemption value prior to
and
surrender
of
the
bond,
with
the
request for payment properly executed, all in accordance with the regula¬
tions governing savings bonds.
Execution
2.
of
Request for
Payment—The
registered
owner,
or
other person entitled to payment under the regulations
governing savings
bonds, must appear before one of the officers authorized by the Secretary
of
the
Treasury to witness and certify requests for payment, establish
identity, and in the presence of such officer sign the request for payment,
his
adding the address to which the check is
for payment has
been
to be mailed.
signed, the witnessing
so
and sign the certificate provided for his use.
in
particular
a
the form
case,
of request
After the request
officer
should complete
Unless otherwise authorized
appearing
the
on
back of the
bond must be used.
Officers Authorized
Witness and Certify Requests for Pay
to
ment—The officers authorized to witness and certify
requests for payment
of savings bonds are fully set forth
in the regulations governing savings
bonds, such officers including United States postmasters and certain other
post office officials, and the executive officers of all banks
panies
incorporated
in
the
United
States
its
or
trust
or
organized
including officers at domestic and foreign branches who
the Treasury Department as executive officers.
are
com¬
Territories,
Presentation and
4.
certified to
been
Surrender—After the request for payment has
duly executed by the
entitled
person
and
by the certifying officer,
the bond must be presented and surrendered to the
Treasury
Washington,
or to a
For
the
Federal Reserve Bank, at the
owner's
protection,
registered mail, if not presented in
5.
Disability
| owner,
or
Death—In
or
the death
or
designated
a
Treasury
Department,
of
case
the
of
disability
not
owner
instructions
Division
Department,
expense and risk
should
be
of the
forwarded
by
person.
of the registered
beneficiary,
bond
the
should
Loans
and
of the
survived
be
by
registered
a
obtained
Currency,
coowner
from
the
Washington,
D. C., before the request for payment Is executed.
Method of Payment—The only agencies authorized to
pay or redeem
bonds are the Treasury Department and the Federal Reserve
6.
savings
Banks.
Postmasters
they will assist
are
owners
not authorized to
owner
other
or
make payment,
but generally
in securing payment, at or before maturity.
ment in all cases will be made
person
by check drawn
to the
entitled to payment,
Pay¬
order of the registered
and mailed to the addresss
Partial Redemption—Partial redemption of
7.
of
a
a
Defense savings bond
denomination higher than $25 (maturity value) at current
redemption
value
is
permitted,
but only in multiples of $25 (maturity value).
In
redemption the remainder will be reissued in authorized
of partial
case
denominations bearing the same issue date
as
the bond surrendered.
1.
Series Designation
Defense Savings Bonds of Series E, offered
hereunder, to be issued
during
the
calender
year
1941, will be designated Series E-1941, and
be issued in subsequent calendar years will be similarly
designated by the series letter followed by the year of issue.
those which
may
IX.
1.
General Provisions
All Defense Savings Bonds of Series E,
issued pursuant to this cir¬
cular, shall be subject to the regulations prescribed from time to time
by
the
Secretary of the Treasury to
Such
regulations may require,
of presentation
case
of
United
govern
among
Defense
States
other things,
savings
bonds
for
Savings Bonds.
reasonable notice in
in
redemption
prior
to
The present regulations governing savings bonds are set forth
Treasury Department Circular No. 530, Fourth Revision, dated April 15,
copies
Department,
2.
The
of which may
or
be
obtained
Secretary of the Treasury
to issue or
on
application to the Treasury
to any Federal Reserve Bank.
reserves
the right to reject any applica¬
Savings Bonds of Series E, in whole
or
in part, and to refuse
permit to be issued hereunder any such Defense savings bonds
in any case or any
class
or
classes of
cases
if he deems such action to be in
the public interest, and his action in any such
respect shall be final.
3.
are
Postmasters
on
and
sale,
Federal
authorized
in
under
charge of post offices where Defense savings bonds
regulations promulgated
Reserve
to
Banks,
as
fiscal
by the Postmaster
agents
of the
perform such fiscal agency services
as
United
may
General,
States,
are
be requested of
Other sales agencies will be subject to the provisions of
Treasury Department
be registered
of natural persons
(that is, individuals) whether adults or minors,
own right, who are residents of the
Continental United States, the
Territories and Insular Possessions of the United
States, the Canal Zone,
one
con¬
by the Secretary of the Treasury in connection with the issue, de¬
livery, safekeeping, redemption, and payment of Defense savings bonds.
in their
two
desires, and in such
so
them
governing savings bonds.
1.
or
ing for safekeeping, but will not act
as
issue which
for refund
safekeeping without charge by
erally, and branches of Federal Reserve Banks, will assist holders in
tion for Defense
Holdings
any one calendar year to any one
person,
any
A Defense savings bond will be held in
Secretary ot the Treasury if the holder
safekeeping at the time
75.000
The amount of Defense
other issuing agent is imprinted in the circle in the lower left
nection the facilities ot the Federal Reserve Banks, as fiscal
agents of the
United States, will be utilized.
Arrangements may be made for such
1941,
$50.00
(purchase) price......... 18.75
1.
or
maturity.
the
Denomination (maturity value).$25.00
Issue
as
of the bond.
corner
office
agencies
may be designated from time to
time.
These stamps may be used to
accumulate credits for the
purchase of Defense savings bonds.
Defense
Issue
the face of the bond, that the bond is duly dated
on
VIII.
Other agencies—The
Secretary of the Treasury, in his discretion,
designate agencies other than those herein
designated for the sale
for the handling of applications
for, Defense Savings Bond of Series E.
2. Defense Postal
Savings Stamps for Instalment Payments—
Postal Savings
Stamps of a special Defense series in denominations of
3.
address
the
or
or
and such albums will be
accepted
date) of the
postmaster
(c)
Defense savings bonds
held in
or
not be
correct name and
of the first day of the month in which payment of the issue
price was re¬
ceived by the agent, and that the dating stamp (with current
be.
may
where
Delivery should
given in the request for payment.
(b) On mail order—Defense savings bonds
may be purchased by mail
application to the Treasurer of the United
States, Washington,
D. C., or to any Federal Reserve
Bank, accompanied by a remittance to
cover the issue
price.
Any form of exchange, including personal checks,
upon
of,
duly inscribed
are
follows:
as
the purchaser may direct.
as
purchaser until he has verified that the
any
owner.
Purchase of Bonds
Agencies—Defense Savings Bonds of Series E
No deliveries elsewhere
If purchased by citizens of the United States temporarily
excise
local taxing
any
upon
to the Treasurer
or
residing abroad, bonds will be delivered in the United States,
on
Federal or State, but shall be
exempt from all taxation
hereafter imposed on the principal or interest thereof
by any State,
any
be made.
safekeeping,
whether
now or
or
or
bonds
Defense savings bonds is not exempt from
or hereafter imposed
by the United States.
Bonds issued
nental United States, the Territories and Insular Possessions of the United
3.
Taxation.—For the
Defense
of the United States will be delivered by registered mail within the Conti¬
loan.
a
4.
from whom
be purchased are authorized to deliver such oonds duly
mail order applications made to a Federal Reserve Bank
(1) How Defense Savings Bonds of Series E,
by
each
sales agents
inscribed and
A table of redemption
values for each bond appears on its face.
as
Delivery and Safekeeping of Defense Savings Bonds of Series E
Postmasters and other authorized
The increment in value
only upon redemption of the bonds.
to authorized forms of registration wii
may
issue price) is received by an agent authorized to issue the bonds; the bonds
will mature and
as
savings bonds
Defense Savings Bonds of Series E will be issued only in
of the
VI.
1.
Description and Terms of Bonds
Full information
1
be'found in the regulations governing savings bonds.
beginning May 1, 1941, and their sale will continue until terminated by
the Secretary of the Treasury,
II,
April 26, 1941
persons as coowners,
to
one
(but not
more
and
in the
names
(c) in the
than
name
of
of
one) other desig-
Circular No. 657, dated April 15, 1941.
4.
The Secretary of the Treasury may at any time or from time to time
supplement
or
amend the terms of this circular, or of any amendments
supplements thereto, information
to
the
Postmaster
General,
the
as
to which shall
Federal
or
be promptly furnished
Reserve Banks
and
other sales
agencies.
5.
The offering of Defense Savings Bonds of Series E, pursuant to this
circular, is separate and distinct from the concurrent offerings of United
Volume
of bonds of Series F has been fixed so as to
Gt pur¬
Series F and of Defense Series
States Savings Bonds of Defense
April 15, 1941.
6. By notice heretofore given to the Postmaster General and to other
designated sales agencies, the sale of United States Savings Bonds of
Series D, pursuant to Department Circular No. 596, dated December 15,
1938, as amended, will terminate at the close of business on April 30,
1941,
Unless otherwise instructed, all applications for savings bonds of
Series D received by mail subsequent to April 30, 1941, will be considered
as applications for Defense Savings Bonds of Series E.
-m
Department Circular No. 654, dated
to Treasury
suant
ir
Redemption Values and Investment Yields
Table showing:
(1) How Defense Savings Bonds of Series E, by
in redemption value during successive half-year periods
denominations,
following issue;
(2) the approximate investment yield on the purchase price from issue date to
the beginning of each half-year period; and (3) tne approximate Investment yield
on the current redemption value from the beginning of each half-year period to
maturity.
Yields are expressed In terms of rate percent per annum, compounded
semi-annually.
•; :
■
$25.00
$50.00
$100.00
Issue price
$18.75
$37.50
(3)
(2)
Approxi-
$75.00
Period
(1) Redemption Values During
Each Half-Year Period
After
Issue Date
Approxi-
TTlUMz
Maturity value.«...
f/MWe
Yield
adjustment (or refund)
his option to redeem a
bond prior to maturity, the investment yield will be less than the interest
rate on the bonds.
Bonds of Series G may be redeemed at par (1) upon
the death of the owner, or a coowner, if a natural person, or (2), as to bonds
held by a trustee or other fiduciary, upon the death of any person which
results in termination of the trust, in whole or in part.
If the trust is
terminated only in part redemption at par will oe made only to the extent
of the pro rata portion of the trust so terminated, to the next lower multiple
of $100.
In any case request for redemption at par must be made within
four months after the date of death and in accordance with the regulations
Accordingly, if the owner exercises
Tables at the end of this circular
*2.90
$75.00
75.00
0.00
3.05
1 to 1)4 years-.
18.87
37.75
75.50
0.67
3.15
1H to 2
2 to 2 J4
years-
19.00
38.00
76.00
0.88
3.25
years
19.12
38.25
76.50
0.99
3.38
2)4 to 3
years
19.25
38.50
77.00
1.06
3.52
6.
19.50
39.00
78.00
1.31
3.58
owner
3.66
r
A table of redemption values for
and the difference between
37.50
3 to 334 years-..
>
:.Lv
19.75
39.50
79.00
1.49
40.00
80.00
1.62
3.75
40.50
81.00
1.72
3.87
Donds, and in any event only
5 to 5)4 years
20.50
41.00
82.00
1.79
4.01
ingly they
20.75
41.50
83.00
1.85
4.18
a
21.00
42.00
84.00
1.90
4.41
21.50
43.00
86.00
2.12
4.36
22.00
44.00
-
88.00
2.30
22.50
45.00
90.00
2.45
46.00
92.00
2.57
4.21
8)4 to 9 years
23.50
47.00
94.00
2.67
4.17
9 to 9)4 years.
24.00
48.00
96.00
2.76
4.12
9)4 to 10 years
24.50
49.00
98.00
2.84
4.08
$25.00
$50.00
$100.00
2.90
—
UNITED
Issued
on a
—Approximately 2.53% to Maturity
Rate of 2M % Per Annum
after six months from date of issue,
before maturity,
at
values, on the first day of any month,
month's notice.
on one
Issued only in
registered form, not transferable; the aggregate amount of
bonds of either series or of the two series combined originally issued to any
one person
during any one calendar year that may be held by that person
at any one
time may not exceed $50,000 (issue price).
Treasury Department,
1941
Office of The Secretary,
Department Circular No. 654
Washington, April 15, 1941.
Fiscal Service Bureau of the Public Debt
Offering of United States Savings Bonds of Defense Series F and
I*
;
•"
Defense Series G
,
1. The Secretary
•Second Liberty
th
i
United
United
of the Treasury, pursuant to the authority of the
Bond Act, as amended, offers for sale, to the people of
States,
through the Federal Reserve Banks, two issues of
designated Defense Series F and Defense
Savings Bonds,
States
hereinafter referred to as Series F and Series G.
Series G,
F will be issued
Series
on
a
The bonds of
discount basis, the issue price of each bond
being 74% of its maturity value; they will mature and be payable at face
12 years from their respective
value
before
maturity,
the
at
The bonds of Series G will be
rate of
issue dates, but will be redeemable
at fixed redemption
option of owners,
values.
issued at par, and will bear interest at the
2y%% per annum, payable semi-annually; they will mature and be
payable at face value 12 years from their respective issue dates,
be redeemable before maturity, at the option
of their issue
but will
of owners, at fixed redemption
Descriptions of the bonds of both
values.
conditions
series, their terms, and the
hereinafter fully set forth.
and redemption are
The bonds will be placed on
sale beginning May 1, 1941, and the sale will
continue until terminated, as to either or both series, by the Secretary
the Treasury.
:,rV
y
1.
v..;
■
",;,r^/
vy
>:
■■
in color
G will be issued only in registered
will bear both an imprint
(brown for Series F and blue for Series G> and an impression of the
the name
which the bond is issued in the upper right
corner,
and will imprint his
(with current date) in the circle in the lo^er left corner.
bonds shall be valid only if duly inscribed and dated, as above pro¬
vided, and delivered by an authorized agent
therefor.
2.
The
bonds purchased
\.r
will, in each instance, be dated
of the
in which payment of the issue price (or, in case of
by mail, the application
accompanied by remittance to cover the purchase price ($74 for
Series F, or $100 for each $100 face
accompanied by remittance to
Issue
6.
prices—The issue prices of the various
follow:
successive half-year period thereafter until
payable.
The increment
redemption of the bonds.
A table of
maturity, when the face amount becomes
in value will
be payable only upon
redemption values for each bond appears on
its face.
denominations of bonds
1
of Series F and Series G
Denomination
Denomination
(maturity
The purchase price
$5,000
$10,000
740
3,700
7,400
$100
■»
name
of
$500
$1,000
$5,000
$10,000
600
1,000
6,000
10,000
V
F, or of Series G,
originally issued during
calendar year to any one person, including those registered in the
that person alone, and those registered in the name of that person
States Savings Bonds of Series
another named as coowner, that may
with
;
amount of both series,
the combined aggregate
any one
r^yy.^ -
Limitation of Holdings
The amount of United
1.
not exceed
time shall
be held by that person at any
Any bonds acquired on
$50,000 (issue price).
create an excess must immediately be surrendered
refund of the issue price, as provided in the regulations governing
original issue
savings
which
bonds.
1.
tered
(1)
Authorized Forms of
United States Savings Bonds of
as
'
follows:
*'■
- v.
Registration
Series F and Series G may
be regis¬
v
■
In the names of natural persons
minors, in their own right, as
(a)
'<
■
V.
or
$1,000
370
100
value)
IV.
for
$500
74
SERIES G
■
(purchase) price....
Issue
or
$100
(maturity value)
(purchase) price
Issue
.v.'-.':Av V;
be called for redemption by the
maturity, but they may be redeemed
prior to maturity, after six months from the issue date, at the owners'
option, at fixed redemption values, as hereinafter provided.
'
3. Bonds of Series F will be issued on a discount basis at 74% of their
maturity value.
No interest as such will be paid on the bonds, but they
will increase in redemption value at the end of the first year from issue
date, and at the end of each
each $100
amount of
bonds of Series G).
received by an agent authorized to issue the bonds;
and be payable at face value 12 years from such issue
The bonds of either series may not
desirable, but not necessary. The applica¬
Federal Reserve Bank of the district,
to the
be forwarded
face amount of bonds of
one
as
Secretary of the Treasury prior to
their
should
the issue price) is
the bonds will mature
date.
series
following receipt of payment
■■■'■
v/'V
r;;
bonds of each
first day of the month
cover
official application form is
an
tion
Treasury.
dating stamp
The
of
At the time of issue, the issuing agent will inscribe
and address of the owner on each bond, will enter the date as of
Seal of the
y
SERIES F
$1,000, $5,000 and $10,000 (maturity
prices hereinafter set forth.
Each bond will bear the facsimile
signature of the Secretary of the Treasury, and
y-y ~ -y
Purchase of Bonds
Jv III.
Agencies—Savings Bonds of Series
II. Description and Terms of Bonds
The bonds of Series F and Series
United States, or by any local
F and Series G may be purchased,
while this offer is in effect, upon application to any Federal Reserve Bank
or to the Treasurer of the United States, Washington, D. O.
Sales agencies,
duly qualified under the provisions of Treasury Department Circular
No. 657, and banking institutions generally, may submit applications for
account of customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as fofficial agencies.
2. Payment for bonds—Every application must be accompanied by pay¬
ment in full of the issue price.
Any form of exchange, including personal
checks, will be accepted, subject to collection.
Checks, or other forms of
exchange, should be drawn to the order of the Federal Reserve Bank, or
the Treasurer of the United States, as the case may be.
Any qualified
depositary, pursuant to the provisions of Treasury Department Circular
No. 92 (Revised Feb. 23, 1932, as supplemented), will be permitted to
make payment by credit for bonds applied for on behalf of its customers
up to any amount for which it shall be qualified in excess of existing de¬
posits, when so notified by the Federal Reserve Bank of its district.
3. Postal savings—Subject to regulations prescribed by the Board of
Trustees of the Postal Savings System, the withdrawal of postal savings
deposits will be permitted for the purpose of acquiring savings bonds.
4. Other agencies—'The Secretary of the Treasury, in his discretion, may
designate agencies other than those herein designated for the sale of, or for
the handling of applications for, savings bonds of Series F and Series G.
5. Form of application—In applying for bonds under this circular, care
should be exercised to specify whether those of Series F or Series G are
desired, and there must be furnished:
(1) Instructions for registration for
the bonds to be issued, which must be in one of the authorized forms;
(2) the post office address of each person (or other entity) whose name
appears in the registration; (3) address for delivery of the bonds; and (4),
in case of bonds of Series G, address for mailing interest checks.
The use
of
': >
form, in denominations of $100, $500,
values), at
of the possessions of the
{.-I.;:.
Defense Series G—12-Year Current Income Bonds
Issued at Par, Bearing Interest at the
Federal or State, but shall be exempt from all
principal or interest thereof by
hereafter imposed on the
or
or any
taxing authority. 'U'VJ-
1.
Bonds
Discount Basis at 74% of Maturity Value, Investment Yield
Redeemable
State,
any
SAVING BONDS
STATES
option of owners, at fixed redemption
taxation now
profits taxes now or hereafter imposed by the
subject to estate, inheritance, gift, or
The bonds shall be
other excise taxes, whether
investment yield for entire period from issuance to maturity,
price from issue date to beginning of eaen half-year period,
b On
current redemption value from beginning of each half-year period to maturity.
Approximate
Defense Series F—12-Year Appreciation
VV^:
-V-v'\V.
not exempt from income or
On purchase
a
not be sold, and may
Taxation—For the purpose of
United States.
Maturity value (10 years
from issue date)
*
:
governing savings
regulations. Accord¬
not be hypothecated as collateral for
in accordance with such
determining taxes and tax exemptions,
the increment in value of savings bonds of Series F represented by the
difference between the price paid and the redemption value received therefor
(whether at or before maturity) shall be considered as interest, and such
interest on such bonds of Series F, and interest on bonds of Series G, is
4.26
23.00
may
only to the
the owner or
in the regulations
specifically provided
loan.
7.
4.31
7)4 to 8 years
8 to 8)4 years
otherwise
as
;;
of death or disability of
named thereon, except in case
20.25
6)4 to 7 years-;
7 to 7)4 years
,
transferable, and will be payable
The bonds will not be
20.00
-
:
show separately for
period.
3)4 to 4 years
4 to 4)4 years---—-.*
4)4 to 5 years
5)4 to 6 years
6 to 6)4 years.
period next preceding the date
each bond appears on its
the face amount of the bond and the
end of the interest
bonds of Series F
and those of Series G: (1) the redemption values, by denominations, during
the successive half-year periods following issue, and
(2) the computed
investment yields (a) on the issue price from issue date to the beginning of
each half-year period, and (&) on the current redemption value from the
beginning of each half-year period to maturity at the end of the 12-year
Percent
Percent
Interest will cease at
before maturity, at the
$37.50
year--
registered owner and mailed
maturity, or, in case of redemption
by check drawn to the order of the
to his address.
18.75
H to 1
H % per annum, payable
will be paid
$18.75
First M year
issued at par, and will bear interest at the
semi-annually from date of issue. Interest
Bonds of Series G will be
4.
rate of 2
5.
Yield b
a
afford an investment yield of
compounded semi-annually if the bonds are held
option to redeem a bond prior to
governing savings bonds.
Investment
Investment
annum
maturity the investment yield will be less.
of interest.
increase
per
redemption value fixed for any period represents an
DEFENSE SAVINGS BONDS—SERIES E
Table of
2.53%
maturity; if the owner exercises his
face,
Secretary of the Treasury
<
about
to
of redemption.
JR.,
HENRY MORGENTHAU
2629
Financial Chronicle
The Commercial &
152
(that is, individuals)
follows:
whether adults
\
In the name of one person,
than two) persons as coowners, and
payable on death to one (but not more
0)
In the names of two (but not more
(c)
In the name of one person
than one) other
(2)
designated person;
In the name of an
incorporated or unincorporated body, in its own
bank, which, for this purpose, is defined as a
right (except a commercial
bank that accepts
demand deposits);
2630
(3)
The Commercial & Financial Chronicle
In the
of
name
fiduciary; and
a
(4) In the name of the owner or custodian of public funds.
2. Restrictions—Registration is restricted, in the case of
individuals, to
those who are residents of the Continental United
States, the Territories
and Insular Possessions of the United
States, the Canal
Islands,
authorized
will
apply to the
the Federal
5.
registration of
bonds in
The
suant to
6.
form.
be given, and if more than
must
as
1941
26
which will be promptly furnished
to
Banks.
States
Savings Bonds of Defense
G, pursuant to this circular,
Defense
of
are separate
pur¬
Department Circular No. 653, dated April 15, 1941.
sales
agencies,
the
sale
of
States
United
Savings
amended, will terminate at the close of business
one name
HENRY
appears the post office address of each must be furnished.
other
to
Bonds
Series D, pursuant to Department Circular No. 596, dated Dec.
as
F
Series
and distinct
Savings Bonds of Series E
By notice heretofore given to the Postmaster General and
designated
3. Full information regarding authorized forms of
registration will be
found in the regulations
governing savings bonds.
In every form of regis¬
tration, the post office address
Reserve
offerings of United
from the concurrent offering
other
any
The
and of Defense Series
Zone, the Philippine
citizens of the United States temporarily residing abroad.
or
restrictions
same
April
supplements thereto, information
of
15, 1938,
April 30, 1941.
on
MORGENTHAU JR.
Secretary of the Treasury
VI.
1.
Federal
and
Series
Delivery and Safekeeping of Bonds
Reserve Banks
G
authorized
are
duly inscribed and dated
deliver
to
UNITED STATES SAVINGS BONDS—DEFENSE
bonds
of Series
receipt of the
upon
issue
Table showing;
price.
denominations,
following issue; (2) tne approximate investment yield on the purchase price from
issue date to the beginning of each half-year period; and (3) the approximate invest¬
ment yied on the current redemption value from the
beginning of each half year
period to maturity.
Yields are expressed in terms of rate percent per annum,
compounded semi-annually.
United States, the Territories and Insular Posses¬
sions of the United States, the Canal Zone and the
Philippine Islands.
No
deliveries elsewhere will be made.
If purchased by citizens of the United
States temporarily residing
abroad, bonds will be delivered in the United
States,
held
or
should not
be
in
safekeeping,
accepted
as the purchaser may direct.
Delivery
by any purchaser until he has verified that the
Maturity value.
duly dated
as
$100.00
Period After Issue Date
bonds of Series
F
Series
or
G
will
held
in
safekeeping
without charge by the Secretary of the
Treasury if the holder
and in such connection the facilities of the
Federal Reserve
agents of the United States, will be utilized.
for such
Arrangements
safekeeping at the time of purchase,
VII.
Payment at Maturity
or
or
date, will be redeemed in whole
value prior to maturity,
month's
notice
in
writing,
be made
day of
following
on
a
savings bond of Series F
or
Treasury Department
not
less than
one
calendar month
will
be accepted
as
in
be
by the Secretary of the Trea¬
to witness
use.
Unless otherwise authorized in a parti¬
form of request
appearing on the back of the bond must
governing savings bonds, such
States postmasters and certain other
post office
officials, and the executive officers of all banks or
trust
companies incor¬
porated in the United States
or its
organized Territories, including officers
domestic and foreign branches who
are certified to the
Treasury Depart¬
by the
person
Treasury
For
owner.
Department, Washington,
the
owner's protection, the
registered mail, if not presented in
person.
6.
Disability
or
death—In
the death of the registered
case
of the
owner not
a
at
Federal Reserve Bank,
the
expense
bond
should
and
be
risk
or to
of the
forwarded
by
is
disability of the registered
owner, or
survived by a coowner or a designated
executed.
8.
Partial redemption—Partial
redemption of a savings bond of Series F
Series G, of a denomination
higher than $100 (maturity value) at current
redemption value is permitted, but
or
only in multiples of $100 (maturity
value).
In case of partial
redemption the remainder will be reissued in
authorized
denominations bearing the same issue date as the bond
surrendered.
3.24
3.27
3.15
79.70
398.50
1.49
80.90
404.50
1.63
411.00
1.76
3.29
83.50
417.50
1.87
3.31
84.80
_
424.00
1.96
3.32
3.29
86.10
430.50
2.03
87.40
437.00
2.09
3.40
443.50
2.14
3.46
90.00
450.00
2.19
91.40
457.00
2.24
3.63
92.90
464.50
2.29
3.72
94.50
472.50
2.34
3.81
3.35
3.54
years
96.20
481.00
2.40
3.91
years
98.00
490.00
2.46
4.08
$100.00
$500.00
2.53
from issue date)
a
♦Approximate investment yield for entire period from Issuance to maturity,
On purchase price from Issue date to beginning of each half-year period,
b On
current
c
redemption
UNITED
SERIES G
ing
(1) How United States Savings bonds of Defense Series G (pay"
a current return
at the rate of 2)4% per annum on tne purchase price, payble
semi-annually) change in redemption value, by denominations, during successive
periods
issue; (2) the approximate investment yield on the
purchase price from issue date to the beginning of each half-year period; and (3) the
approximate investment yield on the current redemption value from the beginning
of each
following
half-year period to maturity.
Yields are expressed in terms of rate percent
compounded semi-annually, and take into account the current return.
per annum,
Maturity value.
$100.00
$500.00
(2)
(3)
Issue price
$100.00
$500.00
Approxi¬
Approxi¬
mate
mate
Period After Issue Date
(1) Redemption Values Dur¬
Investment
Yield
Investment
Yield b
a
%
First
)4 year..
c
)4 to 1 year—..—_.—
1 to 1)4 years
1)4 to 2 years
3 to
3)4
c
$98.80
*2.50
c
0.10
$494.00
2.62
2.73
97.80
.61
2.94
478;00
.75
3.04
95.10
3)4 to 4 years
.44
481.00
95.60
years.-..
.30
484.50
96.20
—
489.00
96.90
years
475.50
.88
3.13
2.84
94.80
1.04
3.20
94.70
473.50
1.20
3.26
...
94.70
473.50
1.35
94.90
4)4 to 5 years....
5 to 5)4 years
5)4 to 6 years
474.00
—
4 to 4)4 years-
474.50
1.51
3.32
95.20
476.00
1.66
3.33
.....
3.30
6 to 6)4 years.........
95.50
477.50
1.79
3.33
6)4 to 7 years.........
95.80
479.00
1.89
3.34
7 to
7)4 years.....:—„
96.10
480.50
1.98
3.35
7)4 to 8 years
8 to 8)4 years..
8)4 to 9 years.........
96.40
482.00
2.05
3.37
96.70
483.50
2.12
3.39
2.18
3.42
9 to 9)4 years
97.00
3.51
489.50
2.31
3.60
98.20
491.00
2.35
3.75
98.60
years
c
2.23
2.27
97.90
years..
11)4 to 12
a
Approximate
3.46
486.50
488.00
493.00
2.39
3.94
99.20
11 to 11)4
496.00
2.44
4.13
$500.00
2.50
years
$100.00
investment
yield
On purchase price from issue
current
485.00
97.30
97.60
...
9)4 to 10 years.....
10 to 10)4 years
10)4 to 11 years
*
be similarly
half-year period to maturity
Table of Redemption Values and Investment Yields
Table showing:
Series Designation
be issued in subsequent calendar
years will
by the series letter followed
by the year of issue.
beginning of each
STATES SAVINGS BONDS—DEFENSE
from Issue date)...
1. Savings bonds of
Series F, offered
hereunder, to be issued during the
calendar year 1941, will be
designated Series F-1941, and those of Series G
will be
similarly designated Series G-1941.
Bonds of either series which
may
value from
Not redeemable.
Maturity value (12
VIII.
3.20
1.34
82.20
2)4 to 3 years
7. Method of payment—The
only agencies authorized to pay or redeem
savings bonds are the Federal Reserve Banks
and the Treasury Depart¬
ment.
Payment in all cases will be made
by check drawn to the order of
the registered owner or
other person entitled to
payment, and mailed to
the address given in the
request for payment.
,
1.19
393.00
88.70
2 to 2)4
beneficiary, instructions should be obtained from
the Treasury Depart¬
Division of Loans and
Currency, Washington, D. C., before the
payment
388.00
ing Each Half-Year Period
ment,
request for
77.60
has been
entitled, and by the certifying officer, the
bond must be presented and
surrendered to
the
2.99
3.07
1.03
11)4 to 12
executive officers.
5. Presentation and
surrender—After the request for payment
duly executed
.75
.89
383.50
78.60
years
half-year
officers including United
as
377.00
380.00
11 to 11)4
witnessing officer should complete and sign
used.
ment
2.91
9)4 to 10 years—...
10 to 10)4 years
10)4 to 11 years
A
4. Officers authorized to
witness and certify requests
for payment—The
officers authorized to witness and
certify requests for payment of savings
bonds are fully set forth in the
regulations
at
2.82
.61
9 to 9)4 years......
constituting the
and certify requests for
payment, establish his identity,
and in the presence of such
officer sign the request for
payment, adding
the address to which the check is
to be mailed.
After the request for pay¬
ment has been so
signed, the
cular case, the
2.73
.45
7)4 to 8 years
3. Execution of request
for payment—The registered owner, or other person
entitled to payment under the
regulations governing savings bonds, must
the certificate provided for his
.27
374.50
Maturity value (12 years
appear before one of the officers
authorized
sury
371.00
372.50
8 to 8)4 years
8)4 to 9 years
Series G is
advance.
2.64
75.40
6)4 to 7 years
7 to 7)4 years
the
0.00
76.70
—
5 to 5)4
to be redeemed prior to
maturity, a notice in writing of the owner's inten¬
tion must be given to and be
received by a Federal Reserve Bank or the
duly executed request for payment
required notice.
%
*2.53
c
$370.00
76.00
.....
5)4 to 6 years
6 to 6)4 years....
governing savings bonds.
2. Notice of redemption—When
Yield b
74.20
4)4 to 5 years..
one
of
Investment
a
74.90
......
4 to 4)4 years
from the issue
calendar month,
presentation and surrender
Yield
74.50
years
2 A to 3 years
bond, with the request for payment
properly executed, all in accordance
with the regulations
1A
3)4 to 4 years
be paid in full
any
Investment
c
$74.00
3 to 3)4 years..
in part at the
appropriate redemption
or
the first
on
1 to
subsequently.
General—Any savings bond of Series F or Series G will
maturity, or, at the option of the owner, after six months
c
year..
llA to 2 years.
2 to 2H years
fiscal
Redemption Before Maturity
1.
at
may
as
mate
J4 to 1 year
desires,
so
Banks,
Approxi¬
%
First
be
(3)
Approxi¬
(1) Redemption Values Dur¬
ing Each Half-Year Period
that the. dating stamp
(with current date) of the issuing agent is imprinted' in the circle in
the
lower left corner of the bond.
Savings
(2)
$370.00
Issue price
duly inscribed on the face of the bond, that
of the first day of the month in which
payment
of the Issue price was received
by the agent, and
2.
$500.00
$74.00
mate
correct name and address are
the bond Is
(1)
How United States Savings bonds of Defense Series F, by
Increase in redemption value during successive half-year periods
Unless delivered in person, bonds issued will be delivered
by registered mail
within the Continental
SERIES F
Table of Redemption Values and Investment Yields
F
redemption value from
"
for entire
period
from issuance
to
maturity
bOn
date to beginning of each half-year period.
beginning
of
each
half-year
period to
maturity,
Not redeemable.
designated
President Roosevelt Praises
IX.
General Provisions
1. All savings bonds of Series F
and Series G, issued
pursuant to this
circular, shall be subject to the
regulations prescribed from time to time
by the Secretary of the Treasury to
govern United States Savings Bonds.
The present regulations
governing savings bonds are set forth in Treasury
Department Circular No. 530, Fourth
Revision, dated April 15, 1941,
copies of which may be obtained on
application to the Treasury Depart¬
ment,
2.
or
to any Federal Reserve Bank.
Secretary of the Treasury reserves the
right to reject
tion for savings bonds of either
Series F or Serives
bonds in any case or
any
applica¬
G, in whole or in part,
permit to be issued hereunder
any such savings
any class or classes of cases if he deems
such action to
requested of them by the
Secretary of the Treasury in connection with the
issue, delivery, safekeeping,
redemption, and payment of savings bonds of Series F and Series
G.
The
Secretary of the Treasury
supplement
or
dent
Roosevelt
world."
the Red
or
be in the public interest, and his
action in any such respect shall be final.
3. Federal Reserve Banks, as fiscal
agents of the United States, are
authorized to perform such services as
may be
4.
In a message to the annual convention of the American
Red Cross, which opened in Washington on April 21, Presi¬
may at any
amend the terms of this
said
relief work "has
The
and to refuse to issue
Foreign War Relief Work
Message to Annual Con¬
vention—Queen Elizabeth Sends Note of Thanks—
Report of Chairman Davis
of American Red Cross in
circular,
time
or
or
from time to time
of any amendments or
Red
our
that
brought
a
the
organization's
measure
foreign
The President also emphasized the importance of
our defense program."
Saying that the
Cross "in
Cross
"is
an
invaluable moral
and
material
people," the President also declared that it is
ization
war
of hope to a distressed
through
which
their best humanitarian
asset
an
to
organ¬
the
people are proud to translate
impulses."
Mr. Roosevelt's letter,
Chairman, follows:
addressed to Norman H. Davis,
I
that
had
hoped to address the Red Cross convention in
circumstances
great pleasure to
have
made
welcome
the
this
impossible.
delegates and
person,
It would
but regret
have given
chapter leaders who have
me
so
Volume
The Commercial & Financial Chronicle
152
loyally and enthusiastically completed
the organization.
The
Red
Cross,
through
its
foreign
of hope to a distressed world.
measure
innocent victims of this war the Red
to the traditional generosity of
Please
'/;y ,yty
•
them
delegates
pulled in there.
he asserted.1
this
of
that
I
urge
neighborly assistance to
meeting
historic
.'"Y Y y'
yy
v w -y
chapter and
every
He
to
a
belligerent
means was not made
defense program.
ships in
'
of
YYVv/Y/YY
welfare
official link between
and
the
morale
in
men
armed
our
y■'•'y",
yy
■
Cross as the
recognize the Red
we
their
and
forces
families
at
home.
They should not minimize the importance of this.
Neither should
they overlook the development of your many other services, all of which
have
of
bearing, directly
a
country,
our
Much
that
the
soundness
of
indirectly,
or
Red
its
invaluable moral
an
Cross
from year
capable
its
structure,
and
also
only does
it
enjoys great
through which
to our
people
is due to the
and
devotion
leadership
of
our
the
I
am
sure
enthusiasm for
the
It
they
A message from
thanks for
year,
I
the
most
am
organization
an
will
leave
lies
with
most fruitful dis¬
a
and
inspiration
new
ahead.
greater
YY: YY'
Queen Elizabeth of England, expressing
Red
Cross
also read,
was
is
■Y;,.\--.V
work which
help extended
follows :
_YY;;
as
during the past
tbat
measured
In
would
be
not
by
The
day because of
the
depths later
for those
been
bombed
your
of
who have
civilians
our
continued support until victory is won.
has
deeply touched
all.
us
I
that
know
we
count
can
of
democracy
his keynote address on April 21 Mr. Davis reported
Red Cross has expended almost $27,000,000 for
total war relief to all countries, of which Great Britain
the
received
over
$13,000,000.
roll call would have to be
He
also
said
that
the
annual
last year's
membership of 8,700,000 in order to meet the "heavier re¬
greatly increased
over
sponsibilities."
Chairman Davis told the 5,000 delegates
that at least $5,000,000 would be needed for services in con¬
nection with the national defense program.
Concerning his
other remarks, United Press Washington advices of April 21
.said:
He
Y-Y,;'Y.Y ;:.;YY;y/.vb1-vYYyY.Y
'
said
that
every
supplies to Great Britain;
"Because
have
unoccupied
of
of
conditions
ditions.
to
attack
extensive
more
aid,
beyond
extend
and
our
control,"
our
relief
invasion.
.Y:Y
those
to
However
ability to do
so
has
needs
we
are
may
conditions
are
limited
not
posed
by the belligerents.
Cross representatives to make
.
.
it
is
intended.
.
to. those
War
We
require
In
in
the
military
^YYYY;', YY-
objectives
by Red
our
foreign
way
must
the
April 23,
Lord Halifax, British Ambassador to the United States,
on
said
the record of services achieved "is little short of a
miracle" and shows "in what noble and unstinted measure
help has been poured out by this country," Speaking before
the organizations convention dinner, Lord Halifax thanked
the workers on behalf of the King and Queen, the Govern¬
ment and the people of Great Britain for their efforts in
helping his country. He said in part:
History will, I think,
made
say,
when the time
comes to record the
by the Nazi tyranny to plunge the world into darkness, that
brightest pages in these fateful times
was
attempts
one
of the
written by the American Red
Cross in the work which it is doing for stricken Europe.
lead in the fight to keep alive in the world human
and human decency."
seriousness
the
dignity
ment
,
At his press conference yesterday (April 25), President
Roosevelt declared that American neutrality patrol vessels
would operate as far into the waters of the seven seas as may
be necessary for the defense of the American hemisphere.
He added, however, that the Administration was not think¬
ing of escorting convoys at this time. In indicating these
remarks the Associated Press also reported:
Mr. Roosevelt declined to be drawn into specific comments designed to
amplify his views
year
a
on
the convoy situation.
He said, however, that for
a
and a half vessels of the neutrality patrol had been operating as far as
thousand miles into the Atlantic from the eastern shore of Maryland.
He said there
patrol
was
were erroneous
reports and assumptions at the time that the
operating approximately 300 miles from the American coast.
and
its
Places
ment
service
as
Federal positions
100,000
over
The order covers
service.
President
as
Govern¬
scientific,
professional,
investigative,
statement the
formal
100,000 More Govern¬
April 23 signed an executive order
to
classed
positions
over
Positions in Civil Service
President Roosevelt on
well
as
others.
higher
In a
said that the issuance of
milestone in civil service reform
the proportion of Federal po¬
sitions to be filled in accordance with the Civil Service Act."
this order is a significant
both
in
the number and
order
The
in
the recommendations made by the
implements
President's Committee on Civil Service Improvement, which
February (noted in these columns
This order included a plan of putting
Government lawyers under the merit system, and has been
urged by a majority of the President's committee.
Mr.
Roosevelt acted under authority of the Ramspeck hill,
which he signed on Nov. 26, 1040; reported in our issue of
Nov. 30, page 3161.
The President's statement of April 23
said, in part:
■
.y .v.YY Yy/Y y;y.■
made
its
report
March 1, page
For the first
last
1360),
time
in the history of this
Government the greatest pos¬
for the development of a broad merit
system which will further encourage men and women of outstanding ability
to enter the Government under conditions which will offer them fair and
sible
opportunities are now
open
equal opportunities to build satisfactory careers.
The requirements of today and those of the future are so great that
mental
the
of
affairs
are
best minds in the Nation
to
be
conditions and at the high
owes
to the
conducted
in
the
must
manner
level of ability which a
be secured if govern¬
demanded by modern
democratic government
people of the United States.
President
Says American Neutrality Patrol
Vessels May Be Extended to Seven Seas for Defense
of Hemisphere—Convoys Not Considered at Present
;
the Presi¬
situation
international
the
of
Roosevelt
President
Roosevelt Criticizes
Roosevelt
Time
(April 18)
conference
possible effects On life in this country.
He added, how¬
ever, that he believed the people were gradually realizing
the dangers involved in the European war.
the services
Another speaker at the dinner was Attorney General
Robert H. Jackson, who asserted that the "Red Cross will
President
:yy'y-y..y-yy,y
outside the
political
Y Y ,iYY^ ',-*.,'YvY.Y,.v„-.i'Y._-
paying tribute to the American Red Cross
in undiminished
Great Britain
to
y\
press
heretofore
no
moving
declared that the American public is not fully aware
dent
of
previous
be to provide
quasi-official organization
or
involvement
the. war."
his
civil
sufficient control
they
of
noted Greek oracle.
a
At
administrative and
In
constitute
of
extending
that our relief goes only to those for
Y, /Y';YYy\'VY YYY/YYYYvY YYYYYYiY^^
"Above all, we maintain that as a
issues
"we
by the blockade im¬
operations must be consistent with the national interest.
whether
England would be kept going.
declared with emphasis.
"
Following up that statement, lie was asked if the question of convoys
now
had to be considered to get the supplies through the Nazi counterblockade.
Mr. Roosevelt replied that he did not live in Delphi—the home
greatest—the
sure
■
defense of
be kept
will
supplies
by keeping the main defense
he asserted,
quantities, he
has
aid
been subject to many con¬
created
with
confident that the
YYYY--:-!';Y:'Y ■. YY
Davis continued,
Mr.
whose
desirous
Y
won,
That defense, he said, was England.
an
emphatic affirmative when questioned
going.
going to
"intensified";
additional
resumed;
Y:jYY'.YY/Y'-YYYY:S.Y'.;. -Y' A-:': ''YY';:Y> Y YYyY'Y
"These
whom
to'China lias been
been
Y;, Y'YY
endeavored
victims
help
have
France
Spain.
to
gone
in
^YYY'Y:';:'YyY'YY-:V i.■!
"very substantial material relief" is
Greece; aid to Finland continues;
operations
1
month approximately 25 ships transport Red Gross
States, he
word of German successes. /
only be
answered
was
In
that
conference yesterday that the war
press
fight, or by one defeat in Greece, or even
■Y.'-Y 'YY:YYvYY:''Y YY'Y.'Y;
yYY, -;YY 'Yy'Y
said, should view the struggle in
pinnacle
British victory in the Mediterranean, only to sink to
a
on
can
war
He
he
sea
light of history and not allow themselves to be lifted to a
The
on
;
April 22
Advising the country
kept going.
his
told
one
people of the United
one
less than
he
tones
won
whole Mediterranean.
for
they have done for the people of this country during
Their kindly sympathy is a very real help to us and their
generosity which has provided comfort for those of our services
on
help the defense
keeping the existing defender of democracy going, adding
that this was England,
Regarding his remarks, the Asso¬
ciated Press reported on April 23 as follows:
^ Y^
thanks
that
conference
confident that with American
he is
of Great Britain could *>e
May I ask you to
the past year.
no
merchant
Y
Y
•
Great Britain Can Hold
Roosevelt Believes
the
wounded
Y.
against drawing hasty conclusions on the daily events of
the war, the President said the war can only be won by
the
grateful to you for your kind message.
who have been
Y
•
Out with American Aid—Also Says People Are Not
Fully Aware of War Dangers to United States
_
to the delegates assembled at your annual convention my heartfelt
all
■
<
convey
great
the difference between a convoy
to prevent an act of aggression against those
: v.;'
YA patrol, he explained, is a reconnaissance of certain areas of the ocean
to find out whether there is any possible aggressor ship in the area, or in the
whole of the ocean, that might be coming into the "Western Hemisphere.
it
but it
people,
own
Please convey to the delegates my best wishes for
cussion.
en¬
In the first instance, he said, it is the escorting of merchant
a group
President Roosevelt told his press
confidence
proud to translate their best humanitarian
are
v-,-'.:
response
patrol would not necessarily be confined to the
^
people.
to year
throughout the world.
prestige
our
impulses, y
the
command
in
What it would do if It
clear.
asked exactly what was
was
vessels.
inspires in the hearts of American citizens.
Not
He
patrol.
a
President
and material asset
accomplishes
seven seas as
preparations for the defense
upon our
...Y '; r\V;'Y'"Y
y'.
The Red Cross is
far into the
belligerent vessel, and whether it would be allowed to use
The President did say a
Atlantic.
matters
as
hemispheric defense.
questions about the functions of the patrol.
prepare right now to carry out all Red Cross charter obligations, not
only to the letter but in the full spirit of the cause.
Tell them that we
must remember
constantly that the Red Cross has a special place in our
In
then that he declared it would be
was
necessary for
countered
Red Cross worker to
will be extended from time to time,
.
He repeated several times the thought of hemispheric defense
personal
a
y-y'.'
Y-;
/.
every
was
It is being extended and
•
glad, he said, that a reporter asked how far the extension might
was
It
go.
2631
the patrol has been extended here and
year and a half, he said,
a
a
brought
has
about another vital aspect of your work—your program
me
home.
Tell
the
to
convey
from
message
In sending
For
-i;
work,
relief
war
work for
of splendid
Cross has again given tangible expres¬
the American people.
sion
at
another year
'• Y"''
Attitude
on
Col. Lindbergh for His
War Outcome
President Roosevelt yesterday (April 25) criticized Col.
Lindbergh and other Americans who have expressed the
opinion that the Axis powers will defeat Britain in the
European war.
Their viewpoint, the President is reported
by the United Press as saying, is like that of the appeasers
who wanted George Washington to surrender to British
during the hardships of Valley Forge.
He also compared
them to the copperheads of the Civil War period of American
history.
These press advices also stated:
\
Mr. Roosevelt said he was sorry that there were
people with such men¬
write or talk.
that the dictatorships are going to win are wrong, he
American people, he said, were going to fight for demo¬
talities in high places where they could
Those who say
continued.
The
cratic processes.
He declared that Lindbergh and
small
American minority.
others who think as he does constitute a
The Commercial & Financial Chronicle
2632
adopting a rather curious atti¬
Mr. Roosevelt said some people here are
That, he said, is the idea—
tude, which has not been thought through.
like
expressed in an editorial he had read
one
this morning—that there is
order in the world.
a new
democracies are going to be defeated.
this person says that while he does not like
he continued,
dictators he might as well accept
them.
good Americanism, but that
The President said such an attitude was not
it
was
people.
the attitude of a minority of the
Warburg, Replying to Col. Lindbergh's Speech,
Urges United States Entry Into War
J. P.
Speaking for the newly organized Fight for Freedom Com¬
mittee, James P. Warburg, New York banker, on April 24
advocated the immediate entry of the United States into
In replying to Col. Lindbergh's address
April 23 (referred to elsewhere in today's columns) Mr.
Warburg said:
the European war.
of
If we listen to our own consciences, we know
We know that there
must
fight now
that if
be
what it is that
We know that
compromise.
no
And, if we listen to
as
we must
free
do.
men we
our common sense, we
know
fight now, with Britain and her
we
victory
can
later.
or
alljps to help us, our chances of
far better than if we wait until perhaps we shall have to fight
are
alone.
In the New York "Times" of
quoted
I have but
Gentile,
duty, and that is to speak out as an American.
one
was
can say
Jew
or
only this to Charles Lindbergh: Your second
non-stop flight has taken you to a strange destination.
There is
doubt of what America is eventually going to do.
no
is going to fight.
a
But, because time is
priceless gift to
seek to
and
.
over
Forces.
America
our
delay is
enemies, and because there are those who wilfully
.
The myth
.
of
invulnerability has been exposed
our
again by the responsible heads of
experts
are
our
Army, Navy and Air
almost
unanimous
in their disagreement
with
Col.
by 11%, equal to 61 cents, but insist that the
differential be continued because of their alleged more
costly freight charges.
Following the President's plea the southern coal operators
agreed to return to New York on April 22 and reopen nego¬
tiations. This group had formed the Southern Appalachian
Coal Operators Wage Conference in Washington after their
split with the northern operators. However, on April 23 the
southern operators again withdrew from the negotiations,
thus refusing to agree to Mr. Roosevelt's proposal.
Early
the following day (April 24) Secretary of Labor Perkins
certified the entire wage dispute in the^ bituminous coal
industry to the National Defense Mediation Board.
Efforts to reach
northern operators, and
the southern operators.
Dr.
John
R.
by L. Ebersole Gaines, Chairman of
Director
Steelman,
of
the
Conciliation
Service of the U. S. Department of Labor, has taken part in
the negotiations since March 30 when Secretary of Labor
Perkins
assigned him to represent the Government.
had disclosed
April 18 that it would raise and coordinate
all producers, North and South,
against hardships resulting from wage increases due to the
Also
participating in the New York radio broadcast reply
Lindbergh was Rex Stout, author, who also urged
entry of the United States into the war with Britain.
Col.
soft coal strikes
was
contained in
ton
bureau, in which it
Division Director
very soon to
costs,
Reopening of Soft
Mines—Dispute Certified to Defense
Board Following Southern Operator's
Coal
Mediation
account on that date
was
Howard A.
from its Washing¬
also stated:
Gray said that hearings would be called
revise the price structure set Oct. 1.
Any general increase in
he said, would be followed by a general upward revision of prices.
In addition, he indicated, the
Division would adjust prices between mines
existing competitive patterns and compensate for varying cost.
developments
today
in
the
18-day
work
stoppage
by
400,000
Appalachian miners, who produce 85% of the country's bituminous coal,
included:
Disclosure by President Roosevelt that the Interstate Commerce Com¬
is
studying the question
criminate unfairly against the
President Roosevelt Calls for
an
to the New York "Journal of Commerce"
mission
+
on
minimum prices to protect
Other
of
aereement had been led by John L.
an
Lewis, President of the United Mine Workers and Chairman
of the miners' negotiating committee, and by Ezra Van
Horn, Chairman of the conference and spokesman for the
to preserve
Lindbergh.
to
contract would be called
wage
gone
These questions of our invulnerability are for experts to answer,
the
and
our
important, because
so
bring about that delay, the Fight for Freedom Committee has
into action.
over
new
to raise miners' wages from the previous $5.60 a day
Southern operators have offered
upon
rate to the flat rate of $7.
Advices to the effect that the Bituminous Coal Division
American
an
April 25 Mr. Warburg
saying:
as
proposed
operators under the
1941
to raise wages
Mr. Roosevelt went on, says out of one side
and on the other side, that the
A person of this attitude,
of his mouth that he doesn't like dictators;
Therefore,
April 26,
Reiteration by President
serious effects
on
of freight rate differentials which dis¬
South.
1
Roosevelt that the shutdown has not had any
the National Defense Program as yet.
Rejection
Plea
With the Nation's soft coal mines closed down for nearly a
month due to labor trouble, President Roosevelt on
April 21
appealed to the miners and operators for a resumption of
operations in order that there be no shortage of coal for
defense production purposes.
The President proposed that
northern mines resume production on the basis of the agree¬
ment reached between northern operators and the United
Mine Workers of America and that southern operators, who
have not yet reached an agreement with the union, enter
into wage negotiations and at the same time reopen their
mines.
In his formal statement, Mr. Roosevelt said it is
"imperative" that there be no coal shortage, adding that
bituminous coal production must be resumed promptly
since public interest demands it. The text of the President's
statement follows:
Roosevelt Issues Order Setting Up Quotas
Non-Signatory Coffee Agreement Nations
President
for
President Roosevelt signed an executive order on April 21
establishing the quotas for those countries which are not
signatories to the Inter-American Coffee Agreement. Under
this pact non-signatory nations are permitted an annual
quota of 355,000 bags for importation into the United States.
The President's order reserved 20,000 bags for mocha and
20,000 bags for other Arabica coffee leaving the remainder
for other grades.
The legislation carrying out the obligations of the United
States under the Inter-American Coffee Agreement was
signed by the President on April 11.
It had passed the
Senate on March 10 and the House on April 1; this action
was referred to in our issue of April 5, page 2168.
While an agreement between a majority of operators and workers In the
bituminous coal industry has been negotiated, there is still a
disagreement,
with the union and
one group
operators on the other.
are
not
doing
so
of operators
on one
side and another group of
The result is that mines which should be operating
and there is
a
diminishing supply of soft coal available to
plants engaged in defense production.
It is imperative that there be
coal
for
defense production
no
shortage
purposes.
In
now, or at any
order that
other time, of
the supply
be im¬
mediately replenished, through the resumption of mining operations and in
the best
interest of the United
States and its citizens,
I publicly
recom¬
mend and urge that:
X.
The
miners
and
duction under the
2.
operators
terms of
already
who have
enter into wage negotiations and
agreement
in
agreement
resume
coal
pro¬
that agreement,
The operators and miners
at the
ultimately reached to be
not
same
yet reached an
agreement
time reopen the mines,
the
made retroactive to the date of resuming
work.
This will bring about prompt return
coal in the interests of national
of
safety.
I
a
steady and needed supply of
am
certain that all groups
con¬
cerned in the wage
controversy will put the interest of their fellow country¬
men above any other interest
and immediately begin making
arrangements
looking toward the reopening of the mines.
Bituminous coal
production
must
be
resumed,
and
promptly.
The
public interest
demands
It
and
the public interest is paramount.
Negotiations for a new working agreement, covering over
400,000 bituminous coal miners, were started in New York
City on March 11 and since no new contract was agreed
upon by March 31, the expiration date of the old
contract,
the
miners
since been
stopped work the next day (April 1) and have
on
strike.
Representatives of the northern
not
agreed
group
resumed in the northern mines since it had been
by the union and the operators that the mines
would not be reopened until the southern
group of operators
had accepted a similar contract. The southern
operators had
withdrawn from the joint conferences in New York on
upon
April 11, because, it is stated, the union and the northern
operators had insisted on the elimination of the 40-cent
differential between northern and southern rates.
Roosevelt
Strength
Him to
of
Raise
Signs
Bill Increasing Enlisted
232,000—Also Authorizing
Emergency Strength to 300,000
Navy
to
President Roosevelt is reported to have
signed on April 23
the authorized enlisted strength of the
Navy to 232,000 and giving him power to raise the emergency
Strength .to 300,000.
The present enlisted strength of the
Navy is 131,485, established by law in 1918, whereas the
existing emergency strength established in 1919 is 191,000.
When the President declared a national emergency in 1939
the authorized enlisted strength of the Navy was increased
by executive order to 205,000. The bill just signed, which
passed the Senate on April 15 and the House on March 24,
also permits an increase in the Marine Corps enlisted strength
from 27,497 to 46,000 and the emergency strength from
39,400 to 60,000.
Increases in the commissioned officers
of the Navy and the Marine Corps are also included in the
bill.
House passage of the legislation was mentioned in our
issue of March 29, page 1998.
the bill increasing
Reversing Its Previous Ruling, United States Circuit
Court of Appeals at Philadelphia Decides in Favor
of NLRB in
Newark "Ledger" Case—Orders Re¬
instatement of Agnes Fahy—Previous Ruling Had
Limited Board's Jurisdiction
of operators and the
union reached a new two-year
agreement on April 16, pro¬
viding for a $1 increase to a flat $7 a day. However, work
was
President
Southern
Reversing its previous position, the United States Third
Circuit Court of Appeals at Philadelphia on April 17, in a
4-to-l decision ruled in the case of the Newark (N. J.)
Morning Ledger Co. that the National Labor Relations Board
has a legal interest in, and jurisdiction over, labor situations
involving a continuing process of collective bargaining. Thus,
ruled the court, (we quote from Philadelphia "Inquirer") that
the NLRB does indeed have "policing" powers after em¬
ployers and employees have agreed to and signed a contract.
Following a ruling on Feb. 3 by the same Court that it is
not the duty of the NLRB "to police the relations between
Volume
The Commercial & Financial Chronicle
152
2633
,..
,
the
employer and employee under
agreement," the Court
on
The
collective bargaining
a
Feb. 7 ordered the
case
reopened
sion
and
reargued.
Items bearing thereon appeared in these
columns, Feb. 8, page 919, and Feb. 15, page 1066. Reargument was set for Feb. 20 before all five Judges of the
Court. The court's ruling of Feb. 3, which set aside an order
of the NLRB to reinstate Agnes Fahy, an employee of the
Ledger Co., with three years' back pay from the time of her
dismissal in 1937, was written by Judge Albert B. Maris, in
which, it is stated, Judges William Clark and Herbert F,
Goodrich concurred. The other two judges of the Court are
John Biggs Jr., senior member of the Bench, and Charles A.
Although the exact amount of the bond issues still outstanding in the
United States is unknown, American investors possessed millions of dollars
worth
of such issues before 1930.
The bonds were issued by German
municipalities before the advent of the Hitler regime and the amount turned
tions is not known.
.
-
,
.
In reversing Justice Collins, the higher Court ruled that there are "issues
of fact which may be determined only upon a trial."
Under German law, debts due foreigners must be paid at the contractual
due date in reichsmarks to the Conversion Office for German Foreign Debts
to the credit of the non-German bondholder.
The specific effect of the Court's
change of mind
modification the original NLRB order
directing
to return Miss Agnes Fahy to her job in the
some
from the time of her dismissal
The
is to reinstate, with
the Newark "Ledger"
was
on
Fahy's reinstatement
in the original
not
; '
was
separate
a
liable, although the money actually
deposited by the Conversion Office with the Bank.
In his opinion,
Reichsbank, and its account
Justice Collins observed that the Conversion Office "is
(C. I. O.) only through the Fed¬
thus
was
was
is required to be carried with Reichsbank."
a
subsidiary of
the defendant," adding that they constitute "separate legal entities, perhaps,
eral District Court and not through the NLRB.
It will be entered by the Court,
done in the two
unable to obtain
Reichsbank contended that the Conversion Office
supervised and controlled by the defendant
"Ledger's" contract with the Newark
Newspaper Guild
was
were
sustaining the claims of the plaintiffs, Justice Collins wrote that "it appears
quite clear that the Conversion Office, a corporation under public law, is
Sept. 22, 1937.
ruling specifically rejects the Court's earlier opinion that Miss
Fahy, however sound the Appellate Court might have considered her case,
of the American
This
but the bondholders
suits,
institution, and that the Bank
new
had redress under the terms of the
in the
transfer of the funds to the United States.
paper's editorial department
with back pay
involved
cases
Philadelphia "Inquirer" of April 18 reporting the
conclusions of the 4-to-l decision, it was stated:
Miss
the German National bank by the municipalities to cover redemp¬
over to
In the
local
April 10 is also the April 11 issue of the "Herald
Tribune":
Jones.
The
following regarding the action of the Appellate Divi¬
on
but
affirmed, and
practically one and the same."
Alluding to the payment made by the
City of Munich to the Conversion Office, Justice Collins contended that
decree enforcing
a
following the elimination of two paragraphs
the beneficiaries of the funds
NLRB order.
were
the bondholders, adding:
"The
should have been paid to the holders of the bonds; it is theirs."
Those two paragraphs directed the
company to reimburse public work
relief agencies for moneys paid Miss
money
Justice
Collins asserted that he perceived "no genuine defense to the action."
Fahy during certain periods of her
unemployment, and further restrained the company from committing any
act in violation of the
dividual
The
Court
blanket
Wagner Act however unrelated it
hand, c'r:,
at
case
found that the NLRB had
are
erred
when
.
;
such
included
a
It is now settled, said the Court, that such
justified only when unfair labor practices on the part of
employer have been "so persistent and varied
.
it
as to
justify apprehension
.
In
special advices, April 17, from Philadelphia, the New
York "Times" said in part:
Miss Fahy,
sister of Charles Fahy, former chief counsel of the NLRB,
a
President of the Newark Chapter of the American Newspaper Guild at
was
the time she lost her job.
for
of
reasons
"tabloid
The publishers had contended she
"economy" and because she
style"
of general
writing
news
was
was
dismissed
unable to adapt herself to a
after
editing the religious
and
Judge Maris and his colleagues said in their
had
placed
"too
York Appellate Court Upholds New York City's
Right to Tax Receipts from Interstate Sales
The
Appellate Division of the New York Supreme Court,
handed down April 18, upheld the right of
City to tax receipts from interstate sales under
the city's gross receipts tax statute.
According to the
New York "Times" of April 19, the test case was brought
by the Olive Coat Co., a New York corporation with its
sole place of business in New York City but conducting
90% of its business with out-of-State retailers.
The con¬
cern held that its interstate
receipts were not taxable under
in
decision
a
New York
the
of
clause
commerce
the
Constitution.
Federal
The
Court decided otherwise.
The "Times" adds that the
women's pages of the paper.
decision
New
be to the in¬
restraining order.
blanket orders
an
may
','V' U':n -s' '.'v
'
narrow
a
opinion that the
construction"
upon
earlier
those provisions
of the Wagner Act that define the limits of the Labor Board's
jurisdiction
to deal with unfair labor practices and
upon those that define such
revenue from the tax, levied
%, will be used for general budgetary
purposes.
It yields, it is said, about $2,000,000 a year to
the city's income.
at the rate of l-20th of 1
practices.
"In
our
former opinion," Judge Maris
the sole purpose and end of the Act
nterference with
"we took the view that
to pave
was
wrote,
the way for and prevent
the initial exercise of the right of collective bargaining
which Section 7 guarantees to employees.
"The right of collective bargaining is,
however, necessarily
right.
♦
.
..
Furthermore,
•
.
indeed necessary to bargain
it may at
any
time
become
a
continuing
desirable
collectively for the modification of
an
or
bargaining, after the signing of
as
before.
Secretary of State Cordell Hull declared on April 24 that
"our safety and security" require that aid "to Great Britain
and those other countries that are resisting the sweep of the
general conflagration" . . . "must reach its destination in the
shortest of time and in maximum Quantity" adding that
"ways must be found to do this."
*,
,
"It wilj thus be seen that the Act guarantees to
employees the con¬
tinuous right to maintain labor organizations for the
purpose of collective
well
Freedom
existing
collective agreement.
as
Secretary of State Hull Says Ways Must Be Found for
Safe Delivery
of Supplies
to
Britain—Declares
Action Is Necessary for Our Safety and Security—
Has Faith in Ultimate Triumph of Principles of
a particular collective
This conclusion is in
bargaining agreement
harmony with the declaration of
policy contained in the Act.
"Accordingly, Section 7 of the Act conferred
Ledger company in the
case
before
us
upon
the employees of the
His words to this effect
the right to maintain their organiza¬
tion, the Newark Newspaper Guild, after the signing of their agreement
with
their
employer.
Miss Fahy was
The Board found,
sufficient
upon
evidence,
that
discharged because of her membership Jn and activity on
discouraged membership in the guild.
behalf of the guild, and that this
"We
conclude
that
these
findings establish the existence of
labor practice on the part of the
empowered to deal,
was
reinstate
Miss
Fahy
Ledger
and that its restraining order and
with
back
pay
appropriate
were
an
direction to
remedies.
It
is
settled that it is a
public right created by the Act which was thus enforced."
Judge Clark, in his dissent, agreed with the majority that the dismissal
of Miss Fahy had been "improper."
He asserted, however, that Miss Fahy was still a
party to a contract,
and could go into court to seeks its enforcement.
"That
any
individual employee
can
obtain redress for the breach
of
a
collective bargaining agreement," he wrote, "is no
longer an open question.
"We can assume, |hen, that the discharged
establishes
her
her
job back.
employee here may, if she
facts, get either damages, if she is money-minded, or get
We
can
further
assume
that
this
may
be done with the
assistance of those courts ordained to help all of her fellow-citizens and not
Judge Clark complained, however, that "with this right and with these
neither the
employee in the
case
at
bar, nor the National Labor
other countries that
"They do not, naturally, criticize courts that have existed for centuries
to
their
own
existence,"
he
continued.
as
follows:
legislative and executive branches of the Govern¬
resisting the sweep of the general conflagration.
are
practical application, that such aid must reach Its
This policy means, in
destination in the shortest of time and in maximum quantity.
must be found to do this.
:
•
C
So ways
,
Speaking before the annual meeting of the American
Society of International Law at Washington, Secretary Hull
triumph of
principles of humanity, translated into law and order,
by which freedom and justice and security will again prevail."
At the outset of his talk, the Secretary said that "this is
not an ordinary war," and he went on to say:
the
It is
a
war
of assault by these would-be conquerors,
method of barbarism,
"They
merely
express
a
employing every
cling to their right to live in
nations which
upon
freedom and which are resisting
in self-defense.
The would-be conquerors propose to take unto
themselves
every part
of
every
conquered nation: the territory, the sovereignty, the possessions of
every
such nation.
nation into serfs
Relations Board in her behalf," was satisfied.
prior
were
safety and security require that, in accordance with
the declared policy of the
only those working within the nebulous conception of interstate commerce."
courts
our
said that he has "absolute faith in the ultimate
VVVYvyi/
>
judgment
ment, aid must be supplied without hesitation to Great Britain and those
unfair
with which the Board
company
In my
their
They propose to make the people of each conquered
extinguish their liberties, their rights, their law and
They systematically uproot everything that is high and fine
religion.
7..-"
life.
in
to
With regard to the viewpoint that "our country need not
an invader shall have crossed the
preference for and insist upon initial administrative remedies."
resist until armed forces of
New York
Appellate Division Reverses Decision of State
Supreme Court Holding German Reichsbank Re¬
sponsible to American Holders of German Mu¬
nicipal Bonds
In
a
unanimously ruling handed down
Appellate Division reversed
Supreme
a
Court which held
on
April 10, the
ruling by the New York State
the
German
Reichsbank
re¬
sponsible to American holders of German municipal bonds
for payments
for
due from funds deposited by German cities
redemption of the bonds.
The higher Court, said the
New York "Herald Tribune" of April 11, held that two suits
in which the
plaintiffs received
the Reichsbank
on
summary
judgments against
Nov. 13 from Justice William T. CoHins
in
Supreme Court, must be brought to trial for disposition.
The two suits, it is pointed out, are regarded as test cases
for numerous other actions brought against the Bank.
boundary line of this hemisphere," Mr. Hull said:
But this merely means that there would be no resistance
by the hemis¬
had
phere, including the United States, until the invading countries
ac¬
quired complete control of the other four continents and of the high seas,
and thus had obtained every
possible strategic advantage, reducing us to
the corresponding disadvantage of a severely
an
Explaining his view
in
selves
asserted:
the
■
defense
as
of
are
.—V ;y.
making resistance are primarily seeking to save
themselves, their homes and their liberties.
Great Britain, for instance, is
The United States both in its direct
the aid which it extends to the resisting nations is
acting primarily for her
defense effort and in
This is
;
to "why we should interest our¬
other countries," the Secretary
V
•
Those nations that
own
safety.
likewise acting primarily for its own
are
handicapped defense.
utterly short-sighted and extremely dangerous view.
safety.
As safety for the nations that
offering resistance means security for us, aid to them is an
essential
part of our own defense.
Every
for
use
new conquest
makes available to the aggressor greater resources
against the remaining free peoples.
Our aid to the resisting nations
In addition, it is of
economic and financial relations between the two
by the United States for these supplies will
materially assist Canada in meeting part of the cost of Canadian defense
purchases in the United States.
In so far as Canada's defense purchases
in the United States consist
of component parts to be used in equipment and munitions which Canada
is producing for Great Britain, it was also agreed that Great Britain will
obtain these parts under the Lease-Lend Act and forward them to Canada
for inclusion in the finished articles.
V:
The technical
and financial details will be worked out as soon as
possible in accordance with the general principles which have been agreed
upon between the President and the Prime Minister.
a
who wins" and "what
to
is
de¬
designs upon the
In a world which was, in the main,
difference.
It makes a fateful
voted to the cause of peace
and in which no nation had
could, perhaps, take a detached attitude.
military movements and official acts and utterances
Western Hemisphere we
All the
have confirmed the
powers
plans for world domination.
us
.
.
.
of these
knowledge that we too are included in their
Our freedom and our wealth inevitably make
who wins—the difference whether we stand
the wall with the other four continents against us and
backs to
our
the high
lost, alone defending the
place in an orderly
seas
whether we keep our
Cooperate
ment
'V.
to
last free territories on earth—or
world.
give us safety."
Expressing the "wish" that it were
issued April
policies and
objectives" concerning defense buying and control of prices.
Under this cooperative program, proposed contracts will
Management, announced in a joint statement
22 that they "are in complete agreement on
possible to make some
Mr. Hull relates that "one of the contending
•groups not only does not wish peace, as we understand
peace, but literally does not believe in peace."
With respect to "whether aid to freedom—loving nations
and a vigorous policy of defending out interests will not
irritate some aggressor into attacking us," Secretary Hull
effective.
most
V'!'
said:
portion of his address, the Secretary
■
■
inform OPACS of the procurement
of government purchasing agencies and departments
which might influence price stability or affect the
civilians.
2. Recommendations which OPACS may make in regard to such plans
will be made through the Division of Purchases.
3. OPACS will keep the Division of Purchases informed of all price
investigations and proposed regulations which might influence procure¬
ment for defense.
y,::
4. The Division of Purchases will not clear proposed contracts in which
the prices do not conform to regulations set by OPACS, unless OPACS
coming within its scope,
supply of goods for
V'-.
such contracts.
and information of each agency
5. All facilities
security requires the full, con¬
tinuous, patriotically inspired effort of each and every one of us.
The
energies of those who control the operation of our factories and their ma¬
chines together with the labor of those who make and operate the machines
must be devoted to
the attainment of maximum production.
.
.
.
Every part of our vast productive machine that can serve to produce
military supplies must be put to that purpose.
The desire to continue ordinary ways of business must yield to the
the task of safeguarding our
us,
a
"Times":
plans and proposals
approves
■'•
1
For
follows in
as
Division of Purchases will
X. The
merely because it is our policy to
:
Toward the concluding
outlined
22 to the New York
defend
ourselves.
Neither, for that matter, are any aggressors going to let us
alone merely because we attempt to placate them.
In the philosophy of
the conquerors, an attack is justified whenever and wherever it looks
easy and convenient and serves their purposes.
There is no possible safe¬
guarding our security except by solid strength, placed when and where it
is
The basic points of the
the OPACS.
were
regulations set by
working agreement
Washington dispatch of April
unless prices conform to
not be cleared
'
I
>;[■ ■■
going to attack us
Purchases for the Office of Production
Nelson, Director of
sort of peace,
No nation is
Administrator of the new Office of
and Civilian Supply, and Donald
Administration
Price
it does not
said::\
OPM Purchasing Division
Buying Program for Govern¬
'
/"^y;'-Y,-
on
Henderson,
Leon
control of the seas lost
by the resisting nations, it "would create colossal danger to
our own national defense and security" Secretary Hull stated
that, while the breadth of the seas may give us a little time,"
pointing out that were the
After
♦
Agency and
Control
Price
Yes, it makes a difference
with
of vital importance.
J:
;•
machine of force.
magnets for their
are
great importance to the
countries
that payment
further question as to "why should we care
difference does it make to America,"
which the Secretary said the "same confusion of thought"
sometimes expressed, he declared:
\
Answering
be provided
articles to
the
knowledge that every
the remaining
1941
the United States, but many of
defense program of
total
of the
fraction
of a world benefactor. It is based on the definite
free nation anywhere is a bastion of strength to all
free peoples everywhere.
is not the mere crusading
April 26,
Chronicle
The Commercial & Financial
2634
Each agency will appoint a
6.
corning
liaison officer to maintain close
contact
their activity.
within the range of
and to facilitate
will be made available
will consult freely on matters
and staff members
the other,
to
consultation with the other agency.
Establishment of the OPACS was
noted in these columns
April 19, page 2478.
needs of the crisis.
Production Director Biggers
OPM
Lists1!Defense Pro¬
Progress—Tells Editors' Convention Public
Lack of Understanding of Urgency Is Main Obstacle
—Sidney Hillman^Says Labor Is Rising to Emer¬
gram
United
Canada Agree
and
States
Program of Co¬
on
Defense Production Facilities—Presi
Roosevelt
and Prime
Minister Mackenzie
ordinating
dent
Articles
v
President Roosevelt and Prime Minister W. L. Mackenzie
King of Canada announced in a joint statement, issued on
April 20, that they had agreed on a program of coordinating
defense production facilities of the North American conti¬
nent "for the purposes of both local and hemisphere de¬
gency
King Reach Accord on Exchanging
According to the
general principle that in
mobilizing the resources of this continent each country
should provide the other with the defense articles which it
is best able to produce."
Following this plan, Canada will
fense"
"it
agreed
was
Britain.
Great
aiding
for
and
statement,
as
a
defense articles"
receive from Canada
"certain kinds of munitions, strategic materials, aluminum
Production Management,
and
United
the
Associated Press:
States
$200,000,000
$300,000,000,
and
"of
being
thus
great
im¬
to the economic and financial relations between
the two countries."
It was also agreed that the parts that
United States for British equip¬
"Lease-Lend"
Act.
The agreement was reached by the President and the
Prime Minister at the former's Hyde Park (New York)
discussions
Earlier
House
were
reported
this
last
held
week
the
at
20
who
took
part in
Among other important matters, the President and the Prime Minister
discussed
by
measures
which
the
most
prompt
effective
and
utilization
of North America for the
purposes both of local and hemisphere defense and of the assistance which
in addition to their own program both Canada and the United States are
tnight
made
be
It
and
agreed
was
this
which
that
production
Canada
obtain
must
in
Canada will be
hand,
expanded
for its
own
While
next
12
ana
the
with
other
the
defense
produce quickly,
States,
and
purchases
of
this
character
greater in the coming year than in the past.
is
of
ships,
existing
and potential
capacity
in
Canada
by
On the
for the
certain kinds of munitions, strategic materials,
which are urgently required by the United States
months
estimates cannot yet
Canada
can
be made, it is hoped that during the
$200,-
supply the United States with between
000,000 and $300,000,000 worth
March, but
doubled by the end of this year.
14,000% over the average
of the last
-V..,-:'V
v
schedule but must he increased 500% for
end of the year.
Arm—Ahead of schedule, with increases of 100% to 500% con¬
Small
on
1,000% for 50-caliber before the
producers.
by end of year.
13-ton
tanks
a
the
Ammunition—Almost
Arms
V;.;
V
doubled
month; production to be
.
Tons—Five companies going
26
Tanks of
Small
.
100
Tanks—Getting
into production rapidly.
pressing problem of
most
the
increased over 1,000% in the last nine months, but
only a beginning.
Plants under way for producing 22,000 rounds
day of 30-caliber and 34,000 rounds a day of 50-caliber.
moment;
that
production
is
Sidney Hillman, Associate
Director of the Office of Pro¬
18 that
told the editors on April
duction Management, also
the battle of production would depend in
long run on the full cooperation of the common man.
asserted that labor is rising fully to the challenge of
in
victory
the
He
the
"cooperation of free men" cannot
With regard to his further re¬
marks, the United Press reported:
Compared to any other time of equal industrial activity, Mr. Hillman
added, the industrial relations picture today is most favorable.
and that the
be obtained by coercion.
"In
of such defense articles.
This is a small
which
strikes
the
have
occurred,"
he said,
"surely we have no
blame upon labor without informing ourselves as to
underlying reasons.
When large profits are reported in the press labor
justly feels it is entitled to some fair share of them.
When labor is
denied various rights guaranteed to it by law, labor cannot be expected to
right
to
place
the
the
sit
by without protest.
"Probably
have been
purposes.
exact
,.;.y
Machine Guns—Running
its productive capacity manyfold since the
there are still numerous defense articles which it
United
the
even
production
speedy
aluminum
provide
should be coordinated to this end.
programs
has
there
should
country
with cargo
expansion of
years.
fronting
a
of schedule,
all purposes.
May and this
ahead
emergency
best able to produce, and above all,
it is
beginning of the war,
other
facilities
general principle that in mobilizing the resources of
a
as
each
continent
While
productive
to Great Britain and the other democracies.
rendering
articles
the
of
than
more
30-caliber and
White
the talks resulting in the latest
agreement were Secretary of the Treasury Morgenthau and
Harry L. Hopkins, Supervisor of the "lease-lend" program.
Following is the text of the joint statement:
Others
to be
has
Ordnance—Involves
in our issue of April 19, page 2487.
on
cost, $2,765,000,000.
cost $1,750,000,000.
Navy—Program exceeds $9,000,000,000 for
Aircraft—Production trebled
between last
Canada purchases from the
home.
;
running along
Shipbuilding—Program
ships alone to
portance
ment will be obtained in accordance with the
1,305
being built,
Plants
Canadian
the
United
arms
$44,000,000,000, said that a "lack of public understanding of
the magnitude and urgency" of the defense program was the
chief obstacle to its success, and not strikes.
Addressing
the convention of the American Society of Newspaper Edi¬
tors, in Washington, Mr. Biggers asked the members to help
improve this understanding and presented the following
progress report on the defense program, according to the
will
turn
It was further explained in the joint statement
production of defense articles for the
will in the next 12 months total between
ships."
that
in
States
the
for
total
obtain from the United States "numerous
and
Production Director of the Office of
in reporting on April 18 that the
program now amounts to more than
Biggers,
D.
John
recent
days.
think
that
mistaken."
more
used
in
...
unrestrained, irresponsible character
subject in
that kind of rhetoric may
serving the cause of defense, but they are sadly
adjectives of
an
connection with strikes than about any other
Those who have been engaging in
they
are
Volume
The Commercial & Financial Chronicle
152
concluded with
The convention
banquet the same eve¬
a
by Lord
Halifax, the British Ambassador; Colonel William J. Dono¬
van, who recently made a survey of European conditions,
and Lauchlin Currie, a presidential assistant recently re¬
ning at which off-the-record speeches were made
turned from
study of the Chinese situation.
a
of the Louisville "Times."
Other
officers named were:
new
S. Gilmore, editor of the Detroit "News," Second VicePresident; John S. Knight, President and editor Detroit
W.
"Free
Press"
and
of
publisher
"Herald"
Miami, Fla.,
the
operations and current imports are sufficient to meet current defense
civilian
In
tin
of
these
desirable
Institute
the
other
as
require
this
in
coatings
substitution
the tin situation
effective methods in the event of an emergency.
for
country,
which
will
effect
should consider
we
products
of
containers
about half of the tin
broadening the use of
industry consumes
manufacturing
can
annually used
masters regard
McConnell does not expect drastic action to
or
desirable under present conditions, but the members
know that the present is a highly desirable time to plan
for savings and prepare
Since
that ship
Mr.
easy.
necessary
our
fact
bulkier shipments,
for
ballast
as
the
with
along
facts,
cargo
is
present
prove
and
requirements.
view
a
at
of
Society elected Dwight Marvin, editor of the Troy,
N. Y., "Record," President, to succeed Tom Wallace, editor
The
2635
not
demanding
tin
plate,
a
important savings of tin for such containers
coat of tin.
a
and
Akron, Ohio, "Beacon Journal," Treasurer.
M. V. Atwood of the Gannett newspapers was reelected First VicePresident and N. R. Howard, editor of "The Cleveland
News," was reelected Secretary.
A message from President Roosevelt, read at the opening
the
of
meeting
April
on
April 19, page 2477.
17,
in
given
was
i
.
of
issue
our
Increased
Have
Sloan
General
of
Motors
Advises OPM that
Corporation's Tool Shops Are Available for Defense
Purposes—Plan to Eliminate Yearly Model Change
of Passenger Cars
Alfred
P.
Jr., Chairman of General Motors, has
of Production Management in a letter
Sloan
the
notified
Office
dated
April 15, that the Corporation's tool shops may be
for production of
necessary machine tools or of defense materials.
This was
made known on April 19 in an announcement which said
that pending the securing of Government orders leading to
the most effective utilization of these shops, they will com¬
considered available for defense purposes
plete unfinished work in process on account of 1942 models
to be introduced this coming summer, much of the design
change in connection with which will effect important
elimination
these
of
materials.
critical
said
further
is
It
that
partly engaged in the manufacture of
for defense projects, and as a result of this
policy additional defense work may be undertaken so that
it will be possible to bring these shops into full capacity
operation on defense production, and to continue employ¬
ment at full time of all men now working.
Mr. Sloan's
letter to William S. Knudsen, Director General of the OPM,
shops
are now
tools and parts
The
present
In considering
and means whereby we might accelerate progress
ways
National
the
on
be
used
The
policy.
Defense
General Motors has undertaken,
projects that
of this letter is to advise you as to same.
purpose
We propose to
model, which
the
to
year
1943.
This
that
means
into production this summer, will be
goes
the
continued
through 1943.
delphia,
this
time
offers
vital
two
the
Program
Defense
important limiting factors,
to be most
appear
1920 peak.
Michigan
of
managerial
technical
talent
means
could
that
Can we use this tre¬
Factory payrolls already are at an all-time high.
industrial capacity
peace?
The
for peace?
And will there be world economic
to these questions will have
answer
economic structure.
It
from
is taken
Mr. Kniskern's remarks
announcement issued
an
Association:
great effect upon our
a
certainly will affect all real estate.
The following further regarding
by the Real Estate
.
the
from the
growth of
urbanism.
Touching on the subject of urban decentralization, Mr. Kniskern
brought out that rural areas have been taken out of isolation through the
medium of the telephone, radio, automobile, good roads and electricity.
"Luxury and convenience," he said, "have been taken to the farm and
was
of
to
He
the
cities,
opinion
South,
that
and
industrial trend
the
this
that
trend
was
away
retard
may
the
hamlet."
the
approaching
Despite
population
stability,
he
cited
the
trend
houses
than
promptly available
a
know, we
As you
every
This
division.
reservoir of qualified and
experienced technicians who could be used wherever defense needs might
■
'■
' v
>•' •
demand.
On the second count, we
spend on an average model change from $35,-
Probably
This involves tooling, almost entirely.
000.000 to $40,000,000.
In terms of
90% of this capacity could be diverted to defense purposes.
production, there would be involved approximately 15,000,000 man hours.
These
specific contributions do not, by any means, represent all
two
might be accomplished
has
program
an
the elimination of such a comprehensive
as
important effect throughout nearly all of the Corporation's
activities.
the opinion
be
necessary
tion
on
15%
Says
Saved Without Discriminating
More
15%
than
turers
of
tin
the
be saved
may
Supplies
Defense—Ferris White of Can Manu¬
Institute
facturers
Now Used Can
Against Users
used
now
by
Be
Ferris White, ViceInstitute, Inc., New
York, on April 21, in telling of can makers' plans to con¬
serve
tin
supplies for national defense and
essential
civilian uses.
"This can be achieved," explained Mr. White,
"first, by reducing the weight of the coating of tin on cans
by 10% (such a reduction could be effected on 95% of the
present food containers), and, second, by the savings which
could be effected
by switching from tin plate to other
types of coated steel—for example, some products, such as
paint, oil, and gasoline may be packed in containers made
of terne plate.
Terne plate is made of tin and lead, and,
therefore, requires less tin than tin plate.
Mr. White
single
of
group
President
of
declared
users,
can
the
Can
Manufacturers
further said:
The
consumed
calling
now
approximate
United
the
based
annually,
js
savings because
in
on
can
to
the
of
about
emergency
attention
manufacturers
States.
A
in tin
of
saving
present rate of
the
saving
a
its
members
about half
of
to
up
all
the
7,500
tin
such
of the tin
tons
of
by can manufacturers
use,
one-tenth
of
use
used
tin
would
in
this
country each year.
There
the
makers
is
no
Office
in
a
of
required
are
for
any
to
house
the
Nation
today
1930.
abnormal increases in rents, and was
control would not
While sharp disloca¬
rents in
that the Government's hope that rental
would be borne out by coming events.
of
war
shifts
creating shortages and high
was
he still felt that Federal construction, emergency measures
isolated spots,
spurring of private construction would tend to control rent levels.
"Speed Up Production of Homes" Says Defense Housing
Coordinator Palmer Addressing Real Estate Boards
Radio Symposium on
in
Defense Housing—P. W.
Kniskern, Realtors' Chief, and FHA Administrator
Ferguson Also Speak
Addressing
symposium
a
on
defense
housing, sponsored
by the National Association of Real Estate Boards, broad¬
cast on April 17 from the Mayflower Hotel, Washington,
over
NBC's Blue Network, and carried to simultaneous
Charles F.
pri¬
mary request to the real estate industry: "Keep on produc¬
ing homes, and speed it up!"
His second request was for
housing information.
"When our regional coordinators
visit your towns and cities to analyze the defense housing
needs, give them all the accurate information at your dis¬
posal."
Coordinator Palmer added that "housing needs of
meetings of real estate boards over the country,
Palmer, Defense Housing Coordinator, gave this as his
in
lower
the
income
brackets
are
our
chief con¬
the income of the average de¬
fense worker is such that he must look for decent and
livable accommodations in the range between $20 and $30.
cern."
He pointed out that
And it
most
on
is
to say:
in
this
communities
range
have
that most of the shortages exist.
As a rule,
dwellings available to families able to
plenty of
$40, $50 or $60 a month in rent.
The higher percentages of vacancy
that
exist
for higher-priced
homes
do not obviate the necessity for
pay
defense
housing.
Symposium Chairman
Philip W. Kniskern, President of
the National Association of Real
that both
for present and future
Estate Boards, pointed out
economic health it is im¬
portant that a minimum of the needed housing be
ment-built, that a maximum be privately built,
Govern¬
but
he
emphasized that it is essential above all else that we have
the housing, where and when we need it.
He urged private
industry to give speedy and convincing proof of what it
can
do, asked for sane, non-hysterical planning, warned
that cessation of Federal Housing Administration financing
homes, obligatory after July 1 unless Congress
seriously hamper private pro¬
duction of defense housing.
FHA Administrator Abner H. Ferguson told of recent
for existing
extends the date, would very
Institute
possible tin
did not look
account
He went
manufac¬
can
discriminating against any
without
population
1850, and close to 8% more per million population than in
Kniskern
families
Can Makers Consider Methods to Conserve Tin
for National
million
per
in
Mr.
production and
to
Defense.
engineering departments in
that there would be
toward
This
growth in the number of families, he pointed out, means that 70% more
considerable amount of
be diverted
National
involved in
engineering problems
have highly organized
the
and
He added:
mendous
First, administrative and technical man¬
On the first count, there would be released a very
of
University
the
of
He asserted that there
will be a big readjustment, with intense international com¬
petition, at the close of the war.
Mr. Kniskern also pointed
out that production of new manufacturing capital facilities
will reach an all-time high this year, about 10% above the
agement, and second, tooling capacity.
that
of the joint
School of Business
This change of policy
possibility of accentuating the
that
counts
things stand at the moment:
as
Estate
April 19 told the closing session
on
Administration
the time when we would ordinarily start our engineers,
designers and draftsmen working on plans for 1943.
on
Real
Michigan Real Estate Association.
and
As you know, this is
at
of
Association
National
the
educational conference sponsored by the
of
eliminate the yearly model change of passenger cars that
normally make, applicable
1942
when
of
Boards and President of the First Mortgage Corp. of Phila¬
looking not only to the present but to the future, we have come to a definite
we
creating a vast manufacturing
the world that will demand
hostilities are over, Philip W. Kniskern,
is
war
greater number and smaller sized families noted in the 1940 census.
says:
Will
War
Hostilities Are Over, Says
machine among the nations of
President
Chairman
by
Caused
Capacity
Used When
Be
P. W. Kniskern of Real Estate Association
to
-,
Industrial
to
Production
recent
at present,
Robert E.
McConnell, Chief
Management's Unit of Conservation,
conference
at
Washington.
Mr.
McConnell
present tin stocks in the United States are sufficient for about
told
said
can
that
14 months'
legislation
under which
FHA financing has now become
available for homes purchased
without any down payment
whatever, if the homes are in designated defense areas.
Defense Coordinator Palmer made this pledge:
"Every
needed in our defense industries must have a
man
and
we
said:
are
going to see that he gets
one."
home,
He likewise
#
The Commercial & Financial Chronicle
2636
$3,000 to $5,000 houses over a recent
whole was
150% to 200%.
the country as a
duction for
defense
the
areas
increase
was
the seven months'
actually is much greater.
total
for
units
89,000
housing. In the field
seven-months period private pro¬
up 29% over last year.
In some
enterprise is doing a real job for defense
Private
of
construction,
Government
period
A survey that covered
didn't get them all.
The
where
housing only
enterprise can't,
private
Some 75,000 dwelling units in 259 projects in 136
localities, scattered through 47 States and territories, are under
con¬
struction or in the final stages of land buying or contract negotiation.
is also
private industry cannot do the job, for any reason
When
the
no
getting results.
The swift tide of world events leaves
is going to build.
Government
There
defense
meet
to
instances,
of
these
In
thousands of partially
are
ernized
a
housing
run-down properties that can be mod¬
with the expenditure, in many
so
purpose
ment, remarked:
In fact, the innate
alarm.
Apparently there is no present cause for
understood
their willingness to comply with wellwarrant a wider acceptance of this class of
obligations may
many
phases of the defense program, repairs to
double
Walter B.
Consumer Credit Depart¬
sending the results of the survey to the banks,
In
French, manager of the A. B. A.
honesty of the American people and
building materials are needed in other
existing property will serve the
of providing additional living units without dislocating
when
from borrowers for easement of the terms
lenders and the borrowers.
needs
limited amount of money.
days
the survey reported that they
of their
loans under the provisions of the Act which permit that lender and borrower
may make an agreement mutually satisfactory and in writing, for adjust¬
ment of a loan provided such an agreement is entered into after the loan is
made.
The remaining 35% of the banks stated that the requests received
for such easement would not represent more than H of 1% of the loans
outstanding.
They also stated that whenever such requests had been
made they had been worked out to the mutual satisfaction of both the
65% of the institutions which replied to
had received no requests
whatsoever, then
time for argument.
April 26, 1941
at the present time.
paper
markets.
Begin Series of Radio Programs on
Production—To Broadcast with Coopera¬
Fulton Lewis, Jr., to
Banks to
Defense Savings
York
New
State
White announced on
Bonds
Superintendent of Banks William R.
April 21 that the Banking Board, at a
pursuant to the terms of the Treasury Department's Regula¬
tions dated April 15, 1941.
Reference to the Treasury's
regulations
was
The Banking
made in our issue of April 19, page 2476.
Board's Resolution reads in part as follows:
organizations which are eligible under the regulations of the
Secretary of the Treasury to
Bonds
act as Issuing agents for Defense Savings
as such Issuing
E are hereby authorized to qualify to act
Series
agents and to take
tion of National Association
all actions, Including the pledge of collateral security,
desirable to enable such banking organizations
which may be necessary or
responsibilities as such issuing
effectively to carry out their duties and
May 1,
Banking Board's action, it is explained,
question as to whether certain types of
banking organizations have the power to act as agents of the
Treasury Department and whether such banking organiza¬
tions have the power to pledge collateral security as required
The effect of the
is to eliminate any
Jr.,
10:45 to 11 p. m. (E. D. T.), the first of a
to be held at factories and plants
from
broadcasts
of
series
of industries providing for national defense.
The
be from the Chrysler Tank Arsenal, where
typical
broadcast will
production of medium-weight tanks was begun this month.
The entire series of radio programs will be heard over
stations of the Mutual Broadcasting System and will cover
20 or more basic industries from as many different cities
and will be broadcast every Thursday evening.
Mr. Lewis
will broadcast with the cooperation of the National Asso¬
ciation of Manufacturers, whose 8,000 members and 40,000
industrial affiliates are being asked by the commentator
to
late information on defense production.
Lewis announces that he intended to
report to him
addition, Mr.
In
questions about national defense sent in by listeners.
D. Fuller, President of the N. A. M., said in an¬
answer
Walter
agents.
of Manufacturers
Washington newspaper correspondent
and radio commentator, will inaugurate from Detroit, on
Lewis
Fulton
meeting April 17, adopted a resolution for the purpose of
clarifying the power of certain types of banking organizations
in this State to act as agents of the Treasury Department in
the sale of United States Defense Savings Bonds Series E
All banking
Defense
Banking Board Authorizes State
Act as Issuing Agents for United States
State
York
New
Reporter" pro¬
innovation in radio coverage of defense.
He
this new roving assignment of the Washington re¬
nouncing this series that the "Your Defense
gram
was an
likened
porter
to that of an American commentator
abroad—covering the news at its source.
on
duty
by the regulations of the Treasury Department.
Issues Bulletin
Defense Savings Bonds and Stamps
American Bankers Association
Report of National Resources Planning Board ' on
Development of Country's Resources—Early Con¬
struction of St. Lawrence Waterway Among Recom¬
on
mendations
Association is distributing to its
special bulletin on "Defense Savings Bonds
The American Bankers
member banks
a
Stamps," containing detailed information on the govern¬
ment's program to sell savings stamps and small denomina¬
tion savings bonds to the public.
The 20-page booklet,
identified as Special Bulletin No. 83 of the A. B. A. Bank
Management Commission, states its purpose as follows:
and
The United
States
stitutions to assist it in its defense
up
to the
In¬
Specifically, it will be largely
Treasury is calling upon the nation's banking
efforts.
bankers to thoroughly familiarize themselves with the funda¬
mental problem confronting the nation,
i. e., the imperative necessity of
then to acquaint themselves with the details of
the Defense Savings Bond program.
Thus the banker will be able to dis¬
The National Resources Planning Board
April 8
for
intelligently this program with his customers, and, at the same
time,
perform a valuable service to his country.
The
bulletin
explains how the banks
become dis¬
may
outline table of essential facts about them,
redemption tables and four pages of questions and answers.
The bulletin states that while executors, administrators,
trustees and corporate fiduciaries may not purchase Series E
Bonds, they may purchase F and G Bonds.
The process of
redemption of the bonds by administrators, executors,
trustees and
fiduciaries is outlined in the bulletin.
The bulletin
was
prepared by
a
agriculture, industry, water power, flood
pollutions, transportation and municipal
planning.
Some of the specific general recommendations
of the Board were reported in Associated Press advices as
of forests,
gram
control,
stream
follows:
Early construction of the St. Lawrence seaway to provide access to the
Lakes of a large portion of ocean-borne shipping early completion
Great
of
committee consisting of
National Bank,
Washingdon, D. C., and James Rowley of the bond depart¬
ment of the Bankers Trust Co. of New York, working with
the Chairman of the A. B. A. Bank Management Com¬
mission and representatives of the Treasury Department.
Experience Good Under Soldiers' and Sailors'
Moratorium, According to A. B. A. Survey
land
of
ment
personal loan or consumer credit departments
have experienced little if any difficulty in operating under
the Soldiers' and Sailors' Debt Moratorium, it is indicated
by a survey of experience with the moratorium just completed
by the American Bankers Association.
In order to de¬
termine the effect of the Soldiers' and Sailors' Civil Relief
Act enacted last Fall for the purpose of freezing the debts of
soldiers' and sailors' during their period of military service,
the Consumer Credit Department of the A. B. A. queried
operating personal loan or
credit depart¬
The Association
consumer
sections of the country.
announcement, issued April 18, further stated:
ment in various
92% of the replying banks stated that they were not
difficulties.
the banks represented among
not more
and
the remaining 13% stated that they had made
these
than one or two repossessons since the Act became effective,
repossessions being chiefly of automobiles.
to
use
available
facilities
Lake
Michigan
about
bring
highways; ajust-
of unneeded
abandonment
and
costly
communities.
all
to
of suitable industry to stabilize employment;
Development
development; conservation of ground water resources;
search
to
control
to
water
pollution
provide channel storage;
and
pattern,
for
tunities
housing pattern adjusted to the industrial
a
industry
of
expansion
water-power
continuation of re¬
continued efforts to control floods and
;
to provide
greater
diversified oppor¬
employment.
According to the United Press the Planning Board pointed
that the plans merely were "preliminary statements"
objectives which have been under consideration by local
officials for some time.
From the same advices we quote:
of
In
and
earning
The
for
of
defense
one
for
a
better highway network in New
to
peace-time purposes
of
water
also
resources
by
the
urged
in
California,
a
well-rounded 12-point
Nevada, Arizona and Utah
Regional Planning Board in San Francisco.
widespread development of minerals for
more
purposes.
this
In
jobs and to increase the
more
objectives for the Pacific Northwest.
use
Board
from
and
defense
recommended
was
provide
industry to
pronosals ranged
Greater
connection
minerals, which
were
the
staff
Omaha
suggested
reservation of certain
and development
not defined, for exclusive war uses,
pilot plants to determine war-time adaptabilities of other minerals.
In
its
had the
the
In
and
in
account
Middle
New
Atlantic
England,
the
adjustments in
adequate
from Washington
the New York "Times"
following to say, in part, regarding the report:
public
recreational
of
of
of each area.
power
England
of
instance the local planning boards advocated expansion
almost every
diversification
No
experiencing any
87% stated that they had not made any repossessions,
system of express and limited access
a
roads; completion of State airport plans; feeder routes to make air traffic
That
Banks with
200 banks
joining
waterway
Calumet
the Illinois River.
statement
Debt
Calumet-Grand
Little
the
Development of
out
Nelson B. O'Neil, Vice-President of the Riggs
Banks'
of plans
Nation's
report applied to 10 regions into which the
The
resources.
with
tributing agents for the Defense Savings Stamps and Bonds
and describes in detail the Savings Stamps and Savings Bonds
The bulletin contains, in addition to the prose description
and details, an
the
United States had been divided and covered the broad pro¬
the defense program; and
cuss
made public on
report disclosing preliminary statements
development and conservation of the
a
use
including
States,
New
York
and
New Jersey,
emphasis was laid on mal¬
of urban, suburban and rural lands, the lack of
including
school
facilities
Connecticut,
planning
and
inadequate
housing
and
facilities.
part of
the country was found
which has suffered more from lack
need of it, because of the
and national strategic im¬
portance.
It was admitted, however, that perhaps in no region is planning
so difficult, since improvement involves to a greater degree costly processes
of reshaping severely exploited land and facilities.
planned
density
development
of its population,
or
is
in
greater
industrial activities
Volume
The Commercial & Financial
152
"the land problems of the
of large areas of rural
land, particularly in the case of farmed areas unfitted for agriculture;
(2) blighted areas in urban centers, and (3) subdivision of suburban land
far beyond present and probable future needs."
As to urban blight the report recommended four specific approaches.
During February the Corporation purchased from the
"Generally speaking," this report continued,
arise from
region
These
(1)
maladjustments of the
use
were:
potential blighted areas, in accordance
plan, and improved zoning practices, applying where
possible 'neighborhood unit' principles.
"2. More liberal policies of municipal land acquisition and management,
encouraged by proper State laws for efficient foreclosure of tax-delinquent
properties and for permitting urban authorities to acquire, hold and dispose
of land with greater freedom.
"3. Taxation policies designed to encourage the best use of urban land,
including* downward revision of assessed valuations in many decadent dis¬
tricts and further trial of and value taxation
(gradually decreasing tax
rates on buildings,
coupled with increased tax rates on land).
.
"4. Cooperative working out of neighborhood development problems by
land
owners
and
municipal authorities, in cooperation with the Home
Owners' Loan Corporation."
with
of
Rehabilitation
"1.
'master'
a
actual
or
city
2637
Chronicle
ministration
one
block
tion
having
Corporation
a
value
par
collected
also
of $1,017,900 at a premium of $17,583.
The
maturing PWA securities having par value of
Through Feb. 28, 1941, the Corporation has purchased from the
Administration, Federal Works Agency (formerly Federal
$55,313.
Works
Public
4,186 blocks (3,116 issues)
Of this amount, securities
having par value of $508,286,652 were sold at a premium of $14,124,895.
Securities having a par value of $136,495,092 are still held.
In addition,
the Corporation has agreed to purchase, to be held and collected or sold
at a later date, such part of securities having an aggregate par value of
$81,189,150 as the Administration is in a position to deliver from time
of Public Works),
Emergency Administration
of securities
to
having
par
value of $677,237,999.
time.
The
listed
report
follows disbursements and repay¬
from Feb. 2, 1932, to Feb. 28, 1941:
as
ments for all purposes
Disbursements
Loans under Section 5:
President Roosevelt's recent message to
'
Board's public construction
issue of March
22,
page
Congress on the
Mortgage loan companies
1841.
...
Insurance companies
Report of Operations of RFC Feb. 2, 1932. to Feb. 28,
1941—Loans
of
$15,579,782,928 Authorized—$2,-
Finance
struction
ported
of the
Recon¬
Corporation, Chairman Emil Schram re¬
regular monthly report of operations of the
In his
Joint Stock Land banks
Corporation in the recovery program during February
tions and commitments amounted to
$6,614,734, making total
authorizations through Feb. 28, 1941, and tentative
outstanding
ments
the
at
of
end
month
the
of
commit¬
$15,579,-
118,970,191.04
87,806,516.14
22,007,862.86
13,064,631.18
12,971,598.69
9,250,000.00
Federal Intermediate Credit banks
Agricultural Credit corporations
Fishing Industry
13,064,631.18
5,643.618.22
moneys
.
5,599,953.83
Processors or distributors for payment
14,718.06
...
Total loans under Section 6
Secretary
665,412.88
589,337.21
14,718.06
of pro¬
cessing tax
to
9,250,000.00
600,095.79
Credit unions
Loans
12,971,598.69
719,675.00
4, 285,864,814.67 3,494,845,374.26
of Agriculture to
purchase
3,300,000.00
3,300,000.00
91,281,591.43
cotton
$296,563,936, rescissions of previous authoriza¬
amounted to
*318,219,589.82
440.434,124.11
387,236,000.00
173,243,640.72
State funds for Insurance of deposits of public
Livestock Credit corporations
March 24 that authorizations and commitments
on
$
1,904,771,797.72
625,367,260.45
387,236,000.00
173,243,640.72
123,231,741.60
90,693,209.81
24,666,880.20
.....
Federal Land banks
Regional Agricultural Credit corporations
Building and loan associations (lncl. receivers).
375,778,804 Canceled—$8,304,042,217 Disbursed for
Loans and
Investments—$6,212,578,653 Repaid—
RFC Transactions with Railroads Itemized
Repayments
$
Banks and trust companies (lncl. receivers)...2,018,841,939.79
Railroads (Including receivers)
800,319,805.16
referred to in our
program was
Public Works Ad¬
(one issue) of securities having a par value cf $500
previously purchased from the Public Works Administra¬
and sold securities
8,383,668.80
Loans for refinancing drainage, levee and Irriga¬
tion districts
Loans to
of
public school authorities for payment
salaries and for refinancing out¬
teadhere'
23,242,170.85
tion projects
total of $1,502,-
421,506,674.33
Loans for repair and reconstruction of property
agencies and
$1,800,000,000 for relief from organization through Feb. 28,
22,310,500.00
463,426,457.85
standing Indebtedness
Loans to aid In financing self-llquldatlng construc¬
Loans to aid In financing the sale of agricultural
782,928.
This
798,638
amount
for
other
includes a
governmental
Authorizations aggregating
1941.
withdrawn
or
latter
authorized
during
and
concellations
total
total
February,
$8,654,834
Mr.
were
canceled
Schram said, making
withdrawals
of
$2,375,778,804.
A
$1,660,123,187 remains available to borrowers and
of
purchase of preferred stock and debentures.
to banks in the
During February $156,055,962 was disbursed for loans and
$20,959,460 was repaid, making total dis¬
Feb. 28, 1941, of $8,304,042,217 and re¬
payments of $6,212,578,653
(approximately 75%).
The
Chairman's report continued:
and
investments
bursements through
During February loans to banks and trust companies (including those
liquidation)
$43,985
canceled,
in
increased in the amount of $19,392 ; $474,770 was
was
disbursed and $3,363,394 was repaid.
Through
were
7,541 banks and trust com¬
panies (including those in receivership) aggregating $2,602,079,239.
Of
this amount $515,340,728 has been withdrawn, $18,880,380 remains avail¬
Feb.
28,
able
loans have been authorized to
1941,
borrowers,
to
and
$2,067,858,131
ha3 been
disbursed.
Of this latter
approximately 94%, has been repaid.
Only
$6,415,259 is owing by open banks, and that includes $5,788,549 from one
amount
$1,950,520,749,
mortgage and
......
Loans to Export-Import Bank...
Loans
purchase of preferred stock,
capital notes and debentures of 6,801 banks and trust companies aggre¬
gating $1,466,335,663, and 1,123 loans were authorized in the amount of
$53,111,026 to be secured by preferred stock, a total authorization for
preferred stock, capital notes and debentures of 6,871 banks and trust
companies of $1,519,446,689; $173,847,982 of this has been withdrawn
and $1,893,500 remains available to the banks when conditions of authoriza¬
and
been
Through Feb. 28, 1941, loans have
distribution to depositors of 2,778 closed banks aggre¬
$3,170,622 was repaid.
authorized
for
$337,794,967 of this amount has been withdrawn
$18,862,380 remains available to the borrowers; $1,033,148,255 has
disbursed and $968,994,830, approximately 94%, has been repaid.
$1,389,805,602 ;
cancellations of authorizations to finance drainage,
districts amounted to $205,800, and $140,503 was
disbursed.
Through Feb. 28, 1941, loans have been authorized to refinance
656 drainage, levee and irrigation districts aggregating $141,047,308, of
which $45,976,151 has been withdrawn; $3,789,566 remains available to
the borrowers and $91,281,591 has been disbursed.
Under the provisions of Section 5 (d), which was added to the Recon¬
struction Finance Corporation Act June 19, 1934, and amended April 13,
1938, 28 loans to industry, aggregating $3,157,786 were authorized during
February and authorizations in the amount of $948,355 were canceled or
withdrawn.
Through Feb. 28, 1941, including loans to the fishing industry,
to banks and to mortgage loan companies to assist business and industry
in cooperation with the National
Recovery Administration program, the
Corporation has authorized 7,650 loans for the benefit of industry aggre¬
gating $458,152,414.
Of this amount $100,687,225 has been withdrawn
and $136,295,319 remains available to the borrowers.
In addition, the
Corporation agreed to purchase participations amounting to $163,094 in
loans to 12 businesses during February and similar authorizations aggre¬
During
levee
and
February
irrigation
gating $1,103,698 were withdrawn.
Through Feb. 28, 1941, the
has authorized or has agreed to the purchase of participations
Corporation
aggregating
767,716,962.21
18,993,423.00
ing of agricultural commodities and livestock:
Commodity Credit Corporation
Other.........*.....
......
pref.stock.6,111,567,964.53 4,975,051,437.36
Total loans,exel.of loans secured by
Purchase
of
preferred stock, capital notes and
debentures of banks and trust companies (in¬
cluding $45,449,300.76 disbursed and $16,995,924.22 repaid on loans secured by pref. stock).. 1,343,705,206.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
11,000,000.00
.
Purchase of stock of the Fed. Nat. Mtge. Assn..
5,000,000.00
2,000,000.00
6,000,000.00
1,000,000.00
Purchase of Stock-Metals Reserve Co..
Purchase of Stock-Rubber Reserve Co......
Purchase of Stock-Defense Plant Corp
Purchase of Stock-Defense Supplies Corp
Loans
secured
by
preferred stock
companies (Including $100,000
the purchase of preferred stock)
Public
698,029.065.87
124,741,000.00
Purchase of stock of Federal Home Loan banks__
....
....
of Insurance
disbursed for
34,475,000.00
Works
Administration,
12,305,381.37
1,551,921,206.56
710,334,447.24
640,553,046.16
527,192,768.28
..........
Federal
Works
Agency, security transactions
....
8,304,042,217.25 6,212,578,652.88
Total
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
200,000,000.00
124,741,000.00
Capital stock of Home Owners' Loan Corp..
Capital stock of Federal Home Loan banksLoan (now Land Bank) Commissioner
Farm
for loans to:
Farmers
During February loans for distribution to depositors of closed banks were
increased in the amount of $1,392; $476,219 was canceled, $43,985 was
been
.....
and purchases of assets of closed banks.
Loans to finance the carrying and orderly market¬
tions have been met.
gating
on
Loans to mining businesses
authorizations have been made for the
and
25,000,000.00
49,016,191.46
6,550,409.40
......
Loans for National defense...........
47.251,981.13
111,208,653.51
933,497.68
25,000,000.00
45,748,951.04
2,782,695.95
767,716,962.21
19,644,491.78
Loans to business enterprises.........
5,069,055.55
47,298,877.12
235,377,045.64
81,845,896.80
......
Total
During February authorizations were made to purchase preferred stock
debentures of six banks in the amount of $744,000.
Through Feb. 28,
disbursed
12,003,055.32
surpluses In foreign markets
trust company.
and
1941,
tornado, flood
damaged by earthquake, fire,
and other catastrophes
145,000,000.00
.............
2,600,000.00
55,000,000.00
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers-
Federal Housing Administrator:
To create mutual mortgage insurance
10,000,000.00
74,186,380.80
115,000,000.00
fund..
For other purposes
(net).
Sec. of Agricul.—Rural rehabilitation loans. ..
Sec. of Agricul. for crop loans to farmers
47/000,000.00
9,000,000.00
Farm tenant loans
Governor of the Farm Credit Administration for
revolving fund to provide capital for pro¬
duction credit corporations...
Stock—Commodity Credit Corporation
40,500,000.00
97,000,000.00
24,000,000.00
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,600,000
held In revolving fund)
44,500,000.00
3,108,278.64
14,473,852.92
Expenses—Prior to May 27,1933
Since May 26. 1933
Administrative.—...—...
Administrative
.....
116,186.58
......
126,871.85
157,500,000.00
2,425.46
.1,163,852,570.79
2,425.46
299,984,999.00
al7,169,232.30
expense—1932 relief
Rural Electrification Administration...
Total allocations to governmental agencies...
For relief—To States directly by Corporation
To
States
on
certification
of
Administrator...
Federal
Relief
...
.......
Under Emergency Appropriation Act—1935
Under
Emergency
Relief
499,990,065.72
500,000,000.00
..........
Appropriation Act,
500,000,000.00
1935
1,799,984,064.72
Total for relief.
17,159,232.30
Interest on notes Issued for funds for allocations
33,177,419.82
and relief advances
$121,571,230 of 1,897 businesses, $55,438,580 of which has been withdrawn
and
loans in the amount of $138,824,557 were author¬
agencies
for self-liquidating projects.
Disbursements
Duiing February,
ized
to
amounted
Feb.
Total allocations and relief
$45,389,302 remains available.
28.
public
to
seven
$2,233,100.
Through
self-liquidating projects
$341,000 and repayments amounted to
1941,
399
loans have been authorized on
aggregating $770,131,133; $46,850,143 of this amount has been withdrawn
and $259,854,532 remains
available to the borrowers; $463,426,457 has
been
disbursed and
$421,506,674 has been repaid.
Grand total
♦
............
-
Does not include $4,800,000
2,997,014,055.33
represented by notes of the Canadian
due on loan made
Co., which were acoepted In payment of the balance
neapolis St. Paul & Sault Ste. Marie Ry. Co.
a
In addition to the
repayments of funds
Relief and Construction Act of
17,161,658.76
11,301,056,272.58 6,229,740,310.64
Pacific Ry.
to the Min¬
disbursed for relief under the Emergency
1932, the Corporation's notes
have been canceled
I
The Commercial & Financial Chronicle
2638
in the amount of
$2,729,354,823.03 on account of amounts disbursed for allocations
agencies and for relief by direction of Congress and the
Food
to provisions of an Act (Public No. 342) approved
Interest paid thereon, pursuant
Feb, 24.1938.
The loans authorized and authorizations canceled
or
Authorizations
Canceled
or
Authorised
Withdrawn
%
Disbursed
$
S
Repaid
8
Aberdeen & Rock fish RR. Co.—
127,000
127,000
127,000
Ala. Tenn. A Northern RR, Corp.
275,000
90,000
2,500.000
275,000
2,500,000
(receivers)—
634,757
Ashley Drew & Northern Ity. Co.
400,000
Baltimore A Ohio RR. Co. (note) 95,358,000
Birmingham A So'eastern RR.Co.
41,300
Boston A Maine RR
47,877,937
14,600
634,757
400,000
95,343,400
41,300
47,877,937
12,372,517
53,960
53,960
549,000
13,200
535,800
141,697
Alton RR. Co
Ann Arbor RR. Co.
Buffalo Union-Carolina RR
Carlton A Coast RR. Co
1,161,923
634.757
400,000
41,300
7.684,937
dl8,300,000
lessees)
Central of Georgia Ry. Co
Central RR. Co. of N.J
Charles City Western Ry. Co.—
4,150.000
3,124,319
140,000
5,916,500
4,933,000
Chicago A North Western RR.Co
46,589,133
Chicago Great Western Ry. Co.-
1.289,000
6,546,870
Cblc.Gt. West.RR.Co. (trustee)
Chic. Mllw.St.P. A Pac. RR.Co.
14,150,000
14,150.000
838
150.000
8,762,000
1,150,000
2,680.000
8,300.000
30.055,222
2,098,925
53,600
8,300,000
1,561,389
(trustees)
53,500
53,500
5,100,000
1,800,000
3,182,150
16,582,000
Erie RR. Co. (trustees)
Eureka Nevada Ry. Co
—
——
10,000,000
3,000
Fla. E. Coast Ry. Co. (receivers)
Ft.Smlth A W.Ry.Co.(receivers)
Ft. Worth A Den. City Ry. Co—
Fredericksburg A North. Ry. Co.
Gainsville Midland RR. Co
Gainsvllle Mldl'd Ry. (receivers)
310,000
500,000
8,081.000
County RR. Co
1.957,075
90,000
227,434
8,795,500
15,000
-
Lehigh Valley RR. Co
Litchfield A Madison Ry. Co—
Louisiana A Arkansas Ry. Co—
Maine Central RR. Co
3,200,000
1,867,075
227,434
8.780.422
751.075
10,000
1,161,000
10,539
-
99,422,400
520,000
546,000
9,500,000
22,667
55,936,000
1,000,000
*3,200,000
350,000
655,080
1,112,000
9.278,000
800,000
9,278,000
800,000
400,000
2,550,000
2,550,000
3,000
197,000
50,000
744,252
985,000
6,843.082
a6,843,082
100,000
1,729,252
2,500,000
Mississippi Export RR. Co
100,000
5,124,000
Missouri Pacific RR. Co
Missouri Southern RR. Co
5,124,000
23,134,800
99,200
785,000
23.134,800
99,200
Mobile A Ohio RR. Co
785,000
lot of
1,070,599
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co—
Salt Lake A Utah RR. Co.
(rec'rs)
Salt Lake A Utah RR. Corp
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
Texas City Terminal Co
Texas Okla. A Eastern RR. Co..
Texas A Pacific Ry. Co
Texas-South-Eastern RR. Co...
Tuckerton RR. Co
The Utah Idaho Cent. RR.
Corp.
Wabash Ry.Co.
(receivers)
....
Western Pac. RR. Co.
(trustees)Wichita Falls A Southern RR.Co.
Totals
28,900,000
3,000,000
——
200,000
200,000
400,000
215,000
1,235,000
52,000
162,600
—
......
Aw—
15,000
4,975,207
300,000
2,805,175
18,672,250
mention the
me
production
Great
of
more
the
.
.
some
we
foods
need
this country today
the
rests
future
of
.
will
program
This is
people.
own
people, just
own
failure
or
of
to provide
program
a
much
as
to Great Britain.
go
it is
as
a
an
program
crops,
against
we
corn
feed
and
with
saying
a
to
good
to
corn,
of
1934 and
nothing
say
store
to
the
in
up
of
reserves
along.
Having
storage.
poultry.
a
of
good thing
a
come
in
are
more
feed supplies
the droughts
After
bushels
be
would
reserves
livestock
have
it
that might
emergency
these
more
supplies.
2,000,000,000
decided
the
converting
means
food
into
over
we
any
Now,
raise
plan
them,
For example,
of
deal
truth
it
is
easy
to
in the Middle
out
in it—a
hog is only
the hoof.
on
Under
this
plan
ever-normal
Farmers
tools,
our
farmers
This
fair
price
should
also
means
ever-normal
into
granary
grow
more.
using
means
our
farmers grow is absolutely
Unless they get fair prices,
food.
more
It
fair price for the things
a
the things
for
to our plans to produce
consumers
the
to produce more.
labor—and it also
simply won't be able to
And
transform
to
program.
the opportunity
our
raise.
farmers
intend
we
food
welcome
...
keep this fact in mind—the
best insurance
fixing
won't
work
ability to produce,
isn't
likely
want
when
is
American
they want it.
farmers
to
and,
consumers.
I
As
the
.
told
The
you
by
the
consumers
by
should
short,
are
rationing.
our
for rationing, and there
be able to
buy all they
of fair prices to
assurance
price-
With
consumers
to get ample supplies is to make it profitable
If we
same
common
use
time,
little while
a
sense,
the
protect
we
soil,
can
the
produce abun¬
farmers
England needs American
ago,
the
and
to hold out against the Nazis.
food.
This
On the other hand, the
likely to defeat Germany.
conclusion
decide
prices, for if supplies
accompanied
.
lack of food is
In
is
The best
way
produce.
at
.
it
there isn't the slightest need
be.
to
ample supplies.
for
unless
Secretary Wickard said"Food, food
farmers, may yet win the war and
American
and
peace,
decide
it
in
such
a
way
that
this
thing cannot happen again."
•+»
Federal Security Administrator McNutt
Depends
on
Addresses
Says Country
Newspapers for Total Defense Job—
Publishers'
Association
Convention—
J. S. McCarrens Pledges Industry's Aid
V.
Paul
100,000
100,000
5,332,700
1,897,000
108,740
2,035,000
30,000
45,000
5,332,700
183,700
McNutt said:
2,035,000
30,000
789,000
ques
39,000
210,080
10,241,800
1,403.000
3,637,136
400,000
1,300,000
162,600
65,000
162.600
128,000
1,200,000
500,000
6,320,000
44,000,000
50,905,000
McNutt,
the newspaper
1,897,000
"It is you, with your
108,740
4,366,000
39,000
452,000
25,973,383
4,366,000
13,502,922
13,502,922
750,000
750,000
6,000
452,000
25.981,583
22,525
624,000
26,000,000
34,278,000
8.200
'
22,525
30,000
400,000
22,525
927,561,587 111,752,756 800,319,805 322,669,590
*
Includes two guarantees of $350,000 each
(one of which has been canceled);
In addition the Corporation also guaranteed the
payment of interest.
The loan to Minneapolis St. Paul A Sault Ste. Marie
Ry. Co.
enough to do the job.
$1,050,000
$5,000,000 guarantee; in addition the Corporation also guaranteed
the payment of Interest.
dissemination and
biggest job of
mass
on
your techni¬
America fast
move
the home front
production and
or
the
mass educa¬
seen."
In his address Mr. McNutt described the
development of
the Social Security program, saying in part:
Like most big things, home defense starts off with little things done well.
Take the Social
heard
a
Security program, for example,
For several
years
I have
great deal about its burden upon business, about the incidents of
payroll taxes and the headaches involved in periodic tax reports.
Those
of law.
to
real
are
taxes may
can
problems, practical problems.
The taxes
But they are also a matter of economics.
the actuarial
take,
business
the American
experiences of
a
an
are
a
matter
They must be related
Whatever form the
insurance system.
sound actuarial foundation for Social Security is the Ameri¬
man's
best
guarantee
against crackpot
workers best guarantee that his
experiments.
It
is
Social Security will not be
jeopardized by somebody's monetary brainstorms.
c Includes
$320,000 guarantee by the corporation of securities sold by It.
Since
the sale, $128,000 of the $320,000 has been repaid
by the railroad, thus reducing the
Corporation's liability under the guaratee.
d Includes an agreement by which the Corporation
may be required, or may
elect, to repurchase at any time prior to maturity, $4,150,000 securities sold by it
Today Social Security facilities
are
serving the nation in defense.
Those
of you who remember the last war know that the care of those the soldier
left
behind
for such
(now canceled).
a
earnestly but not too well done.
was
Management services
mighty job cannot be created overnight.
Through
In addition to the above loans authorized the
news
Total defense—whether
tion that America has yet
receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for
$5,500,000, maturing over a period of 10 years,
of which matured and has been paid.
techniques of
of advertising upon whom America must rely to
international front—is the
(The Soo Line)
secured by its bonds, the interest on which was
guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went into
bankruptcy, we sold the balance
due on the loan to the Canadian Pacific,
was
a
we
Federal Security Administartor, told
publishers assembled in New York Citv on
April 23 that it was upon them that the country must rely
to mofe America fast enough to do the total defense
job.
Addressing the advertising session of the American News¬
paper Publishers Association's 55th annual convention, Mr.
200,000
Seaboard Air L. Ry. Co.
(rec'rs)c c8,545,000
Southern Pacific Co
45,200,000
Southern Ry. Co
51,405,000
Wrightsvllle A Tennille RR
its
5,000,000
28.900,000
3,000,000
17,000
9,045,207
300,000
7,995,175
18,672,250
600,000
are
is to
100,000
Savannah A Atlanta Ry. Co
Sand Springs Ry. Co
Western Pacific RR. Co
49,000
117,760
3,000,000
17,000
9,045,207
300,000
7,995,175
18,790,000
Pittsburgh A W. Va. Ry. Co.—
Puget Sound A Cascade Ry. Co.
969,168
5,000,000
29,500,000
Pere Marquette Ry. Co
Pioneer A Fayette RR
18,200,000
7,699,778
743,000
5.000,000
Co
Pennsylvania RR. Co
our
food
our
up
raised
18,200,000
1,681,000
On
our
for
granary
other
1,070,599
Northern Pacific Ry.
Let
increase
to
produce
to
produced under this
will go to
burned
36,499,000
222
do
part of the defense effort.
a
need
we
going
are
program.
food will help her
99,200
785,000
25,000
36,499.000
Norf.South.RR.Co. (receivers)-
it
1936
2,309,760
1,070,599
New York Central RR. Co
N. Y. Chic. A St. L. RR. Co
them,
to
is
program
perhaps of the world.
ever-normal
dantly,
25,000
b41,499,000
18,200,000
N.Y.N.H. A Hartford RR.Co7.700,000
RR.Co.(receivers)
Murfreesboro-Nashvllle Ry.Co—
to
want
produce for Great Britain.
100,000
6.843,082
do
we
resisting aggression need food from the United
Price-fixing won't prevent high
1,112,000
1.112,000
10,278,000
800,000
This
we
abundance of food
9,500,000
56.095,667
Pegged
April 3
on
against high food prices is fair prices to farmers.
,
Minn. St. P.AS.S.MarIe Ry. Co.
Missouri-Kansas-Texas RR. Co-
defense
necessary
26,000,000
13,915
520,000
What
success
land,
354,721
26,000,000
13,915
520,000
prices.
for this food program?
reason
it
give
Not all the food
12,000
3.183,000
10,539
definition
my
As a matter of fact,
The biggest thing in
an
78,000
food
peg
nations
Therefore,
the
71,300
582,000
Meridian A Blgbee River Ry. Co.
(trustee)
To
West
78,000
2,550,000
200,000
Maryland A Penna. RR. Co
1.800,000
15,000
13,915
Gulf Mobile-A North. RR. Co.
Illinois Central RR. Co
Kansas City Southern Ry. Co—
1,800,000
3,182,150
16,582.000
10,000,000
3,000
Galv. Houston A Hend. RR. Co3,183.000
Galveston Terminal Ry. Co
546,000
Georgia A Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
125,422,400
Gulf Mobile A Northern RR.CoGulf Mobile <MtOhio RR. Co. and
other
Specifically,
—
219,000
But the prices announced
is
60,000
8,300,000
Now
for ourselves and for the British.
A
2,680,000
the
first.
reason
and
foods.
1,150.000
13,718,700
Denver A Rio Grande W.RR.Co.
Denver A Salt Lake West.RR.Co.
big
America and
-
Erie RR. Co
Now, what is
one
8,762,000
2,680,000
to
into
support prices at levels which will be fair to producers and consumers, too.
4,338,000
158,000
down.
nor
up
have
to
want
46,588,133
537
10,398,925
Colorado A Southern Ry. Co
30,123,900
Columbus A Greenville Ry. Co.60,000
Copper Range RR. Co
53,500
Del. Lackawanna A Western RR.
5,100,000
Denver A Rio Grande W.RR.Co.
neither
go
States.
11,500,000
variations
seasonal
on
pegged prices and were not intended to be.
not
162,000
500,000
took
to say:
referred to the figures as price pegs.
persons
Britain
12,000,000
named
prices
Mr. Wickard went
pegging is to put something at a certain place and keep it there.
155,632
13,718,700
Chicago R. I. A Pae. Ry. Co
Chlc.R.I.APac.Ry.Co. (trustees)
Cincinnati (Jnion Terminal Co..
Some
of
1,289,000
150,000
1,000
—-
the
account."
220,692
8,920,000
(trustee)
that
464,299
Chic. Mllw. St.P. A Pac. RR. Co.
Chlo. No. Shore A Mllw. RR. Co.
Secretary
out
464,299
60,000
"At the time the program was announced," said
Wickard on April 19, "the Department pointed
2323.
page
140,000
5,916.500
4,933,000
35,701
19, Secretary
address at Charleston, S. C., on April
an
Says
American
Agriculture Claude It. Wickard referred to the recentlyannounced
(April 3)
food program of the Department
whereby it is planned "to support prices of hogs, butter,
chickens and eggs, over the period ending June 30, 1943."
Details of the plan were given in our issue of April 12,
3.124,319
500,000
Chicago A Eastern Illinois Ry. Co
Chicago A Eastern III. RR. Co..
b Includes
Support
to
"Pegging,''
as
of
don't
(Atlantic Coast Line and Louis¬
ville A Nashville,
In
prices
Carolina Cllnchfleid A Ohio Ry
a
Intended
Not
Wickard—Food
Raised by
May Yet Win War, He States
Farmer
with¬
road, together with the amount disbursed
to and repaid by each, are shown in the following table (as
of Feb. 28, 1941), contained in the report:
Mobile A Ohio
Agriculture
of
Department
Prices
Secretary
drawn for each rail
Green
of
Program
other governmental
to
April 26, 1941
our
system of old-age and survivors insurance in the Federal
Corporation
Government, through the highly professionalized public assistance programs
approved, in principle, loans in the amount of $332,781,339.05 upon the performance of specified conditions. Of
developed through grants-in-aid of every State, we are in a position to do
has
this amount
$297,238,601.05 has been canceled, leaving $35,-
542,738 outstanding at the end of the month.
a
far better
job than we were 23
Earlier the
years ago.
day (April 23), John S. McCarrens of
the Cleveland "Plain Dealer," President of the A. N. P. A.,
same
Volume
The Commercial & Financial Chronicle
152
declared that the newspapers were ready to go
"boldly forth
challenge of the day." He continued:
to meet the
We "pledge our lives, our fortunes and our sacred honor" wholeheartedly
the service of
to
our
Here
and air force in the world.
in the
If it
means
"Do you
American
beat of liberty and
spreads rapidly over
cap
sailors
that
darkness shall not
endure.
of
will keep the lamp
American
God's grace, will feed the lamp.
results
At the session devoted to small daily newspapers held on
April 22, Frank S. Hoy of the Lewiston (Me.) "Sun and
Journal," asserted that high costs, taxation and restrictive
legislation are putting daily newspapers out of business. He
also stated:
In
often
rather
to
by
taxation
vital to
so
and
legislation
of those in high
some
the
been attacked
has
press
I think
governmental positions.
small publishers are most offended by these attacks.
We
is
independent lot.
are an
central
no
policy of the
news
here
in
America
different
as
serve.
Mr.
newspapers,
are
different
as
-''"-'•V-"-"*.-/■"'••
freedom of the press at
melting pot never attempt to pour
who
the people
as
the communities which they are
as
-
'
intended to
•-I-
work in America and may the great
all into
us
in
even
Others
"limited"
a
will
stress
between
the
purpose
in this,
the
war.
distinction
the
Survey Finds American Public Opinion Re¬
mains Overwhelmingly Opposed to Sending Troops
Abroad—67% Against Giving Naval Aid to British
The latest surveys of the American Institute of Public
Opinion, directed by Dr. George Gallup, with respect to the
public's attitude on the European war, indicates (that
"American public opinion remains preponderantly against
armed intervention by the United States even in a 'limited'
war."
The Institute is now taking a poll on the American
public's reaction to the latest events in the war, asking
recent
the
been
has
Britain
trend
been
war
there
is
and
her
increased
allies
United
of
affected
States
thinking
in
higher
the
latest
intervention
picture.
events?
how
And
much
1917?
in
as
in
reports
Adolf
moment
this
and
Hitler's
prices
Africa
Yugoslavia, and, it
will
series
the
chart
that
reveal
Americans
many
entering the
1917—and
in
says,
resulting
surveys were
begun just before the German Blitzkrieg in the Balkans and
between
did
with
war
making
are
dis¬
important
an
American expeditionary force—
an
waging a war limited to warships and air forces
only.
millions of dollars
many
the
trade
fair
and the
laws,
on April 22 in an address to a
meeting of the Staten Island Rotary Club at the
Club, St. George.
"No one has yet produced any
luncheon
evidence
that
free
fighting
finds that
survey
"limited"
a
even
majority of voters
a
Europe,
in
war
competitive retail prices
driven small retailers from
He added:
or
ness," Mr. Walker said.
The number of small retailers grows larger
have
busi¬
at each census period.
.
.
.
But
today the small well-managed retail enterprise cannot offer any lower
prices on a wide range of prioe-fixed goods than his most incapable busi¬
ness
competitor.
The
to
larger
sell
retailers
much
at
but
brands;
is
The
of
conclusion
developed their
than
the
for
is
the
identical
problem
rank
inescapable
and
that
of
file
the
brands
private
own
substantially
solving
feasible
not
have
prices
method
this
lowering prices
merchants.
and
can
lower
price-fixed
seeking
trade
of competent
fair
trade
by
small
laws
are
patent medicine remedies for retail incompetency.
Citing the fact that Thurman Arnold, Assistant Attorney
National Economic Committee, and Miss Harriet
Commissioner of the Consumer Division of the
Elliott,
National
Defense organization, have all recommended re¬
peal of the Tydings-Miller amendment which legalizes resale
price maintenance contracts in interstate commerce, Mr.
Walker
It
stated:
been
lias
well
said
that
probably
opposed
are
picture
no
there
is
particular
no
distribution
form of
privileged that it must be artificially supported at the expense of the
consuming public.
If a new method of distribution is devised, or if old
so
methods
prices,
to
the
is
no
to
permit
sound
democratic
increased
basis for
these economies
prevent
In
refined
are
there
from
state
the
manufacturer
the right
lower
designed
ought to
permanence
be
earned
by
It cannot be obtained by giving
to destroy competition in the retail sale of his
nor
on
competition
at
are
flowing to the public.
economic
retail
price
quantity, distribution
price-fixing systems that
progressive improvement in performance.
product by fixing prices
While the Institute's
to
paid
because of
Macy & Co., Inc., declared
panzer
follows in the New York "Times" of April 20:
as
New studies
we
the
The results of the Institute's current
contained
as
begun
into Greece
swung
succeeding
tinction
making
The institute's only
period of rising prices, Q. F. Walker, economist for R. H.
porary
convoys?
on
views of the length and probable out¬
by
active
for
now
were
says,
divisions
North
be
to
now
the other services.
General in charge of anti-trust law enforcement; The Tem¬
Nation-wide tests of American public reaction, the Insti¬
tute
seems
in all other surveys, is purely one of finding the facts
attitudes.
Amendment
or
public's desire to help?
the average American's
the
sentiment
the
Great
for
reverses
American
How have
of
public
as
Many Millions Paid by Consuming Public in Higher
Prices Because of Fair Trade Laws According to
Q. F. Walker, Economist for R. H. Macy, Inc.—Cites
Assistant
Attorney-General
Arnold
and
Others
in
Favor
of
Repeal
of Tydings—Miller
these, among other, questions:
What
the
the Army and
public's
reliable
Gallup
come
the
interpret
of
use
encouraged monopoly
Have
material
new
different ways.
Meurot
mold.
a common
♦
.
decreased
27%
67%
end is not in sight if fair trade price-fixing continues in a
newspapers
is
with
6%
The consuming public has
describing the various types of
make them and
That
States
-'''J-;'
Hoy said:
Our
manned
Some will stress the fact that American public
opinion remains preponderantly against armed intervention by the Unietd
The newspapers of America cannot be fitted into a
mold.
After
There
We represent all shades of opinion.
organization that dictates the editorial
American newspapers.
common
warships
our
and the number of mediums
the maintenance of our kind of
being steadily reduced.
are
addition
of
some
have fewer newspapers,
we
of information and discussion
freedom
in
about
result,
Bend
Europe to help the British?"
foregoing attitudes will give United States observers
reflection, and doubtless individual commentators will
for
a
should
we
to
The
liberty burning and the publishers Qf this freest country in the world, by
As
24%
69%
7%
Undecided
dignity of the human soul.
But
air force with
our
Favor sending some of our warships
Oppose sending some of our warships
freedom of worship and the
press,
think
you
American
stilling wherever it has prevailed, the warm heart¬
destroying freedom of
unre-
the British?"
Oppose sending part of air force
"Do
polar ice
think the United States should send part of
pilots to Europe to help
Undecided
van.
A black night of tyranny like a new
the surface of the earth,
hitherto
Favor sending part of air force
We shall be
be it.
more, so
of the public's attitude,
phases
•
At minimum this means the creation in America of the greatest army,
navy
2639
important
vealed:
We will advance its interest.
country.
two
are
by statutory fixation of the bottom levels of
basis.
cost-plus
a
of
+.
United States
thinking is complete today which does not take the following
phases of public opinion on the war into account:
First and
American
From
the
generally
of
continues
Opinion
only
means
1917.
in
as
men
register
to
the
at
even
found
never
quite
fifth
a
"short of war."
Blitzkrieg
in
the
West
last
London in September—the Institute
on
of the
of
voters
the
country in favor
of
a
"shooting war" with troops.
The
to
Institute
newest
"Do
think
you
show
tests
Europe to help the British?"
voting population
Replies
five
from
were
this
States
and
men
attitude, has
should
send
in
women
been
part
of
holding
Army
our
cross-section of the
a
Union
the
in
show
more
than
four
out
of
opposed:
Favor sending part of Army
17%
Oppose sending part of Army__—79%
Undecided
4%
While
most
show
voters
by
their comments
their
might be subject to change later.
opinions
who
say
this
time,"
and
tanks—not
But
"We
it in today's
oppose
send
These
abroad
troops
both
Roosevelt
the
results
of
military
might
the
by
Institute's
men
is
limited
increases to
participation
is
27%.
17 to
opposed
survey
are
now,"
the
say
are
wage
United
a
writers
the
and
men
"Not
or
to
indicate
British need
have
at
guns
mentioned
"limited war"
States
seamen,
the
the
Axis,
warplanes
with
on
it be of vital
dent.
his
limited
survey
indicate
that
of
our
the
April 19,
letter
"is
2472.
page
It
.
was
unless
news
The letter
given
was
noted by Mr.
personal pledge of the Presi¬
But, said Mr. Fuller, "as the President pointed out
letter, the real guidance of freedom of the press is
a
itself.
It is our responsibility to be ever vigilant
protect freedom from those close to high places in Gov¬
who have attacked the press, and who, by their
acts, have shown they conspire to take us over."
Mr.
ernment
Fuller warned
the editors, who represent newspapers from
part of the country, that "you have seen the hand¬
writing on the wall."
He added:
every
better
with
who
those
than
answer
to
close
what
free
to
challenge the right of
is
than
with
the
final
being done and with the
use
free
a
press
I
can
give no
quote the final words of the President's letter: "I
this
their
assurance
manner
in
that
those
which it
who
is
better
cannot
disagree
being done,
freedom of speech."
"some
of
our
when
the
idea
of
"Adherence to that
and
assurance
is that all
the
proponents
force,"
the
17%
Mr. Fuller added.
Turning to national defense production, the speaker said
warships,"
the
17%
"there
air
24%.
to
Government control of
proposals?
"part
to
that
no
Mr. Roosevelt's letter, released
Society of Newspaper Editors,
military information."
in these columns
are
such
subject.
the American
"there will be
said
to
both.
or
public respond to
participation
willing to send
and
manned
pilots,
would
When
who
States
warships
States
becomes
Roosevelt upon the
April
To
United
How
The
shouldn't
observers
United
American
Editorial Association, assembled in Jacksonville,
Fla., for their annual convention, of the enemies of a free
press and called attention to a recent letter from President
the press
men."
the
either
many
"Churchill and
or
Washington
possibility
using
principle,
they
that
on
women
National
in
sending troops
Edi¬
National
Fuller, President of the National Association
Manufacturers, on April 22 warned members of the
of
Fuller
asked.
State
every
that
United
the
Tells
Is Job of Free Press to Wake
Walter D.
"no."
measures
Hitler's
Association
Up America to Threat That Lies Back|of National
Disunity
public—the
majority American
remarkably stable so far, no matter
It is true, of course, that Americans
numerous
height of Herr
American
the
question
overwhelming
an
spring—and at the peak of his raids
firm.
Manufacturers'
torial Association It
to
this
on
the question has been
on
have thus far been able to find
has
W. D. Fuller Warns of Enemies of Free Press—Head of
army—another
an
found that the term "entering
thing
one
And
what events have occurred in Europe.
Yet
sending
on
of surveys the Institute has
score
war"
opinion
important is the attitude
expeditionary force—abroad to fight.
a
dispatch
most
our
guardians
are no
of
free
speech
ask,"
slackers in industry.
joint patriotic pride."
I report that to
you
for
The Commercial & Financial Chronicle
2640
Describing the job of newspapermen today as one "for
and for the courage to tell the truth," Mr. Fuller
truth
continued
:
the art of separating
in
specialists
are
propaganda which flourish on all sides.
be paid as far as
Defense costs should
Government.
fraction of the domestic expenses of the
lest the country's future be mortgaged
into bankruptcy; and that can be done only by broadening of the tax
base.
Sound
financing of the Nation's defense will depend upon the
public, and what the public decides will depend upon the information it
possible
gets from us.
The
Nor that
the
vyi'
of deficit financing have stuffed
The public does not realize that.
.
Inflation—Ten
of
with
.
years
inflationary dynamite.
rising cost-price-cost-price spiral will touch that off.
a
Although
of the situation, manufacturing costs, both
and materials, have risen faster than the prices of finished goods.
public
wages
This
as we go,
■
Threat
banks
the
is
not yet aware
themselves have absorbed
that manufacturers
means
of the
a
substantial part
difference.
The Truth About Prices—Preparations are being made to spank industry
for
raising prices, despite the added cost of taxes imposed by government
the added labor costs encouraged by government.
Leon Henderson
and
has said
price limits will be enforced by "economic sanctions," which
asked
be
to
that
by non-juridical
means
the
arouses
to
The
that
Strike
strikes
noticed
destroying the
in
business
price-fixing
new
Facts—Various
1940
defense
in
that
the
Service shows
of
As he announced the plan,
means.
cooperate
displeasure of the
press
firm
was
which
I believe you will
industrial
loss
a
Labor
of
the
of
not
amount
Ministry
to
much.
of Labour
public
Have
and
you
National
disputes in Great Britain for the whole year
940,000 working days.
Statistics
1,000,000 man-days
do
British
in
Washington
has
lost in America during the
British labor knows what American
By
way
just
of contrast,
reported
of
short month of February.
labor has not yet come to realize—that
production is the first, and ultimately the last,
line of defense in
there
issue
those
are
unionism
and
The issue and the battle
perish.
or
among
who
us
would—come
what
production.
are
may—make
the
It's the job of a free press to wake up America to the threat that lies
back of
national
Editors have
double
blame
to
where
either
question—these rights
But
due;
the
right
to
and to warn,
both
present
to praise
sides
of
or
any
however
enterprise.
and
also
are
Thus,
"Princes
we are doubly under attack
Privilege."
of
as
Journalism
"Tories of
is
free
Journalism"
people who seek to undermine the established order—
they, like Herr Hitler, follow the tactic of divide and whip.
Whip
all the component parts of private
enterprise separately and then all they
have to do is conceal the
body somewhere.
for
Now
free
we
the
A
adroit
free press
tions,
is
cannot
you
economically
defamers
with
its
of
the
have
free.
intellectually and morally
Nobody knows it any better
an
will
we
unless
whole
structure
of
and free political
the
are
free
three
institu¬
legs of the
democracy
stands.
the
relation
between
free
press
quote further, in part:
free
enterprise
is
the
than
turn
the
Mere
white
will
search
light of
reporting
of
the
facts
publicity into the
events
that
responsibility of the American
sincere
out
transpire
press
over
the years the Associated Press had made
this
achievement.
Here
what
is
in
the minds
tion
so
of
the
men
perform
can
in
dark
is
these critical
times
that,
in
character
the
lives
half
the
The
in these critical times, when
so
The
behind
the
scenes
in
legisla¬
Jones
Addressing Associated
Press
Declares
Adopt Program of Taxation to Pay
Currently—Intimates We May Have
Defense Costs
to
Submit
Unless
to
Price Controls—No Press
Censorship
Brought
About by "Short-Sighted
—Defense Commitments of RFC
Few"
Pointing out that "our defense expenditures are now run¬
ning at the rate of $9,000,000,000 to
$10,000,000,000 a year,"
.and
that
"the end
of
the
year
will
undoubtedly
see
this
rate
stepped up to as much as $15,000,000,000
yearly, pos¬
sibly more," Jesse II. Jones, Secretary of Commerce and
Federal Loan Administrator, stated on
April 21 that "if we
are to get
ready to defend ourselves, let's be sure that we
do a good job of it.
That means we must
give up some of
the things we have been used
to, when actually we will
have more money in circulation from the
Government spend¬
ing all these billions for defense."
Mr. Jones, whose re¬
marks
Press,
were
made at the annual luncheon of the
Associated
which
took
New York, went
on
place
at
to say:
the Waldorf-Astoria
reached
American
its
the newspapers
presentation,
height.
greatest
with
newspapers
those
in the wide variety of it,
coverage,
news
of
this
are
and the place it occupies in
our press
country
our
power.
forget that with that
responsibility.
power goes
The
the necessity that it always be exercised
by recognition of that responsibility that the American press will
its own future, and the cause of a free press everywhere in
serve
world.
the
he
to
as
unreliable publisher or writer
or
performs
direct disservice to the
a
should
there
news
be censorship
ever
of the
not only
agency
times like these,
of America.
newspapers
American
be
it would
press,
by those short-sighted
on
responsibility
the
Government
few who blindly and stubbornly refuse
that inevitably goes with freedom.
But
official
glad to be able to
I
that
indication
any
or
disservice to his country, and its defense in
a
recognize
a
v,'.'
;
careless
performs
am
any
in
one
Government
that
say
wanted
I
have
do
to
soring, unless it be information which might aid those who
are
never
any
cen¬
not Amer¬
ica's friends.
Freedom
of
this
the
of
through
the
America
is
press
democracy.
It is
part
a
vital
a
of the heritage of every
fundamental of
our
free-born
of life.
way
son
It
is
speaks.
lishers
tain
the
press,
editorial
dailies,
opinion
might well
afford
why.
the
widely
strays
take
to
weeklies,
and
from
stock of
the
magazines,
American
themselves
We should
not
bring about
through
our
own
any
failings.
lessening of
Let's
keep
our
our
thought,
and
■
.
try
freedom
standards
to
'
■
or
•
that
pub¬
ascer¬
;
our
influ¬
high.
\
Mr. Jones, who is publisher of the Houston,
Tex., "Chron¬
icle,"
incidentally
referred
thereto, stating that while he
of time to it, he would "regard
has not given a great deal
it is
a
high privilege to be primarily
a
publisher and editor."
Secretary of Navy Knox Says United States Must Assume
Its Share of Burden for Victory in European War—
Tells
Publishers'
Britain
to
Hotel
in
Must
Convention
Be
Made
Our
Good
Promise of
Aid
by Not Allowing
Goods to Be Sunk in Atlantic
Declaring that the United States "can no longer occupy
craven position of
asking others to make all
the sacrifice for this victory which we recognize as so essential
to us," Secretary of the Navy Frank Knox said on
April 24
the immoral and
that "our manhood and
our
self-respect demand that
we
shall
part of the burden."
He spoke before the annual
dinner of the Bureau of Advertising of the American News¬
paper Publishers Association, which was the closing event of
the organization's annual convention in New York.
Secre¬
tary Knox, in detailing the various steps that have been taken
by the United States to aid the countries resisting aggression,
assume our
Should
has
press
compare
freedom of
should not
we
is
It
best
Washington.
may be fully informed as to its meaning,
before, instead
of after,
enactment.
With the vitality and
resources
of the press on
guard, the real freedom of America can be protected.
H.
its
very
it vast
gives
only
In their
wisely and in the public interest.
many
a
that you
We
of
the
States
need
one
great
a
and
job.
corners.
only
real constructive job through the efforts
recently appointed committee to give attention to proposed
Jesse
United
the
in
realize
other country.
and
Your Association
toward
of any
patriotic Americans are bewildered by world
affairs, is to
fully weigh the implications of all proposed legislation and to determine
of your
is
contribution
most
ever
before the responsibility of publishers and of editors
today is to be vigilant.
Preservation of our freedom depends upon that.
It depends upon
vigilance that comes before and not after an act is com¬
mitted or legislation passed.
And it depends to a large degree upon
aggressiveness which
of our shortcomings, it is safe to say that in no other part
so
much information so well presented.
I might add,
any
world
parenthetically, that
absolute.
More
temporarily certain items having a military bearing
From Mr. Jones's remarks
the
ence
and
editors last week,
newspaper
seek
to
Despite
of
If
destroyed the whole must collapse.
But
the
abandon the high ideal that the press should
out and to print the news and the truth,
never
might better go unpublished."
we
When
concurrent
the
told
Roosevelt
President
system.
free speech
and free private enterprise
which
upon
is
that
it
free religion,
tripod
one
know
unless
press
than
all
experience
"has made commit¬
than $1,500,000,000
for
defense,
all
in
cooperation
with
the
War
and
Navy
Departments, OPM,
and other
defense agencies.
This," he said, "is in addition to war and navy contracts.
No day is dull in defense activity."
"Anyone who thinks
that this is not progress doesn't know what he is talking
about," said Mr. Jones, who stated that "negotiating this
many contracts involving in round numbers $16,000,000,000
is progress, and production is getting well
under way."
The subject of freedom of the press was referred to by
Mr. Jones, who stated that as to that, "in my view, and as
seen
An astute lot these
And
the other democracies, and maximum preparation for the
According to Mr. Jones, the RFC
for the expenditure
of more
brought
properties.
democracies in¬
ments
If
magazines
He added:
defense of the Western Hemisphere—may be worse than no effort at all.
but
Newspapers Are Private Enterprise
and
seem tu
that anything short of a maximum effort—maximum aid to
us
Great Britain and
The
be kept alive only by their exercise.
magazines are more than pages filled,
alertly and honestly, with able print.
Newspapers
war
taken
not
should teach
can
and
newspapers
the right to balance
is
might now be over if some of the
just that view in the beginning.
had
greater the freedom the greater
Custodianship of the freedom of the press is singularly in your hands.
right to report; the right to analyze; the right to discuss; the right
print all of the news;
usual."
European
The
volved
But
responsibility.
"some people
the gathering that
business as
with
The
to
told
Jones
Mr.
disunity.
a
we
unequaled.
battlefield America.
the
guard against runaway prices.
We should support that
should adopt a program of taxation which will pay a large
to
up
think that this colossal effort at defense need not interfere
To
Today it is produce
We may have to submit to price controls to inakfe
effort is not impeded.
A Government agency has
part of the defense cost currently.
time
a
war.
But
set
effort, and
the
total
a
defense
the
be free
Washington spokesmen have told the
industries
of
report
that
caused
Bureau
of
the
of any
board.
that light not heat is what is really needed here.
agree
that
been
truth from the weeds of
Currently, we need the corrective
influence of public opinion on all phases of our national life.
Some of
the topics on which clarification is especially necessary are:
The Tax Situation—The public understands that defense will have to
be paid for.
There is still confusion as to when, and how.
The outright
taking of the entire incomes of the so-called rich would pay only a
You
prices.
runaway
sure
of these billions we must guard against inflation
the expenditure
With
and
April 26, 1941
said that
we
reference to
cannot hack
down
"convoys," although
now
and with
he did
an
obvious
not mention
the
word, asserted:
Hitler cannot allow our war
be defeated if they do.
supplies and food to reach England—he will
We cannot allow
lantic—we shall be beaten if they do.
give aid to Britain.
We must
for
and
our
own
American
safety
our
see
our
goods to be sunk in the At¬
We must make
the job through.
future
security.
This
our
promise good to
All of this is needed
is
our
people have recognized the catastrophic quality of
a
fight.
The
totalitarian
victory, and, by overwhelming majority, they have endorsed every step
along the progress we have made to our present posture.
W Stating that America is gradually becoming encircled by
military
which have "openly and repeatedly pro¬
our enemies,"
Secretary Knox warned
that "whenever, in the judgment of the Axis powers, it better
suits their purpose to begin hostilities, hostilities will
begin»
claimed
powers
themselves
Volume
and nothing that we can do, save prostrating ourselves in
abject surrender, will change this."
He went on to say in part:
Everywhere
as we
estimate the situation the world around, the pressure
Yugo¬
South
Dutch Netherlands, and, most vital of
grows—through Libya, through Egypt and the Suez, through
on us
slavia and
to
across
the sea,
from the western coast of Africa to
America, through the Pacific to the
all.
the
across
Norway
broad
Atlantic from
North
German
bases in France and
carefully
German
The jaws of
German strategy—world strategy,
Greenland,
to
now
planned and efficiently executed—is becoming clearer each day.
aspirations for world dominion
the Nazi
longer be mistaken.
no
can
trap are closing.
After asking
Why,
can
we even
"how long will
we
remain bemused and stupe¬
plans for our isolation
declared:
emulate the Axis victims in our psychology.
us, or
We refuse to believe that the Axis
Bankers Association.
We think
and
outstandings with each year of operation of a personal
department.
Personal loan volume must remain con¬
keep outstandings
loan
the
at
the
from successful invasion
Prosswimmer
Volume
has
loans.
and collect
production
England is making Is our fight.
enemies.
the
at the
American nation to be approximately
70% for aid to Britain even
war.
multitude
would
An
detail,
and
which
as
well
but the
pathy
Financing
of
Warns
Against
Results of
Possible
Such
Policy
regard to the recent sale by the Reconstruction
Corporation of State of Arkansas bonds, "it is
evident that the RFC is going into competition with in¬
vestment bankers in connection with State loans" according
With
Finance
Luigi Criscuolo, New York banker.
to
Mr. Criscuolo says
that the next step will be that the Federal Government will
offer to sell State loans directly to the public and pay no
I
He adds that "that will be fine for
the States and for their taxpayers because if the Federal
Government will buy for itself or offer to sell State bonds
on a 3.20% basis against the market rate of 3.50%, there
commissions thereon.
will be
no
use
for investment bankers to compete at all in
their considered judgement in creat¬
ing merchandise for sale to the public." Cautioning against
a continuance of this method, Mr. Criscuolo under date of
April 21 states:
such financing, or use
The trouble
will
such bonds will
will lose in
and
when
come
the
because of the inability of
In such
tions.
of grave
primary
interest,
as
entire general public
to particular investors,
only those
the inability of a State to pay the principal or
contracted..
RFC and Jesse Jones
The recent sale of these bonds by
issue of April 5, page
the RFC
was
referred
2271.
Desirability of
Recognizing
the
Large Volume of
R. A. Prosswimmer of Bank of
Manhattan Co. Sees Unfavorable Results Unless
Borrowers Receive Same Treatment as Other Cus¬
Credit
National Consumer
Conference of A. B. A. at St. Louis
of
Bank—Address
at
Although it is highly desirable for a
volume
of personal loans
bank to have a large
because the work of its personal
be "mechanized," mounting losses and
of borrowers are likely to produce
careful precautions are taken,
asserted at St. Louis on April 24 by R. A. Pross¬
loan department can
impersonal
unfavorable
it
was
treatment
unless
results
wimmer, Assistant
Vice-President of the Bank of the Man¬
of
of
profits in spite of increased volume.
credit
have
you
sure
losses.
the
Before
an
organization
effort
capable
is
of
in
thereby lost
reduction
rate
bank's rate to
any
in
the
is
rate
made
first mistake
it,
meet
in
and
the second.
rate advantage and each is grossing
$100 loaned.
per
,
thoroughly believe the public is entitled to borrow at as low a rate as
possible consistent with
should not be
But, as I said before, this return
fair return.
a
predicated
upon
the yield received
other forms of invest¬
What, however, is a fair
on
and commercial loans during recent years.
ments
return?
Opinion
may
differ widely, depending upon the available amount
of uninvested funds and how great the
Once the return required has
Before
Make
establishing
certain
ment's
that
the
all
Tate,
the
because
you
are
and costs do not decrease
to the extent they
desire is to invest them.
been determined the rate
above
costs
all,
ascertain
pertaining
to
can
your
the
be established.
costs
accurately.
personal loan
depart¬
Remember that personal loan costs are
money at retail in small amounts
operations are considered.
illusive
or
a
in
Reduction
of another
subsequent reduction
I
follow
may
volume.
Both institutions have
loss
properly.
possible reduction in revenue, and the consequent
This
profits.
obtain
applications
of
applications
dealing with
as
volume increases in quite the
same
proportion
do in other lines of business.
C.
Col.
Lindbergh Sees United States Weakening
A.
Itself by "Dabbling in Europe's War"—At Meeting
Of America First Committee Declares for Policy,
Not of
Isolation, but of Independence and Courage
-—Says We Cannot Win War for England Which
Hopes for Another A. E. F.
meeting in New York on April 23 of the America
which he became a member a week ago,
Col. Charles A. Lindbergh declared that "we cannot win this
At
a mass
First Committee, of
for
England, regardless of how much assistance we send."
Lindbergh asserted that the British Government "has
desperate plan remaining," viz. "they hope that they
may be able to persuade us to send another American Ex¬
peditionary Force to Europe and to share with England
militarily, as well as financially, the fiasco of th:s war."
"We in this country" said Col. Lindbergh, " have a right to
think of the welfare of America first, just as the people in
one
last
England thought first of their own country when they en¬
couraged the smaller nations of Europe to fight against
hopeless odds".
He added:
When England asks us to enter
and that of her Empire.
Consumers' Loans,
tomers
be
number
larger
the future of the
While
borrower.
Col.
(Federal Loan Adminis¬
trator) to remember is that when the Federal Government needs money
in an emergency or for war purposes, the people who will do most to float
the loans with the public, at no commission, are precisely those invest¬
ment bankers with whom the Government goes into competition when
there is no emergency.
Is it fair for the Government to take bread out of
the mouths of bankers and bond salesmen on one hand and then to expect
them to work themselves to death in selling War Loan Bonds on a two
and a half percent basis, with no commissions, during war time when the
bond business may be at a standstill?
•
our
delinquent
be of two types, credit losses and reduction
can
possibility
volume,
consider the
us
to
effort
war
to in
the
of personal credit and to the elimination of its
Losses
the
number
reduction
an
condition should exist
the losses are taken by the RFC and the
thing for the
first
the
to
Now let
the states or municipalities to meet their obliga¬
He goes on to say:
Another
toward
through "all out" efforts may lead to losses and abuses
purposes
obtain
to
increased
thousands of investors have suffered the same sort
investors stand to lose by
be generated by
which can
in value and the public treasury
losses that the RFC may face if the same
one case
impersonal
an
treated in the
the same attention given
previously to the smaller number.
If you do not, credit losses will cer¬
tainly result from hurried decisions made under undue pressure.
In¬
evitably, business will be lost because of the inability to handle an
but the principal has had to be scaled down
while If the bonds are sold by bankers
to
potential customer of the bank,
or
of goodwill
amount
Each may result in lower
revenue.
hence.
years
In
cases,
lead
to
to a much
understanding
important benefits.
But in times of stress not only has interest on
been defaulted
State bonds
apt
into periods of high money when
get
decline 20 or 30 points
principal to that extent unless the bonds are held to maturity
paid at maturity.
are
we
is
dangerous aspects.
department must adopt an attitude of helpfulness, sym¬
collection
and
giving
to
it
their
have
mechanization
loans.
larger percentage of the bank's cus¬
other residents of the community will be lost.
Not
to
as
Volume obtained
made
Reference
of
the
commercial
of
only must the interviewer be able to give sufficient time to the applicant
Consider
With
exacting attention
that mechanism—more than
run
other customer,
any
tremendous
loan service
a
so
organiza¬
at one end, out comes the
But in between is a
requiring
volume
mechanical
too
is
the
both
which turn
presses
applicant and the borrower must always be
the
as
similar
a
well-run
A
printing
cost,
other.
the
at
tasks
specialized
resultant
the
The
manner
otherwise
should have to fight alone.
Criscuolo,
competition.
and
loan
the
reducing
and
Government
It costs money to
maintain
to
operation
in
Arkansas Bonds Says RFC Competes With Invest¬
ment Bankers in Connection With State Loans—
the
of
proceeds of
of
cost
Volume
catastrophic defeat
her allies whom we
and we would face a world-wide victorious Germany and
operation
think
individuals.
many
of
attempt to back down now, England would go down to
The procedure simulates
efficiency
for
There is no retracing our
We have committed ourselves In this world struggle.
If we should
Having gone thus far, we cannot back down.
increasing
into dollar bills—in goes the application
the
handling
interview prospective borrowers,
to
check
tomers
of it with the support of an overwhelming
Incidentally, the latest test of public opinion discloses
trained
delinquent accounts.
line
one
procedure which mechanizes the
a
are
to check the previous experience, post the pay¬
paper
extending
We have gone a long way, and all
the
successful
to
makes
also
same
We have likewise affirmed that the enemies she is fighting are our
Individuals
factory
attitude.
He further asserted:
loans
new
continued:
brought about
ments,
tion
increase outstandings,
To
paid, yet the larger the outstandings the
of increasing them."
Mr.
difficult becomes the task
more
necessary
We have declared that the fight that
figure.
same
must exceed those
investigate their credit,
Secretary Knox said that supposing "our encirclement and
was complete and England had fallen," we would
then be given the choice of surrender or the choice of fighting.
Adding that "we won't surrender and we will fight," Mr.
Knox said that "consequently, we must fight ultimately
unless we find and put into effect measures that will enable
Britain to win without our fighting."
Luigi
the
American
the
"Today there is little question as to
these
isolation
steps.
of
liquidity of personal loans," Mr. Prosswimmer declared.
"The question is how to obtain more of them.
Unques¬
tionably, volume in personal loans is desirable.
If prop¬
erly controlled, is reduces the cost per transaction, increas¬
ing profits and the percentage of profit.
But we know it
becomes progressively more difficult to increase volume
to
We refuse to face the realities of
could be successful if they did.
risk of
before
address
an
the
of
primary condition of our defense.
public opinion.
in
Conference
Credit
intend to attack
powers even
situation in South America, the protection of which
is a
City,
York
Consumer
should characterize our
wretched partisanship when a united partriotism
thinking.
New
Co.,
National
We keep alive a
of the world suffers.
while all the rest
escape
hattan
stant month in and month out merely to
fied while the Axis powers press their
and ultimate defeat?", the Secretary
we
2641
The Commercial & Financial Chronicle
152
this war she Is considering her own future
In making our reply, I believe we should consider
United States and that of the Western Hemisphere.
Col. Lindbergh said, "how we could invade
successfully, as long as all of that
continent and most of Asia is under Axis domination."
"I do not see,"
the Continent of Europe
Making the statement that "it is the interventionist in
America, as it was in England, and in France, who gives
comfort to the enemy," Col. Lindbergh said:
is they who are undermining the principles
I say it
demand that we take a course to which more
led to the defeat of every country
began.
of democracy when they
than 80% of our citizens are
real defeatists, for their policy has
that followed their advice since this war
I charge them with being the
opposed.
.
.
According to Col. Lindbergh "we have weakened ourselves
for many months, and still worse, we have divided our own
v
The Commercial & Financial Chronicle
2642
people
dabbling in
thi<?
by
remarks
From
wars."
Europe's
the issue of foreign war.
bis
a
also quote:
we
with
war
a
policy open to thto Nation that will lead to success—a policy
is
It
It
Washington.
a
untried
and
new
incorporated
It
idea.
advocated
was
Doctrine.
Monroe
the
in
.
by
It
.
the belief that the security of a nation lies in the strength and
to based upon
of its
character
not
was
own
It recommends the maintenance
people.
of armed
forces sufficient to defend thto hemisphere from attack by any combination
of foreign powers.
It demands faith in an independent American destiny.
policy of the American First Committee today.
This to the
It to
a
policy
isolation, but of Independence, not of defeat, but of courage....
not of
The
meeting was also addressed by Senator David I.
Walsh (Democrat) of Massachusetts as to whose remarks
we quote the following from the New York "Times":
mass
length the "propaganda" that began by urging
He read extracts from letters he had received from citizens asking him
it."
keep this country out of war.
to
When history to written,
who led their
supplies to Britain.
Col.
countless thousands of young men to
There
There are many
Some are
primarily idealistic.
Some
war c
be argued.
n
primarily practical.
are
I believe, strive for a balance of both.
One should,
But, since the issues that
covered in a single address are limited, tonight I shall discuss the
viewpoint which is primarily practical.
a
here tonight.
hostile world its ideals must be backed
a
If the outcome of
practicabUity.
I know I will be
civilization.
thto
today.
severely criticized by the interventionists in America when
should not enter
a war unless we have a reasonable chance of win¬
a
standpoint.
They
will advance again the same arguments that were used to presuade France
declare
to
against Germany in 1939.
war
But I do not believe that
our
American ideals, and out way of life, will gain through an unsuccessful war.
And I know that the United States is not prepared to wage war in Europe
successfully at this time.
when
was
We
are
interventionists
the
better prepared today than France
no
in
Europe
persuaded
her
attack
to
I have said before, and I will say again, that I believe it will be
world if the British Empire collapses.
why I opposed thto
reasons
the
war
before it
stantly advocated a negotiated
That to
one
I did not feel that
England and
the British Government.
They hope that they
But they have one last desperate plan remaining.
may
be able to persuade
us
I do not blame England
But
for this hope,
know that she declared
we now
the defeat of every
for asking for our assistance.
or
nation that sided with her from Poland
know that in the desperation of
We
to Greece.
England promised to all these nations
war
armed assistance that she could not send.
We know that she misinformed
them,
as she has misinformed us, concerning her state of
preparation, her
military strength, and the progress of the war.
In time of war, truth is
should be too quick to criticize the actions of
we
to
always the question whether
But
circumstances.
we
a
I do
belligerent nation. There
in this country have a
right to think of the welfare
future, and that of her Empire.
should consider
thought first of their
own
In making our reply, I believe we
the future of the United
States and
that
of the
Western
Hemisphere.
It to not only our right, but it to
look at thto
enter it.
war
objectively and
I have attempted
our
obligation
American citizens to
as
to weigh our chances for
to do
success
for
England, regardless of how much asistance
I ask you to look at the map of
in which
any way
large
The campaigns of the
is to force
a
Suppose
landing,
we
shipping.
took
or to
Europe today and
our
show
war
maintain
an
we
had
win thto
see
if
you can suggest
Suppose
Where would
we
we
had
a
send it to
only too clearly how difficult it
for
war
our
It would,
British
at best,
bombing of the German air fleet.
we could send to
Europe.
Where could it
squadrons might be based in the British Isles; but
equal in strength the aircraft that
aircraft in the
can
be based
British
the
on
Isles alone
Continent
of
Europe.
I have asked these question on the
supposition that
Army and
we
had in existence
air force large enough and well
enough equipped to send to
Europe; and that we would dare to remove our
Navy from the Pacific.
Even on thto basis, I do not see how we
could invade the Continent of
Europe successfully as long as all of that continent and
most of Asia to under
an
an
Axis domination.
But the fact is that
We have only a one-ocean Navy.
quately equipped for foreign
modern
of these suppositions are correct.
Our Army to still untrained and inade¬
war.
fighting planes because
none
Our air force to
most
of them have
deplorably lacking in
already been sent
to
Europe.
When these facts
that
we are
comfort
to
congressional
known
to
hearings in
our
Washington.
newpapers, and in the reports
Our military
the governments of Europe and
Asia.
be brought to the attention of our
own
I say it is the interventionist in
position
is
Why, then, should it
well
not
people ?
America,
as
it
was
in
England and in
France, who gives comfort to the enemy.
I say it is they who are under¬
mining the principles of democracy when they demand that we
take a course
to which more than
80% of
our
citizens
are
opposed.
being the real defeatists, for their policy has led to
country that followed their advice since thto war began.
way to
It recommends the maintenance of armed
It demands faith in
forced to
face in
our
have
ourselves
It is
for
been
before
opens
We must turn
Practically
us.
worse,
our
difficulty
in
us
a
would
we
America,
defending
and landing them on a hostile shore.
would have to furnish the convoys to transport guns and
we,
across
three thousand miles of water.
Our
submarines would then be fighting close to their home
our
force, they would still be faced with the
and behind them the divisions of
The
United
any other
States
our
from
Even in
foreign power is in
no
a
maintain,
foreign
no
will
army
do
No
No
so.
make
one can
our
great Nation should be armed.
are
opposed
to
people,
war
a
we will
will be little
we
here if
us
ourselves
we arm
are
against the wishes of
us to
If we
stay out.
been led toward
when
come
war
It has influence.
those
of
who
us
believe
in
by
minority of
a
It has
a
our
loud voice.
independent
an
During the last several
end to the other.
people.
you
We have
Thto minority has power.
But it does not represent the Ameri
I have traveled
years
over
thto country
I have talked to many hundreds of men and
women, and I have letters from tens of thousands more,
as
are
overwhelming majority of our
an
American destiny must band together and organize for
strength.
one
as a
If the primciples of democracy
fighting for it abroad.
has
people.
willing
ourselves
have proved democracy such a failure at home that there
use
The time
claim is defeatism in the-
a
enough for
reason
we con¬
Ameiican shores.
on
hundred million people in thto Na
a
entering the war.
anything at all, that to
forced into
land
Such
fight
Over
If
today.
us
strength that this Nation should
fight abroad unless
will attempt to
one
present condition of unpre-
ever attempt to
us
artillery
our coast
military standpoint than,
a
position to invade
War is not inevitable for thto country.
true sense.
of
guns
army.
better situated
to
nation in the world.
paredness
who feel the
same
and I.
Most of these people have no influence
no
our
And if any part of an enemy convoy should ever pass our navy
air
our
was
and
eyes
We would then do the bombing from the air and the torpedoing
bases.
at sea.
can
we
While
have been
we
And when we do this,
every
to
asset
an
a
our
would then have the problem of transporting
we,
trucks and munitions and fuel
battleships and
still
and
American defense
on
foreign quarrels.
invading Europe becomes
They, and not
months,
country before it to too late.
and not
It to
again.
us to success
many
concentrating
over
policy
a
prople by this dabbling in Europe's wars.
own
our own
vista
Our enemy,
tion
combination
any
during the most trying years of
success
millions of troops across the ocean
to
by
independent American destiny.
America First Committee today.
policy that will lead
a
weakened
argue
different
and
an
or
Most of them have
power.
of expressing their convictions, except by their vote, which has
means
always been against thto
too hard at their
They
war.
are
the citizens who have had to work
daily jobs to organize political meetings.
Hitherto they
have relied upon their vote to express their
feelings; but now they find that
it to hardly remembered except in the
oratory of
a
political campaign.
These people—the majority of hard-working American citizens, are with us.
They
ize,
the true strength of our country.
are
as you
And they
are
beginning to real¬
and I, that there are times when we must sacrifice
our
normal
interests in life in order to insure the
safety and the welfare of our Nation.
Such a time has come.
Such a crisis to here.
That is
why the America
First Committee has been formed—to give voice to the
people who have no
newspaper, no newsreel, or radio station at their command to
give voice to
the people who must do the
paying and the fighting and the dying if thto
country enters the
Whether
war.
not we do enter the war rests upon
or
thto audience, upon us here on
are
today.
being held by Americans in
It depends
this time.
every
upon the action we take,
If you believe
in
the shoulders of you in
phis platform, upon meetings of thto kind
an
section
of the United
States
and the courage we show at
independent destiny for America, if you
believe that thto country should not enter the war in Europe, we ask you
to
join the America First Committee in its stand.
We ask you to share our
faith in the ability of thto Nation to defend itself, to develop its own civiliza¬
tion, and to contribute
and
intelligent
Europe.
here.
way
to the progress
than has yet
of mankind in a
more
constructive
been found by the warring
We need your support, and
we
need it now.
nations of
The time to act to
I thank you.
+.
American
Bankers
'
Association
Publishes
Field
Ware-
housing Study
A study of field warehousing has been
completed by a.
special committee of the Bank Management Commission of
the American Bankers
Association, and
a
booklet containing
the results of the study is being sent to the entire member¬
cited, the interventionists shout that we are
defeatists
undermining the principles of democracy, and that
we are giving
Germany by talking about our miltary weakness.
But every¬
are
thing I mention here has been published in
of
should
that
it to convoy
England.
air force that
an
Some of
it is physically impossible to base
enough
to
should
army, on a hostile coast.
permit her to exist under the constant
Suppose
we cannot
Navy from the Pacific, and used
That would not win the
operate?
we
send.
we
we could win thto war if we entered it.
in America, trained and equipped.
army
fight?
if
this, especially from the standpoint of
aviation; and I have been forced to the conclusion that
war
have
faith back to
ourselves, would do better under similar
we,
of American first, just as the people in
England
own
We
believe
not
country when they encouraged the smaller nations of Europe to fight agsinst
hopeless odds.
When England asks us to enter this war, she is
considering
her
history, and It to
from
always replaced by propaganda.
Under its
isolation, but of independence; not of defeat, but of courage.
have divided
mean
as
under circumstances which led to
a war
people.
own
policy that led thto Nation to
to send another American
Expeditionary Force to Europe and to share with England militarily,
as financially, the fiasco of thto war.
well
advocated by
was
Doctrine,
forces sufficient to defend this hemisphere from attack
con¬
France had a reasonable chance of winning.
France has now been defeated;
and, despite the propaganda and confusiion of recent months, it is now
obvious that England to losing the war.
I believe thto is realized even by
It
in the Monroe
centrate on our own defenses and build the
declared, and why I have
was
peace.
tragedy
a
of the main
and untried idea.
a new
incorporated
was
It to based upon the belief that the security of a nation lies in the strength
Line.
Siegfried
to the entire
It to not
It
are
by the hard logic of military
That to why you and I are assembled
policy open to thto nation that will lead to success—
a
free to follow our own way of life, and to develop our
us
guidance, the United States has become the greatest Nation in the world.
we
nation to to survive
a
That, they will claim, is far too materialistic
ning.
from
war
depended upon ideals alone,
war
would be a different world than it to
I say we
There to
policy that leaves
Washington.
be
can
It to not that I believe ideals
unimportant, even among the realities of war; but if
in
such interventionists in America, but there are more
people among us of a different type.
a
have been false and their policies
the people who are calling us defeatists in America
are
And they have led this country, too, to the verge of war.
today.
not of
viewpoints from which the issues of thto
are many
Yet these
have failed.
With their
From the campaign
death in Europe.
of Poland to that of Greece, their prophesies
Thto to the policy of the
Lindbergh address follows in full:
shoulders of the interventionists
and their disdain of reality, they have already sent
shouts of defeatism,
of foreign Powers.
"We should resist those propaganda and pressure groups," he said.
the responsiblity for the downfall of the democ¬
nations into war uninformed and unprepared.
and character of its
The Senator closed with a denunciation of the current proposal to convoy
the lend-lease
else for its own defense
some one
racies of Europe will rest squarely upon the
own
Senator Walsh reviewed at
"steps short of war" and now "tells us we are at war and should recognize
Every nation that has adopted the
policy of depending on
has met with nothing but defeat and failure.
that will leave us free to follow our own way of life, and to develop our own
civilization.
1941
There to no shorter road to defeat than by entering
inadequate preparation.
interventionist
There to
April 26,
give comfort to
an enemy
I
charge them with
the
defeat
There to
than to divide the people of
a
ship of the Association, it is announced by J. Harvie Wil¬
Jr., Vice-President of the State-Planters Bank
kinson
Trust
Va., who is Chairman of the Com¬
special committee of field warehousing ex¬
perts who prepared the study includes William H. Miller,.
Vice-President of the City National Bank & Trust Co.,
better
nation over
The
Chicago,
Chairman; Harris C. Kirk, Vice-President of theCo., San Francisco, and J. L. Dart, VicePresident of the Florida National Bank, Jacksonville, Fla.
American Trust
The Commission's renort states:
There
of every
no
Co., Richmond,
mission.
of
the
fundamental considerations
are
financing,
banker
to
and
in
follow
this
in
study
are
launching
to
set
into
be given
forth
this
a
attention in this type
number
lending
of
field.
guides
It
to
fornot.
/olume
that
Intended
The Commercial
152
be
this
study
exhaustive
an
covering all phases
in
to
warehouse
the
to
receipts.
community
inventories through the
opportunity for service
and another channel by which loanable funds may be
financing of borrowers'
The
commercial enterprise.
constructive
into
•diverted
Association
additional information regarding the
by the American Bankers
announcement
An
following
the
gave
'■ :
study:
are
general
four
outlines
manual
the
are,
loans.
Announces Publication
American Bankers Association
of
of Bank Insurance"
New "Digest
its
was
and Protective Committee of the American
Bankers Associa¬
The "Digest," the announcement explained, is de¬
signed to provide banks with a resume of insurance available
to them to help build sound programs of protection and to
help them solve their various insurance problems.
The
announcement continued:
tion.
It contains:
consists of 16 chapters.
150 page volume
Insurance and Protective Committee's
Analysis of Bank Insurance published in 1927.
It is in either a permanent
binding or in a loose leaf binder at a slight exra cost.
The loose leaf binder
will make possible a service of supplementary pages to ba issued when
new
digest is a revision of the
major insurance changes occur.
tective Committee
New
York,
National
Bankers
National
Ralph A.
Y.;
N.
Me.;
Portland,
Bank,
State
Insurance Manager,
Savings Bank,
New York, N. Y., Se¬
r''
!/V
■■
Rennie,
Calif.; and
Ionia, Mich.; Burnett B.
Security-First National Bank, Los Angeles,
American Bankers Association,
E. Baum,
cretary.
Second
Bell,
Vice-President,
James
are:
Vice-President, Tha Chase National Bank,
BramhaJl, Vice-President, First Portland
Haynes McFadden, Secretary, Georgia
Association, Atlanta, Ga.; Henry J.
Nichols, Vice-President,
Shawmut Bank, Boston, Mass.; Frederick B. Post, Executive
C.
Kenneth
with that
has been modernized from cover to
:/Co;
cover.
Among many innovations, it
advanced form of daily journalism in the
foreign and national news reporting is surpassed by
introduced Newscope as the most
United States.
Its
but few papers in
Steadily and unalterably, it has followed
the policy of "Truth in News," even
this country.
within the limitations of human error,
when it hurt.
We have
never
"calling them
policy has been
characterized by tolerance for all views.
stand on controversial issues,
hesitated to take a clear-cut
them" regardless of majority opinion. Our com¬
allowed to sway editorial policy. Above
as we saw
mercial interests never have been
all,
policy has been guided by a faith
our
in our community, a love for our
of the importance of Christian principles.
Two significant facts indicate the interest of the younger generation the
"Transcript" today.
The first is that three-quarters of the 24 individuals
who invested money to reorganize the "Transcript" two years ago were
country and a consciousness
then under 40 years
The second is the large number of parents in
"Transcript" readers.
They are con¬
of age.
and forties who are
cerned about the kind of newspaper
their growing children should read.
"Transcript" is one of the principal sources
The
of current event material
for school children.
"Transcript" has been closely interwoven with the
history and traditions of Boston and America.
Throughout these years,
its roots have spread deep into the fundamentals of our community life.
It has encouraged the development of the arts, sciences, education and
111 years the
For
religion and has always given its
full support to honest, fair and efficient
Of its unique record the "Transcript" is proud.
the right for continued existence.
government.
But tradition alone does not earn
today were only a survival
place in the life stream
What
is
we
If
of the past, it would have no
of the present.
deeply is the loss of what the "Transcript"
what it should be and would be tomorrow.
In
regret and feel very
and stands for today;
these dark days, more
acter and manner
We
them
of life which our country was
duly conscious of our
are
are
is paramount for news
kind of American char¬
destined to have had.
We have many. Most of
than ever before, the need
which will contribute to that
and editorial policies
shortcomings.
limited budget.
the result of a necessarily
meet operating costs from revenue.
been curtailed by the necessity of selling
price higher than its immediate competitors.
In the days of lush financial advertising before 1929, a small circulation
was profitable.
But today a larger circulation is essential to secure adequate
Most
newspapers,
today,
must
Transcript circulation has always
at a
advertising of a general nature.
made every
competitive price of two
cents in order that the paper could be read by a larger number of readers.
Similar efforts were made again in the last few months as it became in¬
creasingly clear that only in this way could the "Transcript" become
permanently successful.
To establish a two-cent price, we needed either
more capital to carry larger losses until sufficient circulation attracted more
advertising; or the assurance of enough additional advertising immediately
upon the establishment of a competitive two-cent price to offset the re¬
Before establishing the 5-cent
Gladney, is Chairman of the A. B. A. In¬
surance
and Protective Committee and Executive VicePresident of the Fidelity Bank & Trust Co., Baton Rouge,
La.
Other members of the A. B. A. Insurance and Pro¬
B.
William
"Transcript" policy which appears
"New in ideas; old in ideals."
policy, the "Transcript" in the last two years
noticed the statement of
editorial columns daily;
at the top of our
the "Transcript"
Schedule of bank insurance and other coverages, to give a readyreference panorama of available insurance protection; (2) Descriptions of
the forms of blanket bonds, fidelity bonds, burglary, robbery, forgery and
other coverages, to give bankers a more detailed review of the important
contracts designed to meet the peculiar needs of banks; 13) Brief descriptions
of other contracts to outline coverages which apply to both banking and
other lines of business; (4) Comments on insurance essential in handling
personal trusts and estates, corporate trusteeships and other fiduciary
relationships; and (5) Outline of customers' insurance pertaining to com¬
mercial loans, commodity loans, consumer and personal loans, depositors'
forgery risks, &c., because of the importance of a bank's
interest in its
customers' insurance protection.
(1)
The
owners.
You may have
their thirties
•
the publication of its new "Digest of
made the past week by the Insurance
Announcement of
Bank Insurance"
The
democracy and essential to our
Our editorial
the warehouse company
which issues receipts, determining the market value of commodities, the
type and nature of the market, physical and legal safeguards which should
1>e observed, liability insurance and fidelity bond protection, storage risks,
.and types of commodities which can be used as security for warehousing
includes information about judging
study
They are the foundation of
continued.
human freedom.
At their best, they
are the most priceless possession that any community can have.
Such a
newspaper belongs to the citizens of its community just as definitely as to
being maintained.
The
democracy.
a
The need for better newspapers
our
In conformity
considerations of
the assurance that
states,
The "Transcript" has
its country as a newspaper
in
"Boston Evening
attempted to serve its community and
fashioned after the highest ideals of journalism
April 30, we will publish the last
Wednesday,
Transcript."
•'
■
field warehousing.
the warehouse receipts
are
valid, and issued by a responsible warehouseman, the financial and
moral responsibility of the borrower as well as his capacity to trade, the
marketability of the goods and their desirability as collateral, and the
proper follow-up methods to insure that the accepted conditions of safety
booklet
The
These
Next
is
it
warehousing presents to a bank an
of field
medium
Mr. Johnson's editorial statement says:
of field
introductory in nature to acquaint bankers
a general way with the subject and to outline
some of the chief points
follow and safeguards to observe in lending on field warehouse receipts.
A fruitful source of earning may be found in
loans secured by field
Rather,
warehousing.
2643
& Financial Chronicle
price in December, 1939, we
effort to do those things necessary
to establish a
duction in circulation income.
Neither solution has been
possible to date.
.
.
.
publication is discontinued, the public is
not notified in advance.
We feel, however, that a newspaper is a public
trustee.
As such it should report to the public as well as to its stockholders.
Our readers and the community should be given the same opportunity as
its owners to produce any prompt, sound alternative to discontinuance of
Customarily, when newspaper
publication.
Revised 1941 Edition of
Merchants of New
distributing agent, announces the
Cotton
of
Association
The
"Worth Street Rules" Available
York, New York City, as
Textile
publication of a revised 1941 edition of "Worth Street
Rules," with an effective date of April 17.
In pointing out
that "Worth Street Rules" now lias the approval of 13 buy¬
ing, selling and producing
1941
The
edition
Industry;
contains
the
same
date;
and rules of the General
revised panel
Cotton Textile Salesnote,
fabric specifications; the
includes the revised Standard
effective
becomes
which
organizations, which have collab¬
sponsorship, the Association goes on to state:
orated in its
four
Arbitration Council of the Textile
definitions and trade customs, and other data.
In addition, it
for the first time the Trade Practice Rules for the Cotton Con¬
Practice Rules for the Shrinkage of Woven
by the Federal Trade Commission.
to the recent revision of Commercial
the Testing and Reporting of Woven Textile Fabrics,
verting Industry and the Trade
Goods,
Yard
Cotton
Another
section
new
Standard CS59-41
on
as
is
promulgated
devoted
reference to the subjects of
with special
color fastness, breaking strength,
shrinkage and yarn slippage.
Five years
hailed
as
markets.
a
ago
Commercial
the original adoption of "Worth Street Rules"* was justly
triumph of cooperative endeavor in the cotton goods
merit has been proved time and time again.
signal
Its
fundamental
disputes
obligations enhanced.
the
instrument
spirit
into
have
been
minimized and
respect
for contractual
Since the chief effect of the revision is to bring
harmony with current trade practice, it fulfills the
and declared policy of the
original conception.
Evening Transcript" To Discontinue Pub¬
lication—111-Year Old Newspaper to Suspend as
"Boston
Result of Financial
Problems
Transcript," which was established
in 1830, will publish its last issue on April 30, it was an¬
nounced by Richard N. Johnson, Publisher, in an editorial
statement published in the "Transcript" of April 23.
The
paper, which had increased its price in December, 1939, from
3 cents to 5 cents daily and from 5 cents to 10 cents Satur¬
days, is discontinuing because this price rise has failed to
produce the necessary revenue to continue.
The "Boston Evening
Death
of
B. Laughlin, Former American Am¬
Spain—Served from 1929 to 1933—Had
Held Minister Post to Greece
Irwin
bassador to
Also
Irwin Boyle
Laughlin, who was the American
Spain from 1929 to 1933 and prior to that
Greece from 1924 to 1926, died on April 18 at
to
Ambassador
Minister to
his home in
long illness. He would have been
70 years old on April 26.
Mr. Laughlin was a career dip¬
lomat, serving the United States from 1903 to 1933 in many
posts in Europe and Asia.
The following summary of Mr. Laughlin's career was given
in the New York "Herald Tribune" of April 19:
Mr. Laughlin was a grandson of James B. Laughlin, Pittsburgh steel
manufacturer, who early in the century merged his property with another
Washington, following a
firm to form
the Jones &
Mr. Laughlin was
Laughlin Steel Corp.
Treasurer of Jones &
Laughlin from 1900 to 1903, when
private Secretary to Lloyd C. Griscom, the American
Minister to Japan.
Preferring the diplomatic service to steel as a career,
Mr. Laughlin represented the United States abroad for 30 years, during
which he rose from Second Secretary to the American Legation at Tokio
he
to
resigned to become
Ambassador to Spain.
Pittsburgh on April 26, 1871. . . .
diplomatic posts: Secretary to the
American Legation at Bangkok and Consul General for Siam, 1906-1907,
Second Secretary to the Legation at Peking, March-September, 1907;
Second Secretary to the Embassy in Russia, 1907-08; Secretary to the
legation to Greece and Montenegro, 1908-'09; Second Secretary to the
Embassy at Paris, August-December, 1909; Secretary to the special Em¬
bassy to the Sultan of Turkey, October-November, 1910; Secretary to the
Embassy at Berlin from Dec. 21, 1909, to September, 1912, and charge
d'affaires from June to October, 1911.
Mr. Laughlin was Secretary to the Embassy at London from 1912 to
1917 and was charge d'affaires for several brief periods. He was counselor
Mr.
He
Laughlin was born in
successively held the following
of the Embassy from
After an
to
Relations
1921.
In
1916 to 1919.
extended leave of absence,
Mr. Laughlin served as
Secretary
Chairman of the Senate Foreign
Committee, at the Disarmament Conference in Washington In
1924, Mr. Laughlin was appointed Minister to Greece, a post he
Senator
Henry
held for two years.
Cabot Lodge, then
The Commercial & Financial Chronicle
2644
In
1929, President Hoover recalled Mr. Laughlin from private life and
appointed him Ambassador to Spain.
Mr. Laughlln remained in Madrid
for four years, during which he witnessed the abdication of the late
King
Alfonso XIII on April 13, 1931.
Mr.
Laughlln represented the United States
mission
for
Denmark.
the
advancement
President
of
the Internationa
on
between
peace
Harding appointed him
the
United
com¬
States
and
member of the board of
a
regents of the Smithsonian Institution in 1923, a position he held until 1935.
New Members of New York Curb
Exchange Public
Relations Group
George P. Rea, President of the New York Curb Exchange,
April 22, appointed Charles D. Halsey of Laird, Bissell
& Meeds; Ramon 0. Williams of Tucker, Anthony &
Co.;
and Charles H. Phelps Jr., to the Public Relations Com¬
mittee of the Exchange.
The other members of the Com¬
mittee are John S. McDermott; and the Chairman, Alpheus
died on March 11.
This
a Republican was elected
to the post from that district.
Mr. Butler, who will fill the
unexpired term of Mr. Schwert, ending Dec. 31, 1942, was
to take the oath of office yesterday (April 25).
The election of Mr. Butler was lauded on April 23 in a
statement issued by Representative J. William Ditter, of
Pennsylvania, Chairman of the National Republican Con¬
gressional Committee, who said the victory confirms "the
growing national sentiment for a strong vigilant Congress."
His statement added:
Not
on
C. Beane Jr. of Fenner & Beane.
April 26, 1941
Pius L. Schwert, Democrat, who
is the first time since 1916 that
sines
1916—a
district elected
quarter
of
victory 'for the party,
The
and
overturn
and
as
a
your own
the American
vital
effective check
an
this
metropolitan
New Deal national leaders demanded
Leader, and
our
indicates that
aggressive minority
scheme
ago—had
century
a
Republican to the House.
a
In the special election campaign,
upon
prestige.'
people still regard
of the
part
one-man
American
government.
an
alert
constitutional
Clearly, the
nation
New
York
Curb
Exchange Members Form Committee
Help Greater New York Fund
to
Members of the New York Curb Exchange have organized
themselves into a committee to help increase the
Exchange's
participation in the Greater New York Fund campaign,
according to
an announcement made on April 17.
Edward
named Chairman and serving on his committee
William B. Steinhardt, Charles H. Vernon, Harold J.
O'Brien
are
looks to the Republican Party to fulfill its responsibilities as a
vigorous, constructive opposition dedicated to fundamental Americanism.
The death of Representative Schwert was referred
issue of March 15, page 1687.
Governors of Investment Bankers Association to
The Greater New York Fund conducts one annual drive
behalf of 400 voluntary welfare and health
on
agencies. The
appeal is directed to business firms and employee groups
only. This year's campaign began on April 14, and will last
for several
weeks.
Former Postmaster
General James A.
»»
.
Announcement was made in Washington, on April 22,
that Harvey H. Bundy, of Boston, has been named a
special
assistant to Secretary of War
Henry L. Stimson.
Mr.
Bundy, who served as assistant counsel of the Food Adminis¬
tration during the World
War, had been Assistant
of State from 1931 to 1933.
On April 22, Robert A. Lovett and John J.
of New York, who
Secretary
McCloy, both
previously served as special assistants to
Secretary Stimson, took the oath of office as Assistant
Secretaries of War.
Mr. Lovett, who is a banker, became
Assistant Secretary of War for Air, while Mr.
McCloy, a
lawyer, was sworn in as a general Assistant Secretary. Both
special assistants to Mr. Stimson since Decem¬
ber, 1940.
Their promotions to the posts of Assistant
Secretaries, it is stated, was recommended by Secretary
Stimson, and President Roosevelt sent their nominations to
the Senate
"'The
Investment
to Dec. 5, at Hollywood, Fla.
Bankers
Association
announced
on
April. 21 that the regular spring meeting of the Board of
Governors of the Association will be held in White Sulphur
Springs, W. Va., May 10 to 14. It is expected that several
hundred will attend the meeting, the attendance, as in
previous years, being augmented by members of the various
committees of the Association
as
well
as
former officers and
governors.
The Association also disclosed
of
Governors
the
on April 21 that the Board
formally accepted the recommendation
had
Convention
Committee
-
H. H. Bundy Named Special Assistant to
Secretary of
War Stimson—R. A. Lovett and J. J.
McCloy Take
Oaths as Assistant Secretaries of War
had served
To Be Held Nov. 20
_
of
Farley is this year's campaign Chairman.
Hold
Spring Meeting in White Sulphur Springs, W. Va.,
May 10-14—Date for Annual Meeting of Association
was
Brown, and Elliott Lippman, all members of the curb
exchange.
Together with the other trade, business and
industry groups into which the campaign workers are
divided, the Curb Exchange section has started solicitation
of firms and employees in their own line of business.
to in
our
hold
to
the
1941
Annual
Meeting of the Association at Hollywood, Fla. (the location
of last year's meeting) from Nov. 20 through Dec. 5.
Holly¬
wood Beach Hotel will be the convention headquarters.
In view of the proposed changes in the securities laws,
the spring meeting of the Board of Governors of the Associa¬
tion will have an added significance to the membership.
The recommendations for changes of the Securities Acts are
expected to be presented to Congress within the next few
weeks, and, it is pointed out, the Governors will focus
special interest on the proposals, provided, however, Con¬
gress has not accepted a final draft of the changes before the
meeting is held.
Emmett F. Connely, President of the
Association, will report to the Governors the progress made
by the Association's Public Information Committee, of which
he is Chairman.
as
on
2488.)
April 18.
page
April 10 (as noted in
The Senate approved
issue of April 19,
our
the
nominations
on
Port
Preparedness Dedication
York
20th
to
be Observed in
New
April 27 to 30—Observerence Coincides With
Anniversary of Port District
Port Preparedness Dedication ceremonies will be held in
New York for four days beginning tomorrow (April 27 to 30)
and
Wendell
Willkie
Becomes
Senior
Partner
of
Law
Firm
of Willkie,
Owen, Otis & Bailly
Wendell L. Willkie, the
Republican candidate at the last
Presidential election, has become senior
partner of the New
York law firm of
Willkie, Owen, Otis &
the
firm, previously known
as
Miller,
Bailly. As head of
Owen, Otis & Bailly,
Mr. Willkie succeeds Nathan L.
Miller, who, according to an
announcement made by the firm on
April 16, will continue
to be associated with the
firm as counsel.
The announce¬
ment also made known that
Louis F. Carroll has become a
member
ru
according to an announcement by the Port of New
Authority April 20, one of the features of the ob¬
servance will be an address by Mavor LaGuardia on "Na¬
tional Defense and the Port of New York."
Coinciding
with the 20th anniversary of the establishment of the Port
District, the observance will be held under the joint sponsor¬
ship of the Port of New York Authority, the Chamber of
Commerce of the State of New York, and Mayor LaGuardia's
Business Advisory Committee.
It is explained that the
purpose of the observance is to show the progress made in
the port during its existence and to present its role in na¬
tional defense.
Tours, luncheons and poster and radio
campaigns will be included.
York
L.
of
the
firm.
^att Elected President
of New Jersey
State
Chamber of Commerce—Succeeds R. T. Bowman
Conference
meeting of the directors of the New Jersey
State Chamber of
Commerce, held in Newark on April 22,
George K. Batt, Vice-President of the firms of
Dugan Bros,
of New
Jersey and Dugan Bros, of New York, Inc., was
elected President of the
Chamber.
He succeeds Robert T.
Bowman, of Trenton, who declined reelection after
serving
the post three years.
Mr. Batt has been a member of the
in
Chamber's^ board of directors
since 1939 and Chairman of
State Legislation.
Three directors were elected at the
meeting for three year
terms, and 17 were reelected.
The new directors are John
R. Cooney, President of the
Firemen's Insurance Co.; L. H.
Korndorff, President of the Federal
Shipbuilding and Dry
Dock Co., and Frank C.
Reed, President of the Westinghouse
Electric Elevator Co.
the Committee
on
John C. Butler Elected as
Representative to Congress
from 42nd New York
to
Win
Post
Since
District—First Republican
1916—Succeeds Late P. L.
Schwert
In
special election held April 22, John C. Butler, Re¬
publican, was elected as Representative to Congress from
e 42nd
(Buffalo) New York District, to succeed the late
a
Consumer Goods
on
to
Be Held
at
United
States
^ the annual
Department of Commerce May 2—Meeting
Called by Secretary of Commerce Jones Because
of Public Interest in Supplies and Prices—Chair¬
Named
man
The
United
for
Four
Round-Table
Sessions
States
Department of Commerce made
public on April 24 a list of manufacturers and distributors
who will lead the discussion at four round-table meetings of
the conference on consumer goods at the Department of
Commerce on May 2.
All of the 33 discussion leaders
named in the list have accepted, according to the announce¬
ment.
The conference was called by Jesse Jones, Secretary of
Commerce, because of the public interest in the business
world with respect to the supply and demand of certain
consumer
goods, price movements, industrial capacities,
and supplies of raw materials.
Discussion will be limited
to problems related to distribution of food,
clothing and
textiles, according to the Commerce Department's an¬
nouncement, which added:
Each
of the
four
round
table meetings
will be in executive session to
promote free and open discussion of defense problems on consumer goods
and
each
will
food Round
have
chairman and discussion leaders.
At all except the
Table, where the discussion leaders will be distributors, there
a
will be discussion leaders
representing both manufacturers and distributors
Volume
The Commercial & Financial Chronicle
152
The Chairman for the four round table conferences were
announced
Food: Milo Perkins, Administrator,
Piece
Goods
Commerce.
Domestic:
and
Surplus Marketing Administration.
Pickard,
Edward
'YY:
Girls'
and
Clothing:
Abraham & Straus, Inc.
yy Y
.YY y.' yyyY
Melville Shoe Co.
United
of
President
Rothschild,
N.
Walter
YY
of
Department
the
of
'Yy\:
v:,
Men's and Boys' Clothing: Ward Melville,
Women's
YYYY,' V
YvYY':Y
Yy,YYYYYY
States
Chamber
Commerce
of
29th
Hold
to
Washington Next Week, April
May 1—Scheduled Speakers Include Secretary
Annual
28 to
Meeting in
Jones, British Minister Sir Gerald
Campbell and Chairman Eccles of Federal Reserve
Commerce
of
Board
-f■;■=-v'.-1
y
>■''
ynYyyyy:'-
the program
on
The Chamber, is an announcement bearing
for the meeting, said:
The meeting will open on Monday (April 28)
James S.
the defense program approximately
housing units, at least half of which it is esti¬
mated can be created through private enterprise, the home
builders wall discuss at first hand with heads of the Govern¬
with
agencies concerned the details of how this may best be
accomplished.
They will exchange experience on present
best ways of cutting home building costs, discuss the essen¬
tials for satisfactory home neighborhoods, plan ways and
means for
keeping home building on a steady keel through
thr period of war preparedness and the years that will
immediately follow.
" Y-';"y
ment
^y"• Y:y;',-y,: y>y:y*'/y »;y;>'v
National Credit Congress to
1)
(May
Thursday evening
days,
ending
which
of the National Associa¬
May 1115, according to a joint statement released April 7 by John
L. Redmond, Vice-President of Crompton-Richmond Co.,
Inc., New York, who is national President of the Association,
and E. Pilsbury, Treasurer of B. Rosenberg & Sons, New
Orleans, who is a past national President of the organization.
Mr. Pilsbury was simultaneously announced as having been
named General Credit Congress Chairman.
Approximately
2,000 credit executive delegates will be in attendance, repre¬
senting a cross-section of the 20,000 manufacturing, wholesal¬
ing and banking firms located in 46 States which are included
in the membership of the National Association of Credit
Men, which is the Nation's second largest general business
organization.
/
-/:YYy.YyY Y :/Y;yyyYyYY
As an integral part of the Credit Congress, it is announced
that the 11th annual series of industry and business group
meetings will also be staged on Wednesday, May 14, at the
convention, which will close the 45th year of activity of the
National Association of Credit Men since its founding in
tion of Credit Men will be held in New Orleans, La.,
,
Toledo, Onio, in 1896.'
YY
I.
A.
will hear Senator C. Wayland Brooks, of Illinois, and W. Gibson
banquet
with the annual
on
A
dinner
Mr. Kemper will preside at this session,
meeting
of the
Wadsworth,
Chairman
British
Campbell,
Committee
American
Chamber of Commerce will be held
Minister,
R.
H.
and
International
of the
Eliot
Sir
Gerald
President
of the
will preside and
MacMillan,
Canadian Chamber of Commerce, will deliver addresses.
Jesse H. Jones, will speak on "Advancing
The Secretary of Commerce,
America's Business" at the general session on Tuesday morning,
Arthur
T.
Vanderbilt,
Newark,
of
N.
will
J.,
speak
April 29.
"American
on
Freedoms."
Admiral
Harold R. Stark, Chief of Naval Operations, will address a luncheon meet¬
ing
the
on
same
day.
In the afternoon at a panel forum session, trade
association and chamber of commerce spokesmen will discuss the work
business
of
Donald M. Nelson,
organizations in relation to national defense.
Director of Purchases, OPM, will be the guest speaker at an organization
;Y;y; Y.;^yyy'Y ■-Y.YYy'VY.rYYYY ■' i', yY,
dinner.
On the
^
Vice-President
Angeles, and Edgar V.
amid
of
j
will be W. C. Mullendore,
California
Southern
the
Edison
Los
Co.,
O'Daniel, Vice-President of the American Cyan
New York City.
Co.,
Y
the general session April 30,
Speakers at
Y'YY - Y-:y
evening the annual dinner of the American Chambers of
same
Commerce Abroad will be held.
Executive
YY ■',y"Y
meeting Bishop
At a general luncheon
G.
Bromley Oxnam, Boston, will speak on "The Business Man of Tomorrow."
Various
seven
and
resources
maintaining
agricultural
be considered
at
The topics listed for discussion at these
sessions on April 30.
defense,
prices,
defense preparations will
phases of national
group
sessions are—natural
and defense, labor relations, transportation
foreign
adjustment
trade,
problems
goods
consumer
and
and
supplies
Government
insurance.
Delegations from 40 States will have their Senators and Representatives
uests at separate
Federal
fiscal
dinner meetings on Wednesday evening.
policies and
financial
problems of defense will b8 sub¬
jects of discussion at the general morning session
May 1.
on
Chairman
C. Alvord,
Marriner S. Eccles, of the Federal Reserve Board, and Ellsworth
tax
Dr. Franklyn Bliss Snyder, President of
authority, will be speakers.
Northwestern
He will take
University, will
as
be guest speaker at
include
April
a
special
insurance
The Chairman
30.
a
luncheon meeting.
his text "American Youth in the Present Emergency."
Insurance features of the annual meeting,
will
round
as
table
of the session will
be
Wednesday
Esmond
Among subjects before this
Coverages for Present
Utica Mutual
afternoon,
Ewing,
discussed
"Fire and
Also to be
New York.
Casualty Insurance in the Defense Program"
■
;
by
■
the
Monday afternoon session, April 28, bronze en¬
plaques will be presented to winning cities and
counties in the 1940 Inter-Chamber Fire Waste and Health
graved
Conservation
surance
Contests,
conducted
by the
Chamber's In¬
Department.
♦
.
y;
*'-
Meeting of Home Builders of Nation in Washington
May 15, 16, and 17 to Prepare to Meet Emergency
Needs for Defense Housing
Operative home builders from all parts of the country will
in Washington May 15, 16 and 17 for a three day
discussion of machinery for home production.
Sponsored
by the new Home Builders Institute of America, professional
branch of the National Association of Real Estate Boards,
meet
the
meeting will be the first of its kind in real estate history.
Centering directly on the great job now before the country
Florida Naional Bank, at Jack¬
Fla.
It is announced that in furtherance of the
Institutefs plans, all of the Departmental and Institute con¬
ferences have been arranged to proceed along the line of
sonville,
informal discussions liberally punctuated with ques¬
A.I.B. members in attendance. This
tions and remarks from
plan it is stated was experimentally tried with success at
two of the departmental conferences of the Institute's con¬
vention in Boston a year ago.
for the Departmental conferences follows:
to 4:30 p.m.
Bank Operations, Credits, Savings
Banking", Trust Business; June 4—9 :00 a.m. to 11:30 a.m.
Bank Manage¬
ment, Business Development and Advertising; Investments and Investment
Banking; June 5—9:00 a.m. to 11:30 a.m.
Bank Operations, Credits,
Savings Banking, Trust Business; June 5—12 :30 p.m. to 4:30 p.m.
Bank
Management, Business
Development and Advertising, Investments and
The program
3—12:30
June
Investment
p.m.
Banking.
•
duplication of conferences on the two days has been
arranged in order that A.I.B. members may have an op¬
The
portunity
in
part
take
to
simultaneously.
Thus
a
meetings
member
who
that are held
attends the Bank
Tuesday morning, June 3, who
the
same time, may attend the Credits conference the following
day.
The program of Institute conferences follows:
June 3—12:30 p.m. to 4:30 p.m.
Educational Conference, Public Speak¬
ing Conference; June 4—8:00 a.m. to 11:30 a.m. Women's Conference,
Operations conference
Relations
Public
on
Credits conference being held at
Conference;
June
5—8:00
a.m.
to 11:30 a.m.
Chapter
Conference; June 5—12:30 p.m. to 4:30 p.m.
Chapter Administration Conference.
■ < •;
t
YY.y.Y' YY-YY; YYYY Y'y:- Y
Publicity Conference, Debate
Speakers at the coming Convention of the
22, page 1855.
A.I.B. were
indicated in our issue of March
Plans
Under Way for A.
Conference
Day Needs" by John L. Train, President of the
Charles C. Hannah, Senior Vice-President of the Firemen's Fund Insurance
At
who is Vice-President of the
'
Progress," by William J. Graham, Vice-President of the Equit¬
is
in a manner
formality of such
to J. LeRoy Dart, A.I.B. President,
departure from the customary
according
meetings,
Insurance Co., Utica, N. Y., "Life Insurance for Economic
Co., San Francisco.
a
Vice-
session will be "Comprehensive Insurance
able Life Assurance Society of the United States,
at San Francisco
Informal Discussions
as
Francisco, June 2-6 will be conducted
which is
disclosed by the program,
on
President, the Travelers Fire Insurance Co., Hartford, Conn.
and Social
San
in
wishes to attend the
officials and business executives will participate in the discussion.
as
Arranged
Departmental and Institute conferences to he held at
American Institute of Banking
The
open,
General George C. Marshall, Chief of Staff of the Army, and
♦
Conferences
Convention
the annual convention of the
Monday evening (April 28).
on
Committee,
of the
B.
June 2-6
Carey Jr., President of the Yale & Towne Manufacturing Co., and former
President of the Chamber.
Be Held in New Orleans,
La., May 11-15
keynote address by
a
Discussion will cover four
Kemper, President of the Chamber.
new
The 46th annual Credit Congress
meeting of the Chamber of Commerce of
the United States will be held in Washington, D. C., next
week—April 28 through May 1—under the general title,
"What's Ahead for America?"
The meeting, it is explained
by the Chamber, will examine all facts of the national
defense effort,
and Government officials handling the
different phases of the defense program will approach defense
from the Government viewpoint, while business leaders will
discuss it in its practical production aspects, as seen by
business management and the industries called upon to do
the job.
.J,,.y..yv'■ r'i^y-vy/.':'
Among the various speakers scheduled to address the fourday meeting are Secretary of Commerce Jesse H. Jones, Sir
Gerald Campbell, British Minister to the United States,
Marriner S. Eccles, Chairman of the Board of Governors
of the Federal Reserve System, Senator C. Wayland Brooks,
of Illinois, Donald M. Nelson, Director of Purchases, Office
of Production Management, and others prominent in their
The 29th annual
respective fields.
of producing for needs of
250,000
follows:
as
2645
in
Committees have been
B. A. Trust Division Trust
6-8
Seattle, Wash., Aug.
appointed and plans are under way
Regional Trust Conference of the Pacific Coast
and Rocky Mountain States, which will be held in Seattle,
Wash., Aug. 6, 7 and 8, under the auspices of the Trust
Division of the American Bankers Association, it is an¬
nounced
by Carl W. Fenninger, President of the Trust
Division
and Vice-President of the Provident Trust Co.,
for the 19th
Philadelphia, Pa.
The Corporate Fiduciaries Association
Washington and the Seattle Association of Trust Men
will act as hosts to this conference/
Robert W. Sprague,
Vice-President and Trust Officer The National Bank of
Commerce of Seattle, is general Chairman of the conference.
of
Among the committees are the
following:
President Seattle
Peoples National
Washington, Seattle; George H. Greenwood, President Pacific
National Bank, Seattle ; E. V. Illsey, Manager Canadian Bank of Com¬
merce,
Seattle; Harry
B. Lear, President University National Bank,
Seattle; Andrew Price, President The National Bank of Commerce of
Seattle; ,J. A. Swahvell, President Seattle-First National Bank, Seattle;
G. L. Wakeman, Manager Bank of California'N. A., Seattle.
General
Committee—Robert W.
Sprague, Vice-President and Trust
Officer The National Bank of Commerce of Seattle, Chairman; Charles L.
Conference Committee—Cebert Baillargeon,
Savings Bank, Seattle; Albert Brygger, President
Honorary
Trust &
Bank
of
The Commercial & Financial Chronicle
2646
LeSourd,
Seattle-First
Department,
Trust
Manager
and
Vice-President
Seattle, Vice-Chairman; Henry H. Judson, Vice-President
and Trust Officer Seattle Trust & Savings,Bank, Seattle; Alfred V. GodNational
Graves, Vice-President and Trust Officer Peoples National
R.
Seattle;
Washington,
Bank
Officer
Seattle;
Bank
Trust
National Bank,
Pacific
Officer
Trust
and
Vice-President
save,
Victor
of
Bank,
California
of
N.
Manager and
Assistant
Glass,
0,
Joseph
Seattle.
A.,
has started with
a
request for $7,000,000,000, and
tion to expend much
with relative speed.
its study also
The full
April 26, 1941
authoriza¬
of this can be expected to take place
The Board's announcement regarding
stated;
would include, the Board
to date
picture of authorizations
already allocated for armament on naval vessels now
states, $929,000,000
commit¬
being built in private yards, and about $850,000,000 of defense
RFC, WPA, the Defense Plant Corporation and other Gov¬
ments of the
National
Committees Named for 17th Annual Meeting of
Comptrollers
Be Held in Chicago Oct. 8-11
—Conference to
H.
L.
President
Hammerstrom,
Auditors Conference, announced in
Chicago Bank
Chicago on April 12 the
of
the
appointment of the 3941 Convention Committee for the 17th
annual
meeting
of the
National Association of Bank
Auditors and
Chicago Conference will
The
Comptrollers.
be held at the
host for the Association meeting to
act as
8 to 11 inclusive.
Chicago, from Oct.
Palmer House,
The
announcement added:
Edgar
Johnson,
will
as
serve
Assistant
General
Registration of delegates will be handled under the supervision of Wm.
E.
Harrison,
and J.
will
he
in
Auditor
Assistant
Ctrl
of
National
City
the
Bank
First National
Auditor,
Sommers, Assistant
&
Trust
Co.,
Bank of Chicago,
Navy awards to $117,000,000.
Ohio and New York benefited the
business in February, their shares amounting to $45,000,-
000 and $43,000,000,
and
of Employment
Secretary
Rela¬
V
each with about $16,000,000.
The
National
Association
Manufacturers
of
Pennsylvania,
;> '
whole,
and the six States which
except that New
Regional and State distribution of defense contracts was, on the
relatively unaffected by February allocations,
were
January continued to lead in February,
ahead in
These two States,
totaling more than
$1,000,000,000; Virginia and Massachusetts followed with total contracts
California for the leading position.
together with New York and Pennsylvania, had awards
each.
of about $875,000,000
The Middle Atlantic States
accounted for 31.3% of all awards granted
This region embraces New York,
1940.
in the United States since June 13,
The Pacific States of Washington, Oregon
whole; the East North Central States
Pennsylvania and New Jersey.
and California obtained 16.1% of the
Wisconsin—15.1%; the New Eng
Delaware
to Florida, 13.4 %.
The other regions received much smaller percentages.
Most of the February awards went for construction purposes and for
ordnance, supplies and equipment, and by doing so they effected a slight
shift in the relative importance of the type of material ordered.
Total
construction awards in the United States rose to 12.6% of all orders, from
—Ohio, Indiana, Illinois, Michigan and
and the South Atlantic region, extending from
land States 14.6%,
Ordnance orders also increased propor¬
end of January.
at the
to 25.5% on Feb. 28.
industry from 43 3% to 42.3%.
of the shipbuilding
one-third of the construction
About
work
naval bases leased from Great
on
At the same time,
and that
industry's share fell two-tenths of a point to 19.6%,
to the East
this work went mostly
tions Committee
They were followed by Alabama ($24,
respectively.
000,000), New Jersey ($19,000,000), and by Kentucky and
the airplane
Department
orders placed last month was for
Britain.
Continental business for
South Central, Mountain and Pacific
regions.
has
an¬
nounced the
appointment of Harvey Saul as Director of its
Employment^ Relations Department and Secretary of its
Employment Relations Committee.
Mr. Saul, who for the
'
by the
In January, Army awards amounted to $562,000,000
Navy, $146,000,000.
and
tionally, from 24.8% on Jan. 31
Harvey Saul Joins National Association of Manufac¬
turers—Named Director of Employment Relations
,
most from the new
12.1%
charge of the Women's Committee.
'
.
awards, the Army again led the Navy in the value of
let, the awards by the Army totaling $207,000,000, and
contracts
Jersey replaced
Vice-President, First National Bank of
Chairman, with the following members
assigned to act as Chairman of the named committees: Entertainment—
Edward E. Dobbeck, Auditor, Upton National Bank; Exhibits—J. H. Klug,
Comptroller; American National Bank & Trust Co.; Finance—B. A. Branmen, Auditor, Harris Trust & Savings Bank; Headquarters—John J. Endres,
Auditor, Federal Reserve Bank of Chicago; Hotel Reservations—Donald i,
MaeDonald, Assistant Auditor, Northern Trust Co.
The Program Chairman is L. H. Hammerstrom, Auditor, Continental
Illinois National Bank & Trust Co., and Reception Chairman is Philip
H. Cordes, Auditor, Lake Shoie Trust & Savings Bank.
0.
Chicago,
agencies.1
In the February
and
Auditors
Bank
of
Association
ernment
,
business
New ordnance
the grand
was
valued at about $150,000,000 and brought
$3,007,000,000.
total of orders for this material up to
North Central and Middle Atlantic
The plant
The East
regions received most of the new orders.
expansion program also forged ahead during the
month.
past two years was Director of Labor of Rhode Island, will
make his headquarters at the
William
Governor
New York office of the Asso¬
H.
Vanderbilt
appointed
Island
position
States
Finishing Co. of Providence, R. I., for 17
in
1939.
had been
He
to
the
director of
personnel
the
United
Saul
years
Business
at the time of his
dent
appointment.
Saul
Mr.
Detroit,
began
when
he
manager
of the
director
of
as
an
company
the
1922
to
the
he resigned
when
&
Packard
the
He
1917
in
Steel
the
to
become
to
Co.
Car
Motor
assistant
was
at
personnel
Elision,
at
Co.
factory
Pa.
He
later to accept a similar post with the
Manufacturing Co. at Pawtueket, R. I., leaving this company in
join the United States Finishing Co.
He is a former President
of the Industrial
of
with
old.
years
Taylor-Wharton; Iron
resigned this position
Lorraine
apprentice
21
was
Textile
two
years
Relations Association of Rhode Island and
Division
of
the
National
a
past Chairman
Safety Council.
The
Association
of
New
Cancellation
Slogan
"Vacation City"
*
In
the
a
April 21 at the Pennsylvania Hotel, in
The change in name was made, it is an¬
nounced, "to make it more truly representative of the 'in¬
termediate-sized'
companies that have recently joined."
the
group
Association
all
New
that the
mail
post
office
Year-Round
Goldman
New
of
leaving New York
York—Your
New
York
offered
City."
The letter,
York a leading vacation city, and points out
"slogan" cancellation would be worth thousands of
dollars in goodwill to the city's merchants, hotels, theaters,
railroads, and retail stores. Other cities, with the coopera¬
that the
tion of the Post Office
Department, have used special can¬
carrying slogans designed to publicize them, the
letter said, and they were used to promote interest in the
cellations
World's Fair both here and in San Francisco.
New
York
and
is
reported
any
favored
as stating that he was
plan to bring out-of-towners to
the
Association's nroposal.
Ap¬
Department in Washington is
necessary, he added, announcing that he had forwarded the
suggestion to the Postmaster General.
proval
of
the
Post
Need
Office
the Treasury Morgenthau
Means' Committee on
Raising $3,500,000,000 Annually in New
of Secretary
Before
the
to make New
Postmaster Goldman
1
^
House
of
of
Ways
and
Revenue
a
Vacation
Square Stores
of the
Goods
auto supply chain, was elected President
succeeding Henry Modell of Modell Sporting
Stores.
special cancellation
bearing the slogan: "Visit
use
on
George J. Seedman, President of the Times
of New York,
has
dated April 16, which was signed by John Dowry, the Asso¬
ciation's President, calls attention to the current campaign
wholeheartedly behind
held
New York City.
Statement
letter to Postmaster Albert
Merchants'
suggestion
on
Promoting
Stamp
York
as
Business Association for New
Jersey and Connecticut, Inc., was changed to
the American Business Congress at the annual meeting of
Corp.,
York Suggests
of the Smaller
name
New
York,
group,
Merchants'
Changes
Connecticut
and
Rhode
Mr.
New York, New Jersey
Name to American
Congress—G. J. Seedman Elected Presi¬
Smaller Business Association for
the announcement, which added;
ciation, said
The
^
Treasury Department
tax proposals incident to the
plan to raise $3,500,000,000 annually were present to the
House Ways and Means Committee, as is indicated in an¬
other item in this issue, in which we give the details of the
submitted to the Committee by Assistant
Sullivan. In our issue of a week
ago
(page 2481)
reference was made to the tax plans
which it was announced by
Secretary of the Treasury
Morgenthau were being worked out to supply revenue
designed to aid in the financing of the defense program.
With the opening of the hearings by the House Ways and
Means Committee on April 24 Secretary Morgenthau was
the first to be heard by the Committe, and in his statement
he said "I have come before you today to discuss with you
the need of producing $3,500,000,000 annually in additional
revenue for the defense of our country."
"Such an increase
tax
program
as
Secretary of the Treasury
is without
precedent," he said, "hut the situation confrontparallel." Mr. Morgenthau con¬
ing us today is also without
tinued:
Defense Contracts Pass $12,000,000,000 Mark in February,
Reports Conference Board—February Orders
Program Started
Were Smallest Since Defense
Although defense contracts awarded by the Government
reached a grand total by the end of February of $12,000,000,(XX), awards granted during the month amounted to only
$353,000,000, according to an analysis by the Division of
Industrial
March
26.
Economics
The
of
Board
The
said
Conference
that
this
Board,
was
the
issued
smallest
amount of orders let in any month since the defense
program
got under full swing last July.
Orders in January, totaling
$679,000,000, were the smallest since August, 1940.
These
current authorizations, the Board points out, are far from
indicative of the amount of future orders which can be ex¬
pected, particularly since the cost of the domestic defense
about $32,000,000,000.
In addition, there is the new aid-to-Britain program, which
program alone is now estimated at
We
are
Republic.
faced
The American
it
greater
a
a
people are
challenge than any in the history of the
much greater response than has yet been made.
prepared to make such a response, and to make
willingly.
The
of
with
calls for
It
31/2
come,
Treasury is now proposing an additional
billion
to the
dollars,
cause
diversion through taxation
in¬
which is only 4% of a rapidly rising national
of national
This surely is a modest proposal
defense.
level of prosperity. Other
own, have uncomplain¬
ingly carried far heavier defense burdens in proportion to their size and
population.
;V'
We are big and rich and strong.
We are economically better able to
carry this load than any other people in the world.
The American tax¬
payer stands ready to take this burden in his stride.
We now have a program of about $39,000,000,000 for defense expendi¬
tures including the Lend-Lease appropriations.
Many people assume from
this figure that we are going to spend most of these $39,000,000,000 in
the coming fiscal year.
But our studies at the Treasury have shown that
unless we greatly speed up our production effort, not much more than
in
the
present emergency, and with the present
countries,
free
and progressive countries like
^
our
,
The Commercial & Financial Chronicle
Volume 152
,
$12,000,000,000 will be spent for defense
June 30, 1942.
The
Treasury estimate is
that
in the fiscal year ending
purposes
start
the
of
fiscal year
new
claims.
of
of
our
resources,
duction
civilian
needs
fundamentally
is
must take the next step
we
and
more
defense
our
and
the
of
more
resources
77 7,
wants.
of
of
all,
proportion
of
Secondly,
/
their
it
fair
our
it
designed
of
the
that
so
engaged
paying
all
tee
These
satisfying
in
must, of
be
course,
sections
stinting of
no
the
should
we
the
of
effort
program,
if
as
Government
upon
adequate
and still
It
that
go
would
did
in
In
which
defense
the
for
a
in
people ..shall
get
that
to assume
for
Ind
bear
usual.
static
directly
side
to one
Other traffic
on
This
continue
can
error
spend
the
on
We
in
connected
as
now
ITEMS
don't
old
want
and
kept
non-relief
conceptions
of
defense.
tanks
to
Ordinary
and
to
make
to
this
with events
pace
spending.
what
on
awake
now
We
have
spend
tratfic
re¬
those
on
must
now
have the right of way.
guns
only if it does not obstruct the National
(
misunderstand
to
anyone
I
me.
want
make
to
must continue to provide for those in want,
we
without
age
group
may
of
means
hear
regarded.
help to
sound,
any
be
the
group
may
whole
it
their
own,
who
or
1,038,486
91.68
100,000
97.533
300,000
'
'•*/
3-23-34
1,924,346
10- 2-33
it
in
of
group
and business
sharing the
farmer
to
make
make
used
the
inordinate
The Congress has
emergency.
profiteering through
any
on
can
prosperous
advice
ability to
penalized
his
or
task.
the
on
should
he
It
pay.
dis¬
is
any
section
all
want
labor
the national
of
un¬
assumption
that
We
share
proper
"fair"
term
and
tried
tax
which
profits
deal with
to
is
No business,
profit.
excessive
profits taxes.
excess
profits
excess
necssary;
that
should
to
earn
income,
fair profit.
a
Please note that I
ican, should
their
to
common
have
to
of
this, to proceed
people should be
our
from
the
wages,
like
kinds
are
labor but not
big that all the American people must
so
proportion
time
a
is
higher taxes
that the rich and
urge
Both
of
out
the
no
this
Amer¬
national
problem of defense
We all know how hard it is
100%
ABOUT
981,947
78.10
125,000
3- 5-34
2,037,183
80.99
3-23-33
86.60
9-21-34
2,816,189
1,409,301
1,139,573
46.73
200,000
300,000
50,000
200,000
3- 2-32
412,595
73.67
75,000
5-22-34
BANKS,
66.25
protection
against
to
defense
COMPANIES,
TRUST
&c.
April 23 for the transfer of
a New York Stock
Exchange membership at $23,000.
The
previous transaction was at $25,000 on April 10.
;
-'■■
7
were
made
;;'7".77.7;':
.''i;/;;;:"/'-7;7i;;,/7, 77'■.
•—
Arrangements were made April 24 for the sale of a New
York Curb Exchange membership at $1,000, off $100 from
the last sale on April 16.
7%;77
V: 7 7.7,;.'.,. " 7,/;77 -7
•
/ • 7 7v.>
7
71:7'77
A
membership in the New York Coffee &fSugar Exchange
April 23 at $2,500, up $300 from the last sale.,
:':,.-;J,;'.':71
♦
7/7 777.^,77'77.;//'7
sold
■
The New York State Bankers Association announced
on
April 22 that invitations have been mailed to about 1,000
member banks and groups affiliated with the Association to
attend the organization's land tour on Saturday, June 28,
at Chatham, Columbia County, N. Y. The tour, as planned
tentatively, will consist of a 65 mile drive to various points of
interest throughout Columbia County. Bankers making the
tour will be the guests of officers of the State Bank, Chatham.
W. F. Salmon, President of the Chatham Bank, is Chairman
of the arrangements committee.
those
otherwise
are
be imposed on
taxes
load.
us
in
out,
especially at
devise
new
The job before
carry
exempted
fair
that
urge
business, while another
to
$75,000
200,000
Bank,
———■
Arrangements
we
thinking
our
are
required
however,
not,
with
be permitted
We
enlarged scale
have
our
revised
knows.
There has been general agreement that much
afford
59
30
;
—.
was
to
'
one
National
$531,402
2,305,808
5- 8-34
First Nat. Bank, Clifton Hts., PaFirst Nat. Bank, Patton, Pa
Peoples Nat. Bank, Pitcairn, Pa
individuals.
as
urgent need of reilef.
but
1-15-34
—
First Nat. Bank, Fremont, Ohio
First Nat. Bank, MasslUon, Ohio—
was
colossal scale
or
purpose.
face
Failure
,
But
tragic
a
a
Government
a
Committee
let planes and
to
can
perfectly clear that
who
would be
It
have completely
we
this
as
expenditures
curiously
I
7
Co.
—
„
Princeton, Ind
'v
2-27-34
—
Peoples-American
neither for purposes of
business 'as
and
as
we
thinking about non-defense
not
Now,
Claimants
/■'''
In Orlando, Fla—
times.
safe and strong.
mained
things
Date of
magnifying glass."
a
defense production
our
whether
past twelve months,
need
our
Stock at
to All
City National Bank, Goshen, Ind—
Second Nat. Bank, New Albany,
suggested to this Commit¬
are
defense needs.
our
usual ways,
expenditures,
country
Declared
Offsets
heim, Calif
,
could superimpose our huge rearma¬
we
usual
as
expand
can
folly
normal
of
care
we
our
be
the
Including
Failure
First National Bank & Trust
objectives.
reasonable
right before the existing emergency and while there continued to be a
large volume of available unemployed resources.
But we simply cannot
carry on business as usual and Government as usual from now on and
assume
Capital
Date of
Allowed,
all
still take
Per Cent
Dividends
Anaheim First National Bank, Ana¬
defense nor for purposes of relief and
security from want.
We are con¬
tinuing to spend in these non-defense and non-relief fields as if we had no
to
$1,931,573.
Data as to results
during the month are as
7
7
^/ ."V 7
of Bank
our
defense expenditures.
our
"re-examine with
now
Government expenditures
meergency defense
ment
amounted to
Name and Location
77":
we go
as
another set of expenditures which, as I
are
1941,
■;7'7'7::' ■'
January 29,
on
March,
liqudation of the receiverships finally closed
V'.
Thiru, it will help to mobilize our resources for defense by reducing the
of money that the public can spend for comparatively less
im¬
portant things.
And finally, it is designed to prevent a general rise in
prices by keep¬
ing the total volume of monetary purchasing power from outrunning
there is
including offsets allowed.
of all active receiverships during
sources,
distributions to all creditors
of
Total
amount
There
all
while dividends
72.97% of their
of
average
Disbursements
burden.
production.
from
an
of these receiverships averaged 7.64%
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF MARCH. 1941
expenditures.
is
share
liquidation
to
of diverting to defense pro¬
now
7*7;,7.-7 7:7'.i77r7/7'1 7
presents a method of
month
of
costs
amounted
follows:
a
The tax program before you is designed to
promote these very
First
collections
total
Dividend
the
problem of
production.
We cannot build planes and tanks, ships and guns, merely
by voting money.
We build them with labor and management, with raw
materials and machinery.
The resources now employed in the defense
industries are not enough to produce the guns and tanks and ships and
planes that we need to carry out the program to which we are already
committed.
We must hasten the reemployment of our idle resources.
Even
this increase will not be enough.
As we closely approach full employment
building
Total
of
already control all the factories of continental Europe.
The danger to our
and security is mounting hour by hour.
Yet we shall find ourselves
spending less than 15% of our naional income for the national safety.
peace
problem
allowed, to depositors and other
including offsets
paid to unsecured creditors
we
shall be spending no more than $1,000,000,000 a month on defense.
Almost
two years will have passed with the world on fire.
The forces of aggression
The
disbursements,
2647
creditors of these 10 receiverships amounted to $14,596,830,
the
at
Total
«
>
♦
1
made the past week by the Federa
Reserve'Bank of New York that the Fair Lawn-Radburn
Announcement
was
Trust Co., Fair Lawn, N. J., has
become
a
member of the
Federal Reserve System.
This is the 21st banking insti¬
tution in the Second (New York) District to join the Reserve
System since the beginning of the year and the 29th since
present increase in membership began last September.
Officers of the new member institution, which reported total
assets on Dec. 31, 1940, of $2,072,000, include J. Ernest
Thier, Chairman of the Board; Nicholas A. Kuiken, Presi¬
dent, and William E. Kuipers, Vice-President and Secretary.
;;77.77.77"7/71^777/7 7.7*7.^7"• 77'.
7
•
";'/7-7'7777/7 7/7777. >7
"-77':
meeting of the Board of Trustees of the Dollar Savings
Bank of the City of New York announcement was made of the
appointment of Fred W. Bennigsen as Assistant Treasurer.
At
a
Mr. Bennigsen previously served the bank as Auditor.
.::7//';|7 7-:'7:;':77:7, 77-77;/7;'7. :
•
; 77'-7/':'7.//;;;/777, 777y-''"7'7;/.77" 7.7/77
and fat out of this coun¬
Following the annual organization meeting of the Union
try's danger.
They will, in my opinion, support any fair and workable
Trust Co., Rochester, N. Y., heldfApril 10, announcement
tax that will help to
keep this from occurring.
was made by William W. Foster, President, of the election of
The Treasury is prepared to suggest tax revisions of which the most
Stephen E. Comstock and Thomas L. Lee as members of the
important features are an increase of income tax rates, a lowering of the
minimum
bank's board of directors. Mr. Comstock is Chairman of the
income subject to surtax,
an
increase in excess profits tax,
and finally, new excise taxes on a number of commodities which
Board of the Snider Packing Co. and founder of the Com¬
are
not
essential
to the defense program.
Mr. Sullivan and the Treasury staff
stock Canning Corp., Newark, N. Y., and Mr. Lee is General
are here to discuss
these suggestions in detail.
Manager of the Rochester Products Division, General Motors
In conclusion I should like to make one more observation.
The Amer¬
Corp.
7/-.,'v7:7-7/-7'7'-/-;"7; ;7:;•"■.-v■ /'/■■ 7;77-'/• 7-■ ,v,7/ •/, '-77;f::"7/ • /:
ican people, I believe, have
outgrown the old idea that taxes were exac¬
•'77 ;
;77;/h:-7/:/-^-.77
•
7. "7777 ■7,.--'/ 7.7.7.' 7//,;
tions forced upon them by their Government.
We have come to under¬
Lewis G. Harriman, President of the Manufacturers &
stand, especially in recent years, that taxes are payments for services
Traders Trust Co., Buffalo, N. Y., announces the election of
rendered.
We can
look about us and see highways,
schools, airports,
Charles A. Buerk as a director of the company on April 3,
reclamation work and Government activities of all kinds which have been
paid for by our own efforts.
thereby increasing the bank's board from 19 to 20 members.
Our daily lives would be insupportable if it
were not
for the necessities and the conveniences which our taxes have
Mr. Buerk is founder, President, Treasurer and general man¬
made possible.
>7, //C ;v;
777,7 77:7 ;; 7/;v
ager of the Buffalo Electro-Chemical Co.
7
7,
We are now about to pay for the greatest service of all: the
safety
;7'/.7; .'77,7'77777.7 7- ''7:-.:7/,.-'.'
♦
7- .,-"7/-7;'"7 7 7./. '"7/7. •
and protection of our
country.
How much does it mean to the American
That a second and final dividend of 4.28% would be paid,
profiteering,
with be
but
I
hope
that
the
bill
to
be
helpful in further reducing the evil.
written
by this Committee
The American people do not
intend that any of their number shall grow rich
.
taxpayer
mean
to
to
have
him
to
a
navy
have
of national defense?
free land ?
viduals,
people
If
the
are
we
new
guarding American shores?
an
much
remember
will
taxes
ready to
pay
How
much
does
it
adequate supply of airplanes and other weapons
How
is
it worth to be
always the services
seem
a
small
price
a
we
to
free
are
living in a
receiving as indi¬
pay.
man
The
American
added:
that price.
/77
beginning April 22, to the 8,500 depositors of the closed
Chelsea Second National Bank & Trust Co., Atlantic City,
N. J., is learned from Atlantic City advices, April 21, to the
New York "Herald Tribune" of April 22.
The advices
.v
7;:7.77'7'.
/
■
"•z;'//7'?/:','
Edward J. O'Keefe, Receiver, said the
7:7" "7".
dividend would amount to $244,-
236, to bring the total payments to $736,518.
Liquidation of
Ten
Insolvent
National
Banks
Com¬
pleted During March
During the month of March, 1941, the liquidation of 10
insolvent National banks was completed and the affairs of
such
receiverships finally closed, it was announced on
April 22 by Comptroller of the Currency Delano.
Further
details
were
given
as
follows:
tributed on June, 1937.
A 6% dividend was dis¬
with more than
The bank closed Jan. 28, 1933,
$5,000,000 on deposit.
7/,; .,7
7 '//;...
/: /7-,-'->
'/
.
'"V%
'■''//
officers of the
Fidelity-Philadelphia Trust Co., Philadelphia, Pa., was an¬
nounced on April 21 by Marshall S. Morgan, President, who
made known at the same time the. promotion of F. Travis
The
retirement
effective
May
1
of
six
The Commercial & Financial Chronicle
2648
Coxe from the ofice of Assistant Secretary to that of
effective
THE
Sec¬
1.
The six officers who will
retire May 1, and the years of service spent by each with
also
retary,
May
the company and its predecessor companies, follow:
Nelson C. Denney, Vice-President, 55 years.
Price movements
on
There
were
some
Louis Busche,
movers
Thomas
In
its
Stewart, Assistant Trust Officer, 54 years.
of
statement
conditon
of
as
April
4,
1041,
the
Tradesmens National Bank and Trust Co., of Philadelphia,
of $58,802,847 and total assets of
with $59,207,197 and $69,920,888,
respectively, on Dec. 31, 1940.
The principal items com¬
prising the resources in the present statement are: Cash on
hand and due from banks $27,565,556
(contrasting with
$30,809,965 on Dec. 31). Holdings of United States Govern¬
ment securities, $11,544,936 (against $9,634,311) and loans
and discounts $21,197,581
(against $20,223,313).
Capital
and surplus are unchanged at $3,300,000 and $3,300,000,
respectively, and undivided profits were $1,525,278, com¬
pared with $1,511,555 at the end of 1940.
reports total deposits
$69,559,396, compared
The Merchants National Bank, Shenandoah, Pa., observed
the past week the
50th anniversary of its founding on April
Enjoying substantial growth since its beginning,
the bank today has deposits of $3,283,286 and resources of
$3,964,048.
This compares with deposits and resources of
$2,020,914 and $2,861,727, respectively, in 1931, and $317,195
and $555,311 respectively in 1901 the end of the first 10
20, 1891.
of the institution's existence.
years
During its lifetime, the
bank has had only three Presidents—Dr. J. S. Kistler, who
from 1891 until his death in 1929; T. F. Bradigan,
who served from 1929 until his death in 1935, and the
served
present incumbent, James W. Hough, who succeeded to the
post on Mr. Bradigan's death.
Mr. Hough, who prior to
becoming President had served
as
Secretary, has been with
the bank continuously for 48 years.
At the annual organization meeting of the City Bank of
Washington. Washington, D. C., heid April 8, Clarence F.
Burton, President, reported that surplus of the institution
has increased from $350,009 to $500,000 in the final
quarter
of the fiscal year, while in
tures
the
period capital deben¬
same
reduced from $200,000 to $125,000.
All officers
of the bank were reelected at the meeting,
Grant was named assistant credit manager in
were
and
directors
and
B.
M.
the main
office, and William B. Mehler was appointed head
department; previously both Mr. Grant
of the personal loan
and Mr. Mehler served
Following
as
Assistant Cashiers.
regular
meeting of the Board of Directors
Securtiy & Trust Co., of Washington, D. C.,
April 15, announcement was made of the promo¬
a
of the American
held
on
tion of four officers to newly created positions of Assistant
Vice-Presidents.
The four promoted to the Assistant VicePresidencies are William W. Keck, Edward E. Swan and
William
E.
Scliooley, formerly Assistant Treasurers, and
Perley, formerly trust investment officer; this is
learned from the Washington "Post" of
April 16 which also
reported the following changes:
Frank M.
Other
promotions
Treasurers.
main
Richard
were
E.
made
Harris
through
will
the
transfer
from
come
of
three
the central
Assistant
branch
to
the
office
banking department; Paul J. Seltzer will take charge of the
Southwest branch and Percy C.
Brady, at present at the Southwest branch,
will be transferred to the central branch.
All
the
of
the
officers elevated
bank
for
many
to Assistant
years—Mr. Keck since
Vice-Presidents
have
been
with
1893, Mr. Swan since 1906, Mr.
Schooley since 1917 and Mr. Perley since 1918.
According to the latest financial statement of the Amer¬
Security & Trust Co., deposits approximate $60,000,000
resources
$70,000,000, the highest, according to the
Washington
"Post,"
in
the
institution's
52
years
of
ican
and
existence.
I
^
Tho
i99nrf
Bank
Bank,
nn^ni
f
4.,
v
i
T,
c
•
(honi\ nffinl
t
^°kollama Specie
(head^office Yokohama, Japan), covering the
T hi
Ltd.
MARKET
individual stocks that worked against the
trend but with few
Linford Eastburn, Real Estate Officer, 30 years.
Charles Brinkman, Assistant to Vice-President, 53 years.
CURB
the New York Curb Exchange were
largely toward lower levels during much of the present week.
Henry L. McCloy, Secretary, 58 years.
Trust Officer, 46 years.
April 26. 1941
cance.
exceptions these
were
among
the slow
and the changes in this group without special signifi¬
Aircraft shares
have been weak with much of
the
trading at the low for the year.
There have been some
modest gains in the public utility preferred section and the
oil issues, toward the end of the wTeek, were somewhat
stronger.
Paper and cardboard stocks have been unsettled,
shipbuilding shares have been irregular and the industrial
specialties have registered a number of fractional advances.
Narrow price changes and dull trading were the outstand¬
ing features of the dealings during the abbreviated market
on
Saturday.
The transfers dropped to approximately
40,000 shares against 50,000 during the preceding short
session.
There
were
occasional
advances, particularly
in the public utilities preferred group which registered a
number of modest gains and some new tops.
Aircraft stocks
continued to move within a narrow range, mostly down.
Lower prices prevailed in the oil section and the paper and
cardboard issues were down or entirely absent from the list.
Shipbuilding shares were unchanged and the industrial
specialties moved within a narrow channel.
Setbacks were apparent all along the line on Monday as
many of the trading favorites tumbled downward to lower
levels.
The transfers declined to 73,945 shares against
98,620 on Friday, the last full session. Oil issues continued
to hold within a fractional range with the advances and
declines about evenly divided.
Industrial specialties were
down with many of the major losses restricted to a point or
less.
In the public utility section most of the preferred
stocks were off from fractions to a point or more.
Aircraft
issues were weak, Ryan, Bell, Bellanca, Beech and Vultee
dipping to new lows for the year with Republic and Fairchild
slightly down and Brewster fractionally higher. Shipbuild¬
ing shares were unsettled and paper and cardboard issues
were quiet.
Declining prices prevailed during much of the trading on
Tuesday. There were occasional strong spots but these were
largely among the less active stocks and had little influence
on the market trend.
Industrial specialties were off, and
while the declines were largely fractional, they extended
to
practically all the market favorites.
Public utility
preferred stocks were unsettled, Public Service of Indiana,
$6 pref., advancing 2% points to 51K; while the $7 prior
pref. slipped back a fraction. Aluminum issues were down
and many of the leaders of the industrial section declined
from fractions to a point or more.
Aircraft stocks were
comparatively quiet with most of the changes on the side
of the decline.
Paper and cardboard shares were moderately
higher and the shipbuilding issues were stronger.
Curb stocks were generally unsettled on Wednesday as
the public utilities moved irregularly lower with occasional
upward spurts and the industrial specialties slipped slowly
downward.
There were no outstanding changes as most of
the advances and declines were under a point.
There were
some
gains in the oil group, Humble moving upward to
55 % at its top for the day and subsequently slipping back
to 55K and closing with a gain of a point.
Creole was
fractionally higher and so were Ohio Oil pref., International
Petroleum and Midwest Oil.
With the exception of Republic
which advanced fractionally, the aircraft issues were down
to their lowest for the year or were unchanged.
Paper and
cardboard shares were unsettled, Great Northern declining
1 K points to 39 K while St. Regis pref. worked upward
IK points to 82K.
Under the leadership of the industrial specialties, stocks
moved moderately higher on Thursday.
The volume of
transfers declined to 63,065 shares against 85,885 on Wednes¬
day, but the tone was strong and nearly 3 dozen of the more
active issues registered changes of a point or better, mostly on
the side of the advance.
Public utility preferred stocks
recorded CU number vi
1 UUUi ucu a 11U.111GC1 of modest CCWUO voA iviiVAw Power
v " v*
gains especially Florida
& Light $7 pref. which climbed up 2 points to 123 and Public
Service of Indiana $6 pref. which also improved 2 points and
In the aircraft section Bell
six months ended Dec.
cloged at 54.
holders
diwn
to its
low for the year,
at
their
31, 1940, and presented to the share¬
half-yearly ordinary general meeting on
March 10 last, has just been received.
It shows net profits
period, after making provision for bad and doubtful
debts, rebate on bills, &c., of 19,033,722 yen, inclusive of
11,904,001 yen brought forward from the preceding six
for the
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,
pay
a
leaving
a balance of 12,783,722 yen to be carried forward to
the current half year's profit and loss
account.
Total re¬
sources of
the institution are given in the sttaement as
3,405,311,304
June
30,
amount
to
(as compared
yen
1940),
of
which
448,182,620
yen
cash
with
in
3,025,811,183
hand
and
at
yen
on
bankers
(against 321,516,280 yen).
On
the liabilities side of the statement total
deposits are given
as
2,531.030,328
yen
(as against 2,133,361,679 yen on the
The bank's paid-up capital remains the same
100,000,000 yen, but its reserve fund is now 143,400,000
earlier date).
at
yen
(including the 1,250,000 yen mentioned above), as
against 142,150,000 yen on June 30 last.
Toshikata Okubo
is
President.
was
Fairchild and Bellanca were fractionally
higher and Republic and Brewster were unchanged.
New
York Shipbuilding (founders shares) was a point higher but
Todd
active
was
and
absent
from
the
tape.
The
aluminums
were
Aluminum Co. of America advancing
2 points to 132K while Aluminum Co. of America pref.
reached a new 1941 top with a gain of 2% points to 98.
Stocks moved lower on Friday, and while there were oc¬
casional firm spots during the early dealings, the market
weakened as the day progressed and prices moved irregularly
downward. Noteworthy among the declines were Bridgeport
Gas, 2 points to 28; Bell Tel. of Canada, 3K points to 102 K;
Chesebrough Manufacturing Co., 2 points to 101 and Electric
Bond & Share pref. (6), IK points to 57KAs compared
with Friday of last week, prices were moderately lower,
Consolidated Gas Electric Light & Power Co., of Baltimore
closing last night at 57K against 59K on Friday a week ago.;
Fairchild Aviation at 7% against 8 Hi Lake Shore Mines at
12% against 13; New Jersey Zinc at 62 % against 63%;
Sherwin-Williams at 65 % against 68 and
United Shoe
Machinery at 50 against 53 %.
strong,
Volume
DAILY
The Commercial & Financial Chronicle
152
TRANSACTIONS AT
THE
YORK
NEW
{Number
of
Shares)
Week Ended
J 941
Saturday
Monday
Total
Corporate
Government
753,000
$642,000
7,000
761,000
4,000
5,000
1,183,000
85,805
805,000
62,835
58,175
1,059,000
978,000
19", 000
12,000
8,000
9,000
14,000
397,140
$5,403,000
$37,000
$50,000
give below
1,174,000
FOREIGN
813,000
Week Ended
CERTIFIED
RATES
EXCHANGE
APRIL
April 25
Jan. 1 to
April 25
We
BY
FEDERAL
RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1930
1941, TO APRIL 25, 1941,
19.
INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Sales at
RATES
record for the week just passed:
a
$5,490,000
Wednesday..
Thursday
Friday......
EXCHANGE
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
1,087,000
1.004,000
Tuesday
Total
FOREIGN
cable transfers in the different countries of the world.
$7,000
$1,C00
1,000
$634,000
40,165
73,555
76,605
...
Foreign
Foreign
Domestic
2649
Pursuant to the
Bonds (Par Value)
Stocks
April 25,
EXCHANGE
CURB
New York
Unit
Apr. 19
Apr. 21
Apr. 22
Apr. 23
Apr. 24
Apr. 25
Europe—
Belgium, belga
$
$
$
$
$
$
a
a
a
a
a
a
Bulgaria, lev
New York Curb
a
a
a
a
a
a
Csechoslov'la, kornua
a
a
a
a
a
a
a
a
a
a
Engl'd, pound sterl'g
'
Exchange
Stocks—No. of shares
397,140
.
1940
1941
1940
1941
16,295,944
8,301.682
1,290,930
Bonds
$5,403,000
37,000
Foreign government
$6,460,000
61,000
658,000
$116,004,000
821,000
50,000
Domestic
237,000
1,003.000
2,548,000
Foreign corporate
$90,535,000
Denmark, krone
a
a
....
Official
Total
$5,490,000
4,035000
4,035000
4.035000
4.035000
4.035000
Free__
$119,373,000
$92,196,000
$6,758,000
4.035000
4.009642
4.028437
4.022500
4.020000
4.020000
4.026071
.020100
.020100
.020100
.020100
.020100
.020100
Finland. Markka
France, franc
THE
LONDON
EXCHANGE
STOCK
Quotations of representative stocks
i/»h
rln.v rvf t.ViA imsf.
-urAplr*
Apr. 19
Boots Pure Drugs
Apr. 22
Apr. 23
35/83/9
35/3
Central Min & Invest..
£63
£61%
£62
£11%
£11%
£11%
£11%
35/28/9
35/28/6
35/28/6
35/-
Cons Goldfleldfc of 8 A.
35
Courtaulds 8 A Co
83/9
28/9
De Beers
/-
£5
Hudsons Bay Co
Imp Tob A O B A I.—
7/3
17/5
23/6
Closed
17/6
23/6
90/6
90/£11%
London Mid Ry
Metal Box
Rand Mines
Rio Tinto
£6%
£7%
72/6
Rolls Royce
Shell Transport
22/6
14/9
VIckers
.050483*
a
a
a
a
.050471*
.050471*
.050471*
a
a
a
£3
7/3
17/3
23/6
90/£11%
70,-
£6%
90/£11%
70/£6%
£7%
£7
£7
a
a
a
a
a
a
a
a
a
a
a
a
.040025
.040000
.040025
.040000
.039975
Portugal, escudo
Rumania, leu
72/6
72/6
72/6
41/3
22/9
14/9
41/3
22/9
14/9
£2»u
£3
.039987
a
a
a
a
a
a
Spain, peseta
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238292
.238257
.238285
.238271
.238257
.238271
Switzerland, frano
Yugoslavia, dinar
.231635
.231800
.231859
.231935
.231966
.231933
a
a
a
a
a
a
Asia—
Chefoo (yuan) dol'r
Tientsin (yuan) dol
.051175*
.050875*
a
a
.051075*
,
a
a
a
.051050*
.051075*
a
a
a
a
a
a
a
a
.052093*
Shanghai (yuan) do)
a
a
a
Hankow (yuan) dol
a
a
.242437
.242343
.242593
.242937
.242625
India (British) rupee.
.301283
.301283
.301283
.301283
.301283
Japan, yen
.234387
.234387
.234387
.234387
.234387
.234387
Straits Settlem'ts, dol
.471066
.471066
.471066
.471066
.471066
.471066
Official
Free
Hongkong,
.243375
dollar-
.301283
Australasia—
40/9
22/6
14/9
£3
a
Norway, krone
Poland, sloty
23/6
70/£6%
£3
a
a
62/6
7/3
17/3
62/-
Witwatersrand
Areas
.050471*
a
a
a
a
a
.050483*
a
.399700*
.399700*
China—
90/-
40/9
22/9
14/9
40/9
United Molasses
£4%
£11%
£11%
70 /£6%
£7%
72/6
70/-
29/-
£4%
62/7/3
17/3
23/6
62/-
7/3
Ford Ltd
83/9
83/9
£4%
£4«u
61/6
-
Electric A Musical Ind.
West
35/£62
£11%
(ord)
Distillers Co
Apr. 25
Apr. 24
35/-
35/3
83,3
£60%
British Amer Tobacco.
Hungary, pengo
Italy, lira
.399700*
a
a
a
.399700*
Netherlands, guilder.
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Apr. 21
Sat.,
Cable A W
Greece, drachma
received by cable
as
.399500*
a
a
a
a
a
.399500*
Germany, relchsmark
Australia, pound—
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
3.194375
3.210416
3.205000
3.203333
3.203333
3.208125
New Zealand, pound. 3.207291
Africa—
3.223125
3.218125
3.216250
3.216250
3.220625
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
North America—
Canada, dollar—
CABLE
FINANCIAL MARKET—PER
ENGLISH
Official
as
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
April 19
April 21
April 22
April 23
April 24
'
Silver, p. cz... Closed
Gold, p. fine oz.
168s.
Consols. 2 %%,
British 3%%
W. L
British
23%d.
168s.
23%d.
23%d.
168s.
168s,
Closed
23%d.
.909090
.909090
.883984
.881640
.880357
.205425*
.205425*
.205425*
.205426*
.909090
.909090
.909090
.909090
.909090
.909090
Free
.878906
.879375
.882031
.881406
.879062
.877812
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
South America—
Argentina, peso-
168s,
Brazil, milrels—
Closed
States
.909090
.884553
.205425*
Official
£103%
£104 1-16
£103 15-16 £104 5-16
£102%
Closed
£112%
£112%
£112%
£112%
Official
£112%
price of silver per ounce (in cents'* in the United
the same days has been:
34%
34%
34%
34%
U. 8. Treasury
71.11
(newly mined)
71.11
71.11
71.11
71.11
.060575*
.060575*
.060575*
.'160575*
.050600*
.050600*
.050600*
.050600*
.050600*
Official
.051660*
.051660*
.051660*
.051660*
.051660*
.051660*
Export
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.369850*
.569850*
.569850*
.569850*
.570050*
.570600*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.403400*
.403650*
.404675*
,405000*
.405000*
.405000*
Colombia, peso
Uruguay, peso—
Controlled
34%
34%
.060575*
.050600
Chile, peso—
on
Bar N.Y.(for'n)
.050575*
Free
4%
1960-90
The
.909090
.881718
Newfoundl'd, dollar-
£77X
£77%
.909090
.205425*
Mexico, peso
Fri.,
April 25
23%d.
168s.
£77%
£77X
£77
.909090
.881328
Free
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Free..
Official
The daily closing
BERLIN
STOCK
Apr.
Apr.
Apr.
Apr.
Apr.
21
Apr.
.19
22
23
24
25
■Percent
of Par——
163
165
202
__
Relchsbank (new shares)
Siemens A Halske(8%)
...
Verelnlgte Stahlwerke (6%)
CURRENT
164
199
198
199
149
148
148
148
146
146
145
145
149
148
149
149
194
127
280
144
..
G. (8%)
164
146
149
Berliner Kraft u. Llcht (8%)
Commerz Bank (6%)
199
150
Allegemelne E1ektr1zltaets-Oesell8Chaft(6%)
Deutsche Bank (6%)
Dresdner Bank (6%)
effective May
become
192
191
190
127
127
128
128
277
276
279
282
144
143
143
144
164
192
1, it was announced.
Post &
Harris, Upham & Co., whose name will be retained.
a
Branch
Flagg
will be
offices
The firm wilJ conduct
bonds and commodities and
general brokerage business in stocks,
offices will be opened at
new
14 Wall St., New York City.
by
maintained
formerly
Post
Charleston, Charlotte, Durham, Greenville,
&
this week show an increase compared with
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 26)
clearings from all cities of the United States from which it
is possible to obtain weekly clearnings will be 18.3% above
those for the corresponding week last year.
Our preliminary
total stands at $6,590,598,421, against $5,568,791,016 for
the same week in 1940.
At this center there is a gain tor
the week ended Friday of 14.5.
Our comparative summary
a
year ago.
Clearings—Returns by Telegraph
Week Ending April 26
Chicago.
Kansas
Flagg
in
Baltimore,
Houston, Newark, Spartan¬
personnel of these offices will become associated with the firm.
$2,463,766,811
257,758,192
+ 12.1
311.000,000
+ 27.6
-
-
—
Pittsburgh
Detroit-
+ 32.7
80,900.119
+ 16.4
73.600,000
+ 19.0
130,713,000
+ 16.1
102,714,912
+ 34.3
126,980,628
87,283.770
+45.5
117,851,595
76,184,773
+ 54.7
,75,570,036
60,144,980
+25.6
$4,552,167,367
939,996,570
$3,833,194,605
757,061,360
+24.2
$5,492,163,937
$4,590,255,965
+ 19.6
1,098,434,484
-
189,128,048
137,926,828
-
978,535,051
+ 12.3
$6,590.598.421
$5,568,791,016
+ 18.3
250,909,147
—
-
Cleveland
——--
—
Harris, Upham branches are located at Bartlesville, Charleston, Chicago,
Colorado
Denver,
Springs,
Huntington,
Indianapolis,
Minneapolis,
St. Joseph,
Rockefeller
Evanston,
City,
Kansas
Center,
Evansville,
New
London,
York,
Geneva,
England,
Oklahoma
Switzerland,
Milwaukee,
City,
Omaha,
was
formed in 1929
as one
of the
successor
Harris, Winthrop & Co. which came into existence in 1907.
partners are:
George Upham Harris,
firms to
Its present
Henry Upham Harris, Milton W.
McGreevy, James A. Cathcart, Thomas S. Adams, John O. Middlebrook,
Philip F. Hartung, Caspar C. deGersdorff, Harry Rice Kimbark, Matthew
E. Smith Jr., James F. Burns Jr., Patrick F. Buckley, Will F. Nicholson,
George
Bass,
G.
Irvince
O.
Hockaday,
Richard
L,
Kennedy
Jr.
and
Post & Flagg was founded in
the late W. Allston
1888 by the late George B. Post Sr. and
Flagg Sr., whose sons have continued the firm.
of the first firms to have private
Wilmerding,
Philip
B.
Oliver
Weld,
D.
Filley,
John Bell
W.
wires.
Allston
Huhn, Rodman
Its partners include.
It
was
Lucius
Flagg, C. Douglass Green,
B. Montgomery, Arthur L.
Hawkley, Charles I. McLean, William Turnbull, Charles M. Finn, Benson
B. Sloan,
Other cities, five days
Total all cities, five days
Total all cities for week-
-------
Complete and exact details for the week covered
foregoing will appear in our issue of next week. We
furnish them today, inasmuch as the week ends
+ 18.8
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
Richard S. Perkins.
one
Eleven cities, five days
All cities, one day—-
Tulsa and Wichita.
Harris, Upham & Co.
+ 14.5
87,600,000
151,780,000
------—-
City
Baltimore
Cent
94,193,153
-------------—-
San Francisco
1940
288,885.075
400.000,000
-----;
Philadelphia
Boston
Per
1941
$2,820,470,905
New York
St. Louis
burg and London, England, will be continued by Harris, Upham & Co.
and the
BANK CLEARINGS
for the week follows:
NOTICE
of that date and its business will be consolidated with that of
as
No rates available.
COURSE OF
—Consolidation of Harris, Upham & Co. and Post & Flagg, two of the
dissolved
a
-'
•
•
Bank clearings
oldest brokerage firms with membership on the New York Stock Exchange,
will
Nominal rate,
Jb.*
EXCHANGE
Closing prices of representative stocks as received by cable
each day of the past week:
Farbenlndustrle I
...
Non-controlled
71.11
♦
THE
,v
Albert L. Gray, John T. Pratt Jr., George B. Post and Arthur
Trunbull Jr.
present further below, we are able to give final and complete
for the week previous—the week ended April 19.
For that week there was an increase of 20.1 %, the aggregate
results
clearings for the whole country having amounted
$7,264,899,915, against $6,050,382,180 in the same week
of
to
in
The Commercial & Financial Chronicle
2650
increase of 28.5%,
Outside of this city there was an
1940.
13.0%.
We
group
1941
Week Ended April 19
this center having recorded a gain of
the cities according to the Federal Re¬
the bank clearings at
Clearings al
Inc. or
1941
located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a gain of 13.2%, in the Boston
Reserve District of 13.9% and in the Philadelphia Reserve
District of 45.6%.
In the Cleveland Reserve District the
totals record an expansion of 35.8%, in the RichmondReserve District of 23.3% and in the Atlanta Reserve
District of 29.9%.
The Chicago Reserve District enjoys
an improvement of
31.0%, the St. Louis Reserve District
of 29.1% and the Minneapolis Reserve District of 23.3%.
In the Kansas City Reserve District the increase is 23.3%,
districts in which they are
serve
April 26,
Dec.
1940
1939
1938
%
1er al Reserve D Istrlct
Seventh F
—
Chi cago—
448,104
470,027
—4.7
328,043
313,574
167,164,165
110,032,137
90,693,349
78,895.902
4,084,985
3,308,410
2,616,425
2,402,725
Mlch.-Ann .jtbor
854,790
28,769,000
+48.1
16,917,000
16,469,000
South Be
l-
3,402,647
6,835,939
2,237,759
6,138,749
+ 52.1
1,844,826
1,438,606
+ 11.4
5,154,082
4,302,099
-vee
25,351,362
22,447,331
+ 12.9
18,381,791
pids
1,343,220
+29.5
957,637
+ 5.1
8,602,181
17,935,109
1,242,630
7,333.095
3,452,978
407,975,095
1,036,876
10,653,712
3,693,086
357,481
323,575,029
Decatur
1,303,977
952,697
Peoria
4,784,260
1,907,494
,
1,502,241
Total (18 cities)
cisco Reserve District 24.8%.
In the following we furnish a summary
districts:
1,007,338
9
1,996,479
19.431,000
+ 30.2
Indiana!
675,698,664
515,962,371
Ra )ids_
Grand
2,357,384
2,598,683
Lansing
Ind.—Ft.
V jyne
Terre II9
Wis.—Mil\
;
,
la.—Ced. J
Des Moli
11,194,212
,
1,675,140
1,730,225
+31.8
3,556,980
326,459
+ 26.1
280,169,332
844.866
854,468
4,571,098
+ 36.9
+ 4.7
3,822,626
1,381,939
+38.0
1,248,504
1,241,140
+21.0
1,187,530
3,285,312
1,077,253
1,092,763
+ 31.0
439,334,109
413,449,851
Mo.—St. Louis._
91,000,000
Ky.—Louisville..
34,128,115
78,000.000
28,838,508
17,717,671
4,204,727
471,169
Sioux Cit>
111.—Bloomington
and in the San Fran¬
in the Dallas Reserve District 12.4%
1,837,421
+51.1
+23.5
+28.3
Detroit..
Chicago.
by Federal Reserve
Rockf ord
Springfle* 1
+ 13.9
306,208
270,463,294
CLEARINGS
SUMMARY OF BANK
Inc.or
1941
Dec.
1939
*
April 19,1941
Week End.
Federal
1940
$
$
237,224,539
227,910,070
Reserve Dlsts.
Boston.
2d
New York.. 13
3d
PhlladelphialO
"
258,437,513
3,850,852,888
"
_
Eighth Federa 1 Reserve Dl s trict—St. Lo uis—
+ 19.6
118.000,000
98,700,000
+43.5
37,510,344
53,814,257
22,780,435 +47.2
33,523,214
Tenn.—Memphis
%
294,449,089
12 cities
1st
1938
,%
+ 13.9
3,400,658,901
+ 13.2
3,203,598,909
3,586,928,306
613,823,060
421,698,305
+45.6
377,911,847
383,172,696
4th
Cleveland..
7
'*
442,878,070
326,055,377
+35.8
271,042,696
282,487,915
5th
Richmond.. 6
Atlanta
10
"
"
204,771,125
166,068,584
+23.3
132,687,454
123,353,482
246,182,069
168,754,447
148,341,491
18
+29.9
515,962,371 +31.0
159,527,779 +29.1
120,292,902
+ 7.2
141,822,638 +23.3
439,334,109
413,449,851
143,466,677
125,030,179
95,665,715
101,543,042
125,265,515
17,835,562
0th
189,526,008
111.—Jacksonville
x
x
641,000
537,000
+ 19.4
503,000
474,000
205,978,471
159,527,779
+29.1
143,466,677
125,030,179
Quincy
Total (4 cities).
7th
Chicago
"
675,698,664
8th
St. Louis...
4
"
205,978,471
9th
Minneapolis 7
"
129,006,530
10th Kansas City 10
11th Dallas
fl
"
174,845,870
118,370,694
Ninth Federal
"
96,696,772
86,049,448
+ 12.4
65,936,291
60,677,636
Minn.—Duluth..
12th San Fran...l0
"
329,717,307
264,282,354
+24.8
247,703,961
234,691,660
Reserve Dis trict—Minne apolis-
2,838,424
82,041,722
35.619,136
Mlnneaoolis
St. Paul,....
3,730,334
80,174,777
—23.9
2,898,975
2,365,295
+ 2.3
62,164,716
29,051,281
+22.6
24,076,836
2,368,477
67,613,889
25,692,392
2,432,763
712,016
7,264,899,915
Canada........32 cities
5,508,592,160
5,785,957,022
N. D.—Fargo..
+28.5
2.402,384,935
2,302,209,060
S.D.—Aberdeen.
3,048,574
1,080,886
2,731,287
810,932
+ 11.6
2,760,345,946
Mont.—Billings.
City
6,050,382,180 +20.1
3,547,132,148
113 cities
Total...
Outside N. Y.
917,168
+ 5.5
772,378
618,619
3,460,620
869,533
2,924,758
+ 18.3
2,589,368
2,108,068
129,006,530
120,292,902
+ 7.2
95,665,715
101,543,042
325,109,924
290,758,145
-10.6
339,614,169
274.767,975
Helena
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Total (7 cities).
Tenth Federal
Week Ended April 19
Dec.
1939
562,431
Me.—Bangor
99,408
97,322
3,174,825
2,855,552
+ 11.2
1.885,185
36,115,811
3,067,985
3,637,423
30,465,837
+ 18.5
2,247.363
24,292,380
3,315,998
+ 9.7
2,051,595
2,639,195
123,897,660
3,367,347
582,157
746,471
98,548,988
3,318,930
+ 25.7
90,062,370
83,560,028
+ 1.5
2,763,963
2,750,131
523,981
+ 11.1
502,487
628,253
Pueblo.*......
531,956
+40.3
514.838
504,713
Total (10 cities)
1938
174,845,870
141,822,638
+ 23.3
125,265,515
118,370,694
Kan.—Topeka.
Postland
1,851,820
Mass.—Boston..
248,697,068
+ 44.9
387,218
Mo.—Kan. City.
408,450
+ 18.0
1,827,181
202,874,411
St. Jo°eoh
1,369.694
+ 11.8
195,044.458
Fall River
809,603
507,453
+ 53.2
675,338
404,251
394,665
+ 2.4
400,994
Colo.—Col.Spgs.
610,975
Lowell...
348,374
New Bedford..
705,293
556,807
Springfield
3,069,070
Worcester
2,074,924
3,080,560
1,715,103
10,854,322
4,428,304
Conn.—Hartford
New Haven.
R.I.—Providence
N.H.—Manches'r
Total (12 cities)
Second
16,265,814
5,894,814
14,390,300
603,701
294,449,089
Feera 1 Reserve Di
N. Y.—Albany..
691,710
2,894,453
10,467,707
4,556,735
851,156
+22.2
10,872,571
4,163,832
10,307,100
624,616
—3.3
531,097
9,215,600
493,211
258,437,513
+ 13.9
237,224,539
227,910.070
+ 33.1
Jamestown
5,736,170
+02.1
1,381,343
1,659,808
35,300,000
444,241
+ 57.3
780,922
Syracuse.
5,147,374
4,805,963
Westchester Co
4,206,002
4,752,642
4,399,421
4,543,549
J.—Montclalr
551,628
Newark
23,779,748
483,739
18,240,821
Northern N. J.
26,926,063
26,308,955
(13 cities) 3,850,852,888 3,400,658,901
Third Federal
Reserve Dlst rict
6,765,876
—16.8
1,187,370
+29.7
32,300,000
381,907
4,410,535
363,094
+ 14.0
Philadelphia...
+ 30.4
16,086,295
+ 2.3
20,360,234
Reading
426,431
1,245,966
+ 9.5
391,079
+ 39.6
409,000,000
1,334,357
York.
1,850,431
4,393,900
Total (10 cities)
613,823,060
3,810,441
96,696,772
86,049,448
+ 12.4
65,936,291
60.677,636
cities).
+47.0
35,708,641
932,073
+42.1
51,989.125
19,014,619
35,023,877
+48.4
812,908
31,563,567
16,451,687
+ 15.6
17,205,559
4,748,951
3,836,955
3,878,017
3,470,230
+ 22.5
+ 10.6
3,892,172
182,993,000
157,501,000
+ 16.2
3,459,446
2,918,720
+ 18.5
147,159,000
2,795,541
Santa Barbara.
1,867,154
2.052,873
—9.0
Stockton.
2,757,458
2,796,881
—1.4
1,812,065
2,260,342
33,587,146
812,918
29,089,357
13,206,243
4.689.282
3,993,848
143,095,000
2,531,056
1,726,527
1.960.283
329,717,307
264,282.354
+ 24.8
247,703,961
234,691,660
San
.
_
Francisco
.
San Jose
Grand
436,509
360,143
+ 46.2
1,835,535
+ 6.7
1,411,990
2,396,642
1,090,029
2,219,541
811,406
1,094,217
+26.2
6,785,300
7,264,899,915 6,050,382,180
cities)
978,066
+ 57.1
(113
1,454,415
4,618,300
+ 20.1 5,508,592,160 5,785,957,022
2,238,203
+ 22.4
1,177,910
3,481,100
total
4,494,166
1,598,342
+ 16.9
SCO—
39,256,996
1,324,182
_
Pasadena
401,448
1,123,129
363,000,000
Franci
1,087,270
Outside Ne vYork 3,547,132,148 2,760,345,946
+
28.5|2,402,384,935 2,302,209,060
Week Ended April 17
Clearing'1 atInc.
or
1941
421,698,305
+45.6
377,911.847
Fourth
Feder al Reserve D istrlct—Clev eland-
3,609,945
2,195,317
+ 64.4
78,575,857
161,794,763
Columbus
12,444,000
70,120,338
117,499,253
11,033,900
+ 12.1
Cleveland
Cincinnati
Mansfield.....
2,372,556
Youngstown..
4,507,671
.
179,573,278
2,153,572
2,707,742
120,345,255
_
442,878,070
326,055,377
Distrl
ct —Rlchmo
1940
Dec.
1939
$
$
%
$
1938
383,172,696
Canada-
Ohio—Canton...
1,887,000
57,726,417
.
Calif.—L'g Beach
370,000,000
Wllkes-Barre..
1,111,675
3.396.458
Total (10 cities)
578,931
496,254
N. J.—Trenton..
876,297
+ 11.1
Utah—8. L. City
-Phllad elphia
+ 18.4
2,802,212
+ 10.8
Ore.—Portland
+ 13,2 3,203,598,909 3,586,928,306
+ 26.4
598,000,000
1,958,578
47,338,075
5,401,375
+ 13.2
Yakima
17,612,874
27,005,372
536,698
Scranton
1,129,070
6,820,389
1,999,000
Twelfth Feder al Reserve D istrict—San
507,111
507,994
1,738,863
1,698,626
51,145,521
+ 12.5
2,234,COO
Wash.—Seattle
3,969,947
466,773
Chester
+ 5.2
+ 12.6
7,168,005
1,147,710
3,831,915
Total (6
408,691
635,609
Lancaster
1,799,257
69,868,561
4,257,521
Galveston
1,162,386
29,700,000
642,337
Bethlehem
District—Da Has—
Wichita Falls..
Fort Worth...
7,978,864
+ 4.6
Reserve
1,893,020
78,680,065
8,064,642
2,530,000
1,271,524
Dallas
+ 32.7
684,990
582,930
+ 13.0 3,106,207,225 3,483.747,962
+ 20.1
7,312,879
6,778,242
+ 7.1
3,890,378
3,801,559
—4.4
3,648,120
3,672,368
Conn.—Stamford
Pa.—Altoona
Eleventh Fede ral
Texas—Austin
York—
9,297,611
New York.... 3,717,767,767 3,290,036,234
Rochester
9,507,939
7,919,078
2,592,897
La.—Shreveport.
1,035,926
Elmira
+ 51.4
1,494,706
+40.6
2,026,025
23,847,515
2,424.371
3,049,004
1,598,634
698,845
Buffalo..
Total
—0.4
+ 21.0
45,800,000
BInghamton...
N.
+ 37.4
11,771,400
strict—New
_
Wichita
Boston
388,151
1,569,156
222,480,976
80,279
91,916
+39.2
Lincoln...
?
Reserve Dlst rict-
City
as
—22.3
Omaha.......
First Federal
Kan*
116,035
119,336
Hastings
Inc. or
1940
—
90,110
166,081
Neb.—Fremont..
Clearings at1941
Reserve Dls trict
794,965
+ 33.3
Toronto
84,966,775
Montreal...
87,229,936
24,023,492
50,911,974
Winnipeg
+ 37.7
2,088,423
57,190,799
89,756,375
88,860,004
Vancouver
13,199,122
+ 12.8
10,022,400
8,441,800
Ottawa...
+ 10.2
2,099,942
Quebec
+ 66.5
2,281,035
1,541,390
1,751,413
35,756,470
3,976,834
+49.2
107,603,722
+ 35.8
271,042,696
2,172,606
...
—22.6
S
—17.1
124,639,824
106,713,174
86,120,828
74,424,312
28,010,316
—14.2
27,386,732
43,856,481
16,253,381
20,311,322
—18.8
17,312,707
12,809,072
+ 76.0
18,644,637
14,945.031
4,722,621
—15.8
4,622,318
4,022,314
2,087,143
109,719,195
105,163,844
Total (7
cities)
2,784,331
3,026,919
—8.0
2,420,086
108,808,728
Hamilton
5,610,930
6,653,068
—15.7
4,894,946
Calgary
Pa.—Pittsburgh
Halifax
+ 21.6
5,569,934
St. John.!
4,944,381
1,974,970
4,066,168
262,487.915
2,264,948
1,764,435
—12.8
2,117,916
—15.6
2,547,493
3,701,051
—12.1
1,909,462
2,433,858
2,135,168
+ 15.0
4.042.410
3,760,096
3,211,434
289,423
482,315
1,319,557
+ 19.4
+ 5.6
3,472,555
5,465,102
+ 5.1
456,631
—4.4
1,214,898
Victoria
Fifth Feeral R
W. V a.—Hunt'ton
eserve
883,425
Richmond
S. C.—Charleston
Md.—Baltimore
D.C.—Wash nig* n
575,683
+ 53.5
3,807,000
3,365,000
+ 13.1
2,688,000
46,836,297
1,237,284
84,409,447
+ 4.1
39,452,674
32,759,881
+ 45.8
1,041,682
1,183,767
+31.6
66,599,245
63,646,292
Edmonton!
2,285,000
48,767,031
Va.—Norfolk
1,803,443
111,041,232
1,489,874
2,238,579
London.
nd—
443,811
327,668
4,254,797
J,
3,834,639
Regina.
_
Brandon.!..
Lethbridg*',.
tyx
305,606
506,981
1,261,622
532,297
Saskatoon
312,244
4,727,288
4,424,413
1,854,720
1,359,167
371,152
372,263
1,215,729
633,926
Sixth Federal
Tenn.—Knoxville
29,644,873
+29.8
22,462,042
23,150*874
166,068,584
+23.3
132,687.454
123,353,482
Reserve Dist rict—Atlant
7,002,272
+ 41.7
Nashville
29,937,326
4,941,821
20,844,146
+ 43.6
4,333,393
17,884,624
Ga.—Atlanta
90,600,000
67,900,000
+ 33.4
62,700,000
615,695
881,381
8,56,520
+2.9
898,041
909,934
614,015
596,906
582,209
582,087
575,012
+48.2
+ 1.2
566,149
Medicine 'Hat
38,468,'994
204,771,125
Fort Willi'm
New Westminster
cities).
—4.6
Brantford
Total (6
259,836
.—4.3
230,857
501,497
211,400
Moose Jaw
558,096
803,682
18,797,936
Sherbrooke
823,012
271,388
588,530
733,185
+ 12.3
676,709
679,006
51,700,000
1,015,846
Kitchener.
1,016,584
1,056,902
—3.8
1,010,486
'962,846
Windsor
2,644,547
4,397,013
596,181
Peterborough.
+ 1.3
583,535
560,636
1,683,434
1,363,283
+ 23.5
2,752,571
+ 18.9
2,901,913
+ 57.1
1,197,199
928,368
3,272,924
1,524,074
24,741,000
970,102
—3.7
289,135
19,908,000
+24.3
19,871,000
17,260,000
Moncton
302,691
769,344
314,316
Fla.—Jacks'nville
824,294
—6.7
702,286
735,181
Ala.—Birm'ham
30,328,022
27,384,011
+ 10.8
19,536.507
Kingston.
570,246
567,594
+0.5
532,670
2,653,924
2,440,349
+ 8.8
23,984,398
1,715,105
Chatham
589,176
445,703
847,404
617,777
—+.6
554,863
420,130
+ 6.1
852,104
—0.6
455,716
834,876
469,601
491,463
434,109
290,758,145
325,109,924
—10.6
339,614,169
Augusta
Macon
Mobile
_
....
Miss.—Jackson..
Vicksburg
La.—NewOrleans
x
765,737
1,396,341
Prince Albert
x
x
140,631
128,299
+ 9.6
57,571,386
43,645,997
+31.9
112,043
36,028,317
.
Sarnia..
106,152
Sudbury
(10 cities)
246,182,069
189,526,008
+ 29.9
168,754,447
822,831
33,365,959
Total
Total
284,762
(32 cities)
148,341,491
*
Estimated.
xNo figures available.
274,767,975
Volume
THE
The Commercial & Financial Chronicle
152
ENGLISH
GOLD
AND
SILVER
MARKETS
We
reprint the following from the monthly circular of
Samuel Montagu & Co. of London, written under date of
April 1, 1941:
GOLD
2651
NATIONAL
BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
*
The amount of gold held in the Issue Department of the Bank >f England
during the month of March, 1941, was unaltered at £241,575. a
The Bank of England's buying price for gold remained unchanged at
1688. per fine ounce, at which figure the above amount was calculated.
The Transvaai gold output for February, 1941 was 1,129,975 fine ounces
as compared with 1,211,271 fine ounces for January, 1941 ancj. 1,103,323
fine ounces for February, 1940.
if,
SILVER
STOCK "A"
PREFERRED
DECREASED
of Decrease
April 14—Citizens First National Bank of Frankfort, Frankfort,
N. Y,
From $100,000 to $50,000
$50,000
STOCK "B"
PREFERRED
DECREASED
4
Ami. of Decrease
April 14—-Citizens First National Bank of Frankfort, Frankfort,
N. Y.
From $65,000 to $32,500
$32,500
——
During March quotations for both deliveries touched 23 H$n, cash for
1, 1940 and two months for the firsictime since
Oct. 31, 1940.
A feature was that at this figure some silver wi^jfurnished
to the market from Indian Government stocks, although only fermoderate
amount was
required to meet the needs of the market.
The tone was very
steady and day to day fluctuations in prices were in no instance more than
Demand
l-16d.
was
mainly for trade requirements and though moderate,
was very consistent, while m addition to Indian Government silver, some
supplies became available from production sources.
Prices were quoted
level on occasion, but for the most part cash ruled at a premium of l-16d.
Quotations during March, 1941 in London (Bar silver per ounce#tandard):
2 Mos.
Cash
Mar.
3
Mar.
4
Mar.
5
Mar.
6
23%d.
_._23%d.
23%d.
7
23ysd.
Mar.
Mar.
23 5-16d.
10—____23%d.
Mar. 11
23yd.
23 7-16d.!
Mar. 12
Mar. 13-Mar. 14
Mar. 18
23%d.
23 5-16d. Mar. 19
23 5-16d. Mar. 20_
23 5-16d. Mar. 21
23 5-16d. Mar.24
23 5-16d. Mar. 25
23 5-16d, Mar. 26
Mar. 27,
23Hd.
23 7-16d.
Mar. 17
Mar.
23 7-16d.
23 %d.
23%d.
23 7-16d.
23%d.
23%d.
23yd.
23 7-16d.
23 7-16d.
23 7-16d.
__23%d.
.23 yd.
23 %d.
23 7-16d.
23%d.
-23 %d.
Mar. 28
23 7-16d.
23 7-16d.
23 7-16d.
_._23%d.
—23%d.
2 Mos.
Cash
31—
-
y
23Hd.
.23yd.
23 yd.
23 yd.
'
'
U. S. Treasury price, 35 cents; market price, 34% cents.
The official dollar rates fixed by the Bank of England during
1941,
were as
follows:
March,
Buying, $4.03%; selling, $4.02%.
CALLS
REDEMPTION
AND
SINKING
REDUCED
Amt. of Reduction
April 14—Citizens First National Bank of Frankfort, Frankfort,
N. Y.
From $100,000 to $25,000
$75,000
AUTHORIZED
BRANCH
April 17—Northwestern National Bank in Philadelphia, Philadelphia, Pa.
Location of branch:
Glenside Avenue and Easton Road, Glenside, Pa.
Certificate
No.
1517A.
STOCK INCREASED
COMMON CAPITAL
Amt. of Increase
April 18—The Merchants National Bank of Quakertown, Quakertown, Pa.
From $80,000 to $100,000
$20,000
DIVIDENDS
Dividends
first
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
we
current week.
show
Then
the
we
follow with
a
The dividends announced this week
FUND
NOTICES
W Below will be found
Congress 8quare Hotel Co. 1st mtge. bys
♦Consolidated Gas Utilities Corp., 1st mtge. bonds
♦Consolidation Coal Co. 5% bonds
East Tennessee Light & Power Co.
May
5% bonds
2691
2691
2691
2059
2231
2232
2232
23
23
23
1
1
1
1
16
1275
1423
2062
2234
28
1
1
983
1
24
*
♦Koppers Co. 1st mtge. bonds
Lehigh Valley Coal Co. 6% notes
1st mortgage bonds
Libby, McNeill & Libby 1st mtge. bonds,,
Macon Gas Co. 1st mtge. 4ys
Minnesota Transfer Ry. Co. 3H% bonds
Monongahela Ry. 1st mtge. 4s
National Power & Light Co. 6% debentures
National Tool Co. 6% bonds—
New England Power Co. 1st mtge. 3 %s
New York Shipbuilding Corp. 1st mtge. 5s
Niagara Share Corp. or Md. 5y% debentures
North American Car Corp. 4 %% ctfs., series I
North American Car Corp. equip, trust ctfs. series J
North American Light & Power Co. 5y% debs
1st mortgage 48
Pennsylvania Water & Power Co. 3%% bonds
Republic Steel Corp. gen. mtge. bonds
Republic Steel Corp. purchase money bonds
Richmond-Washington Co. 4% bonds
Apr. 26
May 10
June
2
June
1
May
1
May 19
May 29
May 15
May
I
May •"
May
1
,
1
May
May
May
—May
May
9
1
1
1
1
1927
1140
2248
1930
2249
June
1
1604
2
2718
.June
>
June 30
2083
1930
1931
Mountain & Pacific Co. 1st mtge. oonds.May
Sevilla-Baltimore Hotel Corp. 1st mtge. bonds.
3%% debentures
Unified Debenture Corp. debentures
1586
845
2252
May 15
1
June
July
Telegraph Co.—
May
6% bonds
May
(Hiram) Walker Gooderham & Worts, Ltd 10-yr. bonds -June
Washington Railway & Electric Co. 4% bonds
June
Watauga Power Co. 1st mtge. 6s
June
Westmoreland Water Co. 5% bonds
June
Wheeling Steel Corp. 1st mtge. 4%s
May
2721
276
1
.;t
1
2255
1
1
5 y% bonds
2255
2089
1608
2257
1939
1939
.
'
*
'
Announcements this week.
15c
—
12%c
—
(quar.)
$1%
$1%
37 yc
7% preferred (quar.)
(John) & Sons Co., Ltd. (initial)
15c
Bethlehem Steel Corp
Preferred (quar.)
Bloch Bros. Tobacco
(quar.)
6% preferred (quar.)
(quar.)
sold at auction
were
....
6% preferred A and B (quar.)
Callaway Mills
___
Wednesday
of the current week:
$ per Share
Stock
$5
Motor Mart Trust, preferred, par $50
4 Motor Mart Trust, common, par
8
$60 Motor Mart Trust scrip....
24 units Washington Railway &
1%
12%
—
.
——
lot
.
Electric
14%
Per Cen1
Bonds—
$1,000 The Bancroft Hotel Corp. 1st mtge. 5s, Aug. 1,1943
$2,500 Bellevue Hotel Co. 2d mtge. income, Jan.,
93% & Int.
1960, with 20 shares the
—10% flat
Bellevue Trust v. t. c
$4,000 Boston Building Trust income 5s, March, 1949, with 8 shares Massa¬
chusetts Cities Realty
Co. common A
15 May
1
June
5 May
2
9% flat
15c
J2%%
37 He
15 He
m
150c
Class B (interim).
3d (quar.).
Preferre
my
lt75c
Canadian Bakeries, Ltd., 5% preferred
tUlH
preferred (quar.).
Fairbanks-Morse
& B (interim)..
Gas, Light, Heat
Canadian Industrial Alcohol A
Natural
150c
110c
1$2
& Power
June
Class A (quar.)
Cedar Rapids Mfg. & Power (quar.)
Central American Life Ins. Co. (Del.)
June
(quar.)..
37%c
(quar.)____
HU
10c
Central Electric Co
Central Ohio Light & Power $6 pref.
Central Paper Co., Inc. (quar.)—
20c
Chicago Yellow Cab
Copper Co_
Chile
Colgate-Palmolive-Peet preferred (quar.)
Colon Development preferred (quar.)
Colt's Patent Firearms Mfg. (interim)
Community Public Service
Cosmos Imperial Mills, Ltd. (quar.)
H HI
Covingrton & Cincinnati Bridge Co, (quar.)
Crown Drug Co. preferred
Delaware Rayon Co. 7% non-cum. pref. (quar.)
—
130c
$3
43%c
$1 %
150c
1$2%
(quar.)
(quar.)
30c
35c
Eastern Shore Public
10c
preferred—
Service Co. $6% pref. (qu.)
7% preferred (quar.)
Freeport Sulphur Co. (quar.)-----Fuller Mfg. Co
General Cable Corp.
7^pref. (quar.).
Gold Bell Mining Co..
(quar.).
Dock Co. (quar.)
Gold & Stock Telegraph Co.
Great Lakes Dredge &
Hart-Carter Co. conv. pref.
(quar.)
t$1.05
$iy
$6 preferred (quar.)_._________
Employers Casualty Co. (Texas) (quar.)
Morse & Co
Fall River Gas Works (quar.)
FitzSimmons & Connell Dredge & Dock
Florida Power Corp. 7% pref. A (quar.)
40c
50c
45c
25c
$1%
87 He
50c
—-
13
6
30
10
30
31
31
31
22
22
30
May 15
31
15
15
30
16
June
21 June 16
June
2 May 17
2 May 20
2 May 20
June
June
June
2 May 21
25c
50c
9
May 27 May
$1.06% June 30 June 10
1 y%
Apr. 17 Mar. 31
$1
May 15 Apr. 17
50c
May 15 May
2
Mines, Ltd
Dominion & Anglo Investment
Dome
2
Apr. 28 Mar.
2 May
2 May
May 15 Apr.
Apr. 24 Apr.
June
50c
75c
_
May 15 Apr.
Apr. 19 Apr.
June 20 May
June l5 May
June 15 May
June 15 May
June
1 May
June 1
May
May 15 Aprl
25c
__
June
Apr. 18
Apr. 18
Apr. 17
May 21 Apr. 22
Carman & Co. class B
Fairbanks
By R. L. Day & Co., Boston:
Shares
20 June
May
my
Canada Cement 6%% preferred.
Canada Wire & Cable class A (quar.)..
Extra
on
Apr. 28
June
•
Dominion Scottish Investments 5%
following securities
9 May 10
1
May 15 May
May
1 Apr. 21
May
1 Apr. 21
1
Aug. 15 Aug.
June
2 May
9
6
July
1 June
May 15 May 12
75c
■
The
June
60c
17 He
15c
Burroughs Adding Machine
Cable & Wireless (Holding)—
Am. dep. rec. preferred (s.-a.)_.
California Water Service Co.—
Domestic Finance
SALES
2
May
July
May
May
May
50c
Roller Bearing
Western
16 June
1
May 10 May
June
2 May 16
Mar. 10 Mar.
1
June 30 June 25
62 %c
5% pref. (quar.)
6% preferred (quar.)
Canadian
14
1 Apr. 21
1 Apr. 21
2 May
5
12%c
Blue Ribbon Corp., Ltd.,
Bohn Aluminum & Brass
5%
June
20c
Berland Shoe Stores, Inc.
ian
Canadiai
June
$1
.
12%c
Dominion Bridge, Ltd.
AUCTION
May
May
25c
...
Bourne Mills
June
June 30 June
15c
87 yc
Barnsdall Oil Co
2708
Shawinigan Water & Power Co. 3%% notes.,
May 15
Southeastern Power & Light Co.—See Commonwealth &
,
Southern Corp
Southern Counties Gas Co. of Calif. 1st mtge. bonds
May
I-
♦
50c
Bonwit Teller, Inc. (quar.)
2075
1597
2560
2402
2561
1926
1761
838
43
4
9June
June
25c
60c
__
Trap Co. of America, Inc. (quar.)
Preferred (quar.)
Armstrong Cork Co. (interim)
Preferred (quar.)
Artloom Corp. (quar.)
7% preferred (quar.)
Automatic Fire Alarm Co. (quar.).
Bower
May 14*
May 21
May 21
May
Apr. 16
May 31 May
2
Animal
Buck Hill Falls
23
16 May 23
June
June
American Steel Foundries
2398
2398
2399
2399
2399
2074
June
15
10
18
June
Bertram
2704
1591
2240
2553
2397
May
May
Apr. 22 Apr.
June 16 May
June
$1%
Belding Heminway Co
2702
May 10
Apr. 26
San Jose Water Works 1st mtge. 3%s
Swift & Co. 1st mtge. 3%s
♦United Biscuit Co. of America,
t$l H
Apr. 10
June
25c
2550
1
Aug.
6% refunding bonds
Nov.\ 1
♦Engineers Public Service Co. preferred stock
,._May 22
♦Fairbanks, Morse & Co. 4% bonds
June
1
General Aniline & Film Corp. 5H% debs
May
1
General Water Gas & Electric Co. 15-year bonds
May
1
Gorham, Inc., $3 preferred stock
May 2
Indiana Gas Utilities Co. 1st mtge. bonds.
July
1
Iowa-Nebraska Light & Power Co. 5% bonds series A—June
4
5% bonds series B
May
5
9
9
V^c
20c
7% preferred
6% preferred (quar.)
American Paper Goods
American Smelting & Refining
2700
2700
2550
9
June
June
June
t35c
t30c
American Metal Co
May
May
May
May
May
June
May
June
Apr.
May
July
May
May
2%% debentures
3%% debentures
3%% debentures.,*
Antilla Sugar Estates 20-year 6% debs
Autocar Co. 1st mtge. 7s
Beford Pulp & Paper Co., Inc., 6y% bonds
Birmingham Gas Co. 5% bonds
(William) Carter Co. preferred stock
Chesapeake & Ohio Ry. 3H% bonds
Chesapeake & Ohio Ry. 3 %% bonds
Cincinnati Union Terminal Co. 5% preferred stock
12
June
July
July
Apr.
t$2
$1%
tsi%
funds)
American Locomotive Co.
♦American Gas & Electric Co.—
United Telephone &
All Penn Oil & Gas (quar.)
Aluminium Ltd. (quar.)
1591
1
Holders
35c
43
(quar.)
1902
2230
Apr. 30
American European Securities Co. 5% bonds
May
American I. G. Chemical Corp.—See General Aniline & Film.
♦St. Louis Rocky
Class A
When
Payable of Record
25c
Aetna Ball Bearing Manufacturing
Allied Products Corp
American European Securities $6 pref...
American & Foreign Power $7 preferred
$6 preferred
American Home Products Corp
Page
Date
Company and lssue—
Alliance Investment Corp. series A pref. stock
Share
Company
Preferred (quar.) (payablein U. S.
Chronicle."
the
are:
Per
Name of
list of corporate bonds, notes,
and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week, when declared.
we
Average—Cash delivery, 23.4464d.; two months' delivery, 23.4047d.
Quotations in New York during March, 1941 (per ounce; .999 fine):
STOCK
COMMON CAPITAL
the first time since Nov.
10c
$1$<C
HU
50c
May 15 Apr. 30
Apr. 16 Mar. 31
May
15 May
8
Apr. 19 Apr. 14
July 21 June 30
June
2 May 15
May 23 Apr. 30
1 Apr. 26
May
1 Apr. 26
May
June
2 May 30
June
1 May 10
June
1 May 10
1 Apr. 25
May
June
2 May 10
1 Apr. 28
May
June
1 May 20
June
1 May 15
1 May 15
June
June
2 May 16
6 Apr. 29
May
1 Apr. 28
May
May 15 Apr. 30
1 June 30
July
2
May 15 May
June
2 May 15
The Commercial & Financial Chronicle
2652
Below
give the dividends announced in previous weeks
we
Holders
Name of
of Record
Company
Harbison-Walker Refractories Co
Preferred
June
—
(quar.)
Holopnone Co., Inc
—
Imperial Chemical Industries Am .dep. rec_-Indiana Steel Products
—-
—
Ingersoll-Rand Co—
Interlake Iron Corp
-—
International Ocean Telegraph Co. (quar.)
International Rys. of Cent. Amer. 5% cum. pref,
Interstate Hosiery Mills
Kayser (Julius) & Co
Kelsey-Hayes Wheel class A
Kinney (G. R.) Co. prior preferred
——
(quar.)
Lane Bryant, Inc. (guar.)
Libby, McNeill & Llbby
- —
- —
Liberty Finance Co. cum. part. pref. (quar.) —
(guar.)
SIM
SIM
25c
25c
14c
SIM
50c
Magazine Repeating Razor Co
25c
40c
(quar.)
10c
MarineBancorporation (initialstock) (quar.)..
Fully participating (quar.)
Massachusetts Bonding & Insurance Co
Mead Corp. $6 pref. A (quar.)-S5H preferred B (quar.)
Metropolitan Storage Warehouse Co
Midwest Oil Co. (semi-ann.)
Monsanto Chemical Co. (quar.)
$4 preferred C (initial)—------——-—
Morse Twist Drill & Machine—
—
Motor Finance Corp. (quar.)
SIM
Hp
25c
%2
13c
50c
SIM
15c
June
July
May 31 May
June
2 May
June
7 May
May 15 May
May
1 Apr.
June
2 May
Aug.
1 July
20c
$2M
June
25c
20c
25c
20c
25c
17c
Industry Series
20c
-----
5c
Railroad Equipment Industry Series
11c
Steel
17c
Industry Series—
Tobacco Industry Series
New York Fire Insurance (quar.)
Norfolk & Western Ry. (quar.)
35c
North American Oil Consol. (quar.)
Northwestern Bancorporation
15c
20c
Northwestern Public Service 7% pref. (quar.)—
6% preferred (quar.)
-
Northwestern Telegraph Co. (s.-a.)
Ohio & Mississippi Telegraph Co. (annual)
Otis Elevator Co
SIM
SIM
SI M
S2M
20c
-
Preferred (guar.)
Outboard Marine & Mfg. Co
Pacific & Atlantic Telegraph (s.-a.)
Parker Pen Co
SIM
40c
50c
25c
Casualty Co. (semi-ann.)
35c
S3
Preferred (semi-ann.')
Peerless WollenMills6H % pref. (s.-a.)
Pinchin Johnson American shares (final)
S1-65M
16%
PItney-Bowes Postage Meter Co. (guar.)
10c
Poor & Co. class A
37 Mc
$2
Public Service of N. J. 8% pref. (quar.)
15c
10c
SIM
50c
50c
SI
is
$lri
7Mc
25c
75c
40c
23
1
21
15
15
SIM
26 May
26 May
26 May
26 May
26 May
31
25 1
10
20 J
20
16
17
23
23
5
14
15
19
June 30 June 20
2 May 15
May 26 Apr. 22
May 20 May
1
June
1 May 15
13 May 15
June 16 May 29
May 26 Apr. 28
1 Apr. 24
May
1 Apr. 24
May
June 12 May 22
1 Apr. 25
May
1 Apr. 19 J
May
1 Apr. 22
May
1 June 15 ]
July
1 June 15
July
Apr. 17 Apr. 12
May 15 Apr. 30
June
1 May 14f
May 15 Apr. 30
June
2 May 15 1
1 Apr. 23f
May
1 Apr. 231
May
May 10 Apr. 301
75c
June
25c
III11
20c
15c
(qu.)II
41
41
2 May 15]
1
May
Apr. 24
1
May 15 May
May 15 Apr. 24
June
2
May
9
22
20
201
2 f
SIM
May
1 Apr.
20c
June
20c
June
14 May
14 May
50c
May 13 May
2
May 13 May
June
2 May
91
June 30 May 291
June 30 May 29 1
SIM
-----IIII
III 11II
II11!
(s.-a.)I__H"
tS2M
J6c
June 30 June
I"
50c
July
1 June
25c
June
I
(guar.)
United Gold Equities of Canada
United States Playing Card Co
SIM
2 May
2 May
40c
15
16
May 27 May 13
50c
June
25c
May
1 Apr.
May
May 17 May
2
1 June 14
July
June 15 May 24
1 June 14
July
I
—---III
--II-11II
pref
II"
Co. (quar.)II"
I-IIII
20c
SIM
30c
25c
25c
III I
III"
75c
SIM
June
2 May
15 May
Allen
25c
25c
S1H
12 He
25c
Industries
Apr.
Apr.
Apr. 23
Apr. 18
Apr.
8
Apr. 25
Apr. 21
June
May
May
1
June
June
15
Sept.
May 31
—
7% preferred (quar.)
50c
Dec.
Sept. 15
Dec. 15
tlX
tlX
tlX
Quarterly.---
June
June
Sept.
Sept. 15
Dec. 15
Dec.
12 He
50c
May
Apr.
50c
Amalgamated Sugar pref. (quar.)
Amerada Corp. (quar.)
Co
American Book
American Can Co.
May
25c
50c
(quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)----
May
15
Apr. 16
Apr. 14
Apr. 18
Apr. 24
June
4
June
May 25
Aug. 25
Dec.
June
June
June
20c
37 He
May
May
May
June
May
May
May
Apr.
Apr.
Apr.
May
tlX
tlX
tlX
June
June
Sept.
Sept.
5
Dec.
Dec.
5
30c
—
American Meter Co
Paper Co. 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Radiator & Standard Sanitary—
Preferred (quar.)
American Safety Razor
June
50c
(quar.)----
American Light & Traction
Preferred (quar.)
11
62Hc
Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American General Corp. $3 pref. (quar.)_
%2Yi preferred (quar.)
$2 preferred (quar.)
American Home Products (monthly
5
Apr.
tlX
tlX
Payable in cash or class B stock.
American Colortype (quar.)
June
May
SI X
75c
(quar.)—
75c
75c
Amer. Cities Power & Light, S3 cl. A
May
June
15c
.-
June
tlX
—.———
(quar.)
SI
40c
(quar.)
American Chain & Cable
American
15
18
May
May
May
May
May
Apr.
SI
50c
—
Aluminum Manufacturers, Inc.
American
Holders
50c
8.) Co. (quar.)
Alpha Portland Cement
Aloe (A.
Altorfer Bros. conv. preferred
Preferred
When
Payable of Record
—
American Shipbuilding Co
7% preferred
American Smelting & Refining 7% pref. (quar.)
Stove
-
American
American Thermos Bottle
American Toll Bridge
(liquidating)
Co., Inc.. preferred
June
Sept.
5
Nov. 25
15
15
15
14*
15
15
28
6
June
1 May 26
May 15 Apr. 22 •
May
1 Apr. 18
May
1 Apr. 18
4
Apr. 30 Apr.
May
1 Apr. 17
May
1 Apr. 24
May
1 Apr. 10
Apr. 30 Apr. 21
Apr. 21
May
June 21
July
June 21
July
May
Apr. 19
May
Apr, 15
May
Apr. 15
May
May
May
1 Apr. 11
1 Apr. 21
1 Apr. 21
Oct.
1 Mar. 31
June 30 June 16
May 15 Apr.
Apr. 29 Apr.
Apr. 29 Apr.
May
1 Apr.
May
1 Apr.
15
15
15
15
11
Atlantic Coast Line RR. Co.—
26 May
5
30 Apr. 23
25c
20c
Adams (J. D.) Mfg. (increased) quar
Adams-Mill is Corp
Addressograph Multigraph Corp. (quar.)
Alabama Power Co. 15 pref. (quar.)
Alaska Juneau Gold Mining Co. (quar.)
—
26 May
26 May
II
Share
Company
Anglo-Canadian Telephone Co., pref. (quar.)—
5H% pref. (qu.)
Appalachian Electric Power Co.—
4H% cumulative preferred (quar.)
Appleton Co
Preferred (quar.)
A. P. W. Properties, Inc.. class B
Arcade Cotton Mills preferred (s.-a.)
Argo Oil Corp
Asbestos Manufacturing Co., preferred
Preferred (quar.)
Associated Telephone Co., Ltd., pref. (quar.)—
Atlantic City Electric, pref. (quar.)
26 May
26 May
July
Per
Name of
Amoskeag Co. semi-ann
S4H preferred (s.-a.)
Anglo Canadian Oil Ltd. (initial interim)—
June
June
The list does not include dividends an¬
given in the preceding table.
paid.
nounced this week, these being
American Zinc, Lead & Smelting Co. prior pref—
May
19 May
5 Apr.
May
May 26 May
June
2 May
June
2 May
1 June
July
1 June
July
June 20 May
June 20 May
May 15 May
1 June
July
June
1 May
1 Apr.
May
and not yet
American Woolen
26 May
1 June
Foundry Co. (quar.)II"I"
26
June 25 June
Tradesmen's National Bank & Trust Co.
Union Gas of Canada
(quar.)
Extra
United Engineering &
Youngs town Sheet & Tube
Preferred (quar.)
13
14
26 May
26 May
5c
__
Foundry & Pipe
Wentworth Mfg. Co. conv.
Westchester Fire Insurance
White (S. S.) Dental
Mfg
Wilsil, Ltd. (quar.)
15
15
17
15
10
10
24
17
15
26 May
26 May
15c
Swan-Finch Oil Corp
Talon, Inc., preferred, initial (s.-a.)
III
Tide Water Associated Oil Co.
(quar.).
Warren
28
26 May
26 May
-—.IIIIIIII
»_—-«_III
_______
Universal Insurance (quar.)
Vanadium-Alloys Steel Co
Warner & Swasey Co
21
21
13 May 15
t25c
7% preferred (quar.)_
Preferred (quar.)
United Gas Corp. $7 preferred
United Gas Improvement
1
1
June
SIM
Corp
17
5
23
June
SIM
Preferred (guar.)"
South Bend Lathe Works
(quar.)
Standard Products Co
21
13 May 15
13 May 15
~
Preferred (quar.)
Sioux City Gas & Electric
13
13
3
10
10
June
I-I_IIIII~
(quar.)
24
1
50c
~m
Sierra Pacific Power Co.
15
15
15
SIM
SIM
7% preferred (quar.)
$5 preferred (quar.)
;
6% preferred (monthly).
Quaker State Oil Refining
Quebec Power Co. (quar.)
Railway & Light Securities Co
6% preferred (quar.)
Reading Co. 1st preferred (quar.)
Rubinstein (Helena)
Russell-Miller Milling Co. (quar.)
Sagamore Mfg. Co
St. Louis Bridge Co.
6% 1st pref. (s.-a.)
3% 2d preferred (s.-a.)
St. Paul Fire & Marine Insurance Co.
(quar.)
San Diego Gas & Electric
Servel, Inc
Sherwin-Williams Co
Preferred (quar.)
15|
26 May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
Apr.
20c
20c
Public Utility Industry Series
Railroad Series
5 j
20
51
May 26 May
20c
20c
—
21
2 May
15 June 17
22c
Series.--.
Preferred
2 May
May 15 Apr.
May 31 May
May
May
May
May
May
23c
Machinery Industry Series
Merchandising Series
Sonotone
June
17c
Insurance Stock Series
Peerless
16 June
20c
Stock Series
Building Supply Industry Series
Business Equipment Industry Series
Chemical Industry Series
Electrical Equipment Industry Series
Food Industry Series
Oil
40c
45c
40c
(qu.)--.
Neptune Meter Co. preferred (quar.)
New England Fund
Newport News Shipbuilding & Dry Dock Co—
$5 cum. conv, preferred (quar.)
New York Stocks, Inc.—Special stock:
Agricultural Industry Series
Alcohol'& Dist. Industry Series
Automobile Industry Series
Aviation Industry Series
Metals
87Mc
SIM
SIM
SIM
(quar.)
National Gypsum Co. $4H conv. pref.
National Malleable & Steel Casting
Bank
30c
25c
National Biscuit Co
Preferred
30c
SIM
Muskogee Co. preferred (quar.)
June
June
35c
Lunkenheimer Co
Manufacturers Casualty Insurance
Extra. ----------------
5 ]
50c
25c
12jjo
—
Lock-Joint Pipe Co. 8% pref. (quar.)_
Lord & Taylor 6% pref. (quar.)
2 May
May 16 May
2
July
1 June 30
May 15 May
5
84c
SIM
SI
SI
20c
25c
Liggett & Myers Tobacco (quar.)
Common B (quar.)
—
Lindsay Light & Chemical
Loblaw Groceterias Co. A & B (quar.)
June
May 15 May
2 May
May 20 May
June
2 May
June
2 May
June
2 May
May 31 May
May 31 May
June
2 May
June
2 May
June
2 May
May 15 May
June
2 May
June
2 May
July
1 June
June
2 May
May 15 May
May
2 Apr.
May 15 May
May 15 May
May
Apr.
Apr.
May
May
Apr.
June
May
June
May
Apr.
May
June 16 May
June
2 May
40c
—
A & B (extra)
25c
SI
Preferred
Life Savers Corp.
$1H
$1
50c
Lake of the Woods Milling
12
7
July 21 July
May 15 Apr. 24
June
2 May 15
July
8 Apr. 25
May 15 May
5
(quar.)—
Heel ley Mascot Gold Mines, Ltd.
2 May
April 26, 1941
161
14
15
1
19
5%
nco-cum.
preferred (special)
Atlantic Macaroni Co., Inc
Atlantic Rayon Corp. $2H prior pref. (quar.)-_
Atlantic Refining
preferred (quar.)
Atlas Plywood Corp. (quar.)
Preferred (quar.)
Atlas Powder Co. preferred (quar.)
Aunor Gold Mines, Ltd. (interim)--
—
May 10 Apr. 23
May
Apr. 30
May
Apr. 25
May
Apr.
4
Apr. 21
May
Apr. 21
May
Apr. 18
May
June
May 10
Apr. 21
Apr. 10
Badger Paper Mills. Inc., 6% pref. (quar.)
Bangor Hydro-Electric (quar.)
May
May
Bank of America
June 30 June 14
June 30 June 14
(quar.)
-----
Preferred (s.-a.)
Bathurst Power & Paper A (Interim)
_
June
2 May
Beatty Bros. Ltd., 1st pref. (quar.)
May
1 Apr.
Bendix Aviation Corp
Bensonhurst National Bank
June
2 May 10
June 30 June 30
June 30 June 30
(quar.)——
Extra
Best & Co
———
Birtman Electric Co.
Preferred (quar.)
Bon Ami Co., class
Class B (quar.)
(quar.)
—
A (quar.)
-
-
--.
Borden Co.
(interim)
Boston Edison Co. (quar.)
Boston Fund (quar.)
Boston Metal Investors, Inc
Bourjois, Inc., $2% preferred (quar.)
Brentano's Book Stores, Inc., A (quar.)
British Columbia Telephone 6% 2d pref. (qu.)_
Broadway Department Stores
Preferred (quar.)
Buckeye Steel Casting
-
—
Preferred
(guar.)
Buffalo Ankerite Gold Mines (interim)
Buffalo Niagara & Eastern Power,—
First preferred (quar.)
Bullocks, Inc. (Los Angeles), 5% pref. (quar.)
Business Capital Corp. class A (quar.)
Butler Bros., 5% conv. pref. (quar.)
_
Byera Co. (A. M.), 7% pref
Calgary Power Co., Ltd., 6% preferred (quar.)-
Galgary Power Co., preferred (quar.)--Calhoun Mills (quar.)
California Packing Co
5% preferred (quar.)
Camden Fire Insurance Assn. (s.-a.)
Canada Foundries & Forgings, class A (quar.)—
Class A
(quar.).
Clara A (quar.
p.).
Canadian Bronze Co., Ltd., pref. (quar.)
Common (quar.)
Canadian Converters
Canadian
Foreign Investment Corp.
Canadian Industries A & B (quar.)Canadian Insurance Shares, Ltd
Canadian Investment Fund, Ltd., special shs—
Ordinary shares
Canadian Investors Corp., Ltd. (quar.)
Canadian Marconi Co
Canadian Oil Companies (quar.).
Extra
Carter (Wm.) Co. 6% pref.
(quar.)
Case (J. I.) Co., 7% preferred (quar.).
Castle (A. M.) & Co. (quar.).
Extra.
Quarterly
Extra
Celotex Corp. (quar.).
Extra
Preferred
(quar.)--.
15
15
May 15 Apr. 25
May
1 Apr. 15
May
1 Apr. 15
Apr. 30 Apr. 15
Apr. 30 Apr. 15
June
2 May 15
May
1 Apr. 10
May 20 Apr. 30
Apr. 25 Apr. 15
May 15 May
May
1
15
16
19
19
22
22
22
May
May
May
May
May
~ Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
6 Apr.
May
May
1 Apr. 15
1 Apr. 11
May
_
Apr. 30 Apr. 23
June
2 May
7
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May 29 May 26
May 15 Apr. 30
Miay 15 Apr. 30
May
1 Apr. 15
June
16 June
2
Sept. 15 Sept.
1
Dec.
1
15 Dec.
May
1 Apr. 21
May
1 Apr. 21
Apr. 30 Apr. 10
May
1 Apr. 15
Apr. 30 Mar. 31
May l0 Apr. 30
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 18
June
1 Apr. 15
May 15 May
1
May 15 May
1
June
16
July
May
May
Aug.
Aug.
May
May
May
10 Apr.
10 Apr.
10 July
10 July
1 Apr.
10 Apr.
1 Apr.
June
16
1 June 12
30
30
30
30
26
26
26
,
Volume
The Commercial & Financial Chronicle
152
Name of
Celanese
7%
Per
Company
Name of Company
Corp. of America—
1st
cum.
7% cum. prior preferred (quar )
Central Arizona Light Sc Power $7
pref. (quar.)
$6 preferred (quar.)
Central Hudson Gas Sc Elec.
(quar.)
Central New York Power
(quar.)_
—
,
Col gate- Palmoli ve-Peet
Mfg. (interim)
Columbia Gas Sc Electric
Corp.—
6% cum. preferred series A (quar.)—
preference (quar.)
Columbia Pictures Corp., $2 54 conv.
pref. (qu.
Columbus & Southern Ohio Electric—
6H % preferred (quar.)
Commercial Alcohols, Ltd. (irregular)
Commonwealth Edison Co
Commonwealth International Corp., Ltd
Commonwealth Investment Co. (quar.)
Commonwealth Utils.
11.63
J15c
45c
J4c
4c
Corp. 6H% ptd. C (qu.)
%l%
(qu.)
t50c
$1H
Concord Gas Co., 7% preferred
Confederation Life Association (Toronto)
—
— .
28
25
19
15
18
14
17
14
May 15
May 12
Apr. 15
May 15
31 Dec.
June
May
June
May
May
May
Apr. 30
Apr. 30
— — — -
Apr. 17
Mar. 28
Apr. 15
Apr. 12
Apr. 12
May 15 Apr. 15
May 21
June
(quar.)-.
16
Oct.
Sept. 15
May 20 May. 5
16 May 24*
June
2 May 20
June
May 20
1 Apr. 18
May
June
1 May 15
May
3 Apr. 21
Apr. 30 Apr. 16*
June
Preferred
(quar.)
Corn Exchange Bank Trust
(quar.)
Corrugated Paper Box, 7 % pref
Coty, Inc..
Crown Cork & Seal Co.. Inc
Crum & Forster 8% pref.
(quar.)
June 30 June 20
Cudahy Packing 7% preferred
6% preferred-.
May
May
Aug.
Culver & Port Clinton RR. Co.
(s.-a.)
Cumberland Co. Power & Light Co.-
5H% preferred (quarterly)
6% preferred (quarterly)
1 Apr. 26
1 Apr. 26
1 July
22
May
May
May
June
6 H % Preferred (quar.)
Dallas Power Sc Light 7% pref.
(quar.)
$6 preferred (quar.)
Davenport Water Co., 5% pref. (initial)
Dayton Rubber Mfg. Co
Class A (quar.)
Decca Records, Inc.
(quarterly)
Dejay Stores, Inc.-.
Delnite Mines, Ltd
DennisonMfg. Co. 8% debenture (quar.)
Prior pref. (qu.)
Represents two quar. divs. of 75c. each for
Aprl 19
Apr. 19
14 May 31
May
May
May
May
May
common
Apr. 17
Apr. 17
Apr. 11
Apr. 17
Apr. 19
Apr. 17
Apr. 29|Apr. 15
May
1 Apr. 15
30 Apr.
5
Apr. 18
Apr. 18
May
July
7% preferred (quar.)
1 July
1
Dec.
1 Oct.
1
23 Dec. 23
June
2 May 20
June
2 May 17
5 June 20
5 Dec. 20
16 June
6
Oct.
7% preferred (quar.)
Denver Union Stock Yards
pref. (quar.)
Detroit Gasket & Mfg. pref.
(quar.)
July
—
Semi-annually
Jan.
Detroit Michigan Stove
Co., common
June
Quarterly
Quarterly
Quarterly.
May 15 May
May 15 Aug.
5
15 May
2 May
Sept. 2 Aug.
May
1 Apr.
May
1 Apr.
5
13
12
21
June
Manufacturing Co
6% preferred (quar.)
Corp .-Seagrams, pref. (quar.)
Payable In U. S. funds.
1
May
20
May
1 Apr.
15
May
July
May
May
May
Apr.
Apr.
Apr.
Class A (quar.)
Domestic Finance Corp. (quar.)
.
Cumulative preference
(quar.)
Dominguez Oil Fields (monthly)
Dominion Oilcloth Sc Linoleum Ltd.
(quar.)
Extra..
Dow Chemical Co. common
May
May
May
May
May
Aug.
_
Employers Casualty Co. (Dallas), (quar.)
Quarterly
Quarterly
Employers Group Assoc. (quar.)
Engineers Public Service Co.—
Nov.
preferred (quar.)__
1
1
1
1
30
30
30
15
15
1
1
1
1
1
June 10
Apr. 26
Apr. 26
Apr. 26
First National Bank of
$2H
Jersey City (quar.)
1%
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
7% preferred
(quar.)
Preferred (initial guar.)
Froedtert Grain Sc Malting Co. (quar.)
$1.20 preferred (quar.)
Franklin Telephone Co. (semi-ann.)
Fulton Industrial Securities
Corp.—
$3H cum. preferred (quar.)
30c
$ 1J4
Esquire, Inc
Eureka Pipe Line Co
Faber, Coe Sc Gregg, Inc. (quar.)
7% preferred (quar.)
Metallurgical Corp. $5 pref. (quar.)—
13
13
13
19
15
15
19
June 30 June 14
$5 preferred (quar.)
f
$5 preferred (quar.)
Farmers Sc Traders Life Insurance
(quar.)
Sept. 30 Sept. 15
Dec.
July
Oct.
Shops (quar.).
June
Preferred (s.-a.)
Federal Machine Sc Welder Co——-—
Federated Department Stores
(quar.)
18 Dec.
1 June
15
10
1 Sept. 10
30 June 14
June 30 June
14
Apr. 30 Mar. 17
Apr. 30 Apr. 19
Apr. 30 Apr. 19
June 20 June
Hi
87He
75c
$154
Gardner-Denver Co. $3 conv. pref. (quar.)
General Cigar Co. preferred
(quar.)
General Foods Corp.
(quar.)
Preferred (quar.)
50c
5
May
llApr. 15
Apr. 30|Apr. 16
Apr. 30 I Apr. 21
$1H
——
General Mills (quar.)
General Motors Corp., pref.
General Outdoor
Advertising,
Preferred (quar.)
$1
—
(quar.)
class A
$1H
$1
1H%
Class A (quar.)
Class A (quar.)
$1
—-
$1
$1H
$1H
Preferred (quar.)
Preferred (quar.)
General Shoe Corp
20c
Georgia Railroad & Banking (quar.)
Gillette Safety Razor, preferred (quar.)
$2J4
_
-
$1H
25c
12 He
50c
J15c
——-
Gisholt Machine Co
Globe Sc Republic Insurance of America (quar.).
Gorham Manufacturing Co
Granby Consol. Mining Smelting & Power Co__
Great Lakes Engineering Works
Green (H. L.) Co., Inc. (quar.)
Greenfield Gas Light Co. 6% preferred (quar.)—
Grlesedieck Western Brewery (quar.)
15c
50c
75c
34He
Halle Bros.Hallnor Mines Ltd. (quar.)
Hamilton Watch Co
1
1
1
1
Apr.
Apr.
Apr.
Apr.
15
15
May
1 Apr.
15
May
June
May
May
May
May
May
May
Aug.
Juno 30
19
15
1 Apr. 21
1 May 16
15 Apr. 25
1 Apr. 10
1 Apr. 10*
7
1 Apr.
15 May
15 May
15 Aug.
Nov. 15 Nov.
Aug. 15 Aug
Nov. 15 Nov.
5
5
5
5
5
5
Apr.
July
May
Apr.
Apr.
30 Apr 15
I
15 July
1 Apr.
7
30 Apr. 16
30 Apr. 21
June
16 June
June
1
June
2
2
May
May
May
May 17
Apr. 24
1 Apr. 15
2
May" 15"
May
1
June
2 May 15
Apr. 15
Apr. 30
June
June
June
$154
68He
6854c
$1 %
25c
t75c
Hearn Dept. Stores preferred
Hecker Products Corp
15c
Hercules Powder 6% preferred (quar.)
Hibbard, Spencer Bartlett Sc Cc. (monthly)
15c
;
Hibernia National Bank (N. O.) (s.
Hilton-Davis Chemical
Hires (Chas. E.) Co
50c
20c
30c
25c
$1 54
60c
Holly Sugar Corp
(quar.)
Home Insurance (Hawaii) (quar.)
Quarterly
Quarterly
Apr. 25
2 May 10
16 May 31
2 May
16
1 Apr. 25
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 18
May
Apr. 30 Apr. 19
1 Aprl 29
May
1 Apr. 10
May
May 15 May
2
May 29 May 19
June 27 June 17
July
1 June 17
Apr. 30 Apr. 19
June
2 May 15
May
1 Apr. 15
May
1 Apr. 15
June
14 June 11
60c
Dec.
25c
Hormel (Geo. A.)
50c
Preferred class A (quar.)
Horn (A. C.) Co., 7 % non-cum. prior partic. pref
$1H
8He
6% non-cum. 2d participating pref. (quar.)--
45c
Horn & Hardart Co. (N. Y.) (quar.)
Home (Joseph) Co. 6% preferred
50c
(quar.)
$1 H
Lighting & Power, 7% prer. (quar.)—
$154
$1H
12c
$6 preferred (quar.)
Howey Gold Mines, Ltd
—
H umber stone Shoe, Ltd.
—
(quar.)Hussman-Ligonler (quar.)
Huston (Tom) Peanut Co. (quar.)
$3 conv. preferred (quar.)
Idaho Power Co., 7% preferred (quar.)$6 preferred.v
(quar.)
*
Imperial Life Assurance Co. of Canada (quar.)Quarterly
Quarterly
Incorporated Investors
Indiana Gas Sc Chemical Corp. $3 preferred
$3 preferred
Inspiration Mining Sc Development Co
Interchemical Corp
Preferred (quar.)
Sept. 15 Sept. 12
60c
30c
Hooker Electrochemical Co
Horder's. Inc. (quar.)
-
25c
15c
,
25c
76c
$154
$1H
^3^
$354
$354
17c
t$lH
40c
—-—
S1H
International Harvester Co. preferred
International Metal Industries, pref
Preferred
1 Nov. 20
25c
-—
Houston
Dec.
July
May
May
May
May
tl5c
Pineapple Co. (quar.).-
Preferred
May
1 Apr. 10
May 15 Apr. 18
May 15 Apr. 21
July
1 June 25
June 30 June'20
June
2 May 20
Sept. 2 Aug. 20
$1 H
Hartford Times, 5H% pref. (quar.)
Hat Corporation of Amer., 6H % pref. (quar.)--
Monthly
Holders
35c
—————
-
Preferred (quar.)
Harris (A.) & Co. 7% preferred (quar.)
Hartford Electric Light Co. (quar.)
Hawaiian
When
Payable of Record
J3c
25c
Gunnor Gold Mines, Ltd
Hale Bros. Stores (quar.)
(qu.)
(quar.)
International Nickel Co. of Canada, pref. (quar.)
Payable in United States funds.
International Products Corp
$154
25c
15 Dec.
12
May 31 May 14
May
1 Apr. 21
May 15 Apr. 26
May 15 Apr. 26
June
2 May 15
May 15
May
Apr. 11
May
Apr. 23
May
Apr. 15
May
Apr. 15
Mar, 31
May
May
Apr. 16
May
Apr. 21
5
May 15 May
5
May 15 May
May
l'Apr. 15
1 Apr. 15
May
2 June 30
July
Oct.
1 Sept. 30
June
Jan.
2 Dec. 31
Apr. 30 Apr.
3
June
2 May 21
May
1 Apr. 21
May 30 May
1
May
Apr. 21
May
Apr. 21
June
May
5
May
Apr. 15
May
Apr. 15
1
May
Apr.
May
1 Apr. 23
May
May
1 Apr. 21
June
1
International Utilities Corp.—
$3.50 prior preferred
■
Interstate Dept. Stores, Inc., 7% pref. (quar.)—
Iron Fireman Mfg. Co. (quar.)
Sept.
Dec.
Quarterly
Quarterly
Ironrite
Ironer
(quar.)
Jantzen Knitting Mills
5% preferred (quar.)
—
Jefferson Standard Life Insurance
1 Apr. 17
May 10
1 Aug.
9
1 Nov. 10
May
May
May
—
1 Apr. 21
1 Apr. 21
1 Apr. 15
2 May 25
26 July 22
1 Apr. 18
28 Apr. 10
30 Apr.
8
30 Apr.
8
June
2 May 20
Sept. 2 Aug. 20
June
(s.-a.)
Kalamazoo Stove Sc Furnace
Kaufmann Department Stores.
Apr. 15
May 1
25
20c
-
Kellogg Switchborard Sc Supply Co
Preferred (quar.)
1 Oct.
25c
15c
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
7% special preferred (quar.)
May
1
Apr.
7
Apr.
7
Apr. 25
July 25
17Hc
17 He
17 He
7% preferred (quar.)
Foote Bros. Gear & Machine
Co., pref. (final)--
Apr. 17
Apr. 15
1 June
July
1 June
July
1 June
July
Apr. 26 Apr.
May
Apr.
June
May
May
Apr.
cum.
20 May
Apr. 30 Apr. 16
t5H div. cum. preferred (quar.)
5 div.
preferred (quar.)—
4% convertible preferred (quarterly)
Ferro Enamel Corp
Fibreboard Products, Inc.
6% prior preferred (quarterly)
Fidelity Sc Deposit (Ma.) (quar.)——
Fidelity Fund, Inc. (quar.)
...
Preferred
Dixie-Vortex Co
5% preferred (quar.)
Electric Bond Sc Share Co. $6
preferred (quar.)$5 preferred (quar.)
21
June
Distillers
cum.
16 June
May
common
Preferred (semi-annual)
Diamond Shoe Corp
Extra
5
5
June
-
5% preferred
Diamond Match Co..
SI
$1
20c
Fire Association or
Philadelphia (s.-a.)
Firemen's
InsuranceJCo^ (Newark) (s.-a.)
First National Bank'of
Chicago (quar.)
-
first two quarters of 1941.
Dentists' Supply Co. (N.
Y.) 7% pref. (quar.)--
Detroit Hillsdale Sc Southwestern RR.
(s.-a.)
June
July
Continental Can Co. (quar.,
interim)
Cook Paint Sc Varnish (quar.)
Federal Bake
15
15
June 30 June 25
June
Consolidated Oil Corp. (quar.)_
Consolidated Paper Co.
(quar.)
Consolidated Retail Stores, 8%
pref.
8% preferred (quar.)
Container Corp. of America
24
May
Apr. 15
May
Apr. 15
May
Apr. 14
May 15 Apr. 15
May
1 Apr. 14
May 29 May 15
May 15 Apr. 30
Djc.
light
Extra-—
Fansteel
20
15
24
Sept. 30 Sept. 25
-,
& Power Co. preferred (qu.)
Connecticut River Power Co.,
6% pf. (quar.)..
Consolidated Chemical Industries, class A
(qu.)
Consolidated Cigar Con)-. 7% cum.
pref
6H % cum. prior preferred
Consolidated Edison of N. Y. pref.
(quar.)—
Consolidated Laundries pref.
(quar.)
Consolidated Lobster, Inc. (quar.)
$6 div.
15
May 15 Apr. 19
May 15 Apr. 19
May 15| Apr. 19
1
May 15 May
cum. preferred (quar.)__
Di-Noc
Apr.
May
Apr,
May
Apr. 30 Apr.
Apr. 30 Apr.
June
2 May
Sept. 2 Aug.
~uly
1 June
May
1 Apr.
Apr. 30 Apr.
May
1 Apr.
May 15 Apr.
May 28 May
May
1 Apr.
5% preferred (quar.)
Cincinnati Union Terminal, 5% pref.
(quar.)
City Baking Co
7% pref. (quar.)
Cleve. Cin. Chicago & St.
Louis, pref. (quar.)_Coast Breweries, Ltd.
(quar.)
Cuneo Press
10
Apr. 15
Apr. 15
Apr. 15
Apr.
June
Cine. New Orl.& Tex.
Pac.Ry., 6% pref.(quar.)
Quarterly
Quarterly
Connecticut
Mar. 31
May
6% preferred
6% preferred
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper
Cherry-Burrell Corp
cum.
15
Apr. 15
May
May
May
-
5%
5%
Apr.
May
May
May
May
Corp., 5% pref.(qu.)Central Power Sc Light, 7 % preferred
7% preferred
Colorado Fuel & Iron_,
Colt's Patent Fire Arms.
Share
Fiduciary Corp. (quar.)
June 30 June 17
June 30 June 17
June 17
July
part, preferred (semi-ann.)
1st pref. (semi-ann.)
Preferred
2653
—
—
July
May
Apr.
Apr.
Apr.
Dec.
Kendall Co. $6 preferred A (quar.)
Partic. preferred A
June
Kennedy's Inc. pref. (quar.)
Kerr-Addison Gold Mines (interim)
Kentucky Utilities 7% Junior pref. (quar.)
July
June
King Oil Co. (quar.)
Kings County Trust Co. (quar.)
Kirkland Lake Gold Mining (s.-a.)
Klein
(D.'Emfl) Coll———
Preferred
"Ill
(quar.)--
Knickerbocker Fund—
—Kokomo Water Works, 6% pref. (quar.)-
—
Kress (S. H.) & Co. special pref. (quar.)..
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
———
7% preferred (quar.)
7% pref. (quar.)—.K W Battery Co.. Inc. (quar.)
Landis Machine Co. 7% pref. (quar.)
7% preferred (quar.)—
7% preferred (quar.)—-—
Lane Bryant, Inc. 7% preferred (quar.)
Langley s, Ltd., 7% conv. pref
—
7% conv. preferred
7% conv. preferred----------Lebanon Valley Gas, 6% preferred (quar.)
Lehigh Portland Cement Co. (quar.)
4% preferred (guar.)
Apr.
1 Nov. 20
1 May 10
1 May 10
15 June 30
28
May 20
May
"
May
May
May
July
May
May 20
May
May
Apr. 10
May 1
Apr. 12
Apr. 25
Mar. 31
Mar. 31
June 20
Apr. 21
Aprl 30
Apr. 11
Apr. 18
June
May 9
June 17
July
Aug.
July 19
May
Apr. 19
May 16 Mar. 6
Jane
15 June
Sept. 15 Sept.
Dec.
May
June
16 Dec
5
6
5
1 Apr. 15
12 June
3
Sept.12 Sept.
3
Dec.
3
May
May
July
12 Dec.
1 Apr. 15
1 Apr. 14
1 June 14
The Commercial &
2654
Per
Name
Share
of Company
Lerner Stores Corp. 4X%
Le Tourneau (R. GO. Inc.
(quar.)
6X% preferred (quar.)
Link Belt Co.
Quarterly
June 16 May 29
21
87Xc
May
Apr.
June
May
9
SIX
June
16
30c
30c
July
May
Aug.
July
25
26
Nov.
Oct.
25
May
May 10
May 24
Aug. 25
Sept.
Dec.
Nov. 24
June
May 24
Aug. 25
Sept.
50c
Dec.
Nov. 24
15c
$1*4
May
May
Apr. 18
Apr. 29
SIX
June
25c
June
Sept.
Sept.
May 20
may 20
Aug. 20
Aug. 20
Dec.
Nov. 20
25c
Dec.
Nov. 20
25c
Apr.
May
July
Aug.
June
July
Apr.
May
Apr.
May
May 15 Apr.
July
1 June
Oct.
1 Sept.
SIX
-----,
—
---■
25c
six
25c
SIX
$2
im
SIX
| X
6X % preferred (quar.)
$154
6X% preferred (quar.)
......
SIX
Lyon Metal Products Inc. 6% pref. (quar.)
35c
McCall Corp. (quar.)
'43 He
McClatchey Newspaper, 7% preferred (quar.) .
43 He
7% preferred (quar.)
43 He
7% preferred (quar.)-..—.-$1 X
McCrory Stores 5% preferred (quar,) —
50c
McGraw Electric Co. (quar.)—
—.
Jan.
2 Dec.
19
19
18
7
17
18
21
20
23
May
] Apr. 15
May
1 Apr. 15
May 31 May 30
Aug. 30 Aug. 29
Nov. 29 Nov. 2
18
Apr
May
McLeilan Stores Co.,
Apr.
May
19
SIX
SIX
*1X
20c
(quar.)
(Glenn L.) Co
Maytag Co., $3 preferred (quar.)
$6 preferred (quar.)
Meier & Frank Co., Inc. (quar.)
Melville Shoe Corp—
Preferred (quar.)
_Mercantile Acceptance Corp. 5% pref. (quar.)-.
5% preferred (quar.)
5% preferred (quar.)
6 % preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mercantile Stores, Inc., 7% preferred (quar.)Merchants & Manufacturers Insurance—
Messenger Corp
—
Michigan Gas& Electric, 7% prior lien..
$6 prior lien
Mid-Continent Petroleum Corp..Mid-West Rubber Reclaiming (quar.)
Mississippi Power & Light, $6 preferred
Monroe Loan Society 5X% pref. (quar.)
Monsanto Chemical Co., $4.25 pref. A (s.-a.)$4.25 preferred B (semi-ann.)-Montana Power $6 preferred (quar.)
Montgomery & Erie Ry. Co. (s.-a.)
Montreal Light, Heat & Power ConsoJ. (quar.)
Moody's Investors' Service part. pref. (quar.)Moore Drop Forging class A (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly
Quarterly
Morris (Philip) & Co., Ltd., Inc.—
4X% cum. preferred (initial) —
Morris & Essex Extension liR. Co. g d. (s.-a.)-.
Mt. Diablo Oil Mining & Development Co
Munising Paper Co., 1st preferred-—
1st preferred (quar.)
Muskogee Co. 6% cum. preferred (quar.)
Muskegon Motor Specialties, class A (quar.)
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
:»i
6% preferred (quar.)
Narragansett Electric 4M% pref. (quar.).—
Nashua Mfg. Co. 1st pref—
National Bearing Metal Corp
7% preferred (quar.)
75c
SIX
15c
50c
$1X
25c
May
May
1
May 15 May
Apr. 18
May
|May
Apr. 18
May 31
'June
Dec.
1
30c
June
30c
Sept.
May 31
Aug. 30
30c
Dec.
Dec.
1
50c
May 15 Apr. 30
Apr. 30 Apr. 21
5
May 15 May
Apr. 15
May
Apr. 15
May
June
May
1
Apr. 21
May
t$2
May
34%c
$2 X
S2X
June
10c
25c
40c
SIX
17 He
June
June
May
May
J37c
Apr.
75c
May
May
July
SIX
SIX
SIX
SIX
53 Xc
$2
1c
June
May
May
SIX
June
50c
May
30c
$1X
25c
75c
50c
May 10
May 10
Apr. 11
10 Apr. 30
30 Mar. 31
1
15 May
1 Apr. 21
July
1
Oct.
1
Dec.
Jan.
May
May
25c
SIX
SIX
SIX
56 He
tS2X
Apr. 15
May 27
Oct,
t75c
50c
Class A (quar.)
5
15
2 May 20
1 Apr. 15
1 Apr. 15
Aug. 30
15c
(semi-annual).
Co. (quar.)
National City Lines (quar.)
$3 preferred (quar.)
—
Nov. 15 Nov.
Apr. 30 Apr.
31
1 Apr. 15
1 Apr. 18
3 May 15
1 Apr. 20
1 Apr. 20
2 May 15
31 May 15
June 28 June
19
Sept. 27 Sept. 18
Dec. 27 Dec.
18
May
May
1 Apr.
1 Apr.
June
2 May
1 Apr.
15
23
16
16
May
May 15 Apr.
1 Apr.
May
June 15 May
1 July
Aug.
1 July
Aug.
1 Apr.
May
1 Apr.
May
1 July
Aug.
30
15
31
19
19
15
21
22
50c
products (quar.)
2c
National Electric Welding Machine Co (quar.)
2c
Quarterly.—
Oct. 30 Oct. 20
2c
Quarterly
a
1 Apr. 21
50c
May
National Food Products class A (s.-a.)
SIX June 14 May 29
National Lead Co. class A preferred (quar.)
1 Apr. 18
SIX May
Class B pref. (quar.)
Aug. 15 July 31
SIX
National Paper <fc Type Co. 5% pref. (s-a.)
June
2 May
2
15c
National Power <Sc Light (quar.)
1 Apr.
2
May
$6 preferred (quar.)
1 Apr, 22
May
National Savings & Trust Co. (Wash., D. C.)__
1 Apr. 15
$1.18* May
Neisner Bros. 4X % pref. (quar.);
Neon Products of West Canada, Ltd.
1 Apr. 15
SIX May
6% preferred (s.-a.)
National Distillers
-
.
$1$1
50c
Light & Power, pref. (qu.)
20c
(quar.)
Co. (quar.)
New York Fire Insurance
15c
SIX
SIX
six
six
(quar.).
Preferred B (quar.)
Preferred A (quar.)
5% pref. A (quar.)
Newport News Shipbuilding
Preferred (quar.)
Niagara Hudson Power Co.,
Class A
4
SIX
J6c
——--
1 Apr.
1
Apr.
1
May
1 Apr.
May
Apr. 30 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
June
1 Apr.
2 May
June
May
18
—
.
—
Extra
Prosperity Co. preferred (quar.)
Public Service Co. of Colorado 7%
---
pref. (mo.)..
6% preferred (monthly)
5% preferred (monthly)
--Public Service Corp. (IS . J.), 6% pref. (monthly)
Puget Sound Pulp & Timber
Pullman, Inc. (quar.)
Quarterly Income Shares (reduced)
Quincy Market Cold Storage & Whouse pref—
Radio-Keith-Orpheum 6% pref--
(quar.)
Pile
A and B
-
--
(quarterly)
A
Preferred
—
(quar.)---.
(quar
$2 preferred (quar.)
Richmond Fredericksburg
Rich's. Inc. (quar.)----——
May 20*
SIX
SIX
SIX
SIX
June
June
Sept.
Sept. 15
Dec. 15
Dec.
Apr. 21
June
May 15
Apr. 25
Apr. 25
July
1
Apr. 21
Apr. 21
Apr. 21
Apr. 15
Apr. 25
May 26
Apr. 15
Apr. 17
Apr. 21
Apr. 18
Apr. 19
Apr. 19
Apr. 19
Apr. 10
Apr. 19
Apr. 21
50c
May
50c
May
July
SIX
58 l-3c May
50c
May
41 2-3c May
50c
May
50c
Apr.
25c
June
15c
May
May
May
May
May
May
May
May
May
May
mx
$2
50c
75c
25c
21
July
June
June
May 15
Aug. 15
Sept.
16
Dec.
Nov. 15
Apr.
May
Extra
mx
May
50c
May
May
May
May
31Xc
$1
50c
,3S1
15c
75c
J15c
tsix
Six
20c
15
Apr. 15
Apr. 10
Apr. 10
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 30
Apr. 30
Apr. 10
Apr. 19
May 19 Apr. 19
May 31 May 20
Apr. 15
May
May 15 May
4
June
May 15
Apr. 15
May
Apr. 20
May
16 June
6
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
May
May 15 May
15
19
19
19
25c
June
May
May
May
May
May
25c
50c
—
(quar.)
preferred (quar.)_—
Paper Co. $4X cum. pref. (quar.)
—
preferred (quar.)
23
21
Sharp & Dohme, Inc., pref.
Shawinigan Water & Power
16
16
Signode Steel Strapping
Preferred (quar.)
Silex Co. (quar.)
Smith Agricultural Chemical Co
6% preferred (quar.)
Simpson (R.) Co., Ltd. 6% preferred
Simpson's, Ltd., 6X% preferred
19
19
6
June
14 June
2
May
May
30
22c
May
25c
May
May
May
May
May
18
23
26
26
30
20
20
May
15 Apr.
1 Apr.
26 Apr.
2 Apr.
2 Apr.
10 Apr.
Apr.
Apr.
Apr.
May
Apr.
19
May
25
20
30
20
15
15
30
1
15
15 July 12
1 Apr. 15
14 May 31
1 Apr. 15
62 Xc
30c
25c
(s.-a.)——
June
May 20
Apr. 30
Southwestern Life Insurance
Co. (Dallas) (quar.)
$1
May
15c
June
June 22
Spiegel, Inc
Sept.
May
May
May
Sept. 21
(quarterly)
—Squibb (E. R.) & Sons $5 pref. series A (quar.)—
Standard Brands, Inc. pref. (quar.)
Standard Wholesale Phosphate (quar.)
SIX
tS3
37 Xc
37 Xc
t20c
$1.20
35c
15c
SIX
SIX
SIX
Apr.
May
May
May
July
May
June
May
19
Apr.
Apr.
Apr.
Apr.
Apr.
June 16 June
2
14 June
5
40c
June
40c
May 24 May 17
May 15 Apr. 30
31Xc
—
24
50c
South American
Extra
$1
25c
A (quar.)
(quar.)
Preferred
$15*
SIX
SIX
87 Xc
Del. (quar.)
(quar.)
19
Mar. 14
July
May
May
May
May
SIX
(quar.)
St. Louis Car Co.
Stanley Works pref.
Apr.
May
18c
-
Saguenay Power, Ltd., preferred
St. Lawrence Flour Mills (quar.)
Seaboard Oil Co. of
15
May
May
37Xc
Nov.
SIX
Sept. 15
June
30c
Ruud Mfg. Co. common-
cum.
lO
Oct.
3d
Copper Mines (interim)..
Rochester Button Co. pref. (quar.)_
Rockland Light & Power Co. (quar.)
Holland Paper Co.. Ltd. (quar.)—.
Preferred (quar.)_
Roos Bros. $6.50 preferred (quar.)—...
Rose's 5-10 & 25c. Stores, Inc. (quar.).Roan Antelope
$1
50c
35c
SIX
—
& Potomac RR.
(s.-a.) —
—
6% guaranteed preferred (s.-a.)
Richmond Insurance of N. Y. (quar.)———
7% gtd. preferred
1
25c
1
10
10%
Nov.
37 Xc
10
Apr.
Apr.
Apr.
15c
Seaboard Surety Co
21
15
15
16
17
Apr.
May
May
40c
Co
7% preferred.
----Reynolds (R. J.) Tobacco Co. (quar. interim.)..
Rheem Mfg. Co. 5% cum. pref—--—
—
Rhode Island Public Servide A (quar.)—
$4
5
_
stock dividend--15c
Aug.
Republic Investment Fund pref. A & B (quar.)_
Republic Investors Fund, Inc.15c
May
6% A & B pref. (quar.)
$1,311^ May
Revere Copper & Brass 5 X % pref.
Scott
5
Apr. 15
May
'May 16 Apr. 18
May
40c
Remington Rand, Inc.
Preferred
15 Feb.
Apr.
25c
!! g
40c
(quar.)
Aug.
Apr.
Apr.
Apr.
June
2 May
Apr. 30 Apr.
Six
t50c
$1
87 Xc
Gold & Platinum Co
—
Southeastern Greyhound Lines (quar.)—
Southern California Edison Co. (quar
Southern Canada Power Co
—-Southern Indiana Gas & Elec. 4.8% pref. (qu.)-
mx
5
IFeb.
25c
(quar.)
15c
pref".
5
25c
Extra
18
1
May 15 May
Aug. 15 Aug.
|Nov. 15 Nov.
25c
14
1
15
six
(quar.)
preferred (quar.)
Pressed Metals of America—
Procter & Gamble Co. (quar.)
Apr.
Apr.
Apr.
May
Aug.
SIX May
six May
,SIX May
50c
May
1 Dec.
75c
(reduced)
Scotten Dillon & Co
16
10
1 June 14
1 Sept. 15
Consol
One share of
(quar.)
Regent Knitting Mills pref.
Oct.
Jan.
35c
6%
Preferred
15 Apr. 30
15 Apr. 30
15 Apr. 19
29 Apr. 25
Apr. 21
Apr. 21
1 Apr. 15
1 May 15
31 May 10
31 May 10
31 May 10
1 May 20
2 May 10
1 Apr. 21
20 Apr. 24
5
15 May
1 Apr. 21
35c
7% preferred (quar.)
\)
7% preferred (quar
Potomac Edison Co. 7% preferred
Preferred
Apr. 15
Apr. 15
Apr. 15
35c
-—
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron Co.. $5 pref. (quar.)
Pollock Paper & Box Co., 7% pref. (quar.)
Reliance Manufacturing
Apr.
Apr.
15 Apr.
35c
-—-—
Reed (C. A.) Co. class
Reed-Prentice Corp
May
Apr.
50c
Oil Corp. com. for each 5 shs. of Petroleum
Corp. of America capital stock
Pfeiffer Brewing Co. (quar.)—-—;
Philadelphia Co. cum. pref. (s.-a.)
Philadelphia Electric $5 preferred (quar.)
Preferred
75c
May
5
28
19
19
19
19
22
15
14
1
1
18
18
18
26
50c
Pennsylvania Power Co. $5 pref. (quar.)
Petroleum Corp. of America stock dividend.--.
Reading Co.
May
May
May
May
July
50c
—
-
Randall Co. class A
June
10c
SIX
—
(quar.)
--
Raymond Concrete
June
31 Xc
Penman's, Ltd. (quar.)
Preferred (quar.)
May
May
May
35c
50c
(interim)
Norfolk & Western Ry. adj. pref. (quar.)
Norma-H Bearing Corp. (quar.)
Nor and a Mines, Ltd.
Qudrtdrly
—
~
North American Car Corp. §6 fst
Northern Illinois Finance Corp
Preferred (quar.)-Northern Pipe Line
Northern RR. (N. H.) (quar.)
Peninsular Grinding Wheel
Common
June
25c
25c
(semi-annual)
Parkersburg Rig & Reel, $5X pref. (quar.)
Pamour Porcupine Mines, Ltd
—
Pearson Co.. Inc.. 5% pref.A (quar.)
distribution:
75c
25c
15
17
17
50c
(quar.)
(quar.)
May
& Dry Dock-
5% 1st pref. (quar.
Second preferred A & B (quar.)
1900 Corp.. class A (quar.)
Class A
six
six
50c
New York Air Brake
pref. (quar.) —
Extra
Special
3454c
til
SIX
SIX
32 Xc
6% preferred
7% pref. (quar.)-_-
(quar.)
(quar.)
(quar.*)-.-
Dec.
SIX
SIX
.
Preferred
Preferred A
May
May
May
May
May
May
May
May
May
Apr.
May
May
May
20c
Parker Pen Co
Preferred A
May
16 Xc
Parker Rust-Proof (quar.)
Quarterly
Quarterly
•June
50c
Pacific Portland Cement
Peninsular Telephone
2
75c
pref. (quar.)
$6 preferred (quar.)
Pacific Public Service Co., 1st
1 Apr.
June
SIX
SIX
(quar.)-
Pacific Power & Light
May
May
SIX
37 Xc
5X% preferred (quar.)
Pacific Lighting Corp. (quar.).
1 Apr.
May
June 2
X2X%
(quar.)-
Sept.
National Chemical & Mfg.
Newberry (JJ.) Realty pref. A
5X% preferred
May 15 May
May 15 Apr.
1 Apr.
1 Apr.
1 Apr.
May
1 Apr.
%% 3
Preferred C (quar.)
Pacific Gas & Electric. 6%
Apr. 15
May
1
May 10 Apr.
Apr. 30 Apr. 15
50c
class A (quar.)
Ontario & Quebec Ry. Co. (s.-a.)
—_
5% perp. debenture stock (s.-a.)
Outlet Co. (quar.).-_-—.
First preferred (quar.)
Second preferred (quar.)
—
Owens-Illinois Glass- -----——- - - - ---——
Pacific Finance Corp. pref. A (quar.)—
Preferred A
25c
SIX
SIX
SIX
SIX
preferred (quar.)..
Preferred A
1
May
Apr. 11
Apr. 11
May
June
May
5
May 15 May
6.
Aug. 15 Aug.
25c
National Casket
New York Merchandise
6%
Holders
When
Payable of Record
58 l-3c May
50c
May
41 2-3c May
6% preferred (monthly)
June
June
Martin
137 Xc
—
5% preferred (monthly)—
5X% preferred (quar.)
May
Mines
pref. (quar.)
6% preferred (quar.)
Macy (It. H.) & Co
Magnin (I.) & Co. pref. (quar.)
30c
Oliver United Filters
50c
50c
—
25c
7m
Okonite Co
June
Apr.
$1.10
...
(quar.).
pref. (quar.)—
Light $0 pref. (quar.)—...
Lumbermen's Insurance Co. (semi-ann.)
...
Lunkenheimer Co. 6X% preferred (quar.).
New Process Co
Preferred (quar.)
New England Water,
Northwest Engineering Co__
Nu-Enamel Corp
Nunn-Bush Shoe Co
Occidental Insurance (quar.)
O'Connor, Moffatt & Co. class A A
Ohio Public Service Co. 7% pref. (monthly)
15c
Preferred
Preferred (quar.).
\).
Preferred (quar.
Marshall Field & Co.
9
$1.10
$1.10
—
Lord& Taylor 2nd
Louisiana Power &
Mclntyre Porcupine
Apr. 21
30c
—
Co. (quar.)
—
Quarterly...
—
Lionel Corp. (quar.)..
—
Little Miami BR., original capital
Original capital
—
Original capital..
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Loew s Boston Theatres (quar.)....
Loew's, Inc., $6X cum. pref. (quar.).
Longhom Portland Cement Co.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.):
5% partic. pref. (partic. div.)...
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Loose-Wiles Biscuit Co. (quar.)
Quarterly
1 May
Share
of Company
Name
25c
————
Lincoln National Life Insurance
1
June
50c
—
May
25c
Libbey-Owens-Ford Glass
Lincoln Printing Co., preferred (quar.)
Per
I Holders
When
Payable of Record
$1X
pref. (quar.)
(quar.)
April 26, 1941
Financial Chronicle
;
The Commercial & Financial Chronicle
Volume 152
Per
Name of Company
Share
Stecher-Tra un: Lithograph Corp. 5% pref. (qu.)
chavTraune
>% preferred (quar.)
>% preferred (quar.)..
Steel Co. of Canada, Ltd.
(quar.)..
„
—I_
Stewart-Warner Corp
Stouffer
„
„
_
Corporation, A (quar.)
...
ClassB
Strawbridge & Clothier prior pref. (quar.)
Sturgeon River Gold Mines, Ltd. (Irreg.)
Sun Ray Drug Co
6% preferred
Superior Portland Cement class B
—_
■
Tacony-Palmyra Bridge pref. (quar.)
m
Tampa Electric Co.Preferred (quar.)
Tampax Incorporated
Telautograph Corp. (interim)
Texas Gulf Producing Co
Texas Pacific Coal & Oil
(quar.)__
Texas Power & light, 7% pref. (quar.)
$6 preferred (quar.)
Thatcher Mfg. conv. preferred (quar.)
Toburn Gold Mines, Ltd (quar.)
_
_
—
—_
Extra
11II.
_
Toledo Edison, 7% pref. (monltWy)_IIIIIIIIII
6% preferred (monthly)
m
Sept. 30 Sept. 15
Dec. 31 Dec. 15
1 Apr.
7
1 Apr.
7
1
May 15 May
1 Apr. 24
May
June 30 May 31
1
May
1 Apr. 23
May
2 May 15
June
$1H
4c
Apr. 30 Apr. 15
20c
May 1 Apr. 15
1 Apr. 15
27 He May
1 Apr. 23
50c May
1 Mar. 17
May
May 15 Apr. 25
$1H May 15 Apr. 25
10c
Apr. 30 Apr. 10
5c
May 1 Apr. 15
10c June 14 May 16
10c
June
2 May 10
1 Apr. 15
*1X May
1 Apr. 15
*1H May
90c
May 15 Apr. 30
13c
22 Apr. 22
May
J2c May 22 Apr. 22
1 Apr. 15
58 l-3c May
50c
1 Apr. 15
May
1 Apr. 15
412-3c May
1 Apr. 21
15c May
25c
May 15 May
1
1 May 24
$1H June
1 Apr. 21
5c
May
1 Apr. 21
5c
May
$1
1 Apr. 19
May
20c May
1 Apr. 19
10c May
1 Apr. 15
UH May 15 Apr. 30
25c May 10 Apr. 10
J37c May 15 Apr. 30
15c May
1 Apr. 15
10c May
Apr. 15
58 l~3c May
Apr. 15
58 l-3c June
May 15
June 16
58 l-3c July
53c May
Apr. 15
June
53c
May 15
June 16
53c
July
50c
May
Apr. 15
50c
June
May 15
June 16'
50c
July
May
May
7 % preferred (quar.)
Stein (A.) & Co. (quar.)—
Sterling, inc., preferred (quar.)
5% preferred (monthly)
Trade Bank & Trust (N. Y.) (quar.)....
Trane Co
Preferred (quar.)
Trans-Lux Corp
Triumph Explosives, Inc. (quar.)
..IllII
..
Tublze Chatillon Corp. class A__
Tung-SolLamp Works, 80c. pref. (quar.)
TJdvlite Corporation
Union Elec. of Missouri $5 preferred (quar.)
Union Oil of California (quar.)
United Corp., Ltd., $1H class A (quar.)
United Drill & Tool Corp. class A (quar.)
Class B (initial)
United Light & Railways 7% pref. (monthly)
7% preferred
v
preferred (montniy)„
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
....
6% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufactures, Inc.,
voting trust certificates
o.oo%
com.
25c
United New Jersey RR. & Canal (quar.)
United Profit Sharing preferred (s.-a.)
$2 H
50c
United States Hoffman Machinery Corp.—
conv. preferred (quar.)
U. S. Industrial Alcohol (resumed)
...
Extra.....
25c
50c
50c
50c
50c
Quarterly
United States Rubber Co
United States Sugar Corp. pref. (quar.)
United Wall Paper Factories prior pref.
(qu.)
Universal Leaf Tobacco Co., Inc.
Upper Michigan Power & light Co. 6% pf. (qu.)
6% pref. (quar.)
6% pref. (quar.):
Utica Knitting Co. 5% prior pref.
a
(quar.).
Vanadium Corp. of America (quarj——_I
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
Virginian Ry. preferred (quar.)
Preferred (quar.)..
Waite Amulet Mines (interim)
_
,
....
"Walker & Co. class A..
Walker (H.) Gooderham & Worts (quar.).
Preferred (quar.)
Walton (Chas.) & Co. 8% preferred (quar.)
S1s1
118
M
25c
$1H
*1H
%llA
37Hc
27 He
10c
myii
25c
...
,
Washington Gas Light Co
$2
27 He
$4.50 conv. preferred (quar.)
Wash. Ry. & Elec. Co. 5% Pref. (s.-a.)
$1H
5% preferred (quar.)
Wendigo Gold Mines, Ltd
West Michigan Steel Foundry Co.—
7% prior preferred (quar.)..
$1.75conv. preferred (quar.)
West Penn Electric 7% pref. (quar.)
6% preferred (quar.)
West Point Mfg. Co
West Virginia Pulp & Paper Co. 6% pref. (qu.).
Western Cartridge 6% pref. (quar.)
Westinghouse Air Brake Co
Westminster Paper Co., Ltd. (s.-a.)
Westmoreland Water Co. $6 preferred
Weston (Geo.), Ltd. pref. (quar.) ......
*1?
22 H
L
Whiting Corp. 6H% preferred
Will & Baumer Candle Co., Inc....
Wilson & Co. $6 preferred
Wilson-Jones Co. (interim)..
Winchester Paper (s.-a.)_
Winsted Hosiery Co. (quar.)-...
t3c
...
...
Quarterly...
Quarterly
:::::::::::::::::::::::::::::
1 Apr. 15
1 Apr. 15
1 Apr. 15
June 20 May 31*
Sept. 20 Aug. 30*
June
1
May
July
1 Apr. 17
1 June 28
1 Sept. 28
May 23
Oct.
1-2-42 Dec. 29
July
1 June 21
May
5
Apr. 28
June 10 May 31
Dec.
10 Dec.
1
J
June 16
May 15
June 16
Apr.
July
May
May
May
June 16 May
May
1 Apr.
May
1 Apr.
May 10 Apr.
June
2 May
June
2 May
May
2 Apr.
May
Wisconsin Electric Power Co. 6% pref. (quar.).
Wisconsin Public Service. 5% preferred.
WJR, the Goodwill Station (quar.)
Wood, Alexander & James. 1st pref
—
Woodall Industries Inc
Wool worth (F. W.) Co. (quar.)..
June
May
May
May
May
May
Secured
by
U.
S.
Govt,
9,540,564,000 9,660,939,000 8,281,557,000
obligations
direct and guaranteed..
960,000
155,000
265,000
139,000
65,000
509,000
1,115,000
1,738,000
404,000
1,738,000
2,030,000
389,312,000
234,163,000
389,312,000
234,163,000
400,969,000
338,532,000
623,475,000
623,475,000
739,501,000
626,328,000
17,000
2,280,000
203,664.000
9,726,000
13,014,000
625,617,000
17,000
2,238,000
291,717,000
9,699,000
12,718,000
742,105,000
17,000
1,810,000
151,152,000
9,840,000
17,037,000
Other bills discounted—........
Total bills discounted.
Industrial advances....
Notes
Total U. S. Government securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks—
Uncollected items
Bank premises...Other assets
——
-
„
Total assets.
10395,593,000 10502,945,000 9,203,518,000
Liabilities—
F. R. notes in actual circulation
1,639,722,000 1,640,338,000 1,278,131,000
6,787,475,000 7,172,852,000 7,073,238,000
150,837,000
211,194,000
489,210,000
131,853,000
764,586,000
728,890,000
309,630,000
413,132,000
367,965,000
Deposits—Member bank
reserve acc't..
U. S. Treasurer—General account...
Foreign
........
Other deposits
Total deposits..
8,444,403,000 8,480,901,000 7,665,558,000
136,492,000
181,842,000
252,273,000
1,214,000
1,119,000
1,285,000
Deferred availability items
Other liabilities, lncl accrued dividends.
Total liabilities
10267,252,000 10374,631,000 9,081,395,000
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
51,592,000
56,447,000
Cooperative Mercantile Institution (qu.).
Quarterly
Quarterly
....
...
94.5%
92.6%
1,426,000
852,000
t "Other cash" does not lnolude Federal reserve notes or a bank's own Federa
Reserve bank notes.
x
These
over
are
certificates given by the United States Treasury for
the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
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.
Weekly Return of the New York City
Clearing House
20
1
23
23
15
15
30
The
weekly statement issued
Clearing House
STATEMENT
on
MEMBERS
OF
1 Apr.
2 May
15 Apr.
15 Apr.
1 Apr.
15 Apr.
20 Apr.
by
New York City
the
Friday afternoon is given in full below:
OF THE NEW YORK CLEARING HOUSE
CLOSE OF BUSINESS THURSDAY,
ASSOCIATION AT
APRIL 24,
1941
15
15
21
*
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
*
Average
Average
Surplus and
Capital
Members
15
15
$
$
Corn Exch Bank Tr Co.
First National Bank....
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 26
May
1 Apr. 28
May
1 Apr. 21
May 15 May
4
May
1 Apr. 15
May
1 Apr. 24
May
1 Apr. 15
May
1 Apr J 15
May
1 Apr. 15
May
1 Apr. 15
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Irving Trust Co.—...
10,000,000
50,000,000
Continental Bk 4s Tr Co.
Chase National Bank...
4,000,000
100.270.000
1 Oct.
1 Oct.
15
1 Oct.
15
15
Apr. 30 Apr. 15
May
1 Apr. 15
Apr. 30 Apr. 21
May
1 Apr. 15
Apr. 30 Apr. 15
June
2 Apr. 21
July
Aug.
Sept.
Zion's
94.6%
1,411,000
vances.
1 Apr. 15
May
May
...
13,232,000
Total liabilities and capital accounts. 10395,593,000 10502,946,000 9,203,518,000
June 10 May 27
125c
June
-
51,068,000
53,326,000
7,109,000
10,620,000
51,591,000
56,447,000
7,070,000
13,206,000
7,070,000
...
*1$
50c
%IH
Monthly
Monthly
Monthly
Monthly
Monthly,
Wurlitzer (Rudolph)
teller's. Ltd. (initial quar.)
Preferred (quar.)
i
574,000
anteed:
Bonds
t$2tf
90c
Wrigley (Wm.) Jr. Co. (extra)
1 Apr. 19
2 May 20
1 June 20
1 July 19
2 Aug. 20
Oct.
1 Sept. 20
May 31 May 21
May
1 Apr. 15
May
1 Apr. 15
Apr. 30 Apr. 23
June 15 June
Sept. 15 Sept.
Dec. 15 Dec.
5
6.000,000
Bank of New York
Bank of Manhattan Co.
20.000,000
National City Bank.—
77,500,000
20,000,000
90,000,000
Chem Bank & Trust Co.
Guaranty Trust Co....
Manufacturers Trust Co
41,748,000
21,000,000
15,000,000
Cnt Hanover Bk&Tr Co
500,000
Fifth Avenue Bank
25,000,000
6.000.000
Bankers Trust Co
Title Guar 4s Trust Co..
5,000,000
12,500,000
7,000,000
7,000,000
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk 4 Tr Co
Public Nat Bk & Tr Co.
*
As per
234,121,000
596,386,000
a2,690,452,000
834,866,000
62,355,782,000
777,963,000
«1,175,717,000
339,168,000
800,616,000
764,491,000
71,691,000
dZ,304,623,000
59,340,000
el,216,665,000
16,693,000
143,380,000
473,698,000
139,431,000
98,981,000
957,498,400 16,094.064,000
518.518.000
Totals—..
14,195,100
26,989,700
80,993,400
58.009,600
187,236,100
40,986,600
75,370,100
20,258,800
108,726,400
53,792,700
4,511,100
139,538,700
4,279,600
83,878,300
1,073,300
10,061,400
28,039,600
8,843,900
10,714,100
17,525,000
39,081,000
167,954,000
6,760,000
77,086,000
105,495,000
76,354,000
28,173,000
716,000
4,470,000
1,323,000
49,257,000
3,888,000
67,491,000
2.330,000
3,036,000
50,380,000
2,045,000
63,731,000
757.068,000
official reports: National, March 31, 1941; State, March 31, 1941; trust
companies, March 31, 1941.
Includes deposits
in foreign branches, as follows: a $285,239,000 (latest available
date); 6 $61,448,000 (latest available date); c $3,088,000
(latest available date); e $21,330,000 (March 31).
Stock and
Below
are
the
Bond
daily closing
(April 24); d $82,399,000
Averages
averages
of representative
stocks and bonds listed on the New York
as
Stock Exchange
compiled by Dow, Jones & Co.:
Bond*
Stock*
10
10
To H
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
roads
ties
Stocks
trials
Rails
Ralls
ties
Bonds
5
5
*
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payaaie iu Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividends will be made.
—
......
1
Nov
deduction of
—
Total reserves...—.
Bills discounted:
19
19
Nov.
.........
$
$
Gold certificates on hand and due from
$
United States Treasury.*
9,454,111,000 9,480,450,000 8,167,190,006
Redemption fund—F. R. notes—.
1,559,000
780,000
780,000
Other Cash t——
85,673,000
79,709,000
112,808,000
18
18
15
25
30
June 13 May 15
May
1 Apr. 15
May
1 Apr. 18
im
Extra
.....
Apr.22,1941 Apr. 16, 1941 Apr. 24, 1940*
Assets—
Sept. 10 Aug. 30
May
Aug.
Nov.
...
previous week and the corresponding
Dec. 20 Nov. 29*
Apr. 30 Apr. 16
luly 15 July
2
Quarterly,
Quarterly.
Zenith Radio Corp
in comparison with the
date last year:
Clearing House
17 He
43Hc
35c
tlH
Extra.-..;
Extra.
Bank
following shows the condition of the Federal Reserve
of New York at the close of business April 23, 1941T
Other capital accounts......
May
May
....
Weston Electrical Instrument
New York
The
May
25c
Quarterly
Westvaco Chlorine Products (quar.)....
$4.50 preferred (quar.)
Wheeling & Lake Erie, 5H% pref. (quar.)
Prior lien (quar.)
2
16 June
July 10 June 20
Apr. 30 Mar. 31
June
68 He
...
United States Pipe & Foundry Co. (quar.).....
,
Condition of the Federal Reserve Bank of
Holders
When
Payable of Record
June 30 June 14
2655
108.80
91.24
116.58
28.32
18.11
39.98
106.35
95.46
54.36
Apr. 24.
117.35
28.66
18.21
40.28
106.35
95.04
54.58
108.98
91.03
Apr. 23.
116.59
28.36
18.17
40.00
106.28
95.63
54.05
108.79
91.91
Apr. 22.
115.78
27.89
18.07
39.65
100.33
05.40
52.79
108.63
90.79
Apr. 21.
116.06
27.77
18.10
39.68
106.19
95.19
52.14
108.55
00.52
Apr. 19.
116.15
27.72
18.17
39.70
100.21
95.16
52.24
108.65
90.57
Apr. 25.
April 26, 1941
Financial Chronicle
The Commercial &
2656
Banks of the Federal Reserve
Weekly Return of the Member
System
issued by the Board of Governors of the Federal Reserve System, giving the principal
banks in 101 leading cities from which weekly returns are obtained.
These figures are alwavs a week behind those for the Reserve banks themselves.
The comments oj the Board, of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions,
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week ater.
Following is the weekly statement
items of
resources
and liabilities of the reporting member
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF
IN 101 LEADING
(In Millions of Dollars)
Minne¬
Phila¬
Federal Reserve Districts—
$
ASSETS
Loans and
Loans—total
$
$
703
3,954
848
744
591
724
440
2,088
1,212
390
220
318
2,401
1,041
308
376
354
843
697
3,608
768
404
199
217
148
213
384
117
2,230
263
226
361
2
14
11
5
22
12
3
106
37
15
76
47
3.50
49
5
2
4
11
19
7
3
3
12
42
24
25
342
15
485
■'ft 20
11
6
211
28
12
16
67
449
14
10
48
36
32
50
180
12
191
60
81
132
1,229
""161
227
""84
117
"""l49
71
8
1
5
352
58
8
153
62
48
255
37
19
184
116
104
purchasing or carrying
Real estate loans..
39
4
144
498
878
42
345
Treasury bills
"73
59
186
27
31
47
"80
34
50
110
774
347
671
228
105
1,217
82
139
55
300
187
1,674
53
36
54
348
116
62
70
131
274
45
1,607
274
117
136
618
3,798
——
648
6,536
282
172
1,438
159
804
106
214
589
205
64
26
15
12
25
17
23
49
7
102
13
148
607
196
108
334
322
359
31
274
11,668
Federal Reserve Bank-
501
Cash in vault
'
387
268
89
40
51
74
23
15
21
484
3,132
555
318
556
1,303
1,686
605
597
1,190
207
192
1,007
193
114
138
748
146
1,103
261
36
131
14
2
27
67
34
29
11
13
1,419
173
465
299
379
386
420
2
9
;;v;l
268
209
1,202
68
434
82
23,577
5,450
1,437
11,714
232
1,109
413
12
37
:
LIABILITIES
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
9,378
402
653
22
1
Domestio banks—
385
533
476
4,041
595
1
Foreign banks..
;
tT--- 1
23
"""289
"""16
"""26
39
~"l3
"""22
"'7
763
390
102
96
""321
108
1,635
217
61
249
417
3,847
—
....
17
1
....
3
Borrowings
Capital accounts
515
296
199
—
81
32
62
382
3,548
domestic banks—....
Other liabilities
1
2,755
S. Govt
39
7,682
United States bonds—....
Demand
1
1,407
3,439
2,179
Treasury notes
Other assets—net.—.
"""28
,
383
*
1
1
1
1
30
1,789
Loans to banks
Other loans
Balances with
$
$
$
1,275
5,530
securities..
Obligations guar, by U.
Other securities
Francisco
Dallas
9,871
—
Commercial, Indus, and agrlcul. loans
Reserve with
City
12,080
$
1,315
San
Kansas
apolis
St. Louis
Chicago
Atlanta
Cleveland Richmond
delphia
504
Open market paper
Loans to brokers and dealers In secure.
Other loans for
■?:'
27,163
Investments—total
New York
Boston
Total
16. 1941
CITIES BY DISTRICTS ON APRIL
Weekly Return of the Board of Governors
38
90
of the Federal Reserve System
Federal Reserve System on Thursday afternoon, April 24,
banks at the close of business on Wednesday. Th« erst table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
issued by the Board of Governors of the
The following was
showing the condition of the 12 Reserve
LIABILITIES OF THE FEDERAL
COMBINED RESOURCES AND
April 23,
1941
Mar.
Mar. 26,
1941
1941
327,660
389,625
20,441,853
20,360.279
20,308,300
16,777,242
808
941
1,653
2,092
443
363
411
591
625
1,929
1,171
1,352
2,244
2,717
2,372
7,894
7,881
7,715
7,840
9,918
10,570
341,056
10,914
332,163
20.437,286
20,435,647
20,453,905
20.446,358
736
4,587
612
882
482
379
429
416
600
2,217
1,218
4,966
1,041
1,298
7,957
$
16,378,477
9,244
337,781
10,488
1,617
$
19,961,281
323,880
20,461,225
1940
8
10,244
319,789
10,488
20,504,434
Total reserves
April 24,
26,
1941
20,030,246
315,517
10,507
325,987
Feb.
5,
1941
$
$
20,103,281
20,111.281
Afar.
1941
20,102,279
20,124,731
10,507
Redemptlon fund (Federal Reserve notes)
Other cash ♦
19,
20.101,279
20.159,729
334,198
Gold otfs. on hand and due from U. S. Treaa.x.
BUSINESS APRIL 23, 1941
Mar. 12.
1941
S
$
S
8
%
ASSETS
Apr. 2,
Apr. 9,
1941
Apr. 16,
1941.
Three Ciphers (000) Omitted
RESERVE BANKS AT THE CLOSE OF
20,103,279
10,914
9,140
Bills discounted:
U. S. Government obligations,
Secured by
direct and guaranteed—
——
Other b lis discounted....
f
—
Total bills discounted..................
7,491
7,470
7,396
7,820
1,363,800
1,363,800
1,363,800
1,334,800
1,334,800
1,284,600
1,284,600
820,300
820,300
849,300
849,300
899,500
899,500
1,129,225
820,300
1,284,600
899,500
1,337,495
1,363,800
820,300
2,184,100
2,192,788
2,184,100
2.196.462
2,184,100
2,192,961
2,184,100
2,193,355
2,184,100
2,193,165
2,184,100
2.193,333
2,184,100
2,194,059
2,184,100
2.194,657
2,466,720
2,184,100
2,193,808
47
47
47
47
47
21,513
984,149
39,926
46,203
21,874
861,916
39,896
67,606
21,563
20,672
859,348
39,952
53,200
Industrial advances
U. S. Govt, securities, direct and
Bonds
guaranteed:
...
........—
Notes
Total U.
8.
direct and
Govt, securities,
guaranteed———........—,,—,
Total bills and securities..
—
—...
47
47
47
47
23,183
849,341
23,898
20,594
21,956
20,089
1,104,388
744,711
813.701
39,977
47,535
39,966
39,828
46,775
39,963
48,326
772,538
39,902
47,285
46,791
Due from foreign banks
Federal Reserve notes of other banks....
Uncollected
Bank
items
.......
premises.........
Other
.......
assets........
Total
—
...
assets..........
notes In
actual circulation..
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Foreign
Other
deposits—..
Total
dividends
59,145
20,017,899
23,551,425
23,526,627
23,731,361
23,616,525
23,558.730
23.476,182
6,217,967
13,505,723
946,798
1,272,379
535,630
6,206,272
13,979,130
6,159,227
13,505,824
1,044,871
6,079,444
13,632,769
1,148,403
1,168,152
555,458
619,609
585,202
619,386
396,295
474,776
6,039,650
14,136,067
390,686
1,121,057
651,245
5,976.775
14,174,724
367,887
1,132,043
520,127
6.063,061
13,740.639
912,814
1,174,707
546,721
6,047.336
14,210,842
1,243,299
6,196,923
13,655,535
812,666
1,265,753
16,294.040
14,125,705
831,037
616,461
3,561
4,566
533,715
906,276
421,423
1,163,143
...
....
376,402
16,208,730
16,254,556
16,326,806
705,775
762,787
4,116
4,752
3,775
745,190
4,087
16,374,881
918,773
3,688
16.380,610
811,340
6,364
23,155.527
23,360,403
23.245,650
23,187,961
23.105,413
19,665,235
139,671
157,065
26,785
139,629
157,065
139,580
157,065
26,785
151,720
47,354
26,785
47,290
23,497,735
23,116,180
23,180,345
140,057
140,010
139,875
139,809
139,795
157,065
157,065
26,785
47,492
26,785
47,484
157,065
26,785
157,065
26,785
47,421
47,455
139,717
157,065
26,785
47,391
23,526,627
23.731,361
23,616,525
23,558,730
91.3%
91.1%
91.1%
7,315
7,288
6,561
1,796
47,590
469,974
16,276.271
1,011,076
157,065
26,785
.............
4,918,503
12,883,034
16,299,055
845,896
3,360
CAPITAL ACCOUNTS
Surplus (Section 13-b)
Other capital accounts
41,621
23,487,389
23,286,828
Total liabilities.
Capital paid in
Surplus (Section 7)—
47
22.113
638,721
23,869,087
16,260,530
803,760
4,571
deposits
Deferred availability items
Other liabilities, inol. accrued
888,648
39,896
54,238
2,479,010
23,658,325
.........
LIABILITIES
Federal Reserve
'
136,125
26,839
47,333
37,980
23,476,182
20,017,899
91.1%
1.2%
88.1%
5,893
5,066
8,725
23,658,325
23,869,087
23,487,389
23,551,425
91.2%
91.0%
91.2%
91.2%
8,461
8,508
8,463
7,260
832
4,700
984
846
980
1,766
Total liabilities and capital accounts
79
58
46
69
108
83
37
30
82
67
71
56
71
71
112
196
53
49
72
99
97
105
116
135
255
121
2,717
2,372
1,355
1,447
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
.
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted....
16-30 days bills discounted.....
31-60 days bills
.........
:
discounted
151
Total bills discounted
...
61-90 days Industrial advances
Total Industrial advances...
76
102
707
83
51
185
1,198
103
161
...
.........
4,966
1,041
1,298
1,171
1,352
961
860
1,186
1,198
1,311
1,054
1.417
295
273
184
464
148
173
200
337
161
163
138
286
113
143
396
131
117
155
139
...
1,218
2,244
961
31-60 days Industrial advances
Over 90 days Industrial advances
61
89
2,211
-V
2,217
........
1-15 days Industrial advances
16-30 days Industrial advances
151
•
58
188
61-90 days bills discounted
Over 90 days bills discounted
;
779
'
125
79
114
629
6,100
5,727
5,827
7,472
7.881
7,715
7.840
9,918
,
137
149
139
168
123
111
6,093
6,056
6,080
6,058
6,220
6,125
7,491
7.470
7,396
7,820
7,957
7,894
84
Volume
The Commercial & Financial Chronicle
152
Three Ciphers (000) Omitted
Apr. 23,
Apr. 16,
April 9,
1941
1941
1941
April 2,
1941
Mar. 26,
1941
S
$
$
*
$
Mar.
2657
Mar.
19,
Afar.
12.
Feb.
5,
26,
Apr. 24,
1941
1941
1941
1940
1
$
S
*
$
74,800
Maturity Distribution of BiUs and Short-Term
1941
74,800
Securities (Concluded\
U. S. Govt, securities, direct and
guaranteed:
1-15 days
16-30 days
74.800
31-60 days
61-90 day8
Over 90 days
58",300
58",300
2,184,100
2,184", 100
2,184" 100
2,184,100
2,125,800
2,125,800
2,109,300
2,109",300
2,109~3O6
2,466" 720
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,466,720
6,538,248
320,281
6,513,752
6,486,643
6,444,451
289,720
285,224
6,387,733
308,289
6,369,331
307,480
306,270
6,347,243
299,907
6,327,123
287,473
6,259,262
282,487
5,245,738
327,235
6,217,967
6,206,272
6,196,923
6,159,227
6,079,444
6,063,061
6,047,336
6,039,650
5,976,775
4,918,503
6,659,000
1,742
6,636,000
6,581,000
6,534,000
6,504,000
By eligible paper
6,497,000
6,455,500
4,775
884
1,138
1,013
1,206
6,432,500
2,085
6,386,500
2,549
5,375,500
991
Total collateral
6,660,742
6,636,991
6,585,775
6,534,884
6,505,138
6,498,013
6,456,706
6.434.585
6,389,049
5,376,219
Total U. S. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Aoent as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. S.
Treasury
•
719
"Other cash" does not Include Federal Reserve notes.
These
*
are
cents on Jan.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar
devalued from 100 cents
was
to
59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the
Treasury under
pro¬
visions of the Gold Reserve Act of 1934.
"*
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APRIL 23, 1941
Three Ciphers (000) Omitted
Phila¬
Federal Reserve Agent at—
certificates
on
hand
and
Boston
New York
delphia
$
ASSETS
Gold
Minne¬
Total
$
$
$
Cleveland Richmond
$
Chicago
$
$
$
Kansas
apolis
St. Louis
City
$
$
20,159,729 1,205,947 9,454,111 1,187,664 1,439,122
Redemption fund—Fed. Res. notes..
672
780
10,507
1,000
1,226
Other cash »
334,198
25,245
85,673
26,961
23,203
...
652,270
431,090 3,022,094
Francisco
$
$
$
671,550
298,473
453,546
1,067
1,382
473
195
215
24,297
41,783
18,133
5,946
15,736
310,744 1,243,512
887
1,051
15,151
34,349
456,454 3,065,259
479,762
304,614
469,497
326,782 1,278,912
35
174
32
10
32
161
69
206
193
79
350
71
276
224
66,277
54,979
114,043
39,863
33,068
68,596
1,559
17,721
20,504,434 1,231,864 9,540,564 1,215,851 1,463,325
461,156
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
1,617
Other bills discounted
60
960
Total bills discounted
38
150
155
600
34
41
85
47
26
10
98
2,217
60
1,115
72
191
85
57
124
7,491
801
1,738
2,342
262
847
241
339
1,363,800
98,544
389,312
108,110
136,462
75,859
59,247
156,506
63,283
820,300
59,273
234,163
65,027
82,079
45,627
35,637
94,136
38,062
41,178
24,769
Industrial advances
U. 8. Govt, securities, direct & guar.:
Bonds
...
Notes
Total U.S. Govt, securities,
direct and guaranteed
35
2,184,100
157,817
623,475
173,137
218,541
121,486
94,884
250,642
101,345
65,947
106,140
88,047
182,639
2,193,808
Total bills aad securities.
158,678
626,328
175,551
218,994
122,418
95,182
251,105
101,380
66,503
106,404
88.402
182,863
Due from foreign banks
Fed. Res. notes of other banks
47
3
18
5
4
2
2
6
1
23,183
849,341
Uncollected Items
720
2,280
1,116
1,389
4,829
2,915
2,298
84,801
203,664
62,089
101,156
68,056
110,305
2,136
45,267
3,023
2,309
1,360
2,995
5,140
2,034
1,455
2,192
393,569
618,134
Bank
premises.
39,977
2,819
9,726
4,617
4,537
2,586
33,289
1,979
Other
assets
47,535
3,237
13,013
4,032
5,168
2,914
2,010
23,658,325 1,482,122 10395593 1,463,261 1,794,573
872,355
591,831 3,437,136
See
.......
1
1
667
1,490
698
2,645
18,970
632,889
Total assets
San
Dallas
due
from United States Treasury
Total reserves..
Atlanta
35,555
39,254
1,204
46,935
2,822
2,009
4,331
a
4
458,350 1,518,512
LIABILITIES
F. R. notes In actual circulation
6,217,967
507,345 1,639,722
430,861
574,686
295,119
204,459 1,342,925
234,763
164,519
214,766
99,502
509,300
13,505,723
762,083 6,787,475
40,700
489,210
57,486
754,586
781,445
947,830
423,103
278,875 1,755,019
279,832
145,653
294,448
240,995
808,965
Deposits:
Member bank reserve account
U. S. Treasurer—General account.
946,798
Foreign
1,272,379
Other deposits
535,630
Total deposits
16,260.530
7,740
53,490
61,168
28,568
28,500
72,480
29,923
77,919
73,902
34,541
28,115
96,394
24,099
33,385
17,672
28,789
23,295
39,170
23,295
24,231
7,558
7,893
6,376
12,508
8,422
6,484
8,395
3,866
937,085 1,090,458
494,105
341,866 1,936,401
413,132
868,009 8,444,403
41,415
61,075
,
29,025
342,276
203,194
354,927
307,326
940,480
803,760
80,666
181,842
60,433
94,620
66,826
31,804
109,787
43,979
Vl6,024
37,058
39,931
40,790
4,571
478
1,285
383
457
375
129
567
151
157
144
174
271
23,286,828 1,456,498 10267252 1,428,762 1,760,221
856,425
578,258 3,389,680
621,169
383,894
606,895
4,508
Deferred availability Items
Other liabilities, incl. accrued dlvs...
Total liabilities
446,933 1,490,841
CAPITAL ACCOUNTS
Capital paid In
Surplus (8ectlon 7)
Surplus (Section 13-b)
Other capital accounts
140,057
9,352
51,592
11,901
14,478
5,428
4,798
14,731
4,277
157,065
10,906
2,874
56,447
15,144
14,323
5,247
5,725
7,070
4,393
1,007
713
47,590
2,492
13,232
3,061
4,544
3,244
2,011
22,824
1,429
4,925
26,785
2,337
8,472
1,985
3,006
3,152
1,000
2,517
872,355
591,831 3,437,136
632,889
393,569
618,134
889
6
275
43
35
Total liabilities and capital acc'ts.. 23,658,325 1,482,122 10395593 1,463,261 1,794,573
Commitments to make Indus advs..
174
8,461
300
1,411
1,654
*
"Other cash" does not include Federal Reserve notes,
a
4,269
3,974
3,613
1,138
11,717
10,785
1,263
2,121
1,911
1,980
3,048
458,350 1,518,512
21
3,653
Less than $500.
FEDERAL RESERVE
Three
533
Ciphers (000) Omitted
NOTE
STATEMENT
phUa-
Federal Reserve Bank of—
Total
Boston
New York
lelphla
'lichmond
Atlanta
Chicago
ft
s
Mlnneap. Kan. City
St. Louis
s
Cleveland
%
Dallas
San Fran.
'
Federal Reserve notes:
$
In actual
$
?
.
%
$
$
%
451,183
598,297
249,892
169,487
223,430
109,166
570,106
20,322
23,611
314,617
19,498
226.809 1,374,772
84,299
31,847
15,129
4,968
8,664
9,664
60,806
507,345 1,639,722
430,861
574,686
295,119
204,459 1,342,925
234,763
164,519
214,766
99,502
509,300
6,659,000
550,000 1,740,000
460,000
599,000
325,000
230,000 1,400,000
259,000
171,000
225,000
116,000
584,000
35
206
189
259,035
171,206
225,189
116,000
584,000
6,538,248
320,281
circulation
held
$
6,217,967
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral
$
526,468 1,724,021
19,123
22,350
by agent as security
for notes Issued to banks:
Gold certificates
on
hand and due
from United States Treasury
FJiglble paper
60
1,742
Total collateral
6,660,742
United States Treasury
Rates quoted are
1,095
72
550,060 1,741,095
460,072
85
325,085
599,000
Bills—Friday, April 25
230,000 1,400,000
Quotations for U. S. Treasury Notes—Thurs., April 25
for discount at purchase.
7—
Int
Int.
Bid
Asked
Natl Defense Merles
Bid
Treasury Bills
June 11 1941
April 30 1941
0.06%
7 1941
0.07%
June
0.07%
June 25 1941
0.07%
0.07%
July
July
9 1941
0.13%
July
16 1941
May
May
14 1941......
May 21 1941
May 28 1941.
4 1941
June
18 1941
2 1941
July 25 1941
July 23 1941
Asked
Rate
Bid
Asked
15 1943...
IH%
102 4
102 6
102.7
Mar. 15 1944...
103.13
June
1%
H%
100 27
100 29
103.4
103 6
Sept. 15 1944.
101 22
101.24
100.26
100.28
Mar. 15 1945—.
1%
H%
100 25
100.27
101 27
101.29
Nat. Defense Nts
101.22
101.24
tSept. 15.1944
H%
99.31
J Dec. 15, 1945
Maturity
H%
99.26
Asked
Bid
101 22
101.24
102.5
Sept. 15 1942...
\M%
\%%
2%
103 11
15 1942...
1»*%
$Mar. 15 1943—
%%
15 1943...
IH%
1%
Dec.
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
15 1941...
Mar. 15 1942...
Dec.
June
Sept. 15 1943...
Rate
Maturity
Dec.
15 1944
—
..
101.21
101 23
100.1
99.28
*
United
States
Government
York Stock Exchange—See
Securities
following
page.
on
the
New
Transactions
at
Daily, Weekly and
the
New
Yearly—See
York
page
Stock
2673.
Exchange,
April 26, 1941
2658
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
One
Occupying Altogether Sixteen Pages—Page
In the day's range, unless they are the
NOTICE
Cash and deferred delivery sales are disregarded
account is taken of such sales in computing the range for the year.
Securities
United States Government
Below
we
furnish
a
'
7
r.
s
Prices
Daily Record of U. 8, Bond
Treasury
t
mmmm
120.12
—
120.12
'
'
mmmm
e
....
....
m
2 Ms,
mrnm
■
Total sates tn $1,000
112.2
mmmm
mmmm
mmm
mmmm
m
*13
[Close
Total sales in $1,000 units—
mmmm
*1
mmmm
mmmm
mmmm
mmmm
mmmm
113.18
mmm «■
mmmm
mmmm
mm mm
.
mmmm
5
....
mmmm
101*28
101.27
'mmmm
101.25
101.24
101.28
101.25
mmmm
101.27
101.28
mmmm
*4
mmmm
21
*2
mmmm
mmmm
mmmm
107.2
107.3
107.2
107.3
mm
.'mmmm
108.1
108.4
m
108.4
mmmm
Close
Total sales in $1,000
units—
mmmm
mmmm
mmmm
■mmmm
mmmm
mmmm
105.26
(Close
m mm
11*0.19
mmmm
■mmmm
mmmm
,mmmm
'mmm*
mmmm
mmmm
.
110.19
mmmm
.mmmm
mmmm
mmmm
mmmm
2
mmmm
mmmm
112.12
m
mmm m
112.19
mmmm
112.12
mmmm
112.19
mmmm
112.12
2
mmmm
1
111.1
111.13
110.26
111.5
111.1
110.23
111
Federal Farm Mortgage
110.30
mm
mmmrn'
mmmm
;
3 Ms, 1944-64...
mmmm
'
mmmm
-m
+
19
Total sales in $1,000 units—
mmmm
m
Total sales in $1,000 units—
102.3
102.7
mmmm
High
Low.
102.3
102.7
Close
102.3
102.7
108.16
mmmm
mmmm
108.16
m
mmmm
.mmmm
mmm
'
mmmm
mmmm
mmmm
■mmmm
mmmm
mmmm
mmmm
mmmm
.mmmm
mm
4
'
mmmm
[High
-j Low.
2^8. 1948-51
mmmm
110.1
mmmm
mmmm
110.1
'mmmm
1
mmmm
mmmm
109.17
109.26
mmmm
mmmm
109.17
109.26
-
mmmm
mmmm
mmmm
(.Close
mmmm
mmmm
■
Total sales tn $1,000 units...
+
[Hlgl
mmmm
'
{Low.
(Clost
2Hb. 1951-54
mmmm
m
m
mm
Close
■mmmm
mm mm
109.17
Total sales in $1,000 units
mmmm
Home Owners' Loan
mmmm
■
1
*2
mmmm
■mmmm
110.22
mmmm
110.22
mmmm
mm m m
110.22
mmmm
■mmmm
Low.
Close
'mmmm
110.17
mmmm
2 Ms. 1942-44
■
Close
rnrnmm
110*31
110.30
110.28
110.27
110.31
110.28
110.27
110.31
1
....
110*27
110.30
Low.
Close
Total sales in $1,000 units...
II'UT
3
1
25
....
(High
1
| Low.
)
til 1 9
I Close
Total sales in $1,000 units...
19
»
*2
{Cash sale.
t Deferred delivery sale.
Odd lots sales,
■
Note—'The
'
bonds.
table
above
Transactions in
sale
only
includes
of
coupon
registered bonds were:
«
til li t tilt li t
1
11
II
102.11
mmmm
mmmm'
li t li t til 1t 11 fil
»
1
*
1
•
102.11
3
otal Tsales in $1,000 units
'
110*36
102.11
102.16
I OlOS6
[High
2^8,1945
102.16
102.16
(High
{Low.
—
Total sales in $1,000 units...
•
1
Total sales in $1,000 units
Close
2 hb, 1960-65
*2
Low.
■
mmJrn
1
IMS, 1945-47
Low.
106.22
106.22
High
(High
■
106.23
106.23
*6
(Close
mmmm
110.17
1
106.22
106.23
106.21
Total sales in $1,000 units
mmmm'
110.17
mmmm
,
106.21
106.21
{Low.
3s. series A, 1944-52
'
mm
[High
109.26
mmmm
■
mmmm
mm
mmmm
Total sales in $1,000 units.._
2Mb. 1958-63
Low.
2Mb, 1942-47
■
mm
I
(High
'
(High
■
mm
*1
Total sales in $1,000 units—
'
Total sales in $1,000 units...
2Mb, 1956-69
„
rn
mmmm
mmmm
'
m
mmmm
110.1
■
'
3s, 1942-47
mmmm
108.16
'
Total sales in $1,000 units..,
107
5
'
.mmmm
107
Low.
Close
18
-
5
107
(High
3s, 1944-49
110.30
111.5
110.26
2
2
.
'
111.13
111.1
mmmm
mm m
103.23
(High
{Low.
(Close
110.31
111.13
m
3
Total sales in $1,000 units—
mm m
mm'mm
•
103.23
103.28
Close
■
103.23
103.28
Low.
2s, 1953-65
mmmm
112.19
103.28
High
mmmm
110.16
'
mmmm
*7
m
mmmm
'
3s, 1946-48
105.26
Total sales in $1,000 units—
■
5
25
105.26
{Low.
2s, Dec. 1948-50
■m'mm*
J^rrnmm
mmmm'
mmmm
113.13
mm
102.3
26
Total sales in $1,000 units
(High
113.13
+.mmm
102.3
102.28
(Close
102.3
101.23
{Low.
2s, March 1948-1950
—
113*13
Total sales in $1,000 units.
'■mm
101.28
[High
I
E:
rnmmm
2Kb, 1955-60.
5
Low.
2s. 1947
—
3s, 1951-55
105.12
Low.
M mm
mm
105.12
units...
"
100
mm mm
5
105.12
(High
mmmm'
mmmm
1 Low.
1
Close
■mmmm
m mm
mmmm
3
3tfs. 1946-49
mm
mmmm
mmmm
■m
108.1
+ m,mm
-
108.4
■m m m m
108
1
-
Total sales in $1,000
2
'
'mmmm
2Mb, 1954-56
107.3
m
'
2
7
tmmmm
103.28
1
Close
107.3
mmmm
m
mmmm
107.2
107.3
m~mm
103.28
103.14
(High
107.3
■
103.28
103.14
103.14
Total sales in $1,000 units...
'
5
103.14
103.14
(High
Low.
2Mb, 1951-53
'mmmm
mmmm
'mmmm
108
14
103.14
Total sales in $1,000 units...
mmmm
101*25
107.22
10
Low.
(Close
A
mmmm
108
(High
106.18
mmmm
mmmm
mmmm
2 Ms. 1952-54
106.18
'
108
107.22
units—
10*6*18
....
107.22
107.29
Close
Total sales in $1,000
£
O
2
107.29
107.29
Low.
2Ms, 1950-52
mmmm
mmmm
mmmm
113.18
B
107.16
107.16
1
(High
'
113.18
107.19
107.19
Low.
2MB, 1949-53
mmmm
.
112.3
107.18
107.19
[High
112.3
mmmm
112.3
e
units—
11*2*3*
112"3'
....
Low.
1948
Close
mmmm-
f
1
High
Treasury
120.12
j Low.
4MB, 1947-52
Apr. 22 Apr. 23 Apr. 24 Apr. 25
Daily Record of U. S. Bond Prices Apr. 19 Apr. 21
21 Apr. 22 Apr. 23 Apr. 24 Apr. 25
....
i
^
„
Apr. 19 Apr.
i
Federal Farm Mortgage
York Stock Exchange oo,/„
during the current week.
7
No
the New York Stock Exchange
on
in Treasury, Home Owners' Loan and
daily record of the transactions
Corporation bonds on the New
y-i
only transactions of the day.
1t
1
1
1
No sales.
New York Stock Record
AND
SALE PRICES—PER
HIGH
Thursday
Friday
Range Since Jan.
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Apr. 21
Apr. 22
Apr. 23
Apr. 24
Apr. 25
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
On Basis of 100-Share
Week
$ per share
*4758
4«I8
*3834
*44'8
44'/8
-t5'4
514
443s
Tuesday
47i2 4784
*4778 48U
4784
47*4
4734 4734
*116
118
*115i2 118
*1151? 118
*11512 118
*3834
4478
*3834
*44
443g
44
5U
5'2
447«
44
5i8
514
*3884
*4312
514
4478
44
514
*3834
2078
4412
""*300
2,800
2H4
*19i2
13%
36*4
13*4
36i4
7ie
**8
514
2114
1334
36*4
l2
7412
*19i2
21
*19i2
21
*19i2
13
13
113
13
13
13
36
36
36»4
3584
*7l»
363g
13%
3612
J2
3s
*
4»4
*7n
*714
*6i2
*17i2
74i2
414
7h
7i2
187s
714
*6i4
4
734
17i2
18U
74
7I4
171?.
138«
83s
148U
*11
7i2
*6i4
71?
7
18
181?
183s
I8I4
*8i4
81?
83.4
149
149
*11
MI4
*
74i2
4
7ie
7n
18l2
149
1U4
1312
1?
4
h
18i2
361?
*67
4I4
884
1491.J
1U4
1374
74
4U
*716
884
*11
*67
357g
*7i»
h
h
18i2
148
*7u
1U8
1414
53«
13'8
7l2
*6i2
1834
.183s
834
'1#
7
73
"7",000
*8
784
814
7%
1,900
2,400
I9I4
18*4
1912
19
I884
834
*7i8
19i2
20
1H4
400
1434
5*8
9,100
Allied Mills Co Inc
4,500
Allied Stores Corp
400
*11
1H4
1334
514
*7H2
14
14
1434
*11
1414
55«
534
72
72
5l2
72i2
584
721?
71%
7li2
*69
7212
2634
26
261?
255a
26
26
2684
26
263s
4,700
15
15
151?
15
15
1578
*15
1578
*4
1212
400
4878
"""600
1,000
1,700
3,200
*1434
2634
151?
78
78
78
*1084
13
*107«
1234
*46i4
1434
*445s
47l2
*4684
48
*1434
*78
*1078
48
1
1234
49
14s4
15
151«
15'8
151?
45's
4578
457«
46
6i«
6
6
47i4
578
4534
5i2
*44l2
47l2
534
4#4
6i2
5i2
5i2
*
Bid and asked prices;
512
44l4
*53«
no
78
*1078
*48i2
15%
46
4414
534
*4414
534
5%
7g
*1434
*84
13
49
*11
15%
*15%
49
1
123g
49
»ie
*11
4812
600
Wo par
1134 Feb
No par
100
Wo par
Alpha Portland Cem..Wo par
Amalgam Leather Co Inc
1
514 Apr
1512
1512
1512
46i8
46'8
6
6
44l2
*4414
4584
*5*8
578
600
Am Agrlc Chem
120
578
46
534
6
6
4534
44l2
5*2
57S
{ In receivership,
a
71l2 Apr
5% preferred
255$ Apr
14% Mar
Allls-Chalmers Mfg
conv preferred
»u Apr
10
50
143s Feb
(Del)—W# par
Am Airlines Inc
40
10
10
6% preferred
American-Bosch
Def. delivery.
» New
stock,
Feb 19
4284 Jan
2
683 Apr 23
.1
r Cash sale,
6
1
3
21
24
23
13
25
12
14
28
5% Apr 22
50
Corp
Apr
41% Feb
No «or
American Bank Note
Jan
110
May
43% Feb
61«4 Jan
30
May
49%
z
Ex-Uiv.
y
Highest
per
70%
147
46%
share
Feb
Feb
Apr
347s May
414 May
60
Nov
9
Jan
22«4 Jan
157a Jan
16% June
27%* Apr
12i2 June
19%
42% Jan 17
*8 Jan 14
36% June
58ig Jan
7$ Mar
784 Jan
3j May
5
77
Mar
May
7
Jan
11$
14%
12i2
Jan
4% May
7
24
11%
Jan
Jan
11*4 Mar 17
1434 Apr 24
7*8 Jan
May
15i2 May
6*4 June
253g Jan
165
Jan
May
4
Jan
21% Apr
10U Feb
Amerada Corp
Jan
5*4 June
5
6%
46l2
4614
sales on this day.
5^8
Dec
53
120
10*8 Jan
9% Jan
Allied Chemical A Dye.Wo par zl44%Mar
Allied Kid Co
share $
Feb 14
7
100
Alghny Lud StI Corp..Wo par
Allen Industries Inc
1
500
1,100
2
per
*8 June
I8I4 Apr 21
8
Apr 16
5,200
I
share
®8 Jan
$2.50 prior conv pref.No par
5U
78
war.
per
8s Feb 26
1,500
72i2
514
5M% Pf A with $30
$
60
Apr 22
4
No par
57s Feb 17
16
Feb 15
26i4
558
Allegheny Corp
5M% Pf A without war. 100
73
6i2
Air Reduction Inc
1934
2034
193s
*8
8i2
*8i8
9
14812 14812 *14712 14858
11
Apr
3
22
22
20
21
23
24
100
263s
73
13
10
Address-Multlgr Corp
Apr
5% Apr
1912 Feb
Alabama A Vlcksburg Ry.100
Alaska Juneau Gold Mln__.10
4i8
7
44
No par
3s Apr
*8
8*8
Adams Express..
Apr
3534 Apr
4i8
7
38
preferred
No par
ht
778
Abraham <ft Straus ....No par
Acme Steel Co
25
Mar 21
115
conv
Air Way El Appliance—Wo par
4%
7
100
4M%
300
5,300
7n
7*4
147l2 14734
11
*
$ per share
46
Feb 21
Adams-Mlllis Corp....Wo par
"""700
4%
4
38
4478
5%
13i2
Abbott Laboratories...Wo par
Lowest
Highest
Lowest
Par
10
4412
21
h
700
5%
44
*1912
*ht
48
118
5*4
*1912
44
*13
36
4478
48
118
*3834
Range for Previous
Year 1940
1
Lots
EXCHANGE
Monday
*115i2 118
Wednesday
Sales
for
LOW
Saturday
Apr. 19
8
80
Jan 28
37
Jan
135% June
87S May
10
June
4% May
55
May
Jan
Jan
Dec
28i2 May
1234
182
Apr
Apr
14
Jan
1684
93$
Apr
79
Dec
Jan
21»4 May
417$
8
4
15% Jan 15
11
18
18
Apr
52
38% May
12% May
58i2
Apr
4
17*4 Jan
1% Jan
Apr
4
17*4 Jan 10
47
8%
9% May
2*8
21
jan
Nov
Jan
Jan
2
8
41*4
75
Apr
Jan
6
June
12*4
Apr
Mar
6
35
June
50
Jan
Jan
2
58% Jan
8%
June
1% May
Jan
5% June'
98$ May
Ex-rlghts. K Called for redemption.
.m
New York Stock
Volume 152
LOW AND
SALEHIGH
PRICES—PER
Record—Continued—Page
Sales
NOT PER CENT
SHARE.
for
Saturday
Apr. 19
Monday
Apr. 21
Tuesday
Apr. 22
S per share
S per share
% per share
*3034
33
*1
30%
1*8
83
83
175
175
23
23
♦63
175
175
2314
64
*1812
30% *30%
31
123% *12278 123%
1
1%
1%
83% 83ig
83%
83%
1
*62l2
19%
*18%
175
2334
63%
2314
63l4
115
*107
19
115
*106% 110
*106
108% *106
♦107
♦7i4
*6%
*434
*11%
83
11
7
*7%
185s
107
11
*6%
714
*434
*714
*6%
5
434
3234
3234
3178
3
3
3
3
138
*414
1%
17%
17i2
17
2%
297g
*27
2978
46%
46%
1%
*4512
*1%
*20%
214
11
25%
1%
*30%
6
*157
1034
11%
25%
1%
36%
32%
6%
163
4I8
*16
*117%
2434
1
36%
*3078
6
*157
163
1
64
*175
24
24
6412
187g
106
106
*714
100
*105
109
*105
108l8
100
11
714
"""166
11
*714
17
14
14
14
1334
33
33i2
1,900
Amer Hawaiian 88 Co
3
2,100
American Hide A Leather.__l
21
*20i2
1^8
297g
48
1%
21
163
*157
163
*27
34
34
3378
35
34i4
3434
35%
144l2 114% *143
14712
4334
4334
4U2
4112
19%
*978
10
12
*847g
*84%
*12%
13
156% 156%
607g
68%
67%
68%
149% 149%
4%
4%
4%
4%
*90
6%
52%
91
6%
52%
87
12%
12%
1565s
156
*6612
6734
"""466
lh
1,400
20l2
*3l2
20i2
334
*20l4
21
3%
1,900
100
2214
*25%
11%
50
2278
26
1H2
*109
*9
*1%
12%
*12
12%
*47%
50
*47%
1034
45g
15l2
134
29i2
66i2
1914
*97g
*11%
119
25
25
25
36
36
3534
31
32
31
31%
6
6%
10,500
0t4
*157
"5,300
64
500
7%
600
1978
10
12
*140
149
12
12
15%
15%
86
13%
1,400
15434 155%
66%
6684
6734
68%
13,900
1534
1534
86
86
86
67
~~5~66o
10l8
12
*117g
13 *2
155lg 156U
66I4
6734
6634
*9%
*84%
*1134
500
10%
100
5234
5%
*44
*52
*5
52
23
2 534
1178
225g
2514
117g
*45
*1U4
54
5%
9
5
*44
22%
2314
2534
27
1134
227g
*2614
*8%
11
51
"
*109
9%
53i2
5i8
52
*109
9
*1%
53i2
9
235g
28
....
9
2678
267g
*2634
2714
2634
7
7
7i2
4%
4%
*634
*4i2
28
*45
9034
*45
2634
7l2
2678
*678
5
5
*86
62
5
*434
*86
9084
*7
*86
5ig
*46ig
2312
*2612
1U2' *lll8
134
*27
54
62
5434
5I4
200
1,100
2,700
54%
5%
1,900
Preferred
538
*434
5%
300
Amer Steel Foundries..No par
*80
82
*78i2
6%
82
*79
82
*85
94
*85
94
*85
94
79l2
*85
*28
2912
28
28
27
27
26
27
*27
93
93
93
92l2
90
91
90
90
89
89
245g
247g
2434
25i2
25%
9234
2534
25i2
26i2
26ig
27ig
26
2034
34,000
*65i2
66i2
18
65i2
65i2
18i2
67i4
193g
07i2
68l2
68%
68%
187g
1978
18%
22
22
26
26
2714
2314
2714
23U
27U
2314
19%
20%
27
14,500
22
1734
*20
26
22l2
*107
26
22l2
108
6%
49%
634
49%
*62i2 6434
*111
114l2
634
634
2
*1%
15
15
25g
1234
234
127g
312
33g
558
18
2214
2534
2212
2534
22U
*107
108
634
634
49i2
6212
62i2
11U2 11134
*634
678
49i2
112
112
*1414
2%
1214
3i2
534
*47g
2412
1434
234
1234
3l2
534
5lg
24t2
7%
227g
*107
634
49l2
*6 1
111
*13g
*1414
234
123g
3i2
8i8
8%
8%
534
514
24i4
7ig
*6i2
297g
8I4
20i2
20i2
29
29
20i2
*28i2
205g
29
20%
2812
*22
23
*22
23
*5
*2314
7i2
*65g
4 30
8%
534
514
24
7i2
67g
30
*1033g 105
7%
7
7
30
30
*22
23
108
634
4934
6434
11134
634
158
1434
27g
1212
312
57g
5i2
24l4
714
7
2978
8i2
21
28%
23
*21i2
265g
2234
*107
108
634
*4912
634
50
*00
62l2
No par
9% Feb 19
No par
11% Feb 28
*107
634
49l2
012
*6%
0%
79i2
*78
80
95
29l2
*85
29%
108
67g
4934
20%
*25%
22%
*107
23%
*49%
684
Common class B
„
*30
32
$6 1st preferred
American Woolen.
..No par
No par
Preferred
Andes
No par
20
5
Mining
Copper
Archer Daniels
MldPd.No par
gtdlOO
ArmourACo(Del)pf7%
Armour A Co of Illinois
6
No par
$6 conv prior pref
100
No par
Arnold Constable Corp
5
Artloom Corp
No par
Armstrong Cork Co
100
Goods......1
6% 1st preferred.......100
7% 2d preferred
...100
Associated Dry
3
13%
13%
13%
5,700
3%
3%
3%
5,300
0
614
5%
3%
6%
5%
3%
55g
5
*24i4
7
2434
7%
65s
2978
83g
634
2978
8i2
207g
28i2
*22l2
21%
285g
23
*12
1484
■
2%
_
5%
*47g
2434
25ig
7U
712
7
7
*30
31
25
3
25
3,300
600
110
7%
7%
3,000
734
500
*30
32
*11
15
*10i2
12i2
*107g
13
*lll2
12
90
♦77l2
90
*81
88
81
81
Bid and asked prices; no sales on this day.
Feb 14
54
Jan
3
32
May
41%
9
Feb 24
22%
113%
157g
4%
35%
111%
7%
04%
Jan 29
1% Feb 27
20
Feb 20
109% Mar 24
4% Apr 18
47% Jan 3
00
Jan 20
26% Apr 24
0% Apr 18
4% Feb 19
90
Jan 14
5% Feb 19
79% Mar 8
10
t In receivership,
43%
Apr
8% Jan 13
6% Jan 10
0% May
3% May
11
Apr
96% Jan
4% May
102
July
9
Jan
90
Jan 14
7h Jan
9
84
Jan
Deo
13
May
70
39%
9%
8%
9%
May
May
June
..100
1
conv
pref series A...100
Atlas Corp
5
50
.....
6% preferred...
No par
18
5%
conv
55 prior A
Aviation Corp of
Del (The)..3
0..13
Baltimore A Ohio........100
4% preferred
.100
Bangor A Aroostook—....60
Conv 5% preferred
...100
Barber Asphalt Corp..
10
Baldwin Loco Works v t
2
6% Feb 14
47% Feb 14
62% Apr 21
.—50
5H% preferred..
60
20
Beech-Nut Packing Co
Beldlng-Hemlnway
Belgian Nat Rys part
Bendlx Aviation
No par
pref—
6
Beneficial Indus Loan..No par
Pr pfd 52.50
dlvser'38No par
No par
Best A Co
Bethlehem Steel
BUss A
par
5
Bloomlngdaie Brothers.No par
Blumenthal A Co pref—-.100
New stock,
r
Cash sale,
18% May
102
June
Jan
7
May
43% June
67
Apr
Jan
Apr
27% May
111
Deo
97g Mar
61
Feb
2% May
7% Apr
4
Jan
6% Apr
4
3% May
4% Dec
24% Dec
8% May
8
5
147g
52%
16%
Apr
Apr 23
23% Apr 16
7
Jan
6
2% Jan 11
20% Jan 11
6% Jan
19
Jan
6
29% Mar 20
8
8% Mar 25
Jan 20
7% Feb 19
18% Feb
27% Feb
3
4
5
Jan 14
32% Apr 21
19% Jan 31
55% Apr 15
27
7
4
10% Jan 10
0% Jan
28
118% Jan
Apr 23
Apr 14
121% Feb 20
23% Apr 18
10% Apr 19
0% Apr 18
Laugh!In Ino
2
2
2
Apr 22
72% Jan 9
Jan
Jan
Deo
23%
22%
22%
4% Jan 10
Feb 14
2% Apr 17
12% Apr 21
100
par
24%
110%
7%
49%
June
64%
3% Mar 3
4% Feb 15
4
68% Apr 22
par
20% Apr 3
23% Apr 15
29
Apr 7
100% Mar
25% Jan
12% May
Feb
(Del) .No par
7% preferred
Blgelow-Sanf Carp Inc.No
Black A Decker Mfg C0N0
Blaw-Knox Co
No
4
May
2
Apr 22
1% Apr 15
5
1
Apr
82
Aug
80%
124%
8%
5%
32%
8%
197g
6%
0
..No par
Barker Brothers
Jan
60% Jan 2
13% Feb 14
13% Feb 15
10% Jan 2
*20% Feb 20
107% Apr 7
9
65
9%
Deo
Atlantic Coast Line RR...100
n
08
22% May
Apr 25
5% preferred
d Def. delivery,
Jan
34% Jan 10
89
Feb 17
Apr 9
Feb 19
210
May
58%
Apr
Apr
Apr
Mar
28%
113%
7%
10%
12
35
Feb
Deo
95
Beech Creek RR
90
May
45
Feb
*77%
4
29% June
Feb 17
*11
Jan 27
Jan 20
97% June
49% May
MarlO
12
68
60
May
June
Jan 18
22
85
111% Jan 10
5% Jan 25
23
Jan
104
117S
*77i2
Jan 13
35% Jan 23
90% Mar 12
28
Apr 3
103
100
30
June
1% June
99
25
No par
1,100
8
87
55 preferred w w
300
107
7
Feb 19
Preferred x-warrants .No par
600
4
2% Jan 17
Apr 23
Beatrice Creamery...
600
Mar
12% Jan
Apr
Apr
Mar
Aug
Nov
Apr
..100
Topeka A Santa Fe..l00
Atch
200
113
Jan
20
100
600
Deo
8% Nov
54% Deo
May
28%
23
12,700
June
Apr
18
No par
3,000
4% May
35
12
01%
12% May
Bayuk Cigars Inc
700
May
Apr
20
Bath Iron Works Corp
"4",800
0
25% May
Apr
91%
153% Oct
0% Nov
12% Jan
101% Apr
0
600
300
2% May
5% May
83% June
89%
0
3,400
32
June
175% Mar
14% Jan 11
21%
*30
Dec
Deo
35
21%
32
May
27% Jan
2134
*30
Dec
Apr 25
21%
28%
Jan
8
Apr
Barnsdall Oil Co...—
*22%
7
130
Apr 18
5,500
23
Jan
4
30%
8%
28%
68%
74% Jan
159
Jan
*034
30%
8%
23
Apr
87
Investments
5% preferred
170
60%
8
8%
....
*77i2
Apr 22
Mar 14
8l2
*28
Feb
Co.No par
Assoc
60
30,900
14%
Feb 14
Apr 21
14
I4I4
234
13
70
152% May
33% Jan
22%
25%
11%
111%
No par
14 lg
73% Jan
60% Jan 13
111
234
127g
145
108% Jan
Apr 24
7% Jan 10
99% Jan 11
8% Jan 9
pref erred...-.100
Atlas Tack Corp..
No par
Austin Nichols
...No par
1434
9% May
11
11% May
14% Jan
Apr 25
4% Apr 21
4% Apr 21
89% Apr 25
5% Apr 23
Atlas Powder
11412
114% 114%
116l2 *112
11412 114i2 *112
734
734
7i2
75g
*73g
734
*73g
734
*11%
*m2
*lll2
*11%
33
33%
33%
3314
32i2
33%
3314
335s
19%
19%
1912
195g
19i2
1984
1912
195g
*53
56%
5512
5512
*55i2
56
5512
55i2
*27%
28
273g
27l2 *27% 27l2
27l2
27%
70
71
68%
70%
68I4
70
68i8
7012
123
123
123%
*12134 123
12134 12134 *122
*23
25
*23
24l2
2384
24
2414
24U
*
17
17
17
17
I6I4
17
*10%
17
*6 84
7
7
7%
65g
634
634
634
15
15
*1434
15%
*1478
*147g
16
1534
...26
6% preferred
2
12% Apr 22
154%
60%
07%
147%
140
25g
1278
3i2
Deo
May
19% May
Mar
Amer Telep A Teleg Co___100
25
100
100
Jan 13
Jan 14
May
18
Am Sumatra Tobacco. .No par
American Tobacco
03
700
Jan 10
49%
139
Jan
115
1%
Jan 10
May
30% May
Feb
*60
6%
Jan 21
23
122
Feb
*112
6%
64
3
93
63
*1%
2
150%
28%
11%
13%
Jan
70%
115
134
Jan
45% Jan 13
May
Mar 27
1,200
7
40
154
5
93
4%
*1%
Jan 13
Jan
5% preferred
,100
Atlantic Refining.........25
*6*8
7
8% Jan 28
81
900
15s
Jan
100
Preferred
*60
634
Jan
Mar
17%
1113411134 *112
*138
*143g
163
Jan
23%
Atl G A W I 88 Lines
50
10%
Jan
May
300
5,200
June
54
12% May
190
"i'300
135
5%
03%
Mar 19
108
634
Mar
May
19
100
""600
20
2
34% May
28% May
4% May
Feb 19
94
*27
20% June
13
*1033g 1051g *1033s 10518 *10338 105lg *1033g 105ig *103% 105%
*10314 105ig *10314 105i8 ♦10314 1051g *10314 105ig *103% 105%
*10314 105
*30
32
*28l2
32
*114
11612
116% *114
75g
7%
73g
7i2
*lli2
*11%
32%
33
3234
33
19i2
1934
1934
19l2
*55i2
56
*55i2
56
27i2 27i2
273g
273g
69
68I4
6934
6914
123
123
*12134 123
*23
24l4 *23
24l2
17
17
16l2
16i2
*65g
65g
678
67g
*147g
16
*1478
16
*
*0U
Apr 21
American Stove Co
1,900
*20i4
65i2
187g
21l2
6578
18i2
213g
64i2
I8I4
2H2
93
6i4
Mar
American Sugar Refining.. 100
7% preferred
""3OO
94
6I4
19
American Stores
9084
81%
*6ig
Feb 14
Apr 18
147% Apr 14
7% preferred
*85
6%
30
34
25
700
*47g
3
Mar
121
74% Nov
12% Mar
11% Feb
41% Deo
54
Apr
155% Deo
100
~
5i2
Jan
25
July
48% May
5% Deo
American Snuff
$5 dlv preferred
*6ig
*78i2
6ig
162
Jan
1% May
12% May
4
100
A P W Paper Co Inc
100
Jan 13
7% Jan 10
138% Mar 13
37
Apr 25
*109
7%
90
121
4
73% Jan
113s
*7
Jan
01% Apr 23
6% Mar 4
7% Apr 23
Anchor Hock Glass Corp 12.50
714
147g
100
conv preferred
American Safety Razor. .18.50
American Seating Co.-No par
Anaconda W A Cable..No par
*7
May
18% Nov
800
1~600
10
9% May
780
27%
6
6
18~806
*86
13% Jan
Jan
11%
27
Dec
15%
23%
27
92
11% Feb 19
50
2612
22%
25
$5 prior conv pref
9,200
Jan
May
May
Feb 17
3,700
*45
Apr
10
155
5
62
0% Jan
13% Aug
38
Feb 14
51
400
Apr
Apr
Mar
9
0
4H%
June
35
Jan
Am Rad A Stand San'y _No par
Preferred
100
-100
"""266
8
39
American Rolling Mill
3
66%
37g
17% Jan 10
23% Jan 24
1
May
57
Jan
Apr 24
Mar
Dec
18
93
15% Apr 24
111
1%
Jan
60% May
6% Apr
38
Apr
12% Sept
41% May
50
48% Apr
31
27
9034
22% Jan 2
4% Jan 8
13% Jan 27
par
11%
62
Feb 14
No
23
*45
20
Amer Zinc Lead A Smelt....1
""366
May
4
1% Mar 29
$5 preferred
27
134
*1%
1«4
*27
29%
27lg
109% IIOI4 *109% 110
4%
4%
4U
4I4
*51%
53
5212 5212
28
46% Jan 13
2378
*8%
May
Apr 21
28
934
May
3
3584 Apr 25
1,400
5%
23
No par
American News Co.__.No par
Amer Power A Light___No par
Am Water Wks A Elec.No par
200
4
4% Jan 10
$6 preferred.
100
800
52
*46
38% Jan
Feb 14
2% Feb 15
5% Apr 4
19% Jan 10
Apr 4
25% Feb 13
3% Jan 13
No par
8,800
55
*lig
27ig
*86
Locomotlve.No par
...100
Am Type Founders Ino
10
400
267g
7i2
9034
50
...25
Anaconda Copper Mining..50
51
*109
*9
conv preferred
6% preferred
200
68
68
68%
67i2
68i2
68 ig
150
1483g *144
149U *144
14934 *144
149U *144
4lg
414
4%
*4%
4%
4%
43g
43g
43g
43g
4%
4%
4l8
4%
4%
4i2
4I4
438
4i2
4U
*90
92
*90
92
*90
90
90
89%
89%
9078
6
6
57g
6*8
57g
57g
57g
534
57g
57g
523g
29
0% preferred
*97g
*1H2
20
Jan
9% May
23
100
Amer Metal Co Ltd
149
19%
Jan
Jan
24%
3% Jan 13
17% Jan 18
45% May
Amer Ship Building Co.No par
20%
Apr
Jan
Jan
Amer Smelting A Refg.No par
1,100
2%
2% Apr 16
10% Apr 23
2% Feb 16
500
39
6%
28%
7%
21
Jan 23
210
37
3% Mar
51
4,400
*140
1% May
3% June
% Dec
3
Jan 18
30
37%
144
1912
*85
*1134
14
155lg 15534
36%
144
6
Mar 26
1% Jan
Apr 16
35%
*34
91% Mar
11% Apr 15
Amer M&ch A Fdy Co.No par
Amer Mach A Metals._No par
940
534
62
9034
13%
7U
*50
*86
13
584
53
4U
133g
160
*157
Sept
10% May
2% May
100
800
63%
62
414
6%
161
75
1% Feb 20
Preferred
1,500
1%
7U
*45
111
170
13,700
1*4
36
Us
Apr
May
46% Feb 14
pref
non-cum
American
Apr
8
8%
15%
1% Jan
5
3% Apr 22
12% Apr 22
8
10% Apr 21
79
Apr 23
80
534
*5134
*110
2,800
25
1%
155g
*66
3.000
6
2
% Apr 24
1434 Feb 15
Feb
934
4% May
14% Mar 19
86% Apr 7
7
13
Nov
5% May
1
50
Amer Internat Corp.__No par
Amer Invest Co of 111
1
1,300
119
8612
12i8
200
119
16
66%
"2",700
119
16
157
412
*16
11'2
81
1034
4l2
17i2
11%
8034
1012
63l4
149
0%
5%
578
*H8
*Hg
134
*27i2
29
2714 2714
110
110
*1093411012 *10958 110
414
414
4%
4%
414
414
52
5218
5134
5134
5134 52
*27
1138
8012
1084
45g
1512
..10
8% Jan 23
Jan 11
No par
American Ice.
50
714
6812
*109
934
12%
155
1934
312
*12
No par
6% conv preferred
American Home Products
100
6412
534
714
337g 3378
34l2 3412
35i2 3684
3634
3714
*143
14712 *143l2 144l2
40
40l2
*40l2 41lg
*140
297g
*27
148
5
*44
149
10 preferred
Jan
1% Feb
3'4 Jan
$7 2d preferred A.__No par
900
4734
113s
No par
100
1%
63
57g
714
%7 preferred
1334
4734
6112
712
3
78
No par
2,300
47i2
134
79i2
European Sees
Amer A For'n Power.__.No par
2l4
*2
2978
6% 1st preferred
17ig
17
2i2
10
..100
American Encaustic Tlllng__l
47i2
134
6
87
80
ll2
6212
*847g
8234
434
*714
*33%
155g
9% Feb 19
*%
*512
*1H2
American Crystal Sugar
*4l4
62iz
1618
May
*13g
7%
10%
12
9
h
3
1478
0
U2
6i4
10
Jan
484
33l2
*11%
140% May
h
3
15
May
*414
3234
12
112
8234
3
15
3
*13g
6278
*10%
*11%
Jan
600
1714
Jan
121
*1214
Amer
Nov
Apr 23
.6%
1,400
23%
106
12
83
05
No par
34
167g
2i2
*4634
May
13% May
115
1%
*27
34
7
Deo
33% May
May
434
2978
4634
158
3
9% Mar 27
83
*2
Apr
23% Jan
Jan
185
100
34
*2
May
Jan 21
*414
*1312
May
18
Jan
June
2% July
116%
115
1%
214
164
Jan 11
09
Feb 15
18% Apr 18
7
31%
18
135
Apr 22
434
167g
185
May
1% Oct
85% Deo
107
83
17%
128
95% Jan 10
Highest
share S per share
May
4534 Jan
100
preferred
American Chicle
conv
Am Coal Co of
28
7
15
Apr 19
50
Jan 13
Mar
1% Jan 13
6% Apr 23
4% Feb 17
1212
62l2
*534
*7%
1914
100
23
per
18
Allegh Co NJ25
12l2
6278
6%
19
5%
12i2
62%
19%
10%
Preferred
Am Chain A Cable Ino.No par
*12ig
*81%
*13g
1278
19%
par
130
14
American Colortype Co
10
Am Comm'l Alcohol Corp..20
*45g
32l2
*139
Fdy_.No
38
29% Apr 14
Lowest
share
per
500
*6i2
434
13
149
American Car A
I
434
1234
*714
11
714
1234
*139
par
*612
434
13
149
Fdy.No
_
1,000
500
125g
*139
65
19
1234
34
2,200
11214
12i2
34
34%
*144% 147%
*43% 44%
6434
2418
19
193g
11214 *106
*1834
3
*157
300
176
65
65
1,400
*106
32i2
*2012
84
31i2
H214
I884
*105
3
1%
5X% conv pref
...100 *122% Apr
Araer Cable A Radio Corp„_l
1
Mar
American Can
82
Feb
25
Preferred
175
100
Apr
24
3234
*27
Am Brake Shoe <fe
730
2,700
llg
*175
32
3
500
H8
8412
31i2
Highest
share
per
125% 126l4
2412
13
8
83i2
176
12%
*6%
*7%
33%
31 'a
lig
83l4
179
235g
378
312
3i2
*3i2
334
12i2
12ig
12i8 *12
123g
4812 *473g
48i2 *47% 50
11
1034
11%
1034
1138
79
8112 *78i4
79
80
11
11
1H8
IOI4
11
4i4
414
414
4%
412
16
16
*16
17i2
17i2
119
*11712 119
*117l2 119
25
25
25
25
25
1
1
1%
1*8
Us
36
36
36% *35%
36
32
32
32
32 <8
3234
6
6
6i8
6i8
6ig
80
11
*35
21
83i4
3Hg
12412 12578
14
134
37g
*12i8
*4738
83%
4%
17%
*175
H4
14
47
*1%
*20%
*334
*12i4
119
1*8
*82%
1
1414
32i4
4%
30i4
30i4
123i2 123i2
%
Range for Previous
Year 1940
100-Share Lots
Lowest
Par
612
*34
14
*16
Shares
4%
34
*2%
*116
3 per share
45g
434
14%
12l2
48%
$ per share
612
85
14%
21%
4
Week
S per share
Range Since Jan. 1
On Basis of
434
♦83i4
*13)5
*4i4
*2%
1%
Friday
Apr. 25
7%
83
1712
2%
11
11
12
34
11
10712
12
434
*81%
1834
12
%
*473g
6334
107
12
♦1%
♦4i4
*27
24
*81%
12i«
83
17
175
2
EXCHANGE
Apr. 23
*123
122% 123
STOCK8
NEW YORK 8TOCK
the
Thursday
Apr. 24
Wednesday
59
2659
31
Mar 20
9% Jan 10
24% Mar 17
31% Mar 24
24%
Jan 11
May
112% June
4
17,
May
Feb
10
May
4
Aug
May
30%
13%
Deo
2534
36%
35«4
Deo
7% June
23%
Dec
20% May
18% May
May
112%
June
105
31% Jan
3
8% Jan 24
13
Mar 17
37% Jan 28
102
May
7% June
10
Nov
24% May
32%
127
Apr
Apr
May
Oct
Jan
97g
Apr
07%
Apr
36% Apr
22% Mar
May
June
May
May
May
Mar 11
14
May
15
May
34%
22%
5% May
13% May
11%
23%
Jan
Jan 16
89% Jan
3
131% Jan 28
28
29% May
Jan
Apr
17%
49%
22%
03%
109%
20% Jan 10
56% Jan 13
32
Jan
20
102
6
Jan
Jan
105
Jan
Jan
8%
5
126
Apr
May
May
Feb
104
Jan
Mar
Mar
Mar
4
MarlO
103
May
50%
Jan
39
Jan
93% Nov
134
Nov
Jan
Apr
18% Jan
9
4
8
11% Mar
3
15
9
11
May
16
Apr
Jan
7
90
Mar 13
54
June
95
Nov
15
80
x
Apr 15
Ex-dlv.
y
21%
Jan
10%
Jan
Jan
Jan
Ex-rlghts. Tf Called for redemption.
New York Stock Record—Continued—Page 3
2660
LOW AND
HIGH
SALE PRICES—PER
NOT PER CENT
SHARE,
Monday
Apr. 19
$ per share
Thursday
Friday
Apr. 21
Apr. 23
Apr. 24
Apr. 25
$ per share
$ per share
$ per share
$ per share
13
13%
$ per share
Shares
12%
*25%
13
26
13
*98
101
*96
100
*42
12%
13
25% 25%
*94% 100
42% 43
18%
18%
19
19%
16%
16%
*1%
46
43
43
18%
19
18%
19
19%
19
18%
19%
16
16%
16
16
*1U
1%
31I2
3J2
9U
*1%
1%
31%
31%
*3%
8%
18%
3%
8%
3%
31
32
12%
25%
*94%
425g
13
26
99%
42%
18
18%
17%
19
19
19
19%
16%
17
1%
16%
1%
17
1%
32
32
87g
3%
9%
9
9
19
19
3614
36%
*34%
19
35%
18%
*34%
18%
35%
18%
*34%
18%
35
40
*38
39
*38
39
*38
39
2%
578
2%
578
2%
57g
2%
57g
10%
10
io%
30*4
*30
20%
20
30%
20%
9%
9
9%
*111% 112
3%
3%
112
10%
*30
20%
*9
*56
3%
57
57%
5%
*24
27%
*16%
*50%
112
35g
57%
5%
25%
24
24
29
27%
27%
17%
5134
17
17
55g
55g
*2%
6
3%
3%
26
*94%
40
*32
10%
10
*30
9%
9%
114
9%
*112
3%
58%
5%
25%
3%
58
5%
3%
57%
5%
24
24%
28%
*24%
28%
16%
17
17
51
50
50
*50
9%
112
114
3%
57%
5%
16%
19%
28%
3%
58
16
16%
4%
25%
28%
17
51
8%
2%
16%
434
20
20
50%
8
8
8
7%
8
8
2%
2%
2%
2%
2%
2%
2%
4%
*19%
20%
3
3
734
*412
*19%
*3
77g
82
7%
*80
82%
9
934
19%
*5134
1
19%
19%
*51%
64
534
578
3%
*35%
*2%
*38%
*87%
*25
39
3%
37%
2%
40
90
16
16
4%
4%
19%
19%
*19%
3
3
*3
*7%
7%
81%
81%
8%
18%
*51%
8
19
4%
20
3%
7%
7%
*75% 82
8%.
8%
*7%
*75
54
8%
19%
*5134
1
18%
18%
*51%
3%
5%
11
12
*
5%
5%
54
1%
f
11%
12%
*10%
12%
11%
12%
5%
*10%
11%
11%
11%
*11
39
1
11%
12%
*—
7%
81%
54
11%
12%
17
4%
20
3%
8%
*19
1
*16
*37
39
*37
39
*37
1
3%
*35%
3%
37%
*2%
*38%
2%
40
*88
90
1
3%
36
2%
*38%
*88%
3%
1
1
5%
3%
*34%
3%
69
*24%
28%
*16%
*48%
8
17
3%
5%
50%
*16
112
5%
2%
16%
4%
20
9%
5%
12%
3%
19%
9%
*3%
587g
5%
*24%
28%
16%
*48%
8
*2%
*16%
*4%
*19%
*3
3%
8%
82
*7%
8%
19%
54
19%
*51%
19%
54
1
1
1
5%
5%
11%
117g
11%
12%
40
*37
12%
*35
36
36
2%
41
2%
38%
36%
238
38%
3%
36%
*2%
*38%
2%
41
*2%
*38%
2%
41
90
89
89
*89
91
*89
91
36
25
24
25
24
25
22
24
*23
23%
24%
2%
2%
2%
*2%
2%
25g
2%
2%
2%
2%
45
*45
45
45%
*43% 44%
45%
46%
45% 45%
116
116
*111% 117
*111% 117
*111% 117
*111% 117
*111% 117
40% 4034
40%
41
40% 41
40%
40%
40% 41%
40%
41%
20
20
20
20
20%
20%
20% 20%
20%
*20%
20%
20%
*118
119
1187S
11878 1187s
119% *119
119% 1187g 119%
118% 119%
9
9%
9%
9
*87g
9%
9%
9%
9%
9%
9%
69
70
68%
69
*6834 70
2:66%
68%
68%
67%
*66%
70
18
18
17
17%
17%
16%
16%
17%
17%
17%
17%
17%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
*11134 112% *111% 113
*111% 112%
*111% 113
*111% 112% 111% 112
*2
*2
*2
*2
234
2%
2%
2%
*2%
2%
*2%
2%
4%
*4%
5%
4%
*4%
*4%
5%
5%
*45g
5%
*4%
5%
3
*2%
2%
2%
*2%
3
*2%
3
*2%
3
*2%
3
92
28
28
28
28
27%
28
27%
28%
29%
3%
23
3%
22%
3%
23
3%
22%
3%
23%
3%
23%
3%
24%
3%
2434
3%
2234
*14%
*88
92
*88
*88
92
17
17
*14%
16% ♦16
17% *15
104% *104
104% *104
104% *104
104%
*17
17% *17
18% *17
18%
18%
13
*12%
13
12%
12%
12%
12%
*2%
2%
2%
2%
*258
2%
2%
2%
37%
38
37%
37%
37%
37%
37%
37%
*97% 100
*97%
99%
*97%
99
*97%
99
*1
*1
1%
1%
1%
*1%
1%
4
3%
3%
3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
1%
2%
1%
6%
6%
6%
6%
6%
6%
7%
6%
6%
6
6%
6%
6%
*6%
6%
11
11
11
11
11
10%
11
11%
*37% 38%
38
*37%
38%
37%
37% *37
*49 %
*49
*49%
5078
*49%
507g
507g
50%
*%
%
*%
%
%
*%
*%
%
V *%
*%
%
%
*%
%
*%
%
*104
17%
*12%
*%J
%2
*8
9
11
11%
1%
*20
1%
26
67%
87g
*90
*43
*2%
*31%
57%
9
98%
45%
27g
33
**32
*8
9
11
11
*1%
*22
75"
Ik
26
56%
8%
*90
*43
*2%
*31%
*130
*"—
*111% 112
7 jo
*8
8%
'32
8%
*11%
*1%
12
1%
24
24
57%
1,900
400
1,300
57%
*8%
9
1%
1%
*8
8%
*1%
56%
*8%
24
24
58
9
57%
8%
59
97
98%
*97
98%
97
*43
45%
*43
45%
2%
*43
32
*31%
75
*111% 112
1%
24
*22
*97
*2%
107g
*2%
31%
31%
75
73
73
Butler Bros.--.—-.-...--10
5% conv preferred
Butte Copper & Zinc
700
700
100
1,600
1,700
2,900
600
4,400
26
*25
27
*26
27%
*82
83%
*82%
*49%
32%
83%
*49
*140
31
*49
31
32
30%
29%
29%
*140
91%
*607g
91%
62
*49
31%
*29%
89%
*61
*11%
117g
*101% 102
*140
91
6l7g
1134
32%
*29
32%
29
30
*140
90
897g
90"
61
61
*60%
6l7g
8912
*60%
12
12
1134
12
12
12%
102% 102% *101% 102% *l0l7g 103% *102
22% 2234 *21%
22
21%
21%
21%
*112% 113% *112% 113% *112% 113% *112% 113% *112%
*13
16
*13%
15
*13
14
*13%
15%
14%
*1
*1
1
*1
I5g
*1
*1
1%
1%
*17g
2%
*l7g
*2
*1%
2%
2%
238
*1%
1%
*1%
*1%
1%
*1%
1%
*1%
*17% 18
17-%
18
17%
17%
17%
18%
18%
*17%
17%
17%
17%
18
17%
18
17%
18%
3
3%
2%
3
27g
234
27g
22
22
.
*73%
68%
*70
4%
*21%
25%
77
*73io
77
68%
*68%
72
*69
70
717g
*70
71%
*70
72
4%
*43g
4
74%
43g
74%
*70
*4%
*21
22
22
21% 21%
24
26
24%
25%
24%
101%
*99% 101%
100% 100%
31% 31%
29%
30%
29%
30%
*102
104% *102
10434 *102
10434
9%
9%
9%
9:
9%
9i
*21%
24%
100
30%
50
400
70
3,200
1,600
6
Carriers & General Corp
Case (J I) Co
1
Feb 14
112
Mar 18
40
Apr 14
20
Apr 12
Central Vloleta Sugar Co
Century Ribbon Mills-No par
4% Jan
11% Jan
9
85
Jan
8
39
May
82
12
Jan
6
9
May
15%
May
267g Feb
52% Mar
21% Mar 29
53
14%
4% May
11
May
70
17,600
800
40
"""400
200
De
2319
Anr
o
Apr
7
1
2% May
397g Apr
3
6
29% May
41
Jan 17
91%
30%
3%
59%
Jan 13
3%
125
Jan
Jan 14
Jan 29
Jan 10
Jan
2
Jan
28% Jan
9
50%
6
120% Jan 29
Apr
36% Aug
45
May
75% June
22% May
92%
2
Dec
May
39% May
100
June
42% May
20
May
105% May
Jan 13
5
May
48
June
17
Aug
2% Jan 13
115% Jan 29
3
Apr
4
6% Mar 11
3%
6% MS?
Jan
40%
6
27g
73% Jan 14
22% Mar 25
10
17g Feb
8% Feb
19% Apr
July
Jan
4% Apr
l%May
106
June
1% Dec
4
May
Dec
32% May
3% Nov
75
126
56%
35%
121
Jan
Dec
Jan
Apr
Dec
12%
72
Feb
May
26%
3%
Apr
Jan
114% Mar
57g
Apr
1134May
Cerro de Pasco Copper.No par
27
Feb 19
34%
Jan
9
22% May
41%
5% Jan 13
3% May
15% May
8% Feb
38% Dec
Certaln-teed
1
Products
6% prior preferred
100
..No par
3% Apr 21
22% Apr 21
zl7% Apr 9
103% Jan
3
5
17% Feb 15
12% Apr 22
^Chesapeake Corp
No par
Chesapeake & Ohio Ry
25
37% Apr 23
2% Jan 13
37% Jan 14
21% Jan 4
106% Feb 10
20% Jan 10
18
3
Jan
2
Jan 16
97% Apr 14
44% Jan 13
102% Feb 3
ChicA East 111 RR Co .No par
Class A
40
%Mar 3
1% Mar 12
»i«Mar 20
2% Apr
3% Mar 20
8% Apr
6
Mar
100
Apr
Jan
May
22
Oct
99% June
106
May
15
17% May
1078 June
2%
Oct
30%
Apr
29% Mar
47g
Apr
30% May
44
Dec
84% June
101
Dec
1
5% preferred
50
Chicago Mail Order Co
6
Chicago PneumatTool.No par
$3 conv preferred
No par
Pr pf ($2.50) cum div No par
JCliic Rock Isl & Pacific..100
Oct
Sept
2%
4% Apr 24
Chic Great West RR Co—.50
3
100
6
Apr 23
9% Feb 19
37% Apr 22
49
Apr 8
ill Jan
Jan
*«
Jan
6
No par
8% Mar 20
10
10% Feb
7
No par
1% Mar 26
25
5
23% Feb 14
56% Apr 23
8% Apr 21
Chile Copper Co
Chrysler Corp.
City Ice & Fuel
No par
6^% preferred
City Investing Co
100
100
5
City Stores...-
Clark Equipment
No par
CCC & St. Louis Ry Co
100
95
Jan
43% Apr 14
2% Mar
31% Feb 15
1
8% Jan 10
15% Mar) 8
44% Jan
9
52% Jan 13
*n Feb 6
12%
Jan
8% May
15%
Dec
23% May
44%
Dec
41
May
51%
Dec
6% May
Dec
%
Jan
Jan 17
*ii Dec
%
Apr
% Jan 18
9% Jan 29
*u Dec
%
4
100
100
8
%
1% Apr
%
13% Jan 9
2% Jan 27
27
Jan 27
72%
Jan
2
10% Feb 5
100% Jan 31
46% Feb 20
11% Mar
9
16%
May
1% Aug
20
Aug
5% Mar
34
Nov
Apr
91%
Oct
14%
Jan
98
Feb
87g
85
4
2
24
May
Jan
Apr
53% May
37% Jan 13
3
Jan
77g May
Sept
Sept
May
44
z60
Jan
4%
Apr
40%
Apr
133
Nov
Apr 10
33% Jan 10
26
May
43% Mar
Jan 30
83% Jan 29
74
May
83% Dec
Special gtd 4% stock
50
Climax Molybdenum. .iV© par
Cluett Peabody & Co._iV© par
28% Feb 18
31
5,300
1,000
5% preferred
Preferred
76
2,500
100
700
40
140
20
1,200
1,000"
24,500
300
50
Jan
27
Feb 14
48
25% May
9
2512 May
41% Apr
45% Apr
143
Jan 22
145
Jan 31
May
145
Dec
87
Feb 19
106
Jan
2
99% May
141
Mar
60
Mar 17
62% Jan
7
56
No par
11% Feb 14
100% Feb 15
103% Apr
No par
21% Apr 23
$4.25 preferred
Collins & Alkman
100
110
Colo Fuel A Iron Corp .No par
14
Colorado A Southern
100
4% 1st preferred
100
B
6% preferred series A
preferred
100
100
12% May
•u Dec
2
5
Apr 24
Apr 22
Mar
4
2% Mar 31
2
May
263g Mar
Jan
6
16
May
26% Mar
Jan
9
4% May
67% May
93% Apr
72
Jan 25
Apr 2
59
June
79
Jan
Jan 17
71
May
98%
Apr
4%
82%
67g
100
5,900
$2.75 cohv preferred.No par
Commercial Credit
10
21% Apr 17
25%
105
400
9%
9%
9%
%
7ie
55
%
54%
55
26%
55
56
56%
5434
26
54%
26%
% 104,300
56
2,600
26%
55
263g
7i«
56
26%
267g
26%
27
26%
26%
934
6,500
8,200
Def. delivery,
n New stock,
r
Cash sale,
Dec
Mar
7
14% May
27% June
Jan
6
95
June
108%
Feb
377g Jan 10
32
June
56
Apr
Jan 15
97
June
113
Mar
3
8
May
49
Jan 30
26
x
26
31
% Mar 25
No par
Commonwealth Edison Co-25
2478 Jan 16
8% Mar
104
8% Feb 15
$6 preferred series
3% May
Apr
8
29% Apr 22
104% Apr 16
Commonw'lth A Sou_.IV"© par
6
Jan
7%
Apr 22
99% Apr
$4.25 conv pf ser '35.No par
Commercial Solvents..No par
9%
%
Apr
5% Apr
5
Apr
21
80%
Comm'l Invest Trust..No par
Feb
May
4%
16
Apr 25
5,600
1% Dec
1% Oct
24
Feb
Apr
6
4% Apr 22
3134
Mar 31
May
35%
112%
Feb
Dec
21% Jan
No par
24
16% May
Jan 13
Columbian Carbon Co .No par
100
108
June 102%
Jan 10
17g
Columbia Pictures
4>i % conv preferred
20
94
Mar 19
Apr 18
Apr 16
70
10% May
2
9
20
Feb 18
64
63
114
17%
17%
234
74%
2.50
Jan
May
3
Jan
% Jan
1% Feb
Columbia Gas A Elec..No par
30%
Mar 18
131
Apr 18
1
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
13
300
400
Mar
46% May
4
Jan
34
200
4%
Mar 11
35% Apr
No par
Colgate-Palmollve-Peet//© par
5%
50
Jan
100
Class A
Class
8
7434 Nov
114%
..No par
Coca-Cola Co (The)
5% conv preferred
""160
49
21%
a
May
83
100
105
1
25
70
31%
6
Jan 10
14
50% July
Jan
Clev & Pitts RR Co 7% gtd.50
70
25%
6
Jan
Nov
83%
72
100
Jan 24
1% Jan
7% Jan
13%
88
Preferred series A
200
Mar 29
2% Jan 9
4% Feb 3
2% Feb 19
Sept
Jan 13
Apr 2
Checker Cab Mfg
1,200
1% Apr 22
111
5
97
200
3,800
3,700
2
Jan
Jan
Apr
Apr 10
Cham Pap & Fib Co 6 % pf. 100
Common
No par
"""700
7
66% Feb 14
16% Apr 23
Oct
7%
23%
91
400
1,300
10,200
116% Mar 19
Apr
16%
•
27%
*70
*21
2% May
6% May
Jan
5%
May
5% May
July
*73%
*4%
4
12%
Dec
2
4% May
17% May
Oct
35% Nov
Jan
100
Chain Belt Co
40
Apr 23
2% Apr 16
100
Preferred
Preferred
780
22
Jan 29
Mar 28
Apr 8
Feb 25
43
Central 111 Lt 4fcj% pref__100
JCentral RR of New Jersey 100
100
Mar 17
3% Feb 13
100
110
"""loo
9%
5% Jan 6
21% Jan 13
7%
36
21%
May
18%
18%
2%
J In receivership,
8-% Jan 16
3% Jan 10
23% Jan 27
Jan
June
69%
Bid and asked prices- no sales on this day.
Carpenter Steel Co
Central Agulrre Assoc. No par
Central Foundry Co
1
716
55
1
270
4,700
%
263g
No par
$3 preferred A.—.
10
Carolina Clinch & Ohio Ry 100
1,200
1,400
420
7i«
38
5
Caterpillar Tractor
No par
Celanese Corp of Amer.IV© par
7% prior preferred
100
Celotex Corp
No par
5% preferred
100
%
%
12% May
56
2%
1%
18%
18%
2%
31%
32
104% 104% *104% 105
17% May
108
2
32
20
124
*18
25
6
7
18% Jan 6
53% Jan 13
Jan 24
2%
1%
21%
34% Jan
33% Mar
Jan
Jan 15
1
100%
8% Nov
85
69%
2434
3% May
114
74%
*21
2
Feb 14
*69
*100
Jan
Apr 23
69
24%
z7%
6%
73
1
234
72% Nov
35%
2%
38%
86%
100
18%
May
Cannon Mills
"2", 500
1%
May
21
110
75
100
Canada Dry Ginger Ale
5% Feb 19
Apr 21
Dec
3
9
Capital Admin class A
40
89%
4%
11
3
Feb
May 119
9
100
*73%
*4%
Calumet & Hecla Cons Cop. .5
Campbell W & C Fdy-.Aro par
Mar 11
6% May
97
5% Jan
68% Jan
Clev El Ilium $4.50 pf.iV© par
Clev Graph Bronze Co (The). 1
75
4%
21%
1
Chllds Co
32%
89«4
1%
51
Apr 16
Jan
Apr
Apr
12% Nov
37%
300
61%
*60%
61%
12%
12%
12%
103%
103% *102
21%
*20%
21%
113% *112% 113%
*13%
14%
14%
89%
3
1
300
72
74%
69%
4%
*100
32
3012
*140
15% Jan 2
4% Feb 17
25%
29%
400
*49%
33%
30%
*140
89%
*26%
*82%
Feb25
7% Feb27
2% Apr 18
Dec
May
14% May
11%
10
83%
50
12%
27
34
110
*251
27% Feb 15
16% Feb 15
6
Jan 17
Apr
4% Nov
24% Sept
13% Jan 14
75
*82
5% Apr 15
24
Apr 18
50
Callahan Zinc-Lead
Chlekasha Cotton Oil
2%
33
Apr
Jan
40
45%
2%
Feb 14
7% Apr 21
76% Feb 14
8% Apr 25
16% Feb 20
100
97
51
12% Jan
118
1%
May
z5% Nov
37
112
83%
31%
30%
97
110% Mar 27
3% Feb 14
14% Jan 13
30% Jan 3
23% Mar 21
8
11% Feb 14
112
*82
31%
*29%
834
Apr 21
Byers Co (A M)__
No par
Participating preferred. .100
Byron Jackson Co
No par
California Packing
No par
700
Ik
9
19% Apr 14
8%
58%
8
Jan 16
19% Apr 24
30
6
7% preferred
6% preferred
Chicago Yellow Cab
26
57%
pf 100
Apr 18
2% Jar 3
5% Feb 14
10
Apr 21
Jan
Canada Southern Ry Co.. 100
Canadian Pacific Ry
25
14",000
*72
83%
1
5% preferred
"8"700
75
*82
*49
*1%
*22
1
300
*31%
*72
111% 111% *111% 112
..No par
400
*130
*71
No par
Bulova Watch
Bush Term Bldg dep 7 %
2%
31%
26
Bullard Co
100
*43
*25
No par
Bush Terminal
45%
2%
31%
Budd Wheel
Conv pref $2.75 ser__N© par
Burroughs Add Mach—//© par
*111% 112
2%
32
7% preferred
11%
*8%
*11
8%
No par
100
600
732
107g
5
100
7% preferred
Budd (E G) Mfg
400
6,200
616
8%
11%
Bucyrus-Erle Co
Burlington Mills Corp
50%
%
8%
11%
No par
700
9,600
27
*
180
2,200
*247g
i
3,300
7%
*%2
13%
30
6%
11%
732
Mar
Brown Shoe Co
6%
*532
Jan
7
Dec
Bruns-Balke-Collender-iVo par
11%
%2
Jan
38% Nov
2,300
*5%
**32
4%
2%
May
"l"806
"
6
98%
45%
2%
....
*70
**32
Brewing Corp, of America—3
Bridgeport Brass Co...No par
Briggs Manufacturing-//© par
Brlggs & Stratton
No par
26
24% Mar
257g
Dec
53%
12
*%
5
June
%
May
*5%
*3u
12 7g May
38
11%
*37%
*49
17
Jan 9
178 Apr 4
39% Jan 6
4% Jan 23
20%
44% Jan 13
2% Jan 13
6% Jan 14
1,900
%
20% Jan 10
% Feb 19
30
Apr 8
3% Apr23
Apr
38
4,500
3%
3%
3%
23%
24
24%
*15% 17
*15%
17
105
104% 104% *104
18
18
17%
17%
*12%
14
*12%
14
2%
2%
25g
2%
38%
39
37%
39%
*97%
98%
*97%
98%
1%
1%
1%
1%
4
4
4%
3%
2
2%
2%
2%
*%
18% Feb 19
16
Apr 18
29%
Bristol-Myers Co
5
Brooklyn <fc Queens Tr.No par
Bklyn-Manh Transit-.No par
Brooklyn Union Gas ..No par
"""600
"3",500
*3i#
15
5
Co (The)
Borg-Warner Corp
Jan
70% Mar
May
41% Nov
29%
*49
19
26% Nov
*28%
38
Dec
2
May
29%
*37
51%
22% Jan
Apr
Nov
123%
13% May
92
38%
50%
%
Jan 18
May
27
*88
7%
54
99
2
92
7%
111% Jan 23
8
800
*88
34
6
1,000
93
28%
19% May
12% Jan
234
46
*88
Apr 24
12% Aug
9
Jan
41
26%
*2%
*43?8
40
share
per
18% Jan 27
35
25% Jan
40
3%
3%
5%
11%
12% Apr 21
25% Apr 22
102% Apr 16
Highest
$ per share $
8% Apr 19
560
8%
% per share
18% Apr 22
34% Apr 25
587g
5%
25%
29
16%
51
8%
2%
17%
4%
82
*75
$ per share
Year 1940
Lowest
17% Apr 24
Bower Roller Bearing Co
4,700
3%
8%
Highest
Range for Previous
100
Inc
600
3%
20
No par
1
....
Stores
Boston <fc Maine RR
39
978
Class B
700
9%
110% 112
No par
Borden
3,600
3%
2%
6%
10%
30%
20
Bohn Aluminum & Brass—6
6,000
*30
6
5
Boeing Airplane Co
Bond
10
2%
6
Par
1,100
30%
39
2%
20%
9%
80
41%
17%
19%
17%
1%
32%
200
9%
Lowest
Bon Ami Co class A
19%
2%
30%
99%
34%
6%
10
700
19
*2%
20
*94%
*38%
*17%
1878
17%
1%
32%
3%
6,900
34%
*38%
*2%
*57g
10%
*6
*30
13%
26
1,300
2,800
4,100
2%
10%
*28
34
6
30%
*112
1%
9%
19
35
20%
10%
40%
18
9%
18%
20%
*30
99%
3%
*34%
*38%
13%
26
26
3%
8%
8
*2%
Range Since Jan. 1
On Basis of lOQ-Share Lots
Week
26
*38
EXCHANGE
Wednesday
1278
8%
STOCKS
NEW YORK STOCK
the
Tuesday
Apr. 22
26
31%
3I2
Sales
lor
Saturday
April 26, 1941
Apr 21
Ex-div.
y
110
11% Apr
2
48
16%
Jan
Apr
61% Mar 20
% Dec
42
May
73%
Jan
Jan 11
2578 June
33
Apr
»ie
30%
Jan
Ex-rights.
134 June
1 Called for redemption.
New York Stock
Volume 152
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Record—Continued—Page
Sales
CENT
2661
4
Monday
Apr. 21
Apr. 22
Apr. 23
$ per share
$ per share
$ per share
$ per share
*3*4
15*4
35s
*3*8
Tuesday
3*2
*3*8
147g
23*4
15
23*4
*11%
11*8
II84
*84
90
84
84
*9338
95
93%
935g
6
6
19*2
195s
**2
4
*7*2
7*2
*2*2
25s
5*4
5*4
*1
1*4
338
3%
*16
16
»16
*78
33*4
*734
37*s
*78
778
37*8
334
1434
24
*107g
11*4
14i2
*24i2
*107g
89
*80
88*2
*80
95
57g
933g
534
19
19*8
19
*1634
5*2
22*2
*41
*40*4
1178
3534
3478
35*2
77g
365g
*734
36
77«
36*4
27g
19*4
*15l2
14%
*5212
4218
4414
19*2
165S
14*2
5312
423g
13-3g
3
19*2
165g
14
1334
*5212
54*2
42*4
433g
44
172
*172
378
41%
41*8
*41
*40*4
12*4
1134
41
37
3634
*82i2
37*4
85
334
34
165)5
*5*8
22l2
oh
22*2
41
41l2
*40*g
*40*2
41*2
117g
115g
825g
llSg
1158
85
83
42
43
1134
84
*83
700
1,500
Crosley Corp (The)
No par
Crown Cork & Seal
No par
*40*8
*40*2
1158
*83*2
42
120
43
2,800
38 lg
5,600
38
38l2
85
2
2
*134
2l2
220
4
334
37g
4
378
378
2,500
*77*2
84
*46*2
48*2
12*2
12i2
21*2
21*2
13s
1%
43*2
30l2
21*2
13s
*77l2
*46*2
*12*8
*21*4
1*4
*42
45
*29
317g
75g
25*8
*2984
7*2
31*2
86
*74l2
*47*4
15*4
*74l2
47*2
4712
15
15*8
15
*3
4
*1458
157g
*6*4
3
634
*
*63g
*111
112
1978
7*2
24i2
3
14*2
*3
157g
*145g
634
111
195g
28
*2734
*15
1634
-
-
^
15*4
157g
6*2
31
734
734
245g
24i2
*74l2
*47*4
247g
*74*2
86
15i2
15*2
*3
*3
3*4
63g
63g
.
*63g
111
110
20
20
277g
1934
2738
2734
16*4
16
16
2734
15*4
1978
900
*7412
*47*4
15i2
l57g
7
110
207g
277S
16
10*8
lOSg
3
3
15*2
*3
100
3*8
*145g
684
I57g
—
10*2
278
3*8
5,700
2,800
h
100
21.3s
2,400
9*4
*9*4
9*2
9*2
234
27g
%
27g
3
*316
278
38
27g
**16
316
3ie
*31«
38
2112
21*8
21*2
21*8
21*4
21*8
21*8
21*4
2178
211.1
*13
14
13
13
13
*13*2
14
2334
*23*2
24*2
24
24
2334
24
13*2
23*g
3634
7*4
14*2
*36
36*2
67g
36*2
36*2
36*2
36*2
3634
7758
74
*634
14*8
*74
*734
13
834
.6%
14*4
*734
35
*17*2
18*4
1734
1478
1478
14%
65
*345g
65
128
64*2
*73
834
7
7
*634
*14*4
14%
*73
75
*7
8*2
734
734
34*2
*34*4
3434
1734
175g
177g
15*8
64*2
1434
64*2
15
17%
153s
19
4*8
4*4
4
4*g
7*2
7
153g
67
65
65*2
123
125*4 125*2 *122
1934
193s
19*2
19%
125*4 125*4
19*4
7
19
4
4
*634
4*8
4*8
7*2
7
7
25*2
25*2
*3*4
334
128
128
30
115*2 115*2
25*2
2558
3*8
3*8
1273g 128
3*8
177
*177*4 180
30
25*2
126
3*8
127*8
30
297g
116
30
No par
Conv
6
5% preferred
Deere & Co
3
Apr 21
15
Apr 15
...No par
20
Preferred
10
DIesel-Wemmer-Gllbert
100
Delaware & Hudson
Delaware Lack & Western..50
JDenv & R G West 6% pf.100
20
Detroit Edison new
3*8
1534
1534
1534
*15*2
1534
25*2
25*2
1334
135g
25*8
135s
%
*38
1'8
137g
%
178
30
30
315g
*2712
*30*4
*2638
28
28*4
30*4
28%
283g
30*4
30*4
263s
*39
42
*108
111
4
4
37g
4
77
*76*2
30
307g
27
*2638
*3978
111
27
*397g
4712
111
137s
*2
*%
178
31*2
3%
787S
263g
*26*8
27
*261g
40
40
*40*2
*84
*l4
7S
77
77
81
81
81
*84
90
*16
1
1%
*34
1*4
*234
683
78
1*8
*34
1*8
*73
78
3
1
*73
78
3
*234
6%
*2-5g
6*8
63g
24i2
2334
245g
*7ie
5s
*71«
58
334
19
*11
9534
2134
334
36
19*4
*1
*34
♦24*8
*35
*4
78
*4
'
■J U
7g.
*1*8
*73
*84*4
6*4
24
78
*7g
1*8
*34
*73
78
3
%
*37g
4
36
1834
19*4
*19
1934
100
4
5,100
300
8512
85*2
*84
8 534
120
**4
616
78
1*8
78
*34
1*8
1*4
*73
3
2334
*716
*1
1*4
78
6i2
>
*4
36*4
1912
20
78
2,700
1,000
300
— m
m
m
—
m
*11
12
*11
12
*11
94
92
92
92
92
23
2234
*11*8
2212
*22
22*2
11*4
11*4
llSg
2*4
2%
2*4
2*4
*11*8
2*4
2*4
*22*8
*11*8
2*4
716
716
716
*71S
*2
7i«
7I6
*2
*1978
*9434
*1134
21
*19*8
*9434
1134
20-58
*19*8
*19i8
197g
95*2
*36
3634
36
*9434
1134
36*2
95*2
*9434
2034
95*4
1134
*1134
12*4
36*4
3634
3634
Bid and asked prices; no sales on
1134
36*2
this day.
115s
23g
1
2% Feb 19
»»i
21
Jan
4
Apr 18
45i2 Mar 18
13
Apr 21
23
Apr 17
Apr 25
36
678 Apr 21
14% Apr
8
Jan 15
Jan 10
Jan
734 Jan
114
Jan 24
9
334 Apr
7
45% Mar 18
1714 Jan 10
2978 Jan 11
41
Jan
3
10% Jan 10
18% Jan 11
34
734 Apr 22
Apr 8
37
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction... 15
2234
400
11*2
2*2
100
1,000
No par
Federal Mln & Smelt Co...—2
Federal-Mogul Corp
5
Federal Motor Truck ..No par
*2
700
Federal Water Serv A ..No par
*19*8
*9434
20
*19*8
*9434
95*2
1134
11%
11%
36*2
36*2
CO 0V hjT
36
Federated Dept Stores.No par
20
95l2
*ll5g
$6 preferred
mmmm
m'
"""500
900
a Dei. delivery,
4M% conv preferred
100
1
Fire Ins N Y.12.50
Ferro Enamel Corp
Fidel Phen
n
New stock,
r
Cash sale.
May
23
Oct
107
June
June
IDs May
6*2 Mar
18*4 Nov
8%
114
Apr
Nov
2378 Apr
28*8 May
19% Apr
8*4 May
238 Dec
2358
678
Jan
*16 Dec
84
Jan
1212 May
2578 May
32
May
434 May
1212 May
66*4 May
23*4
3638
43*4
Jan
9
Jan
6
Jan 30
Jan
8
22
Jan 10
9
Dec
Jan
Apr
Feb
10*8 Feb
20*8 Nov
86
Dec
143g
Apr
38
Feb
30*2 May
14
245S Apr
2378 Jan
9478 May
May
Ills May
65*8 July
127*4 Nov
1434 Jan
638 Jan
8
6
958 Jan
6
9*2 June
May
171
Apr
30
Apr
10
Mar
1334
Jan
Jan
115
Mar 24
117U Feb
6
112i2 May
25
Feb 19
2
2534 June
3i8 Apr 21
124
Apr 23
165
Feb 13
29*2 Feb 17
14i2 Feb 14
Apr 21
25
27% Feb 19
23i2 Feb 19
30% Apr 16
2614 Feb 19
39i2 Feb 14
10834 Apr 12
3% Apr 23
78 Feb 15
%Mar I
75
Feb 28
1,300
Mar
60
1293s Dec
100
100
100
92
Sept
May
% Feb 20
8% pref
June
14% May
3
May
13®4 May
35g May
114
100
Fairbanks Morse & Co.No par
Feb
Jan
May
51
12078 Feb 14
par
Fairbanks Co
Apr
4i2
Apr
75% Feb 14
% Apr 12
140
17
29%
189*4
par
3
Deo
414 Jan
878 May
9H2 Feb
45i2 Dec
120
1
Apr 22
Feb 14
Co
4758 Deo
z99
146*2 May
139
Feb 26
Ex-Cell-O Corp
Deo
7
12578 Jan 16
113i2Mar
70
*2
I In receivership,
Feb 19
122
65
23g
*2
14s8 Mar
par
50
5
-.5
45*4
Apr
23% Apr
86
par
4% 1st preferred
4% 2d preferred...
Jan
Dec
42
*i« Feb 26
Apr 21
74
$534 preferred
$6 preferred
No
No
No
Equitable Office Bldg..No
X Erie Railroad..
Feb
3878
45*4
35*2 Oct
1138 Mar
3238 Mar
21
$5 preferred
Exchange Buffet Corp .No par
12
*90
22*2
100
5% preferred
Engineers Public Service
""80
1912
1212
96
11*8
$6 preferred
500
4%
36
*11
22l2
No par
No par
Battery—No par
El Paso Natural Gas
3
Endlcott Johnson Corp
50
$7 preferred
Elec Storage
Evans Products
*90
*1034
*2*4
3
Electric Boat
Eureka Vacuum Cleaner
12i2
*21*2
(The)__1?.5
2,600
2,800
58
19*2
Electric Auto-Lite
"166
94
100
4
Edison Bros Stores Inc—...2
6*2
**16
43)5
preferred
3
23*2
*35
cum
Erie <fc Pitts RR Co..
mm
*234
6-3g
23*2
45g
*35
11*4
*
90
111*2
600
2134
13
33
42
»16
6%
Eaton Manufacturing Co
3234
734
2934 Dec
6*2 July
21% May
13% Jan 10
178 Mar 26
*40*2
1
(N J) .No par
Eastman Kodak
June
2934 Jan 24
18% Jan
Elec & Mus Ind Am shares...
78
S16
5
Eastern Rolling Mills
May
45l2 Dec
978 May
19*2 June
li2 Oct
24
Electric Power & Llght.No par
42
37g
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc....
1
60
Feb 19
9
100
*2
2
30
*108
No var
$4.50 preferred
3% Aug
133s May
4,700
3,000
2,200
147g
400
37g
*.
I34 May
22% Jan
12% Feb 14
% Jan 4
83
*1034
2*4
*38
95*2
400
2,600
5,000
27
*2 34
1934
1534
26*4
27
63g
23*2
378
110
1,100
700
6*4
36
2,200
30%
278
58
900
78
*73
24
37g
36
20
50
1,500
*80
*34
78
*7i«
3534
118
79
*1
1
6*4
23*2
*71J
1233(5 123-38
*27
81
1
26
19
23
Mar 29
678 Feb 25
81
1
,
27g
63s
24i2
4
94
*4
37g
*76*2
6% Apr 18
10978 Feb
1858 Feb
2738 Apr
15% Apr
4734
1958
3i2
1734
No par
30-tg
*26*8
109
109
1
1
1
36
*11
76*2
8258
84*4
84*4
*4
4
12
334
*80
8578
*4
36
96
111*2
35g
76*2
934 Jan
Duplan Silk
500
358 May
31
Jan
4
30
30
Jan
1% Jan
Dunhlll International
178
3234
30*2
May
Oct
9
100
Apr
Jan
Nov
7514
Jan
<fe Co...20
1*2
2414
106
25
79
8% preferred
Jan
Apr
3
14134 Jan
Du P de Nem (E I)
7*2
6
3% Mar 7
5% Mar 10
17i2 Feb 18
4
Apr 21
77)00
Jan
Dec
95*4 May
No par
1
600
61%
65*8
184
21*8 May
No par
43g
Apr
May
Dresser Mfg Co
4*4
Jan
33
25*4 May
70
May
75
Douglas Aircraft
Dow Chemical Co
No par
25
Jan 16
3,800
500
Jan
Apr
July
30*2 June
12
May
Jan 27
1,200
1,400
1538
158
97»2 Jan
49% Apr
9*4 Apr
4078 Mar
484 Feb
36
17
19*4
Jan
5% Nov
2334 Nov
108i2 Dec
19*2 Apr
Jan 9
Jan 15
Jan 7
3
6312 Feb 19
125
Jan
Apr
Apr
Apr
183S June
Dome Mines Ltd—...No par
19*4
4i2
8is
2*4
17i2 Dec
2,100
67
Apr
1*8
10i2
4
15*8
67*2
*;*8
30*2
No par
Class A
Feb
110*8 Mar
Jan
15
h
285g
No par
Dlxle-Vortex Co.
June
978
3278
Dec
Jan 24
Jan 10
23% Jan 28
Ds
30*4
25
4
Apr
Deo
19
1738 Apr 18
33
28*4
75
Doehler Die Casting Co No par
1378
38
%«Sept
13
June
Jan 16
700
14*4
2
Jan 10
107
1834
14*4
3s
var
165
May
May
Dec
May
May
Jan 16
Jan 4
Jan 14
*18
26
14
No
6% partlc preferred
40*4
182%
47s
78
1978
100
1534
30*2
80
100
41
35
35
26i2
30*4
80
5% pref. with warrants..100
15*2
30*2
787S
Diamond T Motor Car Co—2
Distil Corp-Seagr's Ltd No par
100
26*g
28
37g
200
1,500
*116
2712
283g
30*2
86*2
*75
116
265g
31*2
42
7*8
143g
*15
178
111*2 *109
*109
19*2
4*2
*3g
178
31*2
2
*67g
1414
15%
25*4
1334
178
Diamond Match
26
*15*2
25
.
*4
Devoe & Raynolds A ..No par
*123
123
19*4
200
800
400
3*8
255s
*3g
67
123
13*8
8*4
4
Apr 18
25
Davega Stores Corp...
16*8 June
18i2 May
15*2 Mar
16
99i2
100
75
42l2 Feb
15
Inc...No par
Dec
June
47
7% pref..100
$8 preferred
B8
Jan 24
56
29*2 Jan 10
Cutler-Hammer
7*8 May
52i2 Jan 8
47i2 Jan 13
3434 Feb 10
36
*7*2
2
7% Feb 14
24i2 Apr 22
23
2734
35g
338
33g
*33g
124
126*4 12634
125*2 125i2 128
172
172
*16212 170
*162*2 172
30
30
29*2
29*2
2912 2934
26*4
1534
178
8
345g
18l2
153s
6734
116
116
2558
13%
*7
34*2
*1734
15*8
Jan
3012 Apr 19
1
13
75
2
Jan 14
1
36
*73
124ig 124lg
26*4
*177
180
29%
26
14-38
75
Jan
Jan 11
No par
Class A
23
7
7
*6l2
*6l2
*113*2 114
*113*2 114
140
14112
1403g 14112
*113*2 114
*113*2 114
*113*2 114
*113*2 114
140
139
140
140
139
140-58
140*4
140*2
124
124
1235s 1235s
1235g 1235s *123-38 124
*115*2 11534 *115*2 116
7
14*4
*73
34*2
17*2
35
*1834
*7
7
14*4
75
14*4
74
*34*2
*126
*634
14*4
13*2
23*2
3634
3l2 Feb 15
834 May
93*4 May
97g May
33
May
4-58 May
27% May
2
May
8% Feb
39&8
4i8
2038
23%
1878
Prior preferred
Detroit Hillsdale & 8 W RR100
2334
*3534
9
Feb 18
2% May
8
7
Mar26
40% Jan
43
Cur tiss-Wright
700
*a1#
9*g
278
%
Apr
2
512 May
% Dec
70
No par
Dayton Pow&Lt434% pf.100
9*8
2
Preferred
Davison Chemical Co (The).l
278
Apr
45
Feb 24
4% May
Mar 29
Jan 20
40
Jan
May
May
213s May
1% Mar 31
25
5
.
Curtis Pub Co (The)...No par
70
400
13
98
Mar 11
400
277«
1534
1065s Jan 22
1578 Jan 2
Mar 11
mm
10*8
8
16% Jan 25
2,900
*27*2
*15*4
Jan
53
634
10
21
88
11()*8 110*8
20*2 20*2
9*4
1
2
FeD15
20
1,200
4
183 Apr
4% Jan
12% Apr 23
21% Mar 10
1% Apr 25
Cushman's Sons
«»«**»
15*2
6% Apr
4178 Feb 20
100
86
-
7
72
Preferred
600
86
Jan
3% Jan 13
100
30
Cuneo Press Inc
24,900
4,400
6
8
100
Cuban-American
Jan
75)j
75
% Aug
5% May
2% May
4714 Jan
98i2 Jan
600
8
4-%
Apr
84 Mar 27
82
5H% conv preferred
Cudahy Packing Co
25*8
16
2158 Apr 21
4014 Feb 14
Feb
97U May
3512 Apr 14
10
31
4
Apr 24
Jan
243-
31i2
9
100
100
Sugar....10
900
734
Apr 18
7i2Mar 19
2338 Jan 13
1073s jan
5% conv preferred
Cuba RR 6% preferred
No par
200
2434
13
100% Feb
6*4
May
63
Jan 15
Crucible Steel of Amer.No par
conv
125g
21*2
1*4
31
734
334 Apr 23
i2 Jan 7
258 May
9734 Jan 28
103
Highest
1758 June
14
92
$5
47*2
43
Mar 31
Jan 10
j
share $ per share
per
18*2 Feb 8
2953 Jan 9
1573 Jan 16
llU Apr 18
Pref ex-warrants
Crown Zellerbach Corp
84
12,800
170
4
$
825s Apr 23
pref w w__No par
*12*8
21U
1*8
Feb 18
52
4134 Apr 23
4214 Apr 21
share
5
conv
*77*2
47*2
25
3*4
*145g
157g
*145s
85
*38
*47*4
15
111
111
195g
*2734
*1534
28
16*2
86
-
3*4
63s
112
195g
1*4
45
31
22
7912
48i2
12l2
21*2
1*4
*38
12*8
43
86
----
7*2
1*4
79*2
*46i2
12*2
2U2
1*4
48*2
*38
25
734
22
84
44
25
3034
12i2
*38
43i2
30i2
75g
25*8
7*2
84
48*2
*84
1512 Apr 25
13
Apr 21
per
preferred...No par
$2.25
100
38
658 Feb 3
3514 Feb 14
278 Feb 14
173s Feb 24
$
Lowest
6%
2758
45%
45%
1538
200
1178
88i2
85
1278
Cream of Wheat Corp (The).2
900
2
84
1
25
100
conv preferred
1,000
86
48*2
5%
23
38*4
*1134
21*2
13«
1
23
2
*46*2
100
Crane Co
340
37*4
*77*2
25
Coty Internat Corp..
34
85
*37g
Corn Products Refining
Preferred
2,800
5,000
34
2
378
Conv pref 5% series
50
Corn Exch Bank Trust Co..20
Coty Inc
86
3%
■*77*2
*46*2
12*8
*21*4
1*4
Apr 21
6
1,200
38%
37g
Copperweld Steel Co
4
14*2
14i2
100*2 100*2
16*8 163g
*5
53g
3
33
__1
190
2
4
Continental Motors
174
373g
378
21
100
3,200
Feb 4
FeD27
Feb 15
Feb 19
88 Jan 2
20
Continental Oil of Del.
5
Continental Steel Corp .No par
53*2
15U
101i2
1212
758
Jan
7,500
1,300
Apr 22
79
$2.50
400
5^4 Apr 21
19
10312 Apr 25
*2 Jan 2
714 Apr 14
2% Mar 20
z5'4 Apr 14
84 Feb 15
278 Feb 15
100
Continental Can Inc
Continental
Feb 15
No par
8% preferred.
Flbre.5
86
«
Class B...
Diamond
42-%
447g
174
34
Continental Bak Co cl A No par
Continental Insurance
14*2
*334
14
143s
100*2 100*2
16
16*2
53g
53)3
23*2 235g
102
*16*2
4
**»i»
34
14
13*2
102
*334
334
Consumers Pow $4.50 pfNo par
Container Corp of America.25
3
42
*
100
2,400
7,400
16
15i2
*14l8
*52l2
447g
172
500
conv preferred
1934
27g
19*8
45
6,100
2*2
*2
2*2
1958
*277S
*1534
41
115s
*82*2
172
172
41
42
41
1178
85
2*2
*111
378
22
3634
*82*2
*47*4
*1458
172
1634
5*2
215g
85
*74i2
174
»16
*34
133g
1334
100*2 10112
16*2
1658
*5*g
5*2
22
217g
*83
25
54l2
3
5%
800
35*4
27g
19*4
*15*2
100
500
4,100
1,100
93
778
36*4
4134
43
Consol RR of Cuba 6% pf.100
Consolidation Coal Co
25
7%
3634
43*2
85
800
3514
42
5*2
9,800
*73g
43
1634
5l2
52 partlc preferred...No par
Consol Laundries Corp
...5
Consol Oil Corp
No par
36*2
42
102
900
34
1934
157g
*52*2
37g
78
13*2
Consol Coppermlnes Corp
6
Consol Edison of N Y..No par
$5 preferred
No par
Consol Film Industries
..1
2,000
93
9212
No par
prior pref
25g
734
778
27g
19%
157g
13*4
5212
*83*2
30*2
92i2
1
5s
734
37*4
27g
43
5*2
4,000
14,800
2,000
Consolidated Cigar
100
43
17
6*4
I9ig
18
*16
18
*16
52l2
22*2
41*8
6
1
42l4
102
92
19
3*2
42
,
100
33g
*7g
53*2
103
100
6
*78
5%
*33g
35
37g
*34
13*4
7% preferred
50
103*2 104
7*2
25g
5l2
1*4
3%
Apr 25
10
11*4
3-*8
53g
1*4
14
9434
*2l2
538
*7g
33s
par
88
7%
25g
75g
3638
13
Inc.No
Consol Aircraft Corp
*92*4
73g
258
2*2
5*4
No par
Congoleura-Nalrn
$ per share
3
Feb 19
22% Feb 1911
Apr 22
84
Apfl7
*7*4
34
172
1,300
1,400
*9H
34
13
Conde Nast Pub Inc
2,500
58
*734
13*8
14*2
2434
Year 1940
Highest
*80
104% 10412
91*2
1534
14
**2
9U2
27g
195g
*3*8
2434
*1034
84
92
165g
Par
**2
92
37
Lowest
384
334
1434
25l2
III4
88*2
9338
63g
19*4
^Range/or Previous
EXCHANGE
*16*4 18
103
103
*10258 103*4 *1025g 103*2 *102*2 103*2
*13
*13
13
13
13*4
13*8 13*4
133g
11
11*4
1078 11*4
11*4
11%
llSg
11%
♦
1
1
1316
*316
131#
78
78
78
1S16
20
4234
43*2
*163*4 172
4
*378
*34
7®
13
13*4
♦102
6%
6*8
104l2 104*2
43
43
933g
9338
33
278
*3*g
145s
19*2
*3*8
N
77g
37*4
27g
197g
1534
278
Shares
24
91*2
'
1934
*1534
13*8
*52*2
334
19
16
91
9U2
33*2
$ per share
15
10434 1047g
**2
34
♦7*4
73g
*2i2
25g
5*4
5*4
*%
1*8
33g
3%
*15
17i2
♦1025s 103*2 *10258 103*8
13*2
*1234
13*4
13*4
11
11*8
10*2
11*4
*90
$ per share
23*2
11*4
11
6
534
193s
1934
10412 10434
♦%
%
*71-4
7*2
*2i2
25g
5*4
53g
*78
1*4
338
33g
18
Apr. 25
Week
*933g
534
15
23
104l2 1045s
Apr. 24
Range Since Jan. 1
On Basis of 100-Share Lots
the
Thursday
Wednesday
*80
15*4
23*2
1178
23
Friday
STOCKS
NEW YORK STOCK
Saturday
Apr. 19
278 Apr
6% Feb
Apr
Jan
23
19
23
20
16
22
21
10
23%
%
334
3534
1834
1134
Apr
92
Apr 24
Apr
Apr
Apr
21% Feb 15
10?8 Apr 18
117
Jan
May
4
117
June
11834 Jan
44l2 May
6*4 Nov
I6684 Jan
182i2 Jan 9
3678 Jan 10
155
June
180
Dec
22
May
37
Apr
May
17*8
4134
Apr
10*4 May
1838
Apr
142
16
Jan
Mar 28
3378 Jan 10
173)} Jan 6
f>8 Jan 23
4% Jan 11
3714 Apr
3
33
4
Apr
34i8 Jan 13
31
Jan 10
44U Jan 13
111
7
Feb
8OI4 Apr
83% Apr
1
34% Feb 19
zEx-dlv.
y
4
4
4
i2 Jan 30
II4 Apr 4
8734 Apr
13s Jan
9
1% Apr
3
75
Feb 28
3% Jan
834 Jan
3034 Jan
% Jan
2
8
6
7
73s Jan 23
45i2 Jan 3
247s Mar 10
13
Mar 17
10*2 May
25
%
3
Dec
May
18% May
1558 May
3-2478 June
26
May
35
May
102
May
53s May
63
May
Jan
184 Jan
8*4 Jan
4078 Nov
36*4 Nov
33*2 May
4178 Jan
46
Apr
112
Mar
1258
83
Jan
Jan
66
May
89
Jan
77
Dec
97
Jan
*4
%
Dec,
Mayi
84- Dec
% May
6712 Aug
2*4 Dec
5
May
20*2 Jan
3s Oct
3*4 June
29i2 June
17*2 May
78
I84
33s
15s
Jan
Jan
Jan
Apr
67i2 Aug
5
Feb
11*4
Apr
3484 May
1
Jan
838 Mar
49*4
31*2
187a
Apr
Apr
Apr
11
May
Jan 27
85
June
2534 Jan 23
145s Jan 14
16
July
29*4
12-5s Aug
2*4 May
hiMay
15*2
47a
Oct
Jan
1
Jan
100
2D2 Jan
97i2 Jan
Feb 14
6
Jan 11
3
1858 Jan
Oct
3
Jan
4% Jan
1134 Feb
113
514 Jan 23
34
2% Apr 16
38 Apr 18
93
9
16434 Jan
34 Apr
14% Mar
38U Jan
Ex-rlghts.
7
1
14
15
14
9
15
May
79
June
10
May
27*2 May
102
Mar
Jan
25
Jan
98*8
Dee
20
Jan
40*8
Feb
^ Called for redemption.
New York Stock Record—Continued—Page 5
2662
LOW AND
SALE PRICES—PER
NOT PER CENT
April 26, 1941
Monday
Tuesday
Apr. 19
Apr.21
Apr. 22
I per share
$ per share
t per share
♦11
20%
•11
20*2
*15%
157g
•1031s 104
*35%
36'4
*12U
12l2
30U
3012
*23% 2514
*41#
4%
*22
24i2
*26
27
SHARE,
Sales
Friday
Avr. 25
Week
$ per share
$ per share
$ per share
Shares
*22
23
*22
23
26
26
*24%
26
20%
15%
22%
25
*2%
3412
*H2
1%
♦7*4
*17%
2*4
42
3412
1*4
1%
8*8
17*4
*10714 108
3%
*10*4
*6H2
87«
012
11
54l2
*4%
4l2
*0
*99
*47
6%
104
47%
0
*13912 144
*3%
4
*10%
*707g
*17%
*128
4
4
12
81
*2%
*31
34%
*1%
*1%
*7%
*17%
34)4
34%
1%
13g
*7%
*17%
34%
1%
1%
778
17*4
*4
*99
4%
104
47%
6:
0%
♦139% 141
3%
334
3%
3%
10%
10%
17%
128
38%
125
*41
8234
127
38*4
125
37%
125
42%
*41
141
1%
13g
77g
1734
175S
127
38%
6
141
4
17%
37g
80
35
*1%
1%
134
1%
77g
1734
7%
*17%
108
300
34%
1%
35%
1%
*34%
35
1%
734
18%
1%
8
18%
1%
8%
18%
37g
*1034
*61%
*4
103
*46%
47%
*6%
6%
141
141
*3%
3%
4
4%
12%
*11
*76%
*0
108
37g
684
11
54%
*1%
1%
1%
8%
19
*107% 108
*6
*1034
*51%
17%
129
81%
17%
916
48
17%
82
817g
817g
127
38%
""760
700
*78%
82
28,500
3,000
100
9ie
4,400
30
*81
83
817g
817g
*81%
83
128% 128%
700
38%
125
*125
125%
125
41
41
*41
42%
70
*41
38
42,800
125
3734
125
1,100
42%
100
4
4
*3%
37«
4
4
*3%
*3%
37«
334
3%
*6%
634
6%
6%
6%
6%
6%
*6%
6%
6%
634
6%
*105% 109
*105% 108
*105% 108
*105% 108
♦105% 108
*105% 108
*14
%
*%
%
*%
%
*%
%
*%
%
*%
%
11%
IH4
12
12
12
11%
11%
11%
11%
12%
11%
11%
1,800
*99
102
*%
*17
*99
ht
53
*99
102
*99
*17
%
%
18
*17
18
20%
20%
20%
*20
2034
10
54%
19%
1178
*9%
53%
19%
97g
*9%
53%
19%
*11%
10
*9%
*17
%
•it
55
54%
19%
19%
19%
11
*11%
12
11%
*18%
20
*18%
20
*18%
19%
*102% 104*4 *102% 10434 *102% 104
*10
10%
10%
10%
10%
103g
278
27g
27g
27g
27g
27g
*35
"
30
*35
35
35
35%
*6
0%
6
6%
6%
03g
62
62
*60
*13
13%
*41
45
1%
*2%
*78%
11%
59%
10*4
1%
2%
80
63
*02
*1%
*25%
%
*4%
1234
127S
13
42%
42%
1%
*40
2%
*75
80
11%
*58%
*79
lia4
59%
17%
80%
1%
27
16%
*1%
*25%
1%
*2%
2%
%
%
4%
12%
*10%
%
4%
12%
*978
10%
97g
10
10%
9%
9%
30
23%
9%
9
9%
29%
23%
13%
*42
4%
9%
*42
*11
30%
10%
11%
29%
10%
11%
♦13%
1%
30*4
10%
11%
14%
1%
*13%
1%
1334
1%
13%
*12
15
*12
15
30*4
10%
278
3
*14*4
1478
*29
31
*35
37%
11*4
14
11*4
*13%
*106%
*103
♦17
*35
149
149
*11
11*4
67%
67%
*126% 128
53%
*10878 110%
*14%
14*4
*1578
10*4
6*4
*12
*107%
*43%
33%
10%
*55%
*107
26
6*4
12%
3%
4478
33%
10%
57%
3%
29
%
*2*4
17%
3*8
17%
3
%
y
25%
«4
4%
12%
10%
9%
28%
%
4%
*10%
10%
9
80
*1
1%
27
*25%
84
4%
*10%
10%
*9%
7g
4%
12%
10%
10%
29%
*78%
*1
*25%
1%
*12
27g
*42
30%
*29%
10%
11%
13%
1%
13%
10
30%
10%
11%
13%
-1%
*11
3
15
15
297g
297g
37%
12%
*35
2%
12%
146
6:
75
1284
*1%
*12
149
153g
33g
17
*2834
297g
*35
37
6%
*72
158% *156
80
6%
75
149
400
17%
5,000
200
149
200
27
"i»
%
9,800
*4%
434
1134
1,000
10%
""960
9%
29%
1,200
*10%
10%
9%
*42
*29
30
158% *156
"l"306
10,200
2,000
700
11,600
13%
1%
13%
1%
3,200
*1%
1334
13g
14
13%
33g
1634
*28
6%
75
*5%
*12%
334
173g
3%
10%
*70
158% *156
17
*28
29%
35
*34
36
*12%
12%
149
5%
14
*13%
106% 100%
104% 104%
17%
17%
149
*146
*5%
84
2
10
100
80
200
%
6%
*""30
150
800
30
200
"2",400
3C0
6%
2,100
70
70
158% *156
no sales on this day.
Gen Railway Signal
No
X In receivership,
a
0%
$5
conv
Glmbel
$6
preferred
Brothers...
4H%
Feb 21
%
9
No par
Apr 23
Feb 13
Mar 24
Apr 19
Apr 23
Feb 14
Apr 18
Mar 10
Apr 23
Apr 17
Apr 14
Mar 26
Apr 15
Apr 22
10
28% Apr 22
20
23
Gr Nor Iron Ore Prop..No par
Great Northern pref
No par
22
Feb 14
197g
Jan
6%
conv
May
32% June
3% June
5% May
100
June
Mar 31
Apr 25
25
158
66
100
Apr 22
14% Feb
25
5%
C..25
5
100
100
Jan 10
137$ May
98
Feb
10% May
3
Sept
30% Oct
4% May
43
May
9
11
9
30
Jan
I84
2
May
May
Dec
May
1,900
IHupp Motor Car Corp
n
New stocA;
r
3
No par
Cash sale,
% Feb 15
1
x
Ex-div.
y
May
23%
Jan
•>4 Mar
517$ Mar
9
Jan
05
Nov
198$
Jan
45
Dec
4%
3%
Apr
20% Jan 10
12% May
90
69
97%
Feb
4%
Feb
77
July
10
65% Jan 13
45
May
May
Jan 27
17$ Jan 10
28% Jan 22
1% Jan 11
6% Jan
6
13% Jan
137$ Jan
6
12%
36%
25%
1534
28%
7
Jan 2
Jan 16
Jan 22
Jan 4
Jan 11
20% Mar 19
June
18$ Dec
May
% May
4% May
9% June
25
6% June
10
20
May
May
21% May
11% May
15% May
18% May
71% Jan
1% Jan
9% Apr
147g Jan
12% Deo
1084 Apr
308$ Apr
26% July
18%
30
Jan
Nov
29%
Jan
June
142
Feb
27% July
55
Jan
Jan 13
23
May
35%
Apr
12% Jan 10
11% Apr 22
177$ Jan 9
9% May
178$
9
12
Jan
25%
Apr
17$ Mar 10
19
Mar 11
3% Apr 24
17% Apr 24
Jan
7
Mar 28
16% Jan
106% Jan 16
xl23
May
148$ June
1% Aug
11
May
1% Dec
8% Nov
29% June
30
95
May
June
14% Nov
34% Apr
37
Jan
20%
Feb
17
Jan
106%
Jan
106
Dec
16% May
130
May
5% May
138
Feb 10
83% June
104
101
95
Jan
6
7
7% Jan 13
2
Apr
Apr
Apr
113%
Jan
Apr
June
Jan 10
155
Jan
11%
110
167
Jan
Deo
12% May
21%
Apr
Dec
100%
133%
67%
115%
18«4
Apr
69
126% Aug
50
June
8
947$ May
Jan 14
12% July
Mar
Jan
Apr
897$ June
07$ Dec
80
Jan
9%
4%
Jan 13
56s4 Jan 18
28%
Aug
96
9
77% Jan 11
128% Jan 8
Jan
3% Apr
30% Apr
2% Nov
25% Jan 10
1493$ FeD 11
0% Jan 23
Jan
Apr
Jan
Jan
5
Jan 24
% Jan 22
3% Jan 6
Apr 16
166
Apr
90
Sept
20*4 Apr
69% Mar
247$ Apr
Jan 10
14% Jan 10
91
4% Jan
16% Feb 28
preferred
Hudson Motor Car
Jan
Jan
37% Jan
2% Feb 18
Hud Bay Mln & 8m LtdNo par
1,700
Jan
Jan
65% Nov
24% Mar
13% Jan
23% Apr
19
May
4% July
28
...
Apr
May
16% May
7% May
6
8
v t
Howe Sound Co
7%
10
110
14
4
9
6
Mar 19
Jan 17
101
Houston OH of Texas
Apr
Deo
Jan
Jan
Jan
Jan 15
Hudson 4 Manhattan
00
Apr
Jan
2% Jan 25
2% Jan 2
111
108% Apr 24
3% Feb 14
26% Apr 22
%Mar 3
100
56%
127% Mar
14%
8
preferred....
Dec
July
103
5%
131
10
14% Jan
9
Feb 14
Apr
Jan 10
147$ Mar 10
9
Jan
101
Jan
46
17
6% Apr 12
No par
Jan
%
44
Dec
100 zl07% Apr 14 xl07% Apr 14
Homestake Mining
52% Jan 8
12.50
42% Apr 21
39
Jan 27
33
Apr 15
Houdallle-Hershey cl A-No par
Class B
No par
10
13*4 Jan 6
Apr 22
Household Finance
64
Jan
9
55
No par
Apr 25
Holly 8ugar Corp
7% preferred
Deo
Apr
30*4 Jan 10
Apr 21
Nov
"u
37% Jan 16
7% Jan 9
x67% Jan 9
10
4
16% Apr 23
10
22
18%
3384
37$ Jan 13
115
Feb 21
108
89% Nov
120
May
8
16% Jan
124% Mar 12
52
Apr 25
No par
No par
4% Sept
117$ jan
29% Apr
19%
106%
166
Feb *7
10% Apr 21
Jan
20
Mar
3% Jan
6% Apr 21
70
Apr 25
Jan
145
9*4 June
86% Jan
% Dec
13% July
Jan 16
3
Jan
8%
1%
107
Jan
67%
% Nov
Feb 25
83
1
E) The..
37% May
116
9% May
25
Hires Co (C
13
Dec
105
Jan 11
•u Mar 27
20
29%
11%
61%
22%
16%
21%
104%
May
10% May
100% June
17g Apr 21
No par
No par
preferred
% Jan 27
10% Jan 10
100% Jan 15
Apr
118
8
94
....100
Chocolate
3
Apr
May
7%
Jan
Jan 24
100
2
cum preferred
Feb
14%
51
Jan
15
5% Apr 18
Sept
Apr
38
140
100
Hat Corp of Amer class A...1
20
105% Mar
118%
33
104
Apr
Dee
39% Dec
3% Sept
5% Apr
111% May
% May
28
Sept
77% May
5
103% Apr 21
17
Apr 14
Dec
6%
41
49%
11% Apr 19
13% Apr 14
100
118
41
20% May
33*4 Dec
Feb 18
Mar
33
No par
Hercules Powder
3
Feb 14
9
Motors
4
Jan
1% Feb 19
29
Hazel-Atlas Glass Co..
7% Jan 15
109
34
7
Jan
1% Feb
25
10
6H% preferred
Hayes Mfg Corp
6
Jan 15
No par
preferred
48% Jan
Mar 26
13
Hanna (M A) Co $5 pf .No par
Harbison-Walk Refrac.No par
6%
132% Jan 28
42
Water........25
preferred
2
12% Apr 23
...100
Hall Printing Co....
2
143
11
Gulf Mobile & Ohio RR No par
preferred
Jan
29% Apr 24
10
Apr 23
1
7% preferred class A
Mar 19
Mar 26
42
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
$5
i»i«Mar 17
138% Mar 26
100
Greyhound Corp (The) .No par
5H% conv preferred
10
Hacken8ack
Mar 12
13% Feb 18
Great Western Sugar..No par
Preferred
...100
Holland Furnace (Del).....10
Hollander & Sons (A)
5
Def. delivery,
Mar 17
4%
11%
978
Hlnde & Dauch Paper Co... 10
"2" 900
2
12% Feb 24
40% Feb 25
w
preferred
Mar 19
4
Feb 19
Feb
12*4 May
May
114
4% Jan
8
48%
102
2
6% Feb 14
dlv ctfs.No par
Without dlv ctfs
No par
8%
86% Jan 10
19% Jan 28
130% Apr 7
35% Jan 14
39% Jan 6
7
60
Graham-Paige Motors...... 1
Granby Consol MSA P
6
Green (H L) Co lnc
4% May
11% May
Jan
10% Apr 22
278 Apr 18
3434 Jan 3
No par
100
preferred
Mar 20
Mar
58%
16%
79%
1%
25%
Grant (W T) Co
6
6% Jan 6
157$ Jan 10
48
18% Apr 16
No par
Granite City Steel..
Apr 18
126
6% preferred
No par
Goodyear Tire & Rubb.No par
Preferred
141
Feb 14
Jan 30
June
3584 May
5% May
118
May
1% May
Apr 10
102
No par
Gotham Silk Hose
8
86
46% Jan 30
187« Feb 14
11
Apr 21
No par
preferred
6
Feb 27
1%
2%
82%
11%
conv
Jan
7% Jan
91
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold <fe Stock Telegraph Co 100
Goodrich Co (B F)
No par
$5
55
2
*11 Jan
No par
preferred...-.60
conv
3% May
6
10% Apr 16
20% Apr 21
97g Mar 24
No par
preferred
45% June
Jan
102
.100
600
400
6
11% Apr 12
par
200
1,800
6
Apr 21
Feb 19
% Apr
Glldden Co (The)
$4
1,600
Jan
Apr 22
3
0% Apr 25
1
preferred
6%
300
6
3% Apr
Gen Theatre Eq Corp. .No par
Gen Time Instru Corp .No var
Hershey
400
Jan
Jan
107
General Shoe Corp
1
Gen Steel Cast $6 pref. .No par
General Telephone Corp...20
400
1,400
Feb 10
40
100
preferred
Feb 14
5% Jan 10
Jan
No par
430
200
Jupe
Nov
Mar 21
11% Jan 15
37% Apr 22
123% Mar 19
10
No par
1
Preferred
T,706
8
8
52
126
No par
Hercules
400
June
8% Nov
5% Mar 21
80
Gen Outdoor Adv A...No par
Common
No par
600
400
97
%
..100
200
1,700
Apr 23
38% Mar
25% Apr
8% Apr 17
38
$6 conv pref series A-No par
General Mills....
No par
Hecker Products Corp
Helme (G W)
158%
IO84
11
11
11
107g
11
'
11
107g
*1034 11%
66
66%
67
66
66%
*66
6684
66%
66%
67%
126
120% 126% *122
124% 124% 124% 124% *124% 126
*52%
53
52%
52%
62
52
*51%
52
*61% 52
*108% 110% *1087g 1097g *1087g 1097g *108
1097g *108% 1097g
*14%
15
15
*14%
15
*14%
15
*14%
15
"14%
*16%
16% *16%
1634
1634
1634
16%
1634
16% *16%
25
25
25%
25% *25
25%
2534
25% 25%
25%
7
7
634
684
684
7%
*634
7
*634
12
12
12
*11%
12
11%
11% *1134 12
*1184
*107%
*107%
*107%
*107%
*107%
42%
4384
4234
44
44~
43%
43%
43%
43% 43%
33
33
34
*33
*32%
34
34%
*33% 34
*33%
10
10%
10%
10%
10%
10%
10%
1034 1034 *10%
56
56
*56
56
56
577g
*55
55
56
55
*107
1087g 1087g 108% *108
109
111
*107
108% 109
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
28
28
27
26% 2734
27
27%
28% 28%
27%
7
7
it
71S
716
3g
3
7u
7i#
%
*%
*284
♦234
3%
*284
33g
3%
*234
*234
173g
17%
17%
17%
17%
17%
17%
17%
1734
17%
3
3
3%
3%
3%
3%
3%
3%
3%
3%
38
%
38
%
* Bid and asked prices:
No par
Gen Gas &, Electric A..No par
Hamilton Watch Co
83%
83
634
74
684
300
10,200
7,100
*89% 100%
2
6%
3%
29%
*89% 100%
*83%
15
600
108
33% Feb 15
112% Jan 8
Green Bay & West RR
10%
11%
10%
May
No par
5%
52
29%
900
12
General Foods Corp
$4,50 preferred
Grand Union
10%
11%
149
5%
*89% 100%
17g
17g
84%
84%
*72
200
11%
35
*5%
6%
600
"V, 100
14
14
3
29%
10%
1,000
59%
80
52
12
12
*11%
*12%
12%
14
*13%
*13%
14
*13%
14
106% 106% *106%
*100%
104% 104% *103
104l2 *103% 104%
17%
17% *17%
18% *17%
18%
*84
87
11%
1,700
Jan 28
29% Apr 21
Gillette Safety Razor..No var
400
Dec
22
No par
2,600
3,500
2
17% Apr 25
General Tire & Rubber Co...6
200
1% May
7
122
100
700
80
1%
.
*7i»
3
1%
25%
17%
80
20
....
109%
29
583g
52
5%
5%
*89% 100%
1%
17g
6%
1134
59%
17%
*42
*5%
6
*89% 100%
178
17g
*155% 158% *150
*25
14%
31
37%
17
*72
2%
*75%
52
*84
6%
77
*52
*42
3
17
87
*0*8
278
14%
x2884
...
*146*4 149
*5%
6
*89% 100%
*178
2
*71
10%
*1184
12
*13%
14
*106%
104%
103% 103%
18
*84
30
52
600
200
1%
29%
28%
28%
*28%
*2884
*23
*23
23% *22%
24
*23
24
23%
1384
13%
1334
133g
13%
13%
13%
13»4
25
23%
2334 237g
24%
25
25%
2534
2534
22
22
22%
22%
2134
22
22%
22%
22%
141% ♦138% 141% *138% 141% *138% 141% *138% 141%
62
*11
1334
42
12%
60%
*1
»i«
13%
42
2%
80
1%
4%
*10%
1334
42%
11%
*59%
167g
80
27
900
2%
*75%
17
*25%
"l'.iio
19
*13g
80
1%
56
6
Apr 16
20
94
$0 pref opt dlv serles.No par
General Refractories
No par
10
Mar
2% Jan
6
100
Printing Ink
preferred.
2% Aug
May
2484 May
4
3%
3%
10%
73%
General
7
Jan
46% Apr 21
No par
General Motors Corp
$5 preferred...
Jan
3% Feb 28
2
5
preferred
132
39
General Electric Co
5%
7
Feb 15
par
preferred
20% Jan
102
7
134%
cum preferred
7%
7
Jan
par
Gen Realty & Utilities
19
1%
80%
7%
107% Jan
40
4
No par
General Cigar lnc
18% June
6
No
Class A
2
Jan
No
General Bronze Corp
General Cable Corp
Jan
10% Jan 30
47% Jan 21
5
preferred
Jan 13
32
3% Apr 19
6
Apr 23
No par
"l,l 00
18%
20%
5034
*13g
17
%
*22%
13% *13%
23%
23%
22
22
2184
*138% 141% *138%
127g
*78
*58
80
1,100
*934
55%
*40
2%
86
11%
58%
17%
11%
4*4
12%
29%
13
18
29
104% Mar 20
10
5
50
Baking
May
6% Sept
22
Sept
1% Feb 4
1% Apr 10
7% Apr 16
17% Apr 18
16 pref No par
1
"3",700
*17%
203g
42%
1%
1%
*2%
*75%
11%
1184
5834
17%
*75%
97g
conv
Jan
33
No var
Gen Public Service
19%
19
General
6%
%
18
20%
Feb 19
2% Feb 17
7
43
$0 preferred
No par
Gen Am Transportation
6
$6
102
12
11% 1134 *11%
12
*18
20
20
*18% 20
102% 102% ♦102% 104
*102% 104
10%
*10%
103g
10%
10%
10%
27g
3
27g
2%
2%
27g
*34% 35
*343g 35% *343g 35
6%
6%
6%
0%
6%
6%
63
63
*62
65
63%
63%
13
184
*17%
20%
*9%
56%
700
*18
45
*10%
*29%
*22%
13%
23%
54%
*40%
1%
*2%
II84
59%
17
1%
27
63
%
%
18
*99
102
*99
20%
10
56%
19%
*1834
*11%
13
80%
*79
102
20%
18
20%
*9%
102
105
20
Gen Amer Investors
70
84%
%
par
10
6% preferred
100
1,700
*82
41
No
No par
100
128% 128%
preferred
Apr 21
7% pf.100
40
600
%
conv
Gannet Co
4,100
9xi
377g
$7
105% Jan 24
13
Francisco Sugar Co
50
82
38
Apr
Game well Co (The)
82
37%
21%
40
384
125
*40%
Apr
9% May
61
May
3
10
Foster-Wheeler
1,000
82
127% 127%
107%
300
6,300
82
9i«
Jan
June
preferred
conv
Freeport Sulphur Co
4%
17%
Apr
35
100
..10
100
conv preferred
Machinery Corp
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
11%
128
Jan
21%
32
5%
Food
900
*11
334
4%
46
Jan 13
19
F'k'nSimon&Co lnc
4%
12%
4
32% May
15
4
40
300
82
*3%
*4%
*11
128
129
9u
82
37%
17%
*128
"l",500
104
48
42% Jan 13
8
100
*99
47%
Jan
106
4
5% preferred
Gaylord Container Corp
5M% conv preferred
*6%
6%
6%
6%
*139% 144
*139% 144
Jan
Jan
May
337g Jan
300
104
47%
84
25% Apr
Jan
Apr 25
22% Apr 23
25
Apr 24
Gar Wood Industries lnc
*4
Apr 22
Jan 10
share
21*4
4
1,300
4
105
per
22%
22
384
634
11
64%
4
Mar 7
Feb 27
14
Sept
12% May
30% Apr 19
4%
334
*99
43«
*100
23g
18% Jan 10
Highest
Follansbee Steel Corp......10
434%
40
54%
6
2%
*34
$ per share $
10% May
24*4 June
100
26
234
Apr 23
Lowest
Florehelm Shoe class A.No par
900
""600
23%
3%
6%
11
*1034
*51%
First National Stores..No par
*24%
40
$ per share
15%
1017$
3478
12%
Fllntkote Co (The)....No par
Florence Stove Co
No par
*22
108
108
3%
1 700
2,800
25
*34
40
34%
6% preferred series A...100
25
*2%
3
*2%
*33
200
Year 1940
Highest
9 per share
Par
Ftlene's (Wm) Sons Co.No par
Firestone Tire <fc Rubber... 10
*22%
17%
17%
*12734 130
29%
30%
29%
297g
29%
30
2934 30
36
36%
36%
357g
30%
36% z30
36%
112% 112% *112% 115
♦112% 115
*112% 115
*128
125
42%
37g
47%
12
127
125
103
*334
1
89%
8234
4%
3%
*10%
*78
81
128
9it
*82
*82%
83
*125% 127
*99
47
6%
»i«
85
*4
46*4
30
29%
30
30
36%
357g
36
*112% 115
*112% 115
•it
2%
40
29%
*82
2%
*31
107*4 107% *107% 108
*334
4
334
334
*6
*684
6%
6%
11
*10*4
11
*10S4
*51%
54% *51%
54%
*77%
18%
130
2%
42
Range for Previous
Low*
""900
25
223g
*24
*10018 10012 *106% 106% •106% 106% *106% 100% ♦106% 106% *106% 106%
13
13
13
13i8
1314
13%
1334
*13%
13%
13%
13%
13%
117
*116
116
116
*11514 11712 116
117% *116
117%
117% ♦115
*33
On Basis of 100-Share Lois
EXCHANGE
Thursday
Apr. 24
103*4 103*4
35%
36*4
12%
12%
*30%
30%
*23%
25%
4%
4%
15%
Range Since Jan. 1
NEW YORK STOCK
the
Wednesday
Apr. 23
*11
20% "11
20%
20% *11
16
16
*15%
10
153g
153g
15%
15%
*103% 10334 *103% 10334
103% 103% *103% 105
35%
3534
35«4 *353g 36
35%
35% 35%
12%
12%
123g
12%
12%
12%
12%
12%
30%
3034
30%
30% *2984 30%
3034 3034
*23% 25
*23% 24% *23% 24% *23% 24%
*4
4
4
*4
43g
4%
4%
4%
*11
STOCKS
for
HIGH
Saturday
19% Apr 5
47$ Jan 13
84 Jan 6
35
May
May
May
28
May
884 May
54% May
June
3% May
Aug
% Dec
2% May
12
May
3
May
% May
35% Apr
934 Nov
18% Apr
110
60%
3884
16%
71%
112
Mar
Jan
Dec
Apr
Apr
Dec
07$
Jan
50%
Feb
1%
Feb
7%
Feb
27
Jan
6%
Feb
1
Jan
Ex-rlght. ^ Called for redemption.
New York Stock
Volume 152
LOW
AND HIGH
SALE PRICES—PER
SBARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
NEW YORK STOCK
EXCHANGE
for
Saturday
Apr. 19
Monday
Apr. 21
Tuesday
Apr. 22
Wednesday
$ per share
*6 s4
7
$ per share
§ per share
14
14
6%
*33g
334
193g
f
22%
22%
♦95
*156
*156
♦71U
72V
69%
9%
9%
9%
6%
6
*6
*1912
20%
*10712 110
3U
7%
*1912
109%
3V
: 7%
*114
*3
7
1%
*33
33%
*33%
*147
150
*147
44
44
44
*157
161% *159
1
1
6%
6%
314
314
2514
1
2578
*128
132
125s
6%
*3%
2534
128
13is
*1%
;
3434
1234
62
*6158
61%
40
*27
2712
33
*9512 105
2
*1334
42
Apr. 25
$ per share
3 per share
$ per share
Shares
*3%
1834
*534
23
96
.
634
7%
147g
15
42
42
334
3%
19
19
6
5%
23
22%
95
95
*92
157
157
3%
19%
5%
22%
*156
7114
70
9%i
70%
70
95
7%
15%
42
*3%
19%
*5%
*2284
37g
19%
6
23
*95
158
70
70
96
*156
70
9%
9%
934
9%
934
6
6
6%
*6
6%
20%' 19% 2014
I984
1984
1934
197g
109% *109% 110
*109% 110
*109% 110
3'g
*3%
3 g
3%
3%
*3
37g
7%
7%
7%
7%
7%
77g
8%
1%
U4
1%
*1%
1%
*1%
1%
33
33% 33%
3)% 31%
*28% 32%
143
149% 145
*141
144
147% 143
44
I
44
45
44% 44%
45
45%
9%
*6
6
161% *157
161
*157
111
1
1
6%l
6%
6%
6%
3%
3%
3%
3%
26
~
26%
128
0126
13
26%
126
35
35
*34%
40
*39
40
27%
27% 27%
33% 333g
*97% 105
27%
32%
7
14
42
13%
63%
I84
367g
*1%
684
14%
13%
6184
62
*1%
1%
32%
*97% 105
2
2
2%
2
2%
*2
238
2
2
*2
734
*7
7%
*714
13%
62%
*1%
*33%
*3934
27%
32%
*155
1%
6%
3%
27%
126
7%
*2
7%
*87i4
161
1%
6%
3
27%
*123
14
64
I84
37
40
27%
33
*97% 105
2
2%
2%
*7
257g
126
162
2%
7%
94
8%
128
137g
637g
*1%
*34%
*3984
27%
8
16%
8,500
1,300
4178
310
*384
4
19%
*5%
*22%
20
19%
6
23
95
300
90
95
*69
71
984
1,100
4,100
6%
9%
*6
500
20
500
110
*19%
110
80
200
37g
*3%
8
8%
1%
30%
*1%
30%
142
4484
45%
*157
1%
7%
3%
277g
m
2
10%
33
*1%
*35%
40
*27%
34
1
37
40%
28%
34
97
*912
1134
*118
*9%
12
*118
*378
4i8
*17
185s
*12
*37g
*17
98
98
99
99
*9%
11%
*9%
11%
*118
4
18
37g
*17
12
12
12
104
*102
104
102
7
*7
1284
*102
7:
97
-■
*7
7%
*118
100
*118
4%
334
18
12%
102
18
102
*9%
*118
4%
18
102
*117g
*102
7%
10%
—-
4%
18%
*117g -12%
*7
714
121
*118
100
4%
18%
12%
104
7%
7%
120
102
*2
27
29
214
2338
*3iS
2214
27
*2
2%
25%
2534
26i2
25%
2312
312
*25
*2
28
23%
23%
23
*3%
22%
3%
22%
*3%
22%
25
25
2484
*5%
6
2134
*5l2
578
*5%
21«4
1218
19%
20
*20
12lS
12
12
12
8
*7
7%
22%
1934
22
*19l2
*112
*7
22
*215g
20
1934
*112
113
25s
%
2%
*2%
%
*2%
*20
*12
3%
20%
12%
*20
21
*20
23
22%
1934
1984
113
*112
284
*%
*284
734
20
32
5V
32%
5%
*3314
33»4
*82
84
85V
85V
*17712 180%
*18% 20
*2114 213g
*3018 31is
*934
1058
*14i4
1958
15
1934
2914
10712
16i8
35is
*2i2
14l8
*2%
*117g
104
*102
*7
3%
234
21
20
12%
*12
21%
32%
*20%
5%
5%
*33%
3384
5%
*33%
*82
317g
*14%
14%
13?g
197g
19%
*26
23%
12%
*23%
134
134
*17g
*57g
*12%
**%
7%
13%
1
*5?g
*12%
24
1
4%
4%
4%
8%
8»4
14
*8%
25%
7%
*173
*4412
25%
784
21
25
176
47%
3
♦
24%
5%
2134
12%
*5%
6
*5%
6
*112
234
*%
*2%
20
123g
20%
32%
53s
14%
20%
-■
20
*12
21%
31%
5%
3334
82%
113
*19
2184
12%
*12
*73g
*99
2%
o712
23
19%
*112
20%
113
12%
21%
317g
5%
3334
82%
3
20%
20
27g
%
3
3
27g
%
20%
24
237g
24
12%
25%
2
6%
13%
24
2334
*11%
*23%
17g
*134
*57g
6%
13%
*57g
*12%
*%
*7g
4%
4%
884
884
14%
25%
7%
2584
7%
21%
2584
*20%
*24%
25
46
3
3
3
27%
27%
27%
24
24
12%
14
176
24
25%
14
46
*133%
*1112
*12%
7%
20%
*24ig
*173
13%
20%
*27g
20
1
4%
9
14%
26%
7%
20%
25
176
414
8%
14%
26%
7%
20%
24%
*173
*133%
24:
25
2384
12%
25%
17g
6%
13%
1
4%
87g
14%
2634
734
20%
24%
176
237g
*11%
*24
134
*57g
*13
%
4%
*9
14%
267g
77g
6
13%
%
*173
International Silver
60
200
10
800
1,600
10
1334
20%
1384
2034
30%
934 Apr 21
32
Apr 23
1
54% Apr 19
124% Mar 26
97
Apr 21
25
24
Jan
Apr
131
4
4
Jan 13
15% Jan 4
68% Mar 19
2% Jan 16
3934 Jan 2
41% Jan 10
31% Jan 30
35% Mar 21
5
118
Apr 18
334 Apr 23
1534 Jan 9
12
Apr 16
100
Mar 19
7
Apr 16
104% Jan 22
13
Apr 22
5% Apr 23
1
Feb 14
Feb 14
31
Mar 26
9
8% Apr 4
94% Jan 17
8% Mar 15
33
Jan 10
133% Feb
14
Jan
44
128
8
Jan
10
12
10
10
27
Feb 15
5% Feb 14
100
12
7
Mar 26
13% Jan
Jan 10
2% Mar 10
29% Jan 26
27% Jan
2978 Jan 10
8% Jan
8
Jan
19% Apr 12
Apr 16
is4 Jan
2
8?g
27%
25%
116%
3%
_
Jan 13
Jan 10
Jan 9
Jan
Apr
®4 Jan
% Feb 13
4
22% Jan 22
Jan
Apr 18
24
Apr 25
5
Feb 19
45% Jan 9
7% Jan 23
100
600
1,700
Corp—..5
Preferred.
33% Apr
81
_
18% Mar 11
207g Apr 21
30
Apr 25
9% Apr 15
Lily Tulip Cup Corp...No par
1,600
400
400
700
5,200
5,000
400
15,000
1,400
800
700
20
2,500
190
2
Mar 26
25, 8284 Mar 27
lOCl 178% Apr 18
Series B
Lima Locomotive Wks.No par
Link Belt Co
-No par
Lion Oil Refining Co—No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp..... 1
Loews Inc
No par
$6.50 preferred
No par
'
13% Apr 23
19% Apr 21
29
Apr 22
107% Jan 31
12% Jan
39
8
Jan 13
Jan 18
Feb
1
16% Apr 25
15534 Apr 18
Mar
Jan
11% Jan
16% Jan
28% Jan
34% Jan
109
8
9
6
Jan 29
Jan
9
3% Jan
3
May
4
2
——100
134
138
Jan 21
7
2
4
3
2% Mar 10
6% Mar 22
14% Jan 13
1% Apr 4
Jan
53%
Jan
5
May
9%
Apr
Apr
Apr
33
May
May
10% May
22% July
20% May
97
May
15% May
29
2
June
May
15% May
38
May
25% May
128
Sept
May
4
May
11% May
% May
21
June
7% preferred---——100
May Department Stores.... 10
175% Feb 10
53% Jan 23
2% Jan 14
160
June
""700
..—No par
2% Feb 24
700
-No par
$61st cum pref——No par
McCall Corp ...
—No par
103% Jan23
12% Jan 7
700
McCrory Stores Corp
20
200
1,100
100
700
10,500
3,100
3,700
d Def. delivery,
Maytag Co
$3 preferred
6% conv preferred—
25
13
1
100
20
Mclntyre Porcupine Mines—5
McKeesport Tin Plate
10
31
r
Cash sale.
Mar 29
28
Apr
8
106% Mar 25
14% Apr 7
14% Jan 6
Apr 24
25% Jan 11
3%
2%
8%
26%
May
May
May
June
6% May
36% May
2% May
20
May
96% June
10% May
17% May
5
June
June
9
Jan
3
35
Apr
Apr
9
9% Jan
5% May
3
Feb 18
Feb 19
3% Jan
29% Apr
17% May
Ex-dlv,
v
Er-rlght.
Apr
14%
Apr
18% Mar
417g Apr
37% Mar
109% Apr
39% Apr
46% Jen
4% Apr
18% Jan
109% May
25% Apr
163% Dec
21% Jan
66
Nov
35
Jan
136% May
31% Dec
31
12%
38
Apr
Jan
Mar
4% Apr
77g Mar
Jan
l%May
16%
5% Oct
13% Dec
16% Nov
47% Apr
14% Apr
407g Jan
32%
Apr
173% Dec
53% Jan
4% Feb
30% Apr
105
16%
177g
Mar
Jan
Apr
May lll»is Dec
7
*
41
93
26
9
23% Apr
30% Deo
May
Feb
24
45
Jan
10
7% Feb 19
^McKesson A Bobbins, Inc..5
$3 series conv pref—No par
New stock,
8
15% Jan 27
103% Feb 20 111'm Jan 30
McGraw Eleo Co
1
McGraw-Hill Pub Co—No par
n
Jan
Feb
29
June
21% June
300
14
9% May
18% May
30
Jan 22
300
Jan
Jan
Sept
Jan
Nov
Jan
Jan
30
Apr 23
Apr
4% Nov
247g Nov
200
45
Feb
Feb
May
15% May
30% Jan 6
12% Jan 6
28% Jan 13
176
4
29%
34%
Deo
23
Feb 14
Apr
Jan
Apr
1%
20% May
8% June
21% May
1% Aug
Jan 14
12% Apr
30% Jan
Apr 24
24% Apr 23
174
Feb 19
46%
284
31%
26
% Dec
27
9
7% Apr 25
Jan
16% Nov
Deo
20
Co
Martin (Glenn L)
Deo
387s
4
1
500
—5
105
25
Martin-Parry Corp—No par
Masonlte Corp
—No par
Mathleson Alkali Wks.No par
4,200
Marine Midland Corp
Mar
7% Apr
20% Nov
15% Jan
104% Dec
15% Jan
109
Apr
18% No?
97g Apr
11678
17
5*4 Jan
% pr pref. .100
Marshall Field A Co—No par
121
15% May
100% June
1% May
33% Jan 10
23% Apr
1% Feb
Market St Ry 6
Apr
21%
18%
7%
3534
5% Jan 14
11% Jan 8
510
Jan
16
8% May
11% Dec
3% May
16% May
4% Apr 17
7% Feb 18
13% Jan 17
3,900
Jan
109% Deo
9%
138% May
Jan
Apr 22
Mar 3
2,800
5,900
132
May
162
26
% Jan 14
2
22% Aug
23% May
13% June
105% May
17% Dec
10
12% Apr 17
97g June
117% May
3% May
11
May
9
May
92
May
15% Jan 6
110% Jan 18
19% Jan 15
MacAndrews A Forbes
—
122% May
9
100
200
Deo
Jan
May
37% Jan 14
19% Jan 10
Feb 17
Dec
77%
June
June
70% Jan 27
31% Jan 21
11
33
130
44
16
3
Macy (R H) Co Inc—No par
Madison Sq Garden.—No par
Copper.. — ...—10
Manatl Sugar Co
1
Mandel Bros
No par
Manhattan Shirt
.....25
Maracalbo Oil Exploration— 1
Jan
Jan
10% Jan
92% Deo
8% Jan
Mar
18% May
27
May
4
Feb 18
Magma
Deo
52
169
Jan
17
1,400
Nov
4%
4?s
17
30
60
23% Apr 21
23% Feb 14
30
109
May
84% May
20% Apr 14
Louisville Gas A El A. .No par
No par
June
Jan
3
189
Louisville A Nashville——100
Mack Trucks Inc
May
13% May
97% Jan
1% May
17g May
4% May
74% June
5% May
20% May
Apr
109
900
"Teoo
25
5%
109% Apr
188% Deo
700
6% preferred..
267g May
73
May
19% Mar 11
108
Jan
Jan
May
40
......100
—10
—100
Jan
387g
133
Jan
87
Feb 19
5% preferred
Lorillard (P) Co
7% preferred..
Apr
7
87
Apr21
25
Dec
5%
14%
2
14
2% Apr 12
1384 Jan 30
173
3
Jan
35
No par
Deo
98
1
Long Bell Lumber A
Loose-Wiles Biscuit
2% Dec
44
191% Mar
62% Jan
96% Jan
Lone Star Cement Corp No par
Loft Inc.
Mar
5% Nov
127g Jan
56% Feb
89% Deo
36% Jan
June
2
2% Feb 14
197g Apr 12
11% Feb 1
113
37
Jan
37% Jan
Apr
7% Nov
47% Mar
21% May
4% May
87% June
24% May
10
May
27% May
1% May
17% May
19% May
106
157g
*
10% May
40% May
1% May
8% Jan
Jan 13
112
June
Dec
13
21% Apr 14
—5
Lehigh Portland Cement—.25
4% conv preferred.—... 100
tLehigh VaUey RR—
50
Lehigh Valley Coal....No par
6% conv preferred——50
Lehman Corp (The)
.....
109
7
26
3
May
1% Dec
5% May
3% May
19% June
8% May
2
Jan
145
95
Feb 16
17% Jan
No par
June
2% July
6% May
1
May
18% May
Jan
26% Jan 13
3% Apr
24
91
6
18
22
Feb 14
94
4% June
21% Aug
121% Apr 18
38
2% Feb 15
3
66% May
7% May
48% May
27
Apr 21
I84 Jan 24
23% Feb 15
*22% Mar
Jan
Apr
Nov
9
Feb 11
110% Jan
12% Jan
121% Mar
5% Jan
2054 Apr
14% Jan
104% Jan
Jan
118
158
122
63% Jan 13
29
May
May
7
Jan 16
Jan
Nov
9% Apr
72
7
21
1:865
27
X In receivership,
6
31
300
27%
*173
Jan
Jan
Jan
Apr
140
May
Llbbey Owens Ford Gl.No par
Llbby McNeill A Libby.
7
Life Savers Corp.—.—...6
Liggett A Myers Tobacco—25
12%
26
4%
7%
Feb
11
May
16% May
38
Jan 10
Jan 4
23
Deo
5
5334 Jan 10
2%
9%
378
28%
24%
43%
6%
2% Dec
20
June
170
13%
May
June
136
Lehn A Fink Prod
...
1
20%
*24%
Jan 16
Lerner Stores Corp...-No par
13%
*%
49
5% May
12
31
167% Jan 10
100
6
*57g
*13
Jan 28
4% Feb 28
11% Jan 2
2% Jan 3
100
1%
1%
Feb 14
Mar 21
Laclede Gas Lt Co St Louis 100
2,300
6
2
Jan 14
Jan 10
5,800
2,800
200
9
Jan
Jan
3%
7
City P & L pf ser BNo par
City Southern.No par
4% preferred
100
Kaufmann Dept Stores
1
5% conv preferred
100
Kayser (J) &Co_.
5
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A. 1
5% preferred..
Jan
Feb 17
12
100
90%
13%
6%
25%
113%
Jan
98% Feb 21
2,500
Jan 10
3
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
1
$5 prior preferred
No par
Kresge (S S) Co
10
Kresge Dept Stores..
1
Kress (S H) & Co...
No par
Kroger Grocery & Bak.No par
100
161
Feb 13
Kendall Co 16 pt pf A—No par
Kennecott Copper.... .No par
15,600
1,400
Jan 10
111% Jan 22
102
27% Apr 21
Kansas
Class B
26
3
3
Jan
124
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn... 10
400
4% Mar 31
21% Jan 27
2
No par
100
Preferred
7
2
No par
Johns-ManvllJe
$ per share $ per share
3,900
9,500
12%
21%
45
46
46
45%
45%
46% 46%
3
234
284
2%
2%
2%
2%
25% 25%
25% 25%
*25% 26%
25% 25%
*105% 107
*105% 107
*105% 107
105% 105%
*13
*13
13%
13%
13% 13% *13%
14
*13
*13
13%
13%
13%
13%
13%
13%
104
104
*102% 104
*102% 104% *102% 104%
20% 2O84
20»4 2084
20% 20%
20%
20%
*7%
8%
*7%
8%
*7%
8%
8%
8%
*33
3284 33%
33% 33%
34% *33%
34
*
7%
784
734
8%
8%
9%
3
3
3
*3
"1" "3%
3%
3%
27% 27%
27% 27%
2734 28
2734 28%
107g Feb 19
57% Feb 19
1% Apr 16
3434 Apr 14
38% Feb 21
27
Apr 16
25% Feb 15
No par
No par
1,400
200
5%
*33%
45%
*2%
Bid and asked prices; no sales on this day.
23% Feb 19
Apr 23
-
-
Apr 24
126
5% conv preferred...—100
InternatRys of Cent AxnNo par
5% preferred
.100
Intnatlonal Salt
International Shoe
Apr 15
3
.....
No par
3%
9%
14%
27%
77g
20%
25%
176
Internat'l Mining Corp.
1
Int Nickel of Canada—No
par
Preferred
..........100
Inter Paper A Power Co—.15
Jewel Tea Co Inc....
600
4%
24%
400
1,100
*8%
14%
24%
T366
2%
4%
8
20
1
6% Apr 21
1
40
9%
14%
20
44
1
1,000
31
*133%
25%
24%
24
237g
12%
*11%
26
*24%
134
157% Feb 20
Apr 25
Apr 18
$6 preferred........
Jarvls (W B) Co
21
20
*12
20%
Preferred—
..100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
Intertype Corp
16
*21%
14%
21
3034
1% Apr 10
30% Apr 23
Island Creek Coal
112
234
1
Apr 21
142
Lambert Co (The).....No par
*22%
Apr
3% Feb 17
Int. Business Machines.No
par
Internat'l Harvester
No par
Lane Bryant
Lee Rubber A Tire
12%
*13%
7
100
—
*23%
134
1
*174
13%
1984
19% Apr 16
Intercont'l Rubber....No par
Interiake Iron.
No par
460
*2Q%
Feb 25
6
Internat Agricultural—No par
Prior preferred—
.100
800
112
Apr 22
109
12%
7%
23
22
5%
95
.....100
22
7%
*21%
31%
6% preferred-
12%
*12
31%
5%
155% Feb 10
69% Apr 21
9% Apr 22
21
30
30
29% 30
108
107% 107% *10734 108
108
16%
16%
167g
16%
17%
17%
36% 36%
36%
36%
36% 36%
2%
2%
234
234
27g
27g
*14%
14%
*14%
1434
14%
14%
*108%
108% 108%i*10S%
16%
16% I684
16%
16%
16%
16%
158
*156% 158
157% 15784 15684 15784
19
18% 18%
*18%
I884
18%
18%
69
69'
69%
69% 69%
69%
69%
26
*25% 26
*25% 26
*25% 26
*133%
*2%
3
*2%
284
*25% 2784 *25% 2734
*105% 107
*105% 107
13
13
13%
13%
*13
13
13%
13%
104
104
*102% 104
20% 20%
20% 20%
*7%
8
*7%
8%
32% 32%
3234 3284
7%
7%
7%
734
*27
26
27
*134
2412
2378
12V
25U
*20%
*24%
24%
3334
*33% 3384
3384
*82
81
81
83% 83%
83%
*84
85
85%
83
84% 85
83% 84
83%
*179
181
*179
180% *179
181
*179
181
180% *179
*18%
1984 *18% 21
*18% 197g *18% 20
*18% 20
24
207g 21%
21% 22% *23
23
23
2384 2384
*30% 31%
30%
3034
*30% 31
30
*30% 307g
30%
*934
10
9-%
934
10%
10%
10%
10%
10%
10%
24U
237g
1214
♦23%
1334
24%
*84%
*108%
*108%
16%
16% 16%
1634 1634
158
*155
15612 15612 *155
I884 187g *183g
*1838
I884
*67
69
68
68
68%
*133U
24%
2378
3%
23%
24%
234
84
12%
32
23
7%
23%
19%
22% Feb 19
6% preferred
100
Inland Steel Co.......No
par
Inspiration Cons Copper...20
30
23
*7%
*22%
19%
6% Apr
400
190
23%
*2
*26%
23%
3%
Feb 13
5
Highest
Lowest
1758 Apr
43% Apr
Industrial Rayon......No par
Ingeraoll-Rand
No par
Insuranshares Ctfs Inc.—1
Interchemical Corp....No par
/
8% Jan 10
4
Feb 18
13
5% Feb 19
87
Feb 24
300
23%
*3%
22%
12
6% Feb 15
34% Jan 6
27g Jan 2
1884 Apr 22
RR Sec ctfs series A—.1000
Indianapolis P & L Co .No par
Indian Refining
......10
Interstate Dept Stores.No par
Preferred
—100
1,300
2%
28
23%
3%
22%
*19
Illinois Central RR Co
100
6% preferred series A—100
Leased lines 4%_—_ 100
■
Year 1940
$ per share
900
10*,200
30
*28
27
3%
$ per share
95
20
734
*2
2%
19?g
29
30
29i2
29% 2934
10712 *107% 108
*107% 108
I684
16%
167g
16% I684
35
35
35
36
35ig
2%
2%
27g
2%
2%
14%
14%
14%
14%
14l8
27
Par
Highest
7% preferred..........100
Inter Telep & Teleg
No par
Foreign share ctfs—.No par
300
27
2%
800
1,000
2
5%
*%
♦IO8I4
*26
113
28
80
200
4%
27
*23%
*3%
22%
24%
12
*612
*18
578
29
30,900
18%
12
2
25
2212
251s
28%
16,300
Range for Previous
Lowest
Kan
4
*18%
27
227g
251s
•
*25%
2%
26
23%
3%
900
*118
121
*118
121
*118
121% *118
118
118
13
13
13l2
13%
13%
*13% 14%
14%
15%
147g
15
0
6
6
584
6
534
5%
584
6%
57g
6
6%
*103l2 104l2 *103% 104% *103% 104% *103% 104% 103% 103% *103% 104
32
315s 32
32%
31% 3234
31% 32%
32% 33
323g
32%
13
13
13
13
13
13
13
13
13
*127g
13%
13
*27
5,100
10%
*1338
■■'■*25%
Range Since Jan. 1
Lsdo
102
*9%
"4,200
1,100
*97% 105
2
2%
*2%
2%
7%
7%
*87%
94
*7%
8%
*27% 28%
*128
13334
10%
10%
*32% 34
57
57
57
5412
55% 55%
57%
57%
5784
5784
58%
*12512 127
*125 %127
*125% 127
*125% 127% *125% 127
*125% 127
98
3,000
9,300
5412
98
300
450
128
*123
64
2%
734
94
8%
28%
13334
300
161
1%
684
*3%
27%
13%
2
8,300
500
142
64
2%
7%
*87%
*7%
*27%
300
155% 156
14%
37
1,400
500
65%
134
40
27%
34
34%
*97% 105
*87%
94
94
*87% 94
*87%
*7%
8%
*712
8%
*7%
28
27% 27%
27% 27% *27% 28%
*128
13334 *128
13334 *128
13384 *128
13334 *128
10
10
934
97g
10
934 10
97g
97g
1 32
34
34
33
33
32
*3312 35
33
*7
*2714
1%
67g
3%
28
7%
15%
4l7g
2663
On Basis of 100-Share Lots
Week
42
*39
1%
3434
*39
33
684
42ig
19*2 *18%
6»s
534
22%
95ig *95
19%
*534
>
67g
1414
*1334
*40%
3%
22%
the
,
42i2
*40*8
♦33s
Friday
Apr. 23
Thursday
Apr. 24
6
3% Dec
29
9%
47%
127g
8%
Apr
Apr
Jan
Jan
Apr
32% Apr
f Called for redemption.
New York Stock Record—Continued—Page 7
2664
April 26, 1941
Range for Previous
108
2%
2%
2*4
108
2%
62
*54
62
*54
♦9%
10%
*9%
*»n
%
2%
*%
214
%
2%
*%
*7»
%
10
*%
*hi
*13%
*79
♦112%
*117
32
♦38
25%
*8
*14%
*18%
3%
*51%
*10%
*61
112
5%
*45
Week
$ per share
S per share
Shares
3%
%
%
3%
17%
16%
16%
6
8
7%
16%
17%
10%
5%
7%
*29
*27
110
62
%
2%
%
2%
2%
%
%2
"»2
7«
7«
4
334
17%
16%
5%
7%
7%
16%
*17%
10%
6%
*7%
164
3%
17%
16%
180
900
5%
8
7%
16%
106%
12%
500
190
900
900
%
**i»
"""700
2,400
86
87
i584
12%
9%
*15%
13
5%
884
19%
14%
13
152
*9
12
9%
127b
*5%
8%
19%
*13%
*8
19%
18%
14%
6%
5%
*797s 84%
14%
15
*170% 172
*13%
584
*79%
14%
6%
0%
60%
50%
4%
4%
8%
*44%
8%
47
*49
49%
3%
27%
6%
0%
50
4%
8%
*44%
5%
8484
14%
11%
4%
8%
40%
5%
8%
1834
*13%
5%
*79%
14%
*16%
5%
18
5%
5%
5%
151%
1,200
20
60
*84
92
*84
16
*15%
1184
16
*15%
II84
9%
*9
9
13%
5%
12%
*5%
*8
19
14%
6
8434
15
12%
18%
*13%
6
13%
6%
884
19%
14%
8434
15
174
*170
150
150
*138
148
*138
148
6%
17%
27%
6%
51%
4%
52
4%
*8%
8%
*16%
51%
4%
8%
47
*45
50
*49
*25«4
17
17
*26%
6%
27%
6%
52
52
4%
*8%
*45%
49%
484
884
47%
60%
3%
9%
984
14%
80%
3%
9%
1,600
0,300
400
29%
19
19
*4%
*7%
5
10%
29%
18%
*4%
*7%
29%
19
5%
10%
*4%
10,300
900
300
5,000
"""50
*8%
8%
*110
112
*11084 112
*110
115
*110
*53
58
*52
*%
*53
58
25
32
25%
25*4
*25
204
204
*113
13%
*54%
53
12%
*96%
5%
*110%
*8%
*35%
*1%
56
*53%
%
%
*32
%2
%
*»2
%
*1
%
24%
24%
205
25%
24%
*24% 25%
*204% 207
117%
117% *113
13%
13%
13%
54% *52% 54%
*52%
6334
52%
12%
12%
12%
*96%
97%
97%
5%
0
578
205
117% *113
13%
13%
54%
547g
5234
53%
12%
12%
97% *96%
5«4
6
*111
112
112
9
*8%
8%
37% *35% 37%
*184
178
1%
112
*8
112
25
2,700
1,100
10
500
*24%
113
117%
13%
13%
54
54
*52%
12%
*96%
5%
*111%
8%
8%
*35%
*184
37%
36%
*184
1%
2584
205
53%
1284
97%
6%
111%
8%
36%
1%
*25
28
*20
25
*21
25
*21
25
*12%
7%
13%
*12%
7%
13%
*12%
7%
13%
7%
*12%
7%
13%
7%
*13%
6
l
*96
*3
14%
147
7%
15
6%
96%
3%
1478
147
7
7
*37
41
*18
20%
*51
51%
*7%
2
*10
4%
*10%
26%
*34%
12%
6
*96
15
6
9078
3%
*41 ~
7%
2
11%
*116
—
41%
4184
41%
*7
2
10%
4%
10%
26
34%
12%
*1%
10%
4%
7%
2
10%
*7
*134
4%
*4%
*10%
25%
34%
12
700
*52
""206
58
100
2584
*24%
26%
25%
6,500
204
117%
600
1384
13%
13%
53%
53%
5484
53% *52% 53%
12%
1284
1234
97% *96%
97%
6%
6%
0%
6
111
111% *110% 112
8%
8%
*8%
9
38
38
37% 37%
*1%
2
1%
1%
12,100
113
113
203
*112
13%
*53%
*52%
12%
*96%
1284
7%
25
1284
7%
100
10
*10%
25%
*34%
12%
4%
10%
26
34%
12%
is4
10%
*4%
10%
25%
*116
41%
7%
2
10%
41
*7%
*2
11%
Feb 17
7% Apr21
10% Apr 23
102% Apr 23
12
Apr 23
80
Feb 14
Apr 23
Apr 1
Apr 12
Feb 15
Feb 14
17% Apr 25
Jan 30
6% Apr 21
Mar 24
14% Apr 22
2,700
150
2~306
70
4,800
1034
*5
6
5
5
*10%
26
11%
26%
34
10%
26
34%
34
34%
12%
12%
12%
12%
*10%
26%
33%
1234
11%
26%
33%
12%
'3",700
June
Jan
10% Jan
9
18% Jan
175% Jan
2
7
9
16%
155
June
Dec
June
Feb 24
12% Dec
Jan
13%
88%
17%
13%
80
6
Jan 15
Mar 20
15%
Nov
Oct
Jan 15
934 May
6
May
14% Jan 10
11% June
11
6% Jan 14
3
8% Mar 20
24% Jan 11
17
Jan 16
16
May
5% May
June
7% June
5% May
8% Jan 13
93% Jan 10
1734 Jan 6
66
June
14% May
May
Feb 13
154
Jan 15
132
10% Apr 21
Feb 19
23% Jan 10
31
Jan
7% Mar 20
41
Feb 19
43
Feb 14
Apr 22
5
9% Apr 23
48
Apr
64
3
8% Feb 19
June
13% May
p2834 Dec
5% May
Jan 6
Jan 10
Jan 10
08%
0%
10%
49%
4% Apr 23
3
4
4
26% May
6
3% Jan
7% May
Apr
Feb
4
9% Apr 18
10% Jan
May
4% May
May
8
34
Aug
Feb 19
Feb 17
16
~Tan 18
14
May
79% Feb 10
46% Jan 10
72
July
39
9
Apr 18
36
May
107
Feb 14
Jan 17
100
June
Newberry Co (J J)....No par
5% pref series A
100
10
Newport Industries
—..1
N'port News Ship A Dry Dock 1
Newmont Mining Corp
Apr
No par
No par
22% Apr 25
6% Apr 23
2034 Feb 14
100% Mar 8
31% Apr 24
11% Apr 22
N YCblc A 8t Louis Co.—100
H84 Feb 19
$5 conv preferred
N Y Air Brake
No par
New York Central
0% preferred series A—.100
NYC Omnibus Corp
Dock—
No par
No par
5% preferred.
No par
25
Feb 14
18
Apr 25
4% Feb 15
8
Apr 12
110
3184 Jan
8
884 Jan
2784 Jan
6
2
110
Jan
6
45
Jan
0
15%
15%
33%
24%
Jan 10
Jan 10
Apr
Jan
084 Jan
12
4
6
7
Jan 10
8%
Oct
20% July
6% May
23% Nov
IO584 Nov
30% May
9% May
8% May
15
May
20% May
3% May
434 May
50
109
Mar
112
Jan
7
104
May
60
N Y Lack A West Ry Co.. 100
JNYNH& Hartford
100
Conv preferred
.100
{N Y Ontario A Western..100
N Y Shipbldg Corp part stk—1
Noblltt-Sparks Indus Ino
6
Norfolk & Western Ry
100
Adjust 4% preferred
100
112
Apr
115
Feb 24
110
47
Jan
54
Jan 24
45
Apr
June
non-cum pref
North American Co
10
6% preferred series
5 X pref series
Preferred—......
i»i
Norwich
Pharmacol
Ohio Oil Co
% Jan 13
1% Feb 6
% Jan 10
Jan
•u Jan
*si
Jan
24% Feb 14
24% Apr 21
215
109
Feb 25
117
13%
53%
6284
12%
96%
Apr 10
Apr25
Apr 21
Apr 21
Mar 7
684 Feb 14
3
Jan
8% Apr 23
Jan 15
1% Apr 24
Apr 25
Co..2.50
12
Mar 31
.No par
684 Feb 19
Oliver Farm Equip——No par
1384^Feb 19
Otis Elevator......
6% preferred
Otis Steel
(Jo
Outlet Co
5% Apr 25
6
100
93
Apr 24
No par
3
Feb 19
8% preferred A
No par
100
.No par
14% Apr 18
145% Feb 20
6% Apr 23
40% Apr 10
20
Apr 18
No var
51
100
120
Owens-Illinois Glass Co. 12.50
Jan 20
Jan 10
Apr 10
Jan 9
113% Feb 1
10% Mar 31
39% Mar 17
234 Jan 11
27
Jan 11
No var
11
Feb 19
Jan
20
May
175
May
105
May
14% May
47% May
47% May
15
May
84% June
4% May
101
May
27
May
2% May
25% Aug
Deo
7
4
11
Jan
9
10
Jan
6
10% May
7% May
10412 Jan 7
3% Jan 10
17>4 Jan 8
150
Jan 11
53g Junel
95
May
2% May
11% June
12434 June
7
May
10% Jan 10
53% Jan 10
26% Jan 6
21
May
19
June
47
Mar 26
No par
% Oct
%i Dec
13%
18%
120
Pacific Ltg Corp
%• Dec
1384 Feb
8% Apr
Mar 26
Pacific Mills.—.—
5
10
No par
No par
57%
17%
97%
7%
6
Jan 17
1,100
1,100
1st preferred
2d preferred.
2
55
3,100
Pacific Coast Co
120
Jan
17% Jan 10
6884 Jan
6
Jan
Pacific Finance Corp (Call).10
Pacific Gas A Electric.
25
Pacific Amer Fisheries Ine
320
3284 Jan 8
Jan 25
Feb 19
23
Omnibus Corp (The)
3134Marl7
200
—.60
300
90
Jan
145
40% Feb 20
7% Apr 9
1®4 Apr 23
10% Apr 8
4% Apr 17
10% Feb 14
25% Feb 15
33% Apr 25
100
11
13%
8
$5.50 conv 1st pref
No par
Outboard Marine A Mfg
5
20
3«4 May
13
Oppenheim Collins
"
97% May
*160
34
100
May
8% May
May
2
111
400
56
Jan
Northwest Air Lines...No par
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
8,100
11% Jan 23
71% Jan 10
112
Feb 19
170
North States Pow $5 pf No par
10
20
Jan 28
300
200
Jan 15
57
172
300
110
2% May
70
Preferred
4084
7%
2
IO84
May
6
1
.No par
conv serial
Jan
May
16
119
7% June
ib~2o6
7%'
40%
7%
1%
12
4% Jan
6
Northern Central Ry Co
50
Northern Pacific Ry—....100
400
*116
4184
7%
2%
11%
4
12
9
7,100
13%
*12%
7%
6
17% Jan
24% Jan 13
7
50
60
North Amer Aviation..——.1
400
23
23
Jan
113%
31«4
33%
21%
8%
pref-.-100
Nehl Corp...
Neisner Bros Inc
10%
600
*24% 25%
*204% 200%
National Tea Co......No par
Natomas Co
No par
N Y A Harlem RR Co
1,000
%
%
26%
40
5H% prior preferred.—.100
0% prior preferred
100
New York
%
*23
*116
41%
7%
1078
26%
3478
12%
400
14%
6%
95%
40%
7%
*10
0,800
115
14%
14% *14%
1484
14%
1334
1384
6%
6%
6%
6%
6%
5%
6
95
95
95
93
96
93% *92
*3
*3
*3
*3
*3
3%
3%
3%
3%
1484
15
14%
1434 1434
14% 1484
14%
14%
1484
*143% 147
*143% 147
*143% 147
*143% 147
*143% 150
7
7
6%
7
6%
684
7
6%
684
0%
*37% 40
*37% 40
*38% 41% *37%
41%
*38% 42
*18
*18
20
*18
20
20%
*18% 20
*18% 20
51
*51
51
*50
60% *50
51%
50% *50
50%
*1334
*116
*116
41
7%
3,700
%
25%
205
884
$2 cony preferred
4
34
%
100
100
Jan
Jan
May
5% July
Feb 19
%
*j31
7% preferred A
6% preferred B
Nov
8
Apr 21
0%
884
8
*79
7% Jan
6
*»16
*%
%
26
58
*»»
3
Apr 18
60
*11084 112
*110
7
5% Feb 15
National Steel Corp...
25
National Supply (The) Pa.. 10
*332
6 *2
*%2
25%
115
*52
58
ht
%
24%
%
it
*%
115
—
Jan
May
1,400
900
*110
No par
%
June
~5~2o6
18
*11084 112
Feb 18
4
26
33
115
%
19%
0
5% Jan 4
2014 Jan 28
23% Jan 2
Nat Mall A St'l Cast CO No par
700
*4%
434
% June
9% May
% Jan
334 Apr 21
National Oil Products Co
4
National Pow A Lt
No par
18
112
Nat Distillers Prod.
II84 Nov
1% Jan
*n Dec
*11 Jan 14
Apr
7% May
41
1,100
32
*110
No par
10
Q% preferred
Jan
484
1% Dec
*u Dec
4
8% Jan 11
"0~2o6
18%
*110
Nat Dept Stores
Apr
110
Apr
3
Dec
04% Dec
51% Jan 27
12
33%
115
100
54
May
Apr 25
45
80
18%
112
110% Apr 23
4% Apr 23
$4.50 conv preferred-No par
National Lead Co
.10
31%
*110
Jan
01% Apr 17
Nat Enam & Stamping No par
Nat Gypsum Co
1
18%
*110
23
"3"906
30%
6%
9%
5% pref series A
17% May
45
124% Dec
May
11%
8%
12%
4%
7%
18%
*4%
*884
100
*38% Dec
12% Apr
84 Mar 31
:
Jan
Feb
May
May
May
June
May
15% Feb 13
29%
684
7% preferred
20
110
Nat Cash Register
No par
National Cylinder Gas Co
1
Nat Dairy Products...No par
30
*4%
8%
—10
National Biscuit Co
June
2% May
Jan
Nat Bond & Invest Co .No par
29,700
2,200
12,200
5%
10%
conv preferred—.....10
Nat Aviation Corp...
5
95
Jan 31
1,000
100
19%
29%
*18
6%
33% May
117
14% Jan
1
Co..
May
120
0
Apr 19
10
Acme
Nat Automotive Fibres Inc.. 1
103
Mar
National
—
6% May
11% May
23% May
Mar 27
32
Nasbv Chatt & St Louis... 100
$7 preferred
24
115
320
,
29
.......1
28% May
Aug
May
112
7,300
80
3,400
*9%
9%
9%
*9%
9%
9%
9%
9%
*9
9%
*9%
9%
9%
978
*978
10
9%
934
*13%
14%
*13% 14% *13% 14% *13% 14% *13% 14% *13%
*7034 80%
*73
80% *7034
80% *7034 80%
*7084 80% *73
*38
39
*38
39
39
*38
39
*38
39% *38
39% *38
108
108
*105% 109%
*106% 108
*10084 108
*100% 108
*1o034 108
22% 2234
22% 22% *2284 23
*22% 23%
*22% 23%
23
23
5%
5%
5%
534
5%
5%
5%
5%
5%
5%
5%
5%
22
2234 23%
23%
21%
21%
21% 21%
21% 21%
21% 22
107
♦106
107
107%
107
*100% 107% 107
*10584 107
*10534 10784
32
32
33
34
32
32
31% 31%
*31% 33
*33% 34%
1134
12%
12%
12%
11% 11%
11% 12%
11% 1.1%
11%
11%
14
14
13
13
1384 14%
12% 12%
11%
12
12%
12%
4012
49%
3%
par
10
88% Jan
Feb 20
500
3
Montg Ward & Co. Ine.No
34% Mar
11% May
Feb 14
10
3,000
3%
4
14% May
6%
26
77
Feb 19
300
4%
*8%
*40%
Jan
2% May
15
52%
6%
52%
4%
11
7% May
13% Feb 15
i684
27%
6%
al084
*20%
Jan 13
07
9
46
"""226
3
4
% Jan
No par
Munsingwear Inc.—..No par
Murphy Co (G C)
No par
5% preferred..
100
Murray Corp of America—10
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp
5
10
3%
3%
*ti Mar
Feb 19
47%
51%
*45%
49
49
*3
$4.50 preferred
...No par
Preferred series B
No par
2
4
Jan 10
4% Jan 11
3
1% Jan
3
3
49
Mohawk Carpet Mills
...20
Monsanto Chemical Co..—10
9% Feb
% Jan
1
51
3%
100
100
100
110
Mullins Mfg Co class B
174
16%
27%
6%
par
45% Jan 10
Feb 14
Nat Bond A Share Corp No par
6%
*170
No
7% preferred series A
{Missouri Pacific RR
5% conv preferred
Jan 14
Mueller Brass Co
100
84«4
15%
38% Jan
125
400
5%
884
18%
14%
6
Mission Corp.............10
50
6
3
9
100
200
*79%
14%
26% Apr 21
8% cum 1st pref....
100 IO584 Apr 21
40% Mar 28
Minn-Honeywell Regu.No par
4% coov pref series B
100 *107% Feb 19
Minn Mollne Power Inapt...1
2% Apr 16
Jan 15
9% Jan
15% Apr
6
4
9%
13%
*13%
37
Mar
7% Apr 21
14% Apr 21
19
Apr 18
*9
6%
*79%
14%
Feb 17
6% Apr 21
900
'¥,600
17%
25% Jan 10
3O84 Apr 2
38% Mar 19
10
5%
Feb 14
Motor Products Corp..No par
Motor Wheel Corp.—..
5
900
11%
*8
3% Feb 15
2134 Feb 16
Morrell (J) & Co......No par
Morris & Essex
—.—50
"""320
1184
12%
33% Jan 10
4% Jan 3
Midland Steel Prod ....No par
Mo-Kan-Texas RR
4
39% Jan 8
43% Jan 23
26% Apr 4
11,400
92
86
174
10%
*20%
6%
8%
1784
16%
3%
*170
172
4%
3%
9
50
17%
*24%
50
'170
*149
150
10%
27%
9%
12%
6%
12%
5*8
8%
150
18
*26%
200
400
*15%
*17%
100
600
734
7%
*85
*150
200
5%
384
preferred
$6.50 preferred....-No par
t
7%
7%
7%
7%
784
7%
7%
7l2
7%
7%
1034
1684
10%
i684
16%
1084
160%
166% *100
162i2 162% *100
12
12
*11%
12
*11% 12
47
*45
47
512
16
12
172
13
600
87
*170
29
Miami Copper....
...6
Mid-Continent Petroleum.. 10
2,200
1,100
*15%
11%
14%
5
"2,700
16%
*85
534
84%
15
14
16%
12
534
*7978
14%
Mercb A M'n Trans Co.No par
1,300
18
16%
10
*13%
May
Apr 12
100
3%
18%
16%
88
20
82
29
53% Feb
24% May
3%
18%
384
17%
12
*8
Feb
45
*84
20
May
70
45
*45
47
*15%
9%
85
3
2%
%
2%
%
2%
*%
*12%
13%
5%
8%
Feb
Mar
lo's
34
*%
2%
h«
64
66
30
2%
*%
*%
*ii
Jan 10
234
10
10
Jan 13
conv
Mesta Machine Co..
61
9
9
4084
*54
7% Jan 15
109% Jan
75
111
234
Feb 15
70% Mar 19
0%
Mead Corp
$0
*108
3
6
Highest
$ per thare $ per thare
5
May
9% Jan
00
May 1081* Deo
preferred series A.No par
15.60 pre! ser B w w.No par
Melville Shoe Corp..
1
Mengel Co (The)—
1
5% conv 1st pref
50
200
684
14%
28
*40
$ per share
7% Apr 12
30
03s
14%
*26%
$ per share
103% Apr 19
3%
24
27%
*28%
McLellan Stores Co——..1
Highest
100
30
3%
*22%
Par
Year 1940
Lowest
Lowest
No par
30
68
%
12%
•5%
10
*05
%
*12%
7%
1012
164
105
*8%
12%
♦54%
10
1,000
80
*%
7%
10%
*102%
12%
12%
7%
16%
*984
62
*73
%
*45
48
*45
*10%
*162
*54
—
234
3
*2%
3
02
0
14
14
*1334
14
*1334 14
*1334
14
14%
78%
78<4
78
78% 79% *78% 7884
78%
78%
79%
79%
113
113
*113% 110
*113% 116
*112% 113
*112% 113
113
*117
118
117% 117% *117% 119
118
117% 117% *117% 119
3234
34%
32% 33%
33% 34%
32%
3384
32%
32% 33
*38% 40
*38
40
♦38
40
*38% 40
*38% 40
40
26
26
25% 26
20
26
25% 25%
25% 25%
25%
*7%
8
7%
7%
7%
8
7%
8
8%
14%
14% 14%
14%
14% 14%
14%
14%
14%
14% 14%
19
19
*18% 20
19%
*1734
19% *19
19% *18
*3%
384
*3%
334
*3%
334
3%
3%
3%
*3%
3%
*53
*52
54
56
55% *52%
*51%
55
53
*51%
*9%
10%
10
*9%
10%
*9%
10%
*9%
10%
10%
10%
*01
*61% 02
63
*61% 63
*61
02%
62% *01
63
*110
112
111
112
112
110% 110% 111
112
*110% 112
5
5
5
5
5
5
5%
4%
5
5%
5%
4
*5%
*7%
2%
*2%
*54%
9%
*%
*108
*108
*108
0
103% 103%
7%
7%
14
14
48
On Basis of 100-Share Lots
EXCHANGE
Friday
Apr. 25
% per share
$ per share
0
0
6
6
*0%
6%
6
6
0
0
*103% 103% *103% 103%
*103% 104
10312 10312 *103% 104
*7%
7%
*7
7%
7%
*6%
7%
8%
*7i4
8%
*72
80
*72
76
*72
73
73
*72
72% *72
*03% 68% *63% 08% *63% 68% *03% 68% *03% 68%
29
29
*28«4 30
*28*4 29% *28% 29%
*28% 30
3%
3%
3%
3%
3%
3%
3%
3%
312
312
23
23
23
23
*22% 23
23
2314
22*4 22%
26% 27%
27
27
26% 26%
20% 26%
♦26
2714
*28% 30
♦28% 30
*28% 30
*28% 30
♦2812 30
684
0«4
0%
6%
6%
6%
6%
0%
8I2
6i
14%
14%
14% 1434
14%
14%
14% 14%
14% 14%
28
20% 27% *27
27
27
26% 20% *26% 27%
108
108
107
109
109% 109%
♦114
115
105*4 110
41
41
40% 40%
40% 41%
40%
40%
40% 40%
$ per share
*108
Range Since Jan. 1
NEW YORK STOCK
the
Thursday
Apr. 24
$ per share
Apr. 22
Apr. 21
Apr. 19
STOCKS
for
Wednesday
Apr. 23
Tuesday
Monday
Saturday
Sales
PRICE &-PER SHARE, NOT PER CENT
LOW AND HIGH SALE
May
115% May
42
June
49% Jan
8
9% Jan
6
6
484 June
2
May
6
8
3% Jan
16
Jan
7% Jan 6
11% Jan 28
28% Jan 24
8
40
Jan
14
Jan 10
May
3% May
9% May
25% May
33
May
8
May
1
Bid and asked prices; no sales on this day.
t In receivership,
a
Def. delivery,
n
New stock,
r
Cash sale.
*Ex-dlv.
y
Ex-rights.
J Called for redemption.
Volume
LOW
AND
New York Stock
152
Record—Continued—Page
HIGHfSALE PRICES—PER SHARE, NOT PER CENT
Monday
Apr. 19
Apr. 21
$ per share
1
119
*118
$ per
Tuesday
Apr. 22
share
*118
119
Wednesday
Apr. 23
$ per share
$ per share
*118
118
150
*wi«
*27%
*101
11
!
98%
10%
*15
1%
26%
;•
*17%
*34
7%
6%
*1
1
45
45
80
44%
79%
*2%
2%
2%
*2
2
38
*36%
13%
*112
112%
23
23%
*22
22%
39%
39%
*1%
2%
*8
8%
52
112
23%
22
*3834
*1%
*8
53
51%
28%
22%
2834
23
5%
*6%
26%
*43%
*85%
6
„
7
7
26%
*43%
85%
26%
45
*10
85%
10%
*73%
75
*484
534
*434
*52
62
38%
234
*44%
*21%
38%
234
*2%
70
*4%
*27
*4%
534
*55
38
38%
3%
*2%
—
M*
*172
—
mm *
mm
""4%
4%
30
*5%
*65%
10
934
0%
*160
*160
*172
*173
50%
22
4%
30
6%
70
934
mpm mm
mm
mm
46%
40%
*44
47
28
28
28
,
28
28
28
*48%
55
*46%
9%
*158%
*%
14%
117
117
24%
24%
104
*103
*116% 117
*130
131%
148% 148%
*114% 116%
24
24%
98
*96%
86%
10%
*884
86%
10%
9%
«
*80
4%
2%
*40%
*117
58
2%
2%
10
118
*80
57
58
2%
2%
2%
43
41
41
*19
20
*11%
12
12
19%
11%
19%
11%
*23
24%
23%
1334
2534
22%
*1%
23%
1334
2534
22%
1%
27%
*1334
2534
*2134
*1%
*2284
7%
*7%
*934
8%
*57%
*58
34
16%
43
*40
19%
14
2534
23
1%
27%
7%
*2234
7%
*7%
7%
*23
1384
*2534
*21%
*1%
*2234
7
10
mm-
*45
27%
*49
934
*16%
5%
6%
9%
*9%
24%
1334
20
22%
1%
27%
7
'
6%
6%
6%
47
*28%
54
*46%
10%
10%
*158%
*80
13%
26
14
26
*2184
*1%
*23%
7%
11%
1134
2334
14%
2334
20%
*7%
*984
14%
26%
*5%
16%
1034
4434
*«n
*28
5%
16%
1034
*4434
5%
16%
15%
11
11
47
*4434
11
4434
.1
*»!«
29
*%
Ht
%
%
*2
*5%
35
2%
8
35
11134 112
3984
*
39%
29
*%
%
5%
*8i«
1
*29
7%
,?7«
11
*5%
8
*40
*4434
41
2%
8
*5%
35% 35%
111% 112
39% 40%
7%
8
8%
60%
*58
900
600
200
440
..5
50
33
No par
6% preferred
7% preferred
8% preferred..
100
100
100
Pullman Inc
11%
♦82%
*6%
230%
*52
8%
60%
144
100
x94
30%
56
*52
11%
85
7
8%
56
5%
15%
11%
5%
15%
*5%
15%
5%
15%
11%
11%
11
11
4834
*4434
4834
*4434
7
8%
*6
8%
7
4834
1
*»!«
1
*#1,
29%
30
30
*ie
*%
%
ht
2%
*5%
234
297g
*%
*%
27g
*5%
36%
%
*2
2%
*5%
8
35% 3534
111% 111%
40
41%
36
%
8
36
111% 111% alll
43
417g 43
{ In receivership,
Jan 11
99
1284 Mar 28
99% Jan 10
64
1134 Jan 9
15U Jan 31
15
2
Jan
Sept
4% May
May
6% May
May
7
1% May
30% Jan 10
29% Dec
13% May
20% Jan
1
6
Jan
48
Jan
43
Dec
87
Jan
71
2i2
38i2
18i2
1U2
23%
12%
23L
Preferred—....
..100
Jan
21
......5
Silk
Apr
Mar
Feb
Apr
21
14
14
23
Apr 21
Feb 14
Jan
June
44
1% May
II34 May
984 June
Jan
13% Mar 17
112i2Mar 1
25U Apr 4
24% Jan 27
43% Jan 23
2t4 Apr
1034 Apr
57
15
May
May
May
1% June
6% May
17% May
4
Mar 31
33i2 Apr 4
23% Apr 15
7% Apr 4
778 Jan 23
3578 Jan 2
11% May
15
May
684 Deo
6% May
25% June
37% May
Mar 29
9
70
June
12% Jan 10
1134
80
68
Deo
May
Jan
7
108% Apr 18
7
Jan 17
3% May
69% Jan 18
30
41% Jan
3% Feb
2
60
7
27% May
2% May
30
May
22
May
35
May
3% May
7
Fen
23% Jan 11
78
Mar 28
734 Jan
2
46% Jan
2
2
16
834 Jan
84
Jau 30
15
Jan
181
Jan
May
5% May
0434 May
Feb
8
13% Nov
178
4% May
9% Jan 10
5
65
Jan
7
8
75% Jan
May
10% May
10
May,
8
iZh
164
19
Jan 10
May
7
Ma.
151% July
Mar 31
7b Jan 6
16% Jan 17
16
21
12%
Jan
%
2
Feb
May
13% Jau
6
13% Jan
4034 Jan
6
2
Jan
5% May
434 Oct
0% May
6% May
21
May
68% Jan 22
119% Jan 29
29% Jan 9
112% May
28% Dec
83g Jan 10
8% Mar 28
110
53
Jan 11
100
June
May
100
Reliance Mfg Co
.10
1
640
200
Apr
118
Jan
9%
101%
90%
11%
Apr 4
Jan 8
Jan 10
Jan 11
10
Jan 17
46
Apr
20
Jan 23
17
Jan
3
2
2884 Feb
9% Jan
4
7
784 Jan 21
12% Jan
7
120
1,900
70
600
11,500
20
*
Apr
8
24
Jan
2
Apr 21
113
Jan
8
Apr 17
73
Jan
10
Feb 15
30
Apr 26
10
62
Jan 17
300
Ruberoid Co (The)
84% Apr 21
6% Apr 22
Roan Antelope Copper Mines
800
90
8
"MOO
270
2,900
d Def. delivery,
3
19
Rltter Dental Mfg
27g
Jan
60
Richfield Oil Corp
200
Jan 13
11
97
Common
No par
No par
7% Feb 14
6
Apr 15
13% Jan
94% Jan 16
10% Jan
34% Jan
53% Jan 13
9
Jan 22
9% Jan 27
8
534 Jan 16
No par
15% Jan 30
Rustless Iron & Steel Corp—1
984 Feb 16
428s Mar 1
1784 Mar 20
13% Jan 3
4% Mar
$2.50 conv preferred-No par
{Rutland RR 7% pref—100
10
{St Louis-San Francisco.-.100
6% preferred
...100
{St Louis Southwestern... 100
5% preferred.——
100
Safeway Stores
No par
5% preferred
100
Savage Arms Corp
No par
7ieMar 11
St. Joseph Lead
n
New stock,
r
Cash sale,
84
28% Apr 23
»i» Jan 7
%
Jan
x
Feb 19
Ex-dlv.
4834 Jan 14
% Apr 6
38% Jan 10
% Feb 8
% Apr 15
4
2i4 Jan 18
434 Mar 20
35
Apr 19
1097b Feb 17
37
June
73% May
9
June
Apr
2% Nov
34
June
16% May
13% May
3
Feb
May
3
23
27
23
43s
Deo
65
June
13
0% May
8
Aug
6
May
23734 June
50
May
1
Deo
Apr
29% May
37% May
17% Apr
6
Oct J
Jan
Feb
Mar
Jan
884 Nov
13%
Feb
10%
Jan
63%
Deo
69
Jan
May
May
2
Apr
24% Nov
70% May
00
May
7% May
14
17% July
IO534 Sept
97% Deo
1484 Jan
30% Apr
70
June
117
May
8% May
75% Mar
0% May
30% Dec
52
Nov
74% Deo
15% Feb
06% Apr
11% Nov
May
44
56
Oct
May
5% May
434 May
3% Aug
11% May
12% Dec
45% Oct
% Deo
48% Nov
1% Feb
20
42
June
9% Nov
7%
%
2
12
Feb
Apr
15% Nov
38
%
Oct
Jan
3
Dec
34
90
May
May
50% Jan 15
17
May
Jan
22%
%i Dec
Jan 13
484 Mar 20
Ex-rlghts.
384
43% Deo
25
112% Jan 11
45
32%'Jan
11% May
97% May
89
May
15% Feb
15% Feb
7% Apr
90
Apr
69
Apr
39
97
10
300
20
101% Feb 10
100
7% preferred,....
3,900
"MOO
7
13g Jan 11
2234 Jan 6
Apr
6H% preferred—
100
Reynolds Metals Co...No par
5H% conv preferred...100
Reynolds Spring
Reynolds (R J) Tob class B.10
Class A
"""no
Mar 18
82% A or 21
78g Apr 19
Jan
105
10% Mar 10
67% Jan 23
100
115%
May
3
61
-100
14% Jan
1484 Jan
45% Nov
7184 Apr
118% Jan
43% Apr
143
Apr
Feb 19
preferred
July
114% Oct
16% May
684 Oct
158% Feb 11
117% Jan 25
Feb 13
conv
Jan
8
Apr
51
6%
Deo
1284
Mar
60
6% conv prior pref ser A.100
Revere Copper & Brass—..6
20%
145
Rensselaer & Sara RR Co.. 100
84 Apr 10
1634 Feb 14
Apr
128
Remington-Rand..
Preferred with warrants..25
.1
10%
161% July
1% Mar
2234 Feb
June
134 May
Apr 22
Deo
110% May
4
1% Jan 11
65s Mar 26
984 Apr 21
7i2 Apr 21
Jan
57
4184 Nov
73% Deo
120
Jan
9% May
1934 June
17
May
7
Oct
Jan
11
137
Jan 13
22i 8
May
88g
123% Jan 15
24
Reis (Robt) & Co 1st pref—100
1,600
16% Nov
154
June
7% Jan
43% Jan
Deo
7% NOV
46% Deo
9% Nov
85% Deo
May
15% Apr 4
26% Apr 24
Reliable Stores Corp...No par
100
75
107
7
70
Feb
15
8
400
2,700
4
23
9
Jan
46% Deo
16% Jan
24
9
Mar 12
50
23% Nov
62% Jan
96% May
4% Jan
28% Jan 14
1% Apr
Feb
2% Nov
44% Apr
1% May
234 Jan
3% Jan
90
60
—.50
Hosiery
Real
7
Nov
11% Dec
18
2% Mar
6
48% May
300
99
1218 Mar
10% May
9% Jan
2
4% 1st preferred
4% 2d preferred...
Jan
84 May
2
1,100
June
1
538 May
5% June
334 Jan
200
10
45% Apr
105% Deo
10% Deo
4
62% Jan
3,000
7% Jan
8% Nov
4% Mar
25% Apr
984 Jan 10
56I4 Apr 25
1,100
43%
106
Jan
% May
9% Sept
4% May
%
36%
634
26% June
4
h«
111
4
4% Jan
1
29%
6
l%Mar 17
37% Jan 10
334 Apr 22
2,100
28%
♦%
%
Jan
Apr
Radio Corp of Amer...No par
Reo Motors v t 0
19
102
6
16
10
200
Mar
8334 Feb 15
10i8 Apr 19
8I4 Apr 1
Republic Steel Corp...No par
102
3
338 Jan
2% June
6% Oct
2% May
12
May
23,500
15,700
*16
Deo
4% Jan 10
6% preferred
—..100
5% conv preferred.
100
Purity Bakeries.......No par
Quaker State Oil Ref Corp.. 10
1,200
1,000
"2~905
*60% 65
107g 11
*82% 85
7
*6%.
30
30%
Mar
160
.28
r«~GH (Tfae).__.....No par
»i«
8-
Apr 25
11612 Feb 15
No par
17% 177g
100% 100%
*83
85%
7%
Apr 18
5114 Feb 21
110% Mar 12
24
Apr 25
101% Mar 3
11578 Mar 19
1295s Mar 4
Pub Ser El & Gas pf S5.No par
5-400
67
uit
1734
I77g
100% 100%
*83% 85%
7%
7%
11
8%
6%
*5%
15%
7
Bid and asked prices; no sales on this day.
8
7%
*934
*»ii
%
*35
3534
*11134 112
84%
684
30%
52%
8%
6%
30%
11
%
*2
84%
*5%
15%
*38
2%
11
5%
it
*2
11
16
%
3
62%
*7
%
h
*6
1
918 Apr 21
9i2 Apr 21
5% pf (ser of Feb 1 '29). 100
1%
*2338
67
62
8%
47
1st pref
2d pref
434 Feb 14
Pub Serv Corp of N J—No par
55 preferred
...No par
1%
23%
61
11
17
52%
8%
2934
%
29
conv
3,900
100
7%
7%
8
11%
534
10%
conv
Procter & Gamble
30
500
1%
23%
8
7
8%
*6
7
5%
5%
100
27
10
8%
Postal Teleg'h Inc pref.No par
Pressed Steel Car Co Ino
1
500
4,600
22%
1%
27%
11
8%
1,100
4,500
*22
1%
25%
Apr 17
17*2 Feb 18
5% Apr 22
7% pf 100
600
*26
*2234
"5
200 I Pond Creek Pocahontas No par
Poor & Co class B
No par
1,200
23
2384
19
*6
5
Mar
No par
Plymouth Oil Co.—........5
Pit Youngs Asht Ry
Pitts ton Co (The)
139
June
154
174"
6% conv preferred——.100
61
7
57s Apr 16
Apr 23
984 Apr 22
Raybestos Manhattan.No par
Rayonler Inc
1
$3 preferred
—25
Reading Company
60
*23
Apr 22
6% Feb 15
45% Feb 14
27 % Apr 23
54
Apr 19
9% Feb 19
164
Apr 31
% leb 14
14% Apr 21
600
*10%
11%
*2334
14%
Jan 21
69
200
20%
101
8%
30
4134
I97g
1134
2434
14%
42
2
2
4% Apr 22
100
*3914
*19%
60
8%
100
Pitts Coke & Iron Corp No par
55 conv preferred....No par
40%
19%
11%
2334
*97
*6
6% preferred
61
55 preferred B.
No par
53,60 conv 1st pref..No par
*10
54
Pittsburgh Coal of Pa
300
Jan
*38*8 Feb 14
2U2Mar 6
Radio-Keith-Orpheum ......1
19
31%
..100
25
Pirelli Co of Italy "Am shares
2,600
103
30%
5% Jan
PUlsbury Flour Mills
~~2,666
*97
*52
""200
234
*16
54
1034
Mar 28
52
50%
19
31
100
May
144
87
105
share
115
Jan 10
46
Feb 20
IOI4 Apr 14
7234 Feb 4
3584 Feb 20
284 Mar 18
234
*40%
102
*52
*9%
Apr 12
per
Jan 27
160
79
Phillips Petroleum.....No par
Phoenix Hosiery
..5
56%
62
52
26
Highest
126
40l2 Feb 18
Phillips Jones Corp....No par
7% preferred
.100
5,300
*80
102
31%
6%
934
57g
6%
97g
Jan31
6% Apr 25
Preferred 4H% series—100
234
*16
31
750
Feb 15
z&% Apr 17
Philip Morris & Co Ltd....10
66%
97
52
1,300
*2%
m
17%
100% 100%
*83
85%
7%
7%
6%
21
3
5034
34
6%
7
42% Feb 15
2014 Feb 14
No par
_
2%
17%
100% 100%
*82% 84%
7%
7%
*84%
.
56%
mmrn
62
85%
6%
200
56 preferred.
Philco Corp
2
1% Mar 24
Phelps-Dodge Corp....,
25
Philadelphia Co 6% pref—50
2%
40%
*19%
11%
»i«
10%
84%
6%
30%
3,500
56%
97
7
600
Feb 19
3684 Jan
Petroleum Corp of Amer
5
Pfelffer Brewing Co...No par
"
*60
11%
86%
*%
33
62
7
300
1,100
""loo
53%
104
*85%
1,400
2,160
10
10%
*96
11
"""300
390
934
*58
62%
10%
8534
Feb 14
800
11
9%
67
19
Apr 21
Feb 14
21
54
6%
*60
*16%
22
70
17%
60
7%
112
160
14%
*59
83
5% preferred.
..100
Pennsylvania RR
50
Peoples Drug Stores Inc.—.6
Peoples GL&CC (Chic) 100
{Peoria & Eastern Ry Co.. 100
Pere Marquette Ry Co....100
5% prior preferred.
100
5% preferred
100
Pet Milk Co..........No par
700
47
14%
*58%
17
80
16,700
28
*16%
57g
70
%
17%
100% 100%
82%
82%
*7%
7%
19
*16%
Jan 30
2
Pittsburgh Steel Co—No par
7% pref class B
100
5% pref class A...
100
5M% 1st ser conv pr pf.100
Pittsburgh & West Va
100
17%
57g
6%
60
17
12
1,300
14%
*58%
13ie
Penn G1 Sand Corp....No par
2,500
5%
6%
57g
6%
*58
8
34% Apr 23
100
par
Pitts Screw & Bolt.....No par
14%
70
8
900
m
*16%
61
8
43% Mar 4
7434 Feb 20
134 Feb 15
m
17%
5%
*57
8%
11
10
Penn-Dlxle Cement....No par
$7 conv pref ser A...No par
*158%
11
No par
Penn Coal & Coke Corp
Penney (J C) Co......No
Pittsburgh Forglngs Co.—.1
Pitts Ft Wayne & C Ry Co.100
7% guar preferred
100
mm
1
200
1,500
600
14%
*10
Parmelee Trans porta'n.No par
Pathe Film Corp
1
Patlno Mines A Enterprises. 10
*46%
*10
11
Park Utah Consol Mines
1
Park Davis & Co
No par
Parker Rust Proof Co
2.60
Penlck & Ford
FeD
95% Feb 14
10% Feb 3
1484 Apr 9
U2 Feb 10
2512 Feb 14
17% Feb 14
84 Feb 21
758 Apr 19
6% Apr 21
1
500
Feb 27
10
100
600
800
28
54
101
$ per share $
734 Apr
2% Apr 21
Apr 21
714 Jan 7
i2 Feb 15
27
Apr 22
..10
230
*%
11
800
67g
35
35
*33
*33%
52
5234
5334 :r52%
52%
117
*116% 117
117% *110% 117
24
24%
24%
24% 24%
24%
103
103
103% 103%
I027g I027g
*116% 11678 1157g 116%
*116% 117
131
131
131
*1297s 13134 131
145
147
147
14034 144
14434
*11434 11534 *11484 H57g *11434 116
24
24
24%
24%
23% 24
8
8%
8%
8%
8%
99
*98
98% 98% *98
987g
88
88
88% 88%
88% 88%
10%
10%
10%
10%
10%
10%
*9
*9
9%
9%
9%
9%
284
334
3%
27s
234
278
33
600
30
34
%
2,500
*45
47
2934
mmmm
"MOO
3
10
.1
inc
6% 2d preferred
10%
m
6%
47
Paramount Pictures
6% 1st preferred
Mar
Year 1940
Lowest
$ per share
5% Feb 18
...100
Park & Tilford Inc
100
mm
5%
70
*934
7%
*160
*172
5%
28
conv preferred
74
5
61
*7%
—mm
300
5,500
■
5
934
7%
*57%
11
7%
934
.mi.
1M65
200
*6%
67g
*173% 176
7%
*7%
*934
8%
*58%
17%
100% 100%
83
*7
*173
*80
57
12
19
*160
*160
4%
5%
31%
10%
--mm
53%
*6%
75
*4%
*29%
30
3
No par
Preferred
22%
73
6%
24% 24%
24%
24%
*103% 103%
1033s 10334
116% 116% *116% 117
131
*130
*130% 131
151
148
149% *147
*114% 116% *114% 116%
23%
23%
2334 24
8
8
*8%
*96%
98% *96% 98%
87
87
86
87%
*1038
10%
10%
10%
*9
9%
9%
9%
4
3%
334
3%
57
6%
*44%
*21%
5%
*4%
30
Parafflne Co Inc
52
*
10%
9%
*9%
*31%
53%
118
4%
30
39%
3%
*2%
51%
22%
75
400
62
70
7
34
~8~706
534
*434
39
Pacific Tin Consol'd
Corp.__l
Pacific Western Oil Corp.. .10
Packard Motor Car
No par
Pan Amer Airways
Corp
5
140
*52
118i2 Feb 21
147% Apr 8
..100
Pan-Amer Petrol <fe Transp..5
Panhandle Prod & Ref
J.l
700
10
9%
9%
54%
*44%
*21%
*
534
62
6% preferred
share
400
44%
85%
10%
73% 73%
107
107
39%
3%
100
Pacific Telep & Teleg
15,800
6,300
44
85%
10%
7334
69
5%
10
2,000
*84%
*10%
44%
10
63s
9%
*80
*
*57
*117
2
69
6%
35
53%
50
5
54
*2%
21%
*6%
6%
*31
5334
5334
2
69
17%
5%
10
9%
4534
78%
2%
*9%
17%
5%
17%
6%
78%
*134
2%
2%
io684 io684
3%
4%
*28
534
14%
7334
534
77
*%
14%
%
*17%
*5%
*6%
9%
9%
534
*
*158%
34
%
1434
14%
33%
*32
4
9%
*158%
*434
3%
*6%
18
44%
85%
10%
39
7
14%
44
*434
*50
*6%
46%
*17%
*5%
*6%
9%
*9%
44
39
6%
46%
9%
45
7834
*2
62
*6%
%
2
46%
*2
38%
*2%
*44%
21%
5%
10
2%
*52
5
54
79
3834
5
mmm-
*44%
78%
45%
62
5
54
1
1
*2
534
100
170
$
per
Range for Previous
Highest
Par
,
10
2
5
*9%
*158%
*%
14%
10%
*8%
2
77
70
*534
"*9%
*160
*44%
*21%
♦
30
*
11
10
10
86
76
6
10%
*8%
%
45
22
*66
10
10
*43%
78%
86
76
6
234
2%
10%
Lowest
Shares
900
*8%
45%
79%
2%
*43%
22
4%
7
1
1%
1%
27% *25% 28
*26% 28% *26% 28%
1023s *101
102%
102% *101
102% *101
11%
11%
11% 1134
11%
11% 11%
99
99% *98
98% *98
99% *98
10%
10%
10% 1034
10%
10%
10%
1534
1534 *15
1534 *15
15% *15
1%
1%
1%
1%
1%
1%
1%
27
25% 26
2534 26
26% 26%
*18
18%
18%
18%
18% 18%
*17%
34
*34
*34
%
34
%
%
8
734
734
734
734
7%
734
7
7
6%
634
*6%
634
*684
87
*44%
30
284
2%
3%
10
934
"u
45
22
*4%
7
35
35
35% 36
*35% 3734
34% 34%
15
15
*13
15
*13
13% 13% *13
112
*109% 112
*109% 112
*109% 112
*109% 112
23%
23% 23%
23% 2384
23% 24
23% 24
22
21
21
*21% 22%
21% 21% *21% 2134
40
40
39
39%
39% 39% *39
39%
*39%
2%
*1%
*1%
*1%
2%
2%
2%
*1%
2%
9
*8
9
*9
10
8%
8%
10%
*9%
52
52% 53%
57%
5034
53% 56
56% 5634
29
31
2834
31
28% 29%
32%
t>2%
30%
22%
*22% 23%
22% 23
*23% 24
*23% 24
534
5%
534
5%
5%
5%
534
534
5%
6%
6%
0%
6%
6%
6%
6%
6%
6%
27
26%
26% 27
27%
27% 2734
27% 27%
51
*28
*3%
*6%
3%
3034
13%
51
*9%
2
62
38
*75
"
2%
10
Range Since Jan, 1
On Basis of 100-Share Lots
Week
3%
*6%
3%
6%
284
85% 85%
*10
10%
10% 10% *10%
10%
73% 74
73%
73%
73% 73%
107
107
♦1063s 107
*106% 107
107-% 108
*52
*43%
793s
2%
44%
80
2
36%
*12%
*12%
2834
*22%
*534
*8%
*%
*27
27
29%
29%
102% *101
1023s *101
11
11%
10%
11%
98% *98
99%
98%
10%
10%
10%
10%
*15
1684
1534 *15
1%
1%
1%
1%
26% *26% 27
2534
18
18
1784
18%
%
34
34
34
7%
*7%
734
734
6%
6%
63s
6%
*79%
2%
1
«u
10
1
3%
*6%
2%
Apr. 25
$ per share
% per share
117
11734 *116% 119
149% 149% *146
15034
2665
EXCHANGE
Friday
Apr. 24
150
118%
1503s
3%
3%
6%
6%
2%
234
151% *149
151%
3%
3%
3%
3%
6%
6%
6%
6%
234
234
2%
284
10
10%
10%
103s
10
*8%
*8%
934
STOCKS
NEW YORK STOCK
the
Thursday
118
150
*149
Sales
for
Saturday
8
5
Jan
Jan
Jan
May
484 May
63
Mar
111%
Deo
43
Deo
H Called for redemption.
3b\
New York Stock Record—Continued—Page 9
2666
April 26, 1941
HALE
HIGH
AND
PRICES—PER
SHARE,
Sales
On Basis of 100-Share Lots
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
Apr. 19
Ap(. 21
Apr. 22
Apr. 23
Apr. 24
Apr. 25
Week
8
$ per share
8«4
$ per share
per share
834
85s
834
*80
84
*80
*3712
38
*38
39
*%
*13
*2
68l2
0
7«
38%
l2
*%
13
*65%
*3i2
66
05%
3%
*52
3534
125$
*178
2%
6834
2
*4%
17
17
*1634
1*4
2
67i8
63
25«4
2312 24
*10112 107
*112
2334
15%
834
2
8%
17s
1434
1634
*1458
I6i8
*12
*13U
*135
*135
140
23«4
9l2
1178
22
*1634
140
12
*1312
85g
178
1414
I63g
*138
2
2
145g
1634
*1414
10
12
22l2
23%
26%
26
26
112
3*2
*3
1%
*138
3*4
*3
19
138
19
*18i8
29%
29%
29
2934
29l8
*6814
29ig
6914
5
5
47«4
*3H2
*112l2
28U
*58i4
60
3'2
32
10%
18%
1978
27«4
I6I4
1812
1978
5234
53
634
634
65g
384
*334
19
578
5%
57g
65a
5 3s
5
61
50%
*1163g 11668
778
*1514
1*2
1168
♦183s
*4
8
77g
*17
1*2
11%
1%
*1H2
20
*19
I9i2
*4
53g
538
534
514
63g
414
3%
32I2
57g
578
578
*4%
*3312
*318
712
3638
*4lg
*33l2
*314
*714
36
3%
32
4
4
*884
934
9
*6i4
6i2
614
*3314
»378
*33*4
*278
39l2
734
3634
3lg
32i2
57g
4
9
6%
36
35
278
5
*27g
39i2
39l2
4
4
34i2
*234
2%
5
26%
*58
*12
*434
26%
34
13
912
*9414
2778
4112
414
1134
*738
♦711s
4%
10
534
*16
26
*5g
*12lg
9ia
912
9738
277»
4H2
2%
5
27l2
84
13
r»
72
534
18
50
52
*37
5314
65g
3212
16
H
3ig
17i2
I9i4
20%
19
1984
2714
27l2
35
35U
35l2
35I4
3712
*37
54
543g
65g
5
67g
37g
534
5%
52
77g
16
Ha
*1134
*19%
Ha
12i2
19i2
53g
37g
534
514
52
52
8
*4
5
1734
1712
57g
55g
*4
*33%
4
*3ig
73g
3612
3%
3178
*55s
37g
984
10
6i2
*6
367g
314
32
578
9ia
678
678
*684
30%
30% 30%
IOI4
1058 10%
63
633s 63l2
*113%
*11312 115
13U
13% 133s
76l2
76l8 7678
8158 815s 08U2
114
1314
7634
8112
*12
13
*12
12%
*26
2684
3484
107g
1214
2634
*26i2
3414
3434
3414
11
11
105g
*12ig
*1184
19%
5478
67g
37g
534
F4
♦71
62
1,200
8
33
5
31% Feb 19
5
May
98
June
113
1
May
preferred
-No par
pref....No par
prior pref....No par
2% Feb 16
2% May
$6 cum prior
10% Feb 19
12% Feb 14
l778Mar 4
21% Mar 21
9% May
2234 Mar 21
21% Apr 4
2884 Apr 4
36% Jan 11
$4
$7 cum
Standard Oil of
Calif..No par
25% Mar
25
Jersey.25
Ohio.......25
Starrett Co (The) L 8..No par
Sterling Products Inc
10
Stewart-Warner Corp......5
Stokely Bros & Co Inc
1
Stone & Webster
No par
Studebaker Corp (The)
1
Sun Oil Co
No par
6%
100
preferred
8unshlne Mining
6% Mar
334 Mar
17%
1,800
5%
0
534
684
*4
600
1,600
100
4%
1,100
3%
*35
Swift & Co
Texas Gulf Produc'g Co
3,000
12%
Jan
12%
Feb
Apr 14
6884 Jan
6
4684 Aug
Jan 22
7
127
21
Apr
$3 60 co«v pref
200
*2%
100
3%
40%
4%
9
4
118% May
7% May
Jan 10
12% May
7
Oct
9% May
Jan
600
34%
190
234
1,600
347g Apr 23
97%
500
28%
1,400
Jan
9
8
May
23
10% Apr
3
884 May
1%
100
17
7
303g
1012
34% Dec
62% Nov
21% Apr
9% Nov
7
4% May
Apr 16
2
Jan
9
75
Jan
9
5% Jan
9
17
1
No par
Twin City Rapid Tran.No par
$1.50 preferred
Feb 14
Mar 25
16% Feb 20
100
67g Apr 18
1
30
Under Elliott Fisher Co No par
FeD 14
934 Feb 14
Union Bag & Paper
Union Carbide & Carb.No par
Union El Co of Mo $5 pfNo par zlll»4
Jan 30
4~506
Union Oil of Califonria
Jan
1,600
Union Pacific RR Co
No par
60
25
1234
Feb 14
2
100
100
4% preferred
75% Mar 28
80
Mar
4
II84 Apr 25
Union Prem Food Stores,Inc. 1
10
Jan 16
7% Jan
19% Jan
Aug
3% May
6% May
Jan
82% Mar
5%
Apr
Apr
5
May
10%
13%
14
May
25%
Jan
l%May
3%
Apr
9% Jan 13
34% Jan 6
4
6
13%
6%
21%
9%
59%
May
May
June
May
June
Jan 15
105
May
14% Jan 14
85% Jan 10
112
71
May
May
85% Jan 13
70
June
13% Jan
13
Dec
115
284
Mar
7
Jan 10
1234 Jan
70% Jan
1% May
64
7
6
1% Jan 10
24
Jan
May
834 Jan
9% Jan 30
53g Apr 24
20 th Cen Fox Film Corp No par
Jan
18
10% May
Feb 19
2%
35% May
4% May
2
1
Apr
6% Dec
38% Apr
2
17% Jan
4
7%
Nov
6
5% Jan 13
68% Feb 17
1
No par
No par
-.10
Twin Coach Co
Jan
35
May
51% Jan
Tri-Contlnental Corp
Feb
4
Feb
584 Mar
81
34% Jan
Feb 17
284
2584 May
1
May
42%
May
9984 Dec
27% Feb 19
8,200
830
1% Jan 18
18
39
3,000
400
Jan 10
2% June
2
2934 Jan 10
Jan
30
Apr
13% Mar
45
Feb
I884 Apr
88% Jan
116% Dec
17% Jan
98
Apr
89% Feb
16
July
9
22»4 Jan
31% July
29% May
443g Jan
17% Jan
9
12
23«4
Apr
14
Jan
9
18
113% Feb
Apr
Dec
100
25% Feb 19
34% Apr 19
10% Apr 14
12
Apr 10
110
Apr 21
6
12% May
108% Nov
42%
400
United Carbon Co
No par
42% Apr 25
50% Jan 10
42% May
65% May
18
110
100
United-Carr Fast Corp.No par
20% Jan 15
1% Jan 7
12
20% Dec
No par
16% Apr 23
5g Apr 25
No par
1834 Apr 21
3034 Jan 10
110
42%
*16%
%
19%
f In receivership,
1,500
6
Jan
6
7% preferred
"TOO
6
6
9934 Jan
2,800
1%
4% Jan
Mar 17
96
1%
*1%
Apr 22
No par
Tlmken Detroit Axle...
10
$4.50 conv pref
Truscon Steel Co
Jan
Jan
12
71
1%
Feb
•% Apr 16
12% Apr 15
9%Mar 6
Co.No par
*66
17%
4
34
Transue & Williams St'l No par
100
Mar
2% Apr 23
4% Mar 3
Apr 21
500
700
63
26
11% Apr 21
67g Mar 25
1,800
Dec
June
Transcont'l & West Air Inc__6
534
36
20
500
10
40% Jan21
Mar 28
7%
*5%
12%
18%
36
7%
1%
10
Dec
Jan 17
30
10
100
*7%
*17
May
May
7%
10%
584
5
7
June
Tide Water Associated Oil. .10
Corp
Jan
4
3
Third Avenue Ry
$6 preferrred
pr
Jan
Jan 23
Apr
30
11%
17%
334 July
8%
6%
Jan 18
$3 dlv conv preferred
Truax-Traer
Oct
Apr
37% Nov
MarlS
*11%
7%
1%
5%
17%
Feb 27
6%
Dec
47%
4%
5
4% Feb 18
20
4
26% May
Mar
5% Mar
3
$3.50 cum preferred.No par
100
2% May
Feb
9%
45
4
2
4%
2
40
1
1134
*4%
Dec
2
*11%
41
2%
33g Jan 10
Apr
4
384 May
4% May
33* May
6%
4%
12%
10%
8
Aug
4% May
28% May
Jan 24
Apr
16%
8
35% Apr 7
384 Jan 16
9% Jan 8
38
6
7% Mar
24% Apr
32% Jan
9% Jan
7% May
6
Apr
484 May
31% Apr 22
8% Jan
35%
May
2
7
40% Jan
5% Mar 4
33i Feb 18
May
3
3
Tompson-Starrett
300
"5", 700
734 Jan
67g Jan
484 Jan
34% Feb 19
278 Feb 14
Thompson (J R)
25
Thompson Prods Inc..No par
%
19% Jan 14
Jan
Jan
20
*17% May
Feb
600
9%
24% Jan 27
Dec
2% Jan
18% Nov
2% Mar
200
13
Feb 28
10%
27%
38% Jan
5
9%
4
1%
125
-100
1
Preferred
Therm old Co
20%
*12
6
134 Jan
Apr
65% May
No par
The Fair
20
,
Jan
3% Apr 25
73g Apr 23
No par
'..No par
Thatcher Mfg
Feb 15
4% Mar 26
32
Gulf Sulphur...No par
Texas Pacific Coal & Oil... 10
Texas Pacific Land Trust... 1
Texas & Pacific Ry Co
100
36
*39%
4%
34%
234
*4%
26%
*5g
6
Texas
11%
Bid and asked prices; no sales on this day,
May
5% Feb 14
Tlmken Roller Bearing.No par
1984
5
584 May
20% Apr 21
173g Mar 4
No par
2,400
Transamerlca Corp
20%
Jan
7
734 Apr 22
Apr 21
I3g Feb 27
Swift International Ltd
Symington-Gould Corp w w.l
Without warrants
1
Talcott Inc (James)
9
6partlc pref..
60
Telautograph Corp
...5
Tennessee Corp
—5
Texas Corp. (The)
25
1,900
I95g
Apr
46%
8% Jan
15
100
1,400
203g
29
8% Jan 10
116
Co...—100
4%
%
20%
2084 May
29% June
Jan
Jan
Jan
Jan
50
Superheater Co (The)..No par
Superior Oil Corp
1
"3",000
684
»x«
12% May
16% Oct
Apr 21
2
21%
21%
1734
5%
%
Jan
5
6
32
uie
Dec
2%
7%
18%
2234
26%
5% Apr 23
Jan
18
Dec
884 Jan 10
5% Jan 28
17
4284
112
4
4
23% Jan
32%
34
6
Feb 14
Feb 28
110
Apr
6
6% Jan
Apr 18
12,900
110
66%
1% Jan 6
4% Mar 20
Jan 24
4
*16%
26% May
113% Feb 14
634 Apr 22
116
19
*42%
484 May
46
May
Jan 24
111
Mar 28
9
Apr
58% Dec
11% Jan
M&y%
3gMar 21
No par
No par
4%
_
9
Voh
88*4
45% May
Co.No par
$4.50 preferred
Standard Gas & El
4%
16
67% Jan
36% Jan
47
19'" May
6884 Jan 21
67g Jan 6
40% Apr
112% Dec
7% Apr
xll2
41%
43
Apr 21
4734 Apr 19
1
100
—
*4%
110
May
38% Jan
11% Apr 14
3738
3%
32%
*425g
16%
Jan
72
Oct
Apr
z3734 Jan
(The)..60
25
36%
I6i2
7
Apr 21
66% Mar 19
No par
Sweets Co. of Amer
5%
37%
3%
43%
3%
27% Apr 25
Superior Steel Corp
4%
Jan
1% May
Apr
Sutherland Paper Co...... 10
71
39
2384
300
29
Jan
Jan
17% Nov
60%
200
*4
700
*42 s8
Mar
19%
%
Jan
20%
34%
May
3*4 June
12«4
9%
153g
8
14% May
2
5% conv preferred
Standard Brande
10
2,000
17
17
*15%
*15%
67g
67g
7
7%
7%
7%
30% 30%
30%
3084
3034
3034
lOU
10%
10%
10%
10%
10%
64
623g 6238
62%
63
6334
63%
*11312 114
*113% 114
*113% 114
*113l2 114
13U
*l3ig
13
13% 131
13%
13%
13%
76
77
76i2
77
76%
78
77%
*77%
81
81% 813
81
81i2 82lg
8034
8O84
12
12
12
*1134 12
*1134
U84
1134
26l2 26l2 *26% 263.
2634
2634 *26%
27%
34% 35%
3434 35%
36
3534
36%
35%
1034
105g
I07g
11
11%
11
11%
11%
12ig
12%
12%
12%
12%
12%
12%
12%
4,800
7%
*15i2
60
6«4 May
13% May
Jan
Feb
7%
17
3
30»4 May
152% Apr
30% May
8%
7%
4314
Jan
*1184
19%
28%
I3g
2
4% Jan
2,200
41
*1%
4
Apr
May
20% Jan
29
43g
534
6
4
14
Aug
.
23% May
8034
8%
"""266
*4%
*934
Mar
183g Apr 25
11% Apr
26% Apr 4
29% Jan 13
1%
283g
4l3g
114
19U
60
97%
28%
40%
*Hg
2014
1% Apr 24
3% Apr 19
128
3
1%
97
17
l4
23% Mar 13
16
Mar 31
12%
2% Mar
Jan
16%
Dec
3%
71
2
MarlO
May
May
3%
„11s
Jan
1% July
21
28% Jan
1%
1284
97
10
*109
8
11% Feb 15
19% Feb 14
7% May
10
150
600
97
1
Jan 30
2334 Apr 19
10%
13
10
110
16% Apr 21
135
2% Apr 1
1584 Jan 23
4
7%
%
*12%
72%
4%
2
Feb 19
*1584
13
684
*l67g
*109
3
3
1% Jan
16%
5
*4%
*1512
9% Apr
8% Mar
4% May
52
27%
534
30
2434
66
10,000
5
I67g
16
11%
Dec
Jan 11
1,600
6'g
6*4
*26%
584
*1512
*684
May
14
66
67g
34%
2%
4i4
10
6
8
Apr 16
55
684
34%
71
3
1534 Jan
62
54l2
4%
1
1334 Apr
Dec
334
5
Oct
Jan
Feb
Jan
8
13
Splcer Mfg Co
No paf
$3 conv pref A......No par
Apr
22
133g Feb 28
Smith <fc Cor Type v t
Jan
10% May
3884
3%
40%
*4
9
193gMar 17
May
4%
*4%
*11%
14% Feb 19
23
*2%
*39%
*96
114% May
4
3%
9%
120
May
Jan
4
*12%
May
40
100
2,000
3%
40%
95g
67
105
Feb 14
,
4
13
6
Jan 27
34
37%
35%
2%
Jan
114
5
3
61g
26%
23% May
112
Feb
Apr
6
35
12% June
Apr
Nov
Feb 15
112
10
2484 Apr 25
Jan
2%
31
39
*27g
2%
95
24
33
*3912
5
1% May
17% May
34% Feb 19
41
234
12% May
2% Jan 20
27% Jan 28
Standard Oil of
35
267g
2l3g Jan 10
Feb
Jan
6% Nov
1,700
347g
34l2
3% May
36l2
3478
34%
2%
*484
26U
4
Standard Oil of Indiana
100
36
Jan
Apr
7% Mar
Standard Oil of New
400
4%
7% June
5
66
40%
13%
11,200
1,700
36
13% Apr 17
40
1638
16% Nov
73% Nov
584 Jan
19,000
*33%
*334
Jan 30
434 May
34
May
Apr
Jan
14,200
384
4%
May
3
40% Aug
88
20i2
584
37g
8
Jan
2% Nov
273g
35%
32%
10
Apr 18
47g Feb
5534 Jan 14
5% Apr 18
20
20
3%
684
8% June
8% May
51% Aug
Jan
27ig
35'4
*7%
32
4
Jan
Dec
49
2,000
35%
37
107g Jan 21
1634 Apr 16
Snider Packing
400
*3%
3%
2
1% Mar 28
237g Mar 28
187g Feb 19
..10
Slmonds Saw & Steel—No par
Skelly Oil Co
15
Sloss Sheffield Steel &. Iron. 100
$6 preferred
No par
2,100
*33%
37
1% Sept
61% May
14
Feo19
4
Coalition Mines.6
Simmons Co
No par
Corp
7834 Jan
May
7184 Jan 17
Sliver King
100
6I4
0%
5%
*4
414
3512
3%
7i2
Apr 12
4% Feb 19
15
Shell Union Oil
Square D Co
6ig
8
Jan
3534 Apr 19
10% Jan 21
150
800
52
Jan
1%
Oct
%
11
88
18%
1884
*37
1734
*4258
1834
38
6%
55g
110
»»
36U
17%
6
*16
34
36
3g
Sheaffer (W A) Pen Co.No par
600
700
% May
3% Apr 23
51% Feb27
49
12"100
% Jan 3
% Jan 9
153g Jan 10
2% Mar 11
Sharpe & Dohme
No par
$3.50 conv pref ser A.No par
G)...No par
3212
...
1912
20%
2784
35l2
21%
4284
18
20
32i2
19%
5%
21%
*4
1111.2
110
49
3212
6%
97
10
64
1%
21ig
I75g
*1612
7
49
....
Dec
Shattuck (Frank
Spiegel Inc
Conv $4.50 pref
3%
71
30!g
IOI4
3,600
10%
73g
17
6lg
*5%
73g
1%
5ig
*9%
73g
57S
60
3,900
684
11 s4
17
500
58i2
4
*lll2
10
27i2
10%
1134
534
31
27i2
68i2
*0
97
11
3084
28
6884
5U
10
40%
10
*16
38
♦12
414
"l8^8 *18% """I60
31U
3
3
*39l2
4%
*34i2
234
*4S4
267g
72
H4
*3
684
277g
*4
243g
584
*384
4Ug
43s
*1
8
15%
I5g
128g
I93g
207g
38
2414
116% 116% *116% 116%
8
1512
I5g
1134
*19%
21%
534
5I2
41g
180
140
*112i2
684
57g
584
534
*11134 112'g *11134 112
l2
12
i2
la
3
3
3i«
3*8
*17
*1712
I8I4
17*2
"57g
37g
5%
28l2
*1512
»
684
414
16l2
20
49
*11212
1117g 1117g
41
*15i2
4284
*16l2
32i2
283g
1%
*110
50
32ig
42
*1%
123s
31
*11212
2778
*16*4
*llg
*12%
*18'"g To""
19
5U
35
61
2,000
400
100
514
5%
I684
1634
140
243g
8,900
1,300
35
5
140
29,500
2ig
143g
111%
9
C.No par
Corp—No par
Socony Vacuum Oil Co Inc. 16
South Am Gold & Platinum. 1
S'eastern Greyhound Lines.. 6
So Porto Rico Sugar...No par
8% preferred
..100
Southern Calif Edison
25
Southern Pacific Co—No par
Southern Ry
....No par
5% preferred
100
Mobile & Ohio stk tr ctfslOO
Sparks Withlngton...No par
Spear A Co
---1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vto
1
1%
6884
535g
65g
37g
534
2ig
145g
101% June
May
10% Apr 23
$5 conv preferred—No par
500
3i2
*3
*58%
5I8
37i4
23g
145g
17
Jan
1117g Jan 10
34
61
1
No par
Sharon Steel Corp
Smith (A O)
500
115%
12% Mar 3
17g Apr 16
67% Apr 22
300
114
3i2
195s
27%
345g
3514
65g
3,400
107% June
% Jan 9
3g Jan 20
Slmms Petroleum
H4
35%
6358
65g
37„
1,300
200
41%
*71
4%
10
17
26i2
2734
lll2
73s
1784
500
*25l2
273g
438
2,600
414
17i2
25!a
20
9%
13
414
25l2
84%
*96%
iS*
3412
13
27
27
3%
3912
414
35
*4
13
484
11,700
16,700
60
73g
*55g
60
24
*27U
*58i4
*714
36%
3lg
31l2
534
*3%
*9ig
*5%
*34%
I75g
6%
55g
4%
3512
338
712
36i2
3ig
32i2
36
2414
31
314
1734
36
3,500
78,700
19
*37
500
11
28
314
17*2
5%
65s
20i2
175g
2,600
1234
2414
30
3
20t2
2,100
1012
*27
38
21
314
53
55g
512
12l2
*18ig
*4%
207g
1734
634
514
4ig
*3312
2084
3U
52 7g
38% Mar 28
115% Mar 27
Jan 23
4
Feb 14
100
preferred
Servel Inc
40
11%
19
734
1514
1%
12i2
312
800
65
13Jg
25ig
1878
1912
8
15
*63
65
7,100
4,600
107g
>1103g U65g ♦1163s 1165g *11638 1165g
1512
9
IH4
12%
29
32
5%
50%
6884
68ig
11
30
49
37g
57g
1634
1*8
5
634
334
69
127g
2438
1714
52t2
Seajjrave Corp
No par
Sears Roebuck & Co ...No par
10
3%
17%
*37
300
12t8
23U
3%
3634
*5012
24
3ig
3634
X2
*143g
140
3%
I7i2
35t4
2
17
*h
353g
3458
37i2
6314
2 ig
1278
*414
17*2
24
•w
353s
277g
*1%
9
140
•l.
3484
345a
2ig
4-2%
share
1484 Mar
7% May
64% July
108
Seaboard Oil Co of Del.No par
IH4
17
%
I884
I97g
277g
"lJOO
12%
484
17
3%
*11212
*1612
1812
1934
27ig
3434
34l2
X334
9
24
*25
5_7g
578
534 *~57g
♦11178 11312 *1117g 113% *11134 113i2
3*2
135g
512
36
*3
32
3214
13 %
la
per
117g Jan 10
34
$4 preferred
No par
JSeaboard Air Line...No par
ia
Highest
111% Jan
2,900
53
145g
$4.50 preferred
share $
per
87% Jan 24
82
No par
No par
Scott Paper Co
30
*16
5la
*3584
*114
48
4734
"""466
110l2
7«
*52
I3g
6
"
3734
preferred
'X#
110% *109
33g
53
5%
36
3%
*18%
29%
29%
*2918
*6814
6%
4734
3214
*11212
578
5^%
8% Apr 15
Apr 17
5
...100
Schenley Distillers Corr
$
$ per share
$ per share
30
IOI4
*314
4,500
112
9
140
140
10
1212
22%
314
3734
112
IOI4
*63U
Shares
....
24%
10%
123g
*25
9
Par
Year 1940
Lowest
Highest
Lowest
83
1*4
♦U2
I84
*112
1^4
26
2534
*23i2
2534 *24
24
24%~
24%
24U
2412
2412
2434
*101% 105
107
*10H2 107
*10112 107
*112%
*112%
*112lg
*15
155g
16
1558
15i2
15% *15
12
12 ig
12l2 12%
12ig
12ig
12 Ig
14
14
*14
14
1412
1414
1414
87g
834
87g
87g
9
87g
9ig
2334
22l8
9
*U2
*23i2
9%
12
1214
22i8
6%
4734
32%
134
2534
36
1234
*15
314
4%
17
*3534
12i2
*4%
*li2
6714
*5112
5%
*3534
12--%
*4%
I67g
5%
24
*1%
*181S
3l2
53
63s
2334
24i8
934
27
*25
64
3%
15%
1638
12
14
64
23l2
1434
I6I4
12
*13
64
-*
*101%
*112i2
8iz
*178
16
lOU
64
ISI4
12%
14
834
178
*15l2
68i2
9%
9
*22
*112
2334
9
10%
*1%
68I4
$ per share
*79
9%
83
*%
i3
ioi2
9
26
*10178 107
12
ioi2
134
*1%
*22
7m
13
I25g
43g
17
125s
4
*22
13
36
1234
*H2
*3g
%
36
4
*109
7ai
13i2
512
538
5%
109
*%
53
9
87g
*79
38%
38%
38%
11314 *112
113%
*12I2
6812
r,
10%
65%
3%
68%
334
110%
109
*%«
%
1058
5%
3634
*112
2
10%
63
*62
3812
38%
112
% per share
87g
83
13
2
9
10%
*79
»x«
»i«
1312
2i4
69
87g
84
*80
112
*11178 112
*111% in
11012 *109
110% H0<2 *109
*'l«
$ per share
87S
834
84
Range for Previou
Range Since Jan. 1
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
LOW
Saturday
20%
200
4,400
2,900
700
80
9,200
9,100
a Def. delivery,
Union Tank Car
No par
United Aircraft Corp
Un Air Lines Transport
United BlBcuit Co
No par
5% preferred
United Corporation
$3 preferred
n
New stock,
r
5
5
Cash sale,
at
Ex-dlv.
y
1%
26
May
May
Dec
Dec
53%
111%
2%
42
Apr
Apr
Feb
Ex-rlghts. f Called for redemption.
TS=
Volume
Saturday
Range Since Jan.
35s
35%
*62%
7
35a
3%
3%
*3%
334
3*2
*17g
2*g
*1%
21*8
*178
2*8
1%
21
*3*2
2%
21%
3%
3%
3%
*3%
34%
34*2
34i2
62
63
*34*4
62*4
6%
35
62%
7
H034
8*4
2%
3
22
34
34
34
62
62
62*4
67g
7
678
7
111*8 111*4 *110*4 1107g
8*4
8*4
8*4
8*4
2%
*2%
278
*2%
3
3
*234
*234
*84
86*2
*84
86*2
62*8
62%
7
111*4 111*4
62*4
6%
8*2
258
8*4
25s
*234
3
84%
84*2
10*2
9
8*2
8*2
*57
58
57
177
*170
177
45
*39
20
20
20
*6
6%
*6
6
534
21%
3834
*21*2
3834
22
3
3
3
3%
3%
19*4
1*8
20%
*86
60*8
7234
60*8
*69%
49%
5038
503s
497s
24
*43*4
1*4
4378
1*4
*43*4
**i«
»
1*4
34
*4234
60*2
70
70
118% 119*8
*43*4
*1*4
34
23*4
44
1%
34
2234
2334
44
1*2
3,
23*4
52*2
50*4
51%
50*4
2334
4378
1*4
*
45
2334
*23*2
*59
118*2 119*4
118*4 120
11934 11934
86
85
59
71*2
*43*4
*1*4
***16
45
*4234
45
14
*13
14
*13
14
*46%
50*8
*46*8
50
*148
153
148
148
153
145
145
*146
*147
147*4
**:•
*2
*2
*6i«
*2338
*12%
24
13*4
23
23%
12*2
24
24
*23*2
40*4
*56*2
*
1*2
1934
*116*2 118*2
21
1*2
19*4
1*2
19*2
117
117
14
*13
14
13
13
14
*40*8
41
*40
41
33
*32
33
95
*9212
40*4
32*2
93*2
40»4
*315s
40*4
32*2
**8
»i«
*2
*2
*8*4
8i
1878
19
*4*4
*13*2
*3*2
5g
**2
8*2
438
27*2
4*8
27*4
4*8
%
4*8
27*2
13%
*3*2
4*8
*3*2
***16
%
1334
***16
3*2
3*2
*57*2
*2
*13*8
33s
3*2
61
*57*2
3%
60
'
%
*5s
9
*6%
8
13*8
*634
4*4
13*2
*3*2
13*4
3*2
*57*2
**2
»16
8
*25
*1438
15*4
*19*4
1434
2*2
19*4
*70
*101
19*2
71 lg
103
15*4
15*4
15*2
3
102
*80
*80
72*2
116
116
116
109
101
101
27
18%
*5
6*2
*5*8
6*4
*5%
88*2
*2
*2
8ie
88*2
89*4
**16
88%
89
3
3
6*4
*%#
6*4
%
20*4
18%
89%
21
18%
90
*125
130
130
129%
*130
136
*125
130
*125*8 130
29%
29*2 *28*2
29*2 *27*2 29*2 *27*4
*28
29*2 *28
*28*2
30
*28*2
30%
*27% 2934
*27*2 29%
2734
28*2
*107
108
108
107
107*2 *107
*106*4 107
*106*4 107
*55
*55
76%
76*2
76*2
*55
76*2 *55
*55
76*2
92
93
*85
*87%
92
*85
*85
94
*85
9334
213s
213s
69
*62
21*4
*62
11*2
11*2
11*2
1234
127g
1234
4*4
4*2
4
4*8
47.8
51*2
*47
23*2
2378
25
*134
2
*1*2
3*4
15s
3*4
*45
438
*67
43s
69*2
*18*4
*88
22
22
22*4
*61
68
*60
68%
11*2
*113s
♦113s
13
4*4
127g
12*2
13%
4*4
4%
12%
13*4
51%
25%
1%
1%
3*4
*45
4*4
478
47g
51*2
*45*8
*24*2
25
*134
1%
*134
1*2
1*2
1*2
*3
3*4
3*4
438
*66%
*110
*110*2
*25*8
29*4
4*2
22
69
22*4
68
116
6634
116
*110
26*2
25%
25*8
2584
29%
29
29*4
28*2
1834
100
*86
92*2
*55*2
58
*58
61*2
*86
95
*18*4
*88
1878
100
18%
100
*85
*55%
*59
56
61*4
*59
61
*86
95
*86
95
55*2
68
68
70*8
*6778
18*4
*16*2
69%
18*4
*16*2
11%
1178
II84
118*2 *117*4
118*2 *117
9%
*834
9%
9*2
9%
*117
30*2
30%
*80
31*2
86
31
*82
14
*1*2
1334
13*4
13*2
*13%
14
*13%
•
31
86
*80
14
14%
zl2%
1%
1%
92%
58
*86
*16
12
25%
29%
18%
92*2
*86
*68
12
4%
6634
1*2
1*2
Bid and asked prices; no
18*4
12*4
13
4%
4%
25
*184
4%
4%
22%
*61
11%
*22*2
1%
1%
*134
3%
3*4
4%
4%
67%
4%
67%
67%
*110
*2534
28%
116
*110
26
2534
28%
28%
19
19
*88
100
18%
*88
*86
92*2
*86
*55
58
*56*2
*58%
86
61%
*60%
87
*86
67
67
*65*2
*17
18
17%
1%
1%
12
1%
""260
190
2234
*22%
23
68
*61
68
11%
*11%
12%
13%
14%
4%
4*4
*4%
434
sales on this day.
1,600
""606
5,500
2,200
2,400
4%
67%
116
26
28%
19%
100
92%
58
62
100
67
17%
*22*4
24%
"loo
*134
1%
1%
1%
"4,000
3%
4%
2,300
67
67
*110
1%
Westlnghouse El
1st
19
*88
25%
28%
19%
700
'"700
8,100
1,400
100
*86
58
*59%
Prod—No par
preferred
No par
Wheeling ALE Ry Co
100
5H% conv preferred
100
Wheeling Steel Corp...No par
$5 conv prior pref-.-No par
White Dental Mfg(The SS).20
$4.50
White Motor Co..
*65
67
18
18
1%
t In receivership,
1%
1
Mln Spr Co No par
White Sewing Mach Corp...l
White Rock
preferred..—No par
Prior preferred
—20
Co
5
Willys-Overland Motors.....1
400
400
6,600
""400
6,300
""406
2,400
1,400
28*2 May
35
Jan
4
»n Jan 17
Mar 27
Jan
2
Jan
Nov
120
June
135
May
*4
Oct
1%
*n
Dec
2*8
Jan
Jan
5% May
9% Nov
16% May
4
9% Apr
22% Jan
105% Jan
23*2 May
104% Deo
89
June
3
6% Jan
May
% Mar 11
6
Feb
4
Feb 19
25
19% Apr 23
1434 Apr 22
15*2 Apr 22
2% Apr 19
Feb
6
16% Mar
3
80
Dec
% May
13*2 Aug
3%
6
5% Jan
Jan 22
1
6*2 Nov
Jan
13% May
14
24
4% Jan
Feb
5
80
22
May
20
May
80
Feb 20
107% Jan 18
91
18
334 Jan 22
7% Mar 28
»i« Apr 14
1
88*3 Apr 21
127% Apr 25
28% Apr 18
27% Apr 17
Apr 16
105
22% Jan 10
22% Jan 10
105
Jan 2
141
Mar 22
Jan
120
June
234 May
5
Jan
4*8 May
8%
Apr
1
Jan
2834
28*8
Jan
Dec
14% May
15*4 May
*8
Jan
140
Nov
34% Jan 10
36
Jan 3
26
Jan
37% May
2784 May
6
108
Dec
38% Feb
109% Deo
50
May
May
110% Jan
"
Jan
~2
Feb 14
76
7
12
Jan 22
Jan
85
51
74% Nov
11% Apr
38
20*2 Feb 14
25*2 Mar 28
1434 May
4% Mar
3*2 May
No par
$6 preferred
No par
Wisconsin El Pow 6% pref.100
Woodward Iron Co
10
Wool worth (F W) Co
10
Worthlngt'n P&M(Del)No par
7% preferred A..——100
4% Apr 24
534 Jan 25
74
Apr 4
pf4«% convserleslOO
Aeronautical—.No par
(Del) .No par
Yale &. Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
Young Spring & Wire..No par
Youngstown S & T
No par
preferred ser A—100
Youngst'n Steel Door—No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Wright
Wrlgley (Wm) Jr
r Cash sale,
May
734 Aug
7% May
is4
1%
6% preferred B
—100
Prior pref 4
% series... 100
93
Mar 15
85
Jan 30
Oct
Nov
35%
Feb 15
25% Apr 21
28% Apr 25
16% Feb 19
80
103
18% May
17% Jan 9
7% Jan 13
5% Jan 10
00
Apr
8
65% Feb 15
Jan
May
3
Wilson & Co Inc
40%
Apr
Apr
110
21% Apr 18
41
106
118
3
Jan 14
12*2 Feb 14
4
Apr 21
4
Feb 14
Oct
25% May
May
30
10% Jan
198
May
76
100
69
June
21
Apr 18
94
Jan
Apr
Apr
100% May
105'g Feb 10
28% Jan 2
»« Feb
Apr
75
115
11
9
3
18*2 Feb 13
1734 Apr 22
29%
110%
80
7
2% Feb 14
6
Feb
Deo
108*8 May
3
Jan
June
Jan
4%
80
96*2 May
Jan 10
117% Jan
Dec
15*8 May
5834 Aug
22% Apr 4
74% Jan 18
115
May
2% May
Mar 31
Jan
Dec
2*8 Sept
6
6
7
Jan
16*2 Jan
20*4 Jan
112
6
50*2
9
30
100
23% Mar
May
23»4 Jan 13
106% Jan 25
104% Jan
Jan
Feb
1284 Sept
34% Nov
28»4 Feb
20% Apr
65% Mar 6
100% Apr 15
108
Apr 24
15% Feb 19
4%
*2 May
334 May
2
3
1
Jan
May
30
3% Apr 17
63
Mar 21
9% Apr
1%
25%
2
6
17% Jan
June
5% Jan 13
stock,
Apr
110
2% Apr 5
2% Jan 11
n New
Nov
15%
May
1% Feb 18
1*2 Apr 16
d Def. delivery,
120
71
3% Apr 18
preferred
Prior
'""26
6
100
Mar 12
136
Apr 17
3s Jan 10
33% Feb
May
10
6% conv
200
61
*87% 100
——50
Instrument-12.50
preferred--
Westvaco Chlor
92%
*56
& Mfg....50
Wilcox Oil & Gas
116
25%
28*8
100
preferred
.100
Western Pacific 6% pref...100
Western Union Telegraph-100
Westlnghouse Air BrakeNo par
1,700
43g
100
100
4% 2d
51%
3%
1%
1%
Maryland..
$4 conv
*45
No par
preferred—.No par
A—No par
Weston Elec
29%
30
10734 108
5
H % P*-106
West Va Pulp & Pap Co No par
6% preferred
100
Western Auto Supply Co—10
Western
48
May
3»4 Feb 4
%Mar 24
13% Apr 19
2»4 Feb 19
63
Jan 2
100
West Penn Pow Co 4
30
*28
12*2
1%
200
8,300
5,700
4,100
*28*2
12%
1234
1234
*117% 118
*117% 118
118% *117*4 118
934
934
*9%
9
*9*4
984
9%
32*4
33
32%
33%~
31% 3234
*82*4
85% *8234 85%
*80
8534
1334
1334
*1334
14
13%
13%
1334
13
13
*12%
13%
13
13
13
1134
200
92
434
51%
25%
25
127*2 127l2
200
76%
*4%
1%
3*4
1%
90
*87*2
14%
4;%
*45
89
*7l«
*55
13%
4%
51%
20*8
18%
3%
7%
*2
20%
18%
*234
*5*2
1,800
36% June
Jan
May
5
par
par
Co—........1
7% preferred..
6% preferred....
70
300
4
42
134 May
14
109
Jan
West Penn El class
90
115% 116
*16
16%
*104% 106
*104% 107
27%
27%
27*4 *26
107
18
6
88*s
*108
18
6
88%
108
1734
*234
885s
108
101%
101*2 *101
116
11534 116*4
16%
16*2 *16
18%
3
18*8
40
20
*234
18*8
101
20%
3
**2
101
20
*234
19*2
177g
101
20
3
*2
195s
101
2*2 Jan 2
27% Jan 11
117i2 Feb 1
20*2 Jan 2
Feb
Jan
7% preferred.......
100
Snowdrift No par
$4 conv
Aug
31% Mar
4% Jan
3I84 Jan
par
Wesson Oil &
100
3
6*4
*2
20%
*234
*2
19*4
71
109*2
109*2 110
116
*70
Oct
60
16%
9%
"l'eoo
71
102%
109*2
101*2 101*2 *101
116
115*2 115*2
16*2 *15%
*15*2
16*2 *15*2
*15*2
16*2
*105*4
*105% 107
*105*8 107
*105*8 107
2634
26*2 2634
2534 26%
2534 2584
*109*2 110
*109*2 HO
101*4 101*4
10134 10134
20*2
20
*70
62
2434 Jan 15
35%
Webster Elsenlohr
*80
...
19%
19%
*2%
70*4
70*4
*101
102
*101
*80
—
*19
20
3
*2%
16
16
May
Mar 13
10
20%
*15%
16
Aug
19
117% Apr
49% May
18% May
200
"""400
July
35*2 May
5634 Jan
Mar 26
57
39% Mar
22% June
112
2
9
1334 Jan
234
26*4
20*4
1534
Jan 15
30% Jan
Wayne Pump
634
*25*8
7*4
Mar 17
2534 Mar 24
No par
13.85 preferred
15
26
Feb
2l2S4 Feb 13
600
634
10
Apr 10
17% Apr 22
400
"2", 166
43% May
100% Apr 15
4*8 Feb 14
No par
tWarren Bros Co—...No par
$3 preferred ...
No par
Warren Fdy & Pipe
No par
Washington Gas Lt Co.No par
Waukesha Motor Co
—5
'16
19
May
8
Warner Bros Pictures
3%
60
June
*8 Apr 15
400
*%
12
25
•u Jan
"""166
*57*2
Apr
4
135
pref...--No
Ward Baking Co cl A ..No
Class B
.—No
7% preferred
*2
*57*2
*2
84
«n Nov
31% Mar 29
89
Feb 15
300
13,800
Jan
1*2 Apr 14
19% Apr 22
115i2 Feb 17
12
Apr 3
40
Feb 15
13%
*3*2
***16
Deo
June
60
Walk(H)Good & W Ltd No par
*1234
3*2
Jan
128
59
6
44% Jan
No par
No par
Walgreen Co—
4H% pref with warrants 100
Dlv redeem
70
159
45
Jan
115% Jan
Waldorf System
Walworth Co
May
13434 June
17
20
800
1334
3%
60
16
*2*2
900
~2~400
Apr
Apr
63% Dee
18*2 Nov
34*8 Jan
40% Mar 10
57
Mar 26
13%
4*8
7)
13%
1334
4%
%
15*4
15*2
*101
4%
27*2
20*4
3
*70*4
19*4
*99*4 101
4%
4%
27*4
27*2
*18%
28
16
*19
600
May
June
Apr 21
Feb 14
100
100
5% preferred A
Dec
234
2*2
Apr 18
Feb 13
..100
J Wabash Railway Co
Apr
60
12
25
25
100
Vulcan Detlnnlng Co
Nov
39%
12*2 May
16% Jan 10
114
pref—No par
Coal & Coke 5% pf 100
Preferred
20%
*2*2
50
800
*8
*634
15*2
19*2
71
98%
*92
1
41
69'4 Jan 15
x22
6% dlv partlc preferred-100
6% preferred...
130
15
Va El & Pow $6
Virginian Ry Co
67% Nov
*73% Dec
76*2 Nov
May
May
Apr
23
Am.No par
Van Norman Mach Tool..2.50
Van Raalte Co Inc
5
7% 1st preferred
100
Vlck Chemical Co
5
Vlcks Shreve & Pac Ry
100
5% non-cum pref
100
Victor Chemical Works
5
Va-Carollna Chem....No par
Va Iron
7
4
MarlO
% Jan 9
Vanadium Corp. of
500
*25
3
...
300
33
*1984
16
19*2
40%
19%
*2%
*70
*40
'
28
*15*2
*80
*80
1434
10
15
20*4
1434
15
320
197g
28
20*4
116%
Jan
Jan
117
29% Dec
42% June
1% Dec
158
No par
...100
is4
41%
May
103*2 May
Jan 10
2
Jan
39% May
Jan 17
•11 Jan
Nov
42
Jan 21
133
Apr
24
60
157
Universal Pictures 1st pref.100
500
*2
*ll16
7
*6%
28
20*8
*14*4
600
*%
*12%
3*2
3%
60
#16
*25
*25
20*2
100
1%
2034
1% Jan
50
39
% May
48% Apr 17
148
Apr 9
100
Vadsco Sales
24
44% Apr 25
13
Apr 14
No par
$6 conv preferred
*135
*3*2
4*8
* 7g
13*4
***16
13*8
3%
60
22%
*13
92*2
*13%
13*2
200
*19%
33
4%
27%
4%
60
*20*2
*1*2
*8
27%
100
200
*%« Apr
5
1% Jan
38*8
Dec
15
333g Jan 13
Jan 4
2
Apr
May
74
68% May
48
1% Jan
Apr
12«4
22
65*8 Apr 4
76*2 Jan 29
7034 Jan 6
130
Jan 13
2234 Apr 23
Mar 27
7%
2184 June
27% June
25*8 Apr 4
94% Jan 11
42
...25
..1
Apr
34% Feb 7
25*2 Jan 6
1% Jan 11
Apr 23
49% Apr 21
117
Feb 24
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
Preferred
1,900
85
*—
*18%
19%
*99*2 101
18
100
16
24%
**8
*2
101
*27*4
13%
4*8
7g
28
16
S16
®16
1434
4034
92%
8%
8*8
18
4%
2734
*19
2*2
"""166
X24
33
*18
*2
*95
*25
16
100
8% preferred
*1434
*135
**8
*2
101
m
13*8
*634
8*2
17*2
*95
4*4
27*4
92*2
a16
*2
8*2
18
**8
*2
*13*2
14
13*8
*57*4
8*2
18*2
18
*97*2 101
*9834 101
27*2
16
»16
32*8
*135
*135
...
**8
200
147
*145
1%
4034
Aug
69% Apr 25
United Stores class A
153
116% 116% *116
4034
32*4
92*2
United Stockyards Corp
300
13%
52%
*49
20
*14%
48
50
100
7% preferred
""460
44%
*13
22*2
*1%
20
1
31«4 Jan 11
par
....No par
U S Tobacco Co
1,000
*%
44%
'
14
-
*1*4
85
*20*2
22*2
*20*2
22*2
1*2
1*2
1*2
1*2
20
19%
19% *19*4
*116*2 118*2 *116*2 118*2
*12
*92%
*92*2 100
*135
139*2 *135
2,100
*58
*
85
May
50
Preferred
3,000
2334
44
1%
*43*4
*58
...
*
85
*21
21
22
1*2
1934
*58
...
*
85
*12%
1234
24
*58
*56*2
*
85
*20
41*4
*40*4
40*4
....
119%
*2234
*12%
1234
*12%
13
*24
25
25
2334
2334 *2334
115*4 115*4 *114*2 116*4 *114% 115% *114% 115*2
40*4
40*4 *40% 41%
*40*4
41*4
*40*4
41*4
115*4 115*4
115
115
32,000
52
51
119
24%
24
6
400
16
*1434
24
12%
6
300
%
*516
16
23*4
23*2
*12*4
24
*1434
16
23*2
12*2
*2378
*2
*«16
*2
*%•
*1434
16
*1434
17
*1484
8% Jan
70
No
Apr
3*2 May
60
Preferred
Dec
28
May
4
69%
U S Steel Corp
35
14
4% Jan
80% Feb 15
55*4 Mar 13
U S Smelting Ref & Mln
25% July
Apr 16
2834 Jan 10
1*8 Feb 18
17% Feb 14
10
100
8% let preferred
6*2 Mar
Apr 22
18% Apr 12
No par
US Rubber Co
1,400
182% May
5% Apr 24
1
JU S Realty & Imp
4,300
11,800
May
234 May
Apr 18
54% Feb 24
Jan
165
3
69
Nov
89
June
20
*58*2
1%
2034
146
145
149
40
Deo
11
60
638 Apr 21
*86*2
*148
153
*148
Apr 23
4% Feb 17
33
Feo 10
May
12%
5*8 May
69% Jan 8
183
Jan 14
U S Plywood Corp
Prior preferred
3*a
9
10% Jan 27
100
13*4
52%
153
*148
May
21
1%
21*4
88
44%
13*4
*48%
487S
48%
*148
153
*148
45
*42
14
*13
50*8
45
*42
*13
*46*8
97
5
30
11,
'16
11.
Jan
6
26% Apr 25
♦19%
86
80
Jan
.10
21
*70
Dec
Jan 17
3*2 Jan
100
20
*19%
1*8
59
60*8
7234
May
14
U 8 Playing Card Co
26*2
1%
20%
21%
*8684
87%
*59%
61
*69%
71%
5134
5234
11834 119
23%
23%
*43*4
44
*1*4
1%
June
3
90
170
No par
Partlc & conv cl A
6
4
56*2 Apr 23
..No par
U S Leather Co
Oct
Jan 13
8*2 Mar
5J4% conv preferred
50
U 8 Industrial Alcohol.No par
50
700
*30
86
86
86
87*2
*69%
pref.100
U S Freight Co......
No par
U S Gypsum Co
20
7% preferred
100
U S Hoffman Mach Corp
5
900
Jan
4
Mar
84
U S Dlstrlb Corp oonv
U S Pipe & Foundry
31*4
1*8
2034
2,500
10
No par
100
27%
1*8
20*4
20
15
118
9%
Deo
1334 Mar
7% Apr
7*8 Jan
"Y,206
70
27*4
*30*8
1*8
2034
1,300
Jan
Dec
107*2 June
Jan 22
3% Jan 10
2684
31%
*64
30
1*8
400
45
*64
70
20
*59
490
85%
May
11
1,600
27%
*19
1978
U. S. & Foreign Secur..No par
$6 first preferred
41
60
117
6*2
70
30
20*2
19*4
1*8
United Paperboard
Jan
25% May
9*4 Feb 19
United Mer & Manu Ino vtc 1
300
5%
2% May
8
Jan
70% Jan 10
10% Jan 15
6% Apr 16
11034Mar28
8*8 Apr 25
25a Apr 10
2% Feb 19
No par
$5 preferred
300
10%
9%
5734
177
6
*6
27*4
21
No par
United Gas Improv't
1,300
42
60% Apr 12
Apr
65*2 Mar
Dec
Jan 11
5
21
34 Apr
6
..No par
United Fruit Co
700
3%
30*2
*19*2
18,100
21%
2678
*64
United Eng <fc Fdy
33a Apr 21
United Electric Coal Cos....5
600
100
21
6
5%
534
•534
70
1*8
1*8
20
578
6%
2678
203s
20
*19
5%
*38%
534
40
21*4
*30
30*2
*30
30*4
*170%
39
6
*64
70
2634
2634
27*4
267g
*30
*8%
57*2
5734
171
21*2
534
6*8
*64
70
*64
57
171
3
3*8
10%
8%
8%
40*4
6
*39
20
*3
3U
3%
*10%
700
2,000
26%
Mar
6
2
3% Jan 11
Jan 11
32
Apr 24
7%
334 May
Sept
434 Jan 13
3% Apr 25
2
Mar 27
21
100
Preferred
80
85%
*84
85*2
11
21*2
63.
41*2
6
57g
5%
*39
*234
3
*234
*84
170
170
172
*170
111*8 *110*4
8%
8*2
8*2
*2%
2%
2%
57*2
56*2
57*2
56%
57
*170
8*2
8*2
7*8
67g
111
10*4
8*2
10*4
11
*10*4
8*2
10
11*4
35s
*21
21
5
Corp..'... 10
Highest
share $ per share
% per
$ per share
$ per share
Par
United Drug Ino
United Dyewood
2,200
3%
34%
*2Hs
*3*2
21%
3*2
34
*110% 111*4
8%
8*2
3
*2%
234
234
*84
86i2
*8
35s
2*8
21%
33s
7*8
♦10
334
Year 1940
Lowest
Highest
Lowest
Shares
3%
2%
21*4
3%
*178
3%
2%
22
3%
35*8
63
Range for Previous
1
Lots
EXCHANGE
On Basis of 100-Share
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Friday
Apr. 25
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
Apr. 24
Wednesday
Apr. 23
Tuesday
Apr. 22
Monday
Apr. 21
i
Apr. 19
3%
*1%
♦21%
SALE PRICES—PER SHARE,
HIGH
AND
Sales
for
LOW
2667
New York Stock Record—Concluded—Page 10
152
Jan
Oct
Jan
Jan
334 May
Apr
17% Deo
11% Apr
7% May
67*2 Mar
24% May
3% Jan
3*2 Apr
634 Apr
73a
70
Apr
Mar
45
June
116
Jan
121% Mar
1534 May
May
34% Nov
42% Apr
24% May
102 % Oct
33% Jan
34% Jan
7
7
30
Jan
9
13% May
24*8
99% Mar 27
92
Apr 3
55
June
60
July
95
Oct
60% Jan 28
29
June
58
Nov
39
June
65%
91
June
129
Apr
64*2 Mar 14
64% Jan 28
101*2 Jan 9
80
Jan 11
73
May
93
Apr
17% Apr 24
11% Apr 21
Feb 25
25
Jan
120
54% Feb 17
68
Feb 13
86
Apr 23
114
9*8 Feb 19
30% Apr 18
86
Apr 18
13% Apr 16
12% Feb 15
1% Apr 23
x Ex-dly. f
22*2 Jan
8
17% Jan 10
Jan 10
12% Jan 11
42% Jan 6
94% Jan 31
18% Jan 6
15% Apr
2% Jan
3
6
15% May
934 May
98
May
19%
Oct
Jan
126*2 Sept
14
Apr
80
26% June
May
48%
99*8
12% May
28%
Jan
Dec
Jan
8% May
1734
Apr
Mar
438
Apr
6% June
2
Ex-rlghts. 1 Called for redemptlo
2668
April 26, 1941
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and
are
Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the
week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which tbey occur.
No account is taken of such such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when
the bonds mature.
Friday
U. S.
Range or
Bale
Week Ended Apr. 25
Week's
Last
BONDS
STOCK EXCHANGE
N. Y
Friday's
Price
Bid
Government
Jan. 1
S3
Week Ended Apr. 25
No.
Low
High
O
120.12
120.12
1
nl12.2
nil2.3
14
8
113.18
113.18
D
106.18 106.18
106.18
2
106.18107.25
101.28
27
101.21102.18
107.2 108.6
..1943-1945
1944-1946
1946-1949
.......1949-1952
M
J
1941
Treasury 3%s
Treasury 3s
N. Y. STOCK EXCHANGE
D
1944-1954 J
Treasury 3%s
Treasury 3%«
BONDS
Since
101.24
1946-1956
1943-1947
Treasury 3%s
A
—..1947-1952
Treasury 3%s
Treasury 3%b
Treasury 3%8
ioVX
5
107.2
107.3
11
108
108.4
103
*111.7
111.11
113.13
119.4
121.26
111.30113 18
113.4
108
115.7
109.9
113.13
5
110.16
110.19
2
109.24111.21
112.12
112.19
3
110.4
M
8
110.30 110.23
111.13
46
M
8
4
108
S
108.16
110.1
108.16
Treasury 2%8..........1948-1951 M
110.1
1
107.27110.9
D
109.17
109.26
3
107.2
109.31
110.22
2
107.1
110.22
Treasury 2%b
1955-1960
—1945-1947
Treasury 2%s
J
Treasury 2%s.—— ——1951-1954
Treasury 2%s
1956-1959
Treasury 2%s-—.——1958-1963
Treasury 2%s
1960-1965
Treasury 2 His
1945
M
8
110.17
J
D
*110.12 110.19
J
D
110.27
111.9
*108.2
108.6
D
J
1948 M 8
Treasury 2%s
"36
107.14111.9
109.24
♦Ryextl.flf6s
♦6s assented
Price
-—1962 A
"u%
J
1961
A
8
--I960 M
8
1951 J
107.30
8
29
105.4
108
103.28 103.14
103.28
3
102.8
103.28
Colombia (Republic of)—
♦6s of 1928
105.12
105.12
6
107.19
3
108
J
D
103.5
105.14
J
D
*105.22 105.28
103.5
105.9
1947 J
Treasury 2%s__
Treasury 2s
D
*106-12 106.16
104.28106 28
Treasury 2s.....Mar 16 1948-1950 M 8
101.23
Treasury 2s
Dec 15 1948-1960 J D
105.26
Treasury 2s
1953-1955 J D 103.23 103.23
102.3
51
100.24 102.3
3%S
1944-1964
8
7
104.12106.7
103.28
8
101.24103.28
106.26107.28
106.28108
1942-1947 J
3s
*106.28 107.3
nl07
102.3
J
nl07
102.7
102.7
A
1952 J
D
102.15103
♦Costa Rica (Rep of) 7s
1944 Af 8
1945-1947
%s, series M
J
D
102.16
102.16
101.29103.2
New York City
Transit Unification Issue—
1980 J
3% Corporate stock
Foreign
Govt.
&
D
103%
102%
103%
523
*23
23
*26
f 7s scries B.....1945
s
f 7s series C
♦External
s
J
1945 J
1945 J
f 7s series D
J
J
♦External
b
1957 A
f 7s 2d series. 1957 A
O
sec s
f 7s 3d series. 1957 A
f 7s 1st series
7%
7
7%
7
*6%
7
7
7
14
1948 M N
8 f extl conv loan 4s
78%
M N
1972 F A
67 %
65%
60 %
60
1972 A
O
60%
60'
1955 J
J
58
57%
57%
48%
7%
External 5s of 1927
1957 M
External g 4%s of 1928
1956 Af N
«
1957 J
1945 F
67%
49
J
A
*12
79%
67%
60%
60%
33
78
37
65
62
58
37
57%
49%
7%
27
58%
58%
53%
53%
43
47
61
1955
s
"el"
D
♦External sinking fund 6s...1958 J
*68
1941 J
1957 A
D
14
8
f
s
Canada (Dom of) 30-yr 4s
Aug. 15 1945 F
f 6s.
♦6s July coupon
♦Farm Loan s f 6s
♦6s Oct coupon
♦Chile (Rep)—Extl
♦6s assented
53%
8%
73
7
49%
76%
8%
10
8%
49
49
55
5
50%
104
16
2
55
9%
31%
38%
29%
33%
27%
49%
44%
55
50%
49
31
49
53%
52
57
53%
52%
*52
55
52%
58
*52
54
52
56 %
52%
59%
8
*52%
*52%
58
52%
59%
16
*8
27
8
11
t
8
14
"50" "51%
"iT
14
D
External 7s stamped
-.1949 J
8%
21
*51%
92
14
92%!
14
27
26%
73%
26%
94
84
1941
7s unstamped
German Govt International—
26%
26
19%
17
♦Haiti (Republic) s f 6s
18%
♦Hamburg (State 6s)
19%
*85
D
95
84
63
85
97%
69%
92
64%
*78%
31
81%
84%
♦5%s of 1930 stamped
1965 J
♦5%s unstamped
1965
♦5%s stamp (Canadian Holder)'65
♦German Rep extl 7s stamped. 1949 A
_
67
♦7s part paid.
♦Sink fund secured 6s
♦6 part paid
64
52%
53
20
61%
♦Heidelberg (German) ext 7%s 1950
58
59%
10
52%
57%
65
5%
5
Helsingfors (City) extl 6%s
1960 A
Hungarian Cons Municipal Loan—
♦7%s secured s f g
1945 J
47
47
O
47%
6
51
3
49
48
51%
52%
32%
32%
32%
37
7%
92%
100%
96%
7%
7%
97%
101%
177
88%
189
97
89
96 %
79%
1
6%
6%
127
20
95%
89%
97%
13
92
86
83%
82%
86%
24
86%
36
76%
76%
7%
8
97%
101%
1950 M
86%
J
S
9
14%
J
9
14%
16
2
27
O
14%
14%
25
14
2
89%
97%
86%
86%
9%
24
26%
14
J
1968 MN
26%
9
14%
i
24
"ii%
10%
11%
10%
11%
10%
11%
10%
*11%
10%
*10%
O
O
F
A
Feb 1961 F
A
14
5
1
14
10%
12%
8%
2
10
39
9
10%
9
7
6%
4
15
*8%
11%
26%
—-
*7%
9%
12%
-----
8
58
"16"
2
O
11%
12%
12
12%
12
58
11
♦7s secured
s
J
O
52
7
1946 J
J
M Inst 7%s.l961 Af N
*5
8%
5%
*6
7
5
5%
5%
*5
9%
5
5
f g
s
f 5s
Af N
F
A
*12
1960 MN
74%
1951 J
33%
D
Extl sinking fund
5%s
1965 Af N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province)
7%s 1950
♦Medellln (Colombia) 6%s
33
26%
19%
30
25%
"2
23%
75
46%
30%
29%
18
59%
59%
60%
55
59%
71
43%
43
44
16
41%
55%
*3%
A
6
8
*7
6%
28
19%
8%
26%
6%
6%
69%
69%
5
3%
5%
*3%
5%
5%
4%
O
4%
23%
4%
4%
23%
3%
3%
3%
1958 Af 8
*9%
9%
1954
D
♦Assenting 4s of 1910--.
1945
{♦Treas 6s of '13 assent
1933 /
♦Milan (City, Italy) extl
6%S—1952 A
Mlnas Geraes (State)—
♦Sec extl s f 6%s
♦Montevideo (City) 7s
18%
65
4
29%
25
♦4%s stamped assented
1943 MN
♦Mexico (US) extl 6s of 1899 £.1945
Q J
♦Assenting 5s of 1899
—1945 Q J
f 6%s
34%
*22%
1954
♦Assenting 4s of 1904..
74%
6
D
1954
Mendoza (Prov) 4s readj
F
J
5
19%
74%
Mexican Irrigation—
A
52
52
*5
ser B'47 Af 8
♦Italian Public Utility extl 7s__1952
J
J
Japanese Govt 30-yr s f 6%s—1954 F A
♦6s series
49%
22%
52
♦Italian Cred Consortium 7s
s
27
J
Irish Free State extl
♦Sec extl
26
25
*
J
66
26
27
52%
#
38%
22%
26
♦Italy (Kingdom of) extl 7s
101
O
♦Sinking fund 7%s ser B
1961
Hungary 7%a ext at 4%s to.—1979
52%
46
4
14%
8%
8
1946 A
♦Hungarian Land
45%
7
10%
15
A
A—1952 A
51
96%
1954 J
ser
—
52
49
*47%
67
With declaration
45
49
O
A
47
8%
12%
1968
49
71
45%
5%
17
5
93
For footnotes see page 2673.
1968 F
53
*55
7
"9%
8
A
7%
1964
53
5%
127
11%
"l2
11%
7%
7
53
59
O
10%
7%
10%
♦(Cons Agrlc Loan) 6%s
1958 J D
♦Greek Government s f ser 7s..1964
MN
8
A
D
♦7s unstamped
1949
German Prov & Communal Bks
8
84%
I960 A
*80
93
95
Feb 1961
62%
1949
56
1942 MN
1
53%
101
41%
53%
J
7%s unstamped
14
"l4"
1942 MN
♦6s assented
41
-
26
88%
♦External sinking fund 6s...1960 A
♦Extl sinking fund 6s
103%
76%
13%
9%
*52
J
16%
1960
f 7s
101
49%
288
—
26%
1960
on
s
61
1948 J
1967 J
♦Frankfort (City of) s f 6%8—.1953 Af N
With declaration
73
70
97
Oct 15 1960 A
♦7s assented
103
96
4
53%
MN
French Republic 7%s stamped. 1941 J
With declaration
18
14
J
.July 15 1960 J
on
48%
O
(Republic) ext 6s.-—-1945 M
83
68%
J
1967 /
s
61
Finland
72
1944 /
30-year 3s
♦Farm Loan
82%
70%
64%
64%
26
1961 J
30-year 3s
;
♦Carlsbad (City) 8s
♦Cent Agrlc Bank (Ger) 7s
A
16%
1952 Af N
10-year 2%s
25-year 3%s
7-year 2 %s
101
18
103%
101
47
50%
O
18
16
D
1960 A
6s
A
16%
101
48
Apr 15 1962 A O
16
16%
J
1967 J
1968 MN
♦Stabilization loan 7 Mb
18%
41%
54%
48%
48%
55
18
16%
O
1975 Af N
J
1984 J
f $ bonds
Bulgaria (Kingdom of)—
♦Secured 8 f 7s
J
F"A
D
D
1976 F
1970 A
External readj 4%-4%s
External s f 4%-4%s
s
19%
1961 M 8
1977 Af 8
f 4%-4%s
74%
8%
17%
15%
15%
16%
1962 J
4%-4%s
Refunding
19%
O
1950 J
♦Budapest (City of) 6s..
Buenos Aires (Prov of)—
♦6s stamped
25
72
1952
(City) external 7s_—1945
43%
43%
43%
43%
49%
15%
D
♦External s f 6Ks of 1927...1957 A
♦7s (Central Ry)
1952 J
Brisbane (City) s f 5s
1957 M
Sinking fund gold 5s.
1958 F
f 6s
1951
1942 /
♦El Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
69
With declaration
3% external
♦Dresden
26
64%
62
1955 J
♦Brazil (U 8 of) external 8s
♦External s f 6 %8 of 1926
21
80
17
27
.....
f 7s
"76%
1945
Customs Admin 5%s 2d ser.. 1961 M 8
5%s 1st series
1969 A O
5%s 2d series
1969 A O
19%
With declaration.
External
6
4
1953
{♦1st ser 5%s of 1926—
1940
§♦26 series sink fund 6%s. —1940
48%
8
♦Berlin (Germany) s f 6%s_—.1950 AO
With declaration
s
8%
8%
8%
23%
23%
23%
25%
27%
24%
23%
52%
103%
76%
*8%
Dominican Rep Cust Ad 5%S—1942 Af 8
26
1949 M
f 6s
With declaration
20-year
9%
53%
1955
16%
With declaration
External 30-year
9
27%
103%
With declaration
26
With declaration
s
9%
~25
101
...1977
Sinking fund 5%s.—Jan 15
♦Public wks 5%s—-June 30
♦Czechoslovakia (Rep of) 8s,..
♦Sinking fund 8s ser B
External g 4%s
With declaration
22%
.23%
22%
21%
23%
With declaration
Belgium 25-yr extl 6%s
External
9%
7
18
1971
♦Bavaria (Free State) 6%s
8
*15
8 f external 4Mb
♦Austrian (Govt) s f 7s
23
7%
7%
7%
7%
O
8 f externul 4%s
8 f extl conv loan 4s Feb
Apr
23
7%
7%
7%
F>
Antwerp (City) external 6s
1958 J
Argentine (National Government)—
Australia Com'wealth 5s
40
*7%
O
sec s
24
24%
7%
7%
7%
J
♦External
♦External
23
23%
22%
30
56
*103
A
1949
External gold 5%s
A
:
♦External
External loan 4%s
4%s external debt
1949 F
Denmark 20-year extl. 6s
With declaration
1948 A O
A :ershus (King of Norway) 48.1968 Af 8
J
♦Antioqula (Dept) coll 7s A...1945 J
♦Gtd sink fund 6s
s
103%
Municipal
Agricultural MtgeBank (Colombia)
♦Gtd sink fund 6s
1947 F
♦External
100
26%
34%
34%
*16%
1951 MN
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
1
19%
30
72
34%
34%
23%
23%
21%
106.17107.26
102.14 103
10%
*74%
103.3
nl02.11
10%
11
8%
"16%
24%
J
J
*102.10 102.15
J nl02.Il nI02.11
11%
8%
8%
23%
23%
With declaration
Cordoba (Prov) Argentina 7s. .1942
n!06.21 nI06.23
1942-1944 J
9%
26
1953 Af N
...1942-1947 Af 8
2MB series G
11%
10%
*23
With declaration
Home Owners' Loan Corp—
3s series A
..1944-1952 MN
2%s
10%
10%
8%
9%
"9%
33%
33%
23%
23%
34
1947 F
11
8%
15
"21%
33%
1961 J
25-year gold 4%s.
Af
1944-1949 Af N
-
Jan
A
♦Colombia Mtge Bank 6%s—1947 A O
♦Sinking fund 7s of 1926
1946 MN
♦Sinking fund 7b of 1927
Copenhagen (City) 5s
105.26
Federal Farm Mortgage Corp—
3s
Oct 1961
♦6s of 1927
10
"4
*6%
♦Cologne (City) Germany 6 %s. 1950 Af S
107.22
8
10%
11
*9
D
105.2
M
12
11%
8%
"9
9%
*10%
J
107.16
9%
23
10%
*11
I960 M
12%
11%
13
9%
15
9%
1962 AfN
1962 AfN
11%
10%
8%
11%
11
11
M
1950-1952
1952-1954
1951-1953
..1954-1956
8%
10%
9%
.....
12
12%
18
"10%
9%
A
12%
8%
*11
1961
High
10%
10%
1961 J
Treasury 2%s——...... 1949-1953
...
Low
10%
*11
1961
♦7b assented
No
"Io"%"
"10%
1957 J
♦Chinese (Hukuang Ry) 5s
Jan. 1
"l6%
1963 M N
1957 J
-
High
10%
*11%
10%
11%
"l~6%
O
♦External sinking fund 6s_..1983 AfN
♦Guar sink fund 6s
♦6s assented
Since
10%
*11%
10%
Sept 1961 M 8
♦External sinking fund 68—1962 A O
♦6% s assented
♦Guar sink fund 6s
Range
*8..
Asked
*11%
Jan 1961 J
-
&
Low
♦6s assented
♦Chilean Cons Munlc 78
107.16109.22
Bid
♦Extl sinking fund 68--Sept 1961 M 8
♦Chile Mtge Bank 6%s
♦6%s assented
♦Sink fund 6%s of 1926
or
Friday's
Jan 1961 J
♦6s assented
106.31110.8
107.8 111.9
Range
Foreign Govt. & Mun. (Cont.)
Chile (Rep)—Concluded—
♦6s assented
113.2
Last
US, me
Treasury 2 %s
Treasury 2 %s
Treasury 2 %8
—
D
112.15114.9
107.22108.14
*109.17 109.22
£"§
♦6s assented.
110.11112.12
1946-1948
1951-1955 M 8
Treasury 3s
Week's
Friday
Asked
High
6c
Low
Treasury 4%s
Treasury 4s
~
Range
fa
1959 M
1952 J
1959
J
8
D
MNj——
♦
*
6%
61
4%
*50
12
4%
18%
8%
5%
5%
5%
30
10%
10%
54
7°
(
62
53
„
„.
,
8
10
*9%
*60
6
5
9%
70
60
Volume
STOCK
Y.
Range or
Sale
Price
Week Ended Apr. 25
A
58
58
59
4
5634
64 H
A
O
62
61 H
62
6
54 H
67
F
A
♦52 H
5134
5234
Adjustment gold 4s
52
55
Stamped 4s
1995 Nov
1995 MN
1944
FA
~53~~
51
53
Conv gold 4s of 1909
1955 J
D
aa
5134
32 H
55
Conv 4s of 1905
1955
D
aa
36 H
Conv gold 4s of 1910
1960
D
aa
34 H
40
Conv deb 4 Ha
1948
D
aa
31
34 H
Rocky Mtn Dlv 1st 4a
1965
J
aa
33
Trans-Con Short L 1st 4S..1958 J
J
aa
31 %
3934
34 34
3934
3134
27 %
28
2134
27
20-year external 6s
53
55
53 H
__
External sink fund 4Hs
With declaration
1956
External
1965
A
f 4Ha
35H
*32%
Af S
33
32
O
With declaration
4s
s
31 %
31H
A
31H
38H
32
D
J
1970
Municipal Bank extl s f 5s
With declaration
1952 V'a
1953 Af S
1958 UN
1955 A O
♦Nuremburg (City) extl 6s
Oriental Devel guar 6e
Extl debt
5Hs
Oslo (City) s f 4Hs
41
41 H
37
37
38
1963
1963 M
1963
1963
1947 Af
1959 M
♦Stamped assented 5s
♦Ctfs of deposit (series A)
♦Ctfs of deposit (series B)
♦Pernambuco (State of) 7s
(Rep of) external 7s
♦Nat Loan extl
s
♦Nat Loan extl
s
1960
f 6s 1st ser
43
2434
30
90H
22
70
9034
81
61
81H
Atlantic Refining deb 3s
1953 M
75
91H
Austin & N W 1st gu g 5s
1941
9
634
634
8
81
634
734
6%
6%
6%
58
6
734
A
*7
O
"434 ""4H
O
*4%
o
♦12H
23
1968
♦External sink fund g 8s
1950
♦4Hs assented..........—1963
♦Porto Aiegre (City of) 8s
1961
♦Extl loan 7 Ha
1966
♦Prague (Greater City) 7 Ha
1952
♦Prussia (Free State) extl 6 Ha
1951
o
*4%
5
J
♦4H
4H
5
334
334
4%
334
434
9H
834
834
♦4 Ha assented
J
D
*8%
J
*8H
Af N
10
1st mtge gold 4s
14
8
......1952
f 6s
s
A
1941
1947
F
14
14
95
95 H
87
96
65
65
59
♦Extl
sec
6 Ha.—
A
O
F
A
♦6s extl
s
24
27
27
H
♦February
coupon
834
9H
8H
834
8H
6H
6H
*11%
11H
AfN
{♦Secured
f 7s
26H
27 H
6
3HS-4-4HS ($ bonds of '37)
external readjustment
2
2
Battle Cr A Stur 1st gu
ybb
x
3S..1989
3Hs—1951
B..1948
1960
1st & ref 5s series C._
Belvidere Del cons
aaa3
3HS-----1943
♦Berlin City El Co deb
♦Deb sinking fund 6H8-—1959 F
With declaration
17
20
♦Debenture 6s
16
1961
1966
4Hsl950
♦Anglo-Chilean Nitrate deb..1967
1995
2673.
110H
111
130
130H
45
*83
85
*90 H
98
%
16H
3
D
2234
26 H
26 H
x
a
15
3
x
a
3
26 34
7H
6
6
634
634
634
*3
5
334
5
*3
5
i
61
41
3934
20
21
19
40 H
"40 H
42
4034
"bin
2634
70
4534
25
54
55
5434
'5434
59
5034
*50
A
AfN
634
8H
554
20H
62 H
*3734
C
•
334
20
62~~
62
J
8
F
8H
6
6%
6H
6
*3
5434
*49
AfN
AfN
42 H
42
42 H
n
AfN
3934
3534
3534
4134
3634
17 34
42
J
D
*38"
38 H
F
A
42 H
42 H
J
J
*3634
41H
A
O
*20 H
21H
A
F
A
J
9
D
~+\~"
5
4154
4434
44 H
28
Friday
3H
434
43
Range or
5734
Week's
Last
12H
Sale
Price
A
cc
2
45
82
82
♦
"91"
8134
8134
56 H
55 H
*71
102 "31
5534
aaa3
aaa3
10734
J
D
x
aaa3
10734
y bb
3
38
8
168
104
100
2
100H
101
114
25
26
59
54 H
102«,il04
102
10434
10634 108
52
0034
10034 104 H
100
100"n
100H 103
X
bbb2
y
cc
1
69
102»«104*ii
108
56
10654 110
107
10734
42
10654
103H
108H
103 H
31H
104
109
10534
"57H
10934
105H
106
*27 H
2
J y bb
10234
10734
♦101H
y bbb2
"15
31
54H
5734
X
bbb4
*9934
aa
2
106""
105H
106
x
aa
2
106
106
106 H
13
"21
49
"62
105
100
x
bbb3
D
91
bb
y
AfN
109 H
109 H
Hi H
112
112
91
90
105
bbb3
F
A
x
aa
4
*lllH
/
D
x
aa
4
z
b
2
113
♦109H
AfN
' 105H
A
O
z
cc
"~5H
68 H
43 H
ybb
y
b
y
b
45 H
41H
«»«•
cc
z
45
......
109H
108
HI
106
35
67 H
9834 100
20
106
105H 10034
41H
3H
3H
5H
"io
68 H
2
43 %
11
75
12
5H
68
43
74H
*107 H
95
6
*4H
aa
99H
x
aa
100 H
100
x
aa
102 H
101
x
aa
102
101H
aa
100 H
Guaranteed gold
81
1st mtge 6s
Nov 1945
99H
x
aa
J
x
aa
J y bbb2
62
M
8
x
a
86%
J
J
x
aa
J
D
x
a
J
J
x
a
75H
J
J
z
ccc3
45
M
S
x
a
UN yb
F
93 H
98%
101
20
94
102H
93 %
103
98%
99H
40
86%
103%
79%
41
45 *
41
6
106 %
12
101
*
46
104 H 108
99H 102H
2
51H
86 %
101H 103 H
09H
80 H
64% 75H
7
75H
71%
63
70
4
76 H
52
23
«•*»'«•> •»
53
99 H
4-
18
51H
97H
95 *
12
88
95
23 H
23 H
23 H
1
17H
26
41 H
11 %
42
28 H
42
12
13
102
3%
5
44
3H
4%
F
A
z
ccc3
z
cc
z
c
4H
z
c
4
z
cc
z
cc
98
m
mrn
«,
— —
aaa4
{♦Cent New Engl 1st gu 4s.. 1961
J
J z ccc3 ""l"7H
{♦Central of N J gen g 5s.—1987
z ccc3
5s registered ......
1987
♦General 4s—.—..—1987 r~j z ccc3
z ccc3
4s registered
..1987
Central N Y Power 3%b
1962 A O x a
F A y bb
""74H
Cent Pac 1st ref gu gold 4s...1949
Through Short L 1st gu 4s.l954 A O y bb
"~54~"
Guaranteed g 5s..
1900 F A yb
AfN yb
Central RR & Bkg of Ga 5s. 1942
"85
Af S y b
Certain-teed Prod 5 Ha A—.1948
Champion Paper & Fibre—
M 8 xbbb3
S f deb 4%a (1935 Issue)...1950
M 8 x bbb3 "i04"~
Sf deb4Hs (1938 Issue)—1950
mm*
155
9H
100 H
*109H
*61%
17H
63
15
15
14H
15H
*11 %
107
64 %
13
20 H
3
11H
11
11H
12H
•
mm* *
107H
7
71
75 H
178
68
73
15
50 H
73 H
55
447
78
83H
85H
23
105 %
105H
1
103H
104
4
pertaining to bank eligibility and rating of
1H
1H
5H
56
13
17H
^
13H
5H
4%
12 H
5H
8%
105H 109 H
108H 110H
5H
13
*11
*6H
*105H
aaa3
b
67
83H
102H
98
J
z
13
63
97H
,
a
x
107
92H 101 %
90 H
98 H
90 H
99 H
102% 107H
94
yb
x
J
21
*48
A
A
D y bb
D z ccc2
J
27
45
J
x
6
101 %
58
F
M
89 %
38
106 H
79%
80
102 H
99H
107
70
H 108
101
1O0H
M
1
47
66
90H
96%
8
J
41H
11
98
J
{♦Consol gold 5s
—..1945
♦Ref A gen 5H* series B... 1959 A O
♦Ref & gen 5s series C
1959 A O
♦Chatt Dlv pur mon g 4s..1951 J D
♦Mobile Dlv 1st g 5s
1946 / J
Af S
Cent Hud G & E 1st A ref 3 Ha *65
Cent Illinois Light 3 Ha
1966 A O
Attention i* directed to the column incorporated in this tabulation
99%
96 H
x aa
UN
♦
81
97H
6H
6
105
103
x
O
48
74
67
107H
x
70
58
"12
10334
102lt3j 1021B3i
x
/
bbb3
6234
54
100
100H
AfN
*103
x
69
57 H
a
a
54 H
*U2
72
107H
bbb3
140
17H
108
107 H
aaa4
x
x
34
72
28 H
x
{Central of Georgia Ry—
10734
x
A
AfN
..1952
1955
1900
Calif-Oregon Power 4s
1906
Canada Sou cons gu 5s A....1962 A
86
10334
17H
......
97 H
10734
cccl
Bush Term Bldgs 5s gu
78
57
25H
15H
F
Bush Terminal 1st 4s
90 H
83
bb
"71" H
28 H
AfN
75
71 %
ccc3
F
85
*
AfN
A
79%
*84
b
y
100 H
*75H
b
b
y
J
83 H
54
57
93 H
y
O
A
80
20
10934 110H
107
10734
10734
103H
56 H
AfN
79
9934 102 34
29H
10234
104H
104
y
U
8134
50 H
101H 103 34
10034 10734
82
91H
104
100
40
105
*20
aaa2
bbb3
3
102H
♦109H
*10634
*46 H
4634
100 %
102 H
x
5
102
105
104
100H
«
82
43 H
45 H
102H
105 %
103
F
4734
Since
Jan. 1
Asked
102
102 H
105H
J
♦Certificates of deposit
Consolidated 5s..
105H
104
*107
5s...Oct 1969
Guaranteed gold 5s
1970
Guar gold 4Hs..June 15 1955
Guaranteed gold 4 Ha
1956
Guar gold 4Hs
Sept 1951
Canadian Northern deb 6 Ha. 1946
Can Pac Ry 4% deb stk perpet...
Coll trust 4Hs
1940
6s equip trust ctfs..
1944
Coll trust gold 5s—Dec 1 1954
Collateral trust 4 Ha
1960
{♦Carolina Cert 1st guar 4s. 1949
Carolina Clinch & Ohio 4s—1965
Carriers & Gen Corp 5s w w.,1950
Cart & Adlr 1st gu gold 4s.-.1981
Celanese Corp of America 38.1955
Celotex Corp deb 4H® w W..1947
♦Cent Branch U P 1st g 4s... 1948
Range
Friday's
Bid
Cons mtge 33fs ser F
Canadian Nat gold 4 Ha
1957
Guaranteed gold 5s..July 1909
43 H
43
43
4434
41H
334
334
9%
»
F
9%
4
UN
x
1964 Af 8
Armour & Co. (Del) 4s B
1955 F A
J
1st a f 4a ser C (Del)— .1957 J
Ark A Mem Br & Term 5s
110H
130H
5
cccl
X
Q
25
"14""
a
O
O
46 H
H"
bbb3
A
Jan
45 H
*40 H
*.._._
x
UN
A
46 H
18
1
x
& Teleg—
J
Founders codv deb.1950 J
Wat Wks & Elec 6s ser A. 1975 UN
59
b
z
{{♦Abltlbl Pow & Pap 1st Sa.1953
Af 8 y bb 1
Adams Express coll tr g 4s—1948
Coll trust 4s of 1907
1947 / D ybb I
y bb
1
10-year deb 434s stamped.1946
z cccl
♦Adriatic Elec Co extl 7s
1952
x aa
4
Ala Gt Sou 1st cons A 5s
1943
x aa
4
1st cons 4s series B—....1943
y b
2
Albany Perfor Wrap Pap 68.1948
y b
2
6s with warr assented
1948
x bbb3
Alb A Susq 1st guar 3 Ha
1946
x bbb3
3 Ha registered
1946
ybb 2
Alleghany Corp coll trust 53.1944
y b
3
Coll & conv 5s
1949
y cc 2
♦5s 8tamped
1950
y bb 2
Allegh & West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 M 8 x aa 2
Allied Stores Corp 4H8 debs.1951 F A y bbb2
3
Allls-Chalmers Mfg conv 4s.1952 M 8 x a
M S y b
2
♦Alpine-Montan Steel 7s....1955
2
Am A Foreign Pow deb 5s...2030 Af 8 y b
Amer IG Chem conv 5Ha—1949 AfN x bbb3
5 Ha (called bonds)
1949
J y b
1
Am Internat Corp conv 5 Ha, 1949 /
Am Type
46 H
z
A
1955
debs—1952
1959
Consol mtge 3s ser G
1960
Consol mtge 33<8 ser H
1965
Big Sandy 1st mtge 4s
1944
Blaw Knox 1st mtge 3 Ha
1950
Boston A Maine 1st 5s A C..1967
1st M 5s series II
...1955
1st g 4 3i s series JJ
1961
1st mtge 4s series RR
1960
♦inc mtge 4Ha aer A.July 1970
{♦Boston A N Y Air L 1st 4s. 1955
Bklyn Edison cons M 3Ha..1960
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s..1945
1st lien & ref 6s series A—1947
Debenture gold 5s
1950
1st lien & ref series B—..1957
Buffalo Gen Elec 4Hs B
1981
Buff Nlag Elec 3 Ha series C.1967
Buffalo Rochester & Pgh Ry—
Stamped modified (Interest
at 3% to 1940) due
1957
{Burlington Cedar Rapid A Nor
{♦1st & coll 5s
1934
RAILROAD and INDUSTRIAL
COMPANIES
20-year sinking fund 6 Ha. 1943
44 H
z~b"~l
29
Beth Steel 3 Ha conv
A
z
45 H
55 H
1
♦Berlin Elec EI A Undergr 6 Hs'56
See a
D
87
1
1834
Rating
/
86%
aa
53
Bank
Week Ended Apr. 25
28
"87"
With declaration.
19
EUa. &
EXCHANGE
36
b
1534
U
..1952
1958
1958
—-.1961
%
48 H
1
43 34
A
1979
57
40 H
54 %
aaa3
■
6HS-1951
26
1234
56
48
bbb4
aaa3
Beneficial Indus Loan 23£s._1950
834
56
2
Beech Creek ext 1st g
Bell Telep of Pa 5s series
48
48
A
BONDS
For footnotes see page
ybb
y bb
1951
4s stamped
63
13H
2
bbb2
46 H
F
3H-4-4HS (j bds of *37) ext conv 1979
3%-4HA*u extl conv
1978
4-4H-4Hs extl readj
1978
3 Ha extl readjustment
1984
♦Venetian Prov Mtge Bank 7a—..1952
{Ann Arbor 1st g 4s
ybb
x
O
F
—...I960
1964
Anaconda Cop Mln deb
4
16
MN
1952
...1961
1946
♦Uruguay (Republic) extl 8s
Am
3
b
16
....1971 J
Tokyo City 5s loan of 1912
External s f 5 Ha guar
334s debentures
bb
z
17
1955
3 Ha debentures
y
1950
due
15H
1947
Sydney (City) s f 5 Ha
Amer Telep
48 extended to. .1951 MN
to Jan 1 1947)
16
...1958 Yd
1958 J D
7s
Taiwan Elec Pow s f 5 Ha
STOCK
Ref g
S'west Dlv 1st M (lnt at 3 H %
17
6H
♦Sllesian Landowners Assn 6s
Y.
29H 1861
J
With declaration.
N.
25
8
AfN
1962
external 7s
assented
Yokohama (City) extl 6s
28%
J
...
♦4 Ha
3
A
With declaration
♦7s series B sec extl
♦Vienna (City of) 6s
cc
25 H
934
11H
2734
1945
1946 J D
Serbs Croats & Slovenes (Kingdom)—
♦8s secured extl
1962 Af N
♦Warsaw (City)
z
1960 F
5434
56H
1234
♦Sinking fund g 6 Ha
f 6s
167
A
..Feb 1
Pgh L E & W Va System—
J
♦Saxon State Mtge Inst 7s
s
243
36H
M
1940
♦External
111
36 H
J
1968
♦External s f 6s
42H
33 H
J
♦6s extl dollar loan
♦Silesia (Prov, of) extl
♦4 Ha assented
40 H
36
68
34
22 H
56
56
7
5
4
8H
*5
32
19
*7
J
934
8
25
23
AfN
s
42 H
Toledo Cin Dlv ref 4s A..1959
10H
J
155
Bangor A Aroostook 1st 5s..1943
Con ref 4s
...1951
734
J
37
36H
734
934
Brazil) 8s
1952
♦6Ha extl secured s f
1957
{♦San Paulo 8s extl loan of 1921—1936
♦8s external.......—....—1950
♦7s extl water loan
1956
68H
34 H
2
834
8H
834
834
♦Sao Paulo (City of,
60 %
36 H
cc
634
934
Af 8
66 %
z
7H
9%
Santa Fe extl s f 4s..—1964
3
ccc4
Af S
1 1940) due..1996
7
8H
8%
1953 /
bb
z
ccc4
6H
paid
♦Saarbruecken (City) 6s
z
70
ccc4
8H
UN
100
68
67
3
z
8H
O
1966
67
3
z
8
D
..—.1967 J D
♦Rome (City) extl 6 Ha
1952 A O
♦Roumanla (Kingdom of) 7s
-.1959 F A
104H
100
100
D
7
:
♦7s municipal loan..
104H
(lnt at 1%
1946) due..2000 Af S
ser F (lnt at 1%
♦Conv due
27
J
.—1968
♦7s extl loan of 1926
95 H
104H
ybb
1946) due...1995 J
to Dec 1
to Sept
1946 A
f g
94 H
ybb
1946) due July 1948 A O
(lnt at 1%
1995 J D
Ref & gen
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
94 H
Ref A gen ser D
66
*7
8
1946
1953
♦Rio de Janeiro (City of) 8s
M
31 %
Ref A ger ser C(lDt at 11-5%
27
65
1950
35
31
/ y bb
J
74 H
34 H
J y b
8
a
to Dec 1 1946) due...
to 8ept 1
27
14
A
25-year external 6s
♦Rhine-Main-Danube 7s A
Oct 1
9
14
95
O
Queensland (State) extl s f 7a
b
79
H
Ref & gen ser A
5
4H
26 H
14
O
A
y
86 H
73 H
b
July 1948
1948
4s registered
1334
834
♦9H
M
13
With declaration
♦External
y
66 H
85
74
bb
65
86 %
2
77
Stamped modified bonds—
1st mtge g (Int at 4% to
834
8
f 7s
y
101H
78 H
66 %
Baltimore A Ohio RR
1947
s
5
I6i~"
*99H
100H
7H
12
8
1958
♦4^8 assented.
♦Stabilization loan
bbb3
61
7
3
110
bbb3
2
7
'"36
m"H
*99
x
76
7H
104%
104H
*101 %
x
87
3
lllH
104%
J
79 H
6%
6%
14
Til'H
8
79H
6H
99H
110
D y bb
Af N
y bb
75
7
99
*96
J
75H
6 %
99H
M
42
"~7H
99
aa
Oct 1952 MN
J
1948 J
J
1948 J
Atl & Dan 1st g 4s
90
98H
bbb3
1964
"35
"88""
99
a
/
High
109
109H
91
"56"
2
x
10-year coll tr 5s..May 1 1945
L & N coll gold 4s
bbb3
J
87
8
109
bbb3
x
J
78
1940
{♦Poland (Rep of) gold 6s
46
37
x
D
78 %
N
109 H
2
aa
J
Second mortgage 4s
Atl Gulf & W I SS coll tr 5S..1959 J
J
..1961
f 6s 2d ser__
39
"~6
30
87 H
90 M
M N
♦Panama (Rep) extl s f 5s serA
.1962
1946
Atl & Charl A L 1st 4Ha A..1944
1st 30-year 5s scries B
1944
Atl Coaat 1st cons 4a.July 1952
General unified 4 Ha A
27 H
30
30
O
Af 8
Cal-Arlz 1st A ref 4Hs A.
Atl Knox & Nor 1st g 5s
47
25H
♦18
1995 A
General 4a
2
41
With declaration
♦Peru
26
♦7
No. Low
High
1
3034
38H
..——1963 F
f extl loan--,
With declaration
si
Asked
A
Low
(Cont.)
1943
declaration
Bid
Atchison Top A Santa Fe—
Indus. Co*.
F
With declaration—
s
Railroad &
fa
Friday's
Price
1957
Norway 20-year extl 6s
With
High
No. Low
Range or
Sale
See A
Apr 1958
f 5s
s
High
Low
Rating
Week Ended Apr. 25
1
Last
Elig. A
EXCHANGE
N. Y. STOCK
Since
Bid
Foreign Govt. & Mun. (Concl.)
New So Wales (State) extl 5s
External
Jan.
BONDS
Range
Friday's
&
Asked
Last
EXCHANGE
Week's
Friday
Bank
Week's
Friday
BONDS
N.
2669
New York Bond Record-Continued—Page 2
152
bonds.
6
100H
65%
63%
42%
51H
83 H
17H
18
12H
107 %
75H
73
55
78
91H
105H 108H
103 H 104 H
See A.
New York Bond Record—Continued-Page 3
2670
BONDS
p
EXCHANGE
Week Ended Apr. 25
Y. STOCK
N.
C v
4S—1989
2d consol gold 4s—
1989
♦Chic A Alton RR ref 3s
1949
Chic Burl A Q—III D1t 3 Ms 1949
3 Ms registered
1949
Illinois Division 4s
1949
M
X
MJV
X
aaa2
F
x
x
1st A ref 5e series
A
38
J
x
cccl
23
23 M
22
102m 106
102 m 105 m
...1956 7
104
Consolidation Coal s f 5s
1960 J
J
x
ccc4
75M
76
122
2
May 1 1965 MN
1967 M N
1970 M N
x
aa
107M
108
x
aa
108 M
x
aa
x
aa
107 M
106M
109M
110M
107M
14
MN
M V
x
a
107 M
107M
108
16
110m
1G5M 108 m
107
111M
104M
99M
104 M
13
104
"~99M
99M
55
97 m
92 M
92 M
2
92 m
15m
14m
17m
♦112m
4, m m m •—
"97m
♦
2
93 m
90
32
98m
100
"84"
84m
3
23
92 m
*
98m
aa
89
17m
93 m
92 m
aa
119
16
93
120m 122m
112
119X
8m
18m
91
94m
96 m 100m
97
97
85 m
48
83
88 m
a
bbb4
76
74m
76
35
71m
80
bbb4
84 m
83
84 m
28
78 %
88
93
z
c
25 h
a
2
111 m
112m
8
bb
4
24 m
112m
68 m
23m
x
67 m
69 m
72
64
72
y
ccc2
37 m
34m
37 m
93
30 m
40 m
J
z
ccc3
21m
28
J
z
ccc3
24
24
20
26
♦20
24
1st mtge 3 Ms
1st mtge 3 Ms
1st mtge 3 Ms
1966
1st mtge 3M8..
1969
Continental Oil conv 2MB--1948
Crane Co 2 Ms s f debs
..1950
Crucible Steel 3Ms s f debs—1955
♦Cuba Nor Ry 1st 5 Mb
1942
1st mtge 3 Ms
2
26
*22 m
5
22 m
27
109m 112m
bbb3
J
D
z
b
1
17
18
9
z
b
1
16M
16M
2
7 y b
2
18
18M
15
16m
20 M
1
♦Deposit receipts...
1952
J
Yd
15
Deposit receipts
Curtis Publishing Co 3s deb_1955 a
3
J
x
♦104 M
106"
♦107M
10M
108
aa
7
x
aa
7
x
aa
z
cccl
11H
40 m
{{♦Den A R G 1st cons g 4s..l936 7
{♦Consol gold 4Mb
1936 7
z
cccl
12
40%
{♦Denv A R G W gen Ss.Aug 1955
F
x
ddd2
40%
♦Assented (sub] to plan)
F
z
ddd2
A
z
c
x
cc
z
ccc2
1st A ref 4 Ms
121
36 m
38 m
29 m
40
35 m
35 m
10
28 %
39h
38
36m
38m
41
30m
38m
36 m
38m
88
37 m
ccc3
ccc3
38 m
9
30 m
30 m
ccc3
z
cc
3
9
8m
9m
531
4H
z
c
2
2m
2m
2m
536
1
x
21m
22m
52
15
24 m
22
40
14m
22 m
23 %
43
16
25m
14
24
#> mm- »
22 m
23 m
16
10
25m
23m
ccc2
z
ccc2
z
ccc2
23m
23m
10
16m
25
15
22
24 m
64
18
26
25
39
16m
19m
23 m
ccc2
x
z
m
*15
ccc2
z
ccc2
z
ccc2
24
23 m
ccc2
z
*22
20
z
cc
2
15m
15
z
cc
2
15m
15
z
cc
2
15m
z
c
2
2
14%
1%
29m
15m
15m
15m
2m
x
bb
1
43
40
43
z
ccc2
18
29m
27m
ccc2
z
z%
22 m
ccc2
z
10H
22
ccc2
z
15
19m
15m
ccc2
18
10
11
113
z
ccc2
z
cc
1
z
cc
1
10
z
c
I
12m
11m
%
10m
12m
11
11
11m
9m
49
3
10
13m
19
221
12m
7m
10^
12m
29
20H
17 m
0
11m
VA
13 m
"""3
6m
m
73
11m
2m
76
"40 m "51m
bb
y
bb
3
""64"
63m
64 m
4
65m
65
y
b
2
52 H
51m
52 m
41
44 H
53 m
107m
21
7
Ed El 111 (N y)
D
150
31
98
99 M
3
104
2
*57M
A
y
bb
7
z
ccc2
J
z
ccc2
J
z
cc
J
z
cccl
O
x
cccl
"46 M
O
x
cccl
cccl
A
2
1
100M
1
104
61
89
92 M
249
90 M
49 %
52
50 M
52
46 M
44 %
45Vk
M
5
191
42
52
47 M
86
36
47 m
47 M
70
36
48
o
x
38
42
♦{Ref A lmpt 5s of 1927—1967 MN
♦|Ref A lmpt 5s of 1930—1975 A O
7
♦Erie A Jersey 1st s f 6s_. 1955 J
J
♦Genessee River 1st s f 68.1957 J
N y A Erie RR ext 1st 4s..l947 MN
X
c
"23 M
"22 M
"24M
24c
16m
25m
x
c
24 M
22 M
496
16m
25m
x
b
94M
89M
24M
94 M
x
b
y
bb
M 8
x
bb
1938
♦3d mtge 4Mb--
2
108M
108M
43
11
♦101
101
*29 M
40
36 m
36 m
104m 107
x
bbb2
100
100
100
100
M 8
x
bbb2
102M
102M
102
103m
bbb2
♦102m
103
102
104
33
9m
16
36
108m
x
aaa4
♦109m
m+t **
x
aaal
*105
M.MMM
105 H
106
x
aaa4
♦108m
109
-MM-
108
x
aaa4
♦112m
113
MM--
111
110m
113m
y
bb
107 m 109 m
109
1
89
110
95
79
78 m
79
19
72
80
89m
89m
89m
23
85
91
58M
55 M
54 M
58M
175
64
1954
1956
Federal Light A Trac 1st 5s—1942
5s International series.. 1942
1st lien s f 5s stamped
1942
1st lien 0s stamped
,.1942
30-year deb 6s series B—. 1954
Firestone Tire A Rub 3 Mb—1948
{♦Fla CeDt A Pennln 5s
1943
{Florida East Coast 1st 4 Ms.1959
♦1st A ref 5s series A
1974
M 8
J
A
J
7
55 M
2
77 M
77 M
10
51M
75M
56
77 M
105M
106M
44
x
D y bb
O x a
J
x
2
x
cc
1
z
♦Certificates of deposit
♦100M
3
4
104M
cc
*46
c
37
57 M
2
71M
"3
9M
10M
50
2
9H
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4s..l982
*2M
'l06M
aaa2
♦103M
aaa2
♦102M
x
aaa2
*
104 M 109M
♦Certificates of deposit
Francisco Sugar coll trust
Gas A El of Berg Co cons g
♦Gen Elec
z
68.1950
(Germany) 7s
5s 1949 7 D
1945 7 J
x
cccl
x
1m
2M
51M
1m
39
cccl
*105M
-
105M 105 M
103M 103M
109M
1948
1949
{♦Georgia A Ala Ry 5s.Oct 11945
{{♦Ga Caro A Nor 1st ext 68.1934
♦Good Hope Steel A Ir sec 7s. 1945
Goodrich (B F) 1st 4Mb—1956
♦20-year s f deb 6s
Gen Steel Cast 5 Mb w w
MN
/
A
O
J
D
aa
2
*107M
Gen A ref 4Mb series B„, 1981
Cleve Short Line 1st gu 4mb .1961
x
aa
2
♦105M
x
bbb3
86%
86 M
~86%
.1972
x
bbb3
80 M
86 M
86 M
13
84 M
90
.1973
x
bbb3
77
76 M
77
28
74M
79M
4 Ms 1941
Grays Point Term 1st gu 5s._ 1947 J
69
68M
69M
33
68
73
Gt Cons El Pow (Japan)
bbb3
aaa2
Colo Fuel A Iron gen s f 5s.
1943
X
bbb3
♦5s Income mtge
Colo A South 4mb series A.
1970
1980 MN
y
b
3
y
b
3
108M 108M
Columbia G A E deb Cs.May 1952 MN xbbb3
Debenture 6s.....Apr 15 1952 A
Debenture 5s
Jan 15 1961 J
O
x
J
x
bbb3
O
x
8
x
aaa4
A
x
Gotham Silk Hos deb 5s w w.1946 M 8
l"05M
"l"05M
105M
77
77
22 M
20 M
23 M
103M
103M
103M
aaa4
Columbus A Tol 1st ext 4a__1955 F
♦Commercial Mackay Corp—
Apr 1 1969 May yb
1
5
"80"" *88M
103M
103M
103M
103M
103M
2
5
295
21
106M
42
106M
18
♦108
36M
34M
105M 106M
77
85 M
13
26
37M
47
103m
103m
103 m
114m
104m
105 m
113
4
MM--
"i06M
Gouv A Oswegatchle 1st
113
34m
106
106
114m
108
43m
Commonwealth Edison Co—
oa
4
x
a
3
x
bbb3
x
109M
H2M
♦100M
3
1
109M
112M
55
aa
J
x
a
1
109M
109M
4
F
A
x
aa
3
A..1961
1952
.1973
General 4 Ms series D
1976
General 4Mb series E
.1977
General mtge 4s series G..1946
Gen mtge 4s series H—.1946
Gen mtge 3 Mb series I
1967
♦Green Bay A West deb ctfs A
General 5 Ms series B
General 5s series C
—
108M
108M
5
1946
A
o x aa
103M
104
42
1948
1956
1958
A
o
x
aa
105
105
105M
27
A
o
x
aa
4
105
104M
105
J
3 Mb debentures
♦Consolidated Hydro-Elec Works
J
x
aa
4
108
108M
J
J
x
♦117
cccl
1951 / d xbbb3
*7
104M
104M
/
D
21
21
21
2
10
24
105
15
34
105m
106m
100 %
108%
22
102 M 106 M
22
bb
106
b
74M
4
2
39
22
♦100
106M
"32
76 M
2
.....
*95
90m
13m
18
23
27m
5
*10617sj
aaa2
84m
10
16M
30
cccl
bbb3
89
33
104m 106m
74 m
81m
95
100m
100«j»101m
95
95
1
1
i
a
4
106M
107M
32
106 m 109
J
bbb3
105M
103m 108m
bbb3
106M
100M
18
99 M
33
97m 104 m
95 m
89 m
7
J
bbb3
bbb3
107M
93 M
12
92 M
56
89
101 M
102M
42
100
96 M
97 M
68
95
82 M
83 M
74
bbb3
102 M
97 M
J
bbb3
83M
2
2
♦60
1
J ybb
Hudson Coal 1st s f 5s ser A.1962 / D
Hudson Co Gas 1st g 5s
1949 MN
Hudson A Manbat 1st 5s A—1957 F
A
y cc
b
90 M
87
90
70 M
67 M
71
47 M
42 M
48
89
3
87 m
64
8m
4
87
92m
38
79
90
50
62
71
147
36
48
90 M
2
104 M
10
108M
109M
15
128
128
1
88
18
90 M
109M
99 m
80
5
104 M
2
95m
105m
64
63
VA
90 M
*7M
2
bbb3
a
80
91
bbb3
3
3
73
65
92 M
J
O ybb
O ybb
63
92 M
91M
J
Feb ybb
Feb x c
65
65
65
*
J
1950 A
B 1975 J
2015 J
Febl957
*13
♦
b
119
103m
104m
103 m
106%
87
88M
2
b
J
A
Gulf A Ship Island RR—
J
1st A ref Term M 5s stpd..1952 J
Gulf States Steel s f 4Mb
1961 A O
Gulf States Utll 3 Ms ser D—1969 MN
♦Harpen Mining 6s
1949 / J
J
Hocking Val 1st cons g 4Mb-1999 J
Hoe (R) A Co 1st mtge
1944 A O
MN
{{♦Housatonlc Ry cons g 5s.1937
Houston Oil 4Mb debs
—1954 MN
108m 109 m
3
cccl
35 m
J
Gulf Mobile A Ohio 4s ser
109m 109m
z
39
30
30
cccl
35
A
F
119m
♦Gen mtge lnc 5s ser
36
35 m
90 m
90 m
103m 104 m
108 m 111m
cccl
aaa4
bb
2
b
88
2
102M
bbb2
ccc2
85 M
*60
30
28
*121
aaa3
127 m 129m
92 m
85 m
56
66
102M
""§
30M
50
123
65
101M 103m
26m
31m
121m 127
A
b
3
"44M
43 M
44 M
"82
43 m
48 m
O
ccc2
11M
10M
HM
43
10 m
13m
Attention Is directed to tbe column Incorporated In this tabulation pertaining to bank and eligibility
2m
3
52 m
3
111
♦Ad] Income 5s
For footnotes see page 2673.
10 m
bb
♦Debentures ctfs B
Gulf Mob A Nor 1st 5 Mb B—1950 A
C
D
107m 110
Consol Edison of New York
7s_1956
7
119
x
..1951 /
1961
7s„1944
1950
Great Northern 4Mb ser
1st mtge 5s series
d
1st mtge 3M8 series I
1968
J
Conv debs 3 Ms
1958
Conn A Paaump Riv 1st 4s_.1943 A O
J
Conn Ry A L 1st A ref 4MS-1951 J
5s..1942
Grand R A I ext 1st gu g
1st A gen s f 6 Ms
aaa3
Columbus A Sou Ohio El 3 mb 1970 M
107M 107M
*104M
bbb3
Columbus A H V 1st ext g 4s_1948 A
107M
x
7 y b
J x c
aaa2
x
11M
35
x
x
75
7m
6m
*120
aaa3
x
D
{♦Sinking fund deb 6 Ms—1940
x
1945
43m
65m
3
2M
51M
....
MN y ccc3
1977
1977
100
102m
103m 105
43
71 M
"io""
1
z
101m 103
102M
104M
104M
ccc2
D ybb
M 8
106
61
55 M
x
f 4mb series C
101
♦99
M 8
107 m
Coal River Ry 1st gu 4s
94 m
82 M
103
110M
107
cc
x
A
90 m
53
40 m
102M
aaa4
J
1950 f
56
93
84
106
24
O
guar..
61
80 M
4
With declaration
Gen 4Mb series A
101m
103m 105m
55 m
"93
90 M
"52"
100 m
' 150
56
*58
......—1965
{♦Erie RR 1st cons g 4s prior 1996
Prior 4s registered
—1990
♦1st consol gen lien g 4s—1996
Gen 4s registered
1996
♦Conv 4s series A
1953
♦Series B
1953
♦Gen conv 4s series D
1953
5s stamped..
108m 108 m
102M
95
aaa4
93
2
150
1
z
x
24
97M
150
4
xa
Elgin Jollet A East Ry 3MS-1970 M 8 x aa
El Paso A S W 1st 5s
1965 A O y bb
{♦Proof of claim filed by owner. MN
J
"~9iM
3
93 H
J y bb
98M
♦107
2
a
91m
27 m
/ y b
49
21
bb
89 %
bbb3
107 m
24
16m
105m 109
108M
bbb2
x
x
106
5
106M
1C6M
x
54
d xbbb3
1
106 M
20 M
f
15
95
104m
x
95
95
101
A
93 m
2
6
98 m 102
D
92
-
30
27
102M
106M
43
43
~28M
F
93m
m
5
55
7m
77
M 8
93 m
11
110M
105M
3m
72 m
108m 111
109
111M
102 H 105 m
7
94 m
25
2
13 m
Fairbanks Morse deb 4s
2
16
6M
in" "'24
2M
1
6M
♦Ernesto Breda 7s
107m
98m 104
3
15m
82
105
a
32 m
"ii
2
12M
13m
13m
2m
1m
106m 109m
52
a
16
Minn Nor Dlv 1st 4s 1948 A O
1st 5s..1956 MN
1M
90
2M
102 M
102 %
ccc2
aaa4
38m
14m
hm
105
7M
2
aa
x
3
y
32 m
x
z
2%
158
7m
30 m
bbb2
2
0
98
y
ccc3
A
{{♦Dul Son Shore A Atl g 5s. 1937 7
Duquesne Light 1st M 3 Ms..1965 7
a2
108m
106
12
99M
aaa4
53
106m
xaa
aa
14
100
M
103m 109
55 m
46 m
107
108m
103m 105 m
99M
bbb3
2m
106
a
x
75m
100
ccc2
x
x
1 %
107
x
x
74 m
107
♦25
D
MN
1st cons g 58.1995 J
Elec Auto-Lite 2Mb debs
1950 J
2
100
104
7
East Ry
75
3
"l"04M
99 m
200
♦35
East T Va A Ga Dlv
1
aaa3
aaa3
16H
1
aa
aa
x
15
96
12
12M
♦56 M
110M
109M
D y b
17 %
c
aaa3
1M
11
7
16%
c
■48 m
*
D
aa
10m
bbb2
"48%
4s._1995
♦Second gold 4s
1995
Detroit Term A Tunnel 4 Ms. 1961
Dow Chemical deb 2 Ms
1950
Dul Miss A Ir Range Ry 3 Mb 1962
x
M
1970 J
Gen A ref 3s ser H
"i%
6M
40
z
3
G. 1960
Gen A ref mtge 3 Ms ser
Detroit A Mac 1st lien g
♦2
111
11
y
z
♦Ref A lmpt 5s ser B.Apr 1978
{♦Des M A Ft Dodge 4s ctfs.1935 7
{♦Des Plains Val 1st gu 4 Ms. 1947 M
Detroit Edison 4s ser F
1965 k
11
12 M
10m
MM
11m
1 st mortgage 4Mb
32
18
19m
.1942 J
deb 3 Mb
760
Del Power A Light 1st
.1948 MN
conv
16
55 M
72
.1942 A
of Upper Wuertemberg
104 M
69
Series C 3Ms guar..
Consol Oil
104M
50 M
♦104M
2
Series B 3 Ms guar
Series A 4 Ms guar
3 Ms debentures
104M
J y bb
aaa2
3Mb debentures
3 Ms debentures.
5
97 H
54 M
18m
16m
15
97 M
J yaaa3
Dayton PAL 1st mtge 3s._1970 J
Del A Hudson 1st A ref 4s..1943 MN bb
4MS—1971
1969
1969
.
15
98
...
3
a
11
x
Stamped guar 4mb
Conn RlvPowsf 3M8 A
x
hm
O
w
o
6m
.1942 A
w
18M
6m
Gen 4mb series B
Income deb
»16M
18m
Cleveland A Pittsburgh RR
s
ccc2
16
St L Dlv 1st coll tr g 4s—.1990 MN y bbb2
1st
16
y
38
.1993
Cleve Union Term gu 5 mb
1st 8 f 5s series B guar..
19m
15m
10
.1993 / d
3Ms
18
16m
1
10m
General 5s series B
Series D
16 m
3
15M
9m
General g 4s
1970 J
1
17
cccl
16M
16M
15M
16M
ccc2
9m
38
18M
b
10
ccc3
97 h
z
10m
Cleve Cln Chlo A St Louis Ry
J
"18M
102
z
j "d
2
_
4Ms series E..1977
......
z
♦Deposit receipts..
♦7 Ms series A extended to 1946
♦Deposit receipts
♦6s series B extended to 1946
2
{♦Secured 4 Ms series A—1952 M ,8
♦Certificates of deposit
♦Conv g 4 Ms
I960 MN
Ch St L A New Orleans 6s..1951 / d
Gold 3 Ms
Juno 15 1951 / d
Memphis Dlv 1st g 4s
1951 J D
Chic T H A So'eastern 1st 5s. 1960 j D
Ineome guar 5s
Dec 1 1960 M S
Chicago UDlon Station—
1st mtge 3M« series E
1963 j
3 Ms guaranteed
.1951 M 8
1st mtge 3Ms series F
1963 j j
Chic a West Indiana con 4s. 1952 j
J
1st A ref M 4Mb series D..1962 M S
Childs Co deb 6s
1943 A O
{♦Choctaw Ok A Gull con 68.1952 m N
Cincinnati Gas A Elec 3MS—1906 F A
1st mtge 3 Ms
1967 / d
Cln Leb A Nor 1st con gu 4s. 1942 M N
Cln Un Term 1st gu 3Ms D..1071 MN
1st mtge gu 3 Ms ser E
1969 F A
Clearfield A Mah 1st gu 68—1943 /
J
Cleveland Elec Ilium 3s
aa
a
cc
ccc3
106
x
x
cc
73
108 m
x
ccc3
*70
7
11
O
z
MN
MN
M N
MN
MN
MN
MN
M N
♦4 Ms stomped
-.1987 M N
{♦Secured 6 Ms
*936 m N
♦1st ref g 5s
May 1 2037 j d
♦1st a ref 4 Ms stpd May 1 2037 j d
♦1st A ref 4 Ms C—May 1 2037 j d
♦Conv 4Ms series A
1949 MN
{{♦Chicago Railways 1st 6s stpd
Aug 1940 25% part pd.,1927 F A
{♦Chic RIA Pac Ry gen 4s.. 1988 / j
4s registered
1988 / J
♦Certificates of deposit
4s ctfs registered
1988
(♦Refunding gold 4s
1934 a O
♦Cei tlflcates of deposit
80m
106 M 108 m
107 m 109m
D
z
z
25m
D
z
z
25m
18
75m
2
21
A
J
J
z
18
17m
J
J
Western Ry—
1987
3 Ms registered
1987
♦General 4s
.......—1987
4sregistered
...—1987
♦Stpd 4a n p Fed lnc tax. 1987
♦Gen 4Ms stpd Fed inc tax 1987
4 Ms registered
1987
♦Gen 6s stpd Fed lnc tax..1987
an Wab A M Dlv 1st 48—1991 J
110K
N
a.
~1®75 f a
...Jan 1 2000 A O
/
76
24 m
{Chicago A North
♦General g 3 Ms
Ref A lmpt
♦Debenture 4s
5
1
M
Consumers Power Co—
17
z
High
25m
Low
23
ccc3
z
No
24
23
y
_
♦Mtge g 5s series
High
22
cccl
X
6s.-1947
Low
cccl
z
x
r
Since
Jan. 1
Asked
x
♦Cuba RR 1st 5s g—
1997
A
J
aa
aa
k
Range
or
Friday's
Bid
/
High
x
B..1947
♦Refunding 4s series C
1947 J
♦st A gen 5s series A
1966 M
♦1st A gen 6s ser B-.May 1966 /
Chic Ind A Sou 50-year 4s—1956
J Chic Milwaukee A St Paul—•
♦Gen 4s series A—May 1 1989
♦Gen g 3Ms ser B.May 1 1989
♦Gen 4 Ms series C.May 1 1989 j
♦Gen 4 Ms series E.May 1 1989ij
♦Gen 4%b series F.May 1 1989 j
{Chic Mllw St Paul A Pac RR—
♦Conv ad] 5s
104
aaa3
x
Sale
Price
Railroad & Indus. Cos. (Cont.)
{♦Consol Ry non-conv deb 4s 1954 J
♦Debenture 4s.
.—..1955 /
*
Chicago A Erie 1st gold 5s—1982 M N
J
Chicago Gt West 1st 4s ser A-1988 J
J
♦Gen lnc mtge 4 Ms
2038
{♦Chic Ind A Louiev ref
♦Refunding g 5s series
Week Ended Apr. 25
aaa2
x
See
129m 132 m
x
J
Rating
EXCHANGE
10
z
J
No. Low
1
Y. STOCK
103m
"id 3m
aaa3
x
...1958
1977
1971
Chicago A Eastern III RR—
♦Gen mtge inc (conv)
High
Jan.
N.
129m
103m
x
1949
B
Asked
Range
122
aaa2
x
Last
129m
103m
aaa4
R A A Dlv 1st con g
registered
A
Low
1092
Ref A lrript mtge 3 mb D_.1996
Ref A lmpt M 3 Ms ser E—1996
Potto Creek Br 1st 4a
1946
1st A ref 4 Ms series
Price
Since
Bid
Week's
Friday
Elig. A
BONDS
Range
Friday's
Sale
(Cont.)
Railread A Indus. Cat.
General 4s
Range or
Last
Rating
Set a
Chesapeake A Ohio Ry—
General gold 4mb
4s
Elig. A
April 26, 1941
Bank
Week's
Friday
Bank
rating of bonds. See a
Volume
New York Bond Record-Continued-Page 4
152
*>
BONOS
N.
Y.
STOCK
Railroad &
Indus.
1st gold 4s
4s registered
See
J
1951 J
1951 J
-
1952
—1955
gold 4s
Refunding 4s
1952
1953
1955
Purchased lines 3 Ha
Collateral trust gold 4s
Refunding 5s
40-year 4%S—.
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Div 1st gold 3s„1951
Louisv Div A Term g 3%s.l953
1951
Omaha Div 1st gold 3s
A
1951
3 Ha registered
1951
Springfield Div 1st g 3HS-1951
Western Lines 1st g 4s
1951
4s registered
1951
aaa4
x
102
Asked
High
101H: 102 H
No. Low
High
100% 102 H
62
x
bbb4
92
91%
bbb4
*85 H
88
90
x
bbb4
*87
89 %
94
89%
91H
x
bbb4
O y bb
93
94
*87
bbb4
x
93
45 %
43%
46
ybb
2
45%
42 H
47 %
2
44
43
44
M N
82
247
10
ybb
2
43 H
41%
44 H
131
ybb
A
yb
2
53
50%
53 %
82
2
45
MN
x
/
J
bbb4
,41*
x
J
bbb3
60
ybb
F
45H
80%
*
44
47 %
35 H
54 H
45 H
80 %
62
58%
65
58
60
49 %
49 H
bb
4
49
bbb3
95
ybb
3
*58
Joint 1st ref 5s series
ybb
2
49%
45 %
49 %
422
40 H
49%
1st A ref 4%s series
ybb
2
45
41%
45H
133
37 %
25
46%
& N O—
gold 3s
Ref A impt 5s
w w
15%
20 H
106 %
1
106 %
106 %
3
103 H
104H
23
ybb
2
.»99 H
99%
99 %
26
98
ybb
3
98%
98H
98 H
27
97 H 103
15
13
15H
124
1%
7
x
aa
x
cccl
x
cc
x
cccl
x
cccl
y
b
45 %
y
ccc4
3
ybb
b
3
y
15
14 H
12 H
15%
ybb
ccc2
y
ccc2
x
40 %
42 H
cccl
67
104 %
25
*75%
85%
40 H
78 %
83 H
90
41 %
118
30H
45 %
43 H
192
32 %
47%
1%
67
79
1%
....
52
58%
18
95%
98
94
1
93 H
95%
43
56
31
67
31
73
49
108 %
16
63 H
69
44
16
68H
18%
102 %
102
102%
*73%
77%
*89 %
*83
90 H
88
bb
86 H
81%
A
x
aaa4
161
J
x
a
J
x
a
106 H
*108
M S
x
a
103 %
M S
a
F
F
F
V
86
168H
161
106 H
112
106H 108%
107 H 108
103 H
102 H 105H
3H
20
94
94
93%
7
59
61%
44
4
94
97
92%
56%
67%
96%
>
65
58%
60%
20
57
56%
60
57%
7
49
60
60
1
50
62
60
64%
RR—
Lake Erie A Western
2d gold 5s
1947
3
J
ybb
3 Ha.,-1997 J D
x
x
a
99%
a
D
1997
registered
89
xbbb3
1941
3% to
J
93
2
90
34
82
90
99%
99%
93%
58
95
99%
11
92
95
88%
Dec y cccl
J ybb 2
1954
♦1st A ref s f 5s
1954
♦5s stamped
1964
1964
1974
♦58 stamped
;—1974
♦Sec 6% notes extended to 1943
♦6s stamped
1943
Leh Val Harbor Term gu 5S..1954
Lehigh Valley N Y 4Ha ext.. 1950
♦1st A ref s f 5s
♦5s stamped...
♦1st A ref s f 5s._.—
/
J
92
25%
25 H
65
flyb
62 %
63
95
95
"
39%
xb
F
A
43
b
j
.2003
...2003
4 Ha stamped modified—2003
4 Ha
registered
2003
5s stamped modified.....2003
stamped modified
4s
registered
5s
1951
Lex A East 1st 50-yr 5s gu_.1965
Libby McNeil A Llbby 4s.. 1955
Liggett A Myers Tobacco 7s.1944
5s debenture
..1951
Lion Oil Ref conv deb 4 Ha—1952
Little Miami gen 4s ser A
1962
Loew's Inc a f deb 3 Ha
1946
Lombard Elec 7s series A....1952
♦Long Dock Co 3%s ext to—1950
Long IslaDd unified 4s—...1949
Guar ref gold 4s
...1949
4s stamped
1949
Lorillard (P) Co deb 7s
1944
Leh Val Term Ry ext
ddd2
x
cccl
A
42
26 %
28%
31%
198
28 H
5
32 H
52
34 H
53
*116
Co gu 4s—1945 M 8
Louisville A Nashville RR—
Lou A Jeff Bridge
x
aa
3
x
aa
28
31%
28%
19%
35
9
48%
57
117
12
.1962 J
Prior lleD 5s ser A
120
QK
96%
30
98%
97
27
96 %
5
119H
119H
12
123 H
85
123%
109%
*107H
109%
86
30H
96 H
95 %
97%
98%
95%
99H
96
99 H
119
122 H
10
123
75
87
82%
108% 110
107 % 109%
14
x
bbb3
bbb3
0
x
bbb3
o
x
bbb3
"87%
88%
"46
J
x
a
3
104 %
104%
104%
5
J
x
a
3
105%
1
A
x
bbb2
105%
'104%
*85 H
105%
Paducah A Mem Div 4s
3
29
500
12%
30%
24%
22%
25H
126
25%
23%
26%
208
10 %
11
M~8
M
24 H
22%
26%
28%
189
11%
3%
100
19%
25
1
19%
61
1%
19%
24%
2%
22 %
2
1%
ccc2
cc
8
ccc2
11%
24H
24
22%
2
24 H
454
25
22 H
23M
3
19
ccc2
24H
22 H
24%
91
20
26
cccl
♦Certificates of deposit
23H
22 H
23 H
21
19%
25
2
1%
24H
1H
1%
22
cccl
1978 MN
.1949
H.—1980
♦1st A ref g 5s series
22%
cccl
A
F
MN
A
c
O
ccc2
1H
22%
25
116
20
26
23 H
1
20
24
240
f"a
ccc2
22 H
24 H
19%
25
cccl
1981
♦1st A ref 6s series I
24%
23 H
cccl
{♦Mo Pac 3d 7s ext at 4% July '38
Moh'k A Malone 1st gu g 4s_1991
Monongahela W Penn Pub Ser—
1st mtge 4 Ha
1960
6s debentures
..1965
Moritana Power 1st A ref 3Ha '66
Montreal Tram 1st A ref 5s—1941
Gen A ref s f 5s series A...1955
Gen A ref s f 5s series B...1955
Gen A ref s f 4H8 series C.1955
Gen A ref 8 f 5s series D—1955
Morris A Essex 1st gu 3H8-2000
Constr M 6s series A
1955
Constr M 4 Ha series B—1955
Mountain States T A T 3M8-1968
Mutual Fuel Gas 1st gu 5s. 1947
Mut Un Tel gtd 6s ext at 5% 1941
102 %
97 H
*92 H
87
A-. 1978
Prod 3Hs debs.. 1960
3 Ha—. 1949
Steel 1st mtge 3s... 1965
22%
22 %
19
24%
MN
b
2
86H
86%
81%
86%
M
b
2
*55
60
53
57
a
4
110%
112%
24%
108% 111
110% 113
102% 106%
ybb
3
112H
110H
112H
x
a
4
104H
104%
105%
y
bbb2
76%
76%
75%
85
y
b
40
40
40
50
y
bb
y
b
y
bb
x
2
79
"65
39%
D
x
x
a
M N
x
65
37
43%
41%
70
36
41%
34 %
38%
113
30%
38%
*108
aaa2
MN
42 H
39
41H
40%
37%
ybb
MN yb
MN yb
108%
116%
107% 109%
bbb3
J
*115H
2
F
A ybb
102%
18
98 H
30
94 %
105 %
91%
115% 117
100»ul00"«i
69
69%
68
103
103%
102
104
104 H
102%
4
Natl 8upply
$*New England RR guar 6s.
♦Consol guar 4s
A Tel 5s A
1st g 4Hs series B
N J Junction RR guar 1st 4s.
N J Pow A Light 1st 4Hs—.
New Orl Great Nor 5s A
New Eng Tel
1945 3
103M
102%
102%
104%
•
55
124"
85%
!21%
50
123
123 %
A y bbb2
O
aa
2
108
1983 3
J ybb
4
76
x
124
60
60%
127%
123% 131%
xS*
123
124%
*75
1960 A
72
104%
104%
106%
103% 106%
58
123
1986 F
4 Hs A'52
A.1952
B—...1955
Orleans Term 1st gu 4s. 1953
1st A ref 5s series
t S*N O Tex A Mex n-c inc 6s
♦Certificates of deposit
70
107
75
67
108%
78%
65
108%
78%
♦1st 5s series B
71%
128
102
105%
97% 101
92
96%
91%
103H 105 H
105 H 109%
105H 106%
87
85 H
A
O
1956
F
"i
30
36%
30
x
ccc2
36%
40%
72 H
75%
"40%
36 %
x
*
ccc2
b
x
b
A
x
ccc2
....
s
b
x
39
aaa2
1954
J
J
1998
F
—1946
A
A ybb
O ybb
37%
37H
39%
*34 H
I
"41%
40
Bdge Co—
1945
44
34%
1
ccc2
94
39
*37
—
deposit
Newport A Cincinnati
35
*25H
x
♦Certificates of deposit
♦1 at 5 Ha series A
♦Certificates of
76
*30
x
F
1956
series D
68
ccc2
b
xb
♦Certificates of deposit----.
♦1st 4 Ha
76
x
♦Certificates of deposit
♦1st 5s series C
105% 106%
105% 106%
x
1954
.;
70H
ybbb2
1935
38%
38%
2*
SH
32%
33%
42
33%
43%
40
43
39%
42
39%
45
42%
32
40
107
40
107
107
3
64
3
3
4Hs series A—2013 A O y b
3
Ref A impt 5s series C
2013 A O yb
Conv secured 3Hs
1952 MN ybb 3
2
J x a
N Y Cent A Hud River 3HS-1997 J
N Y Cent RR 4s series
10-year 3Hs sec s f
88
A
Ref A Impt
x
3 Ha registered
...1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 3 Ha—1998
3 Ha
3Ha
Ref 5Ha
Ref 4 Ha
1st mtge
y
bbb2
bbb2
107
65
55%
59%
582
65H
62%
61%
66%
198
63%
132
85%
84%
85%
10025M
100%
68H
66%
68%
62%
61%
62%
"63"
80%
38
10
80%
34
100
53
1
24
63
68
3
56%
65
138
66%
3
58%
92 H
92%
54%
86%
75%
64
93%
O xbbb3
95
94%
95
2
97
84%
62%
93
95
97%
85
277
A x bbb2
99%
100%
M S ybb
F
...1950
3Hs A..1965
64%
56%
1946
A
70
64%
60%
59%
72
1974
1978
A
87%
83
100%
56%
3
1941
100
69%
95%
63%
69%
67%
69
2
A
60%
89%
55%
61%
59%
83%
80%
71%
61%
ybb
O ybb
1998
3H8 extended to 1947
6s debentures
93%
58 H
St Louis—
aeries A..
aeries C
3-year 6% notes
93 H
2
3
56
65%
62%
93%
yb bb2
y
3HS—1998
registered
New York Chicago A
4s collateral trust
a
ybb
.1998
registered
Attention is directed to the column Incorporated In this tabulation pertaining to
26 %
1975
1977
4s
N Y Connecting RR
For footnotes see page 2673.
27%
1965
♦1st A ref 58 series A
Mich Cent coll gold
xa
38%
J y ccc2
3 y c
1
105
93
: 95
x
St Louis Div 2d gold 3s...1980 M 8
95
22
O
1946
104% 106%
104
96%
98
24%
40-year 4s series B
1962 J
3 y ccc2
Prior lien 4Hs series D...1978 J
♦Cumadju8t5sser A-.Jan 1967 AO* cccl
Gen gtd 4 Hs
104 %
O
C
162
70%
106%
89
2003
2003
1st A ref 4s series D
2003
1st A ref 3%s series E
2003
Unif mtge 3H8 ser A ext..1950
Unif mtge 4s ser B ext
1960
1st A ref 58 series B
37%
106
20
118
98
104%
*25 %
*96%
109 %
77%
35
106
*100
3
84 H
36%
106
131
3
84H
2
RR—
bbb3
124
aa
5%
2
4
t*Mo-Ill RR 1st 5s series A. 1959 J 3 x b
4s...1990 J D yb
bbb3
10
bbb3
53*
69%
85%
x
124
x
1
3
12%
84 H
x
124
x
65
ybb
A
1951 F A
A. 1969 J 3
Louisville Gas A Elec 3Hs—1966 M &
65
N O A N E 1st ref A imp
F
debenture
3
New Orl Pub Ser 1st 5s ser
123
Louisiana A Ark 1st 5s ser
bb
3: 7
85%
119
119H
y
%
49
47
aaa3
2
91%
119H
bbb3
cc
48
82%
119%
bbb3
x
13%
97
5%
1%
43
O x aaa4
x
2
7%
8%
1%
70
11H
85%
A
x
1
aaa2
"l"9
x
cc
x
105%
O
10%
3
12%
12
1961 MN
39%
105 %
A
x
4%
57 H
J xbbb4
M 8
36%
8%
9%
11
cccl
40
28 H
"95"
65%
271
4H
11
11%
aaa2
27
3
2
x
29%
O ybb
cccl
x
16%
14%
17%
A
cc
x
J
J
45%
6
M 8 y bbb2
x
J
D
45%
374
cccl
J
1945 3
36%
37%
29
x
11H
11
1952 J
45%
43
44 %
43
47%
D
9%
6%
1%
1
59
25%
J
cccl
54
27%
98H
x
58%
52
104%
1%
cccl
43
3
1%
x
27
aaa3
V
J
86
46
aaa3
2%
90
47 H
x
31%
/,
2H
,
122
bb
x
25
SH
35H
8H
*120
1
O ybb
22%
*27 H
aaa3
24
A
15
x
/
A
22
104 H
91H
F
*20
*83
46 H
MN
36
28%
59%
26%
45%
63
2
91H
aaa4
42
3
45
x
99%
70%
107
*33H
4
80
*92
53
103
*58
a
b
"33%
6
42
aa
b
3
106
105H
b
x
a
64
x
44
x
94%
69H
x
46 H
O
67
96
x
33
MN y cc 1
O y bbbl
69
70
88
95%
O
40 %
A
79%
30
68
69H
A
40
30%
3%
85
30
1954 J D
3Hs
t^Naugatuck RR 1st g 4s... 1954 M N
Newark Consol Gas cons 5s. 1948 J D
b
1
65
4%
3%
National
44
1
*54
"4%
96
44
M 8
1st A ref 4 Ha series
bbb3
x
A
66%
32
l
109% 112%
45
35%
y cc
111%
59 H
2
35
y cc
109 %
111%
3
40 H
44
MN y cc
3
a
43 H
1
105% 107
aa
*37
M N y cc
aa
6Hs
1949 M S
J
♦1st A ref 5H> series B—.1978 J
New
Lehigh Valley RR—
x
106 %
x
b
x
8
106H
x
a y bb
j
M
*74""
D
x
7 "3
1
bbb4
J
x
v
b
x
80%
73%
M 8
b
"40 H
x
8
98%
74 H
*•
Nat Distillers Prod
x
x
A
M
95%
96%
86
Nat Dairy
x
Y~k
Q
27%
93
69%
*38
b
Q
44
88%
"96H
33%
25%
62%
95
*86
b
x
ya
x
36%
86%
44
36
65%
J ybb 2
x bbb3
:
86
60%
93%
27
65
O
28
91%
91%
*87
Ltd—
1975
Lehigh Coal A Nav s f 4 Hs A 1954
Cons sink fund 4%s ser C.1954
Lehigh A New Eng RR 4s A. 1965
Lehigh A N Y 1st gu g 4s...1945
Lehigh Valley Coal Co—
♦5s stamped
1944
52%
34
91
90H
x
Nash Chatt A St L 4s ser
♦1st mtge income reg
48
25
O y b
2
A z ccc3
♦Certificates of deposit—
88
60
A yb
A yb
80
10
72
»
*36H
*90 H
A
♦Conv gold 5 Ha
161
93%
60%
103
"77% "81%
*4
A yb
A y b
33
*
74%
*29
♦Certificates of deposit
x
A
18H
"73
xbbb3
-----
111%
51
3
♦25-year
♦General
109H 109%
*109H
xbbb3
bbbl
ybb 2
105%
103
ccc2
♦Certificates of deposit
J
y
105
5
b
O
♦1st A ref 5s series G
J
A
50H
♦Certificates of deposit
73
*10
..
2
7
154
80
^Missouri Pacific RR Co—
107 H 109
3
J
79%
110
78 H
49
109H
2
45
42
32 %
32
*25
Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 5Ha series C...1953
Coll A ref 5Hs series D...1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
Lautaro Nitrate Co
85H
76%
*10
102 %
2
D
Missouri-Kansaa-Texas
107%
105
109
2
b
Mo Kan A Tex 1st gold
42 H
....
102H 104
101 % 104 H
xbbb3
f ♦Laclede Gas
5s
103 H
71
107%
90
109% 111
32 H
a
y
y
{♦1st cons 6s gu as to int—1938 3
♦1st A ref 6s series A.....1946 3
89
39%
39%
3
105""
x
J
51%
97%
42
88
12
112
27
z
t {♦MStPASSM con g 4s int gu '38 3
5♦ 1st cons 5s
1938 3
71
54%
1
High
112
89%
111H
*
F
♦1st A ref 5s series F.
-
Lake Sh A Mich So g
16
J
unguaranteed
5s extended at
8
44
52 H
"43"
No. Loto
16
43
100
4
06 %
94
aaa4
1%
%
8H
36
97H
bb
16 H
51
""54 %
bbb3
8
101
83 H
2
1
88 H
*110H
1951 M S ybb 4
1952 M N x a
2
C—1979 J 3 ybb 3
Michigan CodboI Gas 4s
1963 M S x a
3
1§*Mid of N J 1st ext 5s
1940 A O x ccc2
2
J5*Mil A No 1st ext 4Ha—.1939 J D x b
♦{Con ext 4H8
1939 J D x ccc2
t*Mll 8par A N W 1st gu 4s. 1947 M 8 x ccc3
3 x ccc3
J {♦Mllw A State Line 1st 3 %s.'41 J
j*Mlnn A St Louis 5s ctfs
1934 MN x cc 2
♦1st A ref gold 4s
1949 M 8 x c
2
♦Ref A ext 50-yr 5s ser A..1962 Q F x C
2
45 %
2
b
89%
Ref A Impt 4Hs series
103 H
ybb
bbb4
High
cccr
Jack Lans A Sag 3 Ha
1st gold 3 Ha
82%
44 %
x a
x
aaa3
x
f 78-1956 J
s
*1H
103%
3
y
102H 107H
{♦Market St Ry 7s ser A Apr 1940
(Stamp mod) ext 5a
1945
Mead Corp 1st mtge 4Ha.-.1955
Metrop Ed 1st 4Hs series D.1968
Metrop Wat Sew A D 5 Ha—1950
t{*Met W Side El (Chic) 4a.l938
103 H
83
bbb2
1950
Apr 1950
1960
P 6s—1997
Kings Co Lighting 1st 5s
1954
1st A ref 6 Hs
1954
Kresge Foundation 3% notes 1950
^♦Kreuger A Toll 5s ctfs»_..1959
4s
"is"
3
y
18
1%
12H
1
b
Kings County El L A
3Hs
17H
...1961
Stamped—
78
5
106 %
4H8-1961
1961
1961
Plain
33
106 %
103 H
ccc2
aaa2
stmp (par
Kentucky A Ind Term
4 Ha
74
74 H
bbb2
x
x cccl
$645) 1943
♦Ctfs w w stmp (par $925) 1943 MN
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946 M~ S ybb
J x a
Kentucky Central gold 4s...1987 J
♦Ctfs
29H
cccl
x
1st 4s
(Rudolph) Inc—
Kansas City Term
Karstadt
y
4s 1936
ti*K C Ft S A M Ry ref g
♦Certificates of deposit
Kan City Sou 1st
x
Jan. 1
Mich Cent Det A Bay City—
*46
3
A...1963
C
1963
♦Ilseder Steel Corp 6s
1948
Ind 111 A Iowa 1st g 4s
1950
$*Ind A Louisville 1st gu 4s_1956
Ind Union Ry 3 Ha aeries B.1986 M S
Inland Steel 1st mtge 3s ser F 1961 A o
Inspiration Cons Copper 4i_1952 A O
Interlake Iron conv deb 4s..1947 A O
J*Int-Grt Nor 1st 6s ser A..1952 J
J
♦Adjustment 6s ser A.July 1952 A O
♦1st 5s series B
1956 J J
♦1st g 5s series C
...1956 J J
Internat Hydro El deb 6s—1944 A O
Int Merc Marine s f 6s
1941 A 0
Internat Paper 5s ser A A B.1947 J
3
Ref s f 6s series A
1955 M S
Int Rys Cent Amer 1st 5s B.1972 M N
1st lien A ref 6Hs
1947 F A
Int Telep A Teleg deb g 4 %s 1952 J
J
Debenture 5s
1955!F A
f*Iowa Cent Ry 1st A ref 4s_1951|M 8
James Frankl A Clear 1st 4s_1959v D
Jones A Laughlin Steel 3%s.l961 J
3
Kanawha A Mich 1st gu g 4s 1990
<§3
111
*106
3
D ybb
D y b
A
Stamped
♦Miag Mill Mach 1st
4
ybb
III Cent and Chic St L
bbb2
x
J
65
43 H
~~
x
O
60
43%
44%
*
J
J5*Man G B A N W 1st 3Hsl941 J
44
46
*40
~62%
F
a
Marion Steam Shovel s f 6a..1947 A
64
2
4
x
/
x
Manati Sugar 4s s f__.Feb 1 1957 MN y ccc2
Manila Elec RR A Lt s f 5s__ 1953 M S y aa 1
Manila RR (South Lines) 4s. 1959 M N
y a
1
61H
47
47
51%
51%
y
J
S
McCrory Stores deb 3%s—.1955 4 O
i*McKesaon A Robbins 5 Ha 1950 M 8
38 H
39
45 H
Since
Asked
A
Low
(Cont.)
Range
Friday's
Bid
Price
k
(Concl)
Gen mtge 4 Ha series A—.1960 3
ybb
J
Indus.
Mob A Montg lot g 4 Ha..1945 M
South Ry Joint Monon 4s. 1952 J
47 H
bb
—
Cos.
Louisville A Nashville RR
39
ybb
y
&
See
Range or
Sale
Rating
Maine Central RR 4s ser A. 1945 J
59 %
1
Railroad
Last
EUg. A
EXCHANGE
"38"" "47""
78
60
58 %
4
549
....
STOCK
Atl Knox A Cine Div 4a._ 1955 M N
♦Lower Aust Hydro El 6 Ha.1944 F A
70
*30
2
Y.
Week Ended Apr. 25
x
J y bb
F
N
Since
Jan. 1
3
M N
3
b
3
St Louis Div A Term g 3a._1951 J
Gold 3%s
A
BONDS
Range
Friday's
Bid
Low
A.1981 /
1st gold 3%s
1951 J J
Extended 1st gold 3 %s—1951 A O
1st gold 3s sterling...
1951 M 8
Collateral trust
Price
k
(Cont.)
Cos.
Illinois Bell Telep 2%s ser
Illinois Central RR—
Sale
Rating
Week's
Friday
Bank
Range or
Last
Bliff. A
j fj
! 5£
EXCHANGE
Week Ended Apr. 25
2671
Week's
Friday
Bank
|
^
O yb
J
D
A
O
ybb
1
aa
3
x
100%
96%
bank eligibility and rating
of bondx.
10
9
90
73
90
98
17
79
85
44
98% 101
See A.,
New York Bond Record—Continued—Page 5
2672
Bank
Elig. A
BONDS
N.
Railroad & Indus.
Price
gold 4s
A
61H
b
ccc2
aaa4
aaa4
Erie RR
N Y Gas EI L.t H & Pow g 5s. 1948
High
61H
3 D * aaa4
gold 4a—1949 FA* aaa4
5sl946 M N *
2000 MN *
N Y Lack A West 4s ser A—1973 WNy
4%8 series B
1973 MN y
♦N YLE4 WCoal ARR5%B*42 MN *
(♦N Y A Greenwood Lake
N Y A Harlem gold 3%s
N Y A
120 %
114 %
54
58 h
63%
67
65h
106% 108%
108%
107% 110%
120%
114h
120%
115
2
27
44
47
8
120% 125%
113% 118%
9
103 %
52 h
103%
54%
26
56 h
58%
16
*91h
26%
50
100% 103%
49%
64%
53% 69
M
cccl
cccl
cccl
cccl
cccl
cccl
cccl
cccl
cccl
cc
8
z
25%
19
26%
17%
17%
18%
18%
26
26%
27
27
Phlla Electric 1st A ref 3%s.l967
18
28%
22
27
Series B 4%s guar
1942
"42 %
"41h
"42%
"~9
33%
45%
Series C 4 %s guar
1942
6%
17
3%
20
7
27%
Series D 4s guar
1945
78
85%
~27~~
24 h
27%
238
83 %
85%
51
5h
1%
6%
17
2%
15
100
100
5
50
60
12
4%
1%
99
7%
3
100
109%
♦105h
108%
105
bbb3
105 h
105%
106 H
35
cc
4
A
z
c
A
z
cc
MN
z
bb
N Y Telep 3%s ser B
J
x
aaa4
N Y Trap Rock 1st
3
J
15H
J
15h
*58
109
*95
2
bb
2
c
y
3
100
2
100
3h
M
S
x
aaa3
109 h
A
O
x
a
4
*109%
MN yb
F A z c
1
z
♦Certificates of deposit
c
108%
104% 105%
106%
105% 108%
35
26
*14
F
2
2
103
20 %
20 h
19h
19%
9%
9%
"l6
85
z
1941
4s...1996
North Amer Co deb 8%s
1949
Debenture 3%s
1964
Debenture 4s...
—1959
North Cent gen A ref 6a
1974
Gen A ref 4 %s series A——1974
{Northern Ohio Ry—
19%
c
z
ccc2
0
A
x
aaa4
F
A
x
a
F
4
98
93
100%
13
3%
33
3
109%
103%
21%
"3
20%
29
22
97
95% 101%
6%
2%
109
111
108% 109%
102% 104
21%
12%
12%
20%
26
12
104%
77
92%
126
106
20
104%
105%
106
17
104
24
104% 107
23
125% 127%
104% 107%
Series H cons guar 4s
x
aa
A
1976
1977 3
O
x
J
x
aa
1950 J
MN
Pitts Va A Char 1st 4s guar. 1943
Pitts A W Va 1st 4%s ser A.1958 3
bbb3
Port Gen Elec 1st 4 %s_—.I960 m a
j
1st 5s extended to
1950 3
J
Potomac El Pow 1st M
3%s.l966
61
40
F
A
x
aa
4
M
S
x
aa
4
J
J
x
bbb3
J
J
z
c
Ohio Connecting Ry 1st 4s.. 1943 M 8
1966 MN
Ohio Edison 1st mtge 4s
x
aaa3
27
108% 110
16
109% 110%
x
a
8
x
a
4
.1972 J
J
x
a
4
109
Oklahoma Gas A Eleo 3 %s_. 1966 J
1946 3
4s debentures
D
x
a
4
D
x
bbb4
Ontario Power N F 1st g 6e_. 1943 F
A
x
aa
3
Ontario Transmission 1st 5s. 1946 MN
Oregon RR A Nay con g 4s.. 1946 / D
x
aa
3
x
aaa2
Ore Short Line 1st cons g 5s. 1946
x
aaa2
Guar stpd cons 6s...
1946
x
aaa2
Ore-Wash RR A Nay 4s
1*61
x
aaa2
2
b
aaa2
1st A ref mtge 3%s ser H—1961
1st A ref mtge 3 Hs ser I.. 1966
(♦Pac RR of Mo 1st ext g 4s. 1938
(♦2d ext gold 6s.
1938
x
x
aaa2
z
bb
"79"
b
3
x
Pacific Tel A Tel 3 Hs ser B—1966
103
108%
108%
114
114
114
106
79
1960 MN
Purity Bakeries
m'K
Pur mon 1st M
"83 %
aaa4
♦3 %s assented
♦Direct mtge 6e
♦Cons mtge 6s of 1928
1952
♦Cons mtge 6s of 1930
Richfield Oil Corp—
1955
s
f cony debentures
a
3
102
x
1942 M 8 y b
106% 109
109
107% 110%
104% 105%
102
52%
52
55%
95%
94
43
43
41%
96%
45%
*120
125
123% 126
75
2
69
70
Pennsylvania Company—
D
x
aa
3
*104%
Guar 3 He trust ctfs D
D
x
aa
3
*104%
Guar 4s ser E trust ctfs
1962 MN
x
aa
3
*107
x
a
3
....1963 F
J
A
105%
41
103%
13
108%
"28
108%
109
103%
*105%
3
103%
O
1969 F
x
a
a
3
A
x
a
4
debentures
..1974 F A
Pennsylvania RR oons g 4s..1943 MN
Consol gold 4s
1948 MN
4s sterl stpd dollar May 1 '48 MN
x
bbb4
x
aaa2
x
aaa2
x
aa
2
O
x
a
3
x
aaa2
3
4 Ha
4Hs.. 1960
106
108%
105h
D y bbb3
Pa Ohio A Det 1st A ref 4 Hs A *77 A
4 Hs series B
1981 J
Gen mtge 3Hs series C...1970 A
104% 104%
104% 105%
108
x
General 4Hs series A
1965
x
a
3
General 5s series B
1968
x
a
3
*105
1955
7s
{(♦Rio Gr June 1st gu 5s...1939
{(♦Rio Gr West 1st g 4s—1939
♦1st con A coll trust 4s A..1949
Rocb Gas A El 4%s ser D_..1977
Gen mtge 3%s series H...1967
♦Ruhr Chemical
s
1948 A
f 8s
1949 3
4s stmp
{♦Rutland RR 4%s Stmp—.1941
96 h
♦(Rlv A G Dlv 1st g 4s
105%
103% 105
J
D
J
O
8
8
8
S
S
O
J
J
♦Certificates of deposit
{♦St L Peor A N W 1st gu 5l 1948 J
13
105
....
x
b
z
65%
50
78
84%
78%
83%
83
ccc2
z
cc
x
51
102% 104%
103% 104%
103%
105%
70
12
102% 104%
103% 105%
104
29
103
24
104%
103%
103
103%
105%
103%
29%
22
14%
16
*106%
*8%
1
106%
33
*38
14%
20
105
6%
26%
26%
107
9
40
45
41
35
47%
15
43
9%
2
26%
"l9"" "27
7
10%
46%
41
42%
106%
96% 101
19
28%
27% 33
19
25
*7%
*7%
14%
14%
aa
x
70%
97
104
ccc2
z
106
56
84%
*90
bbb3
z
104
69%
*7%
z
9%
aa
*
,
131
x
aa
x
aa
*107
z
cc
13
cccl
*7
z
z
c
2
z
cc
2
7%
2
93%
J
St L Pub Serv 1st mtge 5s...1959 M S yb
J yb
St L Rocky Mt A P 5e stpd—1955 J
109
107
31
14%
15%
31
6%
111
110
10%
31
"~6%
3%
6%
7%
4%
92
111
17
94
111
9
9%
90
94
111
112
*60
71%
60
70
*60
2
90
60
69%
20
64%
70
67%
67%
2
33%
71%
33%
69%
41
2
1950 3
J
♦Certificates of deposit
♦Con M 4 %s series A
1978 MB
♦Ctfs of deposit stamped
cccl
"12%
11%
cccl
11%
z
cccl
13
z
J
z
z
{♦St L-San Fr pr Hen 4s A—.1950 3
♦Certificates of deposit
cccl
z
cccl
12%
13%
11%
12%
12%
12%
z
cccl
13%
12%
bb
2
b
1
75%
48%
23
69%
67%
50
64%
69%
33%
10
25
36%
71%
41%
12%
12%
13%
27
67%
74
39
41%
376
3
43
9%
13%
9
13
113
9%
14%
14
9
9%
14
393
9%
14%
13%
328
9%
14%
74%
75%
48
69
76
46
48%
31
35%
27
31
17%
48%
27
12%
{♦St Louis-South western Ry—
..1989 MN
3
♦1st 4s bond ctfs
♦2d 4s lnc bond ctfs..Nov 1989 3
(♦1st term A unifying 58—1952 J
3
♦Gen A ref g 5s series A—1990 3
St Paul A Dul 1st con g 4s__1988 J
J
cccl
D
bbb2
J
cccl
{♦St Paul E Gr Trk 1st 4%s.l947 /
{ (♦St P A K C Sh L gu 4 Hs.1941 F
8t Paul Un Dep 5s guar
1972 J
108
110
ccc2
A
cccl
3
25%
15%
14
15%
100
*78
3%
aaal
8%
80
....
3%
9%
78
2%
51
9
8
113
S A A Ar Pass 1st gu g 4s
1943 J
5%
17%
81
3%
10
113%
3
112% 114%
91%
134
106%
70%
92%
105% 106%
123
aaa3
123
.1950
ccc2
*12
1950
cccl
111% 114%
96%
41
121%
19
120% 125%
♦Adjustment 5s
...Oct 1949
113
t04% 108%
(♦Refunding 4s
1959
111
♦Certificates or deposit
♦1st cons 6s series A
106%
113%
105%
107
113
114%
23
97%
113
1970
x
bbb4
1981
x
a
3
103
47
1984
1952
x
a
3
102%
102%
102%
Gen mtge 4Hs series E
102%
34
x
bbb4
90 h
89%
102%
90%
77
116
90
97%
99% 105
100
87%
104%
87%
*105%
aaa2
x
10
98
90
x
"5
93
3
y
111%
121
bb
3
Santa Fe Pres A Phen 1st 68.1942 M 8
Scioto V A N E 1st gu 4s
1989 MN
112
95%
152
108% 109%
121% 124%
105% 106
121
97
8
A
1933 MN
111%
95%
142
218% 222
109%
St Louis Iron Mtn A Southern—
106% 110%
107% 107%
111% 115%
18
*106%
111%
M
F
3
J
A
M
M
Gen mtge 3%s series I
1967 M
Gen mtge 3%s series J
1969 M
{(♦R I Ark A Louis 1st 4 %s_ 1934 M
112
108H
General 4Hs series D
108%
103% 107
105
iiiji
97%
82%
81%
Z
ccc2
94%
1942 3
1944 3
109%
109%
*103%
bb
52%
aaa3
4%
"40
109%
67%
....
z
102
2%
*7
z
z
85%
108
102""
53
....
bb
5
x
93%
145
109%
104%
z
z
110»m113
85%
*104
5
*219
b
80
107
90
*142
z
aaa2
107% 110%
83%
89%
109
..1952
z
y
110% 111%
*107%
s f
1953
3
3
3
MN
MN
f A
A O
ybb
30
2
J
1946-7
68.1953 J
1946
x
24
aa
f 7s
1996
109%
85%
14
94%
z
1996
107%
21
"77% "85%
106% 107
2
xbbb4
St Jos A Grand Island 1st 4s. 1947
110%
aaa4
s
5%t_ 1954
bbb3
St Lawr A Adlr 1st g 5s
2d gold 6s
65%
113
83%
conv
♦Prior lien 5s series B
Pat A Passaic G A E cons 6s. 1949 M 8
For footnotes see page 2672.
x
a
112%
85
2
1st M s f g 3s loan ctfs
1955 F A y b
Paramount Pictures 3Hs deb '47 M S x bbb3
Par melee Trans deb 6s
1944 A O y ccc3
Cony deb 3Hs
deb 51—1948
s f
Gen A ref 4%s series A...1997
Gen A ref 4%s series B—.1997 J
4
x
Paramount Broadway Corp—
Debenture g 4 Ha
aa
Saguenay Pow Ltd 1st M 4%s '66
110%
U2 %
119
108%
*80
aaa4
x
{♦Rut-Canadian
60
"82% "95
4
109%
aaa4
x
105% 107%
79
89%
65%
x
1966
sfg4%s—1955
x
108% 112%
113% 117%
113% 117%
80%
*64
x
Ref mtge 3Hs series C
100% 104%
103
103%
102%
105%
2
z
108
114
"iu"
107% 110%
108% 110%
107% 109%
105
106%
105%
102
103
aaa2
.
107%
105
"l"08%
9
3%
107% 107%
106% 108
109%
109%
3
1968
Reading Co Jersey Cent coll 4s *61
4s
108
"l02
3
x
109
117
4
I
2037
1st A ref mtge 8s
Pub Serv of Nor III 3%s
♦Rlma Steel 1st
.1967 M
cc
bbb3
110%
6%
108%
z
bbb2
109%
6
3
bbb3
109%
*106%
107%
107%
109%
*106%
108%
94%
aaa4
x
123
*95
6%
"81%
""81%
bbb2
x
106
109%
110
bbbl
x
J y bb
1951
61%
58%
Consol sinking fund
3
64%
2
A Lt 3Hs
aa
♦Rhine-Westphalia EI Pr 7s. 1950
J y bb
.1960
D
♦Rhine-Ruhr Water Serv
J
Penna Pow
1977 J
1974
1st 4%s series D
58%
69%
43
Pennsyl Glass Sand 3Hs.
*100
62
61
28-year 4s
*117%
3
50%
57
69%
58
61%
*104
3
3
55
52%
66
61%
aa
62%
56
68%
59 h
60 H
61%
52
aa
49
2
2
2
52
aa
422
J y bb
24
27
A
♦Rhelnelbe Union
J y bb
51%
D
44%
J y bb
26
D
47%
J
100%
54%
54%
54%
aaa2
J
39
J
105%
99
53
42
J
102
10
53%
15
42
20
53%
83
42
119
99%
2
Gen mtge 4%s series
Revere Copper A Brass
46
119
104
2
76%
42
118% 120%
99
O yb
72%
44
-
103
103%
A
Republic Steel Corp 4 %8 ser B *61 F
45 %
-
109% 113%
A
45
6
—
109% 113%
52%
53%
52%
75
5
•
6
53%
80%
75
~
112
111%
17
F
1962
1st gen 5s series C
Pressed Stoal Car deb 5s
110
-
2
Pitts Y A Ash 1st 4s ser A...1948 J
1st gen 5s series B
112
110% 112
110%
110%
110
D y b
O y b
76
96
x
1
119
*119
D y bbb2
Gen 4%s series C
45
46%
79
.
aa
Pitts Steel 1st mtge4%s
112
110
D
Rensselaer A Saratoga 6e gu.1941
78%
78 h
.
110%
Gen mtge 6s series A.....1970 /
Gen mtge 6s series B
112"" "~2
119
119
x
82
ccc2
aaa2
MN
A
MN
C...1956 MN
3%s 1960 M N
*71
ccc2
71
aaa2
x
106%
110% 110%
*110%
aaa2
x
104%
ccc3
z
105%
x
106
—
111
112
112
bbb2
z
0
Guar 3Hs trust ctfs C
1960
F A
1963
MN
1964
Series I cons 4%s
Series J cons guar 4 %s
-
112
"112"
bbb3
0
♦Paullsta Ry 1st s 17s
aaa2
A
bbb3
A
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1946 A
Panhandle East P L 3s B
aaa2
F
x
113% 115
Paducab A 111 1st
aaa2
x
J
1957
x
115
y
103»iel04%
x
1953
x
*113
ybb
6
D
1949
Series F 4s guar gold
Remington Rand deb 4%s w w '58 M S
4%s without warrants
1956 Af S
2
1946
Pacific Gas A El 4s series G.1964
8
M N
Series E 3%s guar gold
83
aa
Pacific Coast Co 1st g Be
13
x
bbb3
x
Otis Steel 1st mtge A 4Hi-. 1962
99%
103%
A
F
x
8
4
6%
103»i« 103ii16
3
M
mtgeSHs
6%
*108
bhb2
123
2
4%
*105%
bbb3
118
{(♦Og A L Cham 1st gu g 4s. 1948
1
aaa2
x
*115
bbb2
16%
3%
20%
41
99%
y
105
y
109%
5%
103
103
109%
104%
68%
82%
82%
105 %
Q A
68
108
106
107%
108% 110%
5%
aaa2
93%
92%
125%
104%
2
2
34
25
3%
5%
99% 100%
101% 104%
aaa4
4
F y bb
118% 120
113% 115%
3
5%
aaa2
b
4
Q
120
114%
108%
106%
110%
19%
5%
5%
x
z
aa
x
19
19%
x
x
a
J
106
110
x
J
a
Q
106
O
{♦Providence Term 1st 4s...1956 M S
x
bbb2
*118%
*113%
108%
—
MN
A
Public Service El A Gas 3%s 1968 J
1st A ref mtge 5s
2037
x
x
21
MN
20%
x
z
108
106% 107%
107% 109
20%
8
Q~j
^
22
Pittsburgh Cine Chi A St Louis-
1969
A
4s—.1997
4s Registered....
—1997
Gen Hen ry A Id g 3s Jan—2047
3s Registered
2047
Ref A lmpt 4 %s series A—2047
Ref A lmpt 6s series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 6s series D
2047
Northern States Power Co—
(Minn) 1st A ref M 3%s„1907
(Wise) 1st mtge 3%s
1964
Northwestern Teleg 4 His ext 1944
bbb3
1960
A
♦Certificates of deposit
—
107%
107%
aa4
x
1st mtge 4%s series B
F
North Pacific prior lien
x
1st mtge 4%s series C
M
1946
74
106%
106%
107%
*4
j
Petrol
15
♦Ctfs of dep (Issued by reorgan¬
isation manager) 5s
74
64
....
Pitts Coke A Iron cony 4 %s A '62 M S
Phillips
16%
61% 87
108% 111%
109%
110
40
♦Ctfs of dep (issued by reorgan
Norf A W Ry 1st cons g
z
{♦Providence Sec guar deb 4s 1957 MN
1961
83%
63
15
26
20%
38
bbb4
D y bb
j
166
z
—.1967
6s..——1946
6s stamped
1946
{(♦N Y West A Bost 1st 4 %s 1946
Niagara Falls Power 3%s—1900
Nlag Lock A O Pow 1st 6s A. 1955
Niagara Share (Mo) deb 6 Ms 1950
{(♦Norf South 1st A ref 6e..l961
1 %s debs.. 1951
24%
28%
6H
F
72%
2
70
1
25 h
*
aa
79%
69
1
cc
22 H
J
1st
cccl
cc
24 h
27%
MN
x
J
54%
68
aaa4
z
56
J
z
x
z
44
N Y A Rlchm Gas 1st 6s
J
bbb4
40
49
4%
9%
107% 110
77%
2
x
30
67%
2
z
25%
N Y Rys prior lien 6s
J
2
aa
J
24%
25%
*109 %
J
aa
aa
3
22 %
O y b
O y b
J
aaa3
x
S
J
24
aaa4
stamp. 1958
A—1961
N Y Steam Corp 1st 3%B—1903
{(♦N Y Susq A W 1st rel 58.1937
(♦2d gold 4 %s
1037
(♦General gold 6s
1940
♦Terminal 1st gold 6s
1943
D
x
x
x
1949 M S
♦Cony deb 6s
25h
c
El Lt A Pow 3 %s '65
A
M
J (♦Philippine Ry 1st 8 f 4s._1937
♦Certificates of deposit
25
*
1st mtge 4s
1967 J
24 h
6
12
F
J
1977 J
1981 J D
24 h
MN
♦1st gtdg 5s
4s—1943
1974
General g 4 %s series C
Phlla Co sec 5s series A
48%
54%
108% 109%
6s
General 5s series B
Series G 4s guar
cc
z
A
lzatlon manager)
Phlla Bait A Wash 1st g
6
9
70
3
MN
51
High
111
115% 118%
79%
3
3
Low
109
6
110
2
a
3
98
25%
x
No.
High
*
J y bb
Phelps Dodge cony
109%
115%
8
8%
2
Jan. 1
Asked
51
51
2
J y bb
92
*24 h
A
M 8 y bb
J D x
lv80
3 %s deb. 1952
—_
A
H5%
2
1956 3
1st 4a series B
98
*25
F
Since
Friday's
Bid
*109
2
Pere Marquette 1st ser A 5a. 1956 3
General 4 %s series D
85 h
cccl
b
1955 / D
4s—1992
{♦N Y Proy A Boston 4s
1942
A
N Y A Putnam 1st con gu 48-1993
N Y Queens
st5%8..1974
100
89
O
Range
Range or
Sale
Low
A
95
88
Price
x at
Peoples Gas LAC oons 6s.. 1943
Refunding gold 5s
1947 m 8 x a
Peoria A Eastern 4s ext
1960 A O y b
♦Income 4s
Apr 1990 Apr z cc
100
93
See i
s t
Railroad & Indus. Cos. {Cont.)
{♦Phlla A Read C A I ref 58.1973
MS*
M 8 *
AO*
J J z
MN *
/ J z
J J *
6s registered
—1948 J J *
(♦Collateral trust 6s
1940 AO*
♦Debenture 4s
1967 MN z
♦1st A ref 4 %s ser of 1927.1907 J D *
{♦Harlem R A Pt Ch 1st 4s 1964 M N z
...1947
3 %s 1947
♦Non-cony deb 3 Ha
-.1964
♦Non-cony debenture 4s._1966
♦Non-cony debenture 4s._1966
♦Cony debenture 3%s
1966
♦Cony debenture 6s
1948
♦General 4s
High
107 h
♦99 h
*90 h
RR—
♦Non conv deb 4s
♦Non-eonv debenture
{♦N Y Ont A West ref g
60
Ellg. A
Rating
Last
S-S
EXCHANGE
STOCK
Week Ended Apr. 25
1st g 4 %s series C
Inapt 6s 1943 J
Long Branch gen 4s_.1941 MSybb
{N Y New Hav A Hart
Y.
Peoria A Pekln Un
b
/ y bb
♦N Y L E A W Dk A
55
107 h
103 %
aa
bbb2
bbb2
2
♦64 %
44
cc
NO. Low
107 %
N Y A Brio—See
Purchase money
N.
Since
Jan. 1
Asked
Week's
Friday
na.
BONDS
Range
Friday's
Bid
Low
F A y
A O y
A 0 x
AO*
ts
Range or
Sale
See i
Cos. (Cora.)
1951
Conv 6% notes
1947
N Y Edison 3%s ser D
1966
1st Hen A ret 3%s ser E._.1906
N Y Dock 1st
Last
Rating
y. STOCK EXCHANGE
Week Ended Apr. 25
April 26, 1941
Bank
Week's
Friday
{Seaboard Air Line Ry—
(♦lstg 4s unstamped
(♦4s g stamped
c
8
M_f
cc
cc
1
z
cccl
z
13%
8%
13%
4%
"26
%
3%
5
4%
7%
10
2%
4%
271
5%
6%
67
*13%
16%
1%
"4%
4%
.....
3%
6
2
z
1946 M
♦Certificates of deposit
{(♦Atl A Blrm 1st gu 4S...1933
cccl
9
135
10
*1%
2
cccl
z
11%
12%
12%
5%
4%
of bonds.
7%
3%
6%
10%
17%
91%
Attention Is directed to the column incorporated In this tabulation pertaining to bank eligibility and rating
1%
See. a
Volume
New York Bond
152
BONDS
N.
Y.
fe-3 Elig. A
Rating
c fe
STOCK EXCHANGE
Week Ended Apr. 25
See k
SB,
Last
♦6a Series B certificates
Bid
A
z
z
3 k
c
A
c
Shell Union Oil 2%s debs.. .1954 J
2%s s f debs
.1961 J
ma
2
x
aa
D y b
1951 M S z
-
Skelly Oil 3s debs
A
3
Z
96 h
95 %
2H
3 34
3)4
94 )4
97
99 h
97)4
bbb2
A5H
103
103)4
102 %
x
bbb3
102
x
aaa4
104 h
x
a
x
aaa3
x
aaa3
105)4
Southern Colo Power 6s A. .1947
x
bbb3
Southern Kraft Corp 4%a_. .1946
x
bbb3
7
14
102
38
105)4
101h
104 H
*
26
104 h
101%
109%
2
aa
O y bb
Virginian Ry 3Ha series A...1966 m 8
J Wabash RR Co.—
x
1939 MN
{♦2d gold 6s
1939 F
1954
1941
103)4 107
120
55%
17%
*42%
59%
159
18 H
19%
91
*57
67
"_5
106
% 108)4
37
103
108)4
104)4
24
104
106
101%
3
101)4 102 H
{♦Toledo A Chic Dlv g 4a_1941
J* Wabash Ry ref & gen 5)4s A '75
16 H
cc
m 8
13%
1
11%
.1951 A
0
x
105)4
bbb4
16
105)4
105 % 107)4
1
11%
11
12
11%
103%
81%
7%
7%
7%
12%
82
36
112
12
1
(Hiram) G A W—
Convertible deb 4)4 a
.1949 J
coll)
4s registered
D y bb
49 h
bb
46 H
53 h
.1949
y
50)4
47
5
50 h
54
733
51h
47)4
47j4
439
52)4
52)4 1150
51%
1st 4 Ha (Oregon Lines) A .1977 M~ S y bb
Gold 4%S—
.1968 M 8 y b
Gold 4 Ha
.1969 M N y b
45 )4
46
47 h
51h
.1981 M N y b
/ y bb
.1946 J
305
37 H
34 H
44)4
40)4
39 )4
1945 J
D
Walworth Co 1st M 4s
1955 A
1955 A
47
6s debentures
Warner Bros Plct 6s debs
O y bb
O y b
54
X* Warren Bros Co deb 6s
52)4
52)4
Warren RR 1st ref gu g
3)4a.2000 F A
Washington Cent 1st gold 4s. 1948 Q M
Wash Term 1st gu 3
Ha
1946 F A
1st 40-year guar 4a
1945 F A
50)4
52)4 1189
39 H
52)4
65%
61H
67
675
48)4
67
x
bbb2
87 H
84
88
95
71
88
1955
y
bb
68
65
57)4
68)4
1955
y
bbbl
Ry 1st cons g 6s_.1994
x
bbb3
92 h
bb
63 H
81)4
Gold 4 Ha
10-year secured 3%s
San Fran Term 1st 4s
1950 A
So Pac RR 1st ref guar 4a
1st 4s stamped
O
_
Devel 4 gen 4s series A
1956
y
Devel 4 gen 6s
Devel 4 gen 0%s
1956
y
bb
1956
y
bb
Mem
1996
y
bbb2
1951
y
Dlv 1st g 5s
_
bbb2
aaa4
110)4
x
aaa4
107
t^Spokane Internat 1st g 6s.1955
z
cccl
31h
104)4
1st 4 ref 3s series C
Standard Oil N J deb 3a
93 h
101
90
94 h
63h
436
57
162
75
84
87 h
175
79
89
85 j4
8
78
73)4
bbb2
2
v
56%
20
51%
61
b
*30%
33%
32
34%
y
b
*67%
70
65
67
x
aaa3
*-..-_
aaa3
*"I"
107%
110%
108% 108%
x
x
aaa4
*124%
127
124% 128%
x
aa
108
108
x
aaa3
113
113
aaa3
111
111
107% 109%
112% 114
109% 111%
3
113
x
a
x
bbb3
1977 J
West N Y A Pa gen
gold 4s..1943 A
J
x
85 h
bbb3
O
x
aa
80
!♦ Western Pac 1st 5s
A.. 1946 ms
z
ccc2
102%
105%
25%
♦5s assented
1946 m 8 z cccl
Western Union Teleg g
4)4a.l950 mn y bb 2
25-year gold 6s
1951 J
D y bb
30-year 5s
....I960 m 8
24%
77%
82%
81%
75%
80%
79%
18
13
109 h 110)4
19
30)4
31 H
104 h 109
26 H
34
ser
*77%
79%
91s
4
93%
83
101%
103%
30
105%
106
14!
93
2
101% 104%
25%
25%
78%
82%
22
72
1961
x
62
103)4 106 H
x
aaa4
103)4
103 )4
104)4
1953
104
32
J
14
2
105
105)4
42
West Shore 1st 4s guar
2361 J
x
100
2361 J
J y bb
a x aa
48%
x
aaa3
x
aaa4
*123 h
111
Winston-Salem S B 1st 4a... 1960 J
^♦Wls Cent 50-yr 1st gen 4S..1949 J
J
♦Certificates of deposit
{♦Su A Du dlv A ter 1st 4s.1936 mn
Tenn Coal Iron 4 RR gen 5s. 1961 J
Term Assn St L 1st cons 5a_.1944 F
Gen refund s f g 4s.
J
A
1953 J
J
x
aa
Texarkana 4 Ft S gu 5 Ha A. 1960 F A
Texas Corp 3s deb.
1959 A O
8s debentures.
1965 M N
x
bbb3
x
aaa4
x
aaa4
Texas 4 N O con gold 5s
1943 J
Texas 4 Pacific 1st gold 5a..2000 J
Gen 4 ref 6s series B
1977 A
D
x
94
3
108 H 111 H
94
10
102)4 106)4
71
102)4 106)4
6
107 h
107 j4
Q4.
88
50
91
90
'107)4
6
104)4
104)4
104)4
4
a
110)4
93)4
104)4
10454
104)4
"16
3
123)4
110)4
4
J y bb
111)4
103
105)4
100)4 109
99)4 101h
102)4 106)4
123 H 128)4
110)4 113 H
5
94
78
106)4 108 H
O
x
1980 J
D
Tex Pac Mo Pac Ter 5 Ha A.1964 M S
75
78
62 H
75
74 h
73)4
72 )4
75
bbb3
x
1979 A
bbb3
75
76
74
73
74)4
48
62)4
62)4
75
bbb3
O
Gen 4 ref 6s series C
Gen 4 ref 5s series D
101
101
x
a
2
1980 J
y
b
2
1960 A
y
cccl
{♦Third Ave RR 1st g 6a__.1937 J
Tokyo Elec Light Co Ltd—
y
bb
101
74)4
96 H 101
y
Registered
Wheeling ALE RR 4s
Wilson A Co 1st M 4s A....1955 j
Conv deb 3Ha
1947 A
♦Certificates of deposit.....
Wisconsin Eleo Power
3)4s..l968
♦AdJ Income 5s
Jan
1st 6s dollar series
1953 J
yb
Tol 4 Ohio Cent ref 4 Imp 3 Ha '60 J
Tol St Louis 4 West 1st 4s.. 1950 A
Tol W V 4 Ohio 4s series C..1942 m
Toronto Ham 4 Buff 1st g 4a. 1946 j
Trenton G 4 El 1st g 6s
I
x
r
1949 M 8
56
18
17
bbb3
bb
x
UJlgawa Elec Power a f 7a...1945 M S
J
1962 J
^{♦Unlon Elev Ry (Chic) 58.1945 A 0
UDlon Oil of Calif 6s aeries A. 1942 F
b
aa
3
z
13
105 54 10734
66
20H
20H
15
15
62
90
66
cccl
107)4
107)4
x
aaa4
105 %
aa
3
102 34
1947 J
J
x
aaa3
111)4
x
aaa3
34-year 3 He deb
1970 AO
35-year 3Hb debenture... 1971 M N
x
aa
3
x
aa
3
Ref mtge 3%s ser A
x
aaa3
1980
D
United Biscuit 3%s debs
3
1955 A O x a
United Clgar-Whelan Sts 58.1952 A O y b
4
United Drug Co (Del) 5a
1953 M S y bb 4
U N J RR 4 Canal gen 4a... 1944 M S x aaa4
105 )4 107 %
107)4
105)4
102)4
105)4
5
7
10154 105 %
110)4
11154
123
110
110
i
110 H 1UH
110
11254
m
"98
6
98
8
104
59
106)4
*65
"85h
1
98)4
97)4
103 h
*105)4
71
85
86)4
43
*108 H
aa
Nov
1 1941 MN
aa
...May 1 1942 MN
aa
6258
76s
96
100 j4
96)4 101 )4
102 34 107
104 34 107
65h
76)4
82)4 90 H
108)4 108)4
*99 )4
aa
100)4
aa
*100
Nov
1 1943 MN
aa
1 1944 MN
aa
*100
Nov
1 1944 MN
aa
*100)4
1 1945 MN
11945 MN
aa
aa
*100
May
1 1946 MN
aa
100
1.80s
Nov
11946 MN
aa
*100)4
1.85a
May
1 1947 MN
aa
*100
1.90s
100)4
100)4 101
100
100
100
100
102)4
101)4
100 h 102
100
101h
101)4
Nov
1 1947 A* N
aa
*100
101
1.95s
May
1 1948 MN
aa
*100
100)4
2.00s
Nov
11948 MN
aa
*100
2.05s
May
1 1949 MN
aa
*100
100)4
100 34
2.10s
Nov
1 1949 MN
aa
*100)4
2.15s
May
Nov
1 1950 MN
11950 MN
aa
*100
2.20s
aa
100 )4
2.26s
May
1 1951 MN
aa
2.30s
Nov
1 1951 MN
aa
2.35a
May
1 1952 MN
aa
101h
101)4
*100 H
2.40s
Nov
1 1952 MN
aa
*100
101)4
100 34 102
100)4 102 )4
100 )4 103)4
100
102)4
100 34 103
101)4
100
101
100
103)4
103h
101 H
101)4
101
101h
2
a
x
a
x
a
May
1 1953 MN
aa
Nov
1 1953 MN
aa
*100 %
100)4
1 1954 MN
aa
*100
100)4
2.60a
Nov
1 1954 MN
aa
*100
100)4
2.65a
May
1 1955 MN
aa
*100
102
102
♦On Steel Wks Corp9 Ha A..1951 J
100
100
*
D
25
...1951
♦Sec a f 0Hb series C
"20"
1
♦3)48 assented C
1951
♦Sink fund deb 6%s aer A.1947
cccl
♦3)4s assented A
1947
United Stockyds 4)4e w W..1951
bbb3
20
t
25
"20"
20
101%
96%
102%
101% 103%
97
96% 103%
f The price represented is the dollar quota¬
Accrued interest payable at the exchange rate of
Friday's bid and asked price.
♦
102 H
bbb3
103
...
40
"96""
bbb2
102)4
102)4
under
Bonds selling fla;.
k Bank
No sales transacted during current week.
Eligibility and Rating Column—x Indicates those bonds which
,•
we
believe
.
Indicates those bonds we believe are not bank eligible due either to rating status
provision In the bond tending to make it speculative.
Indicates Issues in default. In bankruptcy, or in process of reorganization.
based on the ratings assigned to each bond
The letters indicate the quality and the numeral Immedi¬
by the four rating agencies.
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating is shown,
A great majority of the issues bearing symbol
Transactions
lower are In default,
All issues
•
the
at
'"•>
:
,
ccc or
bearing ddd or lower are In default.
York
New
Stock
Exchange,
Daily, Weekly and Yearly
104 )4
United
Total
Mis cell.
Municipa I
States
Bond
Shares
Bonds
For'n Bonds
Bonds
Railroad A
Stocks
Saturday
State
—
230,110
430,600
$2,370,000
$173,000
399,000
33
Monday..
33)4
Tuesday.
436,160
6,275,000
20
Wednesday
474,800
31 )4
20
31)4
Thursday
487,670
9,287,000
10,595,000
33 H
33
Friday
424,900
7,503,000
537,000
2,484,240
840,209,000
$3,118,000
"6
32
21)4
91)4 97
102)4 104)4
103 54
26
.......
4,179,000
102 H 105 H
Total
A
x
aa
*11034
-
1967 MN
x
aa
*110)4
hi54
110
110
109
Week Ended April 25
$2,550,000
106,000
527,000
970,000
-
Sales
$7,000
512,000
20
06 34
102)4
iv
Number of
Week Ended
Avril 25, 1941
Sales at
4s series A..1955 F
Cons a f 4s series b
13
11%
7%
108% 109%
106% 106%
*4
102%
96%
21)4
5
20
I
Utah Lt A Trac 1st A ref 58.1944
Utah Power A Light 1st 5a..1944
"l6
*106%
33
37
b
1951
109%
100
May
cons g
4
c
11%
109%
100)4 104
101
2.55a
Vandalla
a
z
*
104
2.50s
♦3)48 assented A
x
J
109%
t Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by sucn companies.
100 h 104 )4
102)4
100
103 )4
100)4 104)4
102)4 103 h
102)4 104 34
2.45s
j
*10%
I
3
The rating symbols in this column are
100 )4
101)4
*100)4
...Nov
1.76s
May
cc
7
§ Negotiability Impaired by maturity,
z
100 H 100 H
*100
May
1 376s
1.625s
4
aa
tion per 200-pound unit of bonds.
or some
*100
1 1943 MN
1.25s
1.50a
11
r Cash sale;
only transaction during current week,
a Deferred delivery sale: only
during current week,
d Ex-interest,
n Odd-lot
sale; only transaction
during current week,
r Cash sale; only sale during current week.
y
*99)4
1 1942 MN
May
1.125s
10%
transactions
*100
Nov
1.00s
cccl
eligible for bank Investment.
May 1 1941 MN
876s
37%
36%
z
26%
105)4 107
102 H
United States Steel Corp—
Serial debentures—
60s
27
10
$4.8484.
x
./
123
34
"95)4 "98"
"96)4
105)4
23
A
1947
114%
36
32
35%
78
30
A
4s registered
114
33
cccl
97h
70 H
Union Pac RR—
1st 4 land grant 4s
""4
ccc2
48 h
94h
78
105)4
1969 f
3s debentures
104
*120
1
x
103
103%
114%
4,684,000
9,000
62,000
6,796,000
193,000
18,000
11,758,000
$395,000
$43,722,000
9,876,000
8,058,000
Jan. 1 to April 25
New York Stock
110)4
Exchange
Stocks—No. of shares
1941
1940
4,992,910
2,484,240
1941
42,206,839
1940
70,918,008
Bonds
Government
State and foreign.....
Railroad and industrial
Total
Attention la directed
to the column
'
105% 107%
101H
39
96
*95)4
aaa3
y
D
"33
*104 %
Trl-Cont Corp 6s conv deb A. 1953 J
J y bb 1
♦Tyrol Hydro-El Pow 7%s..l955 M N z b
1
♦Guar sec a f 75
1952 F A z cccl
Union Electric (Mo) 3%s
100
42
78
4
a
ser
62
112% 115
24
100)4
3Ha
56%
46%
z
x
1948 m
27
50%
114%
106%
14
12
z
z
A"d
74
83%
82%
7
105%
*103%
114%
bbb3
1960 MN
Conv deb 4s
f
x
80
73%
1
*112
O y bb 3
J x aaa2
Service3)4s
1971 J
J*Wor A Conn East lst4)48.1943 J
Youngstown Sheet A Tube—
s
b
65
17 H
95)4
aaa2
x
66
18)4
40 %
40%
95)4
3
x
56 h
k
100)4
3
y
a
56 %
j
Wise Public
1st mtge
Third Ave Ry 1st ref 4a
1949 m
bb
z
25%
71%
39
49
4
102 H
48%
aa
100)4
102)4
11
x
1950 M N
Swift 4 Co 1st M 3%s
aaa4
15
70
53%
bbb3
"52%
61%
100)4
J y bb
176
14
bb
"105"
♦Westphalia Un El Power 6s.1953 J
x
debenture
90%
95%
104%
105% 107
15
25%
100
I20i
81%
22%
8tudebakerCorpconvdeb6s 1946
Superior Oil 3%s debs
1950
2Ha
96%
y
O
79)4
37
92%
1952 A
107
97
25
x
110)4
77
84
91
95
J
110 h
105 H
105%
77%
7
D
Western Maryland 1st 4a
1st A ret 5 Hb series A
103
97
56
a y bb
1941 M 8 z cc
1st mtge 3)4s series I
1966 J
West Va Pulp A
Paper 3s...1954 J
8
31
82%
94%
"95"
1948 m
Westchester Ltg 5a atpd gtd.1950 J D
Gen mtge 3 Ha
1967 J
D
West Penn Power 1st 6s E..1963 M 8
104
12%
12%
12%
96
64 )4
82 %
85
79 h
x
1968
St Louis Dlv 1st g 4a
So'western Bell Tel 3 Ha B..1964
381
92)4
59)4
77)4
82 H
86 H
85 h
68)4
x
11
56%
13%
7%
12%
cc
"l57
90
"12%
cc
cc
7%
45%
O
I
12
5
56
O
....
cc
60%
20%
49%
67%
18%
13
7
9%
13 H
12
8
A
m
♦Ref A gen 5s series B
1976 F
♦Ref A gen 4)4b series C—. 1978 A
♦
Ref A gen 5a series D
1980 A
44
52%
17
9%
*
b
71
106% 108%
30
16%
cc
89%
65
107%
59
2
ccc2
{♦Des Moines Dlv Ist4s..l939
♦Omaha Dlv 1st g 3)48...1941
84%
107%
b
102 H 103 H
101)4 104
b
1
High
108% 110%
54%
64%
71
H
b
A
20
88%
68%
107
No. Low
60
88%
Since
Jan.
cq&q
110%
60
2
Range
| f2
High
109%
60
aaa2
♦1st lien g term 4a
♦Det A Chic Ext 1st 5s
,2
or
Asked
A
Walker
1st mtge pipe line 4 Ha
Southern Pacific Co—
Southern
x
8 y ccc3
J y bbb2
71
Southern Natural Gas—
4s (Cent Pac
a
.
Friday's
Bid
Low
27
105)4
101 %
Price
15)4
39)4
107)4
107)4
104)4
104)4
Range
Sale
See k
54
119
123
Last
Rating
Railroad & Indus. Cos.
(Concl.)
Va Elec A Pow 3)48 Ber B...1968 m
Va Iron Coal A Coke 1st
g 58.1949 M
Va A Southwest 1st
gu 6s...2003 /
let cons 5s.
1958 A
Week's
Friday
Elig. A
EXCHANGE
I* 1st gold 5s
25
45
STOCK
47 H
45
45 h
South 4 Nor Ala RR gu 5s. .1963
...
High
2)4
39
Y.
Week Ended Apr. 25
2
96%
*14
....
cccl
Socony-Vacuum Oil 3s debs .1964
South Bell Tel 4 Tel 3%a_. .1962
3s debentures
.1979
N.
1
58
3
1
x
.1950
No. Low
97 h
51
y
2673
BONDS
Since
Jan.
3)4
2
Sblnyetsu El Pow 1st 6 %8__ .1952 J
♦Siemens A Halake deb 6 %e
♦Slleela Elec Corp 0%8
.1946 F
Slleelan-Am Corp coll tr 7s_. 1941
Simmons Co deb 4a
.1952
High
3
x
Range
Asked
A
Low
.1935 F
6
Bank
Range or
Friday's
Sale
Price
Railroad & Indus. Cos. (Cont.)
t#8eaboard All Fla 6a A ctls.1935 F
Record—Concluded—Page
Week's
Friday
Bank
$7,748,000
53,160,000
$13,253,000
$395,000
$690,000
3,118,000
40,209,000
3,944,000
25,541,000
685,194,000
79,858,000
459,342,000
$43,722,000
$30,175,000
$746,102,000
$552,453,000
incorporated In this tabulation pertaining to bank eligibility and rating
of bonds.
See note k above.
and Yearly Record
New York Curb Exchange—Weekly
2674
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless
of the regular weekly range are
April 26, 1941
they are the only transactions of the week, and when selling
outside
shown In a footnote in the
wyek in which they occur. No account Is taken of such sales In computing the range for the year.
1
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
for the week beginning on Saturday last (April 19, 1941) and ending the present Friday (April 25, 1941).
It is
compiled entirely from the daily reverts of the Curb Exchange itself, and is intended to include every security, whether
:
stock
or
bond, in which
any
dealings have occurred during the current year.
Par
STOCKS
Acme Wire
Week's Range
for
Hale
of Prices
Week
Price
Low
High
Low
Shares
20
Jan
Feb
22%
Jan
Bell Tel of Canada
Feb
Feb
Feb
6%
6%
12%
1%
25%
Jan
Jan
Jan
Jan
Mar
Apr
he
Jan
Mar
21%
6%
Class B
5%
10%
5%
.
600
'266
10
Apr
300
1
Apr
300
20
4%
common..6
(N J)._l
Air Investors new com—2
new conv pref..*..—.*
AInswortb Mfg
10
Warrants
1
1
21
21
he
400
.......
Alabama Power
108%
106 % 108 %
"270
69 %
80
96%
....
88
Apr
(Mich)..10
26
Class A conv com
15
20
20
15%
20
Mar
%
Feb
18%
75
4%
Altorfer Bros com.......
6% preferred
100
Aluminum Goods Mfg...*
com-*
common.*
0% preferred
100
American Beverage com.. 1
American Book Co....100
115%
600
115
115 %
450
14%
100
12
"
"366
70
93
14 %
113%
*73 "
*71%
73
95 %
98
100
26
80
25%
4%
4%
300
22%
4%
Apr
Jan
Jan
156
Jan
Feb
116
Jan
25%
4%
%
10c
10c
S3 preferred...
---*
$5.60 prior pref
*
Amer Centrifugal Corp—1
Apr
Jan
Bridgeport Gas Light Co.*
6%
Jan
200
hi
Mar
%
hi
Jan
Jan
63
11%
Apr
10
68%
Jan
Jan
Mar
Jan
%
Jan
*ii
Jan
25%
Apr
28%
Feb
25
Apr
26%
Feb
Apr
%
Jan
150
26
mm~H"""%
600
"34 % "35 k
V300
16 %
400
Cynamld class A.. 10
10
35 %
16
com._l
Amer Foreign Pow warr...
Amer Fork A Hoe com...*
10
American Gas A Elec
100
preferred
Amer General Corp com
9%
25%
26
109%
10c
..1
preferred... 1
"26"
Amer Hard Rubber Co..60
'*17 %
$2 conv preferred
10
26%
109% 109%
2%
2 Hi
150
200
20
26
12%
25
25
13%
25%
17%-
18
Amer Meter Co
*
29%
%
29%
10
48
*
4
56 series preferred
*
1%
10
6%
Ashland OilARef Co
1
{Brown Co 6% pref
Mar
*16
Jan
Apr
12%
30%
113%
3%
29%
Jan
25%
109%
Apr
2%
Apr
Apr
300
25
Class A preferred
$6
preferred
Bruck Silk Mills Ltd
Feb
20
Jan
Buckeye Pipe Line
Feb
21
Mar
Feb
15%
Apr
Jan
Apr
Feb
Mar
3%
13%
%
35%
Mar
8%
3%
Feb
20%
Feb
%
Feb
38%
6
Apr
7%
1
Mar
Apr
Mar
5%
Feb
%
Mar
Jan
3
4%
4
4%
1,900
7%
7%
7%
2,300
7%
2,100
7%
28
1%
7%
1
1%
38%
38%
%
Mar
5%
Feb
1%
Apr
11%
28
Apr
30
500
1
Apr
1%
10
30
Feb
38%
300
2
2
%
6
25
28
28
38%
6%
Apr
%
3%
5%
1%
27
7%
1%
%
Feb
3
11%
30%
Jan
%
Apr
36
50%
Jan
12
Jan
31
100
12%
Jan
8%
8%
%
11%
Jan
7%
11%
Mar
8%
11%
Apr
11
Jan
60
Buff Niagara A East Pow—
$1.60 preferred
25
28%
Apr
23%
Jan
31
Feb
1,200
%
Jan
%
Feb
29%
Apr
32%
Jan
Cable Eleo Prod
hi
Jan
Feb
66
Jan
Feb
7
Jan
3
200
2%
Feb
3%,
1,900
%
Feb
48
200
48
48
Apr
Apr
3%
4%
1,100
3%
2%
2%
300
2%
Mar
300
1%
Mar
%
60*
$5 1st preferred
1%
1%
1,200
2,800
6%
1,000
1%
30
87
com
8%
300
"4% "4%
"*600
11%
11%
100
hi
%
1%
100
108
108
108
2%
I
J16
2%
23
3%
%
20
200
100
Apr
Apr
Apr
87
7%
Mar
Jan
4%
11%
Apr
18
18%
400
18
95
95%
10%
150
95
100
10%
Apr
he
"366
Jan
Jan
1%
1%
8%
Apr
5
Jan
13
Jan
15
Mar
Jan
Jan
Mar
96
8%
Jan
Mar
6
5%
11%
Jan
Apr
Can Colonial Airways
1
2%
Mar
3
Jan
Jan
Jan
1,900
1%
Jan
*
1%
Jan
1%
1%
114%
Feb
117%
%
8%
Mar
Feb
9
Mar
>hi
Jan
1%
Apr
7%
Apr
7% preferred
Canadian
100
Marconi
Carib Syndicate
25c
"i% ~"i~H "i~H
300
L300
7%
»
•
108 %
1
preferred
Carrier Corp common
7%
7%
100
37
400
112% 113
108% 109
40
35
Carolina P A L $7 pref...*
Products
60
7% 1st partlc pref...100
Mar
$7 dlv. preferred
1,100
1st
Cent Ohio Steel Prod
Jan
Mar
4%
Jan
Apr
17%
Jan
Cent States Elec
Jan
16
Jan
36%
Apr
Feb
4%
Mar
Feb
31%
Jan
Apr
7%
37%
Jan
Mar
preferred
preferred
Conv preferred
Co
6%
Jan
Jan
2%
Apr
Apr
1%
Jan
Apr
Chief Consol Mining
Chllds Co preferred
7%
Jan
Cities Service
common..
10
*
Beau Brummell Ties Ino-.l
Mar
60c preferred B
*
Feb
86 preferred BB
*
4%
20
4%
2679.
4%
4%
2,400
Mar
Mar
Jan
14%
Apr
4%
Apr
7%
Jan
5
10
Apr
Apr
82%
1*1*6%
"*75
110
Apr
Apr
Apr
5%
46
116%
13%
106
95
10
116%
Jan
%
Jan
hi
Feb
1%
%
Anr
%
2%
%
%
1%
1%
3%
4
3%
4
100
800
Mar
%
3%
Apr
4%
Apr
400
3%
Feb
4%
Mar
4%
*11*% *1~2%
101
103
61
101
61
8%
Mar
5%
*150
11%
Apr
Apr
14%
110%
Apr
73%
Jan
Jan
Jan
Jan
8%
Apr
10
Jan
100
101
50
60
100
8%
he
7%
100
preferred
4%
4%
12%
500
*120
1
$6
Beaunlt Mills Inc com..10
10%
85
Jan
%
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach
4
Jan
Apr
134
h»
5
Corp common... 10
Cherry-Burrell common. .6
Chesebrough Mfg
25
Apr
10%
10
84%
Charts
%
Jan
Feb
Feb
%
1
'11
6%
Apr
Conv pref opt ser *29.100
Cessna Aircraft Co
5%
"""166
118%
3%
Chamberlln Metal Weather
300
"7% "7%
150
100
6,600
2,200
9%
118% 118%
iio"
100
2%
"u
FeD
Apr
Jan
100
3,900
3%
Jan
20
Apr
1
com
6%
7%
4%
34%
5%
32
8
8%
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 60c
Mar
6%
2%
1
1%
25
10%
Feb
106
10%
3%
33
Jan
Jan
Apr
Mar
96
"84%
com
Mar
30
Feb
4
•
Jan
108%
7%
110%
35%
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Mar
Feb
3%
1
118%
Cent Hud G A E
1
%
Apr
Apr
900
•
partlc pref
2%
3%
Feb
39
113
3%
3
•
Jan
Mar
Jan
Feb
Feb
35
17%
3%
Jan
6%
4%
JaD
7
110%
Celanese Corp of America
4
16
Jan
6%
7%
Celluloid Corp common. 15
Jan
Apr
6%
7%
•
Jan
»u
>hi
*
Class B
$6
%
%
1
Capital City Products...*
Apr
3%
Jan
Jan
•
vot
non
Baumann—See "Ludwlg"
For footnotes see page
3%
Class B
Strip
Beech Aircraft Corp
2%
Class A voting
24
Apr
Baldwin Locomotive—
Refractories Inc
50
15
15
Jan
Canadian Industries Ltd—
Apr
1*666
6
Jan
18%
7% partio preferred...25
108
%
Barlow A Seellg Mfg—
51.20 conv A oom
12
Apr
Canadian Car A Fdy Ltd—
Tobacco—
250
Feb
14%
2%
Jan
Jan
Warrants
Ayrshire Patoka Collieries 1
%
3%
15
25
25
Feb
Jan
15
100
Feb
%
3%
Apr
2%
17
Jan
Mar
Jan
3%
%
Feb
Jan
Camden Fire Insur Assn..6
108
Jan
3%
2%
Feb
%
%
1%
Feb
1%
Apr
Avery (B F) A Sons oom.5
5%
Feb
Apr
Feb
3%
2%
Jan
hi
900
>hl
•ji
1
Apr
Castle (A M) common..10
Catalln Corp of Amer
1
2%
2%
Mar
Jan
he
Canada Cement Co Ltd..*
%
%
3%
3%
1
12%
%
600
%
1%
Jan
Jan
1,400
3
1
Apr
Mar
8%
Apr
5%
Baldwin Rubber Co oom.l
99%
%
10%
600
71
14%
3%
Apr
Mar
Feb
200
Jan
100
34
19%
18%
1%
Casco
200
4%
Jan
Apr
Apr
8%
Jan
6%
30
46%
50
1%
2
14%
35
Feb
38%
8%
Jan
6%
34
36%
38%
1
8
Feo
>11
1
14%
"25% *26%
13
38%
Canadian Dredg A Dock.*
6%
26%
Jan
Canadian Indus Alcohol-
14%
10
Feb
Calllte Tungsten Corp
Jan
Atlas Drop Forge com...6
""i% "l%
Mar
1%
Calamba Sugar Estate..20
Jan
Atlas Plywood Corp
»
Auburn Central Mfg.....*
6
1%
Jan
Jan
Jan
300
Automatic Voting Mach..*
Apr
Jan
65
22%
3%
Bards town Distill Inc
1,300
Jan
1%
34%
Feb
1
1%
Atlantio Coast Fisheries..1
Barium Stainless Steel
1%
10
11%
1%
Carter (J W) Co common. 1
Atlantic Coast Line Co..60
Purch warrants for oom.
x24%
5%% pref shs £1
12
1,000
1%
Atlanta Birmingham A
Coast RR Co pref
Babcock A Wilcox Co....*
30
Mar
Mar
60c
Vot trust ctfs
Am dep
Jan
hi
Assoc Tel A Tel class A..*
100
Atlanta Gas Lt 6 % pre! 100
Jan
Apr
1%
Cables A Wireless Ltd—
Apr
Mar
1%
2%
Mar
200
34%
33
Carnation Co common...*
*
Mar
1%
50c
Apr
%
5%
4%
Jan
Feb
17%
1%
•
1%
1%
6%
300
1%
6%
H
15%
Feb
7%
1%
Burry Biscuit Corp__12%o
Apr
*32
Feb
14
Burma Corp Am dep rets..
5%
60
15
Bunker Hill A Sullivan 2.60
80
1,000
'16
Jan
Jan
•
Apr
%
57%
1
100
100
*
Carman A Co class A
Class A
pref
1%
•
Mar
£X
55 preferred
conv
500
Brown Fence A Wire oom. 1
Jan
A8800 Laundries of Amer *
51.60
Jan
19%
Brown Forman Distillers. 1
17%
150
1
7% preferred
6%
100
33
|Assoclated Gas A Eleo—
Class A common
6
Bruce (E L) Co common..6
Associated Eleo Industries
6% preferred w w
8% preferred x-w
%
13%
40%
33
Brown Rubber Co com.._l
100
8%
Assoc Breweries of Can..*
Automatio Products
6
ord reg..10s
Jan
16%
11%
150
1,000
Feb
Am dep rots
Jan
15%
19%
Jan
100
87
Aro Equipment Corp
1
Art Metal Works com....6
Atlantic Rayon Corp
Atlas Corp warrants
350
200
British Col Power cl A...*
Jan
9
Common ol A non-vot--*
Common
36%
Am dep rets ord reg...£l
Jan
Apr
%
1%
Arkansas P A L 57 pref...*
Amer dep rots reg
Jan
Jan
British Celanese Ltd—
Jan
1,300
Angostura-Wupperman ..1
Apex Eleo Mfg Co com
*
6% preferred
36
%
*36%
Am dep rets ord bearer £1
19%
%
2
2
Arkansas Nat Gas com
1,400
14%
*
Co.....*
38
2%
pf..6
Anchor Poet Fencs
Class A
38%
2%
%
*
..*
Am Superpower Corp com
American Thread 6%
15%
%
1%
14%
100
Jan
6%
57%
"ek
Amer Seal-Kap common.. 2
1st 56 preferred
preferred
Feb
Apr
18
%
Amer Potash A Chemical. *
Republics
Jan
Jan
7
Brlllo Mfg Co common...*
British Amer Oil
27%
Apr
hi
800
•
Class B
7%
Jan
Apr
13
he
*
Feb
6
Amer Pneumatlo Service.*
Basic
Bridgeport Machine.....*
Preferred
100
15%
%
9%
26
100
1
Axton-Flsher
Breeze Corp common
79%
Amer Mfg Co common. 100
Amer Maracalbo Co
35**
150
Amer Lt A Trac com
preferred
150
2,800
125
27
Amer Laundry Mach
American
$5 2d preferred
...»
Brazilian Tr Lt A Pow...*
31
28
26
17%
19%
Preferred
34
6%
British Amer Tobacco-
25 %
26
Class A with warrants.26
Class B
1
Class A...
Class Bn-v
Jan
23%
♦
98
Apr
Apr
111
100
1
Brewster Aeronautical... 1
Amer Cities Power & Lt—
6%
1st preferred
7%
Jan
Apr
Jan
Jan
Mar
*
Bourjois Inc
Bowman-Blltmore com
7%
75%
%
Apr
101 %
25
Fe*
35
3%
110
100
Brill Corp class A
Common class B
S2.60 conv
1st preferred
Borne Scrymser Co
Jan
Class A common
4%%
7%
Jan
American Capital—
Amer Export Lines
1
Blue Ridge Corp com
1
$3 opt conv pref
...*
Blumenthal (S) A Co
*
Boback (H C) Co oom...*
18%
Apr
1,700
3%
*
Feb
he
Amer Box Board Co com. 1
Jan
ApJ
3%
102% 107%
•
common
Mar
6%
Aluminum Industries
Aluminium Ltd
x
Apr
2
16%
Mar
126
130% 132 %
Aluminum Co common—
Amer
A Machine Co com
Blauner's
Apr
24%
..
Bliss (E W) common
14
350
High
Apr
400
37
$2.50 preferred
Mar
1%
$3 conv pref
17
17%
Birdsboro Steel Foundry
Mar
Feb
Low
Shares
...
103
com...*
3%
102%
Range Since Jan. 1, 1941
for
Week
High
32
preferred
111%
Allied intl Investing—
Allied Products
Conv
Jan
Jan
Jan
Alllancelnveetment
Low
Berkey A Gay Furniture.I
Blckfords Inc common..-*
%
Co $7 pf*
preferred
Alles <fc Fisher Inc
1
100
Range
of Prices
Benson A Hedges com...*
75%
103%
94%
Gt Southern..66
Alabama
Week's
17
Bellanca Aircraft com
Air Associates Inc
Price
Bell Aircraft Corp conn..
16%
1
Class A
$0
Par
High
Supply Mfg—
Aero
Sale
(Continued)
50
17
17
Co common-10
Last
STOCKS
Range Since Jan. 1, 1941
Last
Sales
Friday
Hales
Friday
4%
4%
60
7%
75
4%
4,300
61
600
%
Jan
10
Jan
7
Feo
3%
Feb
5%
Jan
48
Feb
69%
Jan
5
Mar
6%
48
Feb
70
Jan
Jan
Jan
Volume
New York Curb
152
Week's Range
Last
STOCKS
Sale
{Continued)
Par
Exchange—Continued—Page 2
Sale
(Continued)
Range Since Jan. 1, 1941
for
Week
of Prices
High
Low
Price
Par
High
Low
Shares
Week's Range
Last
STOCKS
Rang <Since Jan. 1, 1941
for
Week
of Prices
High
Low
Price
2675
Sates
Friday
Sales
Friday
Low
Shares
High
"
preferred.
$6
95
40
Jan
6X
Jan
Jan
6X
Feb
Feb
17 X
Mar
City A Suburban Homes 10
Clark Controller Co
1
Jan
7%
proferred
7X
Apr
8%
preferred..
Apr
300
3X
Apr
*
3X
Clinch field Coal Corp.
.100
2X
200
2X
2X
Jan
Club Alum Utensil Co
Mar
•
100
Jan
Jan
Emsco Derrlok A
3
Feb
Equity Corp
2X
Jan
9
Mar
100
X
Jan
IX
Mar
2X
Apr
4X
70 X
2X
2X
Apr
82 X
J*n
Jan
Patent Fire Arms.25
100
1
Columbia Oil A Gas
55
20
53
Feb
60 X
1
134
55 X
IX
2,200
1
Feb
IX
Mar
Jan
*«♦
100
IX
200
20 X
300
le<
Warrants
Commonw Distribution. .1
IX
19
Community Pub Service 25
11
UX
300
Consol G E L P Bait com.*
57 34
2134
534
Apr
2234
Mar
Mar
X
33 X
1
Mar
33 X
2
Jan
57 X
Apr
30
115X
Apr
Feb
190
105
IX
1,400
Apr
IX
Jan
Feb
Mar
3
Jan
100
Mar
Mar
6
200
94
70
6
2X
"700
"Sk *T
Jan
Feb
25X
3X
Jan
Jan
105
Apr
Feb
IX
Jan
5X
Feb
8X
Jan
Jan
89
7X
500
Jan
Feb
1034
Jan
Apr
434
Jan
634
634
100
634
Apr
7
Jan
2034
Apr
"o~
IX
4X
"750
IX
127
•
80
78
"x
S3 oonv stock
134
Jan
134
Apr
Jan
1134
Apr
34
34
1,400
*1854
1834
1734
1854
1734
46
35
4%
conv pref erred..
Feb
654
Mar
X
Jan
Mar
700
*ie
Mar
Gen Rayon
100
Jan
Apr
4
6
Jan
SO
5X
5X
»
Mar
Jan
Gilchrist Co
Jan
100
Feb
5X
5
Jan
6X
Jan
3X
Feb
Feb
"200
18X
9X
Jan
25 X
40
5X
200
1
100
Apr
5X
2X
IX
*
8X
8X
Detroit Gasket A Mfg.
100
20
1
2
Det Mich Stove Co com__l
2X
X
300
534
Jan
5J4
Mar
Jan
S7 preferred
Goldfleld Consol Mines.. 1
53
30
5234
Mar
7734
80
7734
Apr
10
25
Apr
31
25
X
1034
S3
50 X
Mar
IX
Jan
32
Apr
Gt Northern Paper
10
Jan
Greenfield Tap A Die.—.*
18
Jan
Grocery Sts Prod
154
Jan
Jan
105
Feb
'""466
Apr
Gulf Oil Corp
25
Apr
11
Apr
preferred
Gypeum LlmeAAlabastlne*
Hall Lamp Co
—6
Apr
1254
JaD
22 X
21X
2254
300
154
Mar
Feb
654
Jan
Mar
6X
Jan
S0
100
~~2~X
DubUler Condenser Corp.l
"~2~X "~2~X
"400
Hartford Rayon v t c
Jan
6
B non-vot
common.—.1
134
2134
Jan
Hazel tine
24
Jan
Jan
111
Jan
Apr
3
Jan
oom..5
0% oonv preferred
50
Heola Mining Co
25c
Sulphur....*
ox
10
7X
7X
-
X
ox
7X
113"
Jan
IX
Jan
X
Mar
200
6X
Mar
7X
Jan
700
7X
Apr
1054
Jan
30X
31
Eastern Malleable Iron..26
37 preferred series A...*
11X
X
12X
36 preferred series B_.
12X
»
2X
*
Preferred
ex-warr
49
Apr
Apr
5854
Jan
Jan
31X
1134
X
12X
13
2%
30 X
Apr
42
Jan
Hoe
100
11
Apr
1354
Jan
Jan
25
12M
1254
Apr
Apr
1554
1654
334
Mar
A) A Co com*
Horn (A C) Co common.. 1
Horn A Hardart Baking..*
Horn A Hardart
»
200
12
Jan
Apr
Apr
70
Apr
HubbeU (Harvey)
Mar
13
Jan
Humble OH A Ref
Mar
57 X
57X
00X
5,500
57 X
X
X
X
300
~~29~X ~29X.
30
"25
19,400
9
*
Apr
16
For footnotes see page
2679
X
Apr
11*4
Option warrants
Electrographio Corp
Feb
28
Jan
154
1254
3254
Jan
Jan
Feb
Jan
Mar
Jan
250
1434
2834
Jan
Apr
35 34
5
Jan
Mar
334
Apr
634
Jan
Apr
12834
Feb
132
34
Jan
40 34
5%
preferred
Ino
5X
97
Apr
54
Apr
250
38
Feb
42
Jan
200
8
8
3034
2934
lis"
11334
8
Apr
10 34
Mar
134
Jan
Apr
Mar
2,000
34
""190
""206
150
21
29
Mar
33 34
Mar
IIO34
11134
234
Mar
634
Jan
115
*
5
Hussmann-Llgonlcr Co.— *
1
1
Mar
Jan
Feb
Jan
Apr
234
834
Mar
Jan
Feb
2534
Jan
Apr
20
"""366
65
Jan
34
Feb
"h
Jan
Apr
134
Mar
Mar
534
2634
Jan
534
100
5
1834
5J4
134
700
18
134
100
Apr
"434 "534
'2"500
Mar
2
Feo
134
20
25
Jan
Apr
Feb
12
Apr
1034
834
Apr
Jan
Jan
434
1034
434
634
Feb
Jan
9
Jan
Mar
Feb
26
434
2634
Jan
25
20
Jan
5
Feb
Apr
10
10
200
10
Apr
1334
60
67
300
05
Feb
Jan
Feb
7734
834
834
100
834
Feb
1034
Jan
834
1434
834
15
600
834
Jan
934
Apr
200
1134
Jan
3134
3134
60
3134
234
67
Mar
Jan
15
Apr
Apr
13
13
Apr
Apr
3334
234
Feb
Feb
2834
2834
2934
450
2834
Apr
3134
Jan
50
Feb
Feb
Feb
55
1634
5634
534
3,700
11334
1634
5234
11334
1634
5234
534
Apr
700
534
Feb
*u
hi
""160
100
6
Hummel-Ross Fibre Corp
Huyler's com—
V t c for 1st pref
Feb
105
75
Jan
134
Hormel (Geo
1234
454
6554
2X
51X
2X
Jan
99
Mar
Jan
Horder's. Inc..
Mar
Apr
Apr
Mar
734
Apr
Apr
55
HoUlnger Consol G M
*11
1,100
2X
10
(R) A Co class A...10
Apr
254
25
550
20 34
common..5
*i«
56
2X
_*
Hewitt Rubber
Hey den Chemical
100
5434
Eleo Bond A Share oom. .5
3X
Feb
Feb
6,700
"""34 """34
6
Holophane Co common..*
100
434
Apr
134
2234
25
25
Preferred w w
125
75
934
Mar
2
550
12
12
12
Economy Grocery Stores
IX
Feb
Feb
10
Heller Co common
100
400
2
"834
Mar
134
Helena Rubensteln...
50 X
IX
49
49
334
9934
Henry Holt A Co part A.
100
100
Jan
13134
34
""534 "534
Corp
76X
East Gas A Fuel Assoc—
____._.*
Mar
Mar
49
200
Class A
X
100J4
634
Jan
>>i
Hearn Dept Stores
Mar
B com *
Duro-Teet Corp common. 1
Jan
Mar
Apr
*i»
1,100
4
18
70
Feb
73
100
Mar
1034
Jan
Harvard Brewing Co—
Apr
2 34
Mar
110
109
30
25
1
Hartford Eleo Light
21X
111
43
Jan
134
8
Hammermlll Paper..—10
Mar
5H_Mar
10
Apr
*u
eom__25c
60
Draper Corp
Apr
2,300
1i#
Hat Corp of America—
Dominion Steel A Coal B 26
10J4
98
Guardian Investors.—
254
Dominion Bridge Co Ltd
Mar
3934
25
Gulf States UtU S5.50 pf
Dobeckmun Co common. 1
"534 "534
131
100
Jan
4
»ie
•1#
7% 1st preferred
Jan
5X
Apr
Mar
6,000
Greater N Y Brewery
Jan
Dlvco-Twln Truck com.
934
834
9934
*
Apr
Apr
Apr
1134
154
234
Jan
Jan
61
500
334
10
Gray Mfg Co.
Great Atl A Pac Tea—
Non-vot oom stock
X
11
10
Diamond Shoe common..*
Jan
34
454
---*
preferred
Mar
Jan
Feb
Jan
Apr
200
134
2134
Gorham Ino class A
2X
Mar
Jan
5534
83
Goodman Mfg Co—.50
Jan
Mar
9
Jan
50
95
Feb
IX
Apr
34
Jan
34
1,100
40
53
10634 10634
ht
Mar
107
Jan
Mar
Jan
Grand Rapids Varnish—1
De VHblss Co common.. 10
Elgin Nat Watch Co
34
Gorham Mfg common..10
Jan
454
1634
91
200
34
1934
Jan
Jan
200
Detroit Steel
preferred
Eleo P A L 2d pref A
Jan
z334
•
Class B—
17 X
X
{Detroit Paper Prod
1
Prod—...10
Apr
534
-*
A.*
Godohaux Sugars class
Apr
Jan
14
40
45
Apr
Feb
Jan
90
654
3X
35
134
134
4034
2854
1754
IX
25
Feb
10
1034
10634
9X
Glen Alden Coal
IX
12
Apr
Apr
34
.*
Apr
Mar
20
5534
300
.*
preferred
Feb
29X
4334
Feb
Mar
zlOl 34
Mar
25
99 X
1
4334
Derby OH A Ref Corp oom*
S3
Feb
Mar
400
5X
......50
100
Apr
95
Gladding McBean A Co—*
25X
'2
53
Jan
300
50
Gen Water G A E oom__.l
Apr
36
2
Mar
100
0% preferred A
X
Decca Records oommon..l
Dennlson Mfg ol A oom..6
50
83
34
2234
Davenport Hosiery Mills.*
"9X "OX
Apr
34
—•
Feb
IX
1
Apr
35
14
1
Common
Apr
Feb
6
634
46
Feb
General Tire A Rubber—
Apr
Curtis Llgbt'g Ino oom 2.50
5X
Feb
28
General ShareholdlngsCorp
IX
1
5X
34
Co A stock...*
Jan
•
Darby Petroleum com.—5
34
34
53
0% pf 100
Apr
Jan
Jan
100
300
75
52
50
77 34
25
*
preferred
Gen Outdoor Adv
"t#
20 X
5
6
34
34
ht
Cuban Tobacco com.
934
2034
22 34
434
4X
25
•
10
Cuban Atlantic Sugar
Apr
14
100
Apr
IX
434
Apr
83
*
200
434
»!•
Crown Drug Co com...25c
Feb
1834
1734
34
Georgia Power SO pref---*
S5 preferred
*
Gilbert (A O) common.—*
Preferred
—*
Crown Cent Petrol (Md).5
Crown Cork Internat A—*
32
54
X
IX
2X
4%
X
1
Mar
Jan
834
100
100
1
Gen Pub Serv S0 pref
Jan
5,200
Mar
500
Amcr dep rets ord reg.£l
Mar
15X
15X
Jan
Feb
34
5234
—*
434
Mar
13X
23
Jan
90
42 34
34 34
52
General Investment oom
12 X
1434
11
Apr
34
....100
5% preferred
Jan
Feb
500
9
9
.100
37
Jan
Feb
19
GameweU Co S0 oonv pf..»
Gattneau Power Co—
Apr
ADr
IX
Jan
Apr
934
10
*
Gen Flreprooflng com
2X
X
69
12734
200
Gen Gas A El $0 pref B.
70
m
preferred....
Feb
1.200
Fuller (Geo ▲> Co com... 1
Jan
8
Easy Washing Mach B
Apr
154
..1
Jan
Feb
Eastern States Corp
5834
11134
Jan
54
Conv partle pref—.16
Jan
IX
83 X
*i«
434% prior pref
0% preferred...
110
500
Jan
1034
1
Common
Fruehauf Trailer Co
11
Feb
Eagle Plcher Lead
6034
Jan
134
1
8X
UX
Jan
4H
Duke Power Co
Feb
*
Feb
1
1
preferred
734
2534
1034
834
1034
Class B voting
Apr
2X
Driver Harris Co
100
Jan
Gen Electric Co Ltd—
Apr
preferred
7 34
Fox (Peter) Brewing Co..5
Feb
7X
200
*
Distilled Llauors
Apr
11934 127
•
ox
30
IX
Crowley, Mliner A Co.—*
0% preferred w w
6
5834
(Phils).10
X
4X
Croft Brewing Co
Detroit Gray Iron Fdy
600
3
Ford Motor Co Ltd—
Mar
IX
A conv preferred
"ox
7 34
Fansteel Metallurgical...*
Fedders Mfg Co
5
General Alloys Co
Jan
Stores
Jan
234
X
30
Crocker Wheeler Elec
Class A conv
"""206
Mar
334
2834
234
734
Mar
98
X
434
Dayton Rubber Mfg
Jan
Jan
2134
""234 ~~2X
Jan
Mar
234
700
Feb
10
7X
1
Curtis Mfg Co (Mo)
Jan
2034
Froedtert Grain A Malt-
Jan
£1
preferred
1,300
13
250
34
2,400
X
..6
7% conv preferred
254
Jan
Apr
854
SO conv preferred
Crystal Oil Ref com
234
34
234
Feb
Jan
73
119X
110 X
IX
Courtaulds Ltd—
Creole Petroleum
7,900
734
Franklin Co DlstUllng
60
6% oonv preferred
X
1334
8
234
Gellman Mfg Co com
9334
*
Copper Range Co
*
Cornucopia Gold Mines 5c
Corroon A Reynolds
1
preferred A
—*
Adrs ord reg stock
X
1334
Mar
754
Jan
IX
*
com—*
Cosden Petroleum com..
50
Ford Motor of Canada-
900
13 prior preference
35
2134
2X
Jan
59X
57X
Cook Paint A Varnish
Common
Mar
2134
1
com
13 X
23X
1
Cont Roll A Steel
Duval Texas
Mar
9534
"254
1
Florida P A L 17 pref
3,100
IX
100
Durham Hosiery cl
Mar
97
Jan
1
Eversharp Inc
Apr
Continental OH of Mex...l
7%
95
Feb
72
Falrcblld Eng A Airplane. 1
Falstaff Brewing
1
Fire Association
IX
..100
10
7% prior pref
7%
Feb
68
Eureka Pipe Line com..50
Jan
Jan
2
Continental Gas & Eleo Co
30 prior pref
...
Feb
IX
Consolidated Steel Corp. *
8% debenture
...
X
115X 11534
107 X 108 X
434% series B pre!
100
4% pre! series C
100
Consol Gas Utilities—..1
Consol Mln A Smelt Ltd..5
Consol Retail Stores
1
Delay
70
175
1
24 X
X
134
$0
preferred
Jan
Jan
11
*
Cooper-Bessemer
10
250
91
X
Class A non-vot
Corp._l
Consol Biscuit Co
1
preferred
89
90 34
Am dep rets ord reg_..£l
11
1
preferred...
8%
conv
Apr
IX
19
X
Conn Telep A Elee
Consol Royalty Oil
Mar
Flat Amer dep rets
Conn Gas A Coke Secur—
S3
S3
Equip..6
10c
Jan
1n
Jan
*64
Community Water Serv..)
Common
95
91
-
Fed Compress A W'h'se 25
Commonwealth A Southern
Compo Shoe Mach—
Vtceit to 1940
Feb
90
Fanny Farmer Candy...
Columbia Gas A Eleo—
55
6734
89
2134
common..
FalrchUd Aviation
0% conv preferred
£1
Colorado Fuel A Iron warr.
Feb
80
' 89 34
Apr
89
5X
800
Colon Development ord...
81
91
Empire Power part stock. *
EsquireTnc
8
Apr
434
90 34
100
..100
Jan
41
Cockshutt Plow Co com.
Cohn A Roaenberger Inc.*
Feb
5,100
8934
100
preferred
X
Jan
IX
Cleveland Tractor com
•
5% preferred
6 34%
4
100
Jan
100
7X
38X
4
u.....
preferred
X
7X
38X
Clayton A Lambert Mfg. .4
Colt'
6%
5X
36 X
Claude Neon Lights Inc..]
2
80
434
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
leb
Mar
89
*
Cleveland Elec Ilium
Emerson Elec M fg.
*8934
40
434
Jan
5X
95 X
100 X
97
15 X
34
94
*
City Auto Stamping
Mar
5X
95
93 X
95
Cities Serv P4LJ7 pref.*
Jan
7
34
534
Feb
Mar
18
Jan
63
Jan
034
734
<11
7
Jan
Jan
Jan
Jan
New York Curb
2676
Last
WeeV* Range
for
Sale
of Prices
Price
400
Par
IX
Feb
Feb
Feb
Jan
Jan
154
154
38
Merchants A Mfg cl A
IX
Apr
Jan
Warrants....
Apr
35
Jan
614%
454
4 54
11
700
4
Apr
Mesabl Iron Co
9X
Apr
754
1254
Jan
600
JaD
6 54
m
1,900
100
ox
Mar
554
6X
7X
Jan
Feb
Feb
7
9
Apr
Apr
Apr
Jan
9
Jan
8
£1
19
19
10
254
13 X
1954
1954
50
14X
Jan
Jan
X
X
254
754
Jan
Jan
Wiw
«**►''
•
lit
* *
*
Apr
Mar
354
2154
Jan
24
Jan
Jan
Non-voting class A——I
Class B————1
Industrial Finance-—
V t o common
1
954
71X
Feb
25
OX
800
64 X
Mar
Feb
X
1254
7354
17X
954
70 X
Mar
2054
Macb
4X
Mar
Mar
Jan
Jan
J&n
Jan
X
m
1,400
IX
454
Apr
Apr
Feb
8/200
IX
Apr
554
2X
Apr
"ix"lx
1QH
3,600
Jan
1054
Mar
9X
454
Jan
Apr
ix
Internat Metal Indus A..*
"IX
Internat Paper A Pow warr
International Petroleum-
10
*
954
8X
9
Registered shares.——.*
International Products.—*
3 54
Ye
hi
Feb
Feb
4X
"X
Internat Safety Razor B.*
Mar
he
Jan
Jan
Jan
Mar
7X
254
"loo
X
Jan
Feb
Mar
International Utility—
he
Class B
12 X
$1.76 preferred..———*
$3.60 prior pref...
.*
International Vitamin...1
he
100
50
12
10J4
Feb
29
3H
354
"200
Interstate Home Equip.. 1
354
9X
Apr
2X
X
2X
X
2X
1
1
1
98
99 X
104X 10454
"24
27
Jones A Laugblln Steel. 100
Julian A Kokenge com..*
Kansas G A E 7% pref. 100
~27X
T
Jan
Feb
6#
Jan
254
X
454
254
X
554
100
254
Apr
354
Jan
100
54
454
Apr
Mar
»ii
Jan
900
654
654
654
50
654
Apr
$2 conv preferred
..*
Midland Steel Products—
«•
m
10854
Apr
11754
100
154
Apr
154
900
7
Feb
8
Midwest Piping A Sup...*
*1354
Feb
1454
Feb,
Mining Corp of Canada..*
Minnesota Mln A Mfg.
*
Minnesota P A L 7% pf 100
Mississippi River Power6% preferred— ...100
hi
Jan
Apr
10
Missouri Pub Serv
154
"~7X
Mock Jud Voehrfnger—
Common.....
2.60
1
754
154
754
49
115
Feb
Apr
93
115
210
116
454
854
554
4554
Apr
625
5054
454
100
854
854
554
1,000
554
7J4
554
Monroe Loan Soc
Jan
Jan
Montana Dakota UtU...10
2
A.....1
Montgomery Ward A
*
16154
161
1454
90
16154
15
156
150
Mar
Mtge Bank of Col Am shs—
Mountain City Cop com.6c
Jan
Mountain Producers.... 10
54
Feb
Jan
Feb
154
9754
Apr
Jan
3754
Jan
254
254
554
500
1154
1154
100
Muskegon Piston Rlng.254
Muskogee Co common
*
6% preferred..
100
Nacbman-SprlngflUed
*
1054
11
550
254
554
Jan
Nat Bellas Hess com
Feb
Apr
Jan
4X
200
3
454
Apr
9
100
3X
300
2354
Jan
9
3X
Feb
10
"l2% "l2X "l3X
Lakey Foundry A Mach—1
Lane Bryant 7% pref.. 100
Lane Wells Co common..1
"ox ""ox "ox
"loo
94
Apr
50
95 X
94
Mar
Apr
nx
700
Jan
1854
Jan
26
Jan
Apr
Jan
354
554
Jan
Apr
Mar
76
64
Jan
154
2X
54
14
Jan
Feb
Jan
Feb
1054
354
Jan
Jan
Mar
10
10454
Jan
$3
conv
preferred
National P A L $6 pref
*
National Refining com...*
Nat Rubber Mach...._..*
10
50
Apr
1554
Jan
Mar
140
1254
1754
Mar
Jan
Apr
Mar
7
Jan
67
Jan
1054
Apr
Jan
Apr
100
10
10
Apr
54
16 54
Mar
54
1754
54
54
800
13 54
1354
200
1154
1154
1154
"""206
11
11
1154
4,300
Jan
654
1354
Apr
42
-
Mar
1054
11
Apr
Jan
Feb
254
Feb
"9554 "97"
454
20 X
Mar
'""eoo
754
Apr
654
254
"ljOO
"1654 "1654
National Sugar Refining.*
National Tea 5 54 % pref. 10
1~350
""454 "454
""754 "754
454
National Steel Car Ltd—*
National Transit
12.60
Nat Tunnel A Mines—*
Nat Union Radio..—30c
Feb
554
.50
National Container (Del).l
National Fuel Gas
—*
Nat Mfg A Stores com...*
Mar
Mar
1054
"""260
Feb
Jan
Feb
254
54
2 54
1054
254
500
54
Feb
87
1,000
54
9 54
Navarro 011 Co..........
ux
174
67
National City Lines com.l
13
Apr
Jan
Jan
1054
National Breweries com..*
National Candy Co..
*
9
Jan
Apr
Apr
Apr
Jan
Mar
Mar
Jan
fhi
137
1
118
Feb
254
1154
Jan
1454
*
common ......
Feb
Jan
1
Jan
254
554
1,500
554
Feb
IX
X
Mar
X
Mountain Sts Tel A Tel 100
14
104 54
110
500
954
854
3654
54
(Mountain States Power-
354
Jan
Feb
Mar
Mar
19
Jan
Apr
Feb
1454
Jan
Mar
Apr
Apr
1154
Jan
11654
454
354
100
Jan
Jan
54
6554
Apr
Apr
1,200
Apr
89
5054
*
com
7
IX
Jan
350
100
IX
IX
18
100
16
11254
50c
14J4
3454
354
Apr
•»
"95 "
16
Mar
16
*
Mid-West Abrasive
54
Mar
Apr
Feb
Jan
8
11054 113
$2 non cum div shares.*
MIdvale Co
7
Koppers Co 6% pref—.100
Kresge Dept Stores—
4% eonv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd—.1
111
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..♦
Jan
Jan
Feb
Apr
Jan
654
1454
4454
1254
Apr
Jan
Mar
1254
254
9954
Jan
Apr
Mar
454
2554
954
854
1254
354
54
1154
11654
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Apr
Apr
Mar
3X
1,300
1,000
4
11X
4X
Apr
1354
554
Jan
Apr
8
Jan
42
Jan
Neptune Meter class A—.*
354
554
Apr
37
Feb
12 X
Feb
Apr
1454
554
Jan
Nestle Le Mur Co cl A...*
54
Jan
354
54
Mar
Jan
Nevada-California Eleo—
Jan
554
Mar
3654
354
Jan
4154
150
Apr
3954 V:v;:, ■ 25
39 X
Apr
654
5654
1854
12954
554
1554
3X
Apr
98 X
""200
Jan
9X
Mar
104
Apr
1054
Jan
Langendorf Utd Bakeries-
Nelson (Herman) Corp
Common
Jan
15
Jan
15
..*
X"Feb
Lefoourt Realty com
1
Conv preferred........*
—
——
6%
preferred.......100
$2 preferred...
»
New England Tel A Tel 100
150
40
'
4
11754
118"
110
Jan
X
754
Feb
6X
2X
1,600
2X
Jan
3
Apr
X
400
hi
Jan
he
Jan
2654
OX
27
ox
300
New Haven Clock Co
*
New Idea Inc common—•
New Jersey Zinc.......26
23 X
Feb
2954
854
Jan
Jan
New Mex A Aria Land...!
New Process Co.
—_.*
m
......
19
Feb
50
Lit Brothers common....*
Locke Steel Chain.......6
1
18%
8X
*
100
1
22 X
Loudon Packing...— _*
Louisiana Land A Explor.l
4%
Louisiana P A L $6 pref—*
Ludwig Bauman A Co com*
Apr
Mar
Mar
1
14
600
13 X
9
2,800
854
X
,......*
7% pre! class A.....100
6% pref class B.—100
6X
16 X
X
1,300
~22X """l50
Feb
Apr
X
Feb
24 X
Apr
21
Apr
106X 108
IX
"""560
4X
Jan
Feb
20
"~4~X "ix
106X
Apr
IX
1454
1054
X
3154
2854
Jan
Jan
Jan
Jan
Jan
Jan
2
Apr
454
10954
Apr
Feb
"25
Conv 7% 1st pref....100
Feb
2154
Mar
"~275-T~Feb
2554
Jan
Warrants..
10X
he
10X
""""50
he
..»
N Y Pr A Lt 7% pref..100
$8 preferred—
*
N Y Shipbuilding Corp—
Founders Shares
......
1
200
1354
Feb
6254
62
6354
650
62
Apr
1
Jan
654%
preferred.....100
6
6% pf.100
Niagara Hudson Power—
Common
Jan
54
Mar
154
Jan
Apr
Mar
24
Jan
49
24X
24X
100
Communication Co Ltd.
*
354
>
**
3X
4
800
"2454"
"29 X
"~ix"ix
"~2654"~Jan
Apr
Nipissing Mines
he
Feb
Noma Electric
1%
Apr
254
Jan
Feb
Jan
5
29 X
800
28
Apr
33
Jan
55X
100
65 X
Apr
Feb
Jan
Apr
5954
254
954
Jan
Jan
200
154
5X
12554
Dredging...*
Mead Johnson A Co—...*
126
Memphis Nat Gas oom_.fi
Mercantile Stores com...*
page 2679
8
8
125X 12754
4
4X
18
18
70
300
50
4
1554
Apr
Mar
454
20
Mar
Jan
Jan
Apr
Jan
Mar
Apr
Jan
Mar
Apr
Jan
6
Mar
Apr
7
Feb
Jan
Jan
Apr
1954
754
11654
10254
24
10454
"29"
254
Apr
10554
2254
Jan
600
2254
Apr
2954
Mar
70
24
10454
654
Apr
10454 105
754
754
29
100
40
29
2 54
67
5,500
2 54
*
6%
,
3
54
Jan
8
Mar
42
Jan
Jan
Jan
Jan
Mar
6654
Mar
MM
h«
Feb
354
7954
6554
hi
FeD
hi
2,000
3 54
5054
"52"
....
52
400
Jan
Feb
Jan
4
Feb
89
Jan
92
5054
Apr
6054
Apr
Jan
Jan
1054
Jan
54
Jan
54
Jan
354
9
—
500
54
354
Feb
200
354
Apr
54
82
54
354
54
100
hi
Mar
70
Feb
84
Jan
1854
1854
5054
Apr
Jan
Feb
2354
2354
6254
54
Jan
54
Jan
354
Jan
354
Apr
80
.
1,100
8354
■m.
m
—
—
-«w «*»
prior preferred—.60
No Am Utility Securities.*
Nor Central Texas OH...6
10754
Jan
hi
1
North Amer Rayon ol A._*
Class B common......*
254
125
67
Jan
Apr
29
5954
...1
Common—.........
--
_
1,200
6
—
$6 preferred.....
148
Apr
6854
154
2954
3X
15
150
1554
Nor Amer Lt A Power—
10
2954
354
Mar
Mar
—
....6
Feb
Jan
Apr
55X
8
.
hi
254
May McEwen Kaiser Co—
preferred—........*
common.
Apr
28
MoCord Rad A Mfg B...*
Class B
Class A preferred
100
NUee-Bement-Pond. —*
Nineteen Hundred Corp B1
254
954
254
W W
"166
Apr
,
Jan
107
1554
Class A opt warrants—
Class B opt warrants....
Apr
4
...
Niagara Share—
Marconi IntI Marine
4.
New York State El A Gas—
New York Transit Co
Mar
38
Manisohewltz(The B) Co.*
Ma pes Consol Mfg Co
*
400
1 554
N Y A Honduras Rosarlo 10
N Y Merchandise
...10
hi
19
Mar
454
1554
4
Jan
Feb
Feb
Jan
.
—.———10
5% 1st preferred
100
5% 2d preferred
100
100
Mar
Jan
Apr
6
...
IX
Lynch Corp common....5
Manatl Sugar opt warr.
Mangel Stores....
__l
m .........
N Y City Omnibus—
N Y Water Serv
Conv 7% 1st pf v t O.100
m
1554
.*
com
-
117
......
Apr
m.
14
N Y Auction Co
ToX
m.
4
3854
354
3954
*
254
Leonard Oil Develop...26
Le Tourneau (R Q) Inc.. 1
Line Material Co........6
Llpton (Tho« J) ino—
6% preferred——.25
rn
——10
Pow Assoo
hi
"¥%
*
m.
5
3% cum 4% non-cumlOO
New Engl
;...»
Feb
5
Monogram Pictures oom.l
98
Kobacker Stores Inc.....*
Massey Harris common..*
Master Electric Co—1
54
354
"300
Jan
104
*»<»*•»>—
Kieinertd B)Rubber Co. 10
Knott Corp common...—1
Marion Steam Shovel....*
Mass Util Assoc v t c.
1
"266
"554
he
10
51X
*
Kelin (D Emli) Co com..*
Margay OH Corp
"X
3354
80
69 X
Apr
"k
Moore (Tom) Dist Stmp.l
Feb
112
"554
Monarch Machine Tool..*
....———
IX
Jan
Feb
Apr
Midland Oil Corp—
Jan
Jan
he"
Jan
Jan
54
.1
4X
Klrkl'd Lake G M Co Ltd.l
see
t 0——
354
54
1854
23 X
100
1
Klrby Petroleum—.1
For footnotes
v
Apr
Apr
154
40
"554
Montreal Lt Ht A Pow..*
"2,200 "24
Jan
Jan
Apr
54
Jan
654 Jan
154 Mar
554 Mar
500
Moody Investors part pf.*
Jan
54
Apr
10854
54
10
112
hi
Middle West Corp com ..6
Jan
X
Jan
Mar
Apr
5
112
112
1
116 X
5% preferred D
Kingston Products
Mo Williams
t c——
Mar
800
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
$4
v
7
Kennedy's Ino——6
Ken-Rad Tube A Lamp A *
preferred
Class A
10
Feb
Feb
Apr
Feb
Apr
600
200
54
9154
he
.....
Mleromatic Hone Corp...1
Middle States Petroleum—
12
93 X
654% preferred——100
preferred.—.—100
preferred....—.100
Johnson Publishing Co.. 10
0%
7%
conv
preferred———*
Jan
200
10
Apr
5 54
154
3354
Murray Ohio Mfg Co—.*
OX
Apr
2954
Feb
Mar
Feo
Jan
6
Jersey Central Pow A Lt—
$6
$6
Apr
X
1554
9X
X
2X
Investors Royalty...—..1
Iron Fireman Mfg v t o...*
Common...
1,000
hi
Michigan Bumper Corp—1
Michigan Steel Tube—2.60
Michigan Sugar Co......*
Preferred
10
1
Irving Air Chute——1
Italian Superpower A....*
Jacobs (F L) Co——1
Jeannette Glass Co——*
Lone Star Gas Corp
Long Island Lighting—
hi
78
454
Metropolitan Edison—
11
Mills..*
Interstate Power $7 pref.*
Interstate Hosiery
Lehigh Coal A Nav
25
1
Molybdenum Corp
Class A.———*
Class B—
100
Midwest OH Co
Internat Hydro Eleo—
Pref 13.60 series.—60
Coupon shares.—
X
X
•1*
7% preferred——100
Insurance Co of No Am.10
l
~88X '88X
354
54
1,200
High
Mar
Feb
28
4%
454
——
A preferred
Class B
Indian Ter Ilium Oil—
Internat Industries Inc.—1
Low
Metal Textile Corp—25c
Partlc preferred—
16
3 54
254
100
Range Since Jan. 1,1941
for
WeeX
Shares
High
Participating preferred. *
26 X
Imperial Tobacco of Cao.fi
Imperial Tobacco of Great
preferred
Low
354
Merrltt Chapman A Scott *
600
10X
Indiana Pipe Line
754
Indiana Berries 6% pf.100
Price
1
27%
urn
a*
—»
Class A...—....
of Prices
"700
DJv srrear ctfs
International Cigar
Week's Range
Sale
2654
27
Imports! Chemical Indus—
Am dep rets regis——£1
Imperial Oil (Can) coup..*
Registered .———*
Britain A Ireland
Jan
31
60
6% cony preferred
Illinois Zinc Co
IH
154
Last
High
"if
*
Illinois lows Power Co
Low
High Shares
law
Hydro-Electric securities •
Hy grade Food Prod——6
Hygrade Sylvanla Corp—*
7%
STOCKS
(Continued)
Range Since Jan. 1,1941
Week
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
April 26, 1941
Exchange—Continued—Page 3
—
Apr
4
Jan
Jan
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
7%
Price
Northwest
4
50
20
Apr
9%
19%
Apr
23%
Jan
Ryan Consol Petrol
Apr
30
Jan
Apr
Apr
110%
Jan
Jan
U2%
Apr
400
"75
.....
Overseas Securities new__l
....
2
82%
125
118%
110%
Jan
Samson United
Jan
6
Jan
Sanford Mills
18
Apr
21%
Jan
Savoy Oil Co
54
Jan
Schlff Co
common
•
13%
13%
100
Jan
Schulte (D A) com
1
*11
%
9%
9%
"£o3~"
pref..*
Pacific P A L 7% pref—100
100
107%
Apr
Jan
116%
6%
Mar
1%
Feb
2%
Jan
32%
29%
Feb
Feb
34%
31%
Jan
Jan
£66"
103"
"356
103
Apr
30
81
Apr
108%
87%
Feb
Mar
82
81
4
*
Mar
16
Apr
Mar
4
67%
Jan
18%
67%
2%
Feb
3%
Paramount Motors Corp.l
3
Jan
3
10
11
Apr
13
100
16
16
•
Page-IJersey Tubes
*
Pantepec Oil of Venezuela1st preferred
Feb
70
leb
500
25
Feb
5
Apr
"166
1st preferred...25
Jan
Feb
Mar
Jan
1
Jan
1%
Feb
Jan
2%
Mar
89
•
Mfg
Jan
Jan
Mar
Scran ton
2%
Feb
3%
Jan
%
2%
Mar
%
Jan
Jan
%
Mar
Feb
Corp com. 1
Conv preferred
Scovlll
"2%
1
%
19%
Lace common..*
Scranton Spring Brook
Water Service $0 pref..*
12
14%
Jan
Feb
»hi
Jan
Mar
13%
29%
115%
Jan
Jan
Feb
*n
9
500
"150
60
91
88
90
24
Apr
114
24%
"19% "19%
24
26
Scranton Elec $0 pref.—*
Pacific Lighting $6
Feb
4%
2%
1%
1,700
Feb
1,100
33%
3%
2%
8,300
2%
1%
80
Jan
33%
2
""33%
Pacific G A E 6% 1st pf.25
Mar
19%
Apr
22
Jan
83
Mar
115
Jan
Mar
1%
%
Jan
Mar
Jan
1
Seeman Bros Ino
Jan
hi
Warrants
Securities Corp general
14%
Apr
9%
—*
com
Apr
»ti
Scullln Steel Co
•
36
2%
3%
6,000
""206
37%
Apr
Segal Lock A Hardware—1
American shares
Parker Pen Co
1%
100
Mar
Pacific Can Co common..*
11.30
preferred
Jan
57
Feb
Apr
1%
Corp Ltd
»
Class A $2 oonv pref..50
St Regis Paper 00m
5
7%
100
109%
113%
5%
107% 108
1
Mar
3
%
2%
2%
.'
48%
18%
18%
18%
50
prior pref.—*
Pacific Public Service
Co.—l
Salt Dome Oil Co
107
High
3
"366
St Lawrence
23%
20
52
.....
Ryerson A Haynes com..)
22
Ryan Aeronautical
Apr
preferred
6%%
....
6
Oklahoma Nat Gas com. 15
$5% conv
6%
19%
100
Omar Inc
2%
Jan
Ollstocks Ltd common—5
Low
Shares
100
53
53
•
Russeks Fifth Ave
3%
50
113% 113%
Ohio P 8 7% 1st pref—.100
$3
Royal Typewriter
Jan
Apr
100
High
108%
Ohio Oil 6% preferred-. 100
1st preferred
Jan
Mar
2%
107%
107
Range Since Jan. 1. 1941
for
Week
of Prices
Low
*
9%
600
112% 112%
•
119
Apr
Royallte Oil Co Ltd
50
2%
19%.
500
100
22
2%
2%
Ohio Brass Co cl B com__*
6%
7%
19%
7%
110
Apr
110
200
22
*
OgdeD Corp com
Edison $6 pref
20
8%
10%
Novadel-Agene Corp
Ohio
112%
8
*
Engineering
100
110
0%
Jan
Apr
104
102
Price
Par
High
Low
102
103 %
pf.lOO
100
preferred
Northern Pipe Line.
—10
Northern Sts Pow ol A..25
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
1,1941
Range Since Jan.
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued)
Nor Ind Pub Serfl %
2677
New York Curb Exchange—Continued—Page 4
152
%
%
%
4,500
%
Apr
*hi
Jan
2%
2%
2%
700
2%
Apr
3%
Jan
Jan
Selberllng Rubber 00m...*
Selby Shoe Co
•
9
Jan
Jan
Selected Industries Ino—
Mar
Common
%
%
——1
Patchogue-Ply mouth Mills *
Peninsular Telephone com*
$1.40 preferred A
26
J5*
30
Mar
32%
Feb
35%
Apr
32%
Apr
50c
%
Mar
%
Mar
100
%
Am deprcts ord reg___l
Jan
Apr
Jan
Jan
%
Selfrldge Provlnc'I Sts Ltd-
Apr
Mar
8
Penn-Mex Fuel
Penn Traffic Co
Mar
31
6%
Mar
33
Jan
214.
Cent Airlines com.l
10%
2%
10
2%
10%
5,000
800
$6
112
*
112
170
"49% "50%
*~86~~
Perfect Circle Co
1
Sentry Safety Control
9%
Serrick Corp class B
1
Mar
66
Apr
Shattuck Denn Mining...6
40
Mar
Feb
Jan
109
165
Feb
115
Jan
'"450
250
""2% "2%
Jan
113
Apr
Sllex Co common
182
Jan
14
Jan
49%
Apr
67%
85
Feb
92
Apr
28
"466
2%
6
200
5%
Apr
Feb
115% 116
20
113%
Mar
31%
2%
Feb
4%
Feb
6
"illy*
Jan
1
Pierce Governor common.*
"l2%
Pioneer Gold Mines Ltd.. 1
1%
5%
2,700
33%
4%
32
250
Feb
31
1%
6%
118%
31%
3%
7%
39
Jan
Mar
Jan
Jan
Jan
Jan
Mar
300
Feb
18%
1,700
1%
Feb
1%
6
Feb
Jan
0%
45%
Feb
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
15%
250
80
81
1,000
3
3
100
9%
"soli
9%
"66"
200
10
Pratt A Lambert Co
*
Premier Gold Mining
3
Pressed Metals of Am
Jan
South Penn Oil
0% preferred B
25
6%% pref series C...25
Southern Colo Pow cl A.26
Jan
Jan
10%
Jan
12%
"it
Jan
Apr
Feb
1%
Mar
19
4%
3%
Jan
Mar
*~23%"~Jan
Jan
Apr
2%
2%
3,200
8%
Jan
Jan
hi
Feb
Jan
5%
8%
Apr
Mar
Mar
%
2%|
9%
Jan
Feb
8%
2%
105%
Jan
113%
54
122%
49%
1,600
625
55
•
96 preferred
*
Mar
95%
Jan
45
Jan
48
98%
49%
95
Feb
825
44
Feb
Feb
Feb
0%
97%
400
14%
8%
98%
48%
Jan
Puget Sound Pulp A Tim *
6
10
*
100
*
79
30
79
Apr
149% 150
150
147
Mar
100
8
Feb
79
8
8
107
Apr
114%
Mar
122%
58%
Apr
Feb
Jan
112
07%
18%
Jan
Apr
8%
Feb
7%
Apr
105
Jan
159%
9%
Jan
Jan
Radio-Keith-Orphuem—
warrants
Feb
%
600
hi
Jan
New voting com .——10
5%
5%
5%
25
$3
conv
Red Bank Oil Co
1%
♦
Reed Roller Bit Co
*
%
19
50
50
1%
100
%
100
19%
400
Reiter Foster Oil Corp. 50c
3%
3%
3%
Jan
Stlnnes
Jan
Apr
4%
Feb
%
Jan
Jan
Jan
Jan
Feb
Mar
JaD
1%
Mar
5
Jan
1%
Jan
hi
hi
Jan
Jan
103%
""25
conv
pref
For footnotes
Feb
Tampa Electric Co
107
Feb
Technicolor Ino common.
5
1%
1
Apr
Mar
Jan
13 %
Jan
10%
2%
Jan
Jan
2679
5%
5%
100
Jan
4%
Jan
1%
5%
Apr
%
3%
*
page
:Feb
Jan
%
Jan
•
Texas P A L 7% pref.. 100
Texon Oil A Land Co.—.2
Thew Shovel Co com
6
Tllo Roofing Inc
1
Tlshman Realty A Constr *
Tobacco A Allied Stocks..*
Tobacco Prod Exports...*
Todd Shipyards Corp
•
4
Jan
100
2%
%
Apr
Apr
1%
1%
Jan
Feb
1%
36%
Apr
39%
Apr
30 %
Jan
40
Apr
46%
Feb
Apr
31%
Jan
28%
Apr
Jan
29%
%
Jan
FeD
1%
200
37
800
41%
200
*28% *29%
"400
Mar
Apr
1%
Mar
3%
Jan
Mar
Jan
Mar
165
Jan
4%
Too
6%
5
Jan
6
Apr
Mar
8
Jan
%
Mar
3
Jan
Feb
22
Apr
5
3,100
Jan
700
%
5%
Jan
1%
1%
Jan
1%
5
Apr
7%
Jan
200
1
Feb
Jan
1%
1%
Mar
hi
1%
5
Apr
10
1
%
5
Jan
hi
Apr
13%
6%
15%
Jan
200
3%
12%
Mar
13%
1%
700
1%
Apr
12%
4 " '
"13%
1%
1%
"£§"
17%
900
4
Feb
2
Jan
Jan
Jan
Jan
Mar
14%
Jan
7%
10%
Mar
17%
Apr
20%
107%
Jan
2,500
18
110
Jan
Apr
Jan
8%
1,700
"£66
8%
hi
300
Feb
hi
%
"25%
%
"25"
Apr
hi
Jan
Jan
28%
Mar
19
7%
Feb
18
%
Jan
*n
27%
Jan
%
Apr
300
9
Jan
1%
ha
hi
Apr
hi
1,000
2
Jan
Jan
Apr
*hi
44
Jan
"3% "3%
44
"£66
44
Jan
12
2%
38%
i.; 65
Apr
12
44
Jan
4%
Feb
Feb
40%
9%
Mar
Mar
Jan
Apr
Jan
7
6%
6%
Jan
6%
700
Apr
Feb
8%
%
Jan
Feb
1%
Jan
Apr
4
Jan
*"£% "i%
'""eoo
%
1%
2%
26
2%
"12% "l"2%
'""£60
2%
hi
Mar
12%
Apr
15
Jan
11
Apr
Jan
10
Jan
Jan
14%
10%
1%
Apr
#lfl
11
11
"l'% "1%
100
i'666
Feb
Jan
Feb
1%
37%
22%
39%
Jan
Mar
28
Jan
9%
Apr
12
37%
37%
100
26
26%
400
6%
2%
23%
200
5%
Apr
7%
Jan
1,500
2%
22%
3%
Jan
22%
37%
8%
8%
2,700
5%
8%
8%
Apr
Mar
Apr
111%
2%
—-1
com..*
104
Apr
8%
...20
see
Taggart Corp com
Feb
"Feb
2%
(Hugo) Corp
103%
12
5
Root Petroleum Co.—..1
$1.20
•
6
*
Sullivan Machinery..——*
Sun Ray Drug Co
1
Sunray Oil
1
6%% conv pref
60
Superior Oil Co (Calif)..26
Superior Port Cement—
Class B common
•
Swan Finch Oil Corp—.15
Jan
7%
20
Stroock (S) Co
21
104
6%
Inc..—1
—1
Feb
Feb
Feb
Mar
2%
Feb
156
0% 1st preferred.....50
5% 2d preferred
20
1%
Jan
Feb
Jan
'130%"
1,100
"5% "5%
Co common..*
*
2
"it
Tit
Jan
%
Sterling Inc
Stetson (J B) Co com
Rochester Tel 0 % % prflOO
Rossla International
Stein (A) A
Apr
29%
28%
*
Standard Products Co.—l
Standard Sliver Lead
1
Standard Steel Spring....5
Standard Tube cl B
1
Starrett (The) Corp ▼ t o.l
Steel Co of Canada
-*
Apr
17%
'l02%"
»la
40
Preferred
104
"l03%
Jan
Jan
Jan
1
5% preferred
100
Standard Pow A Lt—....1
Common class B——*
50
16%
5%
14%
"400
2%
1%
2%
Standard Oil (Ohio)—
Jan
Jan
Roeser A Pendleton Inc..*
Roosevelt Field Ino
10
Standard Oil (Ky)
44
4%
"l% """1% "l%
Jan
$1.60 conv preferred..20
Sterling Brewers
Co-
100
Rome Cable Corp com
1
Common
Jan
Mar
Voting trust ctfs
1
Rochester GAEi 0 % pf C100
0% preferred D
*
Spencer Shoe Corp
—*
Stahl-Meyer Ino
*
Standard Brewing Co
*
Standard Cap A Seal com.l
Conv preferred
10
17
hi
....—1
Rice Stlx Dry Goods
•
1
Jan
15%
3%
11%
Rheem Mfg Co
Rio Grande Valley Gas
Jan
hi
100
Republic Aviation...——1
Richmond Radiator
7%
Jan
4~700
Reliance Elec A Engln'r'g 5
Jan
3
preferred
Jan
4
Reeves (Daniel) common.*
Jan
23 %
l»ll
100
7% preferred
13
49%
180
36%
Sterling Aluminum Prod.l
50c
Raytheon Mfg com
Feb
5
hi
*
preferred
13
Apr
Mar
23
1%
Sterchl Bros Stores
Railway A Light Sec—
Railway A Util Invest A.l
Raymond Concrete Pile—
Common
*
Jan
2%
"jl
South New Engl Tel—100
Standard Invest $5% pref *
*
$5 prior preferred..
102% 104%
Standard Dredging Corp—
119
Jan
6%
Spalding (A G) A Bros...1
%
Puget Sound P A L—
Option
Feb
104
Southland Royalty Co—6
Jan
4
121
6% preferred
Quebec Power Co
6%
2
Co. 10
Southern Pipe Line
10
Southern Union Gas.—.*
Preferred A
25
Apr
7%
104%
Southern Phosphate
1st
J7 prior preferred..——*
Quaker Oats common
Jan
Feb
Calif Edison—
Feb
Feb
100
100
Pyrene Manufacturing
115%
1%
25
Jan
4
Public Service of Indiana—
Pyle-Natlonal Co com
Jan
109
11
2%
1
90%
Mar
*
$6 preferred
80 %
1
Mills...*
Solar Mfg Co
Mar
%
*
1st preferred
1st preferred
Smith (H) Paper
Solar Aircraft Co
Jan
Jan
Public Service of Colorado
6%
7%
Apr
%
22%
6% original preferred.26
3%
•
—
Jan
65%
6%
100
Southern
800
19%
50
112
112
"550
Southwest Pa Pipe Line. 10
4
1
Prudential Investors
Jan
4%
Feb
....6
Skinner Organ
Jan
100
200
Sioux City G A E 7 % Pf
Jan
1%
1
Producers Corp of Nev
19
"65% '"*65% "66%
reg.£l
1
Sonotone Corp....
—.1
sobs Mfg com
1
South Coast Corp 00m...1
*
19
.100
Amer dep rots ord
Apr
Apr
8%
1
Prentice-Hall Inc com
Providence Gas
7
Mar
Singer Mfg Co Ltd—
16 %
%
%
Corp. of Canada..*
1st preferred
100
Singer Mfg Co
70
2%
1%
3%
6
Prosperity Co class B
Feb
Feb
Apr
•
Mar
12%
70%
11
common—.6
Powdrell A Alexander
2%
Apr
♦
pref
Mar
63
'"206
25c
Polaris Mining Co
6%
'"400
45
7.50
Pneumatic Scale com
Power
"67%
15
66 %
Pittsburgh Metallurgical 10
Potero Sugar
,6%
1,100
6
50
Pittsburgh A Lake Erie .50
Plough Inc com..
Jan
Jan
T666
Simplicity Pattern 00m..1
Simpson's Ltd B stock...*
Pitney-Bowes Postage
•
Mar
%
1%
Simmons H'ware A Paint.*
Jan
4%
1%
12
oonv
Jan
12%
12
$3
Mar
Phoenix Securities—
A. 10
50
Slmmons-Boardman Pub—
Jan
""206
2%
»
Pitts BesS ALE RR
Jan
10%
"3% "1% ""3%
2%
Sherwin-Williams of Can. •
Apr
Mar
%
200
6% cum prefser AAA 100
%
Apr
60
Feb
300
%
2%
%
2%
Shawlnlgan Wat A Pow..*
bherwin-Williams 00m..26
2%
FeD
%
1
Jan
10
87%
86
Phillips Packing Co.—*
Meter
42
Mar
%
111%
Phila Elec Pow 8% pref.26
Conv <3 pref series
50
2%
2%
50
*
Pharls Tire A Rubber
Philadelphia Co common.*
Common
48
23
165
100
Phlla EJec Co $5 pref
Allotment certificates..
14%
200
112%
111% 111%
...
Pennsylvania Sugar com 20
Penn Water A Power Co.*
Peppereli Mfg Co
41
13%
*
60
preferred
200
Jan
Apr
38
*
Penn Salt Mfg Co
450
Seton Leather common...*
*
12.80 series pref
*
Pennsylvania Gas A Elao—
16 series pref
Penn Pr A Lt 57 pref
1%
48
48%
stock
Apr
Pennsylvania Edison Co—
Class A common
1%
47%
Convertible
04%
1
1%
5
$5.60 prior stock.....26
2%
2%
2%
-
Pennroad Corp com
Penn
6
6
Parkersburg Rig A Reel._l
Apr
800
2%
16
6%
6%
300
2%
3%
Apr
19%
Apr
8%
Jan
Jan
%
Jan
4%
Jan
%
3%
30
Apr
Mar
6%
43
89
Jan
Mar
2%
100
•
89
Jan
25
9%
114%
15%
200
15%
Jan
82
Mar
Mar
Jan
53
98
Jan
Jan
Jan
Last
Sale
Par
Price
Toledo Edison 6% pref 10c
Week's Range
of Prices
High
Low
for
105* 105*
105 A
108*
Jan
*u
Jan
A
10
Trans western Oil Co
2*
Mar
2 A
200
2*
Trt-Contlnental warrants
Jau
2*
Truni Fork Stores Inc..
Tublze Chatlllon Corp—.1
5
1
34
Mar
Jan
A
Jan
Unexcelled Mfg Co
Union Gas of Canada
5
34
Apr
1,200
♦Maranbao 7s
1958
13*
13*
Jan
♦Medellin 7e stamped. 1951
7*
7A
5*
13*
7A
Jan
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
X22A
J22*
Feb
6A
Feb
2*
7*
3
Feb
4*
Jan
300
3*
3*
3A
Jan
Jan
*
Jan
4X
Feb
8*
8*
100
8
Feb
9
Jan
3*
3 H
3*
100
3*
Apr
3A
Apr
1
~9~H
9*
8 A
cum
10
Apr
11*
Feb
*
10c
%
1
lat 17 pref. non-voting.*
%
114*
"""* ""*
13*
Apr
Jan
22
Feb
27
Jan
Jai
♦Iseue of Oct 1927.
Jan
14*
Feb
9*
Jan
Mar
Mar
22*
Apr
23*
Feb
11
Apr
40
Feb
40
Mar
17*
16
Mar
18
Apr
X25
tie
J10*
1,000
Apr
6*
6,000
6*
Mar
7*
Jan
*
7,000
*
Jan
H
Feb
*
6*
*
xht
1921
1949
♦5*8
♦Santiago 7s—
7
22*
11
♦Rio de Janeiro 6*8.1959
♦Russian Govt 6*s_.1919
6*
Feb
5*
13*
23*
9*
30*
11
♦Mtge Bk of Chile 68.1931
Mtge Bk of Denmark 6s '72
♦Parana (State) 7s
1958
Feb
Mar
3,000
2,000
10,000
Jan
8*
Jan
X
10 A
Apr
15
Jan
Jan
United Corp warrants
"2,500
Mar
»!•
1,500
7*
"8~866
7A
*i«
Jan
*
114*
Mar
"i.
Jan
Bank
Friday
1,100
106 X
Feb
114*
Apr
Elig. <fc
Last
Week's Range
for
100
A
Jan
*
Mar
Rating I
Sale
of Prices
Low
High
Week
Since
I
Jan. 1
'j#
United Gas Corp corn
Ill
Option warrants
*
*
Jan
Apr
United Elastic Corp...
Jan
BONDS
United Gas A Elec Co—
80
100
7% preferred...
United Lt A Pow com A—*
1,200
Mar
85
See a
Price
Jan
Alabama
Power
Mar
•i«
ht
200
,u
Apr
Ti»
Jan
•
24 *
26 X
1,700
19 A
23 A
Feb
29*
Mar
1st A ref 6s.——.
1951 x a
Jan
25
Mar
1st A ref 5s
1956 x a
70
Apr
70
1st A ref 5s.—
1988 y bbbl
1st A ref 4*s.
1967 .Y bbbl
United Milk
>u
A
Products—*
53 partic pref
1st 6s
Apr
United N J RB A Canal 100
United Profit Sharing—25o
10% preferred...
A
6A
10
Mar
5*
Mar
2*8 8 f debs
1950
x
aa
3*8 if debs
3*8 8 f debs
1960
x
aa
1970
x
aa
y
bb
50
49*
54*
1,250
49 A
Apr
44 A
45
220
43 A
Mar
9
8A
9
800
7A
Feb
4A
4A
400
4 A
7A
50
7A
Apr
1
U S Foil Co class B
U S Graphite com
6
U 8 and Int'l Securities..*
II"
Jan
Jan
10
Jan
Am Pow A Lt deb 6a—
2016
5*
Jan
Appalao Power Deb 6a
2024
x
bbb3
7*
Apr
Arkansas Pr A Lt 6s
1956
x
bbb3
107'
Associated Elec 4*8
1953
y
b
*
Jan
Feb
Jan
61*
4*
Jan
Mar
28 A
Apr
29*
Jan
6C0
IX
Mar
400
2A
Feb
2*
4*
Jan
Mar
Jan
*
Jan
"l75
3
SI * conv preferred...20
U 8 Radiator com
28X
1
U 8 Rubber Reclaiming..*
U 8 Stores common—.60c
1
2%
%
2%
100
28X
1X
2A
lat 17 conv pref
*
United Stores common.60o
3 A
Class B—
oonv
preferred
♦Debenture 5s
6e without warrants
1
Jan
Feb
7
Mar
2 A
70 A
50
Jan
27*
21
Feb
Apr
17*
6,000
IX
Jan
2*
67 A
Apr
Mar
83*
*
Mar
X
n
A
46*
""loo
Ye
Apr
Jan
*
Jan
...1960 «b
"lA "lA
150
"300
A
Bethlehem Steel 6s
1998 * aa
Birmingham Eleo 4*s
Broad River Pow 6s
1968 * bbb3
102*
6s series
1960 x aa
C
Jan
Feb
Apr
Mar
3
1963 * bbb3
1942 * »
2
Canadian Pac By 6s
Cent HI Pub Serv 3*8
A
1*
1*
3J00
Apr
Jan
22
Jan
Feb
99*
11
Apr
Mar
9
Apr
Apr
8*
Apr
4*
Jan
*
7X
Feb
9
7% preferred
100
Waltt A Bond class A...*
Class B
*
4A
Feb
Apr
5*
*
1927 z bb
Cincinnati St By 5*8 A
Apr
*
*
Feb
14
200
13*
Feb
1A
2
500
1*
Apr
IX
IX
600
1*
Mar
2A
3X
3
14
b
1960 y b
1958 yb
..1969 yb
101
Conv deb 6s
1,100
15*
15
12*
12*
12*
12*
12*
83,000
15*
15*
130
106* 107*
51
44*
76,000
40,000
15*
15*
15*
15*
15*
15*
40,000
64*
12,000
64
106* 106*
107* 107*
1,000
106
7,000
107* 109*
15*
15*
69
107*
Apr
Community Pr A Lt 6s
Jan
Conn Lt A Pr 78 A
1951 *
Jan
Feb
(Bait) 3*s ser N
1971
x
1st ref mtge 3s ser P
1st ref M 2*s ser Q
1969 x
4*
Feb
70
10A
7A
75
100
Feb
Mar
Jan
Mar
7
Feb
Mar
Mar
A
4 X
1,100
4A
Apr
4*
4*
100
4*
Jan
Wool worth (F W) Ltd—
Amer dep rets
f
20
6*
5*
3
2,500
37*
49
91*
2,000
86*
92
1,000
16,000
90*
95
89*
83*
90
86*
87* 261,000
80*
87*
87
87*
87
88
98*
99
98
99*
87*
99*
102*
!
80
19,000
88
9,000
79
88
! 230,000
88
99*
|
102* 102*
99*
98* 103*
127* 130
88*
71,000
21,000
t!28
Jan
Eastern Gas A Fuel 4s_
1966 y
Eleo Power A Light 6s
2030 y b
11*
1,000
107* 111*
105* 111
103
Empire Dlst El 6s
1952 * bbb2
♦Eroole Marslll Elec Mfg—
6 *b series A—.
1963 z cccl
5*
6*
4*
Jan
Jan
Erie Lighting 5a
Jan
Federal Wat Serv 5 *s
Finland Residential Mtge
Mar
...1967
x
a
Apr
5*
Jan
Florida Power 4s
Apr
4*
Jan
b
O
60
22,000
101
102*
102 4 103*
34,000
102
107
86*
90
87* 167,000
91* 453,000
86
89*
y
x
bbb3
x
bbb3
78*
91*
119* 126
105
105*
7.000
104
106
45*
44
45
4
J109* 111*
101* 102*
cccl
1966
1,000
+45
105*
4
1964
Florida Power A Lt 6s
53*
101* 101*
3
y
1961
3*
ser
1964
6,000
120 * 120*
Mar
Jan
101
102
87*
91*
bb
57
56
2,000,
101*
Elmira Wat Lt A RR 58—1950 * •
8*
117
97*
57
Mar
4
4
31
98*
22,000
30*
96* 102*
97 A
89*
Apr
ser
Banks 6s-6s stpd
3A
14*
122* 128*
1966 * •
1969 * bbb4
Feb
6*
4*
13*
93
1,000
Cudahy Packing 3*8
Delaware El Pow 5*s
14*
114
4
77,000
50,000
60,000
9,000
102* 102*
97* 140,000
96*
Mar
19*
Jan
Jan
10*
81*
82*
107*
122* 122*
x
Mar
Jan
5*
10*
7X
69*
105
aaa4
..1964
Cuban Tobacco 6s
Mar
4*
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
39,000
5,000
28,000
Jan
17
1
73*
50,000
81*
77*
80* 82*
106* 107*
13*
16*
14* 16*
97
97*
39* 42*
89* 89*
156
101* 103*
102* 104
108* 108*
106* 106*
102* 102*
1943 y b
1968 y bb
1944 y b
13
Wichita River Oil Corp..lu
Williams (R C) A Co—
149
8,000
103
1976 * aaa4
A stamped
Cont'l Gas A El 6s
6s
6
3,000
39,000
Consol Gas Utll Co—
Feb
11*
9,000
105* 111*
103* 112*
Consol Gaa (Bait City)—
Jan
Jan
58*
1
109* 127*
23,000
98*
aaa4
Jan
20
100
18,000
111* 111*
111* 112*
150* 151
102
102*
87*
aaa4
Jan
67A
17
87*
"««4
3*
102
Gen mtge 4*8
17
103
Consol Gas El Lt A Power—
6*8.
Jan
2*
1*
1952 yb
6*
Jan
2*
3%
Westmoreland Coal—...20
Westmoreland Ino
10
3
3
3
Feb
300
3A
67*
101
104*
100* 102
104*
92
Apr
3*
20
Debenture 6s
Cities Serv P A L 6 *■
Western Maryland By—
Wright Hargreaves Ltd..
tl5*
15*
108*
89
1966 y
4
1949 yb
4
1957 y bb 3
Jan
*
14
42*
—1952 y bb
1965 y bb
fle series B
Cities Service 6s
Debenture 5s
1
97
1
|*Chlc Ryi 6s otfs
Mar
Jan
14*
1964 y cc
1953 y b
81 *
81*
1C6*
14
1948 y cc
5 *8
Cent States PAL 5*8
Jan
200
3
1968 x a
Cent States Elec 6s
Jan
3 A
H
85*
Petroleum
128
—
19,000
47*
103
1964 y bb
Canada Northern Pr 6s
Jan
IX
14
4A
130
103* 106*
110* 112
111*
*n
49
4X
2
100* 109*
X97
3
3
1957 * aa
Jan
Mar
44
100
'2H ~2%
A
Williams Oll-O-Mat Ht._
Wilson Products Ino
1
Wilson-Jones Co
*
109* ,213,000
*99
2
2
2
1st 6s series B
>i«
45
800
Weyenberg Shoe Mfg
107* 110*
Bell Telep of Canada—
Apr
425
3*8—1964
Convertible 6a
Jan
X
«,
16.000
Baldwin Looom Works—
Feb
Jan
14 A
3
oom
1947 y
Jan
5*
67 A
Western Tablet A Statlon'y
Common
106
108*
46*
64
107*
aa
900
2 A
100
13.0C0
47.000
106*1107
*15*
3
bb
bb
6
67 X
Went worth Mfg
1.26
West Texas Utll 66 pref—*
W Va Coal A Coke new..6
Western Air Lines, Inc.. J
b
a
x
Atlantic City Elec
14*
14
104*
106*
~7\666
Avery A Sons (B F)—
Jan
23
2X
y
x
1947 y
Jan
Jan
14 A
2 A
45
1955
1956
6e with warrants
*i»
1*
5*
5
Wolverine Tube
dddl
1977
Feb
3
7% let preferred
z
♦Conv deb 5*8
AusocTAT deb 5*a A
Atlanta Gas Lt 4*8
Apr
4%
Western Grocer oom
15*
Apr
14 A
1
Wayne Knitting Mills...6
Wellington Oil Co
1
dddl
A
Waco Aircraft Co.—....*
Walker Mining Co
z
1
7% pref—100
Vogt Manufacturing
*
Wagner Baking v t o
—1968
3 A
Va Pub Serv
Vultce Aircraft Co..
15*
15*
100
6
Petroleum...1
dddl
1,600
1
Utility Equities oom
10c
S6.60 priority stock
1
Utility A Ind Corp oom..6
Conv preferred.
7
Valspar Corp com
1
dddl
z
IX
1
Utah Radio Products
dddl
z
5X
Universal Products Co—*
Utah-Idaho Sugar
...6
Utah Pow A Lt S7 pref—*
z
1960
A
1
oom
Feb
47
.—1949
3A
8
Universal Pictures
3*
3
♦Conv deb 4*8
♦Conv deb 6s
1
»
Universal Corp v t c
Universal Insurance
Feb
§ Associated Gas A El Co—
♦Conv deb 4*8
1948
3A
United Wall Paper
2
Universal Cooler class A—»
Venezuelan
60*
11,000
102* 105*
103
105*
101* 103*
103**103*
101*j101*
61
A
lo"
161st pref with warr—•
103*
45*
Feb
U 8 Lines pref
U 8 Plywood Corp—
24,000
103*
106* 106*
108*
109 A
109*
tl29 A
Apr
7H
United Specialties com
106* 107*
103* 106*
5,000
104*1104*
American Gas A Elec Co.—
Jan
45
106* 106*
*103 -4 103*
•is
...26
Preferred
106*
104*
1946 * a
—
Mar
United Shoe Mach com.26
Range
Co—
X
*
S6
1st preferred
Sales
Jan
Common class B
Woodie y
Jan
27
A part pref....*
Un Cigar-Whelan Sts..
54
7
27
Jan
H
2,200
Feb
9
8*
United Chemicals com—*
1958
♦6*s stamped...
Jan
100
Jan
Apr
3,000
34
34*
l'A
100
A
5*
Jan
Jan
7
VA
7
20
14
8
40*
Un 8tk Yds of Omaha—100
United Aircraft Prod
X14A
*14*
14 A
8*
Apr
50
3*
1*
*
Union Investment corn—*
1939
1947
•Hanover (City) 7s
Jan
7
*
*
10
Series B pref—...
600
5*
34
High
15
18
15
14*
18*
♦Hanover (Prov) 6*8.1949
Lima (City) Peru—
Jan
1
3*
Tung-Sol Lamp Works—.1
80c conv preferred—
Udyllte Corp
—1
iUlen 4 Co ser A pref
X3A
J14*
1952
6*s strap
♦Secured fls
Mar
A
8A
Class A
♦Ext
♦German Con Muulo 7s *47
Trans Lux Corp.--
Low
I
Danslg Port A Waterways
Jan
114
Range Since Jan. 1,1941
for
Week
of Prices
High
Low
Price
High
Apr
Feb
112
7% preferred
100
Tonopab-Belmont Dev. 100
Ten pab Mining of Nev "
Sale
(Continued)
Low
Week's Range
Last
bonds
Range Since Jan. 1,1941
Week
Shares
30
Sales
Friday
Sales
Friday
stocks
(<Concluded)
S3
April 26, 1941
New York Curb Exchange—Continued—Page 5
2678
106
141* 43
105* 106
105* 106
108* 109*
25,000
101* 103
20,000
75,000
41* 42*
104* 106
104* 106*
Gary Electric A Gas—
6s ex-warr stamped
FOREIGN
Gatlneau Power 3*8
General Pub Serv 6s
GOVERNMENT
AND MUNICIPALITIES-
Gen Pub Utll 6*8 A
♦General Rayon 6a A
Gen Wat Wks A El 6s
Sales
for
BONDS
Week
Georgia Pow A Lt 5s
$
Agricultural Mtgs Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
♦Baden 7s
23
1,000
23
23
3,000
Ltl4A
1951
♦Gesfruel 6s
Glen Alden Coal 4s
23
21*
22*
17*
Mar
26*
Jan
6*
Apr
8*
Jan
Jan
Jan
.
24
v.l>
Mar
Bogota (see Mtge Bank of)
6A
♦Prov Banks 6s B..1951
♦6 series A........1952
1*14 A
Danish 5*8
Ext 6s
1953
For footnotes see page
2679.
1,000
99*
1966 y bb
1948 * ccc2
bbb2
4
1963 * b
1
1966 ybb 3
1943 y
1978
yb
J45
100*
80*
"84*
1941 Yccc4
Grand Trunk West 4s
1960 * a
85
Gr Nor Pow 6s stpd
1960 * *
3*i—1963 * ««
1945 y b
1968 y b
Apr
27
Jan
Guardian Investors 6s
22
Feb
22
Feb
♦Hamburg Eleo 7s
1935 z dd
*35
74 A
52
Jan
81
Jan
30
25
Mar
26
Jan
2,000
Attention is directed
to the new column In this
A St Ry 5 *8
J
1938 z cccl
tabulation pertaining to
98* 102*
65
81*
lb",000
99* 100*
72
82*
14,000
35
84*
85
73*
80*
82*
85
23
39*666
1,000
85*
49
85
75*
85
107* 108*
103* 106*
58
8,000
15*
2,000
bank eligibility and rating of bonds.
64
17*
30
20
15*
23
80*
7,000
17,000
19*
*25
♦Hamburg El Underground
*24 A
84
102
99*
*20
19*
1948 y c
24
78
100
108* 108*
106
*103
64*
*63
Grocery Store Prod 6s
100* 101*
6,000
84
100* 100*
80
5,000
70,000
100*
*14*
Gobel (Adolf) 4*s
13
80
100
Guantanamo A West 6s
itl4X
...1955
6A
83*
1963 y b
75
Green Mount Pow
♦Cauca Valley 7s
1948
Gent Bk of German State A
101* 101*
..1944 y bb
A..-1969 * »
27
19*
29*
15*
15*
See a.
Sales
Bank
Friday
Elig. A
Rating
Last
Week's Range
for
Range
Sale
of Prices
Week
Since
(Concluded)
See a
Pries
Houston Lt A Pr 3 Ho
1966 x as
High
Low
2
1949 y b
2
73
1967 in
3
110
{108
107H 107H
106 H
106H 106 %
106 H
106
106 H
6s series B
3%s
1963 x bbb3
1st A ret 6 Ha ser B
1964 x bbb3
1966 x bbb3
1st A ret. 6s ser O
8 f deb 6Ha...May
1967 y bb
Indiana Hydro Elec 6s
Indiana Service 6s
72 H
1963 yb
♦Indianapolis Gas 6s A
1962 * bb
Indianapolis Pow A J<t 3%sl970 x a
2,000
1,000
73
70 %
70 %
9,000
49.000
{100 H 101H
25*600
104 X 106 H
98 X 103
100 x 101X
79 X
72 X
76
75H
76 H
6,000
71H
78 X
90
3,000
80 X
92 H
106 H 106 H
3
5.000
105
109
{international Power Beo—
1966 y b
l
19%
♦7sseriesE
..1967 yb
1
{21H
♦7s series F
.....1962 yb
1
1967 yb
3
67 H
...1952 y ccc2
28H
♦6 Ha series O
Interstate Power 6s
Debenture 6s
Iowa Pow A Lt 4 Ho
..1968 x aa
♦Isarco Hydro Elec 7a
3
1962 * cccl
1963 reel
Italian Superpower 6s
19%
26
133,000
68
67
29 H
107H 107H
28H
IV, 000
1,000
14X
21
15X
1,000
"5*060
24
24
25X
24
15H
66 X
24 X
23
18H
73
43
106 X 107
25
2,000
15X
18
18H
2,000
17
H
26
35H
Jacksonville Gas
6s stamped
1942
s
43
b
10,000
43
22,000
106 % 107
Jersey Cent Pow A Lt 3Hs.l966
x a
Kansas Elec Pow 3 Ha
1966
x
aa
2
2022
x
a
2
Lake Sup Diet Pow 3Ha... 1966
x
a
4
♦Leonard Tleta 7 Ha
1946
x
cccl
Long Island Ltg 6s
1945
x
bbb3
Louisiana Pow A Lt 6s ....1957
x
a
Kansas Gas A Eeo 6s
42 H
125H 125H
48
105 X 107 X
106
123
128 X
106 X 107 X
40
{15
105H 105H
108H 108%
4
"ITooo
107
{105
42 X
106
*103 H 100 H
6,000
6,000
104X 106X
108X
107
Mansfeld Mln A Smelt—
1941 xdd
♦7a mtgesf
1
{17H
25
36
25
MoCord Rad A Mfg—
b
77 H
3
1948
y
1952
1947
1971
6s stamped..
x
bbb2
y
b
2
99
x
aa
2
106
17,000
79
77
90
Memphis Comml Appeal—
Deb4Hs
Mengel Co
oonv
4 Ha
Metropolitan Ed 4s E
{102% 104
101X 103 H
H
99
2,000
105 H 106
17,000
99
95 X
....1965
x
aa
2
108
108
8,000
1945
1943
1967
1978
y
bb
2
102
102
3,000
100
y
bb
2
54
28,000
1955
4s series G
Middle States Pet 6Ha
Midland Valley RR 5s
63 %
3.000
60 X
109 X
104
59 H
1st A re! 58
103 X 106
Mississippi Power 6s
x
bbb2
x
bbb3
104 %
105 H 105 H
103 % 104 %
17,000
x
bbb3
107 %
107 % 107%
4,000
1956
Mllw Gas Light 4HS
Minn PAL 4Ha
x
bbb2
105H 105 H
11,000
102 X 105
108 X
100
103 X 105 X
bbb3
8,000
102 X 106 X
105 H
"105%
Miss Power A Lt 6s
1967
x
Miss River Pow 1st 6s
1961
x
aa
2
Missouri Pub Serv 6s
1960 y bb
4
"ioin
Nassau A Suffolk Ltg 6S...1946 s bb 2
Nat Pow A Lt 5s B
2030 y bbb2
102 H
»»Nat Pub Serv 6s ctfs._.1978
Nebraska Power 4Hs
1981
2022
6s series A
x
aaa2
x
aa
2
1948
x
y
bb
New Amsterdam Gas 5s...1948
s
aaa2
3
1947 y b
4
1948 yb
4
"ei"
4
.....1960 yb
96%
6s
New Eng Power 3 Ha
New Eag Pow Assn 6s
1961
1948
1964
1949
stamped.....195'
1980
196*
N Y A Westch'r Ltg 4a
2004
Debenture 6Hs
t
y
bb
3
y
bb
3
T
bb
4
*
*
*
*
a
®
2
*
4
60 H
aaa3
*92
96 X 101 x
102 H
106 % 106 H
19,000
26,000
100 X 102 x
105X 109
22 H
4,000
108H
23,000
102
23.000
114% 116H
1,000
108 H 108 H
97 H 132,000
96 H
{117% 118H
61 H
59 H
59 H
61H
26
111X
114X 124
106
109 X
88 X
98
117X 121 H
New
York
96 H
48,000
1,000
66 H
106 X 109 H
92
97 H
94
103 X
100
105
a
101X 106 X
36,000
102 X
23,000
4,000
{38 H
106
107X 109 H
103
106 H
114
44
114
40
129
{114
1963 y b
Nippon El Pow 6Ha
35,000
104 H 104 H
aaai
..1964 * aa
Debenture 5s
106 H
102% 103H
108% 108%
106
103 H
45
6Hs series A
..1966 y bb
No Boat Ltg Prop 3H8-..1947 * ««
Nor Cont'i Utll 6Ha
1948 r b
104 H 104 H
60 %
61H
y bb
1950 y bb
3
102 X
3
103
1st A re! 4Xs ser D
1950 v bb
Queens Boro Gas A Elec—
3
100 X
1952 ybb
4
PugetSoundPAL6Xa—1949
ser
C
5Xs series A
♦Ruhr Gas Corp 6Xs
♦Ruhr Housing 6Hs
8,000
1,000
16,000
102 X 103 X
104
105 H
49 X
76 X
26
72,000
26
105 X 109
105% 107
54 X
109X 113X
110 % 110%
5,000
106% 107
109 H 109%
16,000
106
109H
14,000
107 %
106 % 107%
15,000
108 X 109 X
106 X 108 X
103%
103 % 103 %
3,000
103%
103H 103 H
3,000
Pacific Ltg A Pow 6s
1942 * «®«4
Pacific Pow A Ltg 6s.....1956 y bbb2
x ccc2
Park
105H 105H
1,000
60,000
100
102% 103
100% 101X
11,000
26,000
98% 101X
86 X
87
3,000
84
90%
17X
17X
{4%
17X
5,000
17 X
14
28 X
106%
107*"
28*666
106 X
107*
15
20
*39*"
5,000
36 X
39
75%
76%
75%
87%
84
92
85H
92 X
5,000
93
97 X
104 X 104 X
102 X
1,000
103
58%
20*666
1937 * cccl
{15
♦Schulte Real Est 6s
Scullln steel Ino 3s
1951 * cc
2
2
39
89 X
1947 yb
Sou Carolina Pow 6s
Sou Counties Gaa 4Xa
Sou Indiana Ry 4s
2
1989 * b
94
95
X
106
2,000
110X
25,000
34 X
34 X
43,000
88%
93.000
70
88 X
51.000
70
88 X
65,000
68 H
20
88 X
25X
1,000
28H
32%
9,000
43
53%
20%
1,000
13%
88 X
80%
88 X
86
35,000
88%
88 X 141,000
80
88 X
87%
88%
86
88%
21
21
1,000
29X
29%
29%
53
51
53
20%
88 X
J
1950 * ccc2
46
88 X
88%
88 X
3
-
34%
69%
69%
86 X
3
1967 yb
103% 100
69
88X
3
3
1967 yb
X
60
105% 106
101
110X
1.000
3
yb
Conv 6s (stamped)
1948 yb
Debentures 6a..
..1951 yb
Debenture 6s
Dec 1 1966 yb
50 H
5,000
110
104
101X 102%
104 X 104 X
110 X
2
Standard Gas A Electric—
6s (stamped)
1948
Stlnnea
33,000
104 X
S'westernGas A E13X8- —1970 xaa
So'west Pow A Lt 6a
2022 y bb 4
S'west Pub derv 6a
1946 * bbb4
6s gold debs
Standard Pow A Lt 6a
♦Starrett Corp Ino 6a
92 X
{101%
3
57
2 "57 x
105X
3
1968 x aa
1961 y bb
Spalding (A G) 5s
90
95
1967 f bbb2
92
8,000
59,000
92 X
Shawlnlgan WAP 4X8—1967 x bbb3
1st 4Xs series D
—1970 x bbb3
SheridanWyoCoal6a
14
109
133% 138%
133
{131
♦Saxon Pub Wks 6s
1961 yb
162
102X
98% 103
(Hugo) Corp—
7-4s 2d
1946 x.
7-48 3d stamped
Certificates of deposit
♦Ternl Hydro El 6Xs
..
1949 y cccl
y cccl
1953 y b
I
..I960 x bbb4
1960 * a
2
Texas Elec Servloe 6s
Texas Power A Lt 5s
6s series A
107
107%
22,000
106% 107%
107%
107% 107%
10,000
107
120
120
2022 y bbb2
1979 ybb
3
"98%
(L) see Leonard—
Twin City Rap Tr 5Xs
|*Ulen A Co—
1952 yb
4
59 X
Conv 0s 4th stp
United Elec N J 4s
1950 z d
1
1949 * aau4
♦United El Servloe 7s
1956 * bb
Tide Water Power 5s
20 X
107 X
108X
118% 121X
3,000
98
98%
27,000
96
99%
59 X
59 X
24,000
59
62%
9X
118%
Tlets
2
..1959 » »>i>b3
Rys (Del) 5Xs —1952 ybb 3
98%
..1974 y b
Deb 6s series A
.
1st ref 5s series B
Deb s f 6s
30
23%
30%
"2^666
15
30
98
88,000
85
99%
98%
41.000
88
99%
97%
156.000
119% 119%
104%
101%
i
3
3
102%
101%
121
117
6,000
97%
10,000
83%
98%
101
10,000
101
102
104% 105
23.000
103
109
101
2
103% 108%
93% 100
3,000
96%
« b3
25
99% 100
'*99%
119%'
7,000
104
2
bb
bL
1950 iy bb
_.1946 *b
16%
16X
104
bbb3
i973 yb
114
96
97%
Utah Power A Light Co—
1st Hen A gen 4 Xs
.1944 *
Deb 6s series A
-.2022 x
Va Pub Servloe 5 X A
1946 y
7
5,000
16%
{17 X
2
Debenture 6Xs
1st lien A cons 5Xs«.
12,000
21X
20
♦United Industrial 6Xs.—1941 1 cccl
♦1st s f 6s
1945 z b
I
United Light A Pow CoDebenture 6s
1975 yb
8
115
8X
115
l
101% 101%
102% 102 X
101X
101
7,000
101% 102
16,000
102% 103
6,000
100% 102
Waldorf-Astoria Hotel—
♦5s
..1954
z
c
1
1951
Income deb
x
aa
4
Wash Ry A Elec 4s...
Washington Water Pow 3 Xs'64
West Penn Elec 6s.
2030
5s—.1960
4%
{109
108% 108%
{106
108 '
x aa
x
bbb3
x
aa
4%
110%
2
119
118
4
5X
108
109%
9,000
*2*666
105H 108%
105
108%
"2*666
116% 119
Western Newspaper Union—
6s unstamped
59
68%
66
68%
7,000
{100
105
106%
101
101
"9*660
105
107%
98
99%
*7*666
99
68%
1944
Wheeling Elec Co 5s
1941 x aaa2
Wise Pow A Light 4s
1906 1 bbb3
|»York Rys Co 5s strap...1937 z bh
♦Stamped 5s
1947 ybb 2
166"
106
103 X 104 X
105
106X
99%
150
101% 102 X
103 X 106 X
«®»2
7,000
87
1963 z b
1
—1958 * cccl
8a!e Harbor Water 4Xs— 1979 * aa 3
San Joaquin L A P 6s B...1952 * aaa2
West Penn TractloD
No Amer Lt A Power—
102 % 103
156
bbb*
United Light A Rys (Me)6s series A
1952
Penn A Ohio—
♦Ext 4Hs
N Y State EAG 4H8
1st mtge 3%s
153
Un Lt A
58 X
1
70
107
153
66 X
New Orleans Pub Serv—
♦Income 6s series A
{106
3
*
66 H
27*666
Since
Jan.
I
20
y aa
1949
69 X
43.000
Rang*
for
Week
77
106X 106X
106X
2
1964 * aa
69 X
93 H
94
107
1
19,000
58 H
61H
{106% 108
92
21
1954 * b
{74 X
2
35*666
103% 103%
94 H
111
197660
108
116%
bbb3
1966
109
100 H 101%
22 H
Nevada-Calif Elec 6s
N E Gas A El Assn 6s
105 H 106 H
{110% 112H
i
Nelsner Bros Realty 6s
Conv deb 5a
52 H
99
105X 110 H
107
of Prices
High
Low
{14%
1959 * a
1st mtge 3X8
s f debs 4s
1st A ref 5s
88%
I
Power Corp(Can) 4 x sB
♦Prussian Electric 6s
6% perpetual certificates
108
75 H
75 %
Prxce
Public Service of N J—
106 % 108
105
Sale
See A
Publlo Service Co of Colo—
74
73
107 X 108 X
40*660
19,000
101
100
3
2
73"
107H
1968 y bbbl
1960 y b
2
1st Hen A rel 5s
72 H
Rating
(Concluded)
1
13
1
1949 y b
IU Pr A Lt 1st 6e ser A
Jan.
Week's Range
Last
EUg. A
BONDS
110X nox
{110% 110%
3
♦Hungarian Ital Bk 7Xs,_. 1963 x c
Hy grade Food 6a A
*
Sales
Friday
Bank
BONDS
Idaho Power
2679
New York Curb Exchange—Concluded—Page 6
Volume 152
1945 7
Ogden Gaa 1st 6s
Ohio Pow 1st mtge
Ohio Public Serv
*>*>
3HS....1968 * ®®
4a......1962 * ®
Okla Nat Gas 3Ha B
Okla Power A Water 6a
1966 *
bb*>3
1948 * bb
109
{95%
*99%
99%
97%
99
100X
Pacific Gaa A Elec Co—
1941 *
1st 6a series B
Lexington 3s
...1964
1977
99%
{35H
100 H 125.000
95
35
36 H
167666
100 X
38
bbb2
105
X
bbb2
106 H
x
aa
106 H 106 H
{104% 106 X
5,000
1971
1962
1st 6s
x
1979
Penn Cent LAP 4Hs
x
aa
109 % 109%
"2*600
108 H 108 %
109H 109 X
1,000
1,000
108
109 X
104X 105
104X 104X
112X H2H
5,000
102
105
Penn Electrlo 4s F
5s series H
1947
x
aa
1954
x
aa
1981
x
bbb2
1961
x
bbb2
1972
x
aa
Penn Pub Serv 6s O
5s series D...
105
105H
104X 105 X
106
107 X
104X 106X
107 X HO
106 X 109
Peoples Gas L A Coke—
4s series B
4e series D._
...
Phila Elec Pow 6Ha
Phlla Rapid Transit 6s
1962 y bb
Pledm't Hydro El 6H8—1960 y b
♦Pomeranian Elec 6a
1953
x
104%
112 %
105H
b
105X 106
{16H 23H
{14H
11,000
25,000
7,000
102 X 104 X
109
115
102 X 106
17X
29X
22X
20
26X
93 X
86 X
98
4
I
Portland Gas A Coke Co—
5e stamped..
1940
z
bb
98
6s stamped extended
1950
z
bb
93
1966
z
a
1961
x
a
Potomac Edison 6s E
4HsserieeF.
Potrero Bug 7s stamped... 1947 y cccJ
110
110
{111
95
98
2,000
95
95
110X
112
20,000
10,000
109
100
X
167666
109X HI
50
100
110X
*
Deferred delivery sales not included In year's range, d Exn Under the rule sales not included In year's range,
r Cash sales not In¬
In year's range, x Ex cUvidend.
No par value,
a
Interest.
cluded
{Friday's bid and asked price.
♦
Bonds being
No sales being transacted during current
week.
traded flat.
I Reported In receivership.
e
Odd-lot sales transacted during the current
yearly range:
,
V
week and not Included In weekly or
.
,
' ■■■'■' '■'
No sales.
Under-the-rule sales transacted during the
7v
'
\
current week and not Included In
weekly or yearly range:
.-1
No sales.
v
Deferred delivery sales
// •;
,
transacted during the current week and not
•
Included In
weekly or yearly range:
No sales.
Abbreviations
:
^V"-'
Used Above—"cod," certificates of
deposit; "cons," consolidated,
convertible; "M," mortgage; "n-v," non-voting stock;
certificates; "w I," when issued; "w w," with warrants; "x w,"
"cum," cumulative, "conv,"
"v t c," voting trust
without warrants.
A
Rating Column—x
bank Investment.
Bank Eligibility and
believe eligible for
Indicates those bonds waich we
not bank eligible due either to rating
status or some provision In the bond tending to make lt speculative,
z Indicates Issues in default, in bankruptcy, or In process of reorganization.
The rating symbols in this column are based on the ratings assigned to each
bond by the four rating agencies. The letters indicate the quality and the numeral
Immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating is shown.
A great majority of the issues bearing symbols ccc or lower are all In default.
y
Indicates those bonds we believe are
Issues bearing ddd or lower are
Attention is directed to the new column in
this tabulation pertaining to bank eiegibllity
In default
and rating of bonds.
See note A aboae.
The Commercial & Financial
2680
Chronicle
April 26, 1941
Other Stock Exchanges
Baltimore Stock Exchange
Sales
Friday
hast
Sale
Price
Par
Stocks—
Co com v t c •
1st preferred v t C...100
Brager Elsenberg Inc com 1
Consol Gas E L A Pow...*
Bait Transit
2.65
67*
Eastern Sugars com
"~7. *
vtC-.l
*
Preferred v t c
Fidelity A Deposit. —.20
Fidelity A Guar Fire
10
Ga Sou A Fla 1st pref.. 100
Guilford Realty Co com.-l
Houston Oh pref
100
Mercantile Trust Co—50
Mercb A M'nersTransp..*
Monon W Pen P S 7% pf 25
Mt V-Woodb Mills com 100
Preferred
100
New Amsterdam Casualty2
North Amer Oil Co com.-l
Penna Water A Pow com.*
"114*
******
**mm
************
50c
110
85
261
290
18
17*
Apr
Jan
71*
110*
10*
Apr
Jan
6*
17
Mar
120*
32*
14*
Apr
Feb
50c
Feb
Jan
Feb
15*
Jan
Apr
Jan
15
Feb
27*
80
27*
Apr
3.75
68
2.25
Feb
29*
3.75
18
70
3.25
255*
29*
Apr
******** m.
1.00
......
......
......
Par
76
16*
Mar
18
Apr
Feb
Belmont Radio Corp
235
1.05
200
1.00
Feb
1.15
Jan
Bergboff Brewing Corp_..l
50
105
75
75
50
21*
21*
34
34
895
30
49*
Apr
57
Mar
75
Apr
Jan
75
Apr
21*
33*
23*
34*
Feb
Mar
Feb
Bendix Aviation com
"
87
87
$200
39
40
9,500
B 5s..—.—.—.1975
......
101* 101*
Boston Stock
3,000
84
Jan
88*
Mar
Mar
40
Apr
Jan
33*
102
Feb
100
Apr
Apr
50
5*
32*
6
Mar
Jan
Apr
37 *
7
Apr
8*
Jan
4*
600
1,200
Feb
Apr
Jan
15
15*
150
15
Apr
17*
16
17*
951
10
Apr
20*
Jan
16*
16*
150
16*
Jan
18
Jan
1*
11*
4*
1*
250
1*
Apr
12
Jan
Mar
11*
11*
18
—5
19
83
86
340
Exchange
Sales
Friday
5
Bruce Co (E L) com
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Stocks—
Wyant & Can Fdy *
Castle 4Co (AM) com. 10
Cam pfo
Low
Shares
High
5*
*
.... -
150
5
Jan
****
2
6% cum pref..—-..-50
1st preferred
.50
50c
;
107"
1*
154*
Amer Tel A Tel.—loo
Blgelow Sanf Cpt Co pf 100
Boston A Albany......100
Boston Edison Co (new).25
Boston Elevated...... 100
42
Boston Herald Trav
1 *
19*
Jan
2
Feb
Jan
29
Mar
2,798
154*
Apr
168*
Jan
Club Alum Utensil com.
100
Jan
104*
97*
Apr
20
88
91
27*
41*
19*
28*
42*
20*
95
1*
1*
159
5*
1*
6
1*
6
2
Class A 1st pref std-.100
Class B 1st pref std. .100
2
Class D 1st pref std..100
669
3,269
87*
27*
41*
500
Mar
Apr
Apr
^
**, **■ m m •*
5*
5
...
Jan
—26
"S*
Apr
Jan
Common pt shs v t c B_*
5*
Mar
7
Apr
2
297
Jan
60
2*
2*
2*
Jan
2
1*
1*
1*
11*
12*
Mar
pref part shares. .50
Container Corp of Amer .20
Crane Co com..
.25
Jan
Cudahy Packing 7% prf 100
Jan
12*
Apr
Feb
22*
Apr
Dayton Rubber Mfg com _ 1
Decker (Alf) & Cohn comlO
90
2*
15
80
62
5*
5
88
230
4*
18
5*
86*
4*
Jan
Jan
Aor
7
Mar
88
FeD
Jan
Deere 4 Co com...
49
40
49-
Apr
58*
Jan
30*
66
30*
Apr
41*
Jan
77*
11*
—
...
Eastern SS Lines—.....*
Employers Group
**
*****
******
*>**'
78
11*
22
*
2*
Gillette Safety Razor....*
-
' ***,
*.*.
»
*,*.*,**
*****
7*4
Elgin Natl Watch Co...15
1
100
*
75c
Jan
1H
Apr
m
Eversharp Inc com
**
'
**
40
77*
Apr
87*
Feb
15
11
Apr
Jan
Mar
8,865
3*
Feb
Apr
Gen Finance Corp com._.l
Jan
General Foods
165
22*
2*
197
22
Apr
V;
■
g
*
27*
Feb
1
Feb
30
Jan
62
Apr
73
Jan
36
Apr
9
Jan
56*
4*
Apr
25*
3*
Jan
Gen Motors Corp com.. 10
"37*
33
Feb
38
Jan
General Outdoor Adv com *
4
2*
com..
**********
13
13
13
140
12*
Feb
13*
Jan
Gillette Safety Razor com *
2*
52c
Jan
Goldblatt Bros Inc com..*
7
N Y N H A Hart RB-100
25c
50
20c
Apr
18*
6*
117*
25c
18*
370
Apr
6*
6*
220
18*
4*
mm***,*.*.
North Butte....—.—2.60
Old Colony RR——.100
Certificates of dep
Pacific Mills Co
*
Pennsylvania RR
MM
MP*#.,.
............
Reece Button Hole Co.. 10
mmmm'mm.
Shawmut Association to. .*
9*
Stone A Webster.
6*
....
Apr
Jan
6*
Heileman Brewing cap. ..1
218
*
16
*i«
Jan
d20c
29c
1,430
20o
Apr
37c
Jan
10c
10c
100
9c
Jan
25c
Mar
117
*
4c
Jan
10c
Feb
12*
145
U*
Feb
23*
800
22
Feb
13*
25*
Mar
23
8*
178
8
Feb
10
5c
84
9*
541
6*
242
9*
Apr
5*
Apr
Apr
Jan
Jan
11
Torrington Co (The)—*
Union Twist Drill Co—5
"25"
United Fruit Co.—*
62*
United Shoe Mach Corp.26
50*
36*
cum pref........25
Utah Metal A Ton Co.—1
43c
Vermont A Mass Ry ColOO
Houdallle-Hershey cl B
Indep Pneumatic Tool cap*
Indianapolis Pr A Lt com.*
Indiana Steel Prod com..l
Jan
Inland Steel Co cap..
40
Jan
50
Apr
25
26
150
25
30*
Jan
36*
61*
49*
44*
36*
45
Apr
Feb
62*
53*
671
44*
11
43c
44c
700
8*
1,491
100
44
Jan
Apr
70*
60*
Mar
45*
Jan
Apr
52c
Mar
Apr
35c
25
99
Mar
143
8*
Mar
8
Feb
Jan
Jan
107
9*
Apr
Bonds—
4*.——.1070
<N 00
$7,000
Jan
28*
Mar
106
......
107
1,300
102
Mar
106*
Apr
107
107
100
105
Feb
26*
18*
Eastern Mass St Ry—
D6s—.—
1948
108
Mar
Chicago Stock Exchange
Friday
Sale
Stocks—
Par
Abbott Laboratories com *
Price
Adams Mfg Co (J D) com.*
Adams Oil & Gas com
*
Advanced Alum Castings.5
Aetna Ball Bear Mfg com.i
Allied Laboratories com..*
Allied Products class A..25
Common.......
10
Allls-Cnaimers Mfg. Co.
Armour & Co common
6
Asbestos Mfg Co com..._l
******
Co cap..—1
1
Kellogg Switchboard com*
Shares
m m **
** mm
2*
11*
11*
——
......
49*
44
82
9
100
3
3
100
2*
U*
2*
11*
11*
19*
11*
19*
15
15
......
4*
Ky Utll Jr cum pref
6% preferred
2683
V*
50
100
com——.*
Cumulative pref
*
LtbbyMcNelllALlbby com7
High
Midland UtH com
20
Jan
Jan
30
Apr
Jan
200
1*
Jan
2)4
Feb
1,950
5*
Feb
6*
Apr
1*
Jan
2*
Mar
*
Jan
1*
Mar
4*
Jan
6*
1
2,140
40
29
12*
Feb
16
Jan
13
Apr
19 *
Jan
.
100
1*
Jan
12*
13*
12*
14*
92
92
20
Jan
96
Jan
9
50
9
Apr
11*
Jan
50
1*
Apr
1)4
Jan
105
19*
Feb
22*
100
Apr
200
7*
3*
28*
2*
Mar
36
100
36
Apr
150
1,100
300
17
Apr
19
Jan
200
46*
Apr
55*
Jan
Jan
2)4
Jan
33*
Feb
39*
48*
Jan
37*
3*
2*
6*
16*
Apr
4*
Jan
Apr
3*
Jan
Feb
8
235
1*
20*
80*
7*
3*
8
29*
30
2*
6
250
4
200
2*
210
2
36*
36
37*
3*
2*
38*
/
646
3,050
9*
15*
8*
4
567
2*
185
7
100
17*
9*
305
0*
3*
2
9
*
4*
33 *
Feb
Jan
3
6*5
Apr
Mar
:
Feb
Apr
Feb
Jan
45*
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20*
10*
17*
9*
Jan
Jan
300
9*
15*
900
14*
Feb
8*
700
8*
Mar
31*
Jan
35
Jan
10
Apr
13*
Jan
Apr
Mar
Jan
31*
50
10*
2*
450
2*
Feb
7*
23*
19*
1,400
6*
Feb
100
23*
Apr
8*
29*
Jan
350
18*
3*
69*
Apr
21*
Jan
44
Apr
90*
63*
14
2*
6*
23*
18*
3*
200
150
4
30
3
Jan
203
10*
600
9*
Apr
4*
4*
7*
350
4
Jan
880
7*
7*
1
Apr
3
Jan
46
Apr
20
101
101*
*
300
1
*
100
100
60
4*
47
101
*
30
100
Mar
150
50
3*
25*
20
5*
1,675
Feb
*
*
3*
25*
Apr
5
1
200
1
7*
100
9*
52
"14*
9*
13*
1*
13*
6*
9*
7*
14*
1*
14*
7*
130
5*
Jan
Jan
Feb
Jan
1*
Jan
Apr
11*
16*
Jan
100
Jan
Apr
7*
Apr
13*
Jan
Jan
8
Apr
365
Jan
1
27*
Jan
13*
1 *
Jan
Jan
4
Jan
200
Jan
Apr
Feb
7*
Jan
4*
50*
106*
*
Feb
1
,**
Apr
Feb
Jan
"S*
*
Jan
4*
8*
101*
Apr
3*
25*
5*
———
Mar
4
Apr
71*
45*
69*
4*
20
27
"~4*
4*
5*
5*
4*
4*
3
5*
5*
Feb
'
Jan
Jan
Mar
2
Jan
15*
8*
Mar
4,200
1,600
Feb
27
29*
Apr
4*
3*
Feb
6*
Jan
Feb
7
Apr
Jan
51*
Jan
*
Apr
11
Jan
MUler A Hart conv of.
2*
2*
11*
10*
19*
14*
Mar
3*
Jan
Apr
Jan
Apr
3*
12*
Minneapolis Brew Co com 1
Modine Mfg com.
—*
Montgomery Ward com _•
Feb
13
Jan
Apr
23
Jan
Feb
16
Mar
_
5
50
5
Apr
24
150
24
Apr
32
34*
425
32
*****,*.*•
9*
25*
14
150
25
25
500
24*
8*
9*
25
24
Jan
Peoples Q LtACoke cap 100
39*
39
39*
Jan
5*
Jan
2*
Apr
35*
14
5
24
"I"
22*
168*
Apr
1*
Apr
Jan
"~23*
Apr
4*
150
Apr
10
.60
155
1,750
1*
Jan
32*
10*
120
Penn RR capital—..
865
4*
32
Apr
13
Jan
156*
_ _
Jan
Apr
5
Jan
Northwest Bancorp com
11
5
Jan
""16*
Jan
Apr
Apr
3
*
Omnibus Corp com
...6
Peabody Coal Co cl B com 5
Jan
Mar
Apr
14*
6*
27*
39*
3
550
24*
8*
10*
94
Feb
100
300
3
12*
24
Natl Cylinder Gas com—1
National Standard com. 10
*
*
4*
4*
*
7% pref cl A
—100
6% prior lien.
100
7% prior lien...
100
53*
Apr
Mar
Jan
19*
—*
Feb
26
7,650
Jan
2*
5
27
Middle West Corp cap—5
36*
150
1*
Mar
Mer A Mfrs Sec—
Apr
28
100 ;
1*
*
4*
46
McWUllams Dredg com..*
43*
8*
46
.
100
Lindsay Lt A Chem com..*
Lion Oil Refining Co cap
Apr
145
""7*
Kingsbury Brew Co cap_.l
La Salle Ext Univ com—5
90
90
*4
50
__100
25*
26*
4*
1*
50
'**
*100
Preferred.
20
25*
155
100
100
-
Ken-Rad T A Lp com A..*
Noblltt Sparks Ind cap..5
Northwest Airlines com__*
90
......
374
1 *
s
2*
44
Midland United oonv pf A*
Low
Feb
Apr
9*
S*'**
$2 cumul part pref.—
Range Since Jan. 1. 1941
47*
26
For footnotes gee page
for
Week
9
m**
......
American Pub Serv preflOO
Amer Tel & Tel Co cap.100
Sales
Week's Range
of Prices
Low
High
43*
m
Acme Steel Co com—25
******
**■** ******
Katz Drug Co com
Liquid Carbonic com
*
Loudon Packing Co cap..*
Marshall Field com.....*
Apr. 19 to Apr. 25, both inclusive, compiled from official sales lists
Last
»*.'**
Jar vis (W B)
Lincoln Printing Co com.*
......
7*
*
Leath A Co
Boston A Maine RR—
Series B 5s——1948
2*
International Harvest com*
8*
40
3*
10
******
Illinois Brick Co Cap
10
Illinois Central RR com 100
100
33*
60*
49*
350
59
31*
*
50
5*
100
Waldorf System.———*
"~9*
""8*
Hormel A Co (Geo A) com *
50
*
Surb Elec Sec Co 2nd pref *
4*
*
72*
5*
■'0 7
Great Lakes DAD com..*
Apr
129
117*
8*
9*
Jan
5*
16*
Goodyear T & Rub eom._*
Gossard (H W) com
*
*
117
5c
23*
.
Feb
Jan
26
11*
mm
.60
—
Jan
588
8*
66*
8*
27
26
'
2
(Bos)..25
NarragansettRacgAssnlncl
New England Tel & Tel 100
Jan
50
47*
Loew's Theatres
Linotype..*
Jan
1,550
1,000
*
3*
25
25c
14
60
17
34
;
Jan
m
28
46*
34
1
112
Apr
3*
34
.
11
mf* ******
1
Fuller Mfg Co com
—*
_
200
6*
4*
17*
Hathaway prefMass. UtH Ass v t o
Jan
Jan
11
36
6~"
General Amer Trans com .5
8
****
Gardner Denver Co com .*
1*
14*
2*
Apr
250
**
*»
Four-Wheel Drive Auto. 10
2*
m
m*
**
****
*
11*
2*
*
Feb
1*
*
2
22
Mar
9
*******
Common.
6
100
100
...100
Jan
Jan
M
Dixie Vortex Co—
Mar
Fairbanks Morse com
Preferred cl B
300
Feb
2*
V t c
Apr
5*
49
1
*
100
6
Consumers Co—
Capital.
108
1*
95 *
Jan
Mar
8*
26*
Consolidated Biscuit com .1
Consolidated Oil Corp...*
Jan
Elec Household Utll Corp.6
100
Apr
5*
6
1*
Feb
Eastern Mass St Ry—
Common.—
1st preferred..
Jan
83
300
105
.*
.
1*
Apr
30*
49
4*% prior pref—1.100
6% preferred.......100
Jan
Jan
21
5*
*
*
4*
Jan
12
5*
14*
Feb
60
********
Jan
21*
4*
Copper Range...—.... *
East Gas A Fuel Assn—
Apr
17*
28
Cities Service Co com—10
*
20*
88
Conn A Pass Rvrs RRpf dlOO
11*
11
Chrysler Corp common..6
.34*
60*
20*
501
12
Prop—.....*
Boston A Providence.—100
25
150
10
Common pt shs v t c A 50
Prior preferred..
1 *
5*
Omm on wealth Edison—
10
90*
*
Feb
30
*********
14
28*
100
100
4*
6
11
Chicago Yellow Cab Corp.*
Feb
Maine—
......
Jan
558
6
*******
25C
2
25*
154* 157*
103* 103*
10*
2*
13 *
105* 107
■
125
25*
...
200
4*
*
—--50c
Common..
Central States Pow & Lt pf*
260
43c
>
Central & S W—
Chic Flexible Shaft com..5
Common——*
Adjustment
"85"
*
Cherry Burrell Corp com .5
Chicago Corp common—1
Convertible preferred-.*
Amer Pneumatic Serv Co-
Calumet A Heel a
"4*
...10
Butler Brothers.
Prior lien pref..——.*
Range Since Jan. 1, 1941
Last
v
1*
—1
Central 111 Securities pref.*
Common
-.1
Apr. 19 to Apr. 25, both inclusive, compiled from official sales lists
'
6%
5*
19*
Jan
Warner Corp—
Common.....
Cent 111 Pub Ser $6 pref.
Mergentbaler
Jan
Mar
17
15
Bliss <fc Laugblin Inc com.5
Common...
......
Boston Pers
5*
5*
18)4
4*
_.l
Blnks Mfg Co cap.
Borg
.7
7
Brach&Sons (E J) cap...*
......
-
5*
32*
"33*
Apr
4*
10
450
18*
5*
33*
7*
Hifjli
Low
2*
3,450
3
5
5
18
*
6
Jan
17*
49*
2*
3
Shares
Brown Fence & Wire—
Certificates of lndebt 5%
Common std
Price
■
72
Bait Traslt Co, 4s flatl975
Boeton A
Week
3
Backstay Welt Co com...*
Bastian-Blesslng Co com.*
1.00
Atlantic Coast L Conn-
1
far
of Prices
Low
High
Aviation Corp (Del)
72
1
■
Stocks (Continued)
Week's Range
Sale
17
m
Range Since j
Last
Apr
Apr
Jan
Sales
Friday
Apr
18
245
39
CHICAGO
Mar
.27*
Apr
29
Municipal Dept. OGO. 621
Salle St.,
S. La
10
Jan
Apr
113*
Principal Exchanges
Teletype
Bell System
Trading Dept. OGO. 405-406
Jan
Jan
23
255*
27*
.2
■
1,000
3.25
Western National Bank.20
Bonds—
50c
50c
351
57*
106
2.65
30
Members
Mar
Jan
9*
26
Paal RDavte
Feb
40c
Apr
Apr
28
35
*,'*,**±****
** ** m*
High
17
Apr
Jan
28c
1.65
488
27
Real Estate Trust Co.. 100
.
20
Low
15
57* 60
107* 107*
6*
7*
22
22*
114
114*
32
32*
13*
13*
27
**■*■~
......
Guar
573
28
255
255
93
2.65
2.20
260
30c
30c
28
100
4% preferred C
**********
'
Week
Shares
15*
15
Arundel Corp—
n 8 Fidelity A
of Prices
High
Low
LUted and Unlisted
Range Since Jan. 1, 1941
far
Week's Range
SECURITIES
CHICAGO
both inclusive, compiled from official sales lists
Apr. 19 to Apr. 25,
'
'
8*
10*
6*
6
*
*
100
1,000
65
8*
10
6
300
6,581
330
Apr
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
10
Jan
*
Jan
22
Feb
Apr
36*
Jan
25*
43*
*
Mar
Volume
The Commercial & Financial Chronicle
152
Sales
Friday
Last
Stocks (Concluded)
Week's
Sale
of Prices
Low
High
Price
Par
Perfect Circle (The) Co..*
Poor & Co class B
1
com
Low
Shares
30
Stocks
High
23%
Apr
27
Jan
5%
Quaker Oats Co common.*
Glidden Co
79%
5%
Apr
8
Jan
9%
Feb
13
Jan
*
Goodyear Tire & Rubber. *
78%
80
410
78%
Apr
105
Jan
Halle Bros com
200
%
Jan
10
101%
Feb
100
%
%
102
102
100
2%
Apr
1%
Rollins Hosiery Mills com 4
2%
2%
2%
3
11%
Apr
all% a!2%
al6% ol7%
164
11%
Apr
14%
Jan
104
16%
Feb
20%
Jan
10%
19
10%
Apr
11
40%
11%
ol7%
a
5
Preferred
Jan
Shares
Price
Goodrich (B F)
100
Reliance Mfg Co—
Week
*
com
300
5%
for
of Ibices
Low
High
al2% al2%
Par
10
5%
Raytheon Mfg Co 6% pf.5
Preferred
c
(Concluded)
Week's Range
Sale
9%
*
Pressed Steel Car
Last
Week
23%
23%
Sales
Friday
Range Since Jan. 1, 1941
for
Range
2681
10%
40%
100
Jan
c
Interlake Iron
40%
21
103%
Apr
Apr
22%
Feb
26
Jan
Apr
11%
Jan
Jan
7
Serrick Corp cl B com
3
1
100
19
Apr
22%
Jan
*
Kelly Island Lime & Tr__*
40%
19
12
12
67%
68
69%
946
67%
Apr
78%
Jan
Medusa Portland Cement *
19%
20%
1%
Feb
Apr
Midland Steel Prod
350
3
2%
3
Jan
Mar
30
Jan
29%
Mar
35%
Jan
cNY Central RR com...*
50
13
30
29%
60
28%
Sou Bend Lathe Wks cap.6
30%
31%
400
Preferred..
66
St Louis Natl Stkyds cap.*
Standard Dredging com__l
Standard OU of Ind
%
6%
6
10
com
10
%
Apr
%
Jan
c
125
4%
Apr
6%
Jan
Otis Steel
Jan
Patterson-Sargent. ...__.*
mmmmm
—
70
*
com
*
a6%
6%
Apr
Jan
Stand Oil Co com
5%
5%
400
5%
Apr
7%
Apr
Thompson Prod Inc
*
1
(Ohio) 25
29
30
400
29
36
Jan
Twin Coach
18
416
17%
Mar
19%
Jan
c
25
21
17%
20%
1,588
20%
Apr
24%
Jan
35%
4%
2
pref
6%
412
61%
Feb
70%
194
10%
Apr
17
56%
Apr
69%
52%
2,800
49%
Apr
70%
Jan
119%
%
%
193
118%
%
5
mrnmmmm
mmmmmm
Walgreen Co oom
•
Westnghs El A Mfg com.50
Wieboldt Stores Inc com.*
Williams OlI-O-Matie com *
Wisconsin Bankshrs com.*
«.
mm m
mm
mmm
m
m
mmmmmm
Feb
130
300
%
1
Jan
he
mmm
ml
_
4%
Wrlgley (Wm Jr) Co cap.*
he
Mar
%
Jan
50
1%
Feb
1%
Jan
19%
280
17%
Apr
22%
22%
30
Apr
35%
34%
Feb
39
Apr
55
26
Apr
34
Jan
25
6%
49%
Apr
9%
70%
Jan
Apr
52%
12%
30%
Apr
55%) Mar
Feb
17%
Jan
Apr
42%
Jan
175
a
50
8
15%
Apr
Feb
18%
22%
Mar
19
88%
Apr
104%
Jan
5%
Members
York Stock Exchange
50
110
88%
Detroit
Stock
Feb
7
2
1
Jan
3%
1,050
3%
Apr
5%
65
65%
Mar
79%
Feb
5%
Jan
Feb
15%
DETROIT
Telephone: Randolph 6530
Jan
68%
Apr
Radio Corp com..*
13
350
6%
13
200
50
4
4
900
14%
12%
Jan
Detroit Stock
Jan
Exchange
Apr. 19 to Apr. 25, both inclusive, compiled from official sales lists
Sales
Last
Cincinnati Stock
Exchange
Par
Stocks—
Last
Sale
Par
Stocks-
Am Laundry Mach
Burger Brewing
Carthage Mills
...
Price
Week's
Range
of Prices
Low
High
Range Since Jan. 1, 1941
for
Week
Low
Shares
25
50
_
*
*
_.
20
Wurlltzer
Feb
Jan
4
Jan
107%
Feb
Jan
2%
Apr
92%
Apr
99
Jan
4%
12%
Jan
6
Mar
10
10
Jan
14%
Jan
6
6
Jan
1%
20
1%
Apr
7%
Apr
2%
10%
Mar
190
Apr
23
Mar
20
28
45
Mar
29
Jan
10
105
Apr
105
Apr
31
38
26%
38%
*
24 %
25
103% 103%
21%
21%
Mar
45
Jan
828
38 %
*
24%
Apr
30
Jan
1
102%
19%
%
51%
Jan
25
190
1
51%
51%
51%
668
7%
7%
7%
142
3
192
95%
95%.
2
4
10
100
15
100
103%
Apr
Feb
22
Jan
Jan
1
Feb
Feb
58
Jan
Feb
8%
Jan
Jan
3%
Apr
Feb
7%
1%
217
%
19%
4%.
19
50
Jan
Jan
105
27%
24%
20
55
2%
pref
3%
103%
3
*
Western Bank.....
Feb
7%
20%
105
U S Printing
Preferred
Apr
106
180
*
G
Rapid
Jan
25
Apr
4
6
2.50
Magnavox
3%
Feb
103%
1%
50
Lunkenheimer
Apr
Mar
251
*
....
2%
20
20%
7%
*
.—....
68
40
Mar
3%
6
-*
*
10
pref
Little Miami Gtd
Baldwin Rubber com
1
5%
*
1
19%
Apr
Apr
5
Jan
Feb
4%
95
97
Apr
Unlisted—
Rolling Mill
City Ice
12%
25
*
*
Columbia Gas
General Motors..
10
2%
38%
12%
78
8%
2%
37%
8%
3
38%
11%
Feb
15%
J an
8%
2%
337
37%
Apr
Apr
Apr
10%
4%
48%
Det-Micb Stove
20
Jan
Jan
Ohio Listed and Unlisted Securities
1
3%
10
Preferred.
Dow Chemical
Preferred
Eaton Mfg
Electric Controller
c
Week's Range
of Prices
High
Low
Low
High
65
13
Apr
15%
30
16
Apr
22%
12%
Jan
Apr
4%
10%
Apr
1%
Jan
2%
1,500
1%
1
1
100
6%
120
Jan
11%
2%
Apr
14
Apr
4
3%
6%
Apr
4%
Mar
8
Mar
Apr
Jan
Jan
2
Mar
2%
Jan
38
Apr
Jan
Goebel Brewing com
1
1
Mar
48%
2%
1.00
Graham-Paige com.
Grand Valley Brew
com._l
2%
10
2
LaSalle Wines com
62c
Apr
100
30c
Mar
50c
Jan
751
3
Apr
4%
Jan
36c
36c
100
35c
Apr
45c
Jan
"~i%
1%
1%
1,075
Mar
1%
Apr
50c
50c
52c
700
Feb
60c
'mm
23%
1%
1%
23%
210
Feb
26%
1%
1,075
mm
m
m
mmmm
m
m
1%
19c
m
mm
10
~mm
1%
450
19c
21c
2,200
5
75c
88c
5%
1
46c
23
Feb
1%
Jan
1%
Jan
Jan
Jan
2
Jan
1%
Mar
16c
Jan
25c
5
Apr
6%
Jan
1,350
60c
Jan
1.25
Mar
5%
Mar
200
Jan
5%
1%
250
4%
Jan
1%
100
1%
Mar
m'rn m rn m
m
8
8
160
8
Apr
m
m
5
5%
1%
965
5
Apr
8%
Jan
1,085
1%
Apr
1%
Apr
2%
25%
8%
Apr
3%
30%
Jan
Feb
Feb
11
10
5%
1%
Mid-West Abrasive com50c
Murray Corp com..
62c
5
Masco Screw Prod com... 1
Preferred
1,370
Jan
40c
Mich Steel Tube com..2%
*
75o
2%
3%
McClanahan Oil com_.._l
Michigan Sugar com
1,180
40c
U
m
3%
Hurd Lock & Mfg com...l
Kresge (S S) com
2%
3
mmmmmm
mm rn
Hudson Motor Car com..*
Kingston Products com._l
Kinsel Drug com
..1
2%
m
m
m
m
1%
Mich Die Casting
Jan
1%
11
Jan
com.l
mmmm
mm
mmmmm
*
mm
mm
5
m
~"~75c
2
1%
com..*
.1
1
..1
1
Young Spring &
mmm
m
...2
10
1
m
532
160
1
1
400
1
Apr
1%
Jan
6%
1%
6%
100
6%
Apr
7
Feb
1%
630
1%
Feb
1%
Jan
75c
75c
200
75c
Apr
1.25
Jan
2%
1%
200
2
Apr
Jan
300
1%
Apr
2%
1%
1%
18%
Jan
Jan
Jan
18%
242
18
Mar
3
Apr
20%
4%
Jan
3%
1%
850
1%
175
1
Feb
1%
Jan
1%
1%
1%
625
1%
Mar
2%
Apr
1%
2,640
1%
Mar
1%
3
3
mmm
1%
mm
mm
mm■
m
mm
m
m
m
1%
Jan
Jan
50c
51c
750
50c
Jan
66c
Feb
3%
8%
1%
3%
225
3%
Mar
3%
Mar
8%
1%
850
8
10
Jan
125
1%
15%
Apr
16
Feb
2%
16%
Feb
28%
mmm
Apr
16
8%
m'mm
*
1
Wire....*
594
8%
mmm'
mmmmmm
50
-
2%
26%
8%
2
.*
2%
26%
3%
Packard Motor Car com..*
Parke Davis com
1%
29
573
28
Apr
29
Apr
1
Feb
200
Jan
m
Jan
...
1%
800
2%
650
2
Jan
lH
3
Feb
101% 101%
9%
9%
m
"~2%
10
101%
Apr
101%
Apr
250
9%
Apr
12%
Jan
1%
2%
Los
Angeles Stock Exchange
both inclusive, compiled from official sales lists
Sales
Friday
Feb
70
Apr
79%
Apr
100
28
29
334
26%
Feb
32%
Mar
12%
8
13%
8
114% 114%
114
114
a29% a30
80
861
75
8%
3%
8%
12%
7%
Apr
Apr
Apr
Jan
9
Jan
Feb
110
Jan
115
Mar
10
110
Jan
115
Mar
55
29%
Feb
51
105
238
29%
Apr
alOl
8
101%
Mar
51
17%
J3
a29% a30
alOl
50
Apr
36%
58
35%
105
Jan
Jan
Range Since Jan. 1, 1941
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
1%
2%
2%
al9%
100
Co—...1
6
a56%
Central Investment
Jan
Cessna Aircraft
Feb
Chrysler Corp
*y-{
3%
9%
11
4
Jan
1%
2%
100
1%
Mar
2%
100
2%
Jan
3%
Jan
200
%
Jan
he
Feb
%
2
2
1%
High
Low
Shares
%
1%
60c
Bandini Petroleum Co-.-l
Berkey A Gay Furn Co.. . 1
Blue Diamond Corp
2
Bolsa-Chica OH cl A com 10
Broadway Dept Store—-*
Byron Jackson Co
Calif Packing Corp com..*
Aircraft Accessories
2683
Jan
Apr
1%
Jan
120
Jan
Jan
105
For footnotes see page
Mar
1%
2%
2,722
Jan
al6
al6
71
a29%
94c
Feb
2
Apr. 19 to Apr. 25,
70
*
4
Jan
1%
100
38
Range Since Jan. 1,1941
for
*
.100
Apr
68c
1%
2
Week
Shares
a8%
General Electric com...*
General T A B pref
2%
84c
Sales
100
114%
500
1,200
3
1%
38
Wayne Screw Prod com..4
Wolverine Tube pref..100
Exchange
300
*
Mar
10
Preferred
3%
a8%
100
Feb
80c
General Motors com
United Specialties
8%
13%
16%
Mar
1
Union Investment com—*
3%
5
Jan
Apr
60c
2%
6%
Mar
General Finance com
U S Radiator com
A. T. A T. CLEV. 565 & 666
8%
Commercial Bookbinding.*
15
Jan
Jan
97c
500
75c
420
Tivoli Brewing com
al2% a 13
8%
300
70c
3%
Scotten-Dillon com
Bidding, Cleveland
Friday
al5
15
Apr
68
3%
River Raison Paper
Apr. 19 to Apr. 25, both inclusive, compiled from official sales lists
Addressgrph-Mul com. 10
Airway Elec pref..
100
Apex Elec Mfg__.__
*
Brewing Corp of Amer___3
City Ice & Fuel
*
Apr
3
Warner Aircraft com
c
57%
200
Walker & Co cl A
Sale
100
200
Tom Moore Dlst com
Last
57%
2%
Rickel (H W) com
GILLIS 1<J RUSSELL co.
Price
57%
11%
Simplicity Pattern com.__l
Standard Tube clB com..l
Par
Jan
2%
Sbeller Mfg com
Cleveland Stock
760
11%
Gar Wood com
6%
24
100
.*
Federal Mogul com
Apr
6%
80c
Federal Motor Truck com *
Reo Motor com
Members Cleveland Stock Exchange
Union CiBimereo
mm
1%
2%
Prudential Invest com—1
Cleveland Ry
Cliffs Corp com
High
Jan
Apr
1,860
1
mm m
1
com
Durham Mfg com
19
80c
1
Pfeiffer Brewing com
CI Cliffs Iron pref
Low
5%
5%
18%
80c
-
Det A Cleve Nav com...10
Detroit Gray Iron com...5
Peninsular Mtl Prod
Telephone: CHerry 5050
m
73c
_
1,115
728
6%
5%
Feb
1,931
m
Consumers Steel com....l
Parker-Wolverine com...*
Stocks—
Range Since Jan. 1, 1941
Shares
15
m
"57%
Continental Motors com.
6%
5%
18%
Chrysler Corp com
5
Consolidated Paper.om. 10
Motor Products com.....*
Am
Price
Briggs Mfg com
Brown McLaren com
High
93%
4%
13%
13%
2%
*
new
3%
104
4%
50
5
16%
20
104
2%
02%
25
Hobart clA
P &
%
25
103 %
3%
Gibson Art
_
50
103%
Formica Insulation
.
96
2%
*
Dow Drug
Kroger
19%
2
100
Cin Union Stockyards
Gallaher
19
20
*
*
100
Churngold
Eagle-Picher .......
Week
6%
......
Cohen (Dan)
for
of Prices
Low
High
Atlas Drop Forge com....5
Sales
Friday
Cin Telephone..
Cin Tobacco Ware
Week's Range
Sale
both inclusive, compiled from official sales lists
19 to Apr. 25,
.
Jan
Mar
4%
4
Cin Gas A Elec pre!
Cm Street
Jan
Chicago Stock Exchange
Ford Building
Jan
4%
4
Champ Paper pre!
Jan
New York Curb Associate
Exchange
Friday
pr.
Jan
|
Jan
4
15%
20
6%
5
Yates-Amer Mach cap
250
1%
lie
1%
17%
15%
19%
88%
66%
m
16%
Feb
Watling, Lerchen Si Co.
Jan
Mar
117
2
m
Apr
Jan
49%
New
Wayne Pump Co cap
1
Westn Union Teleg cm. 100
Apr
14%
16%
Jan
149
Convertible preferred..7
Zenith
Youngstown Sheet & Tube*
Jan
10
273
al3
11
Jan
70
52%
52%
al3%
a49%
52%
Jan
20
a30% a32%
a51%
Apr
6%
Jan
11%
»
Utility & Ind Corp—
Common
*
8%
10%
14
Apr
Jan
57%
-
mmm
1
com
62%
Jan
40
64
~
100
Utah Radio Products
Mar
10%
m
United States Steel com..*
cum
Feb
4%
56%
—
m
mm
7%
34%
50
mmmm
m
m
United Air Lines Tr cap..5
U S Gypsum Co
20
401
4%
51%
Union Carb A Carbon cap »
com
37%
com
com
Feb
Apr
Apr
100
a26% a27
a7
a6%
West Res Inv Corp pref 100
White Motor
50
U S Steel
Mar
11%
6%
194
530
*
31%
1%
15%
Jan
24
a34% a35%
6%
Richman Bros
Apr
%
1,352
Mar
26%
245
30%
%
8%
18
25
|Mar
30
Jan
29%
Texas Corp caoltal
Apr
26
30%
%
Swift International cap..15
Thompson (J R) com
16
50
546
100
21%
25
31%
%
%
all% all%
a7%
a7%
a6%
10
Sunstrand Mach T'l com.5
Swift A Co
al6%
31%
14%
17%
%
6%
Feb
12% Mar
20%
Apr
38% FJan
23% |Jan
16%
c
%
Feb
14%
Apr
2
43%
Feb
17
10
Reliance Electr,c
28%
Jan
Apr
12
65
14%
Jan
Mar
Apr
40%
17%
1%
25%
Jan
50
5
65
800
1,454
66
Jan
99
Republic Steel com.....*
100
1%
27%
1%
27
Sterling Brewers Inc com.*
Storkline Furn
%
5%
65
1%
26
Stewart Warner
Ohio Oi
%
%
2
common
,
4%
South Colo Pow cl A com 25
31%
41%
106%
460
40%
al6
Natl Refining pr pref 6%.*
National Tile
*
13%
*
7
a26% a27
1
15%
Feb
13%
29%
Spiegel Ino
.*
National Acme
SIgnode Steel Strap—
Common
100
7%
19
*
com
8ears Roebuck A Co cap..*
Mar
100
Interlake Steamship
Sangamo Elec Co
Jan
200
*
com
High
14%
104
104
c
4%
Low
a22% a23
Hanna (M A) $5 cum pfd- *
Industrial Rayon com..*
Apr
102
Range Since Jan. 1,1941
1,108
1%
Jan
1%
1%
420
1%
Jan
3%
9%
3%
280
Apr
9%
145
al9% al9%
2
3%
9%
17%
9%
Apr
Fel)
Jan
2%
1%
5%
11%
18%
11%
Feb
Feb
Jan
Jan
Mar
Apr
11
11
10
4
4
100
4
Apr
4%
Apr
25
63
Mar
68%
Mar
a56% a56%
Chronicle
The Commercial & Financial
2682
April 26, 1941
Sales
Friday
'
■
'
Last
*
Electric Storage BatterylOO
Street, Loa Angeles
'
MEMBER
,
Lehigh Coal & Navigation *
Natl Power & Light
*
Pennsylvania RR.
i:
!'
Week
Price
Par
Stocks (Continued)
for
of Prices
19
o67*
8%
Douglas Aircraft Co
*
Electrical Products Corp_4
Equip..5
6*
General Motors com,... 10
38*
5*
5*
5*
5*
5*
19
Preferred......,...,.^.,*
955
Apr
5*
485
12*
5*
5*
Consolidated OlJ Corp....*
150
Feb
8
Jan
Mar
o67* 067*
8*
8*
6*
6*
5
68*
Feb
72*
260
8*
Apr
9*
Jan
7*
Mar
38*
1,116
6*
38*
Mar
1.15
110
47*
1.15
1.15
500
1.05
Jan
1.15
30*
30*
30*
250
30*
Apr
33*
Feb
Holly Development Co...l
*
*
*
1,600
50c
Mar
Apr
110
Apr
7*
Mar
2*
Mar
25*
Apr
2
5,117
Jan
Feb
22
2,543
118
10*
Apr
313
,
113*
25*
Mar
31*
Jan
55
10*
Apr
12*
33*
50*
Feb
12*
15*
Apr
til
Feb
115
"u
Mar
...»
20*
19*
20*
424
19*
Apr
6*
7*
19,585
6*
Apr
110* 111*
299
110*
11*
13*
Apr
110*
12*
19*
Jan
209
116
7
Jan
Feb
6
:
3*
®i«
—
Jan
Feb
,
-
.
.
14*
483
38*
155
52*
131
Jan
38*
58*
Apr
Apr
*
1*
Jan
Mar
Jan
Jan
Jan
30*
10*
117*
Jan
Jan
Feb
Apr
57 *C
8c
6*
Jan
120
2*
»ie
Preferred
Apr
Hancock Oil Co cl A com.*
780
Apr
Mar
115
46
»ie
United Gas Improv com_ _*
Jan
Globe Grain & Milling Co25
2*
Apr
*ie
*
Preferred......
914
2,198
25
—
Feb
•i«
Transit Invest Corp
United Corp com
Jan
34*
34*
48*
.—*
Sun Oil
Jan
20*
71*
14*
37*
52*
Scott Paper...
6*
Feb
17
Apr
Apr
10*
13*
37*
50*
3
...50
*
....
Apr
22
2*
2*
24
22*
115* 116*
31
31*
2*
23*
116
Jan
56*
30*
30*
37*
234
6
m
m
Apr
7*
5*
2*
m
*.mm-
57*
31*
30*
Jan
63
Mar
Feb
150
38*
37*
116* 117*
pref.....25
Philco Corp
High
Low
,
Reading RR
Consolidated Steel Corp.-*
Emsco Derrick &
Phila Elec Pow
Shares
High
Low
«,<*»«•» ~
Phlla Elec of Pa $5 pref...*
Range Since Jan. 1, 1941
Week's Range
Sale
30*
38*
1
50
Pennroad Corp vte
Sale*
Last
a* *«»«•<*»»
Horn&Hardart (Phil) com *
Teletype LA 23-24
Friday
.
10
General Motors
Los Angeles Stock Exchange
30*
30*
5
Curtis Pub Co prior pref.
5*
Apr
5*
Apr
3*
55
70
57
15
Feb
12*
322
3*
55*
5*
56*
High
Low
103
15
3*
Range Since Jan. 1, 1941
for
Week
Shares
High
15
...»
Chrysler Corp
STOCKS—BONDS
Bell System
.50
*
Budd Wheel Co..
1921
Telephone VAndlke 1071
Low
Budd (E G) Mfg Co
Preferred
—100
Akin-Lambert Company
639 South Spring
Par
Bankers Sec Corp pref..
Established
of Prices
Price
Stocks (Concluded)
California Securities
Week't Range
Sale
i
..
38*
>
40
8c
8c
8c
1,000
8c
1
9*
9*
9*
400
9*
Lincoln Petroleum Co.-10c
36C
28c
38c
16,900
20c
20*
1*
20*
1*
20*
1*
120
2,420
1*
ale
100
Apr
10c
Lac Chemicals Inc
Lane-Wells Co
Lockheed Aircraft Corp._l
1
Menasoo Mtg Co
20
Jan
19
Apr
Jan
19*
Apr
inclusive, compiled from official sales
hst^
12*
14
19*
12*
19*
14
Pittsburgh Stock Exchange
Jan
46c
Mar
28
Apr
10
Westmoreland Coal.
Ap
10*
Jan
20
Westmoreland Inc
Apr. 19 to Apr. 25, both
Jan
Feb
2*
Mar
Mar
Sales
Friday
...v.
Merchants Petroleum Co.l
ale
Apr
10c
Occidental Petroleum
1
ale
ale
ale
100
'm
Oceanic Oil Co.
1
37c
37c
37c
250
30c
Jan
44c
Apr
Pacific Finance Corp com 10
Preferred clA
10
10*
10*
853
10*
Feb
11*
12*
10*
12*
10*
200
12*
Apr
13
Apr
100
10*
026*
025* 026*
332
26
Apr
Feb
10*
28*
Mar
Pacific Gas & Elec com..26
33*
253
33*
Apr
34*
Apr
029* O30*
106
30
Feb
Mar
Copperweld Steel
275
37*
Apr
30*
40*
Mar
Devonian Oil Co
Jan
Feb
Harbison Walk Refg com.*
Feb
Jeannette Glass pref
Range Since Jan. 1, 1941
Jan
10
10*
12*
10*
ale
Last
'
Sale
'
~
of Prices
High
'
Preferred clC.
..2
33*
25
6% 1st pref
a30*
37*
5*% 1st pref
Pacific Indemnity Co
Pacific Lighting com
10
034
*
1*
Richfield Oil Corp corn...*
8*
Roberts Public Markets--2
10*
1
30
..25
40*
25
pref
29*
28*
a33*
a32*
10*
6% pref B
6*% pref clC..
25
So Calif Gas Co 6% pref_25
6% pref cl A
...25
Southern Pacific Co
.*
20
Standard Oil Co of Calif..*
Union OH of Calif
Unlversal Consol Oil.... 10
200
1.25
Apr
1,990
7*
Feb
630
9*
Jan
1*
10*
10*
10
400
5*
5*
24*
100
Pittsburgh Forgings
246
Jan
Mar
o33* a33*
12
Bolt. *
Shamrock OH & Gas com.l
Vanadium-Alloys Steel—*
Westinghouse Air Brake..*
Jan
11*
Apr
21*
14
Feb
Apr
12
9*
199
v
V
2,499
100
9
Apr
9
1,000
1*
JaD
1*
Jan
10
17*
Apr
20*
Maa
20
35
Apr
36
105
Feb
6*
Mar
100
1
Mar
385
28
Apr
1*
31*
Jan
Jan
Jan
Jan
10*
Apr
12*
Feb
Mar
96*
7*
Jan
Jan
Jan
28
10*
10*
1
79*
5*
2*
38*
17*
81*
247
50
5
2*
1,600
Apr
76
5*
2*
Jan
14*
.
Apr
50
18*
924
6
Jan
3
Mar
40
2*
38*
37
Jan
10*
6*
300
6*
Apr
9
Jan
150
8
Apr
9
Jan
350
4*
Apr
8*
4*
Apr
8*
Apr
2*
Jan
""l Vt
Feb
Jan
Jan
1*
22*
Jan
260
Apr
17*
Jan
6*
"18*
i
4*
6*
5
1*
o3*
1*
o3*
225
ol*
ol*
11
22
Edward D. Jones & Co.
Jan
«.
""I*'
St. Louis Listed and Unlisted Securities
■»
-
•*'
Established 1922
Jan
ST. LOUIS
Boatmen's Bank Building,
Mining—
Members
Mar
Jan
5
o3*
50
4*
7c
9c
2,000
5C
Jan
10c
Mar
a3c
a3c
500
3c
Apr
5c
Jan
100
1.10
Apr
1.50
Feb
o3*
Alaska Juneau Gold MnglO
o3*
Black Mam Cons Mng.lOc
Cardinal Gold Mining
1
7c
a3c
Cons Chollar G & S Mng.l
1.30
1.30
1.30
—
Amer Rad & Std Sani
Amer Tel A Tel Co
155*
o23*
100
Anaconda Copper.. ,...50
o4*
.5
Atohsn Topk A S Fe RylOO
26*
o22*
2*
AtlanticRefg Co (The)..25
Aviation Corp (The)
(Del)3
Baldwin Loco Wks
t c
v
6
6
*
Armour & Co (111)
»
012*
fl8*
032*
069*
25
03*
Barnsdall OH Co..
5
Bendlx Aviation Corp
5
Bethlehem Steel Corp...
Canadian Pacific Ry
Caterpillar Tractor Co
*
a40*
Columbia Gas & Elec
*
3
Continental Oil Co (Del).5
Curtis-Wright Corp..
General Electric Co..
•
General Foods Corp.....*
Graham-Paige Motors
019*
Kennecott Copper Corp
•
Loew's Inc
•
McKesson A Robblns
5
Montgomery Ward A Co •
City Copper..6c
New York CentraJ RR
•
No American Aviation... 1
North American Co..
*
Ohio Oil Co
*
Packard Motor Car Co
2
o32*
029*
3
o34*
2*
12
12*
013*
o7*
*
02*
Paramount Pictures Ino..l
50
oil*
23*
*
07*
RR
Pure Oil Co
Radio Corp of America...•
Republic Steel Corp...
*
Seaboard Oil Co of Del
*
3*
017*
ol2*
Sears Roebuck A Co.....*
069*
Socony-Vacuum Oil Co..15
8*
05*
o35*
Standard Brands Inc
•
Standard Oil Co (N J)...25
Stone A Webster Inc
*
Studebaker Corp
Texas Corp (The)
l
Jan
158
Phone
New York Stock Exchange
CEntral 7600
St. Louis Stock Exchange
155*
22*
Apr
144
Feb
27*
10
4*
Feb
5*
Jan
26*
21*
Apr
710
18*
Jan
022* 022*
50
21*
Feb
2*
2*
al2* al2*
a8* a8*
032* 032*
600
2*
Apr
4*
18*
Jan
Jan
9*
Jan
50
35
Jan
35*
Mar
o68* alO
208
76
Mar
83*
Mar
4*
St. Louis Stock
Jan
Feb
a3*
a3*
20
50
40
3
7*
a25*
Mar
3
Apr
4*
Feb
20*
1
100
17*
*
2
Feb
7*
115
Feb
26
30
34*
Jan
36*
Mar
Apr
*
Apr
Apr
2*
33*
32*
Jan
Feb
3*
Apr
2
60
30*
Feb
2*
2*
12
a7*
a7*
a2*
a2*
all* all*
Jan
Apr
a29* a29*
12*
12*
a 13* al3*
Jan
Feb
Mar
Mar
12
Jan
*
33*
3
Jan
Apr
35*
220
100
3
Apr
80
37
Feb
200
39
Feb
Jan
3*
Jan
2*
Apr
350
11*
Apr
15
Jan
833
12*
Apr
17*
17*
Jan
165
30
14*
Apr
6*
Feb
105
2*
Mar
50
10*
Feb
8
Jan
Apr
3
Jan
11*
Jan
23*
23*
301
22*
Feb
24*
Mar
o7*
o7*
25
7*
Mar
8*
Jan
3*
465
3*
Apr
18*
4*
22*
Jan
200
3*
017
018
al2* al2*
067* 069*
8*
8*
5*
06
034* a35*
Feb
5
Jan
■
^
~~72~
Jan
72*
Apr
8*
Apr
9*
Jan
65
6
Feb
6*
Jan
35
34
JaD
35*
Jan
5*
Apr
5*
Apr
Apr
8*
Jan
167
211
593
P
American Inv com
—
Low
*
Coca-Cola Bottling com
Columbia Brew com
Ely & Walk Dry Gds
2nd preferred
—
1
5
12*
______
4
__1
General Shoe com
1
Globe-Democrat pref-.100
Griesedieck-W Brew com.*
Hussmann-Ligonler com. _*
Huttlg S & D com
5
Hydraulic Pr Brk pfd..l00
*
Monarch com—r*
Scullin Steel warrants
10
10
Feb
12*
Jan
10
17
Feb
Feb
98
98
17
98
19*
98*
4*
7*
11*
036*
25
37
•
Jan
37
Jan
10
o9*
9*
Mar
10
Jan
o63*
063* a63*
20
64*
Feb
66
o34*
020*
50*
034* a34*
o20* a20*
20
US Rubber Co
2*
6*
Apr
195
9*
200
9*
117
Apr
Feb
Apr
Jan
Jan
117
9
117
20
45
20
Apr
25
Jan
7
100
7
Apr
8
Mar
7*
7*
7*
Apr
8*
1.10
Mar
31*
13*
5*
Jan
V
50
120
1
Apr
28
150
27
Apr
12*
200
Apr
5
5*
95
12 *
5
6
6
85
1
1
Apr
6
Apr
V
Apr
Mar
Jan
Jan
8
Jan
5
5
8
5
Apr
7
15
16
447
15
Apr
20
Jan
14
14
60
13 *
Feb
15
Feb
Feb
16
Apr
m*.
~
-
15
15*
19
140
19
20
Mar
22*
Jan
110
Feb
110*
Apr
8
96
Apr
96
5
99
5*
98
9
4*
Mar
98
5*
Jan
Apr
17
k 9
98
Apr
102
Jan
100
98
*
18
25
110* 110*
96
13*
Jan
fe 9
Apr
11
Jan
400
70c
Apr
1.55
Jan
6*
6*
710
6*
Apr
9
255
9
Apr
8*
9*
Mar
25
4»
70c
9
•» •»
70c
25
220
Mar
United Aircraft Corp.....6
386
6*
Jan
Apr
Apr
......
Wagner Electric com—15
Union Carbide A Carbon.*
4*
9*
5*
Sterling Alum com
1
Stix Baer & FuUer com..10
12
Apr
3*
12*
••
a36
27
100
10*
18*
27*
100
Scruggs-V-B Inc com..—5
a36*
09*
Apr
24*
18*
—
2nd pref
5
Mar
29*
w mt m-tm
"
*
470
Feb
31
7
*
Mk
20
15*
Midwest Pip & Sply com.*
Mo Portland Cem com..25 "l5"
Nat Bearing Metals com. _*
Nat Candy 1st pref
100
2nd preferred
100
5*
Rlce-Stlx Dry Goods com.*
5*
50
Jan
20
Laclede Steel com
5
Apr
29*
24 *
10*
Laclede-Chrlsty Cl Pr com*
5
48
117
Key Co com..
100
13*
29*
......
*
5*
Jan
Apr
6*
International Shoe com...*
5*
80
High
Low
12*
3
Falstaff Brew com
5*
1,020
48
4*
Emerson Elec com
Knapp
Shares
24*
......
com25
,.100 "98"
Johnson-S S Shoe com
Range Since Jan. 1,1941
for
Week
12*
48
12*
50
Brown Shoe com
Sales
Week's Range
of Prices
High
Price
a
.—1
5% preferred
Exchange
both inclusive, compiled from official sales list
Friday;
Last"
Stocks—
70
47
a32* 034*
9*
26
Apr. 19 to Apr. 25,
Sale
100
031* 032*
3
43
Feb
Mar
43
390
30
a35* 036*
2
3*
20
019* 019*
*
9*
100
a40* a40*
7*
14
A.T.T. Teletype STL
Jan
a4*
26*
26
Postal Long Distance
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
New York Curb Exchange Associate
Chicago Stock Exch.
Apr
;.' 697
a4*
*
International Tel A Tel...*
7
155* 155*
30
30
036*
1
Apr
6
022* o23*
a25
o25
1
100
6
3
7*
1
Class A
Pennsylvania
Apr
5*
Jan
13
9
4*
..1
Mountain
94*
8*
28
_
Apr
904
202
1 *
1*
;
1,924
10*
80*
Co__l
Jan
1*
17*
Apr
3,323
2,045
4*
13*
4*
13
5
Unlisted
9*
Apr
10*
5
Yosemlte Port Cement pflO
Apr
28
Pittsburgh Screw &
34*
12
1 *
Pittsburgh Plate Glass. .25
546
29*
28*
Apr
28*
Jan
50
5*
29*
Feb
Jan
12
9
Preferred—
Apr
17*
95
Pittsburgh Brew Co com.*
8*
18
Apr
5*
28*
Jan
13*
8*
Jan
Jan
20
94*
Jan
5
13*
9
Feb
32*
Apr
5*
6*
28
2*
95
*
28
2,425
744
100
47*
30*
29*
11*
20
3
35
<* •».«.
44
Mountain Fuel Supply..10
032* o32*
Apr
Apr
35
Apr
Jan
6*
m
17*
Koppers Co pref
Lone Star Gas Co com
Jan
10*
7*
150
200
35
Jan
25
6*
*
Apr
5*
*
Jan
Apr
18*
6*
9*
1*
17*
m
1
Apr
High
Low
70
12
Co...5
24
1*
1
Duquesne Brewing
Fort Pitt Brewing
Jan
■
13*
10
40*
Apr
2*
5
16
Vega Airplane Co
a3*
ol*
Columbia Gas & Elec Co.*
40*
24
8
1
2*
Candy Co...*
40*
29*
8
Western Air Lines Inc
Clark (D L)
2c
Apr
6*
*
Blaw-Knox Co
Week
Shares
18*
18*
6*
6*
Allegheny-Ludlum Stl com*
Jan
38
Apr
Apr
5*
1,065
4*
Apr
2c
2,000
8
Wellington Oil Co of Del.. 1
30
2c
Van de Karap's (H D) Bak*
Vultee Aircraft Inc.
3
413
3
31
2e
9
4*
13*
6*
25
Apr
1*
8*
10*
19*
9
Taylor Milling Corp
*
Transamerlca Corp......2
35*
40
30
5*
24*
Sontag Chain Stores Ltd..*
So Calif Edison Co Ltd..25
Orlg
a34*
143
1*
8*
2c
...25c
38
3
3
Security Co units ben int..*
Ryan Aernnftiiteal Co
37*
a34
Republic Petroleum com.l
Siera Trading Corp
33*
Low
Price
Par
Stocks—
for
Week's Range
26
Tide Water Assoc Oil
10
U 8 Steel Corp
...
•
Westinghouse El A Mfg.50
a88*
Willys-Overland Motors.. 1
1*
o9*
36*
Feb
36*
Feb
25
21*
Feb
24
Apr
50*
510
50*
Apr
68*
Jan
a88* a88*
1*
1*
11
50*
25
~"I*
Mar
""I*
St. L Publ Serv 1st
56,500
? 75
Apr
75
71*
4,000
1 68 *
Jan
74
Jan
13
2,600
11*
Jan
13
Apr
Apr
Francisco Stock
Apr. 19 to Apr. 25, both inclusive,
Sales
Last
Week's Range
for
of Prices
Low
High
for
of Prices
Low
High
Range Since Jan. 1, 1941
Week
Shares
Stocks—
Low
American Tel & Tel
100
for footnotes see page
"154*
2683
10*
154* 165*
257
1,011
9*
Feb
150* May
Par
Price
Shares
Low
High
High
Aircraft Accessories
10
Range Since Jan. 1,1941
Week
Week's Range
*
Exchange
compiled from official sales lists
Sale
Sale
American Stores
Apr
11 75*
71
Sales
Last
Price
Jan
13
1964
Friday
Par
28
75
71*
53.1959
-
San
Stocks—
Jan
Mar
*
Philadelphia Stock Exchange
Friday
24 *
Bonds—
St Louis Car 6s extd—.—
Income..
....
6*
11*
168*
50c
Apr
Alaska Juneau Gold Mln 10
Jan
Anglo Calif Natl Bank..20
•
1.70
1.75
1,150
1.60
Mar
2.10
Jan
4*
1.70
4*
7*
240
4*
7*
Apr
4*
Feb
Apr
9*
Jan
7*
575
Volume
The Commercial & Financial Chronicle
152
Sales
Friday
Range Since Jan. 1,1941
Last
(Concluded)
for
of Prices
Low
High
Week
Price
Par
Assoc Ins Fund Inc
Week's Range
Sale
Stocks
6%
Atlas Imp Diesel Engine.5
"~8%
Mar
209
6%
Feb
692
8%
Apr
590
8%
Apr
Feb
11%
11%
Jan
21%
Mar
Apr
17o
Jan
Last
Week's Range
for
Sale
of Prices
Week
:
8%
19
8
620
19%
17
Toronto
Jan
Carson Hill Gold Mln cap.l
13c
13c
1,300
13c
Caterpillar Tractor com..*
40%
40%
1.50
40%
Apr
50
2.60
2.95
4,550
2.60
Apr
4
Jan
40
40
100
26
26
50
"~2.ll
Clorax Chemical Co
10
"26"
Coast Count O&E 1st pf 26
11%
11%
11%
*
83%
83
84
El Dorado Oil Works.. —*
4%
com
Preferred
Feb
42%
28%
Jan
5%
Mar
Apr
6%
15%
Apj
11%
Jan
Texas-Canadian
83
ADr
92
Jan
Toronto Elevator
357
558
Jan
6%
Mar
18
Feb
Apr
42
226
41
Feb
100
38"
3%
Jan
Apr
26
214
Apr
32
Jan
Upper Canada
Feb
8
Jan
Vermilata Oils
6%
38%
26
170
1,115
6%
Jan
5
Jan
6%
Feb
Apr
Mar
9%
10%
Apr
Feb
35%
7%
Jan
10%
Jan
10%
11%
Jan
....
Wendigo..
55c
Mar
1
47c
47c
300
47c
Apr
40%
40%
42
105
Mar
43
Honolulu Oil Corp cap
11%
11%
12
490
39%
11%
Apr
14
3
625
3
Jan
21%
Jan
1,000
10c
Apr
14c
Jan
4,700
16c
Apr
39c
Jan
12 H
405
11%
Apr
14%
Jan
5%
Jan
3%
175
2%
Apr
3%
740
2%
Mar
1.88
15,610
1.27
Feb
1%C
500
1%C
Apr
Apr
30c
500
27c
3.40
860
3.10
40%
468
*
20
20
20c
1
Can Flour preflOO
Western
Jan
Western Grocers
Jan
4
Jan
2.28
.
2%c 'Jan
30c
Apr
Feb
18c
Apr
26c
18
8
18
Apr
25%
Jan
55
5
48
Jan
55
Apr
Westflank.....
*
6,500
*
9 H
2%c
9%
2%c
Westons
9%
376
14%
Mar
60c
60c
75c
207
50
42%
39%
Feb
44%
Jan
Winnipeg Electric cl A...*
Wood-Cadillac
1
6c
6%c
Feb
43%
Jan
Wright Hargreaves
*
5~45
5.35
6.50
Feb
28%
15%
15%
43%
40 %
40%
26%
43%
40%
291
26%
220
5%
281
1%C
Mar
11
1.15
Jan
60c
Ap
1,000
6c
Apr
9c
Jan
4,545
5.35
Apr
7.00
Jan
Jan
Ymir Yankee
*
4%c
4%c
1,000
4c
7
Jan
York Knitting
*
5H
5%
80
5%
Jan
80c
Jan
1.15
Mar
Mar
8c
Jan
28
r
Mar
Apr
Apr
231
95c
Apr
fjan
2%C
Feb
9
24%
5%
19%
200
20
Jan
18
Mar
43 %
Jan
19%
3%
10
Jan
20%
58
20c
Jan
48
1,700
20
16%
60
4.25
Feb
Mar
38
55
*
Jan
H
20c
Jan
Preferred
900
39%
39
Feb
Leslie Salt Co
5%
*
Walkers
1.90
120
Corp_.l
...1
Feb
19
1.74
1.81
Preferred
Apr
Home F A M Ins Co cap. 10
Magnavox Co Ltd
Apr
30c
5%
8%
170
48c
38
657
Lockheed Aircraft
Jan
1.25
Jan
6%
20
3.75
Mar
3
3
Ventures
31
9%
Inc___l
Apr
1.00
12c
Vulcan Oils
200
290
6%
Llbby McNeill & Llbby..7
2.95
3.35
48%
5%
31%
Golden State Co Ltd
LeTourneau (R G)
11%
3%
United Steel
Gladding McBean A Co..*
Langendorf Utd Bak cl A.*
High
Feb
15c
United Fuel clB pref.. -.25
101
10%
Low
10
1%0
7
Feb
v
125
20
12
Gas
Mar
5%
*
Union
6%
38
*
Jan
96%
31
*
10
400
50
9Ho
9%c
80
100
Hunt Brothers pref..
2,680
1.00
20
100
6%
*
Greyhound Corp com
3.05
1.00
101
26
General Paint Corp com..*
Holly Development
2.95
3.05
......
11
Uchl Gold
42
19%
44%
Food Machine Corp com 26
Gen Metals Corp cap..2%
Range Since Jan. 1, 1941
Shares
10%
Towagmac
300
6%
High
14c
4%
19%
lol"
Motors com....10
Sales
Low
Price
Par
Tamblyn com..
Teck Hughes
4%
6%
Exchange
Feb
Apr
42~'
Preferred (w w)
60
Emsco Der A Equip Co
5
Fireman's Fund Ins Co..25
Preferred
40
25%
18%
Emporium Capweil com..*
General
(Concluded)
347
6
Crown Zellerbach
Stocks
1,662
6
5%
6
Creameries of Amer com__l
Stock
Friday
Jan
Central Eureka Mln com.l
2686)
page
Jan
4%
9
:
8%
(Continued from
5
Mar
1,340
6%
6%
8%
*
Calamba Sugar com..
20
Calif Packing Corp com..*
Canadian Markets
High
Low
Shares
4%
4%
10
Byron Jackson Co—
2683
...
Apr
5%
Bonds—
50
...100
17
416
15%
Feb
18%
Mar
1.70
1.75
600
1.70
Apr
2.35
Jan
War Loan
National Auto Fibres com 1
5%
5%
235
5%
Feb
6%
Jan
War Loan, 2d..
*
9%
9%
17%
535
9%
Feb
10
Apr
20%
150
7%
Apr
9%
100
5
Jan
8
21%
4%
675
SI,000
14,950
50
Feb
Feb
84
Apr
101
Jan
7%
7%
21%
50
Jan
March Calcul Machine
17
6
Menasco Mfg Co com
1
Natomas Co...
No Amer
1.75
17
Inv5%% pref 100
7H
North American OH ConslO
7%
7
O'Connor Moffatt cl AA._*
Oliver Utd Filters cl A....*
60
17
157
Jan
21%
3%
Mar
Uchl
Jan
Mar
98%
Toronto Stock
Jan
23%
4%
101%
(1st):
Apr. 19 to Apr. 25, both
101% 101%
98%
98%
1,800
98%
Feb
Mar
101%
99%
Feb
Exchange—Curb Section
inclusive, compiled from official sales lists
Sales
4H
4%
Apr
Friday
5
5
5
Jan
5%
Mar
Last
Week's Range
for
cap...*
"~4H
4%
4%
150
4%
Feb
4%
Feb
Sale
Pacific Coast Aggregates.6
1.40
1.40
1.40
370
1.30
Mar
1.65
Jan
of Ibices
Low
High
Shares
26%
1,719
25%
Feb
1,646
32%
Feb
685
Feb
145
29%
3%
15%
28%
34%
31%
4%
Jan
33%
33%
30%
30%
3%
3%
15%
15%
117% 118%
18%
Jan
Dominion Bridge
147
115%
FeD
126
Jan
Kirkland Townsite
Mar
161
Jan
Mandy
..*
Class B
Paahau Sugar Plant.
Pacific Clay Prods
15
26
Pac Q A E Co com.....25
"33 %
6% 1st preferred..'...25
5%% 1st pref
Pac Pub Ser com
1st pref
...25
....
*
*
......
118 %
Pacific Tel A Tel com—100
210
is
150
150
100
Preferred
50
Apr
Apr
148
Jan
Brett-Tretheway
Jan
Canada Bud Brew.._
Jan
Consolidated Paper-
1
90c
90c
20
90c
Jan
1.00
Mar
Puget Sound P & T com..*
16%
3%
16%
3%
18%
511
14%
Feb
18%
Apr
Jan
Rogers Majestic
11%
11%
200
24
24
*T
,.100
Preferred
18%
1
Rayonier Inc com
24
25
Preferred.......
Apr
Apr
28
Jan
Temlsk Mln
100
1.25
Apr
8%
770
7%
Feb
17%
100
17%
Feb
1.50
9
*
5%
Jan
18%
4%
7%
Mar
10%
25%
Feb
12%
Apr
27
Apr
19%
Apr
12%
130
26
27
300
19%
Feb
Jan
19%
180
100% 100%
20
32%
9%
32%
105
32%
Feb
34%
11%
6,229
8%
Jan
11%
Apr
100
6
Apr
9%
Mar
2,885
18
Feb
21
Apr
9%
Jan
10%
Apr
4%
100
10%
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
OH
6%
20 H
Tide Water Ass'd Oil comlO
9%
19%
9%
6%
20%
9%
Aor
100
525
23%
4%
13%
Feb
5%
13%
4%
13%
6,799
25
1,119
13
Jan
14%
Jan
....25
United Air Lines Corp
5
10%
10%
10%
554
8
Jan
12%
Mar
10%
14%
Jan
4
2
Transamerlca Corp
Union OH Co of Calif
Universal Consol Oil
10
Victor Equip Co com
Vultee Aircraft
H
Jan
10%
105
10%
Apr
6%
6%
535
6%
Apr
9
Jan
3%
"OH
1
4
400
3%
Apr
5
Jan
8%
Jan
4%
4%
1
17%
Western Pipe A Steel Co.10
135
10
285
285
Wells Fargo Bk & U Tr.100
17%
4%
280
230
Apr
Apr
17%
Apr
300
Jan
22% |Jan
*
Am Rad & St 8ntry
American Tel A Tel Co. 100 a 154%
Anaconda Copper Mln..60
------
a5% fl6%
al54%a\57%
23%
23%
5
Anglo Nat Corp cl A com.*
5
1
4%
Feb
Jan
2%
144
25
2%
35%
Mar
Apr
3.00
a
a32%
*
1
26
.70
Apr
1.35
Jan
Apr
12%
Jan
4%
10%
4%
5%
Jan
8
100
Mar
Mar
8
5%
172
Jan
497
5%
7%
6
7%
28%
Feb
9%
Jan
20
27%
Mar
30%
Jan
2%
200
2%
Mar
4%
Jan
Apr
106%
34%
Feb
al06
106
5
29%
151
17%
17%
245
4%
5%
a31% a32%
26
26%
146
2%
600
2%
Apr
al2
6c
<
012
15
Packard Motor Co com..*
2%
2%
220
60
23%
3%
23%
695
3%
15
60
8
12
348
15
245
7%
Schumach Wall Bd com..*
20
30
30
23%
24%
843
29%
584
29%
a29
a5%
a29
Apr
Jan
Jan
Mar
39%
3%
17%
3%
Jan
Jan
Jan
Jan
2%
22%
Mar
Apr
25%
4%
Apr
3%
Feb
16%
Jan
15
6%
Feb
Jan
8
Jan
while
5
Utah-Idaho Sugar com
Warner Bros Pictures
5
West Coast Life Insur
Apr
Jan
31%
23%
29%
28%
Apr
28
Jan
Feb
31
Jan
Feb
29%
Jan
Jan
85
6
Apr
6%
5
100
5
Apr
8%
85
37
Apr
41
*
No par value,
year,
x
privileges,
a
20
35%
49%
1%
Apr
1,600
3%
3%
400
6%
6%
12
y
Ex-righta.
The Wahl Co. to Eversharp, Inc.
633
& Ex-stock dividend,
d Deferred delivery.
Ex-dlvidend.
Business
Feb
8%c
Jan
Activity at High Levels in Both
Departments, Says Bank of
Non-War
2
its April 23 "Business
Summary"
in both
of war
purchasing power of
The bank goes on to
advancing."
and
United Kingdom account was $666,war, industrial corporations are
aggregate commitment on
the
.
Toward the cost of the
.
.
for the various forms of taxation which they
are
called upon to bear, have increased so sharply that, notwithstanding
unprecedented gains in gross profits all along the line, decreased net
income after
sales
taxation is general.
of
value
department stores
over
the
value
in March
for March,
Besides
have
will
the
about $433,000,000, Canada
provide for war expenditures totaling
during the fiscal year to
$1,450,000,000, and other heavy obligations have been assumed,
has stated that Canada has undertaken to finance
roughly
for
showed a gain of 17.7% in
1940, despite the fact that this
Easter fell in April. ...
ordinary expenditures estimated at
year
Prime Minister
during the fiscal year 1941-42 a deficit of
with Canada estimated at $1,150,000,000.
commitments.
intense
The
Great Britain in her exchanges
...
activity
now
prevailing
especially apparent in the iron and
tions being at the highest level in
sizable ships per annum.
the
In
construction
industry in
March new contracts, placed at $13,-
although much lower than the February figure of $24,705,000,
higher than in March, 1940 ($11,726,000).
The base-metal mining
992,000,
were
industry remains very
active; the production of gold continues in
record
Production of newsprint, of pulp and of lumber continues at a
high level; the 6cale of textile operations is indicated by a consumption
of cotton of record dimensions in March ; sugar refineries are very busy,
figures.
Jan
37%
a34% a35%
50%
49%
2%
2%
3%
Odd lot sales.
4%c
Jan
37
5
trading
3,500
making heavy contributions,
Jan
and
United Aircraft Corp cap.5
United States Steel com..*
4%c
31 war contracts awarded by the Dominion Department of
Sujpply had reached a total value of $1,523,837,000, the
commencing date being July 14, 1939.
Of this sum, $841,637,000 was on
Canadian account, including commitments for plants and plant extension,
Mar
29
a6
5
1
35
Apr
8
Jan
Superior Ptld Cement—
37
4%C
in the manufacturing field is
steel industries, their scale of opera¬
their history.
New munitions plants
are coming
into production at regular intervals, and Canada will soon be
manufacturing almost the full range of armaments.
There is also to be a
great acceleration of the construction of cargo vessels, a Governmentcontrolled corporation having been organized to turn out a minimum of 60
32%
*
1
X
Mar
8c
Preferred A
—
_
Feb
28
2.50
Studebaker Corp com
Apr
27
Mar
Jan
Standard Brands Inc....*
5%
Apr
24%
835
Jan
25
25
Jan
23
war
Apr
6% preferred
5%% pref
2%
12
23
Jan
6c
*
2,040
23
Mar
7%
32%
25
Jan
5%
5%
5%
m **
34%
106
2.50
Preferred...
2.10
Feb
5%
32
So Cailf Edison com..
9c
Apr
31%
1,660
100
*
Santa Cruz Ptld Cement 50
Feb
1 20
Jan
Jan
200
Radio Corp of America
5c
450
Feb
Feb
7%
Pennsylvania RR Co
500
1.30
Apr
Apr
3
2.50
6c
1
6c
1.25
27%
5%
6%
29%
14%
7%
32%
2%
No American Aviation
Jan
Mar
6c
1
Forecasting that Canada's gross
national income in this fiscal year will rise to $5,950,000,000, he estimated
that a sum equivalent te 44% of this income will be required to meet
106
14
5%
Feb
2.50
Mountain City Copper..5c
29%
March
By
Munitions
dollar
10
Montgomery Ward A Co.*
9c
Apr
report:
Jan
Monolith Ptld Cem com..*
8% preferred
Apr
20%
labor steadily
factory
Jan
142
4%
Kennecott Copper com...*
6c
160
steadily increasing and the
contracts
5
37%
636
29%
"17%
1,000
reports that Canadian "business is at a high level
war
and non-war departments, with the number
The
7%
"~5%
MJ&MAM Consol
Jan
411
8
Jan
Jan
6c
Montreal
Apr
71c
Feb
Mar
22%
The Bank of Montreal in
28
10%
2%
alob"
Idaho Mary Mines Corp__l
Matson Navigation Co
2.25
28%
General Electric Co com.. *
20
Jan
5%
7%
1
*
Elec Bond A Share Co.-.5
Domlnguez Oil Co
20
5%
19%
8
Consolidated Oil Corp....*
Honokaa Sugar Co
Jan
70c
Cities Service Co com..10
Hawaiian Sugar Co
Jan
Jan
4%
10%
4%
10 %
ColumblaRlvPackers Assn*
Fibre Brd Prods pr pref 100
7%
168
27%
20
27
2%
Bunker HH1 A SuMvan_2%
Curttea Wright Corp
Feb
Jan
Feb
22
a33% a33%
Aviation Corp of Del.....3
Blair A Co Ino cap
159%
185
485
26%
Atchison Top&Santa FelOO
Bendlx Aviation Corp
414
Feb
6
100
5
a2.00 a2.00
5
Argonaut Mining Co
•P'
and
War
000,000.
Unlisted—
65
Jan
.
10c
6c
*
„
-
A
Canadian
Jan
Feb
102
Apr
21%
Jan
So CalGas Co pref ser A .25
Union Sugar com
8c
Jan
3
12%
27
22
No par value
Jan
100
Feb
Apr
225
1,500
Feb
Jan
590
3
4
Apr
.1
....
Supertest ord
24
^ 140
7
.
Pacific Co
11%
Jan
1.25
3
7
Signal Oil A Gas Co cl A..*
Soundvlew Pulp Co com .5
Preferred
100
Southern
Jan
16
17%
.....
1
Schleslnger (B F) 7% pf.25
Shell Union Oil com
15
—
20%
8%
~~8%
Montreal Power
Feb
14%
1.25
Republic Petroleum com.l
Richfield OH Corp com
•
Roos Bros com..
..1
Ryan Aeronautical Co
30
5
Feb
*
Pend-Orellle—
Jan
3
2%
23%
8%o
8c
Jan
l%c
4%
He
3%
Apr
25
3%
3
22
22%
1
.
1,1941
High
Low
772
1,000
%c
%c
3%
2%
3%
2%
♦
*
-
OsLsko Lake
475
R E & R Co Ltd com.....*
*
Range Since Jan.
Week
*
*
Pig'n Whistle pref
Price
Par
Stocks—
$
3
Feb
42%
70%
2%
3%
6%
Jan
6%
c
Apr
Jan
t In default,
C U R R E NT
Feb
NO TIC E S
Mar
Apr
Apr
Admitted to unlisted
Cash sale—not Included in range for
Listed,
production from packing plants is heavy.
t Title changed from
Harry F.
is now
Reed, formerly with Van
associated with Hardy & Hardy,
Dealers
Tuyl & Abbe and R. L. Day & Co.,
members of the New York Security
firm's trading department.
Association, as manager of the
James
Lovatelli & Co., commodity
silk futures,
which is entitled, "The A
Silk Prices at
New York."
brokers, are distributing a study of
B C of Economic Factors Affecting
The Commercial & Financial Chronicle
2684
April 26, 1941
Canadian Markets
LISTED AND
Industrial and Public
UNLISTED
Utility Bonds
Montreal Stock
Closing bid and asked quotations, Friday, Apr. 25
Exchange
Friday
(American Dollar Prices)
Sales
Last
Bid
A Ik
43
44
Alberta Pac Grain 6s.. 1946
67
69
Gen Steel Wares 4K8.1952
68
70
Algoma Steel be
71
73
Gt Lakes Pap Co 1st 5e '65
Lake St John Pr A Pap Co
62
64
Abltlbl PAP ctfs 5a
British
1953
1048
Col Pow 43*0.1960
68
Bid
Federal Grain 6a
70
67
69
1949
6 KB
1961
Massey-Harris 43*s
59
1954
64
McColl-Front Oil 4 3* s 1949
70
Preferred
59
68
35
36 K
N Scotia Stl A Coal 3
Ks '63
73
74 K
64
70
72
Quebec Power 4s
69 K
71
Paper Co—
4s
1962
1966
48
50
68
70
i''.
4Kb series B
'
.
..1966
'
■'
;
73
75
•
25
2K
Mar
4
3
3
150
2K
Mar
3K
5
Jan
985
12K
Mar
13
Jan
35
35
5
35
Apr
35
Apr
100
11
*
Preferred
100
Imperial Oil Ltd
•
93*
Imperial Tobacco of Can.6
123*
£1
....
Indust Accept Corp
International Bronze
3234
15
15
Ask
43 K
6fl
Oct
4Kb
Oct
1 1956
40 K
42 K
6s.„.
Sept
89
91
6fl
July
4Kb
Oct
12 1949
1
1 1942
15
1943/
4Kb
Aug
June
102
103
102 K
May
1 1959
101
4s
June
1 1962
93
85K
4Ks._..._Jan
15 1965
Provlnoe of Manitoba—
58
Ask
101K 102 K
6a..
83 K
1 1941
92
103*
Jan
Jan
11
Jan
Jan
Jan
22 K
436
22K
Apr
Natl Steel Car Corp
37
36 K
23 K
37
250
31
Feb
20
20
15
20
Mar
•
98 K
97 K
Niagara Wire Weaving...*
Noranda Mines Ltd
*
"53"
»
203*
*
90 K
92
K
83
St Lawrence Corp
.....June 15 1943
Jan
38
Jan
25K
Jan
53
53
K
376
493*
Feb
2034
20 K
385
20
Feb
5734
21K
Jan
98
5
95
Jan
99
Feb
50
Jan
50
Apr
9
11K
103
1.75
.*
93*
10
195
49
*
Jan
Feb
12K
Jan
12
150
10 K
Apr
Jan
103
5
104 K
Jan
14K
107
2K
Jan
1.85
165
9
72
2
Jan
Jan
15 1946
70
72
1 1951
62
St Lawrence Corp A pfd.50
St Lawrence Paper pref-100
14 K
14K
15
215
14 K
33K
33 K
34
300
33K
Shawinlgan Wat <fe Power. *
70
133*
133*
83*
93*
133*
563
13
8K
15
8K
Mar
12 K
Jan
93*
50
Apr
IOK
Mar
65
65
125
9K
59 K
69
69
125
64
Sher Williams of Can prflOO
Southern Canada Power..*
Co
8teel
Railway Bonds
of
Canada
*
Preferred
Closing bid and asked quotations, Friday, Apr. 25
25
69
United Steel Corp
*
3
Wabasso Cotton
(American Dollar Prices)
*
24
Bid
Ask
Canadian Pacific Ry—
275
20
49 K
493*
16 K
8
110
61
Sept
1 1946
86
88
16 1942
803*
62 K
82
4Kb
Sept
6e
Deo
1 1964
4)48
Deo
15 1944
79 K
80J*
75c
490
80c
75c
69
71
4Kb
6fl
July
1 1960
74
1 1944
103
Jan
40 J*
Jan
Apr
17
Jan
Mar
70
Jan
Feb
73
Jan
Feb
2K
3K f Jan
Feb
Jan
Jan
50
Jan
Mar
153*
27
18
Jan
75c
Apr
108
75c
Apr
11
60
8K
Jan
150
65
1.15
Jan
76
July
17
Apr
46
16K
Apr
24
*
WiLslls Ltd.....
3
25
Winnipeg Electric cl A...*
4s perpetual debentures.
6b
23*
24
._*
Western Grocers Ltd
Alk
27K
50
12
Saguenay Power pref.. 100
Prov of Saskatchewan—
Jan
53*
98
Ottawa L H A Pwr pref 100
Pen mans
*
*
Canadian Pacific Ry—
Apr
5
22 K
Price Bros A Co Ltd
Bid
9
63*
10
9
Jan
Mar
Quebec Power
Nov
11K
51
90
Oct
Apr
29
90
53*8
4Kb
10
UK
93*
Apr
88
92 K
96
30
IlK
Jan
Mar
Mar
88
91
16
Mar
1 1961
94
Feb
43*
1 1968
1960
12
20 K
25
2 1950
1
30
Apr
55
Mar
16 1952
153*
120
May
Mar
743*
Mar
5,533
Feb
Sept
Apr
Apr
13 K
434
4Ka
5s
15
68
22 K
4>*s
4Kb
55
50
25
4s
6a
15
43*
213*
75
81
Jan
25
75
79
Jan
36 K
15
22 K
72
4Kb
Apr
15 1961
Province of Nova Scotia—
Jan
25
Feb
25
72
81
163*
Apr
123*
95
Province of Quebec—
16 1960
Jan
Montreal Tramways...100
National Breweries
•
be
Deo
2 1969
Prov of New Brunswick—
Apr
Mar
12K
14K
Jan
Apr
123*
11K
4X
Jan
31
565
*
Jan
7K
15K
20
68
9
14
Jan
7
Apr
2
143*
9
15 1964
6s
65
Feb
11K
263*
103*
1,546
13K
Ogllvle Flour Mills
1963
15
Jan
Feb
9
100
Mar
183*
100
Mont LHA Power Cons.*
Bid
Province of Ontario—
Prov of British Columbia—
1,521
1,210
68
—3
McColl-Frontenac Oil
Feb
Mar
"MM
*
Feb
983*
24K
20
32
11
60
260
15
20
32
......100
*
93*
123*
15
*
70
99
25K
93*
123*
73*
12 K
734
12K
*
International Bronze pref25
Intl Nickel of Canada
*
11
99
*
Preferred
3K
25 K
Hudson Bay Mining
Laura Secord..
41K
Jan
Apr
Legare pref.25
Bid
Jan
23*
Lang A Sons (John A)
(American Dollar Prices)
1 1948
89
50
Lake of the Woods
Closing bid and asked quotations, Friday, Apr. 25
Jan
Jan
50
3
Intl Petroleum Co Ltd—*
Municipal Issues
6s
93K
90
3
13
Preferred.;
Province of Alberta—
Jan
Mar
89
3K
123*
Int Paper A Power
Provincial and
63*
*
Howard Smith Paper
K
Saguenay Power—
Famous Players 4K0-. 1951
High
Feb
43*
Holt Renfrew pref
66
Donnacona
Low
245
Holllnger Gold Mines....6
76
73
Power Corp of Can 4 Kb '59
Price Brothers let 6e._1957
4K
Range Since Jan. 1,1941
Shares
100
Hamilton Bridge
70
Canadian Vickers Co 6s '47
Price
Gypsum Lime A Alabas.
72
58
74
for
Week
4K
Gurd (Charles)
66
72
Par
of Prices
Low
High
General Steel Wares.
61
Canada Cement 43*8.1951
Canada 8S Lines 5s.. .1957
Dom Steel A Coal 6 3*0 1955
Dom Tar A Chem 4 K
1951
Stocks (Concluded)
Ask
Week's Range
Sale
B
75c
*
Zellers
11
..*
1.00
Jan
11
Apr
162
Jan
Banks—
1033*
Commerce
Dominion Government Guaranteed
Montreal.
Bonds
Closing bid and asked quotations, Friday, Apr.
100
150
149
Apr
100
62
171
Mar
193
277
278
23
277
Mar
284
Jan
100
Royal
180K 180K
100
.......
Nova-Scotia
152
153
43
150
FeD
166
Jan
Jan
25
(American Dollar Prices)
Montreal Curb Market
Bid
Canadian National Ry—
4Kb
Sept
4Kb
June
15 1955
4Kb..
Feb
1 1956
4Kb
July
1 1967
6fl
July
1 1969
6s
Oct
Feb
Ask
Apr. 19
1 1970
to
Apr. 25, both inclusive, compiled from official sales lists
1 1969
58
Canadian Northern Ry—
6 Kb
July
1 1946
1 1951
106 k 107 3*
Friday
Grand Trunk Pacific Ry—
4a
..Jan
1 1962
3s...
Jan
1 1962
85
87
Stocks-
Par
for
of Prices
Week
Price
Abltlbl Pow A Paper Co..*
Montreal Stock
to
Week's Range
Sale
93
6% cum pref
Aluminium Ltd
Apr. 19
6%
Exchange
100
*
cum pref
6
106
100
Beauharnois Power Corp.*
......
Sales
Stocks—
Par
AlgomaSteel..
Preferred
Asbestos
Week's Range
for
Sale
of Prices
Low
High
Price
*
83*
100
Corp
»
Associated Breweries..... *
Batnurat Pow A Paper A.*
Bell Telephone...
18
89 K
18
"ioK
10 K
153*
100
151
Brazilian Tr Lt A Power. ♦
British Col Pwr Corp A..*
Brit Col Power clB
...»
23
Bruck Silk Mills
53*
Bulolo
14?*
Cement....
Preferred.......
*
100
Canadian Bronze
Ondn Car <fc
5
Preferred
7%
Cndn Cottons pref
Cndn Fairbanks pref
Class B
*
Canadian Locomotive
Canadian
Cockshutt Plow
25
5%
preferred
*
160
Mar
300
23 K
Jan
50
333*
6K
21K
115
22
21K
90
80
145
115
115
99
115
115
7
100
100
2K
2K
2
2
8
_53*
4
K
53*
4X
34K
29
29
20 K
22
20 K
223*
19
20 K
4J*
343*
19
,6K
5
7K
80
113*
7Vs
80
Jan
Feb
1.95
Jan
1.65
25
5
cum prflOO
5
25
2K
3K
3
3K
3
3
1.50
5
Apr
6
747
23*
Feb
4
Jan
125
3
Feb
5K
Jan
50
3
Apr
5K
Jan
8
»
*
15K
8
10
2
2
50
2
Feb
4
5
com....,
4
25
23
Apr
130
15
Jan
6
15K
Jan
153*
7
Jan
8
8
8
15
3K
3K
3K
20
2K
Mar
8K
8K
10
8
Mar
1.00
100
Feb
Jan
10
Feb
3
Jan
26 K
16
Mar
Apr
8
Jan
3K
Apr
11
Jan
Mackenzie Air Service
Jan
1.00
Maritime Tel & Tel Co. .10
15
15
36
15
H2K
Feb
Apr
16K
Massey-Harrls 5%cmpfl00
McColl-Frontenac Oil
33
33
15
26 K
Feb
37
Mar
6% cum pref
100
Melchers Dist Ltd pref. .10
Mitchell (Robt) Co Ltd..*
93
93 K
20
95
6
23*
983*
23*
983*
89
89
23*
Jan
8
Feb
4K
43*
Feb
63*
Jan
53*
Too
Noor Duyn
185
34K
27 K
20 K
737
Apr
Jan
39
Jan
30
Jan
Apr
28
Jan
22
Feb
27
K
Mar
40
173*
Feb
20 K
Jan
6K
Apr
9K
Jan
43*
3K
73
45c
1.00
Jan
Jan
Mar
96 K
Mar
Apr
5K
Jan
73*
Feb
9K
Jan
100
23*
Feb
3
Jan
35
983*
Apr
104
Jan
10
53*
9
5
10
53*
90
Feb
98
Jan
Power Corp of Canada—
Mar
1.00
9
Page-Hersey Tubes Ltd..*
Apr
671
5
1.65
Feb
Jan
Feb
85
Feb
Jan
Feb
85
13
124
8
140
Feb
115
2
50
13
Jan
Feb
5
8
Jan
Apr
40
5
Jan
207
113
Jan
25
25
Feb
33*
*
Apr
25
Feb
180
Feb
*
3
50
22
20
95c
2
Lake St John P A P
100
470
40
Feb
20
Fraser Companies Ltd
Hillcrest Collieries pref
Feb
4,290
22 K
22 K
1823* 183
70c
2
Jan
Apr
5
11 J*
28 K
625
2
Jan
2
5
18
Apr
35K
10K
273*
100
74
50c
Apr
Jan
80c
133*
*
Ford Motor of Can A
16
74
50C
21K
Apr
Apr
85c
Pw7%
240
5
74
6
20 K
108
23*
Mar
21K
Apr
Jan
34 K
21K
108
Mar
10
Feb
Jan
8
80c
Feb
35
9
2
17 K
35
Jan
10
300
Mar
38
8
50
Ea Koot
183*
75c
27
15
108
108
Mar
Mar
9
20
Fanny Farmer
18
Jan
2K
Fairchild Aircraft Ltd
100
5
13 K
75c
Jan
Feb
Feb
75c
Jan
183*
1823*
4
2K
Jan
96
80c
80
1
5K
21K
39
108
10K
4K
Inv5%cum prf *
83*
98 K
Apr
36 K
2K
Jan
Apr
63*
Jan
10K
26 K
"3"
153*
19
Jan
2.50
Mar
36 K
9
Donnacona Pap Co Ltd A *
Donnacona Paper B
*
Feb
Feb
120
Feb
6K
25
Commercial Alcohol pref.5
Consolidated Paper Corp.*
Feb
Feb
1.90
25
......
Commercial Alcohols Ltd.*
4K
117
100
2,752
Jan
Apr
13K
163*
50
2
Jan
Apr
165
117
123*
1.75
350
5
117
Jan
18 K
Canadian Vickers Ltd
15)*
115
Feb
Cndn P&P
17?*
Feb
Apr
Cndn Marconi Co
6
Feb
105
10
Jan
Feb
4
196
153*
Jan
Mar
Jan
170
106K
5K
155
Jan
4K
Jan
7H
6
105
365
7K
1.50
85c
10
26 K
20
High
Feb
17
Feb
125
Low
55c
10
Feb
65
7K
Apr
14?*
18
100
5K
23
1,060
10
"l6K
Cndn Light & Power ColOO
Feb
*
Gatineau
151
Canadian Breweries pref.*
Cndn Industries B
*
Jan
Apr
*
Famous Players C Corp.
Foundation Co of Can
165
Apr
13
6K
22 K
*
380
155*
3K
'Th
Eastern Dairies
265
53*
Jan
Feb
75
*
Dominion Textile.......*
Apr
331
245
Jan
792
Dominion Coal pref
25
Dominion Steel A Coal B 26
Dominion Stores Ltd
Dom Tar A Chemical
18 K
6K
Coiisol Mining A Smeltlng5
Crown Cork & Seal Co
*
*
97 K
Jan
100
Canadian Breweries Ltd..*
4K
i___*
Distillers Seagrams
Dominion Bridge
Apr
14K
14K
10K
5
*
Paclflo Ry
89 K
7% preferred
6 K
100
*
*
4
100
Cndn Ind Alcohol
Jan
10
1.75
21K
100
10
1,911
1.75
6
25
Feb
18K
15K
10 K
23K
5
Canada Malting Co
98
Foundry
Celanese.
High
~Tx
*
Preferred
Canadian
Low
7
98 K
Can North Power Corp..*
Canada Steamship (new).*
5% preferred
60
110
89 K
154
63*
23
•
British Columbia Packers *
Canada A Dom Sugar Co. *
Shares
17
6
Canada
151
Range Since Jan. 1. 1941
75c
Range Since Jan. 1, 1941
Shares
9K
4K
16K
Canada Starch Co Ltd. 100
8K
5
......
*
Building Products A (new) *
Brit Amer Oil Co Ltd
Week
High
2
93*
Brewers A Dists of Vane. .5
Last
Low
70c
Batburst Pwr & Ppr Co B *
Apr. 25, both inclusive, compiled from official sales lists
Friday
Sales
Last
91K
Feb
5
Feb
53*
Mar
Jan
82
50c
Jan
Mar
6%
cum 1st pref
100
1.00
United Amusement cl A
Class B
100
1.00
Apr
2.00
Jan
13 K
13 K
16
13K
Apr
13K
Apr
45
13 K
Apr
13K
Apr
75c
100
60c
Feb
75c
Jan
40
40
175
47 K
Jan
20
153
38 K
19 X
Mar
193*
Walk-G- A W $1 cum pref *
Feb
203*
Jan
75c
Jan
Apr
Mines—
Apr
18
Apr
Beaufor Gold Mines
103*
7 K
Feb
12K
9K
Jan
Cndn Malartic Gold
80
Feb
80 K
75c
1.00
13K
13 K
*
_*
Walkervllle Brewery
*
Walk-Good A W Ltd(H).*
18
Feb
89
Thrift Stores Ltd
1
*
5c
51c
5c
800
5c
Feb
9c
Jan
51c
51c
100
48c
Feb
57c
Apr
Jan
Feb
•
No par value,
r
Canadian market.
Volume
The Commercial &
152
Markets—Listed and Unlisted
Canadian
Toronto Stock
Montreal Curb Market
Stocks (Concluded)
Par
High
Low
Stocks
High
Low
Shares
(Continued)
Range Since Jan. 1, 1941
for
of Prices
Low
High
Week
Price
Par
Eastern Steel
Week's Range
Sale
Week
of Prices
Sale
Price
Sales
Last
1, 1941
Range Since Jan.
for
Week's Range
Last
Exchange
Friday
Sales
Friday
2685
Financial Chronicle
Low
11%
100
33c 35Hc
2,900
10 H
*
Shares
High
9%o
Apr
Jan
13%
Capitol-Rouyn Gold
1
He
He
1,500
%c
Apr
He
Apr
5c
1,000
5c
Mar
7c
Jan
1
1
5c
Eldorado
Central Cadillac Gold
2.90
*
25
25
25
25
24
Mar
29
Jan
1
English Electric cl A
East Malar tic Mines
Jan
4
4
36
4
Apr
5
Jan
Francoeur Gold
*
13c
Apr
16Hc
Jan
2.60
Jan
-
Apr
2.49
500
37c
100
38c
Apr
55c
Jan
*
4
Apr
3.75
Apr
Extension Oil
*
13Hc
*
2.50
2.40
2.50
515
1.97
Feb
1
23%
23
24%
760
Apr
1
3%c
3%c
3%c
1,600
22%
3%0
2c
2c
1,500
3c
3c
3c
1,000
3%
30
"15%
3H
15H
3.75
3.75
200
3.50
18H
18 H
50
18 H
Mar
4.40
730
4.25
Apr
4.40
Lamaque.————
Class B
Jan
Falconbrldge
4.40
Apr
Fanny
4.30
Jan
21
Farmer
Federal Klrkland--
3.75
700
3.50
Feb
1,000
62c
Apr
6H2c
Apr
Fernland
62He 62He
2,100
91c
Feb
1.16
Jan
Firestone Petroleum
Fleet Aircraft
*
*
3.70
3.75
1
Mines
Madsen-Red Lake
1
25c
Malartic Goldflelds
1
95c
95c
McKenzie-Red Lake
1
1.04
1.04
100
1.04
Apr
1.29
Jan
70c
70c
1,100
70c
Apr
70c
Apr
Ford
Mining Corp of Canada..*
3c
3c
7,500
2c
Feb
3c
Apr
Foundation
55c
60c
150
65c
Apr
1.10
Jan
Francoeur
*
1.25
Mar
1.45
Apr
Gatineau Power
*
1
Gold
O'Brien
3c
1
Murphy Mines Ltd
A
1.30
1.30
1,600
1.30
Apr
1.65
Jan
Gatlneau Power pref—.100
2.50
Preston-East Dome
2.50
50
2 60
Apr
3.35
Jan
General Steel Wares
*
God's Lake
•
Sherritt-Gordon
65c
65c
500
65c
Apr
84c
Jan
Slscoe Gold
57c
57c
1,300
53c
Feb
69c
Mar
Feb
Apr
6H0
Jan
3c
Apr
4Hc
Mar
Mar
Feb
16 %
Apr
Apr
8c
Jan
2
15%
1,316
4c
700
3 He
39c
40c
3,200
7H
100
7H
80
Jan
6c
4c
"40c
Jan
28
Feb
3H
14 %
Petroleum.25c
1.25
1.25
1.25
Pamour-Porcupine Mines.*
Perron Gold Mines
1
100
13Hc 13Hc
Ji n
52c
Feb
37c
1
Lake Shore Mines
33c
2.35
2.35
Kerr-Addisson
Macaasa
2.35
39 He
54o
Jan
9H
Feb
360
Jan
6
Jan
15
Apr
5
80
7H
79H
4H
Apr
90
Jan
Feb
6
Jan
4H
4%
130
25Hc
25%c
27c
3,800
Feb
39c
Jan
Jan
Goldale
1
12c
12c
12c
500
25%o
llHc
Mar
16HC
Golden Gate
1
7Hc
6c
7Hc
24,800
5c
Mar
130
60
67 %
Mar
80
Jan
210
53%
Jan
55H
Apr
Feb
Jan
Sladen-Malartic Mines..
22c
22c
400
23c
Apr
33c
8ullivan Cons
58c
58c
900
58 c
Feb
65C
Mar
Apr
10c
Feb
Apr
Great Lakes vot truBt
*
Jan
1.87
3H
Apr
Jan
Great West Saddlery
Gunnar
*
4c
102
2c
Jan
6c
Feb
8Hc
4c
Apr
1
24c
24c
1,100
23c
Apr
37c
1,500
8c
1.77
1.87
500
1.73
6c
6Hc
1.87
Upper Canada Mines
Wood-Cadillac Mines
2,500
51c
100
8c
8c
Exploration.. 1
Towagmac
1
6
Goodyear-.----.——
68
.50
Anglo-Canadian Oil
51c
..*
1.63
._*
Royalite Oil Co
1.65
19
*
Home Oil Co Ltd
51c
1 61
35
Apr
2.55
Jan
Hamilton Bridge
Feb
21%
Jan
Hamilton Theatre pref.
Hinde & Dauch
Toronto Stock
Exchange
compiled from official sales lists
Apr. 19 to Apr. 25, both inclusive,
Range Since Jan. 1,
Last
Abitlbl pref
6%
Week's Range
for
Sale
Par
of Prices
Low
High
Shares
Price
Acme Gas
Arntfleld-
——_—
Ashley—_
Aunor
7c
500
5%c
Mar
11 He
Jah
1.000
10c
Apr
18c
Feb
9c
2,900
9c
Apr
17c
Jan
lHc
900
1c
Mar
1 %c
Feb
50c
54c
7,400
51c
Apr
81c
Jan
4c
*
1
4c
3,200
3%c
Apr
9c
Feb
50c
:
Jan
4c
2,000
3%c
1.82
2,200
1.63
Feb
2.45
Jan
8c
8c
4,000
8c
Apr
16Hc
Jan
5C
5Hc
3,400
4 Ho
Mar
8c
Jan
5Hc
1
Bank of Montreal
100
180
180
Bank of Toronto
100
248
248
6
182
248
Feb
5Hc
4c
1.75
1.80
1
1
Bankfleld
Jan
8
11c
————1
-
Gold Mines
Bagamac
Feb
4
VAc
•
1
Anglo Canadian-.
300
9c
9c
Mar
171
193
250
Jan
Jan
8
244 H
Feb
7He
500
7c
Mar
11c
Jan
Jan
*
7Hc
7%c
1
11c
10c
11c
4,500
10c
Jan
15c
Seattle Gold
1
1.12
1.05
1.15
2,150
1.04
Feb
1.20
Beatty class A
*
5%
275
4%
Mar
8
101
6
101H
101
Feb
102%
150
155
284
152?^
160 %
Feb
Jan
1.00
Mar
13Hc
Jan
Base Metals
Bear
Exploration
Beatty 1st pref
Bell Telephone Co
Berens River
I
100
—.
100
Bidgood Klrkland
90c
500
90c
Apr
Apr
8Hc
10,500
7%c
Jan
4c
600
4c
Apr
5c
Feb
Apr
37 %
Jan
8Hc
1
Big Missouri—
Blue Ribbon pref
Jan
8c
1
•
5
Jan
90c
150
4c
4c
—
15
35
35
5
50
32
6c
6c
6%c
11,525
6c
Mar
11c
Jan
*
10.00
9.60
10.00
17
9.50
Feb
10.50
Apr
pref-.25
21 %
21%
5%
21%
5%
40
20
Jan
5%
592
5
Feb
21%
7%
Apr
Jan
4%
49
"l6%
4%
16%
17
922
23
23
5
Bobjo
Bralorne
Brantford Cordage
Brazilian Traction
5
Brewers & Distillers
British American Oil
Brit Col Power cl A......*
4%
15%
Mar
Feb
5%
Jan
18%
Jan
23
Mar
26
Jan
82c
85c
Feb
1.10
Buffalo-Ankerite
1
3.75
3.75
150
3.45
Apr
5.95
Jan
B uff aid-Canadian
*
4c
4c
500
2%c
Mar
Feb
Mar
Feb
6c
Apr
15%
Apr
2c
Feb
10%
Jan
Broulan-Porcupine
"~83c
1
Building Prod
;.
*
Calgary & Edmonton
Calmont
15
1 %C
500
13%
lHc
8%
220
7%
8
18c
50
5
5H
98
100
Preferred
1.11
Mar
1.49
2,500
18c
Apr
24 %c
18c
15
40
40
*
Canada Cement
200
1.12
1.12
*
1
Canada Bread cl B
150
71c
1%C
*
—
19,050
15
15
*
Bunker Hill
Burlington Steel
245
5%
98
6
98
Jan
Jan
Jan
Apr
40
Apr
Feb
7
Mar
95
Feb
100
Mar
35
4%
Jan
*
80
80
15
77
Apr
87
Can Permanent Mtge__100
122
122
3
121
Apr
136
Jan
4
130
Feb
5
Jan
Canada Packers
*
3%
Canada Steamships pref.50
17%
18%
57%
57%
50c
50c
Canada Steamships
Canada Wire cl A.
*
29
85c
*
22
*
—-
-
""50c
100
Preferred..—-
Canadian Breweries
Preferred-
I8M
—*
Canadian Bakeries
Cndn Bk of Commerce.100
Canadian Canners
26
205
152
55%
Mar
50c
Mar
50
975
85c
Feb
20
60c
5H
5%
5%
19%
163
Jan
10
Feb
5
18%
Jan
20
Jan
8%
Apr
10
Jan
10%
Jan
Apr
28
Jan
Apr
29
Jan
6%
22%
60
20 %
*
21H
21%
22%
20
22
15%
16
70
15%
Cndn Indust Alcohol cl A.*
2%
*
*
'54c
Mar
21
Mar
2
2%
270
2
Mar
3
Jan
8%
5
8
Feb
9
Jan
53c
54c
900
47c
Feb
58c
Apr
15
Canadian Oil
15
,4%
25
3%
Canadian Wineries
5%
3%
*
-
Mar
6
8%
Canadian Dredge
Cariboo
Jan
30
22
6%
6%
79
22
25
Canadian Wire bound
Mar
Apr
Canadian Car & Foundry.*
P R.
1.00
149
155
C
Apr
29
3
6
Canadian Malartic
Mar
Jan
8%
Canadian Locomotive
1.00
25
•19%
Canadian Celanese
Jan
61
Mar
Canadian Canners cl B.—*
9
19
19
1
2.51
2.51
15
2,199
50
13
Apr
4%
3%
17
Jan
Feb
Feb
6%
Jan
4
Apr
18
Apr
20%
Jan
100
2.35
Jan
2.91
Jan
10
1.70
1.70
1.73
2,195
1.65
Feb
1.95
Jan
14Mc
14c
15c
31,000
9c
Jan
17c
Jan
1.29
Central Patricia
1.28
1.32
4,750
1.26
Feb
1.74
Jan
Apr
1
Central Porcupine
Chesterville
20c
4,900
Feb
20c
70c
70c
500
68c
Apr
1.04
Jan
Cockshutt
4%
4%
97
4%
Mar
5%
Jan
Commonwealth Petroleum*
20c
20c
1,500
20c
Apr
21c
Jan
1.25
1.26
1,400
1.25
Mar
1.55
Jan
Apr
14
Jan
Apr
39H
Jan
Chromium
20c
*
Cochenour
1
Coniaurum..
Consolidated
Cons
19c
Bakeries--*
10
b
34
125
125
Smelters
Consumers Gas
277
126 %
24
Cosmos
540
35
34
100
10
9
24
230
300
12c
9
34 %
125
Apr
22
Feb
2 %c
Mar
Feb
Jan
3%C
Feb
20 %
Apr
28%
Jan
50c
Da vies Petroleum
600
11 He
3c
3Hc
1,000
235
—.*
20%
21%
Home-
22
25
18%
18%
18 %
18%
19%
Dominion Coal pref
Dominion Foundry
Dominion Scottish Inv
Dominion Steel cl B
19
»
45c
1
25
"6%
Mining
*
1
7
21%
Apr
24%
5
18 H
Mar
21
Jan
Feb
24
211
17
45c
Apr
45c
Apr
6%
Apr
9%
Jan
4
'
2.35
\
4%
395
6%
9%c
2%c
100
6%
5,500
1,000
8 He
2%c
2.35
2.47
18,600
2.37
4
9%C
Feb
26
425
2%c
9 He
1
East Crest
East Malartic
45c
6H
1,264
Jan
6%
4%
Dominion Stores
Dominion Woollens pref.20
Duquesne
21
20%
21%
Mar
Jan
90
12c
*
25
1.05
50c
12c
Dist Seagram
Jan
16 %C
50c
*
145
Apr
Cub Aircraft
JDenison
1.62
-
Howey
Feb
5%
Mar
8
Jan
Apr
16%C
Jan
Apr
Apr
5c
Jan
2.95
Jan
Mar
Apr
5H
5
65
5
1
International Bronze pref25
Inspiration
Apr
1.10
Jan
35
8H
12H
Apr
10H
Jan
1,433
Feb
Jan
1,935
1,200
1.60
Apr
13 H
2.54
24c
Feb
30c
Jan
445
24 H
Mar
26 %
Jan
25%
3
Feb
192
Feb
10H
12%
125
11H
Feb
13H
Jan
28c
1,000
20C
Jan
33c
Apr
113%
113
2,976
1,088
I,700
10,400
13%
1
10c
10c 13 He
38C
37c
40c
9H
Jan
115H
Jan
Feb
36 H
Jan
13H
Mar
15 H
10c
Apr
27c
Jan
37c
Mar
46c
Apr
3.95
Jan
6H
220
14%
32
14%
Feb
Apr
31H
35
7%
113
3.65
85c
7,720
6,000
3.05
82 He
83c
Apr
18H
Lake Shore
18H
18H
495
18H
Mar
13
13
*
9
3
3.80
30
9c
6,000
9H
7%c
Lapa-Csdillao
440
6He
Jan
Apr
Mar
12Hc
Jan
9
Apr
10H
Jan
Feb
60c
Jan
1.60
Apr
2.06
Jan
48c
1.75
1.85
6,100
4,350
25H
25H
345
24
23%
A
B
Jan
13H
45c
25H
•
1.05
21
Feb
12
1.85
23
23H
910
3.75
Leitch
Jan
"
47c
Jan
Mar
27
22H
Apr
26
2,955
3.45
Feb
4
Apr
2.35
Jan
Apr
Jan
30
Jan
3.75
1
Madsen Red Lake
Malartic (G F)
1.69
1.80
60c
60c
62c
6,536
14,100
1.69
50c
FeD
70c
94c
McL Cockshutt
3.60
1.70
Mines
Macassa
Feb
3.80
82 He
Kerr-Addison
Kirk Lake
Apr
24
Apr
24
113%
32%
32
Jason Mines.-———,
9
10
24
International Petroleum—•
Loblaw
Jan
2,208
International Nickel
Little Long Lao
Jan
205
9%
7%
100
Laura Secord (new)
Jan
9H
12H
24
Intl Met cl A
Lake Woods
Jan
Apr
74c
26c
9%
*
Jack Waite
72
Jan
5,140
196H 196H
100
Intl Milling pref
3
24c
25H
Imperial Bank
Imperial Oil Co
306
1.65
24c
94 c
1.00
5,375
90c
Feb
1.17
Jan
1H
1H
125
1.25
Feb
2.75
Jan
2%
2%
2H
335
2H
Mar
3%
Maple Leaf Mill-----—*
—.*
Massey-H arris
Jan
32%
33
180
25
Jan
37
Mar
McColl-Frontenac Oil pflOO
94
94
10
90
Apr
98
Jan
---.5
48
48
205
47
100
Preferred
33
—
Jan
McVittie
-
51H
1.01
1.06
3,200
1.01
Apr
1.32
1
McKenzie
Feb
1
Mclntyre.
5%c
5Hc
1,000
5c
Mar
9c
Jan
Jan
.*
Moore Corp
A...—100
Moore Corp cl
1
Morris-Kir kland
45
46
Apr
4c
1,000
3Hc
Feb
5Hc
Mar
47 H
Jan
2Hc
3c
12,000
5,000
5c
1,000
6c
Feb
90
30H
Mar
38 H
66
183
2c
3c
3c
5c
"36"
200
46
181
1
Murphy
National Petroleum.—-25c
4H
7H
4c
"~2c
37
36
Jan
5
5
5
Mercury Mills-------—*
Monarch Oils.
----25c
4lC
Feb
Mar
179
2c
Apr
2c
Feb
Jar
188
6C
Jan
3Hc
Jan
5c
Feb
Jan
National Steel Car
*
1
25c
24 He
25c
16,000
21Hc
Feb
31c
Jan
Nay bob
———.*
lHc
1 He
lHc
2,000
lHc
Apr
2c
Mar
2,400
1.00
Feb
1.18
556
49H
Newbec
-.5
N1 pissing
Mines-——*
Noranaa
—1
*
Northern Canada—-—*
Northern Star
*
1.10
1
1
*
O'Brien
Omega
Orange Crush
Preferred
*
*
Page-Hersey.
Pamour Porcupine
*
-1
... 1
1
--*
1
1
—1
25c
.1
*
1
--1
1
Partanen-Malartlo—Paymaster
Cons
Perron
Engravers
Photo
Pickle-Crow
Pioneer
Powell-Rouyn
Prairie Royalties
Premier
—
Pressed Metals
Preston
E Dome
Reno Gold
Roche LL
57 H
Jan
1,000
4c
Apr
6c
Mar
45c
45c
45c
100
26c
Mar
45c
Apr
40c
40c
700
35c
Apr
50c
Feb
"3 He
3Hc
3Hc
75
40c
Apr
90c
Jan
60c
60c
63c
eoc
Apr
1.15
Jan
14c
13 He
14c
6,750
2,500
lie
Feb
17c
Apr
1.25
1.25
1.25
400
1.25
Apr
2.00
Apr
6H
Feb
52 %
5H
"98
-1
—-1
Sand River
Senator-Rouyn
50c
1
1
Sigma
100
Simpsons pref
1
1
1
*
—*
Slscoe Gold
S laden-M alar tic
Slave Lake
Standard Paving
Preferred
-•
Rock Iron Mines—.*
Straw Lake
—
Sturgeon R
Sudbury Basin.-Sullivan
Sylvanlte Gold
♦
1.65
Jan
500
3%0
Apr
6c
Feb
20c
15,400
19c
Apr
28c
Jan
3,225
1.28
Apr
1.69
Jan
10
11H
Mar
Jan
2.37
Apr
16H
3.00
1.99
Apr
2.30
Feb
65c
Apr
1.04
Jan
4c
1.29
1.35
16
2.45
2.37
2.50
2.05
2.04
2.05
65c
72c
1,800
1,400
2,600
*
J
---*
1
-.--1
Jan
105
Jan
5Hc
6Hc
1,500
4c
Apr
9c
Jan
94c
92c
94c
1,025
88c
Feb
Jan
8
8
8
8
Feb
94HC
9H
•
70
Jan
2.95
3.10
9,705
2.70
Feb
3.40
Jan
10c
10c
500
10c
Apr
13Hc
Jan
3c
3c
3,500
3c
Apr
5c
Jan
2
149 H
Feb
166H
145
Feb
152
10c
10c
700
8Hc
Jan
14Hc
2.25
2.34
2,400
2.03
Feb
2.65
Jan
5c
2.96
5c
2,000
4c
Mar
7Hc
Jan
44C
46c
28,600
360
Feb
59c
Jan
154
2.30
44c
154
150
150
25
13
13
5
13
Apr
17
Jan
Mar
Jan
Jan
76c
76c
80c
1,700
80c
Apr
85c
Jan
60c
60c
65c
660
62c
Mar
87c
Jan
7.15
7.15
250
7.15
Apr
8.90
Jan
Feb
4H
4
4
60c
20HC
10 He
120
3
100
Jan
Jan
92 H
25
91H
Feb
60c
II,675
51 He
Feb
69c
Mar
20HC 20HC
10c llHc
500
20 He
Apr
43c
Jan
25,000
9Hc
Apr
19Hc
60c
150
50c
Mar
90c
Jan
3H
110
2H
Feb
3H
Mar
92
92
55c
60c
3H
Feb
Jan
Apr
25
69 H
Mar
70
Mar
1.78
Jan
Feb
4Hc
Mar
22
22
10
22
65
Steel of Canada
Steep
Mar
16
1.35
—*
Stedman
Apr
1.07
16
*
Silverwoods
95 H
19 He
*
Shawlnigan
Sheep Creek
Sherrltt-Gordon
5H
5
1.25
4c
1.26
Apr
30
2,900
5%
1.21
-
*
San Antonio
54
98
98
100
1
St Anthony
Jan
Feb
4c
Bank----—---100
Royal
Russell Ind pref
1.10
4c
"53"
Nordon Oil
Normetal
Mar
'
151H
*
.
21%
22
Canadian Canners cl A..20
Preferred
Apr
H
5
22
149
Feb
17
5
29
80c
22
3%
135
•:.r
Co
Apr
76c
9
Imperial Tobacco ord
7c
1
Amm Gold--.-
High
Low
10c
*
Ajax O & G
Aidermac Copper
1941
Week
6
5H
100
12 H
1.60
Hudson Bay
Sales
Friday
Stocks—
Home Oil
Jan
9Hc
9
'12%
5
3H
Apr
13
74c
*
Holllnger Consolidated
Feb
5c
72
74 c
1
2H
500
3%
72
100
Hard Rock
Jan
285
3
3
*
2
5Hc
5%c
Halcrow (new)
225
3H
2%
Jan
76c
18
600
19
Apr
54 H
3
Gypsum
Oil—
68
54H
*
Preferred
65
90
1.02
1.00
1.03
2,520
810
4c
3 He
4 He
11,500
3HC
Jan
18c
1,000
17o
Jan
24c
1.18
600
1.10
Apr
1.65
Jan
55c
2.46
18c
1.18
55c
1,100
55c
Apr
65C
Mar
1,000
2.40
Apr
2.90
Jan
2.46
2.52
No par value.
(Concluded
on page
2683)
Apr
The Commercial & Financial Chronicle
2686
Quotations
Bid
15 1009
a2X» iuir
a3s
Jan
1
a3s
June
1
1980.
103 J* 103%
1 1975
a3%$ July
1
a354s May
1
aZH* Not
1
o3Xb Mar
15
aS Xb Jan
City Bonds
Chicago & San Francisco Banks
Ask
99 X 100 X
102 X 103%
1977
Over-the -Counter Securities—Friday April 25
on
New York
Bid
a4%8 Mar
1
o4%b Apr
1
a4%8 Apr
1964
a4%b June
109% 11054
a4 %b Feb
1 1974
15 1976
a4%n Jan
a4)4aNov
1 1977
15 1978
110
1954
111
1960
109 X 110X
1976
a4s
May
1 1967
a4s
Nor
1
1058.
116)4 116)4
May
1
1969
115X uox
a4%a Mar
1963.
a4fl
May
1
1977.
119 X
a4)4s June
1966.
a 4a
Oct
1 1980
1
120)4 121%
119 X 120X
1960
124
125
125 X
a4s
Par
Bid
U9X 121%
100
A Trust
233
1957.
121X
121%
125X
126X
121%
121X 126%
c4 Xb July
1967.
a4J4» Dee
o4Xb Deo
15 1971.
1979.
131
Bank A Trust....33 1-3
First National........100
six
266
132)4
Par
Bid
4)4s April 1941 to 1949.
Highway Improvement—
Highway Imp 4%b Sept '63
144 X
144
Can A High Imp 4%b 1965
141X
Bank of Yorktown.,66 2-3
85
50
13.55
National
100
100
Merchants
4s Mar A Sept 1958 to '67
Canal Imp:4a JAJ '60 to '67
112
46 1976
Bankers..
Bid
Ask
354s August
1968
102
103
62.40
61.40
104
1.0)%
2.43%
101 % 101J4
103
104
3s
45
49
28 X
30
Sterling Nat Bank A Tr 25
1525
24 X
26 X
150
Companies
351
Ask
5054
Bid
Par
359
Ask
Fulton
100
198
218
265
270
5254
Guaranty
100
15
19
Irving
65X
70 X
Kings County
10
1054
11)4
1600
100 *1550
Lawyers
25
26
29
Manufacturers..
20
35
37
20
51
53
New York
25
89X
92 X
Title Guarantee A Tr
12
154
89 X
92 X
43
45
Clinton
50
30
35
25
10
12
Continental Bank A Tr.10
12 X
14
Trade Bank A Trust
10
17
21
Corn Exch BkATr
20
41)4
42)4
Underwriters
100
80
90
Empire
1980
2%t serial rev 1945-1962
3148 6th serAugl5'77
17
60
17 X
Chemical Bank A Trust. 10
* t revenue
105
16
14
720
Bid
35
50
45
48
United States
100 1370
Central Hanover..
3e serial rev 1953-1975..
104
2654
13
10
Peoples National
103
Trl borough Bridge—
1'76
10
....
County
Bronx
Brooklyn.. ...... ....100
Pennsylvania Turnpike—
Port of New York-
3)4s2ndser May
176
50
25)4
12 X
Safety......12)4
Penn Exchange
30)4
New York Trust
108X 109%
General A Refunding—
National
Ask
46
...
Bank of New York....100
Ask
San Francisco-Oak land-
130
Bid
50
137
Authority Bonds
Bid
California Toll Bridge—
37)4
137
Barge C T 4 >4a]Jan 11945.
680
First National of N Y..100 1485
61.15
Bronx
National City
100
2854
170
National
15%
Public National
Par
Public
35)4
Par
42
www
www
FRANCISCO—
Bk of Amer N T A 8 A 12)4
Ask
World War Bonus—
Canal Imp 4Xb Jan 1964..
538
SAN
Ask
14%
Fifth Avenue
61.95
62.00
—
Bank of Manhattan Co. 10
Commercial National.. 100
Bid
3fl 1981
62.05
84 X
273
New York Bank Stocks
Chase
3e 1974
5b Jan A Mar 1964 to'71
523
100
Continental Illinois Natl
120 X
120%
124%
125%
126%
1967.
Ask
Canal A Highway—
Northern Trust Co
243
322
126 X 127 X
New York State Bonds
Bid
Ask
312
126%
1981.
1
Bid
Par
Harris Trust A Savings. 100
Bensonhurst National
1 1962.
Ask
American National Bank
125H
124% 126
a4%b Mar
a4He May
o4 Xb Nov
aiHB Sept
aiXB Mar
122%
124 X
109X 110X
114% 11554
120%
Ask
122
120%
121X
122%
123%
1966
16 1972
104 X 106
1954
April 26, 1941
20
.......
Colonial
Preferred
254
IOIX'101%
3s
4th serDeo 15'76
6th
series___ 1975
1420
Telephone and Telegraph Stocks
United States Insular Bonds
Par
Bid
Ask
Ask
Government—
Philippine
Bid
U 8 Panama 3s June 11961
4 Xb Oct
1959
106
Ask
125
127
4)4s July 1952
118
5s
4X8 July
1962
106
109
Apr
1955........
100
101
5e
Feb
1952
108
111
1941...
106
108
110
111
5% preferred
10054 101)4
6 His Aug
July 1948 opt 1943.
4Mb Oct 1966 Apr '46..
116
Conversion 3s 1947
111)4 112)4
Federal Land Bank Bonds
Bid
3s 1955 opt 1945
JA J
38 1956 opt 1946
38 1956 opt 1946
MAN
JA3
Ask
108% 108 X
108% 109 X
109% 109%
100
Bid
3)48 1955 opt 1945._MAiV
48 1946 opt 1944
JAJ
48 1964 opt 1944
JA J
Emp A Bay State Tel..100
48
Franklin Telegraph
100
28
Int Ocean Telegraph... 100
80
85
20
Atlanta %b, 1%b
Atlantic IXb, l%a
99
r9
99
Chicago
r2X
Denver IXb, 3s.
First Carolina—
1)48, 2s
...
Ask
•
••
www
11
2X
' '
a
Ask
'
99
www
99
Lafayette Xb, 2s
Lincoln 4Xb
Lincoln 5s
www
99
149
'f
•
.
Par
Ask
Bid
Bohack (H O) oommon...*
1%
Kress (8 H) 6% pref
254
100
19
154
21)4
7
8)4
7% preferred
Bid
Par
154
Ask
10
nx
100
8954
12)4
(Daniel)—
Reeves
6)4% preferred
U nitea Cigar- W neian Stores
90
...
87
North Carolina Xb, Is
Oregon-Washington
15 preferred
17
*
1854
89
99)4 100
r39
41
SPECIALIZING
99 X
Phoenix
6e
Phoenix
4)48
F.H.A. INSURED MORTGAGES
101
101
...
The beat
St. Louis
99
Iowa 4)4s, 4Xb
145
www
94
99
Fremont 4%b, 5Xb
Illinois Midwest 4%b, 5s..
Indianapolis 5s
•
Fishman (M H) Go Inc..*
Ask
93
Lincoln 5X8
"
.
/G Foods Ino common. _•
First Trust
Chicago—
Is, 1Mb.
Fletcher %b, 3%b
19
Chain Store Stocks
B
99
......
Pennsylvania 1)4 s. 154s...
First Texas 2s, 2Xb
16
So A Atl Telegraph
■www
99
First New Orleans—
la. IXb
113
25
10.50 1st pref
mmm
99 X
First Montgomery—
3s, 3)48
100
18)4
Rochester Telephone—
■
'
109%
110X UOX
109 % nox
Bid
New York 5s
............
33
•
com
25
109
Joint Stock Land Bank Bonds
Burlington
30
111% 113)4 Peninsular Telep
25
Preferred A..
■
Bid
34
26
98 X 103 X Pao A Atl Telegraph
New York Mutual Tel..25
U S conversion 3s 1946
113
Am Dlst Teleg (N J) com.*
Govt of Puerto Rloo—
Hawaii—
Ask
16 X
32
Par
121
109
6s
Bid
Sou New Eng Telep... 100
Bid
San Antonio 54s, 2s
72
99 X
100
98
WWW
WWW
w»-
www
r23
Circular
on
99
Southern Minnesota..
Southwest (Ark) 6s
Union Detroit 2 )4a
Virginian
"Hedge?* eecurity for Banke and Insurance Co'e.
25
92
STORMS AND CO.
Www
99
WWW
99
...
Is
request
15
r 14)4
www
Commonwealth Building
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Bid
Ask
Atlanta.........
100
90
Atlantlo..
100
67
.100
82
88
.......
Dallas.........
Denver
100
WW*.
100
75
85
..100
43
First Carolina/!
100
14
18
100
2
5
Bid
Ask
Dee Moines
FHA Insured Mortgages
8
5
100
1
5
North Carolina
100
105
112
Pennsylvania...
100
39
43
...
47
Fremont
Par
Lincoln
New York
San Antonio
120
Virginia..
3
1
5
Bid
Alabama 4)4s
Arkansas 4%n
...
6s
3)4
Delaware 4%b
District of Columbia 4%b.
Florlda 4Xb
Federal Intermediate Credit Bank Debentures
Bid
X% due
54% due
Ask
Bid
Ask
*54% due
July
54% due.....Aug
%a due
Sept
\X% due
Sept
%% due
%% due
1 1941 6 .30%
1 1941 6.30%
%b due
X%% due
Jan
54s due.......Feb
2 1941 6.30%
2 1941 6 .40%
1
Bid
May
Federal Home Loan Banks
548
2s
15 1942 100.8
Apr
Apr
100.10
11943 102.20 102.26
Federal Natl Mtge Assn—
Call May 18 '41 at 100 X
1448 Jan 3 1944—
July 3
1941
at
Ask
Texas 4)4 s
102
103
102)4 103)4
101X 101.21 101.25
prloe.
maturities.
Now
100.2
4)4s.—...
101 X 10254
Insured Farm Mtges 4)4s
Virginia 4)4s
West Virginia 4)4s
101
102)4
101)4 103)4
102
103 X
w i
1 1941 100.14 100.16
Oct
15 1942 100.15 100.17
July
151943 100.27 100.29
U 8 Housing Authority—
100.2
54% notes Nov 1 1941.. 100
154% notes Feb 11944.. 101.30 102
When issued
on
w+
6 Baals price,
r In
recelvorshlp.
With stock,
x
d Coupon,
e Ex interest.
Quotation shown la for all
Ex-dlvidend.
New York Stock Exchange.
Quotation not furnished by sponsor or issuer.
X These bonds
15 1942 100.17 100.19
I 1942 100.28 100.30
Interchangeable.
Nominal quotation,
n
sted
a
54% must be deducted from interest rate.
Now selling on New York Curb Exchange.
♦
X%%
101.13 101.17
102
103)4
10154 103
South Carolina 4)4s—...
Tennessee
♦No par value,
XI X%
2s May 16 1943—
103
103
notes July 20 1941 100.11 100.13
July
103 X
103 X
102 X 103 X
102
103)4
.....
102
Flat
Corp—
Jan
102
102
North Carolina 4%b
2 1942 6.45%
54s
May 15 1941 100
Reconstruction Finance
Nov
York"State 4)48—II
New
Pennsylvania 4)4s
Rhode Island 4)4s........
2 1942 6 .50%
Bid
54%
54%
1%
4)4s
103)4
Home Owners' Loan Corp
54%
101)4 102X
101% 102)4
102
103)4
N Y (Metrop area) 4)4s..
101X 102)4
Massachusetts 4)48...
1941 6 .40%
Ask
11943 100.15 100.17
New Mexico 4)4a
102
...
A servicing tee from X% to
Commodity Credit Corp—
H%
Aug
1 1941 100.8
100.10
1%
Nov 15 1941 100.17 100.19
102 X 103 X
104
Minnesota 4>4a
1 1941 6.35%
Nov 1 1941
.40%
Deo
102
Louisiana 4Xs
Asked
New Jersey 4)48....—..
58
Michigan 4Xs
Oct
Obligations of Governmental Agencies
54%
Georgia 4Xb
Illinois 4Xb
Indiana 4)48—..........
Maryland 4Xb
May 1 1941 6.25%
June 2 1941 6 .25%
Bid
Asked
101X 102)4
101X 102)4
102
103)4
101X 102)4
102
103)4
101
102)4
101)4 103
101X 102)4
are
subject to all Federal taxes.
T Chase Natl. Bank announced
on
on
Deo. 31
a
distribution at the rate of 277.50
each original 21,000 principle amount of debentures;
ciple and 21.50
on account
6)4 on Sept. 25. 1939
of Interest.
275.98
on account
Previously paid 5% on July 7,
ot prin¬
1939, and
Volume
The Commercial & Financial Chronicle
152
Quotations
2687
Over-the-Counter Securities—Friday April 25—Continued
on
Guaranteed Railroad Stocks
Railroad Reorganization Securities
(When Issued)
3o$epb Walkers Sons
Mtmhrrj
York Sloth
Bear, Stearns a Go.
Exthong*
Dealcnin
120 Broadway
Members New York Stock Exchange
Tel. RE ctor
GUARANTEED
NEW YORK
New
2-6600
STOCKS
York
Chicago
.
^3,
Reorganization Rail Issues
Guaranteed Railroad Stocks
(When,
and If Issued)
as,
(Guarantor In Parentheses)
Bid
Dividend
Bid
Par la Dollars
Alabama A Vlcksburg (Illinois Central)
...100
Albany A Susquehanna (Delaware A Hudson)......100
72
69
6.00
.....
112
107 %
78
10.60
Allegheny A Western (Buff Roch A Pitts)
.100
Beech Creek (New York Central).................60
Boston A Albany (New York Central)
....100
Boston A Providence (New Haven)......
...100
Canada Southern (New York Central)............100
Asked
6.00
82
2.00
29%
8.76
90
31%
92%
8.60
20
24
3.00
37 %
40
Carolina CUnchfleld A Ohio com (L A N-A C D...100
Cleve Cln Chicago A St Louis pre! (N Y Central)..100
6.00
88%
91
71
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock..
60
3.60
82%
75%
84%
50
2.00
49
51
Delaware (Pennsylvania)
26
Fort Wayne A Jackson pref (N Y Central)......
100
Georgia RR A Banking (L A N-A C L).
.....100
Lackawanna RR of N J (Del Lack A Western)
.100
Michigan Central (New York Central)
.....100
2.00
48 %
63
67
6.00
....
5.60
149
9.00
39
42
600
800
3.875
Oswego A Syracuse (Del Lack A Western)..........60
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
60
27
4.60
25%
63%
95%
34%
1.50
44
47
6.00
4.00
-
60
56%
98%
37%
87
3.00
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna)..100
7.00
...
153%
4.00
50.00
Morris A Essex (Del Lack A Western)
......60
New York Lackawanna A Western (D L A W) ....100
Northern Central (Pennsylvania)
.....60
Preferred
50%
92
177
7.00
164
169
6.64
Rensselaer A Saratoga (Delaware A Hudson)......100
St Louis Bridge 1st pref (Terminal RR)
100
173%
59
62
Chicago Milwaukee St Paul & Pacific RR—
5% preferred (par $100).
Common (no par)
Chicago & North Western Ry—
5% preferred (par $100)
Common (no par)
-
-
......
8
2)4
...
854
3)4
7
-
-
754
3
23*
Erie RR—
5% preferred A (par $100)
%
3%
26
2%
3
25
.
Certificates ben interest In common stock
4
Norfolk & Southern RR—
Common (no par)
—
Ctfs of beneficial Interest in J L Roper Lumber Co..
Bonds—
26
30
78
793*
f38
127
39 %
28%
Chicago Milwaukee St Paul & Pacific RR—
First mortgage 4s
General mortgage income A4)*s
General mortgage incone convertible B 43* s
Chicago & North Western Ry—
First general mortgage 2%~4a
...1989
Second mortgage convertible Income 4J*s.
Erie RR—
—
63%
23%
1999
64)*
24)*
98%
First mortgage 454s A
First mortgage 4s B
993*
83
82
General mortgage income
f47%
convertible 43*s A—
48
70%
/173*
7154
183*
Norfolk Southern Ry—
First mortgage 43*8
General mortgage convertible
140 %
70
145
3.00
6.00
140
10.00
247%
251
6.00
43%
6.00
65
Vlcksburg Shreveport A Pacific (Illinois Central)..100
6.00
57%
6l"
Alabama Mil is Inc
Preferred.
.............100
Warren RR of N J (Del Lack A Western)
60
West Jersey A Seashore (Penn-Readlng)
60
6.00
59
62%
American Arch
3.50
20
23
3.00
54
57%
...1998
—
144
Second preferred............
..............100
Tunnel RR St Louis (Terminal RR)
...........100
United New Jersey RR A Canal (Pennsylvania)..
100
Utlca Chenango A Susquehanna (D L A W).......100
Valley (Delaware Lackawanna A Western)
..100
6.00
Asked
Stocks—
73
income 5s
.......
Industrial Stocks and Bonds
47%
Pari
Bid
Ask
2%,
3%
Par
National Casket.....—.*
*
Railroad
Amer Bemberg A com...*
American Oyanamld—
13%
15%
Nat Paper A Type oom—.1
11%
11%
11%
4%
National Radiator
Bid
Ask
b 1.75
2s-254s and 35*8
b
Nash Chat A St Louis 254s
b225
1.65
1.25
62.15
1 65
1.50
New York Central 43*s__.
51.85
1.30
1.25
62.25
1.25
49%
22%
Pan Amer Match
21%
Amer Malse Products...*
16
18
American Mfg 5% pref 100
Arden Farms com v t c— .1
33 partlc preferred
*
Arlington Mills
...100
80
84
64.40
3.75
64.40
3.75
N Y Chic A tit Louis 4s...
52 50
61.50
64.00
61.65
1.00
N Y N H A Hartford 3s...
52.25
1 65
3.25
Northern Paclflo 254b-254b
No W Refr Line 3 Xs-te
51.90
1.40
53225
61.70
1.25
62.35
1.65
Chle A Northwestern 4 Ms.
61.85
1.50
CllnchBeld 2%a
...J
Del Lack A Western 4s
62.15
1.65
62.50
1.75
62.00
61.75
1.50
series..——.10
11
Amer DlstUUng Co 5% pflO
*
.26
3H
47
1%
40%
Canadian Pacific 4%a
Central RR of N J 4%b
Central of Georgia 4s.....
Chesapeake A Ohio 45*s..
Denv A Rio Gr West 45<s_
Erie 4%b
1.25
234s and
52.25
2 3*8
.—
1.75
1.75
254s series G A H
51.20
0.80
1.50
52.15
4s series E
1.60
Pere Marquette—
2 3*8-2 Hs and 43*8
52.00
1.50
Reading Co 43*8
51.70
1.25
St Louls-San Fran 4a-4 5*3-
1.25
Fruit Growers Express
51.85
1.30
1.25
4s. 4KB and 4%a
Grand Trunk Western 6s..
Great Northern By 2s....
61.65
1.25
St Louis S'western 43*s___
51.75
64.00
3.25
Shippers Car Line 6e
52.00
1.50
61.70
1.25
Southern Paclflo 43*8
51.80
1.25
Illinois Central 3e
62.25
1.60
52.50
1.75
62.25
61.76
1.70
Southern Ry 4s and 4 5*s.
51.70
1.25
1.25
Texas A Pacific 4a-43*B-_-
51.09
1.50
1.35
Unlon Pacific 2%a
....
Kansas City Southern 3s..
Lehigh A New Engl 4Kb..
Long Island 4%s and 6s.Louisiana A Ark
62.00
.
51.80
1.40
62.00
1.50
Western Maryland 2s—_
52.00
1.50
62.00
1.50
Western Pacific 5s
52.00
1.50
61.75
3%a
Maine Central 5a
Merchants
2)4s
1.30
West Fruit Exp 4%a-4%a.
Wheeling A Lake Erie 2%a
Despatch
2%B,4%B & 5a
51.80
1.30
51.75
1.30
Railroad Bonds
10
31.26 preferred
34
37
Pollak
153*
12%
Akron Canton A Youngstown 55*s.
.......1045
156%
59
1945
6s
Baltimore A Ohio 4s secured notes.....
Boston A Albany 4%a
.............
156%
60%
61%
....1944
94
104
1956
69
73
1951
75
76
1961
3%
Cleveland Terminal A Valley 4s
Connecting RaUway of Philadelphia 4s..........
Cuba RR Improvement and equipment 5s.......
.......
104
.1995
..—1961
.1960
94%
18%
20
38
40
4%
City A Suburban Homes 10
Coca Cola Bottling (NY)*
62%
..
33 oonv pref
Croweli-Coiller
*
Pub.....*
Cuban-Amer Manganese.2
.1946
50%
Illinois Central—Louisville Dlv A Terminal 3%n.
Indiana Illinois A Iowa 4s.....................
.1953
57
59
.1950
76
Kansas Oklahoma A Gulf 5s
.1978
72%
96%
.1959
100%
.2032
.1946
37
.1948
101
...........
.2000
103
1
50
Soovill Manufacturing..25
Singer Manufacturing.. 100
23%
8%
51
54
14%
30%
28%
15%
31%
33%
31%
65
69
33%
1%
10%
2%
12%
36
27
Foundation Co Amer shs *
4%
36%
Stanley Works Ino..
'
*»«.#•
3%
4%
4%
18%
455*
55*
2054
43%
455*
Thompson Auto Arms—.1
*
Common————»——6
2
Triumph Explosives
United Artists Theat com. *
Class A
—♦
...
——.*
Class B
United Piece Dye Works.*
Preferred
100
Veeder-Root Ino oom....*
*
Weloh Grape Juloe oom 2%
16
25%
Wlekwlre Spenoer Steel. 10
Wlloox A Glbbs oom
50
13
14%
4%
5%
62%
44%
41%
14%
Worcester Salt
21
Landers Frary A Clark..25
Lawrence Portl Cement 100
21
20%
•
.
42
102%
.1947
100
Pennsylvania A New York Canal 5s extended to.
.1949
61
Philadelphia A Reading Terminal 35*s——.
Pittsburgh Bessemer A Lake Erie 5s............
.1966
96
.1947
.1961
.1947
88
98
9%
12%
19%
85%
12%
51%
27%
i
23
14%
20%
88%
14%
53%
28%
117
10
11%
U54
315*
35*
H
1354
3354
45*
%
7%
100
preferred
.100
York Ioe Machinery
*
7% preferred——100
7
4%
5*
1%
52%
10%
17%
1075*
5%
6
7%
554
%
25*
555*
215*
19
6%
85*
45
25*
34
35*
37
Bonds—
Amer Writ Paper
6s..1961
Brown Co 5%b ser A..1946
Carrier Corp 4)*s—1948
74
/435*
945*
765*
445*
965*
Deep Rock Oil 7S—1937
Stamped....—..——..
Koppers Co 3)*s—-1961
Minn A Ont Pap 6a... 1960
Monon Coal 5s....—.1955
t NY World's Fair 48.1941
Old Ben Coal 1st mtg 6s '48
Soovill Mfg3 348 deb—1950
Swift A Co 254s
1961
Western Auto Supp 3%a '55
Wheeling Steel 35*8.-1966
f55% 58
101% 1025*
75
7654
fll
145*
854
4954 5154
1045* 1055*
9954 100
96
975*
915* 925*
8
91
93
1
6% preferred—.....100
Muskegon Piston Rlng.2)*
118
Portland Terminal 4s.........................
Providence A Worcester 4s
Merck A Co com
23
8%
35*
395*
1245*
United Drill A Tool-
15
1%
38
120
3
10
Tokheim Oil Tank A Pump
Trioo Products Corp..—.*
23%
4
A*
40
43%
Warner A Swasey
52
59
255*
105
26
50
2%
55*
4954
Stromberg-Carlson ......*
Sylvama Indus Corp
*
Garlock Packings com...*
Gen'Fire Extinguisher...*
Long Bell Lumber...—..*
35 preferred ........100
Mallory (P R) A Co
...*
Marlln Rockwell Corp... 1
103
Skenandoa Rayon Corp..*
Standard Screw
20
854
2%
35 preferred——*
King Seeley Corp oom—.1
101
7
4%
47%
23%
•
54
/19%
New York A Hoboken Ferry 5s..
New York Philadelphia A Norfolk 4s
Norwich A Worcester 4>*s—
com
60%
Interstate Bakeries oom..*
112
.1966
20c
254
25*
854
57%
21%
7%
87
98 3*
6%
2
2
13%
86
8c
1
39
100
1154
1%
5
41%
.1945
105*
178
5%
Talon Inc com—
Great Lakes SS Co com..*
Florida Southern 4s...........................
Hoboken Ferry 5s
10%
169
Tampax Inc com
Taylor Wharton Iron A
Steel common
Tennessee Products..—
Harrteburg Steel Corp....6
fl6%
85*
41
8%
14
28%
100
28
7%
39
67
Dictaphone Corp.......*
Dixon (Jos) Crucible... 100
Domestic Finance cum pf. •
Draper Corp.—
....•
Preferred
25
26%
Devoe A Reynolds B com *
Federal Bake Shops.....*
Preferred. .........—30
1654
915*
4%
24
18
*
.1965
Memphis Union Station 5s....................
5%
5%
Glddlngs A Lewis
Machine Tool—......2
Good Humor Corp
....1
Graton A Knight com....*
Dayton Union Railway 3)48—-—-——
Monongahela Railway 334s.—................
New Orleans Great Northern inoome 5s.........
New York A Harlem 3Hs.....................
Manufacturing...*
Remington Arms
Time Ino
Dentists Supply oom...10
Ask
14%
87%
3%
12
62%
60%
112
4%
183
178
Great Northern Paper—25
....
Exploration—...1
Gen Machinery Corp com *
1943
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s....
Chicago Stock Yards 5s
2%
60
.1955
Cambria A Clearfield 4s.—_
14%
2
Chilton Co oommon—10
Columbia Baking oom...*
31 partlc preferred
Consolidated Aircraft—
hid
16%
....10
Brown A Bharpe Mfg...60
Buckeye Steel Castings..*
Chic Burl A Qulncy
100
Dun A Bradstreet oom...*
Asked
Corp..25
Pepei-Cola Co.....—*
Permutlt Co—
....1
Petroleum Conversion
1
Petroleum Heat A Power.*
Safety Car Htg A Ltg
Autocar Co oom
Farnswortb Telev A Rad.l
Bid
Ohio Match Co.........*
Pilgrim
Botany Worsted MUls 61A5
52.00
Pennsylvania 45*8 series D
Art Metal Construction. 10
2%
10
New Britain Machine....*
42%
2.50
Chic Burl A Qulncy 25*s__
Chic Mllw A St Paul 6s...
U%
11%
American Enka Corp
American Hardware
Preferred
5% preferred—.—60
series...—.....10
3d
Missouri Pacific 4 3*8-58---
1.70
•
2d
Ask
52.20
61.75
61.70
Bessemer A Lake Erie 2%b
Boston A Maine 6s......
Canadian National 45*s-5e
34
Equipment Bonds
Bid
Atlantle Coast line 254s-Baltimore A Ohio 4%a
31
6% conv pref 1st ser—10
.........
Richmond Terminal Ry 3Jfs..
.1965
....
Tennessee Alabama A Georgia 4s...............
Terre Haute A.Peoria 5s.............
Toledo Peoria A Western 4s.....
.1957
104
64
96 %
1055*
57
Toledo Terminal 4Xs—.......................
.1946
United New Jereey Railroad A Canal 33*1—.,
.1961
Vlcksburgh Bridge 1st 4-6s......
Washington County Ry 3Hs...................
West Virginia A Pittsburgh 4s.................
.1968
78
79
.1954
.1990
45
47%
62
64
Ask
104%
101
102 H
107
109
88
95
Baraqua Sugar Estates—
6s
1947
HayUan Corp 4s..... 1954
n 8%
54
fl 4
—1940-1942
f25
New Nlquero Sugar—
106%
33*8
For footnotes see page
19%
56
/33%
1989
5s
Stocks
Par
oom.l
Preferred.
.......1
Haytlan Corp com— ♦
Punta Alegre Sugar Corp.*
Savannah Sugar Refg...1
Eastern Sugar Assoe
0s....———1951
Toronto Hamilton A Buffalo 4s....—..........
.....
Bid
AntOlA Sugar Estates—
.1942
.1967
.1957
.........
Sugar Securities
Bonds
2689.
16""
Bid
Ask
7)4
21 %
2354
8
54
454
1
295*
31
65*
Vertientes-Oamaguey
Sugar Co
—5
West Indies Sugar Corp—1
2
254
35*
4
Chronicle
The Commercial & Financial
2688
April 26,
1941
Quotations on Over-the-Counter Securities—Friday April 25—Continued
Investing Companies
Preferred Stocks
""Public Utility
Bought
Sold
•
Quoted
•
Teletype
7-1600
Public Utility
tar
Alabama Power
Amer Utll
s7 pre!..*
Serv 0% pre!.2fl
Lt 7% p!..*
Arkansas Pr A
Atlantic City el
6% pre!.*
Birmingham Eleo $7
pre!.*
tsxa
Series b-2
22.43
6.86
Series b-3
14.19
4?*
Series b-4
15.87
17.25
Series k-l
9.73
10.46
Series k-2
3?*
4?*
108?* 110H
preferred—50
Carolina Power A
$7
5h% pf.*
6% pf 100
co—
14?*
16
38?*
40?*
87^
67
90 prior lien pref
'66
8?*
96 cum preferred
54?*
52K
New Orleans Pub Service.*
preferred.—.
97
...*
19 %
68?*
10?*
22
110 ?* 112?*
New York Power A Light—
Light—
90 cum preferred
*
112?* 114?*
7% pf 100
U2?* 114?*
7% cum preferred
100
n y Water Serv 6% pf .100
98
95?*
106?* 108?*
101h 103?*
107?* 109?*
28?*
30?*
Northeastern el Wat A el
preferred
Cent Indian Pow
4?*
Central Maine Power—
preferred
.—100
7% preferred
—100
Cent Pr A Lt 7% pref—100
Community Pow A Lt—10
Consol Eleo A Gas $0 pre!.*
Consumers Power 95 pre!-*
Continental Gaa A Eleo—
7% preferred
100
Derby Gas a El 97 pref—*
$6
'
109
7?*
7%
m
m
9?*
sy8
103?* 106
94
96
60?*
63?*
*
90.60 cum preferred—*
Florida Pr A Lt 97 pref-*
100
pref
40
41 J*
42 x
126
128?*
39
5H% Pf-100
Interstate Natural Gas.._•
Ind Pow & Lt
54?*
115
55 h
116
20?*
22?*
27
30
82?*
Ohio Public Service—
Okla
Panhandle
108
110?*
115
116?* 119
80?*
83 H
Pipe
Eastern
*
•
Line Co
Penna Edison 95 pref
Peoples Lt A Pr 93 pref.25
Philadelphia co—
*
95 cum preferred
35?*
67?*
65?*
112?* 113K
33?*
20?*
22?*
80?*
81?*
Jer Cent p A l
7% pf—100
Kansas Power A
preferred.—100
101
70
24?*
*
97 prior lien pref
92
102
15?*
2
4?*
*
26 H
Republic Natural Gas
Rochester Gas A Eleo—
17?*
5% conv partic pref..60
Mississippi Power 96 pref.*
97 preferred
*
Mississippi p A l 90 pre!.*
Missouri Kan Pipe Line-5
Monongahela West Penn
Pub Serv 7% pref
15
Mountain States Power..*
Texas Pow a Lt 7%
92?*
27?*
84?*
94?*
75
77?*
United
26?*
82?*
4?*
14?*
..1
..1
♦Cram a Forster com. .10
Series aa mod..
♦8% preferred......100
13.68
.07
.17
19.36
20.93
11.01
12.07
5?*
29?*
pf-100
19?*
20?*
12
13
103?* 105?*
108
110?*
...100
Cumulative Trust Shares. *
..1
Deposited Insur She a
1
Diversified Trustee Shares
c
1
d
2.50
Dividend Shares
25c
23
22?*
24
Utah Pow a Lt 97 pref—.*
67?*
69?*
92.75 preferred
preferred
16?*
Stock Fund
Eqult Inv Corp (Mass)..5
Equity Corp f 3 conv pref 1
Fidelity Fund Inc
*
First Mutual Trust Fund.5
45
47
3.10
23.55
2o.33
8.44
9.13
138
iNarrag el 4?*% pref...50
55
55?*
19?*
21?*
units.....
West Penn Power com...*
West Texas Utll 90 pref..*
3.16
Appalach el Pow 3 j* ■ 1970
Associated Electrlo 5s. 1961
Participating
3.43
National Investors Corp.l
National Security Series—
1.90
Income scries
2.26
Lew priced bond
2.26
24?*
Inoome deb 3?*s__.1978
Income deb 3?*s._.1978
Income deb 4s.....1978
Inoome deb 4?*s—_ 1978
Conv deb 4s.......1973
Conv deb 4?*s
1973
Conv deb 5s.......1973
Conv deb 6?*s
1973
8s without warrants
/14?*
/14J*
/15
/15?*
/23?*
/23?*
/24?*
/24?*
/53?*
15?*
15?*
15?*
16
15H
22 K
100?* 102?*
Kansaa Power Co
4s..1964
1983
sf lno4?*s-5}*8
1980
Sink fund lno 5-gs—1986
Michigan Pub Serv 4s. 1965
Montana-Dakota Utll—
20?*
117?*
30?*
15.35
1<l59
.97
1.07
'62
97
/io
/8
/8
11?*
Northern
/8
9?*
/8
9?*
1905
Publlo Servioe 3?*s.l909
39?*
No Amer Tr Shares
1.82
21.99
23.65
1953.*
1
1
1
13?*
13
Income 5?*8 with stk '52
Community p serv 4s. 1964
Cons Cities Lt Pow a Trao
5s
Consol e a g 6s a
6s series b
m
87?*
108?*
102?* 103
87
84?*
1?*
88?*
107
6s.1952
3?*» 1964
1970
3?*s—
1950
Pub Serv of Indiana 4s 1969
Pub Serv of Okla 3?*a.
Pub Utll Cons 5ks
1971
1948
1951
a Pow
1947
Sioux City" g a e 48—1960
—
.
__
Sou Calif Edison 3s
Sou Calif Gas
1905
3?*s_—1970
Sou Cities Utll 5s a... 1958
95?*
97
Southern Count Gas 3s
'71
56
57
s'western Gas a el 8
101?* 102
105?* 106?*
.31
.36
12.42
4.90
5.80
Republic Invest Fund—.l
2.84
3.17
Insurance stk series. 10c
Fixed Trust Shares a...10
7.95
Foundation Trust Shs a.l
3.15
Fundamental Invest Inc. 2
14.06
Fundament'l Tr Shares a 2
3.96
4.72
*
3.62
General Capital Corp
*
General Investors Trust. 1
24.37
26.20
4.19
4.50
b
Group Securities—
3.97
Agricultural shares..
1962
55?*
57
Slwestern Lt a Pow 3?*8'09
4.38'
1970
1957
63
Tel Bond a Share 6a..1958
82?*
Texas Publlo Serv 5s..1961
106
100?*
98
99?*
103?* 104?*
18
1st mtge 3?* s
f debs 3?*s
a
1970
i960
United Pub Utll 0s a. 1900
5e
1957
6 ?*s stamped
1952
Iowa Pub Serv 3?*a—1909
74
71?*
105?* 106?*
West Texas Utll 3?*s.l969
Iowa Southern Utll 4a.l970
105
105?*
102
102?*
8.01
1
Spencer Trask Fund
*
Standard Utilities Inc. 50c
5.29
5.86
12.15
12.91
Investors
Sovereign
♦State St Invest
Corp...*
Super Corp of Amer
aa.. 1
.20
.23
56?*
1.97
59?*
3.34
3.69
6.29
1.96
1
1.89
4.95
5.18
4.83| Trustee Stand Invest Shs—
♦Series c
1
5.70
Electrical Equipment
6.82
7.50
3.53
3.90
Trustee Stand Oil Shs—
Investing
2.32
2.57
4.32
4.76
1
♦Series b
1
Trusteed Amer Bank She-
Chemical
shares
...
shares
shares....
4.56
5.02
3.76
Mining shares
Petroleum shares
4.15
♦Series d
a
♦Series
25c
Class b
shares..
Steel shares
3.01
3.32
Trusteed Industry Shs 25c
4.17
rr Equipment
•Huron Holding
4.60
u s el Lt a Pr Shares
3.79
Corp
1
4.18
.07
10c
1.20
1.31
12.96
13.94
1.83
2.06
Fund Inc com
Aviation Group shares
Bank Group shares
.
4.54
.44
.66
14
12.30
13.48
.95
Insurance Group shares.
1.11
1.22
Investm't Co of Amer—10
15.39
16.64
1
Fund
12.92
Bid
1
a..*
H
1
2
13?*
com—10c
H
Pomeroy Inc
69
71?*
Bid
co—
1st a ref 5a._——..i960
1st consol 4s
1948
1st consol 5a
1948
Prior Hen 5s....—1948
Pittsburgh Sub Water—
6s
.1951
105?*
—
1958
104
1957
105?* v-:—
1901
Community Water Service
6?*s series b
..—1946
0s series a—...—1940
101
.
102?*
102
107?* 109?*
...
87?*
92?*
Richmond Water Works—
1st 5a aeries a—
1957
89
94
1948
1st 5s
104
103?*
Rochester A Lake
Water
73
77
Ontario
fis—...—.1951
Scranton Gas
A Water Co
—1958
4?*s
Brook
Water Service 5s. 1961
1st a ref 5s a
.1967
Shenango Val 4s ser b. 1901
South Bay Cons Water—
5s
i960
Spring Brook Wat Supply
5s1905
Springfield City Water—
4s a........
—1950
105?*
101
103
Scran ton-Spring
Indianapolis Water—
1966
100
107?*
4?*s-1959
Kokomo Water Works—
1st Ssserles a—
1958
105?*
102
105?*
Monmouth Consol Water—
105?* 106?*
101?* 102?*
104?* 105?*
52?* 53?*
100?* 101?*
1956
5s
100?* 103?*
100
100
102?*
69?*
108
105
105?*
West Va
1905
105?*
Western
Morgantown
Muncle Water Works—
103?* 104?*
108
108?*
5)*s
i960
6?*s series a—
1951
New York Water service—
100
1951
&j
105?*
102
107?*
103
104
102?*
108?*
107?* 109?*
68.1954
Servioe 4s. 1904
1957
For footnotes see page
99
94
Wichita Water—
99?* 102
Ohio Valley Water
6s
102
deb 6s
Oregon-Wash Water 8erv—
107
104
b——1950
...1951
extended....1950
1st conv 5s
Ohio Water
128
107
101
102?*
102?* 104?*
1901
co—
n y Water
1st 58 series
1951
103?*
series a.—1950
1st 4s
98
5s series b
1951
Water Service—
1st 5 ?*s
105?* 106?*
76?*
Service—
-
102?*
...1950
Water 5s 1965
5)*s
5s
74?*
Union Water
5?*a
Monongahela Valley Water
99?* 103?*
2189.
b——1960
6a aeries c
——1960
0s aeries a
..1949
w'msport Water 5s. ..1952
5s series
1
22
20
•
Corp
.10
♦Schoellkopf Hutton A
♦Class b__
♦First Boston
Ask
Atlantic County Water—
14.22
Banking
Corporations
Peoria Water Works
1958
.75
Investment
♦Blair a Co
Water Bonds
5s
.49
——
1.68
b
♦Central Nat Corp d
.85
.
a—.
——
.16
Income Foundation
Kankakee Water
103?*
—
6.92'
4.38
shares
103?* 103?*
92
94?*
Western Public Servioe—
1950
Gen Mtge 4?*s
77.04
7.34
3.43
*
Building shares
107 h 107?*
Utlca Gas a Electric Co—
inland Gas Corp—
75.52
Selected Amer Shares—2?*
New RocheUe Water—
Toledo Edison 1st 3?*sl968
el Paso Eleo 3?*s
Scudder, Stevens and
Clark Fund lno
Aviation shares....
Joplin Water Works—
1st 5s series a..
1957
fl6H
Crescent Public Service—
Federated Utll 5?*s
10c
1
3.65
15.41
1st mtge 3?* 8„
105?*
'70
Houston Natural Gas 4a '66
1.77
11.61
104?*
Republic Service-
1962
60?*
80?*
2.17
St Joseph Ry Lt Ht
1902
Coll lno 0s (w-e)
1954
Dallas Ry a Term 68.1951
Series 1958
2.22
Quarterly lno Shares..10c
Portland Electric Power—
4?*s_
106
108
105?* 106
Collateral 5s
Central Publlo Utility-
Series 1955
Series 1950....
Plymouth Fund Inc
Putnam (Geo) Fund
105?* 106
1971
Old Dominion Pow 5a. 1951
08
106?*
6.28
No Amer Bond Trust ctfs.
3.23
Calif Water Servioe 4s
Ohio Power Co 3s.
Penn Wat a Pow
106
6.49
....
2.30
Butler Water Co 5s...
Northwest Pub Serv 4s '70
Parr Shoals Power
Cent Maine Power 3?*s '70
7.12
3.19
4.96
5.68
Railroad
17.87
2.88
98?*
Indiana—
Pacific Gas a Elec 3s. 1970
Central Pow a Lt 3?*s 1909
6.56
2.89
10.45
Gulf Cbast Water—
95?*
94?*
95?*
97?*
104?* 105
107?* 108
7.57
6.45
Oils
2.06
5s
61
n y State Eleo a Gas Corp
Central Gaa a Eleo—
10.15
5.94
.....
9.84
Ashtabula Water Works—
ny pa nj Utilities 5a 1950
103
9.21
6.86
...
96?*
New Eng g a e Assn 6s
106?* 107?*
equipment...
8.02
6.75
Bank stock series... 10c
65
55
102?* 102?*
titles Service deb 6s_. 1963
62?*
94?*
27
101
Electrical
5.28
7.27
6.U
10.82
Fiscal Fund lno—
104?* 105
26
Cent Ark Pub Serv 5s. 1948
9.78
8.36
4.78
5.75
105
109?* 110
109
1st Hen ooll tr 6?*s_.1946
1st lien coll 6 rust 08.1946
104
102?* 103
Calif Wat a Tel 4s...1969
6.85
4.43
105?* 106?*
1961
3?*
9?*
93*
supplies......
Metals
5.05
10.52
7.58
Bank stock
Machinery
4.45
5.37
9.76
8.87
Insurance stock
3.05
4.86
6.20
Chemical
2.55
4.57
........
Building
3.84
5.10
4.13
4.00
Automobile..
28
1~.09
.96
4.74
n y Stocks Inc—
Agriculture
112
3.15
15.38
105?* 106?*
Boston Edison 2?*s
Cent 111 el a Gas 3 h s. 1904
106
111?* 112
3?*s
Blackstone Valley Gas
a Electric 3?*s—..1908
1970
105
Ask
1909
1970
4kb
1955
Lehigh Valley Tran 5s i960
Lexington Water Pow 6s'08
Luzerne Co g a e 3?* s '60
Kan Pow a Lt
Kentucky Utll 4s
4s
Cons ref deb 4?*s...1958
Sink fund lno 4?*s_. 1983
Sink fund lno 6s
ma
"25" Narragansett Eleo 3?*s 06
Assoc Gas a Eleo Co—
scries..
1
New England Fund
Institutional Securities Ltd
Ask
Assoc Gas a Eleo Corp—
*
(Md) voting shares..25c
(Colo) ser b shares
Wellington
14?*
21?*
Utility Bonds
63?* 65?*
04
95?*
105?* 105?*
51?* 52?*
8.65
Nation.Wide Securitles-
1.90
Investors..6
Independence Trust Shs.*
Amer Utility Serv 08—1904
8.46
7 92
Mutual Invest Fund Inc 10
5.20
Incorporated
Bid
7.87
2.c0
Washington Ry a Ltg co—
135
Public
3.95
17.83
14.28
Tobacco shares
50
Nassau A Suf Ltg 7%p! 100
3.05
16.58
1
Mass Investors Trust
7.98
7.23
10c
com
Steel
1
1
Balanced Fun.d
Merchandise
21?*
Pub Utilities
Mountain States t A t 100
6% preferred
Fund Inc
Maryland Fund Inc.—10c
Aviation
♦Common b shares... 10
5.35
Manhattan Bond
Mass Investors 2d Fund.l
Cram a Forster Insurance
Automobile
103?* 105?*
Corp
*
...*
93
27?*
1
Corporate Trust Shares—1
Series aa
1
Accumulative series
1
2.83
Knlckbocker Fund.,
Food shares
Southern Nat Gas com .7?*
8'western g a e 5% pf-100
Mass Utilities Associates—
5H
•
100
Sierra Paclflo Pow com...*
16?*
17?*
72 j*
Associates
preferred
121?* 124?*
Queens Borough g A e—
0% preferred
100
0% preferred d
Mass Pow A Lt
12.72
107?*
Light—
4?*% preferred...—100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7%
105
5?*
1
Selected Inoome Shares..1
Pub Serv Co of Indiana—
Jamaica Water Supply..
7.42
.....
3.12
Eaton a Howard—
preferred.......100
preferred
100
g A e 7% pref—100
0%
7%
Penn Pow A Lt 97 pref...*
Hartford Electric Llght.25
79 j*
63
4
2.30
Commonwealth Invest
Delaware Fund
11.31
Series 8-4
Railroad equipment
Pacific Pr A Lt 7% pf—100
Federal "Water Serv Corp—
96 cum preferred
60 H
94 preferred
Northern States Power—
(Del) 7%
5
♦7% preferred
11.01
Series s-3—
Series acc mod
97 prior lien pref
Birmingham Gas—
13.50 prior
National Gas A el Corp. 10
New Eng Pub Serv
123
84?*
Ask
3h
New Eng Pr Assn
89
bid
6.82
14.20
...
Series s-2.
Investing—
...1
Century Shares Trust.—*
Chemical Fund
1
far
New Eng g A e
51
4?*
80?*
120
1
Canadian Inv Fund Ltd.
ask
i
28.86
2.85
10
Boston Fund Inc
—5
British Type Invest a...1
Broad St Invest Co Inc..6
Bullock Fund Ltd..
1
Stocks
Series b-l
4?*
Basic Industry Shares..
N.T.UUOO
14
6.22
♦5% preferred
New York City
115 Broadway
Tel. B A relay
♦Common
Keystone Custodian Funds
12?*
Axe-Houghton Fund Inc
Bankers Nat
Investors Fund c__
2.60
Aviation Capital Inc
Exchanges
7.49
2.39
Shares...2
Assoc Stand Oil
established 1879
Principal Stock and Commodity
Members
8.25
1
6.89
2.18
InclOc
Amer Foreign Inv't
Jackson & Curtis
Bid
Par
ASk
Bid
Par
Securities.. 1
Affiliated Fund Inc....ik
♦Amerex Holding Corp. 10
Amer Business Shares... 1
Aeronautical
101
105
102
103?*
15?*
Volume
The Commercial & Financial Chronicle
152
Quotations
on
2689
Over-the-Counter Securities—Friday April 25—Concluded
Real Estate Bonds and Title Co. Mortgage
If Yoo Don't Find the Securities Quoted
Here
Bid
Alden Apt let mtge 3e.l967
which
our
monthly Bank and Quotation Record.
cation quotations
stocks and
are
ox
n ox
nx
m
28
29x
63 X
65
Broadway Motors Bldg—
4-68
are:
1948
3s
32 j*
nx
33X
Domestic
Cheseborough Bldg 1st 6e '48
47
49
Canadian
Domestic (New York and
Colonade Construction—
Out-of-Town)
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
05
1960
30
m m m
Dorset let A fixed 2s. .1957
25
m mm
Hotel units
The Bank and
14
1946
7X
65x
15x
17
ta,
mm
38
36
f!3X
42 Bway 1st 6s
f25
..1939
14X
1400 Broadway Bldg—
1st 4s stamped
35
1948
mmm
32
Fuller Bldg debt 6s... 1944
/2
1941
29
'm
'
m
m
mmm
28 x
29x
Prudence Secur Co—
1901
58
'mmm
1943
mmm
61x
64
1957
55 x
57
Roxy Theatre—
Savoy Plaza Corp—
3s with stock
..1950
Sherneth Corp—
1st BH e(w-s)
9x
9
1956
00 Park Plaoe (Newark)—
let 3Xs
1947
01 Broadway Bldg—
nox
1950
15X
32
3X8 with stock
80
81
36
38""
Syracuse Hotel
28x
29X
1948
44X
iox
29
mmm
16x
010 Madison Ave—
12X
1st 4-6s
;
1957
21x
1955
Textile Bldg—
1st 3-5e
80
...1958
mmm
■•'mmm
25
24
Trinity Bldgs Corp—
1st 6Xs
1939
2 Park Ave Bldg 1st 4-5s'40
/26
Walbridge Bldg (Buffalo)—
...
35
37
48 X
49X
29x
Lexington Hotel units
Lincoln Bldg ino 6Ha w-e
due 1962 ($500 paid)...
London Terraoe Apts—
.
(Syracuse)
let 3s
44X
1961
1st A gen 3-4s_.
3s with stock
38
Lefoourt State Bldg—
1st lease 4-6 Ha
1948
Lewie Morris Apt Bldg—
Tel. HAnover 2-5422
Y.
54 x
105 Broadway Building—
Sec e f ctfs 4X8 (w-s.'58
x
mmm
1951
2d mtge 6s
30 X
let 4s
02 William St., N.
57 x
48 x
46 x
OUcrom Corp v to
1 Park Avenue—
1960
Lefoourt Manhattan Bldg
& CO., INC.
32
55 x
Hotel St George 4s
BRAUNL
4
48
30 x
BHa series BK
5Xs series C-2
5Xs series F-l
6 Xs series Q
Harriman Bldg 1st 6e. 1961
Hearst Brisbane Prop 6s' 42
Inactive Exchanges
3x
46 x
1949
Graybar Bldg 1st lshld 6e '46
1st 2H-4s (w-e)
Foreign Stocks, Bonds and Coupons
•
N Y Title A Mtge Co—
1st mtge 4s
35
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s
1958
Your subscription should be sent to
mmm'
62 x
Realty Assoc Sec Corp—
15
f5H
6H» (stamped 4s)..1949
Dept. B, Wm. B. Dana Co., 26 Spruce St., New York City.
mmm
1945
8 f deb 5s
5s lnoome.....
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Quotation Record is published monthly and
•ells for $12.50 per year.
lox
/15
600 Fifth Avenue—
U. S. Territorial Bonds
75
5Xs stamped
50 Broadway Bldg—
let lnoome 3a
U. S. Government Securities
Mining Stocks
2X
IX
f34
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended.
Stocks
Mill Stocks
1951
103 E 57th St let 6s
Eastern Ambassador
Title Guarantee and Safe Deposit
ties
22 X
20X
1948
1st 3)48
Stocks
Investing Company Securities
no
Court A Remsen St Off Bid
Public Utility Stocks
Joint Stock Land Bank Securi¬
1967
1st 4s (w-e)
Public Utility Bonds
Canadian
Federal Land Bank Bonds
1st 5s (LI)
4s with stock stmp. .1956
Chanln Bldg 1st mtge 4s '45
Municipal Bonds—
Companies—
46 X
N Y Majestic Corp—
Brooklyn Fox Corp—
Banks and Trust
1947
N Y Athletic Club 28-1955
let leasehold 3)4-6s 1944
carried for all active over-the-counter
1st 5s (Bklyn)
Metropol Playhouses Ino—
B'way A 41st Street—
In this publi¬
The classes of securities covered
bonds.
f36
f5H
B'way Barclay Ino2s..l956
have interest. y«u will probably find tbem in
you
Ask
Bid
Ludwig Baumann—
Beacon Hotel lno 4s.. 1968
In
Certificates
Ask
30 X
1950
3e
27 x
40
43
iox
12
17x
18x
Wall A Beaver 8t Corp—
1952
1951
let 4Xs w-e
Weetlngbouse Bldg—
1st mtge 4s
1948
36
...
Foreign Unlisted Dollar Bonds
Due to the European situation some
of the quotations shown below are
Bid
Anhalt 7s to....
1946
f 14
Antloqula 8s....
1946
1947
J23
/23
/31
/14
1948
7s.
1964
1946
Barranqullla ext 4s
Bavaria 0Xs to
rnmm
mm*
m-
1946
Bogota (Colombia) OHa *47
8s
1946
/18
MX
mmm
7s
1940
-■mm
British
7Hs
714
/14
Meridionals Elee 7s..1957
/21
mmm
Montevideo
136
mmm
Munich 7s to
Burmelster A Wain 6a. 1940
15
Caldas (Colombia) 7 Ha '46
n
7X
37""
scrip...
1946
...
18
4X
n
8
flX
..1963
f3
1946
83
Cordoba 7s stamped.. 1937
/28
mmm
mmm
mmm
Costa Rica funding 6s. '61
;i2
14
Costa Rica Pao Ry 7Ha '49
6a
1949
/13X
/12
f6X
15 H
Cundlxtamarca
6X8..1959
Dortmund Mun Utll6Xs'48
Duesseldorf 7s to..... 1946
1946
Dutoburg 7% to
East Prussian Pow 6s. 1963
Electric Pr (Ger'y) 6H»
'60
1963
European Mortgage A In¬
6 Ha
fl4
fl4
f 14
/14
/14
fl4
.1966
/18
1966
1967
f3
116
1967
13
7a lnoome
S3
14
French Nat Mall SS 6s '62
35
Frankfurt 7s to.
German Building
1968
Porto AJegre 7e
Protestant Church
Prov Bk
1946
6s 1936
14
7X
1941
6s
mmm
mmm
/30
7s 1957
Funding 3a
...1948
8s etts of deposit. 1948
mmm
f2
Gras (Austria) 8s
1964
f6
Guatemala 8a
1948
38
25 X
-
mm
/15
1953
40
Hamburg Electric 6e
1938
/14
For footnotes bee page 2689.
8
9x
47 x
113x 118
/3
nx
9x
30 x
36
38 x
22 x
24 x
10
10
22 x
24 x
...6
40 x
42 x
iox
9x
...6
Fire—16
7
10
61 x
....5
Great Amer Indemnity...1
Halifax
10
25
26 x
12
10
Hartford Fire
10
Hartford Steam Boiler.. 10
22 x
24
83 x
86 x
50
52
.....15
10
10
mmm
11 x
Sao Paulo (Brazil)
6H a
1951
0s.. 1947
Stem A Haleke deb 0e.293O
Stettin Pub Utll 7s
#*
will be
35
6
7x
Republic (Texas)
27
28x
Revere (Paul)
22 %
24 x
2x
239
5X
4
249
7X
33
35
31 x
33 X
117x 120x
44 %
46 X
4
5
215
255
395
405
21 X
X44 X
72 x
31x
22 X
46 X
74 X
33 X
NOTICES
The uptown
Cassatt.
mmm
those cities.
New York office of Fuller, Rodney & Co. at 745 Fifth Ave.
branch office of Merrill Lynch, E. A. Pierce &
the uptown
will become
9
Cassatt.
12
—Hirsch, Lilienthal &
ox
nounce
w
conducted by Fuller, Rodney &
A. Pierce & Cassatt.
general partner and Earle H. Rodney a
in Merrill Lynch, E. A. Pierce &
Pierce & Cassatt in
mmm
9
the
Co., members New York Stock Exchange, an¬
under the supervision
by Andre Lord, formerly
previously with Pask & Walbridge
inauguration of a Trading Department
of Maurice Meyer
mm
'mmm
with Carl M.
Jr., a partner, and managed
Loeb, Rhoades & Co. and
'
mmm
no
/14
Weld & Co.
mm mm
61
33
(N Y) .2
Rodney & Co. offices located in Boston, Albany and Chicago
consolidated with branches maintained by Merrill Lynch, E. A.
and White,
MX
MX
Providence-Wash lngton.10
Fuller,
ox
f9
/8
Fuller will become a
limited partner
7
f6
!6%
1956
1947
86 x
14x
with Merrill Lynch, E.
consolidated
be
will
Samuel L.
1946
1955
39
82 x
1, 1941, the business
—Effective May
•
15
Tollma 7s
36 x
7X
15
Toho Electric 7s
97
24x
126 x
115x 120
122
mmm
16 X
180
x
5x
mmm
no
1966
92 x
23
32 x
mmm
Mtge Bk Jugoslavia
68
18
10
...10
Fire.....10
Rhode Island—
-5
St Paul Fire A Marint 62 x
Seaboard Fire A Marine. 10
Seaboard Surety.. —..10
Security New Haven
.10
Springfield Fire A Mar..25
Standard Accident
10
Stuyvesant
6
Sun Life Assurance
100
Travelers
100
U 8 Fidelity A Guar Co._2
U S Fire
4
U 8 Guarantee.........10
(Westchester Fire
2.50
8x
8
151
16x
30 x
Paolflo Indemnity Go... 10
Reinsurance Corp
28x
7
146
Preferred Accident—...6
61 x
x 102 x
o
Hanover
J14
f14
A4
fl 4
Pacific Fire
Phoenix
99
Great American
8X
Northwestern
5
......12.50
2.50
National .26
25
59x
—6
preferred
—Carl M.
Loeb, Rhoades &
Co. announce the arrangement
effective
exclusive correspondent relationship with Sutro & Co.
and Los Angeles, Calif.
Sutro & Co. was established
May 1st, of an
'
65
San
Francisco
1858.
Both firms are members
...
—Wellington Hunter,
/35
—
Unterelbe Electric 6s_. 1963
/14
'mmm
mmm
Veeten Elee Ry 7s
1947
/14
.1945
fl4
mmm
Co.
mmm
Wurtemhersr 7s to
&
of
in
of the New York Stock Exchange.
Jr., is now in the trading department of Hunt9r
with Hickey, Doyle & Co. and Ira Haupt &
He was previously
Co., and prior to
that was associated with the
National Quotation Bureau.
Distributors Group
has become associated with
representative in the New York office.
—George A. Jacquemot
Inc. as
L
42 x
45 x
57 x
mmm
35
Uruguay conversion scrip..
Haiti 6s
£39 x
Globe A Republio
mmm
Hanover Hars Water Wks
North River
6
10
Glens Falls Fire
3X
43
29x
ix
General Reinsurance Corp 5
f8%
f 14
/14
/14
1947
2d series 5s
!24X
Northern
x
mmm
/64
0s. 1943
Office
23 x
2X
10
Franklin Fire..
2d
Northeastern
27 x
mmm
/8
/60
State
1967
22
Globe A Rutgers
flOX
mmm
9
6
Gibraltar Fire A Marine.
Santander (Colom) 7s. 1948
Saxon State Mtge
German serin...
6e
6
Georgia Home
Santa Fe 4s stamped. 1942
mmm
14
Firemen's of Newark
mmm
/14
44
12x
4x
mmm
f3
mm
/16
42 x
608
8
Santa Catbarina (Brazil)—
1938
1946
mmm
fX
4a scrip
1948
German Conversion
f63
J60
Salvador
8s
mmm
Fire...10
New York Fire.........6
Fidelity A Dep of Md—20
Fire Assn of Phlla
10
Fireman's Fd of 8sn
25
714
mmm
Bank
Agricultural os
/14
R C Church Welfare 7s '46
mmm
mmm
New Hampshire
21 x
Federal
f 14
/14
Rom Gath Church 6Ha '46
mmm
-
29 X
Ex0688
Saarbraecken M Bk 0s.'47
...
20 x
20 x
7 x
95
CURRENT
1933
Rio de Janeiro 6%
mmm
18x
28
Employers Re-Insurance
(Ger¬
Westphalia 6e '33
588
.10
92 x
City Title
mmm
7x
100
...6
6 x
26
Eagle Fire
32
1956
Poland 3s
many) 7s
A Land-
bank 0Xs
German Central
57 X
Continental Casualty
mmm
Saxon Pub Works 7s..1946
German Atl Cable 7s.. 1946
55 x
6X
......10
National Liberty
....2
National Union Fire....20
New Amsterdam Cas....2
New Brunswick
.10
mmm
/14
8%
'63
1946
Farmers Natl Mtge 7s.
National Fire
Connecticut Gen Life... 10
mmm
1946
7s ctts of deposit.. 1957
7 Ha
fs
35 x
Co.
7Ha lnoome
vestment
26
33 x
'mmm
1952
51
23
mmm
6% scrip....
65
National Casualty...... 10
City of New York......10
mmm
/14
Panama City 0Xs
62
47
12 x
Boston
/3
Panama
4
47 x
Carolina
of
Hungary 7 Ha
1962
National Hungarian A Ind
Mtge 7s
1948
Oberpfals Elee 7s
2
3
11x
Camden Fire....
3
f!4
9
1
45 x
13
42 x
Bankers A Shippers
/14
(A A B) 4a...1946-1947
8
25
10
11x
40 x
Baltimore American—2 H
/14
Nassau Land bank 0Xs '88
...6
Maryland Casualty
...1
Mass Bonding A Ins..12H
Merch Fire Assur com—5
Merch A Mfrs Fire N Y..6
Automobile
Nat Central Savings Bk
City Savings Bank
Budapest 7s..
6x
mmm
Oldenburg-Free State—
7s to
1946
M
f3X
8
Central German Power
Colombia 4s
10
4x
mmm
Nat Bank Panama—
mmm
Central Agrlo Bank—
see German Central Bk
1934
40
Lincoln Fire
mmm
/14
Munlo Bk HeaBen 7s to '45
Municipal Gas A Elee Corp
Recklinghausen 7s. .1947
mmm
(O A D) 4a..-1948-1949
Madgeburg 6s
37 x
17
..5
Knickerbocker....
11x
mmm
/14
/45
(Colombia) 7s... 1947
(Peru) 7Xs_..1944
1946
Ceara (Brazil) 8s
1947
Jersey Insurance of N Y.20
19 x
9x
mmm
Mannheim A Palat 78.1941
1963
Cauea Valley 7Ha
21 x
17 x
American Surety....
Leipzig Trade Fair 78.1963
Luneberg Power Light A
Water 7s
1948
13
Callao
20
10
6
...
Leipzig O'land Pr 6Ha '46
Hungarian Bank
1962
Call
10
Security.....10
American Reserve...... 10
/14
S3
fl4
fl4
Brown Coal Ind Corp—
Buenos Aires scrip
2%
J8X
71 x
American Re-Insuranoe.10
4
J64
H4
fl 4
6Xs
70 x
Home Fire
American of Newark—2 H
15
4X
1940
71.1936
Ins Co of North Amer...10
American Home
15
4
/36
funding scrip
Homestead Fire
75x
American Equitable
Land M Bk Warsaw 8s '41
1931-61
6s
27 x
52 x
Amer Fidel A Cas Co oom 5
18 X
Brandenburg Elee 0s. 1953
Brazil
1943
Kotaolyt 6Ha
1X
72 x
mmm
mmm
114
Bremen (Germany)
fio
f 10
Atl
30 x
29
American Alllanoe
mmm
„
f4
1968
1969
Brazil funding 6s..
S4
Jugoslavia 5s funding. 1966
Bid
26 x
Aetna Life...
sox
mmm
,
J3X
!3X
J6X
Bolivia" (RepVbllo)" 8all947
7a
f3
Hungarian Discount A Ex¬
change Bank 7s
1936
......5
Home...
25
...
%
118
114
10
....10
10
Agricultural
Aetna—....
'Housing A Real Imp 7s '46
Hungarian Gent Mut 7s '37
Hungarian Ttal Bk 7Ha '32
Jugoslavia 2d series 68.1966
/13
Aetna Cas A Surety
Atl
33
Bavarian Palatinate Cone
Cities 7s to
Bid
1
/50
Bank of Colombia 7%.
Aik
Par
Alk
Bid
nominal.
The Commercial £ Financial Chronicle
2690
April 26,
General Corporation and Investment
1941
News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it Is not always possible to
reasons
However, they
FILING
OF
always
REGISTRATION STATEMENTS
UNDER
to
(no par),
$48,961,300.
Period End. Mar. 31—
Operating
bonds bearing interest at rates varying between 0.75% and 3.50%, and
maturing $225,000 annually, 1942-1951; and 236,520 shares of common
sold through the underwriters at $100 and j)roceeds used to repay promissory
notes.
The stock will be issued to the underwriters in exchange for the
the underwriters purchased
($100) common stock which
stockholders (further details in
F.
Eberstadt &
Co.,
from
152, p. 2593).
P. Calhoun is
named principal underwriter.
V.
Inc.,
is
Filed April 17, 1941.
Cincinnati & Suburban Bell Telephone Co. (2-4740, Form A-2)»
Cincinnati, Ohio, has filed a registration statement covering 54,976 shares
of common stock (par $50).
The shares are being offered pro rata by the
company for subscription at par to holders of record May 12 in the ratio of
one share for each 10 shares then held.
Net proceeds, estimated at $2,731,'800, will be used to reimburse the company's treasury in part for expendi¬
tures heretofore made for additions not capitalized.
The company intends
to use these treasury funds for extensions, additions and improvements to
telephone plant.
No underwriters named.
A. J. Allen is President.
Filed April 17, 1941.
Northern Natural Gas Co. (2-4741, Form A-2), Omaha, Neb., has filed
registration statement covering 710,500 shares of common stock (par
$20) to be sold in behalf of North American Light & Power Co. and United
Light & Rys.
The company's authorized stock is being reclassified into
1,200,000 shares, $20 par, of which 1,015.000 will be outstanding, including
the 710,000 which will be offered by underwriters headed by Blyth & Co.
a
R. R. Bay is President.
Filed April 21, 1941.
(Further details
subse¬
on
quent pages.)
The last previous list of registration statements was given
our issue of April 19, page 2538.
Abitibi Power & Paper Co.,
Month of March—
x
Prior
1940
$383,152
$687,529
audit
to
Ltd.—Earnings—
1941
Earnings....
x
and
charges
for
depreciation
bond
and
1939
$150,400
interest.—
V. 152, p. 2226.
Aetna Ball Bearing Mfg.
3 Mos. End. Mar. 31—
Net income after allow¬
for
ance
depreciation.
31,871
$100,926
$87,628
$63,552
$0.72
$0.52
Air Reduction
8,012,331
expenses
Operating income...
1939
loss $929
Nil
$1,762,702
$1,928,837
$0.71
$0.53
share.
1938
$6,1 i 8,049
4,926,808
$1,711,194
$3,181,517
.....
Net profit
per
1940
$7,742,812
6,031,618
t,157,942
23,575
Estimated Federal taxes al,252,680
Earnings
12,673
Co., Inc. (& Subs.)- —Earnings—•
Other income (net)
n
loss$929
on
3 Mos. End. Mar. 31—
1941
Gross sales
...$11,170,273
Total......
1938
$76,225
$C.83
per
share
121,500 shares..
—V. 152, p. 1902.
„
1939
$106,864
19,235
.
.......
Earnings
Operating
1940
$132,797
Provision for Federal tax
Net profit
Co.—Earnings—
1941
$5,5 i 4,663
4,606,747
,191,241
41,602
$907,916
33,140
319,711
,232,843
205,587
$941,056
145,465
$1.442,990
$1,027,255
$795,591
$0.31
51,508
719,527
392,431
Prov. for
depreciation
238,265
__
$0.40
Air-Way Electric Appliance Corp.— Earning s-
12 Weeks Ended—
Net profit
x
Mar. 22 '41
Mar, 23 '40
Mar. 25 '39
Mar. 26 '38
y$25.221
y$9,594
$261
loss$26.516
After expenses and depreciation and Federal taxes,
y Equal to $1.53
1940 a share on 16,489 shares of 7% cumulative pre¬
ferred stock.—V. 152, p. 1902.
x
in 1941 and $0.58 in
Net
Divs.
Calendar Years—
State to
1939
1938
1937
Total
gross revenue....$22,598,744 $22,102,809 $20,024,506
$20,189,117
Operation expenses
7,264,483
6,021,391
5.185.303
4,896,069
Maintenance
1,056,833
1,001,062
991,355
1,001,428
Prov.
for depreciation..
General taxes
Fed. and State inc. taxes
Int.
long-term debt..
on
2,860,000
2,550,431
1,003.931
4,596,961
2,612,280
2,612,280
2,466,725
546,777
2,600,063
890,754
4,599,571
4,599,595
Amort, of debt discount
and expense
Miscell. int. and. other
charges..
Int. charged to constr..
Net income
Divs.
on
Divs.
stock
Balance
Earn, per share on com.
242,633
242,987
242,987
242,987
87,034
Cr80,814
74,060
Cr58,333
76.050
Cr61,472
65,856
Cr86,838
$4,118,974
2,342,138
755,000
$3,364,906
2,342,138
755,000
$3,886,339
2,342,138
755,000
$108,864
$0.18
$1,021,836
$0.48
$267,768
$0.27
$789,202
$0.38
Consolidated Balance Sheet Dec. 31
1940
A sscts
Utility
5S>
1
1939
fund
and
Liabilities—
x
930,168
$
debt
S
84,712,558
Capital stock.
Long-term
1939
84,712,558
96,770,400
95,878,000
4,198,310
1,785,227
1,015,661
1,806,705
3,648,310
2,085,218
Mat'ls & suppl's
Prepaid taxes &
1,559,623
1,456,818
Cust. deposits..
liab._
44,503
43,560
Insurance....
395,561
463,075
Def'd liabilities.
271,549
89,090
Deferred debits.
4,467,524
4,787,487
11,632,353
6,607,961
10,334,142
accts...
Cash..
U.
a
S.
3,896,877
Govt,
sec
Receivables..
Accts.
payable.
Accrued
613,569
760,917
1,943,841
1,811,089
735,084
748,407
128,675
taxes..
330,659
Acer. int. & pref.
divs.
Misc.
(net)...
cur.
Reserves
Surplus
a
202,568,094
Less
1939.
6,050.881
cum.
201,651,705'
Total
for doubtful accounts of $380,109 in
202,568,094 201,651,705
1940 and $424,336 in
Represented by $5 cum. pref. stock 26,185 shares (no par); $6
pref. stock, 175,738 shares (no par); $7 cum. pref. stock, 165,25s
reserve
x
$292,960
195,178
$3,366,940
2,342,138
$3,949,531
$97,782
$1,024,802
$1,607,393
2,342,138
Approve Refunding Plan—
Allen Industries,
a
Inc.—Earnings—
3 Mos. End. Mar. 31—
Net profit
1941
Shs.
Earnings
a
V.
per
After
152,
p.
1938
$89,492
262.800
254,400
$0.72
share
derpeciation,
2538.
Federal
taxes,
3 Mos. End. Mar. 31—
aNetincome
1941'
excess
profits
Nil
tax,
&c.—
Co.—Earnings—
1940
1939
$596,469
$969,868
1,776,092
$0.35
Earnings per share
loss$29,765
254,400
$0.35
$0.60
income
Allis-Chalmers Manufacturing
1937652-
1939
$157,726
271.200
stock
common
'
1940
$196,751
—
1,776,092
$0.55
1938
$710,277
1,776,092
$0.40
$1,403,649
1,773,962
$0.79
After all ch^r^es
Billings for the quarter were $20,723,380, as compared with $18,571,154
in the same period last
year.
Orders booked amounted to $32,890,386 as
against $20,153,960 bookings in the first quarter of 1940. Unfilled orders
on March 31, 1941 totaled $72,372,294 as compared with $21,313,400 on
March 31, 1940, and $59,755,289 at the close of 1940.—V. 152, p. 2057.
American Brake Shoe & Foundry Co.—Preferred Stock
Offered—An underwriting syndicate headed by Morgan Stan¬
ley & Co., Inc., and the Mellon Securities Corp., and includ¬
ing Drexel & Co., Harris, Hall & Co. (Inc.), and Spencer
Trask & Co., on April 23 offered and sold 36,103 shares of
&H% ($100 par) cumulative preferred stock of the company
at $123 a share.
The offering represented the unsubscribed
portion of a block of 43,706 shares of the stock which was
offered to preferred stockholders of record on April 10.
The
prior right to subscribe in the ratio of four-fifths of a new
share for each old share held expired on April 22, with the
holders taking 7,603 shares.
The subscription price to pre¬
ferred stockholders also
was
$123
share.
a
The preferred stock is redeemable, at the option of the company, on any
dividend date, in whole or in part, on 45 days' notice, at $125 per share and
accrued dividends.
Exempt under present laws, in the opinion of counsel,
from
Pennsylvania personal property taxes,
$5,260,496 and
a
now
aggregating eight mills.
net proceeds (estimated to amount to a maximum of
minimum of $5,194,937, after deducting estimated expenses*
underwriting discounts and commissions) have not been allocated to any
specific purpose but will be added to the general cash funds of the company.
Such general funds, may be used, among other things, (a) to provide addi¬
tional working capital and (b) to make expenditures from time to time for
additions and betterments to plant and equipment.
History and Business—Company was incorp. in Del., Oct. 10, 1916.
Company directly or through subsidiaries is principally engaged in the
manufacture and sale of miscellaneous iron castings, brake shoes, auto¬
motive friction brake materials, air compressors, other automotive products,
chilled iron car wheels, forgings, manganese steel and alloy castings, rail¬
road track fixtures and accessories, bronze and brass castings and many
other
items.
•
addition to products
above listed, shell forgings. machine tool and
being produced in connection with the program for
Altogether 57 plants
are
operated, two of these in Canada,
one
in France
and the remaining 54 in 37 different communities in 21 different states of
the United States.
Company and its subsidiaries have more than 6,500
employees.
No one plant employs more than 600 employees.
The principal activities of the company and its subsidiaries are con¬
ducted through eight divisions (including therein three subsidiaries) and
subsidiary.
one
The products of the
company and its subsidiaries are sold primarily in
United States.
Export sales are unimportant in amount.
The dis¬
tribution
by industries of the company's sales in
the
year
1940 and the
fourth quarter thereof was approximately as follows:
Year
Railroad
:—
Mining, refining and excavating.
Other
—
...
_
4th Quar.
48%
-
Electric railway
Automotive and tractor
43%
3%
23%
13%
18%
3%
21%
14%
14%
Earnings—The net income of the company and all subsidiaries and the
dividends declared by the company for the years 1931 to 1940, inclusive,
summarized
—
Net
Income
$1,386,138
257,379
—
1938-
1939
a
follows:
in
1931
1934-
as
b Co.'s
a
1940.
Total
$8,804,018
4,854,487
The company has asked the Alabama P. 8. Commission for approval of a
plan to refund its $95,866,000 bonded indebtedness, to make changes in its
capital structure and to acquire the Southeastern Fuel Co.
The company, (a Commonwealth & Southern subsidiary), proposes to
call its outstanding 4H % and 5% bonds; to sell approximately $83,878,000
in new first mortgage bonds at not more than 3 H % interest and to borrow
$12,000,000 from banks, repayable $1,500,000 annually.
The Commission set May 1 for hearings on the application.
The change in capital structure would include establishment of a sinking
fund for bond retirements after payment of the $12,000,000 bank loan.—
V. 152, p. 2227.
are
1940
§
plant...185,334,803 186,388,431
Investment
$8,176,572
4,809,632
the
$3,017,252
2,342,138
566,250
pref. stock
on com.
2,613,556
2,371,736
598,364
4,599,619
$697,102
404,142
$205,026
preferred stock.
Asks
1 941—12 Mos.—1940
$400,205
195,178
income..
on
other iron castings are
National Defense.
(& Subs.)—Earnings—
1940
value
397,134
Balance
In
Alabama Power Co,
par), stated
$1,803,894 $23,282,132 $22,510,886
587,628
8,325,333
7,528,407
280,799
3,920,526
3,504,155
238,365
2,859,700
2,674.305
$797,339
—
Int. & other deductions-
Purpose—The
Includes $483,926, Federal excess profits tax.- -V. 152,
p. 2376.
a
(no
1941— Month—1940
Shares common stock...
in
shares
common
$2,147,562
expenses
Taxes
stock ($5 par).
Of the bonds, $2,000,000 will be issued to underwriters in
lieu of shares of present common stock (par $100), which the underwriters
will purchase from certain stockholders, and $250,000 of the bonds will be
President.
possible.
3,775,000
and
Gross income...
American Barge Line Co. (2-4739, Form A-2), Cincinnati, Ohio, has
filed a registration statement for $2,250,000 first preferred mortgage serial
present
as
Gross revenue.....
$20,391,400.
certain
companies in exact alphabetical order.
shares
(Nos.
4741, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount involved is
approximately
4739
arrange
alphabetical position
Income Account for March and 12 Months Ended March 31
additional registration statements
following
as near
ACT
SECURITIES
The
are
Company
986.692
1,169,341
1,699,400
2,351,967
3,410,798
1,080,718
2,121,172
2,968,497
and
Equity
Undistri-
Consoli-
buted Net
dated Net
Income
Income
c$404,846
c813,282
c310,487
cl21,430
cl33.393
49,685
55,495
30,699
187,523
28,600
certain
$981,292
c555,903
676.205
1,047,911
1,566,007
2,401.652
3,466,293
1,111,417
2,308,695
2,997,097
subsidiaries
Dividends Declared—•
Preferred
Common
Stock
$667,695
667,695
662,410
662,235
662,235
549,229
329,833
286,823
286,823
286,823
consolidated.
Stock
$1,520,262
533,612
367,749
489,353
764,615
1,590,437
2,527,625
769,092
961.365
1,615,093
Dominion
Brake
Shoe
Co., Ltd. included until Sept. 30. 1935; Canadian Ramapo Iron
Works, Ltd. included from Jan. 1, 1937 until Dec. 31. 1938; American Brake
Shoe
&
Foundry Co. of Calif, included from Jan. 1, 1938; Ramapo Ajax
Volume
The Commercial &
152
liquidated
The latter two companies were
Corp. included from Jan. 1,1937.
since tbeir respective dates of inclusion.
b Subsidiaries not consolidated.
Dominion
Financial Chronicle
Ltd. iacl.
from Oct. 1, 1935: Canadian Ramapo Iron Works, Ltd. incl. from Jan. 1,
1931 to Dec. 31, 1936 and from Jan. 1, 1939: Ramapo Ajax Corp. incl. from
Jan. 1, 1931 to Dec. 31, 1936: American Brake Shoe & Foundry Co. of
Calif, incl. up to Dec. 31, 1937.
c Deficit.
Brake Shoe Co.,
Capitalization—The capitalization of the company, as of Dec. 31, 1940,
as
follows:
b Preferred
stock,
was
cumul.,
SI00
accounts receivable, $536; furniture and fixtures Oess reserve for deprecia¬
tion of $346), $1,152; deferred charges, &c., $1,298; total, $616,354.
Liabilities—Payable for securities purchased but not received, $757;
payable and accrued expenses, $2,490; provision for accrued
general taxes, $2,647; provision for Federal income taxes, $2,525; provision
for taxes applicable to prior periods, $2,000; common stock (par 10 cents),
$9,403; capital surplus, $882,233; deficit, $3,889; excess of cost over market
value of securities owned. Dr$281,812; total, $616,354.
Note—At March 31, 1941, the net asset value per share of common stock
amounted to $6.45.—V. 152, p. 973.
accounts
(authorized,
par
100,000 shares: held in treasury, 2,285 shares; outstanding
American & Foreign
a$5.463,300
54,633 shares)_
Common stock (no par)
on
preferred
warrants
preferred
stock to evidence their pro rata subscription rights to such 43,706 shares.
b Convertible only to and including June 30,1941, into shares of common
on
On March 26, 1941. directors reserved the 43,706 shares of
now offered for issuance
upon the exercise of subscription
which will be issued by the company to holders of its outstanding
a
stock
c Shares reserved for issuance
upon conversion of the outstanding shares
of preferred stock, including 4,570 shares reserved for issuance upon con¬
version of the 2,285 shares of preferred stock held in the treasury of the
In addition, 87,412 shares of common stock are reserved for
conversion of the 43,706 shares of preferred stock now offered.
The number of such shares of common stock has been determined on the
company.
issuance upon
assumption that all of the shares of the preferred stock offered may be
converted into such shares of common stock at the current actual con¬
version price.
time
for
their option,
of preferred stock may, at
of shares
before June 30, 1941 (or, in the case of shares of
on or
called
preferred
before such date and payment duly
provided for, then until and including, but not after, the redemption date)
convert the same into full-paid and non-assessable shares of common stock
as such stock shall then be constituted, on the basis of $100 per share of
preferred stock and $50 per share of common stock; such price of $50 being
termed the "basic conversion price."
redemption
on
or
Underwriters—The names of the underwriters and the
unsubscribed stock to be purchased by each are as follows:
Morgan Stanley & Co., Inc.....
Mellon Securities Corp
Drexel & Co
Han is, Hall &
Spencer Trask
dividend of 30 cents per share on the
percentage
of
35%
35%
10%
Co. Cine.)
10%
&
10%
Co
June 16, to the stockholders of record
March
May 23.
15, last, Dec. 20 and Sept. 16, 1940.
152, p. 1123.
Like amounts were paid
These dividends are on
account of accumulations.—V.
American Hide & Leather Co.—Earnings—
,
Period End. Mar. 31—
stock.
Convertible—Holders
a
$6 preferred stock and 35 cents per share on the $7 pref. stock for payment
12,544,800
at any
Power Co., Inc.—Dividends—
The board of directors declared
(authorized, 1,000,000 shares: held in
treasury, 1,224 shares: outstanding 769,092 shares; reserved
for conversion, 113,836 shares c)
stock
2691
1941—3 Mos.—1940
Net profit
Shares common stock—
x
Earnings per
$226,203
584,950
share-.-$0.27
$52,846
584,950
Nil
x
After charges and Federal income taxes,
profits tax.—V. 152, p. 2058.
y
1941—9 Mos.—1940
y$200,249
$398,692
584,950
584,950
$0.01
$0.35
No provision for excess
American Gas & Electric Co.—Annual
Report
George N. Tidd, President, states in part:
Operations—During 1940 subsidiary companies sold more electrical energy
to more customers than in any previous year.
The average domestic
customer (including farm customers) used during the current year 932 kwh.
and paid an annual bill of $35.43 or an average of 3.80c. per kwh.
Although
the average sales were slightly below the national average of 952 kwh.,
the average rate was slightly below the national average of 3.84c.
Of the
total customers served, 135,000 or approximately 15.8% are clasified as
rural customers and are served by 18,750 miles of rural distribution lines.
A large part of the increase in power sales is directly attributable to the
increasing demand of industrial customers, many of whom are engaged in
the manufacture of products essential to national defense.
It is the pur¬
pose of company's subsidiaries to stand ready to meet the demands for
electrical energy called for by the Federal Government defense program.
Expansion and Development of System Facilities—During the year 1940
carried out an extensive construction program
an expenditure of $21,360,000 to expand the generation, trans¬
mission and distribution facilities, not only to meet normal growth, but
also to supply the increased demands for power as a result of National
Defense activities.
While no major generating station was entirely com¬
the subsidiary companies
resulting in
Income Account for the Three Months
Ended March 31
1939
1941
x
1940
$1,039,512
$1,062,847
350,285
130,000
$837,270
385,000
$886,762
71,706
307,637
Dividends from subs, not consol_.
$1,689,678
26,567
$1,716,244
!
$582,562
71,706
230,728
$408,937
Depreciation and amortization
U, S. and foreign income taxes—est...
444,482
Preferred dividends..,..
Common dividends.^....
$830,097
7,173
23,335
•
338,333
90,000
71,706
192,273
Loss
on
to
$507,420
$280,129
$144,959
.13,218,301
Balance, transferred
11,446,174
10,769,907
surplus....
!
disposal of certain fixed assets
183,171
(net)
$11,726,302 $10,731,695
$13,725,721
Net income, after pref. divs.. per sh.
of com. stk. outst. at end of period,
x
Equity in
earns.,
$1.06
$0.66
$0.44
55,471
33,542
57,401
Mar. 31, '41
Dec. 31, '40
$3,969,946
$4,285,455
after divs. of subs,
not consolidated
Balance Sheet
Assets—
■;
Cash on deposit and on hand........
Marketable securities (at quoted market)
.
147,110
Notes and accounts receivable (less reserve)
Indebtedness of subsidiaries not consolidated
_______
Inventories..
...
123,100
4,925,620
16,078
7,215,863
93,932
4,485,743
1,695,216
2,475,220
14,229,819
1,718,312
2.476.220
13,871,514
.
...
...."I
Other assets
Investments (at cost or less):
Subsidiaries not consolidated
...
**
Other compa nies
;
Land, buildings and equipment (less deprec.)
Patents (less amortization)
Goodwill
...
29,263
6,442,201
101,847
90,405
1,206,699
'
Deferred
charges.
........
I.. I
w Tota
316,554
...
94,9.34
1,206,699
335,792
$36,3 82,463 $35,171,078
J
Liabilities—
Accounts payable
Special contingencies
4,500
1,772,889
864,883
127,351
5,463,3 00
12.544,800
.
reserve
a
cum. conv.
6,546,380
7,179,341
$36,382,463
$35,171,078
pref. stock ($100 par)
Common stock..
Capital surplus
Earned surplus...
.
Total.......
a
646.421
103,341
5,463,300
12,544,800
6,546,380
6,671,921
General contingencies reserve..
5K%
$1,521,873
38,821
1.634.221
$1,879,019
Indebtedness to subsidiaries not consolidated
Accrued accounts
Represented by 769,092
Altorfer Bros.
no par
shares.—V. 152, p. 2377.
Co.—SI Preferred Dividend—
a dividend of $1 per share on the $3 convertible
preference stock, no par value, payable May 15 to holders of record May 1.
Dividends of $1.50 paid on April 1, last and on Dec. 20, 1940, and dividend
of 75 cents was uaid on Dec. 27, 1939, this latter being the first dividend
'""Directors have declared
paid since Feb. I, 1938 when
share
regular quarterly dividend of 75 cents per
a
distributed.—V. 152, p. 2229, 1270.
was
P American Barce Line Co.-—Registers with SEC—
r
gee list given on first page
American Chicle
a
w
com.
stock
a
per
1941
$522,575
152,
p.
1938
$800,413
share
437.500
$1.83
437.300
$1.98
Federal income and
excess
profits taxes.
1123.
have
declared
dividend
a
cumulative period for the three months
ferred stock of the company, payable
of
Co.—To Pay $1.50 Div.
$1.50
per
share,
covering the
ended Sept. 30, 1940, on the pre¬
April 22, 1941 to stockholders of
record April 18, 1941.
Dividend of $3 paid on
$5 paid
on
March 31, last: $2.50 paid on Dec. 27, 1940 and
Oct. 3, 1940.—V. 152, p. 2230.
American Foreign Investing
3 Mas. End. Mar. 31—
Interest earned
„
Operating expenses
y
Prof,
realized from
sales of sees. (net)
_
y
x
1941
Corp.- -Earnings1939
1940
1938
x$ll,226
7,972
x$ll,899
8,293
$5,210
7,325
$6,603
5,349
CV2.771
Crl.3.275
CV21.681
Cr 5,966
$6,026
Netprofit
w
$19,564
$16,880
Includes dividend received in the amount of
$7,220
$1,033 in 1941 and 1940.
After provision for Federal taxes of $1,750 in 1941, $3,700 in 1940, $3,000
in 1939, and $850 in 1938.
Balance Sheet March 31,
1941
Assets—Cash in banks. $65,851: securities owned, at market value (cost
$825,202),
$543,390;
accrued
flotion and athis group are the 25,000 kw., 1,350-pound steam initiated.
ncluded in
number of others were materially advanced or were pressure
turbo-generator unit at the Missouri Avenue Station of the Atlantic City
Electric Co., the 20,000 kw. 1,300-pound steam turbo-generator unit at
Deepwater Station of the same company, and the two 85,000 kw.,
1,350-pound steam pressure turbo-generators at the Philo Station of The
Ohio Power Co.
A 175,000-pound per hour pulverized fuel low-pressure
the
completed and successfully placed into operation at the Kenova
Electric Power Co., increasing the capacity of
12,000 kw.
Among notable transmission additions was the completion of the lines
between Muncie, Ind., and Trenton, Ohio, interconnecting the facilities
of the Indiana General Service Co. and the Indiana & Michigan Electric
Co. with those of Cincinnati Gas & Electric Co. and between Anderson,
Ind. and Newcastle, Ind., interconnecting the facilities of the same com¬
panies with those of the Public Service Co. of Indiana.
The expansion program during the coming year will call for an expendi¬
ture of approximately $34,000,000.
This will involve, besides normal
distribution, transmission and substation extensions, the substantial com¬
pletion of the first of the two 85,000 kw. turbo-generators at the Philo
Station and considerable progress on the second of these units, material
boiler
interest
receivable,
$4,125;
miscellaneous
was
Station of the Appalachian
that station by
85,000 kw., 1,350-pound steam pressure
Creek Station of Appalachian Electric Power
kw. unit at Missouri Avenue Station of
substantial completion of the 20,000 kw.
unit at the Deepwater Station.
It will also involve the completion in Ohio
of a new double circuit 132,000-volt transmission line between Philo and
Canton and a
132,000-volt transmission line between Crooskville and
Lancaster and major extensions of 132,000 volt and other large substation
facilities at Canton and Lima, Ohio, at Fort Wayne, Muncie and Anderson,
Ind., at Danville, Va., and at many other points.
Financing—The refinancing of company's funded debt and preferred
stock, was completed in Jan., 1940 at which time all the then outstanding
5% debentures and $6 preferred stock were retired and replaced by 2 % ,
3 y2 and 3 % % sinking fund .debentures and 4 M % cumulative preferred
stock.
In order to obtain the favorable interest rates on the new deben¬
tures, however, it was necessary to commit the company to heavy annual
payments into a sinking fund, the normal operation of which is designed
to retire each series by its maturity date.
It must be realized, therefore,
that the increase in net income resulting from this refunding does not cur¬
rently increase the company's cash resources, for substantially all of such
savings for many years to come have been committed to the retirement of
debt through the operation of the sinking fund.
Appalachian Electric Power Co.. a subsidiary, carried through a refinanc¬
ing program in Dec., 1940, resulting in the sale to the public, through an
underwriting group, of $70,000,000 first mortgage bonds, 3H% series
due 1970, and 300,000 shares of 4H% cumulative preferred stock, and the
retirement of the outstanding first mortgage bonds 4% series due 1963,
sinking fund debentures 4^% series due 1948, and the $7 and $6 cumula¬
tive preferred stock.
The new preferred stock was sold subject to the
privilege granted to holders (othpr than American Gas & Electric Co. and
a subsidiary company,
Peakland Corp.) of the old preferred stocks, to
exchange their shares in accordance with the subsidiary company's exchange
offer.
Company and Peakland Corp., which owned a total of 172,195
shares of the subsidiary company's preferred stock, surrendered these
shares for cancellation at cost instead of the call price, thereby saving the
progress
in the construction of an
turbo-generator at the Cabin
Co., the completion of the 25,000
the Atlantic City Electric Co. and
subsidiary company $1,865.602In connection with this refinancing, com¬
pany also made a capital contribution in cash to the subsidiary company of
$30 670,473.
The net proceeds of the refinancing, plus this contribution,
enabled the subsidiary company to pay its open account indebtedness to
American Gas & Electric Co. amounting to $13,656,625, and increased its
cash account approximately $15,900,000 of which, however, $8,000,000
was
or
American European Securities
•"^Directors
19.39
$866,366
436.400
$2.09
435,600
$2.12
After interest, depreciation,
—■V.
1940
$910,932
out-
standing (no par)
Earnings
W
Co.—Earnings—
Quar. End. Mar. 31—
Net profit..
Shares
of this department.—V. 152, p. 2539.
pleted in this period, one major development—the 76,500 kw., 2,300pound steam pressure turbo-generator unit at the Twin Branch Station
of the Indiana & Michigan Electric Co.—was carried to substantial com-
deposited with the corporate trustee to
in accordance with
for other purposes,
be used for additions to property
the provisions of the indebture
under which the new bonds were issued.
Since the close of 1940 Ohio Power Co., a
,
subsidiary, completed a financ¬
resulting in the sale to the public, through an underwriting
group, of $15,000,000 first mortgage bonds, 3 % series due 1971, and 202,403
shares of 4^% cumulative preferred stock, and the retirement of the then
outstanding 6% cumulative preferred stock.
In connection with this
financing company purchased 1,236,549 shares of the common stock of
the subsidiary company for $6,182,745 in cash, made a capital contribution
in cash of $1,456,936 and surrendered for cancellation at cost, instead of the
call price, its holdings of 28,662 shares of the subsidiary company*s pre¬
ferred stock, this last transaction saving the subsidiary company $270,074.
The net proceeds of this financing plus the capital contribution enabled the
subsidiary company to pay its open account of $1,456,936 to American
Gas & Electric Go. and provided the subsidiary company with additional
funds of approximately $22,000,000, of which $15,000,000 was deposited
with the corporate trustee to be used for additions to property or for other
purposes, in accordance with the provisions of the indenture under which
the new bonds were issued.
ing program,
•'Integration" Under the Public Utility Holding Company Act of 1935—
Dec
1, 1939, the SEC issued a notice and an order for hearing con¬
On
determination of company's status under Section 11 of the
Holding Company Act of 1935 and, on Jan. 29, 1940, a
examiner of that Commission began pursuant to the
order
Company's testimony in respect to the order was concluded April 30,
1940 'with the agreement that opportunity would be given the company
to present further testimony in event
the plan proposed by the cornnan v in respect to its status did not meet the views of the Commission.
Cross-examination has yet to be had by counsel for the Commission m
cerning
a
Public Utility
hearing
before an
The Commercial & Financial Chronicle
2692
respect to the testimony that has been offered by the company.
has been set for further hearings.
Liabilities—
Company has been engaged in another proceeding before the SEC to
8 of the Public
Utility Holding Company Act of 1935.
Hearings therein were held before
1940, and briefs have been filed.
As
yet no final finding has been made in this proceeding.
the Commission in June and July,
Consolidated Income Account (Including Subsidiaries)
1940
Subsidiaries Consolidated—
^
„
1939
1938
A
$86,348,350 $77,757,387 $72,502,373
27,257,841
24,852,569
22,439,118
„
Operation
4,651,182
4,155,278
11,014,342
10,606,713
8,852,461
.
Depreciation
Taxes
4.376,649
12,257,951
Maintenance
8,396,869
2,882,633
7,723,224
2,084,914
b5,335,696
Federal income taxes
1939
1940
No time
determine the status of the company under Section 2(a)
Total operating revenues
April 26, 1941
$
227,388,500 225,532,000
Accounts payablq—general
3,661,210
y
5,443,613
Accounts payable—Joint facility companies
187,771
145,507
Customers' deposits
1,767,424
1,444,994
Dividend declared on preferred stock
533,435
Interest accrued
1,559,277
2,866.574
Taxes accrued
12,282,298
10,894,477
Dividends accrued on preferred stocks
235,913
123,413
Other current and accrued liabilities
435,564
662,442
Contractual liabilities
217,356
217,876
Unamortized premium on debt
438,550
3,891,735
Other deferred and unadjusted credits
86,705
65,418
58,140,384
Reserves—Depreciation
65,135,162
Possible adjustment of utility plant
*22,500,000
Doubtful accounts
2,075,435
2,1021883
Miscellaneous
1,668,447
2,468,565
Contributions in aid of construction
360,383
274,427
4%% cumulative preferred stock
35,562,300
$6 cumulative preferred stock
33,428,385
Common stock ($10 par)
1
44,827,370
Common stock, no par value
44,827,370
Preferred stocks of subsidiaries consolidated
62,480.400
48,698,239
Premium on preferred stock (subsidiary company)
1,286,333
b Net excess of equity
2,690,792
24,796477
Capital surplus
1,173,008
1,123,741
Earned surplus
c65,894,224
76,127,401
Total funded debt
—
... —
$27,993,220 $26,234,326 $25,493,126
Operating income
167,141
Other income
169,602
75,943
$28,160,361 $26,403,928 $25,569,069
7,567,328
7,852,891
8,630,787
1,071,568
985,892
958,507
Amortiz. of debt, disc., exp.&prem..
731,010
781,561
871,761
Other int. and misceli. deductions...
151,144
152,219
193,142
Interest charged to construction
Cr42,310
Cr301,511
Cr406,952
Gross income
.
Interest
on
funded debt
Interest
on
advances
Balance after income deductions..„$18,681,621
Dividends
Balance avail, for com. stocks
Dividends
$15,321,824
5,092,085
$13,617,352 $11,840,357 $10,229,739
9,566,286
9,159,899
7,488,090
stocks
on common
$16,932,876
5,092,519
5,064,269
preferred stocks
on
Undistrib.net income of subs .consol $4,051,066
$2,680,457
$2,741,649
$2,680,457
9,159,899
1,988,170
682,030
985,892
74,872
$2,741,649
7,488,090
1,987,736
1,508,259
Am. Gas & El. Co. &Subs. Consol.—
Undistributed net inc. of subs, consol_
a
Dividends
a
Dividends
a
Interest
on
a
Interest
on
on common
stocks
preferred stocks
on
bonds_
advances
Other income of Am. Gas & Elec. Co.
Total
Exps. and taxes of Am. Gas & El. Co.
$4,051,066
9,566,286
1,952,536
477,151
1,071,568
66,792
958,507
55,631
$17,185,398 $15,571,321I$14,739,873
876,207
674,670
573,565
Consolidated gross income
$16,309,191 $14,896,651
Incomededuc'nsof Am. Gas & El. Co.
1,178,390
1,537,979
$14,166,308
2,035,992
Consolidated net income
$15,130,801 $13,358,672 $12,130,316
Divs. on pref. stk. of Am. G. & El. Co.
1,689,209
2,133,738
2,133,738
Divs. oncom. stk.of Am. G. & E. Co.
8,963,367
8,290,315
6,272,719
Balance...
Earnings
a
per
$4,478,224
$2,934,619
$2.99
$2.50
share common stock
$3,723,859
$2.23
Income of American Gas & Electric Co. from subsidiaries consolidated.
b The taxes shown have not been diminished by an adjustment of $983,807
made by a subsidiary and shown in consolidated earned surplus.
Recently,
subsequent to the closing of the books, the Federal Power Commission
advised the subsidiary that this tax accrual
adjustment, together with
duplicate interest after refunding amounting to $224,687 (par of the related
extraordinary reduction of taxable income), should have been included in¬
cluded in its statement of income
If this revision of taxes and interest had
been made, it would have increased the balance of earnings available for
common stock shown above by a net amount of
$759,120, or approximately
17 cents a share
Note—Company believes that neither it
1940 under the Revenue
Int.
on
bonds
advances
indebtedness of ju. facil. cos..
Other income
1938
$9,159,899
$7,488,090
1,988,170
682,030
985,892
19,293
55,579
477,150
1,071,568
19,253
47,538
...
1,987.736
1,508,259
958,507
20,973
34,658
$13,134,332 $12,890,864 $11,998,224
Administrative and general expense..
479,432
315,170
267,045
Taxes
79,546
71,913
89,135
Federal income taxes
317,230
287,587
217,385
Interest on debentures
1,032,367
1,500,000
1,986,111
a
Net income
Balance earned surplus at
of year (adjusted)
146,024
_
37,681
138,929
expense on debentures retired
Miscellaneous deductions.
Dividends
on
preferred stock
stock........
22,844
$53,365,920 $52,818,375
1,722,406
18,609
c7,319,394
1,689,209
2,133,738
8,963,367
8,290,315
2,133,738
6,272,719
Balance earned surplus at end of yr. $36,188,560
$42,941,867 b.$42670,902
a
Exclusive
of
undistributed
net
income
of subsidiaries
amounting to $4,051,066 for 1940, $2,680,457 for 1939 and
for
1938.
b Restated
for
investment in subsidiaries
comparative purposes.
See
consolidated,
to $2,741,649
also
note
(a)
to
agree¬
d Certain companies have contingent liabilities to
indemnify directors,
officers, employees and underwriters for possible liabilities arising out of
the registration of securities under the Securities Act of 1933, as amended.
Also the subsidiary companies have obligations under uncompleted con¬
struction contracts not yet entered on the books aggregating approxi¬
mately $7,000,000 and they are currently proceeding with the execution of
additional contracts in connection with large construction projects.
Comparative Balance Sheet Dec. 31
j\ssctsri
Totai
1940
Ǥ>
1
investments
$
122,126,500
21,606,758
27,509,888
3,000
3.500
Cash, including time deposits..
Working funds
Interest receivable—Subsidiaries consolidated
a
1939
123,348,005
145,998
......
201,341
1,461
Joint facility company
...
Preferred dividends receivable from subsidiaries
1.501
448,103
3,380,500
156,548
2,456,986
147,718,757
Accounts
1940
$
29,130,000
2,999
13,927
payable—General
Subsidiaries consolidated.
Dividend declared on preferred stock
Interest accrued on funded debt
Taxes accrued
153.671,332
1939
$
30,000,000
6,716
26,299
533,435
250,000
314,893
72,708
346,985
98,119
229,569
145,917
35,562,300
33,428,385
Common stock
44,827,370
44,827,370
Capital surplus
Earned surplus
1,173.008
36,188,560
1,123,741
42,941,867
Other current and accrued liabilities
Unamortized premium on
Reserve for taxes
Preferred
debt
stock
...
.....
14~5~917
147,718,757 153,671,332
a Includes amount
of $53,429 at Dec. 31, 1940, and at Dec. 31, 1939,
representing accrued preferred dividends declared by the subsidiary com¬
panies subsequent to those dates.
SEC
Tentatively Holds Company to Be Subsidiary of Electric
Bond & Share Co.—
The Securities and
on common
over
approximately $32,500,000 restricted under various
Total
16,803
—$54,160,531
Premium & unamortized discount and
Dividends
49,881
.
Miscellaneous credits
Includes
ments, either at Dec. 31, 1940 or subsequent thereto.
Of this amount,
approximately $23,000,000 is restricted only in connection with outstand¬
ing debt.
297
$11,079,735 $10,678,215
$9,388,667
beginning
42,941,867
42,670,902 b43.406,864
Total.
c
Liabilities—
Total funded debt
Total income.
Amortiz. of debt disct. and expense.
Other interest
b In assets of subsidiaries consolidated
consolidated, exclusive of earned surplus.
Total
1939
Income from subsidiaries consolidatedDividends on common stocks
$9,566,286
Dividends on preferred stocks
1,952,536
on
538,732,569
,
1940
on
558,990,906
Total deferred charges
Comparative Statement of Income and Surplus (Parent Company)
Interest
_ _
a American
Gas & Electric Co, made a capital contribution to a sub¬
sidiary. Appalachian Electric Power Co., of which $22,500,000 (in accord¬
ance with an order of the SEC issued in connection with a proceeding under
the Public Utility Holding Company Act of 1935 relating to the issue
and sale of securities) was placed in a reserve for use in making adjustments
of utility plant and (or) depreciation reserves, if required, for the difference
between the cost of utility plant to the subsidiary and the cost thereof to
the person first devoting the plant to public service.
It is contemplated
that the adjustments which may be charged to this reserve will not relieve
income or earned surplus of depreciation or amortization charges properly
applicable thereto.
The difference described above and other differences
or a similar nature, estimated to be substantial, are being determined in
studies being made by the subsidiaries for the purpose of
reclassifying
their plan^ accounts to conform to uniform systems of accounts which
purport to give the regulatory bodies the right to approve or direct the
disposition of the differences segregated.
nor its subsidiaries consolidated
will be subject to excess profits taxes for the year
Act of 1940, as amended March, 1941.
Interest
.
d Total.
Exchange Commission has tentatively decided that
the company is a subsidiary of Electric Bond & Share Co. within the mean¬
ing of the Public Utility Holding Company Act.
This ruling, if it is adopted in the final report of the Commission, will
require that American Gas properties be dealt with as part of the Bjond &
Share system In the integration proceedings against that holding company.
Otherwise, American Gas would be dealt with as a separate system under
the "death sentence" of the Utility Act
In order that it might be integrated as an independent system,
Gas, with
American
17% of its voting rights owned by Bond & Share, had asked
definition that a "subsidiary" is
utility which has 10% of its voting rights controlled by a holding com¬
over
company's balance sheet.
the SEC to exempt it from the statutory
c Made
up as follows: Unamortized balance of redemption premium and
interest applicable to debentures retired in
prior years, $2,526,815; interest
any
after
refunding
5% debentures retired, $129,268; redemption premium
oa, 2 A%. 3 Vi % and 3%% debentures retired through sinking funds,
$23,950; portion of redemption premium on $6 preferred stock retired
through refinancing, $4,566,404; dividend after refinancing on $6 preferred
stock retired, $71,151; miscellaneous
debits, $1,808.
on
Comparative Consolidated Balance Sheet Dec. 31
[Intercompany Securities
and Accounts
Eliminated]
•
1940
,
jfxSSCtS—:"x
Utility plant (including intangibles).
Construction contracts uncompleted..
Total investment and fund accounts.
Cash, including time deposits
Special deposits
_
Working funds
Temporary cash investments
Accounts and notes receivable—Customers
Customers' merchandise instalment sales
Notes...
Joint
facility companies
Miscellaneous
Materials and supplies..
.....
Merchandise foi resale
Prepaid insurance, rents, &c
Other current and accrued assets
Accounts and notes receivable (not current)..
Unamortized debt discount and expense
Capital stock
expense
Retirement work in progress.
Other work in progress..
Cash in closed banks
Other deferred and
unadjusted charges..
1939
^
a466,601,510 453,429,399
2,695,303
1,140,296
11,546,245
6,289,478
41,271,797
38,210,392
1,970
*
~
3,476
420,596
401,713
967,276
915,000
6,393,968
6,502,176
2.481,118
2,690,138
40,424
53,553
46,036
10,233
568,695
417,877
7,008,378
6,393,157
pany
American Gas to be a subsidiary of E. B. & S., the Com¬
the Holding Company Act does not require
"presently existent,
"If the 'controlling
influence' is sufficiently extensive to embrace the power to bring about the
evils that the Act is designed to guard against, the statutory standard is
satisfied," the Commission said.
In reply to the Commission's ruling, Frederic L. Ballard, counsel for
American Gas, charged that the SEC purposely overlooked instances of
independent action on the part of American Gas and that it based its
conclusion solely on "the inference of subservience" among American Gas
officials in their relationships with E. B. & S.
He contended that in
financing and engineering the American Gas System has been wholly in¬
dependent of E. B. & S. control since 1933 at the latest and has made no
payments to the larger holding company for any services since that date.
Debentures Called—
_
226,045
951,019
247,334
694,333
21,613
1,091,820
10,859,035
1,366,818
15,058.012
19.378
231,231
3.857,741
801,137
278,751
629,198
A total of $650,000 s. f. 2%% debentures, series due 1950, due Jan. 1,
1950, has been called for redemption on May 23 at 102 H.
A total of $100,000 s. f. 3H% debentures, series due 1960, due Jan. 1,
1960, has been called for redemption on May 23 at 103 H and accrued int.
A total of $120,000 s. f. 35^% debentures, series due 1970, due Jan. 1,
1970, has been called for redemption on May 23 at 103M and accrued int.
Payment
244,752
338,891
661,212
—558.990,906
538,732,569
all of the above issues will
be made at the Guaranty Trust
American
Stockholders
Roiling Mill Co.—Directors Classified—
at
their recent
annual
meeting approved
a
new
code
of
including a provision that the directors be
The first class will hold office for three years
regulations for the company,
divided into three classes.
from the
3,644,950
on
Co. of New York.—V. 152, p. 2378.
date
of their
election
and
second class for two years and the
Directors elected for three years
qualification of their successors; the
third class for the term of one year.
included: George M. Verity, William S.
Horner, Weber W. Sebald and Paul Sturtevant; for two years, Charles R.
Hook, James B. Doan, J. Frank Drake and Ralph L. Gray; and for one
year,
Total.
.
In holding
mission repeated its belief that
that "the evils" of control be
William C. Breed, Edward A. Deeds, Charles S. Pay son and Calvin
152, p. 1579.
Verity.—V.
Volume
American Light & Traction
Calendar
Co. (& Subs.)—Earnings—
$46,928,569
25,714,022
3,494,230
2,215,921
6,412,153
Maintenance
Gen. and Fed. inc. taxes
profits
1939
$42,499,402 $40,234,779 $41,057,916
22,221,946
21,856,602
23,320,148
2,396,266
2,783.511
3,259,455
2,393,880
2,349,761
2,291,063
4,969,381
4,897,181
5,375,441
tax
31,000
Dr3,864
4,223,356
undistributed
Misc. non-oper. rev. net
Int. & other deductions.
Output of electric energy of the electric properties of American Water
Works & Electric Co. for tne week ending April 19, 1941, totaled 53,608,000
kilowatt hours, an increase of 5.3% over the output of 50,887,000 kilowatt
hours for the corresponding week of 1940.
Comparative table of weekly output of electric energy for the
' '► .
$3,993,218
Dr4,071
$3,839,348
Dr6,007
$4,612,232
Dr3,056
$4,831,244
$3,989,147
$3,833,341
last five
years follows:
$4,609,176
Aoril
12
19
1938
45,840,000
40,686,000
41,992,000
40,958,000
62,571,000 50,632,000
55,919,000 49,708,000
53,968,000 51,321,000
53,608,000 50,887,000
5
April
April
1939
38,212,000
39,779,000
38,685,000
38,148,000
1940
1941
March 29
$4,834,022
Dr2,778
Inc.—Weekly
Output—
Week Ended
Balance applic. to Am.
Lt. & Traction Co
Sub. invest. cos..
152, p. 1904.
be realized by the underwriters.—V.
American Water Works & Electric Co.,
Dr 51,486
4,412,725
.Dr50,031
4,458.345
02,073
4,262,150
may
1Q^7
iqoo
1940
General oper. expenses._
Pro v. for depreciation..
excess
t may such foreign government in direct disposition of such securities by
f>aid to be measured by or may beupon the or indirect relation to such price
as
Years—
Sub. Oper. Cos.—
Gross revenues
Fed.
2693
The Commercial & Financial Chronicle
1S2
1 937
48,157,000
49,946,000
49,814,000
50,000,000
Total accrued to Am.
Monthly Output—
Lt. & Tr. Co. from
subsidiaries
The
1,547,422
1,547,196
1,555,388
1,592,324
Am. Lt. & Trac. Co. $6,378,666
Gen. exps. (incl. taxes).
411,203
Interest
61,000
$5,536,343
453,890
60,833
$5,388,729
$6,201,500
400,898
120,854
411,374
147,167
$5,021,620
804,486
3,320,929
$4,866,977
804,486
3,320,908
$5,642,959
804,486
3,320,903
Interest & dividends, &c.
Total
inc.
output of the electric subsidiaries of the American Water
of March totaled 270,565,062 kilo¬
power
Works & Electric Co. for the month
Am. LI. & Trac. Co<—
hours, compared with 223,455,349 kilowatt hours for the correspond¬
ing month of 1940, an increase of 21 %.
For the three months ended March 31, 1941, power output totaled 789,-
watt
accrued to
529,388 kilowatt hours, as against 678,434,083 kilowatt
period last year, an increase of 16%.—V. 152, p. 2540,
Arkansas Natural Gas
Consol. net income
$5,906,463
804,486
3,320,935
Preferred dividends
Common dividends
Earns.persh.oncom.stk.
$741,583
$1.47
$896,205
$1.52
$1,781,042
$1.84
Balance, surplus
1940
Investments
55 404,548
x
Pref. stock
x
57,078,602
► Aprep'dacc'ts 10 .216,207
Cash
4,422,890
515,682
515,682
terials, suppl.)
,223,469
4.233,075
Prepayments...
,129,760
..
receivable
com.
13,408,100
69,201,282
9,000,000
202,300
9,000,000
20,971
16,399
76,709,000
57,034
75.814.000
4,970,000
1,940,724
1,099,856
1,058,438
2,029,877
738,108
_
Other assets
-
5,125,000
Acc'ts payable..
2,199,782
1,131,266
1,058,439
2,631,242
Interest
Dividends
Fed. & State tax
taxes
780,869
__
jfjfflhj. Hties
$21,875,680 $21,875,680
4,080,581
—
4,080,581
3,522,271
3,522,271
3,953
1,189,191
37,378
48,589
Common stock
b Class A common—no par value
Reserve to provide for exchange
a
3,952
1,219,488
39,993
49,827
of stock of pre¬
decessor company
Note payable to parent company
Accounts payable
411,013
219,453
30,496,434
1,447,094
Current account with Mutual Service Co
Capital surplus_ 18,621,001
Earned surplus
26,789,710
18.621.001
26,566,378
Accrued taxes, &c., charges
Unclaimed preferred dividends
Cust. deposits..
.
852,025
Current portion of note
1,468
payable
262,582,206 257,681,471
262,582,206 257,681,471
Total
Corp.—New Director—
151,071
93,394
3,772,920
34,404
22,406,832
3,955,385
3,902,888
.$61,164,955
61,259,605
'
-
Stockholders elected Orrie R. Kelley to the board of directors to succeed
the late Samuel Mundheim, Chairman of the Board.—V. 152, p. 1903.
71,458
1,863
55,501
22,406,832
3,955,385
Reserves for depreciation
Capital surplus
Earned surplus of merged companies
Earned surplus
Represented by $25 par shares.—V. 152, p. 419.
American Safety Razor
1,588
62,438
1,696
.
Provision for Federal income taxes
x
92,083
5,558
$61,164,955 $61,259,605
Total.
6% preferred stock ($10 par)
654,774
Reserves
32,864,105
Contrib. for ext.
1,773,359
Misc. curr. liabil
Total
67,081
92,083
5,108
Current accounts with subsidiary companies
Interest receivable on Arkansas-Louisiana Gas Co.
202,300
Total
-
4,080,581 shares, no par. b 3,522,271 M shares, no par.
total outstanding common stock of Arkansas Fuel Oil Co.
(together with the voting power thereof) carried under investments on the
balance sheet at a value of $24,357,724 is held by Cities Service Co. as
collateral on the note payable of $1,219,488.
The note is due on April 1,
1943 but 1H % of the unpaid balance is payable semi-annually. The value
referred to above for the common stock of Arkansas Fuel Oil Co. does not
a
American
Directors
cumulative
Shipbuilding Co.—$7 Preferred Dividend—
have declared a dividend of $7 per share on the 7% nonpreferred stock, payable May 1 to holders of record April 18.
June 29, 1940 and on June 25, 1938.—V. 152,
p.2378
American Telephone
& Telegraph Co.—Earnings—
include
common
1941—Month—1940
1941—2 Mb.*.—1940
Operating revenues
$11,298,347
$9,749,042 $22,934,595 $19,813,216
Uncollectible oper. rev..
68,496
44,228
138,873
90,868
28—
Operating revenues...$11,229,851
Operating expenses.
7,005,408
.
Net oper.
.
revenues..."$4,224.443
1,819,067
Operating taxes
$8,412,457
3,661,624
Net operating income-
a
Includes
$2,405,376
al,397,804
dividends
accrued quarterly.—V.
received
152,
American Viscose
as
Underwriter in
and
p.
$4,750,833
2,956,171
$1,784,101
a934,950
from
subsidiary
and
other
1,821,522
companies
Years Ended Dec. 31
Operating expenses and taxes
(excl. of inc. taxes)
—$29,351,804 $27,883,923
26,669,997 24,392,693
$2,681,806
233,182
239,410
$2,914,989
784,579
.514.174
33,730,640
950,613
312,869
$1,616,231
1,968.816
$2,467,158
1,312,541
Gross income
- —
Interest and other charges
— --
Provision for income taxes—.—
Corp.—British Government Not Liable
SEC Rules—The Securities
Net income..
.-■
——— —
Preferred dividends!
Viscose Deal,
—
Consolidated Balance Sheet Dec. 31
ution in the United dispose of
group should in turn States, the the securities by means of a be subject, in
British Government would public distri-
connection with such distribution, to the liabilities
of
an
underwriter under
the Securities Act of 1933.
In examining this question, the Commission has recognized the accepted
principle of international law, reflected in many decisions of the United
States courts, that a foreign friendly government is immune from suits
brought, without its consent, to enforce claims against either it or its
property.
Without considering the extent to which this immunity could
legally be abrogated by the appropriate constitutional authority, it appears
clear that no intent on the part of the Congress to abrogate it can be pre¬
sumed in the absence of express statutory language.
The Securities Act of 1933 contains no express language subjecting foreign
governments to civil liability as underwriters. In fact, it can be argued that
an intent to exclude foreign governments from civil liability under the Act
affirmatively appears from Section 6 (a) of the Act, which provides that a
registration statement relating to a security issued by a foreign government,
or political subdivision thereof, need not be signed by the issuing govern¬
oil & gas producing properties, &c.,
intangibles
Excess of invest, in sees, of sub. over equity in net
assets at dates of acquisition.-.-.
Leaseholds,
Investments
91,561,810
hand
— —
Customers'accounts receivable
Merchandise
accountsreceivable
—
affiliated companies
Current accounts with
Miscellaneous accounts and notes
receivable
Crude and refined oils, at cost—
Merchandise held for resale
Materials and supplies—
Prepaid insurance
-
-
Preferred stock
Common stock.
Class A common stock
Reserve
to
- ----- -
provide for exchange of
follows:
acting pursuant to authority
Act of 1933, as amended, particularly
such action necessary to carry out the
provisions of the Act and necessary and appropriate in the public Interest
and for the protection of investors, hereby adopts the following rule:
Rule 143. Definition of "Has Purchased,
" Sells For," "Participates", and
"Participation,
as Used in Section 2 (11), in Relation to Certain Trans¬
actions of Foreign Governments for War Purposes—The terms "has pur¬
chased," "sells for," "participates," and "participation," in Section 2 (11),
shall not be deemed to apply to any action of a foreign government in
acquiring for war purposes and by or in anticipation of the exercise of war
powers, from any person subject to its jurisdiction securities of a person
organized under the laws of the United States or any State or Territory, or
in disposing of such securities with a view to their distribution by under¬
writers in the United States, notwithstanding the fact that the price to be
21,875,680
4,080,581
3.522,271
3,952
78,298
18,065,114
-
Liability to stockholders
Corp.. payable in pref.
The Securities and Exchange Commission,
227,033
289,845
376,058
4,080,581
3,522,271
18,622,202
21,875,680
—
-
will not be subject to the liabilities of an underwriter under the Securities
Act of 1933 in.the event of a public distribution by the banking group
conferred upon it by the Securities
section 19 (a) thereof, and deeming
529,131
872,542
Liabilities—
stk. of pre¬
Minority interest in subsidiaries
Funded and other long-term debt
Corp. securities. In order to give
Commission, the Commission has
adopted Rule 143 under the Securities Act of 1933.
The full test of the Commission's action in the promulgation of the
3,206,542
118,486,750 116,379,869
-
-
2,030,687
288,950
69,732
287,333
261,609
275,396
*
Deferred charges
Total
13,012.268
339,501
271,188
rentals. &c., expenses--
Other assets
89,468,592
13,012,268
311,616
5,254,97H
2,148,208
298,/27
4,325
332,261
3,223,997
473,183
l,0o7,184
—
Cash in banks and on
Accordingly, the Commission has concluded that under the circumstances
involved in the American Viscose Corp. case, the British Government
which has acquired the American Viscose
Its conclusion the status of a rule of the
•$
*$
.
decessor company
.
1939
1940
Assets—
According to announcements in the press, the Government of Great
Britain, acting under its war powers, recently acquired from Courtaulds,
Ltd., a block of the securities of American Viscose Corp., and disposed
thereof to a banking group in the United States. As a result of this trans¬
action, the question had been presented to the SEC whether , if the banking
as
$3,491,230
-
— „
Net operating revenue—__
Other income
Exchange Commission on April 18 issued the following
Rule is
1939
1940
Calendar Years—
2540.
release:
ment
specifically allocated.
Gross operating revenue
$5,958,646
2,585,909
$3,372,737
stocks of both Arkansas
Consolidated Income Account
.
Net income
portion of $13,100,000, representing additional cost of the
Fuel Oil Co. and Arkansas Louisiana Gas
any
Co., which additional cost has not been
$9,704,814 $22,795,722 $19,722,348
6,627,267
14,383,265
13,763,702
$3,077,547
1,293,446
_
Note—The
Like amounts were paid on
r Period End. Feb.
1Q3Q
$60,600,498 $60,639,423
410,231
455,459
hand
debt
Notes payable
General
on
debenture.
of subs
Inventories (ma¬
$1,236,440
1,312,541
1Q40
Asspfi
Investments
Cash in banks and
stock
Long-term
77,000
$1,811,891
1,968,811
Preferred dividends
$
Surp. applic. to
4 ,902,344
receivable
_
Com. stock..
6,361,516
93,584
260,160
116,950
Balance Sheet Dec. 31
13,408,100
69,201,275
Com. stock.
Pref. stock
12,285,444
9 ,632,952
Accts. and notes
$1,667,189
98,102
74,346
Net income_
1939
Subsidiary cos.:
Deferred charges
DIvb.
$1.75
1939
1940
$2,101,290
Expenses: Taxes (excl. of income taxes)
Interest and other charges
Am. L. & T. Co.:
176 557,244 172,784,260
plant, &c
$
Liabilities—
$
$
(Company Only)
,
;
31
1939
1940
Assets—
Calendar Years—
Gross income.
Provision for income taxes
Consolidated Balance Sheet Dec
Prop., franchise,
Corp.—Annual Report—
Income Account Years Ended Dec. 31
$1,517,570
hours for the same
3,952
77,369
of Louisiana Oil Refining
stock or cash of Arkansas
NoSlayiwe w toita::::::::::::::::::::::::
Current
portion of note (secured), acct. & int. pay.
Service Co
- with affil. & mutual serv. companies
Accrued int. on funded
Accrued interest, taxes
& other long-term debt
and other charges.
™f"ltles
Earned surplus
Earned surplus
1A
50,110
11,201
1,075.304
n
of merger.-,
ioro
1,863
1,182,516
22.406,832
3.955,385
11,551,021
2HWW1
22,406,832
3,955,385
11,825,680
118,486,750 116,379.869
Total
152"
-A
-. _
1,696
859,779
-
-
e
1
::::::::::::::::::
—
of merged cos. at date
,
48,612
245,685
658,237
Customers'deposits
Unclaimed preferred dividends payable
Provision for Federal income taxes.
rStll surnlusr""~_Y.
770:000
2,!I:foI
1,095.239
to Cities
Current accts.
—V.
wo'.ooo
2.235:256
P.
973".
•.
*
The Commercial & Financial Chronicle
2694
Armstrong Cork Co.—To Pay 2
r
2179.
Bangor & Aroosrook RR.—Earnings—
(incl. maint,
and depreciation)
Oper.
Period—
12 Weeks
3 Mos.
Mar. 23 '40 Mar. 25 '39 April 2 '38
Mar. 22 '41
y$42,069
y$83,064
_
x$75,258
yz$112,666
x After depreciation, &c., but before Federal taxes,
y After depreciation.
Inventory adjustment and Federal and State taxes,
z Loss,
Corporation reports gross sales for the first quarter of 1941 of $1,807,119.
compared with $1,214,990 a year ago; net sales of $1,565,934, against
$1,020,207.
Profit before taxes was $127,916, against $54,992.
i
Earned surplus at the end of the first quarter was $911,187, compared
with $711,787 a year ago.
Backlog of orders on hand at March 31, last,
amounted to more than $1,000,000.
i.
12}4-Cent Common Dividend—
Directors have declared a dividend of 12 H cents per share on the common
stock, payable May 10 to holders of record May 1.
Dividend of 25 cents
was paid on Jan. 31, last, this latter being the first common dividend paid
since 1930.—V. 152, p. 1738.
Associated
Gas
Co.—Court
Electric
&
Not
to
Act
„
362,182
357,225
1,058,984
1,051,679
$312,996
87,222
$304,585
69,831
$727,576
210,374
$678,995
172,683
$225,774
$234,754
$517,202
$506,312
Dr664
Drl7,501
6,633
Drl4,969
$225,110
61,493
1,609
$217,253
61,837
2,412
$523,835
184,478
7,306
$491,343
185,509
9,669
$332,051
$296,165
rev.
Operating income
Other income...
Gross income
Interest
on
....
funded debt
.
Other deductions
""$162,008
Net income..
—V. 152, p. 2381.
$153,004
V-1
Barker Bros.
A
,Vv
Corp.—Earnings—
3 Months Ended March 31—
Net sales
1939
1940
1941
$3,093,473
1,822,366
1,148,491
Other income..
$18,391
31,399
x$15,475
11,954
$49,790
8,422
x$3,521
$106,614
Expenses.
$2,758,623
1,667,404
1,106,694
$152,314
45,700
-
$2,730,342
1,634,984
1,076,967
$122,616
29,698
Cost of sales.
Operating profit..
if
1941—:3 Mos.—1940
$1,786,560 $1,730,674
exps.
from oper'ns.
Tax accruals
Corp.—Earnings—
Netprofit
1941—Month—1940
$675,178
$661,810
Period End. Mar. 31—
Gross oper. revenues
Net
Artloom
The application was not contested.—V. 135, p.
tion of both companies.
Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 2 to holders of record May 5.
Like amount was paid
on March 3, last dividend of $1 was paid on Dec. 24, last; 25 cents was paid
on Dec. 2, Sept. 3, June 1 and March 1, 1940; SI paid on Dec. 23, 1939;
25 cents paid on Dec. 1, Sept. 1, June 1 and March 1, 1939; a final dividend
of 50 cents on Dec. 22, 1938, and a dividend of 25 cents on March 1, 1938.
During the year 1938 dividends totaling $2.50 per share were distributed.
—V. 152, p. 2380.
April 26, 1941
$41,368
x$3.521
Debentures Are Declared Due—
Total income
Federal
Judge Vincent L,
Lelbell decided April 18 that he would not
Federal income taxes
interfere if debenture trustees of certain security issues of the company
decided to declare the issues due and payable before their respective ma¬
Netprofit
turity dates.
Judge Lelbell, who is supervising reorganization proceedings of the com¬
pany and of the similarly named corporation, adjourned the hearing to
May 23.
Weekly Output—
The Atlantic Utility Service Corp. reports that for the week ended April
18, net electric output of the Associated Gas & Electric group was 103,970,660 units (kwh.).
This is an increase of 9,707,612 units or 10.3% above
production of 94,263,048 units
a year
ago.—V. 152, p. 2540.
xLoss.—V. 152, p. 1582.
Barnsdall Oil
Co.—Surplus Changes Voted—
Stockholders at their recent annual meeting approved a proposal of
directors to charge against capital surplus as of Dec. 31, 1940; (a) the net
deficit in earned surplus, amounting as of such date to $862,903 which
resulted from the sale of 317,000 shares of common stock of Bareco Oil Co.,
and
sum of $2,184,831 which represents a reduction in the
the remaining shares of common stock of Bareco Oil Co.
by the company as of such date were carried on its books, leaving
a balance of capital surplus as of Dec. 31, last, in the amount of $1,926,084.
—V. 152, p. 2231.
(b) the further
amount at which
owned
Atchison Topeka & Santa Fe
Ry.—Earnings—
Period End. Mar. 31—
1941—Month—1940
1941—3 Mos.—1940
Gross revenues
...$15,094,263 $12,049,575 $43,292,711 $35,102,062
Nat ry. oper. income...
1,489,210
431,395
5,298,421
1,409,803
—V. 152, p. 2230.
Baldwin Locomotive Works
12 Mos. End. Mar. 31
1941
Sales
...........$55,966,786
Cost and expenses......
45,487,535
1,850,634
Depreciation.
Operating profit
Other income.....
Profit
Int. & misc. deductions.
1940
$8,994,427
1,121,050
Federal & State taxes
Min. int. in sub. cos
(& Subs,)—Earnings—
1939
1938
$37,030,781 $28,256,889 $38,084,665
30.728,733
26,092,210
34,193,436
1,849,086
1,850,365
1,850,529
$8,628,617
365,810
a4,304,997
1,464,000
$4,452,962
239,490
$4,692,452
1,098,099
1,432,365
747,699
$314,314
132.561
$2,040,700
142,760
$446,875
834.068
565,063
$2,183,460
931,805
c628,050
513.524
$185,096
above statement
includes provision for
normal income and excess
profits taxes of companies having a taxable net income.
It also includes
provision for the Federal surtax on undistributed profits in the amount
of such provision for the full calendar year 1937, but does not include any
accrual for the first quarter of 19,38, the amount of such tax, if any, not
being determinable,
x Loss.
Bookings—
Charles
E,
Baldwin Rubber
a
share
on
Co.—Earnings—
capital stock..
1941
1940
$109,875
$0.35
$120,559
$0.38
After interest, depreciation, Federal income and
excess
Period End. Mar. 31—
profits taxes,
>
Baltimore & Ohio
All other oper. revenues
485,619
407,391
expenses.
$1,136,827
3,049.335
404,338
4,980,644
115,095
496,146
Cr228
from ry. oper.
$5,734,329
Railway tax accruals... $1,032,839
Equip rents (net).
207,950
Joint facil. rents (net)..
135.490
Net ry. oper. income.
$4,358,050
-V.
152,
p.
1,479,854
1,255,570
2542.
$3,378,967
9,871,112
1,169,377
15,424,270
341,181
1,488,527
Cr5.281
$3,025,475 $14,350,153
$8,738,908
$951,714
173,376
150,993
1,358.122
$3,016,918
$2,874,909
601,125
538,484
415,438
461,789
$1,749,392 $10,316,672 $ 4,863,726
Baltimore Steam Packet Co.—
mi
$4,602,702
11,419,999
1,205,922
16,875,974
366,434
Cr399
450,306
Transp, for investment.
rev.
of Baltimore.
-Acquisition—
by the Interstate Com¬
Chesapeake Steamship Co.
Both companies operate between Baltimore and
Norfolk and other
Hampton Roads ports.
The Chesapeake company also operates a service
up the York River to West Point, Va.
from Baltimore
onAa!p'!n0crn Steam Packet Co
will give the Chesapeake
company
$900,000 of its 50-year debentures for 50% of the Packet
company's capital
The Packet company is wholly owned
by the Seaboard Air Line
Ry., while the Chesapeake company is owned two-thirds by Southern Ry.
and one-third by Atlantic Coast Line RR.
Upon completion of the transaction, Seaboard Air Line will own one-half
of the capital stock and $1,500,000 of debentures of the
Packet companv
The remaining one-half of the stock will be owned
by the Chesapeake
company, which in turn is owned two-thirds by Southern Ry. and one-third
stock.
by Atlantic Coast Line RR.
When the application was filed with the Commission it
was not sufficient business available to
permit
that there
39,410
538
38,765
5,259
$471,423
$341,852
37,042
Profit
b Discount,
38,375
24,480
$444,036
855
cl30,651
$509,798
1,553
104,171
$366,333
5,199
$312,529
6.989
147,399
$404,075
14,700
98,265
$287,976
22,593
73,701
$0.99
$0.68
—
rental,
divs.
&
miscell.
income.
Total
Interest
on notes
payable (net)
Provision for taxes
on
income.
Netprofit
Divs. on 7% 1st preferred stock
Dividends
on common
per sh.
on
stock
393,060 shs. com.
stock.
a
73,158
$0.78
Of cost of cigar machines, licenses and patent rights,
of $5,250 from controlled company not consolidated,
profits tax.
Note—The equity of Bayuk Cigars,
c
b Including divs,
Including Federal
excess
Inc., in undistributed earnings for
the three months of controlled company (not consolidated) is not included
in the above statement of consolidated profit and loss.—V. 152, p. 2382.
Beech-Nut Packing
W.
Clark
Arkell
Co.—New President—
elected
President of this company on April 23,
years, since the
founding of the company.
Mr. Bartlett Arkell was elected Chairman of
the Board at the special meeting of the Board of directors, held at Canajoharie, New York, home of the company.—V. 152, p. 2542.
was
succeeding Bartlet Arkell, who has held the post for 50
Belding Heminway Co.—Earnings—
.3 Mos. End. Mar. 31—
Profit after charges, but
before Fed. inc. tax—
1941
$180,159
1939
1940
$151,581
1938
$133,315
$75,406
3 Mos. End. Mar. 31—
Consol. net earnings..
Shs. com. stk. outst....
x
1941
$1,487,608
Earnings per share
x
After
all
interest,
2,314,989
$0.60
(& Subs.)—Earnings
1940
amortization, charges
1938
1939
$1,630,698
2,314,989
$0.66
$1,559,363
2,314,989
;■
$0.63
$1,613,910
2,314,989
$0.61
and provision for
minority
interest and Federal income tax.—V. 152, p. 1739.
Bethlehem Steel Corp.—$1.50
Directors
Common Dividend—
April 24 declared a dividend of $1.50 per share on the
stock, payable June 2 to holders of record May 9.
Dividend of
like amount was paid on Mar. 4, last, and on Dec. 2, 1940; $1.25 paid on
Sept. 3, and on June 1, 1940; $1 paid on March 1, 1940, and on Dec. 1,
1939, and 50 cents paid on Sept. 15, 1939, this latter being the first dividend
paid on the common shares since Dec. 24, 1937, when a distribution of
$2.50 per share was made.
E.G. Grace, President, states:
The aggregate amount provided for income and excess profits taxes for the
first quarter of 1941 was $7,270,000 as compared with $23,429,170 for the
full year 1940.
The estimated value of orders on hand March 31, 1941, was $1,323,200,on
common
000, as compared with $1,204,100,000 on Dec. 31, 1940, and $255,802,117,
on March 31, 1940.
Steel production
(ingots and castings)
averaged approximately 100.3%
of capacity during the first quarter of 1941 as compared with 103.5% during
the fourth quarter of 1940 and 87.4% during the first quarter of 1940.
The company on April 16 was
granted authority
Commission to acquire the
properties of
merce
onnn
4l,77i
503
—
Amortization.
Beneficial Industrial Loan Corp.
1 941—3 Mos.—1940
revs.__$18,368,429 $13,207,632 $50,178,907 $40,407,061
Maint. of way and struc. $1,682,992
Maint. of equipment...
4,048,933
Traffic expenses
437)026
Transportation expenses
5,894,704
Miscellaneous operations
120,139
Net
$981,285
595,409
$406,994
and automobiles*
a
RR.—Earnings—
1941—Month—1940
......
General
$1,157,608
646,238
—V. 152, p. 1273.
Freight revenue.......$16,528,804 $11,675,331 $44,644,223 $35,813,862
Passenger revenue
926,237
716,806
2,919,082
2,242,296
Mail revenue
262,162
259,279
773.285
757,107
Express revenues......
165,607
148,825
362,463
338,226
oper.
1939
1940
$1,089,906
640,639
Selling, general & adminis. expenses-.
Prov. for deprec. of bldgs., equipm't
1949
$248,979
$0.79
&c.—V. 152, p. 1905.
Railway
1941
Gross profit—..
Brinley,
3 Months Ended March 31—
aNet profit
per
$156,894
$0.23
Bayuk Cigars, Inc. (& Subs.)—Earnings—
3 Months Ended March 31—
Earns,
President of the company announced on April 24
that the dollar value of orders taken in March by the Baldwin Locomotive
Works and subsidiaries, including the Midvale Co., was $17,415,061 as
compared with $1,944,125 for March, 1940. The month's bookings brought
the total for the consolidated group for the three months of 1941 to $40,866,302 as compared with $6,957,902 in the same period of 1940.
Con¬
solidated shipments, incl. Midvale, in March aggregated
$5,220,310 as
compared with $4,344,211 in March, 1940.
Consolidated shipments for,
the three months of 1941 were $15,832,575 as
compared with $10,853,476
for the same period of 1940.
OnMarch31,1941 consolidated unfilled orders,
including Midvale, amounted to $176,108,826 as compared with $151,336,668 on Jan. 1, 1941 and with $38,425,174 on March 31, 1940.—
V. 152, p. 2381.
Earnings
1938
$273,568
$0.51
x After
depreciation, interest, Federal and Canadian income taxes,
minority interest, and provision for excess profits tax, &c.—Y. 152, p, 1905.
Includes $1,812,000 excess profits tax.
b Equal to $1.89 per share of
common stock in 1941 and to $1.25 per share of common stock in 1940.
The
1939
$420,668
$0.87
$506,831
Earns, per sh. on com.$1.06
a
c
Net profit
(& Subs.)—Earnings—
1940
1941
438,509
b$2,104,381 b$l,414,289 x$l,465,780
Netprofit.......
Bausch & Lomb Optical Co.
3 Mos. End. Mar. 31—
x
was pointed out
profitable opera¬
Current steel production is
Mr. Grace discussing the
approximately 102% of capacity.
affairs of the company further stated:
high of 141,321 in the first quarter, against
128,417 persons on pavrolls in the final quarter of 1940; while the work
week was the same at 38.2 hours, average hourly earnings set a new top of
97.3 cents, against 96.9 cents in the previous three months. Payrolls were
$6,648,000 higher at $68,701,000, against $62,053,000.
The recent wage increase to steel mill workers, retroative to April 1, will
add 11% to pavrolls, or about $20,000,000 on an annual basis, Mr. Grace
said.
''There 'is no difficulty in manning our operations, and no labor
shortage question anywhere, at shipyards or steel mills," he added. There
are 48-hour week operations at the shipyards and many of the steel mills,
he said, with overtime pay for the hours in excess of 40 a week.
Mr. Grace said that lack of shipping had curtailed British buying and
brought a sharp reduction in Bethlehem's foreign trade. Orders from abroad
in the first quarter were 8.4% of all business, against 18.1% in the last
quarter in 1940 and 26.8% in all of 1940, he said, and export shipments were
15.4 % in the first quarter, against 21.8% in the previous quarter and 27.1 %
Employment set
in all of 1940.
a
new
The Commercial & Financial Chronicle
Volume 152
Mr, Grace explained that Bethlehem had received orders for a
total of 62
Chesapeake Bay. Twelve
16 ways
May 12.
He said the effect of the lease-lend program on steel exports had not
appeared in the first quarter, but said it would be the company's policy to
Bowman-Biltmore Hotels Corp.—Earnings—
so-called "ugly ducklings," which will be built on
ways are being constructed there now, so that the yard will have
in all. It is expected that the first keel for these ships will be laid on
3 Months Ended March 31—
Loss__
a
as exports any steel delivered for shipment abroad under the program.
Mr. Grace pointed out that automobile makers, as well as other com¬
mercial customers, were receiving their full steel requirements under ja heavy
Consolidated Income Account for 3 Months Ended March 31
m
,
1941
,
Total income of corp. &
its subsidiaries.
Interest charges
_—_
.$19,288,128 b$18447,793
1,516,441
2,224,026
_
Prov. for deplet., deprec.
and obsolescence.
;
7,335,659
Net profit for period_a$l0,436,028
Earns, per share on common stock outstanding
1938
1939
1940
$6,854,614
1,781,764
$8,481,791
1,825,354
b5,332,628
4,247,378
4,077,942
$10,891,139
$2,409,059
c$994,908
*
$2.95
Brewster Aeronautical
charges of $6,908,547 and provision for depletion and depreciation of $26,887,285, there was a net income for the period of $48,222,413.—V. 152,
1739.
P.
Corp.—Earnings—
1941
Gross from railway
Net from railway
Net ry. oper. income-.-
1940
$1,175,139
434,521
381,325
amounted to $10,112,301, according to the annual report.)
By a vote of 244,639 to 8,112, stockholders at the annual meeting
approved the proposal for incentive compensation for a group of officers
and key employees.
Under the incentive plan for 1940 between 30 and
40 "will participate, while in 1941 it is estimated that the figure of those
participating will have risen to at least 80 to 90.
Stockholders also approved an amendment to by-laws indemnifying
directors and officers against expenses incurred in connection with suits
to which they may have been made a party by reason of having been an
official of the corporation.—V. 152, p. 2384.
Brooklyn-Manhattan
From Jan. 1—
Gross from railway.
Transit
Corp.—Balance
3,000,810
875,533
807,343
Netry. oper. income—
—V. 152, p. 2060.
$360,387
defl7,677
defl5,246
$517,463
def92,009
1,960,738
198,851
188,389
913,803
def384,352
def407,904
1,389,605
defl70,591
def200,896
Bireley's, Inc.—Earnings—-
—V. 152, p. 1905.
1941
1940
$237,^28
44,391
$199,300
62,590
,
Birmingham Gas Co .—Preferred Stock Redeemed—
Company on Feb. 1 last redeemed 244.49 shares of its $6 first preferred
stock at 105 and accrued dividends.—V. 152, p. 2232.
Blaw-Knox
Co.—Earnings—
Earnings for the Quarter Ended March 31, 1941
Net profit after all charges except taxes..
Federal income and excess profits taxes
Pennsylvania State taxes.
Net profit
Earnings
b
share
receivable.
res.
(at cost
or
less)b2,195,162
c410,336
6,069
-
Total
Accts. pay. & accrued exps___
$192,158
174,061
Miscellaneous-77,257
Reserve for contingencies
400,000
Taxes.
Com. stk. (735,664 shs. no par)
*1,000,000
Surplus-
*3,943,323
Total..—
.55,786,798
.-$5,786,799
After deducting $700,000 reserves,
b City of New York 3% corporate
$91,500 face value, recorded at market value, 91m, on
(quoted market value on Jan. 31, 1941, at 101M—$92,644.),
$83,494; other marketable securities (quoted market value on Jan. 31,1941
—$346,705), $597,319; Brooklyn & Queens Transit Corp.: 490,408 shares of
common
stock
(quoted market value on Jan. 31, 1941—$1,103 ;420),
$863,707; real estate bonds and mortgagee $224,245; real estate, $711,137;
miscellaneous, $66,261; total, $2,546,162, less reserves, $351,000. c Secur¬
ities deposited with State Industrial Commission (at cost) (quoted market
value on Jan. 31, 1941—$1,124,871), $1,101,209; less estimated compen¬
sation claims payable, $690,872.
*
Appraisal proceedings are pending in respect of 2,350 shares of common
stock, and provision for possible liability thereunder is included in the
reserve*for contingencies.
Therefore, the capital and surplus shown in the
balance sheet represent the estimated equity of 733,314 shares.
The pre¬
ferred stock not deposited under the unification plan or reacquired was
called for redemption (3,670 shs. at $100 plus $16.10 divs. per share—Ed.)
as of Dec. 3, 1940, and an amount of cash sufficient for that purpose was
deposited with a paying agent. At Jan. 31,1941, 714.18 shares had not been
presented for payment and neither the liability for the redemption of those
shares nor the deposit therefor is included in the statement shown above.
—V. 151, p. 2795.
a
1980:
stock due
no
par.—V. 152,
p.
2060.
Brooklyn
per share.
1941
$263,464
$0.99
__
1940
$203,452
$0.76
$549,822
_
a215,275
25,066
Interest receivable—
1939
$134,381
$0.75
After depreciation and normal Federal income tax and
tax, &c.
b On common stock.—V. 152, P- 1274.
a
1938
loss$26,091
Nil
excess
Corp. (& Subs.)—Con-
Liabilities—
Assets—
Cash
Laughlin, Inc.-—Earnings—
Transit
& Queens
solidaied Balance Sheet Jan. 31, 1941—
Accounts & notes receivable.
3 Mos. End. Mar. 31—
Net profit....-______
Earnings
capital stock,
$1,120,821
500,695
35,273
$584,853
$0.44
____
On 1,334,458 shares of
Bliss &
a
....
;_«_______________________
_____
per
Liabilities—
$2,570,902
a587,999
16,328
Accts. <fc notes receivable
1938
defl 15,620
3 Months Ended Jan. 31—
Net sales
Net loss after all charges.
a
Assets—
Cash...
Interest
Sheet
1941—
June 1, 1940
Net from railway.
a
Jan. 31,
Other assets
1939
$696,853
55,793
32,335
$496,999
286,743
___
Invest, less
March—
prof$4,171
Sales during March amounted to $2,337,459 and brought the total for
the first quarter of 1941 to $7,010,459.
(Deliveries during all of 1940
Special deposits (net)
Bessemer & Lake Erie RR, —Earnings—
$6,274
Earnings for the Two Months Ended Feb. 28, 1941
a
parison.
1939
1940
Net profit after all charges, but before taxes
_,_J
Net profit after all charges and taxes (except excess profits tax)
Nil
$0.17
$3.02
After provision for excess profits tax. b Restated for purposes of com¬
c Before provision for surtax on undistributed profits.
The total income of the corporation and its subsidiaries for the 12 months
ended March 31, 1941 was $82,018,245, after deducting interest and other
1941
$10,380
After ordinary taxes, rentals and interest, but before amortization and
provision for income taxes.—V. 152, p. 671.
a
rate
manufacturing program and that none of these deliveries was bieng made
at the expense of National Defense orders.
"If the situation requires it, the steel industry will find the means of
increasing its productive capacity," he added, reasserting the adequacy of
steel plant to handle all known requirements.
2695
Investments (at cost or
less)._bl,213,667
254,955
Special deposits (net)—
Other assets
profits
—
_
Surplus
*1,155,982
Total
—..—$2,373,012
$2,373,012
-
$75,507
122,524
219,000
*800,000
& qccrued exps—_
—
Reserve for contingencies. —
Com. stk. (800,000 shs. no par)
114,225
-
Total.
Accts. pay.
Taxes.
After deducting $260,000 reserves, b City of New York 3% corporate
stock due 1980: $1,031,800 face value, recorded at, market value, 91K, on
a
(Sidney) Blumenthal & Co., Inc.- •Earnings—
Earns. for First Quar.
Profit from operations._
Depreciation
1941
$302,941
49,753
75.374
reserve
Prov. for Fed. inc. tax__
Netprofit...
$177,814
xLoss.—V. 152, p. 1906.
1940
$42,904
1939
1938
50,520
$26,223
65,871
x$174,883
110,807
x$7,617
x$39,648
x$285,695
Boeing Airplane Co.—New Official—
H. Oliver West, formerly Assistant to the President, was elected Execu¬
tive Vice-President of this company and its subsidiary, Boeing Aircraft
Co., at the recent meeting of directors.—V. 152, p. 2060.
Bon Ami Co.
(& Subs.)— Earnings—
Quar. End. Mar. 31—
Gross profit on sales
1941
1940
$687,559
436,785
11,427
a 100,333
$670,679
427,217
11,639
75,532
1939
$655,425
411,989
14,317
64,687
b$325,025
94,583
$340,046
94,583
$332,985
94,573
$1.56
81.63
$1.60
200,000
$0.89
200,000
200,000
$0.91
Operating profitDepreciation.
Federal taxes, &c
Net profit
Class A shs. outst'g____
_
Earnings
per
share
Class B shs. outst'g
Earnings
share
$0.92
$337,309
94.573
$1.62
$0.92
Includes excess profits tax.
Bonwit
Teller,
Brooklyn Union Gas Co.—Earnings
Inc.—Capital Readjustment Proposed—
1941—3 Mos.—1940
Period End. Mar. 31
Maintenance.
_
-
_
_—_
depreciation.
plant ac¬
quisition adjustments.
Prov. for
_
i,617,452
8,254,808
429,157
526,050
15,259
894,896
222,800
15,043
908,625
147,700
61,035
3,514,266
735,100
75,775
3,536,945
423,200
$1,336,070
Dr15.677
$4,683.119
$4,552,340
52,203
$1,320,393
$625,300
72,451
$4,631,692
$2,496,800
315,882
$4,477,434
$2,507,800
161,824
$639,225
$622,642
1,819,009
$1,807,811
$0.84
$2.44
$2.43
Amort, of gas
General taxes
Fed. normal inc. taxes
a
Operating income—
_
Drl 1,851
Other income (net)
The proposed readjustment in the capital structure of this company is
being presented to stockholders at the request of Atlas Corp. and its con¬
trolled subsidiary, American Co., according to William M. Holmes, Presi¬
Int.
dent.
Other int. & misc. deduc.
Together they own 196,670 shares of the company's 6% preferred
somewhat more than 88% of the total outstanding, and 156,810
shares of the common, or slightly more than 72% of the amount
outstanding.
Under the proposed capital readjustment each share of the present $10
par 6% preferred would be changed into one-fifth of a share of 5*4%
preferred, and each share of the present common into seven-tenths of a
stock,
Gross income._______
$1,315,628
long term debt-_
$624,200
on
Dr51
Dr74,905
427
or
share of
new common.
!
Net Income-________
Earns, per sh. based on
745,364 shs. issued &
outstanding.
.
Co. have advised Bonwit Teller that, upon
completion of the proposed readjustment of the capital set-up, they propose
to sell to underwriters for offering to the public all the 5 H % preferred which
they would receive in exchange for the present 6% preferred, and 25,000
shares of the 109,767 shares of new common which they would get under
the plan.—V. 151, p. 2671.
Co.—Definitive Bonds Ready—
The Chase National Bank announced that definitive first
mortgage series
A 2 H % bonds due 1970 of this company are now available for
delivery in
exchange for the temporary bonds at its Corporate Trust Department,
11 Broad Street, and at the office of the State Street Trust Co., trustee.
Boston, Mass.—V. 152, p. 2382.
Boston Transcript Co.—Ceased Publication
(Edward G.) Budd Mfg. Co.—Earnings—
Boston
"Evening Transcript,"
Earnings
per
common
x
which would have completed its
111th year in July, suspended publication, April 23.
Richard N. Johnson, the publisher, announced in an editorial statement
that a five-cent price in the afternoon newspaper field had failed to produce
the necessary revenue for the "Transcript" to continue.
In a report to
stockholders Mr. Johnson said: '
"We made every effort,
both iri and out of Boston, to sell our assets as a
going concern, before goodwill, circulation and the Associated Press fran¬
chise could be jeopardized by the discontinuance of publication,
"Up to now, no purchaser has been found."
About 225 employees, including 55 in the editorial department are af¬
fected by the suspension.—V. 148, p. 2257.
1940
$883,505
$320,932
$0.47
-
share
$0.13
stock-
After Interest,
Nil
JNu
depreciation and Federal income tax and excess profits
Company reports
that its present voiume of production is the
largest in
All of its regular departments, including auto¬
trailer, Navy and aircraft, are operating at capacity.
The total volume, of defense work on hand amounts to $24,231,400, on
which production I is proceeding at a constantly increasing rate.—V. 152,
the business.
mobile body, railway,
p.
1906.
Budd Wheel Co.—EarningsQuar. End. Mar. 31—
1941
1940
_
x
Net profit
- -
Earns.per sh. on
x
?47|a7Jq
$260,195
$0.26
1939
1938
$135,506 loss$l„5,961
$0.13
Nil
com.stk
$0.49
depreciation and Federal income tax. and excess profits
1906
'
After interest,
tax.—V. 152
p.
Bush Terminal
Buildings Co.—Earnings—
Wholly Owned Subsidiary)
[Excluding Bush House, Ltd.,
a
was
p.3388.
1938
1 959
$101,389 loss$256,912
on
ta
Bourne Mill—60-Cent Dividend—
Directors have declared a dividend of 60 cents per share on the common
stock, payable May 1 to holders of record April 17.
Dividend of 50 cents
paid on Feb. 1, last and on Nov. I, 1940, and dividends of 20 cents
per share were distributed in each of the three preceding quarters
-V.151,
1941
End. Mar. 31—
N^profit.
x
the history of
April 23—
$0.86
Federal normal income tax
Ouar
Boston Edison
_
e
accrual for the first quarter of 1941 was at
the rate of 24% and for 1940 at 18%.
Federal normal income tax accrual
for the 12 months 1941 and 1940 has been made at the rates currently in
effect.—V. 152, p. 1906.
a
Atlas Corp. and American
The
1941—12 Mos.—1940
$24,320,434 $23,842,507
12,010,902
11,729,709
1,531,748
1,590,053
1,784,265
1,934,485
$6,669,260
3,338,734
353,951
516,142
$1,327,479
Operating revenues
Operating expenses
200,000
b Includes $18,491 foreign profits subject
exchange restrictions.—V. 152, p. 1584.
a
to
per
1938
$643,328
408,150
15,925
54,916
(quoted market value on Jan. 31,1941, at 101 %—$1,044,697),
$941,517; other marketable securities (quoted market value on Jan. 31,
1941—$185,662), $172,399; real estate bond and mortgage, $99,750.
*
Appraisal proceedings are pending in respect of 2,000 shares of common
stock, and provision for possible liability thereunder is included in the re¬
serve for contingencies.
Therefore, the capital and surplus shown in the
balance sheet represent the estimated equity of 798,000 shares.
The pre¬
ferred stock not deposited under the unification plan or reacquired was called
for redemption (2,464.3 shs. at $110 plus $30.50 divs. per share—Ed.)
as of Jan. 1, 1941, and an amount of cash sufficient for that purpose was
deposited with a paying agent.
At Jan. 31, 1941, 153 29-30ths shares had
not been presented for payment and neither the liability for the redemption
of those shares nor the deposit therefor is included in the statement shown
above.—V. 151, p. 2934.
June 1, 1940
purchased.—Y. 152, p. 1585.
b&itS
loss$12,791
516,741
The Commercial & Financial Chronicle
2696
$5,321,109
1,251,625
$5,041,321
1,157,697
255,313
480,000
480,000
7,270
7,270
685,848
648,178
Amortization of limited-term investment
Taxes (other than income
taxes)
238,247
$2,145,084
.
Other interest
$2,060,800
842,500
203,223
2,942
03,330
78,059
Amortization of debt discount and expense
Drl6,485
$2,147,245
842,500
203,223
4,295
——
-
funded debt..
$2,077,285
2,160
income
CV2.966
85,567
construction
Interest charged to
Amort, of
prelim, costs of projects
Miscellaneous deductions..
abandoned
20,468
—
Incidental
Joint facility
$907,006
for that year,—V. 152, p.
Calumet
Railway Oper. Expenses—
Co.—New
Albert E,
Directors also created the office of General
661,871
6,681,407
6,592,809
101,074
6,945,370
94,446
827,299
787,418
810,389
880,601
4,621
6,684
4,405
4,537
Transp. for invest.—Cr.
superintendent,—V. 152,
Co., Ltd.—Accumulated Dividends—
Canada Cement
Directors have declared a dividend of $1,25 per share on account of
accumulations on the 6}4% cum, pref. stock, par $100, payable June 20
to holders of record May 30.
Like amount was paid in each of the eight
preceding quarters.—V. 152, p. 821.
Canada Dry Ginger
exps..$14,157,392 $13,393,444 $13,029,156 $14,384,376
Net rev. from ry. oper
2,408,805
1,970,313
1,736,111
2,165,334
Railway tax accruals
1,441,266
1,351,817
1,331,733
1,052,802
$967,539
Drl96,405
$618,496
Dr63,810
$404,378
Drl50,391
$1,112,532
Dr257,620
$771,133
$554,686
$253,987
$854,911
389,645
130,606
112,986
264,884
65,873
127,053
117,861
261,863
13,076
141,242
107,333
112,846
51,379
123,410
108,788
115,972
inc—
$898,120
1,669,254
$572,649
1,127,336
$374,498
628,485
$399,550
1,254,461
Interest on funded debt.
Int.
on
non-negotiable
2,935,880
2,784,028
2,810,226
2,798,698
50,339
50,241
186,786
391,919
399,520
522,216
50,241
384,851
375,032
.50,241
403,951
374,381
..$1,895,674
$2,628,670
Railway
oper.
income.
Other income (net)—
Net ry. oper. income.
Non-Oner. Income—
Inc. from funded securs
.
Gross Bales
Returns and allowances.
$4,403,638
Net sales
$8,456,995
$9,945,330
$3,502,316
2,015,967
1.565,702
4,746,783
4,199,826
$2,387,671
$1,936,613
$5,198,547
$4,257,169
Cost of goods sold
Gross profit on sales..
Advert., sell., distrib. &
gen. & adminis. exps..
Deductions—
debt to affiliated
2,065,448
1,811,198
4,231,208
Rent for leased roads
Balance, deficit
$125,416
$967,339
1940
925
2,075
4,393
$971,732
16,544
$533,136
3,261
bonds..
269,000
48,613,000
4,840,000
269,000
Receivers' ctfs..
1,744,000
1,969,000
135,000
Non-negot. debt
to affil. cos
995,107
995,107
L'ns A bills pay.
876,294
876,682
545,819
545,819
Traf. A
88,282
132
874,429
856,655
5,114,254
444,000
5,114,254
Inv. inaffil.cos.:
Bonds...
ctfs.
of Indebted.
& Dom. of Canada in¬
77,540
come taxes
102,177
238,341
25,912
$235,948
$100,125
$716,847
$427,698
shs.of cap.stk.($5 par)
$0.38
$0.16
$1.17
$0.69
includes provision for depreciation in the
respective amounts of $220,085 and $184,911 for the six months period ended
March 31, 1941 and 1940.
No provision has teen made during the six
months period ended March 31, 1941, for possible Federal excess profits
tax.—V. 152, p. 978.
summary
Canada Wire & Cable
Directors have declare
Co., Ltd.—Interim Dividend—
interim dividend of 50 cents per share on the
an
class B stock, payable June 12 to holders of record May
31.
Like amount
paid on March 15 and on Dec. 15, last, and dividend of 25 cents paid in
preceding quarter.—V. 152, p. 978.
Bakeries, Ltd.—Accumulated Dividend—
the 5%
—'
i i
Industrial
Alcohol
ii
ii
in
Net profit
b Earnings per share
After interest, depreciation, income taxes, &c.
class A & B shares capital stock.
a
Cash
967,793
1,418,467
352,247
410,847
L'ns A bills
220,193
70,803
46,921
57,957
Traf. A
rec.
receiv'le
Int. A divs.
Oth.
85,482
171,376
agts. A cond'rs
Misc. acc'ts rec.
906,556
rec.
curr. assets
Work. fd. ad vs.
Oth. defd assets
604,780
1,316,914
51,073
17,675
8,183
147,215
Mat'ls & suppl's
1,030,429
51,068
b On combined shares
1941—Month—1940
117,094
28,130
liability...
353,170
191,303
17,459
14,124
Prem. on fd. dt.
17,095
20,062
148,860
Equipment...
14,341,636
13,587,391
238,582
480,455
238,582
4.126,768
4,116,001
1941—3 Mos.—1940
$2,002,977 $10,691,565
1941
$5,797,439
Gross revenues------JV#
lo«t p»
$5,437,961
1940
$4,070,488
Increase
$1,726,951
2543*
Canadian Pacific
Ry.—Earnings—
Earnings for Week Ended April 21
1940
1941
Gross
earnings
$3,624,000
Earnings of Systerr for
—\.
$2,598,000
loz,
p.
1940
$3,848,000
revenues
Increase
$1,026,000
property
25,584
20,919
200,090
84.275
$2,716,000
Increase
$1,132,000
2385.
and
a Net profit
Earnings per share
a
1941
capital stock._
$0.12
b$51,733
$0.09
1939
$44,419
$0 08
b Revised.—V. 152, p. 1125.
Central of Georgia Ry.—Annual
Report—
Traffic Statistics for Calendar Years (Combined Corporate and
Receivers' Account)
1940
Avge. miles operated...
Rev. frt. carried (tons)..
1,865
1939
109,192,252
108,637,376
12,662,359
109,192,252
Total
108,637,376
(A. M.) Castle Co.—Earnings—
common
p.
Central
$66,138
240,000
240.000
$0.93
share
per
152,
1 939
$35,880
240,000
$0.42
$0.15
$0.27
1940
1941
stock
After depreciation and
a
—V.
$100,199
240,000
profit
Net
1 938
$223,028
3 Mos. End. Mar. 31—
a
Federal income and excess profits taxes, &c.
2543.
Hudson
Gas
& Electric Corp.—Bond
Sale to
Group Approved—The New York P. S. Commis¬
sion has authorized the corporation to sell $13,265,000 3%
1st mtge. bonds, due 1971, to seven institutional investors
at 105.
Proceeds will be used to redeem an equal amount
Purchasers of the new bonds
Hancock Mutual Life
Ins. Co. and Mutual Benefit Life Ins. Co., $3,000,000 each;
Mutual Life Ins. Co., $1,765,000; Philadelphia Savings Fund
Society and Provident Mutual Life Ins. Co., $1,000,000
each, and Western Savings Fund Society of Philadelphia,
of
outstanding 3K% bonds.
Penn Mutual Life Ins. Co., John
are
$500,000.
granted the company permission to amend the
tex^
$2,200,000 of 3% refunding mortgage bonds, due
sold to the Metropolitan Life Insurance Co. and the New
York Life Insurance Co. last year, to conform to the mortgage forthe
of the indenture securing
1970, which
were
bonds.
are
redeemable in whole
or
in part at the option of
the company
varying from 108 commencing March 1, 1942, to 100H on March 1,
the company to set aside not less than
$15,000 a month before payment of dividends for retirement of indebtedness
or for construction of new property or for both purposes.
The two outstanding issues to be refunded through this operation are
$10,765,000 of first mortgage 3K% bonds, due 1965, requiring $11,303,250
for redemption at 105 on or before June 1, and $2,500,000 of 3H% first
mortgage bonds, due 1967, requiring $2,675,000 for retirement at 107 on
1970.
the
The new indenture requires
same
date.
Company
1938
1,871
1,919
7,576,389
6,546,928
6,024,919
Rev. fr. carr'd 1 mile... 1384495399 1228469,853 1131497,736
A v. rev. per ton per mile
0.97 cts.
1.02 cts.
1.05 cts.
Rev. per frt-train mile.
$4.19
$4.20
$4.15
Av.rev.tr.load (tons)..
481.14
462.13
443.69
Passengers carried
968,798
873,579
763,311
Pass, carried one mile... 87,625,409
76,399,049
65,535,661
Av. rev. per pass. perm.
1.52cts.
1.54cts.
1.85cts.
Earns, perpass.tr. mile$0.60
$0.54
$0.55
Oper. rev. perm, of road
$8,882
$8,211
$7,659
229,213
229,213.
15,124,494
at rates
1940
$67,787
on
After depreciation, Federal taxes, &c.
through
—V. 152, p. 2061.
Bonds
America—Earnings—
3 Mos. Ended March 31—
407,533
income
surplus__
tired
new
Catalin Corp. of
Oth. unad], cred
Add'ns to prop,
Funded debt re¬
The Commission also
Week Ended April 14
1941
^
Gross
Acer' deprec'n:
Insurance
Earnings for Week Ended April 21
_
unpaid
thru,
152, p. 421.
Ry.—Earnings—
$4,932,055
2,903,627
Fund, debt mat.
Miscell. phys.
advance
Earnings
$23,528,006 $18,049,624 $64,698,467 $53,374,115
18,595,951
16,046,647
54,006,902
47,936,154
revenue...
2,903,627
55,094
Tax
paid in
Otn.unadJ.deb.
Shares
and dividend of 10 cents per share paid on Nov. 30, 1938.—V.
Period End. Mar. 31—
18,336,149
inc. A surplus
Interim Dividend—
Canadian National
21,070,471
Deferred liablls.
Rents A insur'ce
prem.
10,865
llabil.
curr.
Matured int. in.
default
Net bal.rec.from
27,376
58,843
accrued
Oth.
car serv.
bale,
62,737
Unmatured rents
Prof. A loss def.
Directors have declared an interim dividend of 10 cents per share on the
class A and class B stocks, payable June 2 to holders of record May 15.
Dividends of 15 cents were paid on Nov. 30, 1940, and on Nov. 30, 1939,
Net
647,130
Unmat. int. accr
i.
Feb. 29, *40 Feb. 28, '39
$179,488
$87,963
$116,812
$0.16
$0.08
$0.10
expenses
489,493
57,086
588,363
78,437
wages
Co., Ltd. (& Subs.)—
Feb. 28, '41
revenues
524,568
Int. mat'd unpd
321,952
81,180
Total
6 Months Ended—
Operating
Operating
Misc. acc'ts pay.
321,952
Special deposits.
Earnings—
a
1,836,530
Audited acc'ts A
a dividend of $2 per share on account of accumu¬
participating preferred stock, payable June 1 to holders
and initial
"1
"
Canadian
54,334
1,523,483
payable.
278,235
of record May 22.
Dividend of $1 was paid on May 31, 1940,
dividend of $2 was paid on April 1, 1940.—V. 151. P. 3084.
X—
116,828
payable
bals.
1,081,325
278,235
Directors have declared
on
car serv.
1,119,971
Notes,adv.,Ac
Net income
Earns, persh. on 615,157
lations
Income
Stocks
Advances
Other invest.:
Prov. for estimated Fed.
Canadian
172,769
350,000
Equip, obliga'ns
Bonds
Gross income
Income deductions
above
204,689
Mortgage bonds 48,613,000
Underlying liens
4,840,000
construction..
4,110,729
4,121,127
mtg. propsold
Misc. phys. prop
&
20,000,000
20,000,000
Stock
Graints In aid of
*
ry. prop, since
June 30,1914.
43,906
$127,491
1,454
92,099,367
$
$
Liabilities—
Depos. in lieu of
Notes
$323,148
9,660
$
Inv.rd.A equip. 91,772,180
Impts. on leased
1939
1940
1939
$
Assets—
$489,230
Income credits..
$2,991,867 $2,372,810
Receivers')
Consolidated Balance Sheet Dec. 31 (Corporate and
3,767,939
$322,223
cos..
Miscellaneous
Stocks
operating income.
inc..
non-oper.
Total non-oper.
Gross income
Ale, Inc. (& Subs.)—Earnings—
1941—3 Mos.—1940
1941--6 Mos.—1940
$4,614,999
$3,704,871 $10,316,105
$8,816,662
211,361
202,555
370,775
859,666
Period End. Mar. 31—
105,864
Total ry. oper.
Manager and elected to that
position Endicott R, Lovell, who has been plant
p. 1422.
Note—The
628,373
Vice-President and Counsel of the
resigned.
Net
1,939,985
2,960,931
627,225
7,050,337
104,527
Transportation
Miscell. operations
General
Miscell.
Peterman. for some time
has been elected President, succeeding James MacNaughton,
company,
2,016,887
3,190,745
652.487
Miscell. rent income
President—
2,259,918
3,535,289
2,194,838
3,332,525
Traffic
Dividend income
Copper
Consolidated
Hecla
&
2543, 2385.
revs..$16,566,197 $15,363,757 $14,765,267 $16,549,710
Total ry. oper.
Note—No provision for excess profits tax under the Second Revenue Act
of 1940 was made for the calendar year 1940, as it was estimated no such
tax would be due
1940
1939
1938
1937
$13,471,641 $12,507,660 $11,843,906 $13,215,298
1,330,316
1,178,602
1,212,360
1,503,768
1,234,625
1,193,467
1,146,922
1,275,763
494,091
457,708
536.525
527.307
35,520
26,321
25,553
27,574
Maint. of way & struc..
Maint. of equipment
22,527
$1,002,034
Net income
Rg. Oper. Revenues—
Freight.
Passenger...
Mail, express, &c.._
165,000
$2,315,533
238,634
Net operating income—„
Other Income.
on
257,332
—
Net operating revenues
Rent for lease of electric plant
Gross
267,641
$2,383,719
Provision for Federal income taxes
Interest
Receivers' Accounts)
Feb. 28, '41 Feb. 29, '40
Operating revenues
Operation
Maintenance and repairs
i
Appropriation for retirement reserve
1941
Calendar Years (Combined Corporate and
Income Account for
Co.—Earnings—
California Oregon Power
Years Ended—
April 26,
1937
1,927
7,240,914
1316074,954
1.00 cts.
$4.17
467.99
1,223,849
93,585,528
1.61 cts.
$0.62
$8,590
also
has
outstanding
$955,500 of Central Hudson Gas &
due June 1, for which
a constituent
company, 5% bonds,
cash is available in an escrow fund.
Discharge of
Electric Co.,
the mortgage for these
bonds will permit execution of the mortgage securing the new issue, which
tightens provision of the lien in a number of respects.—V. 152, p. 1907. ,
Central
Indiana
Power
Co.—Proposed Merger—
See Public Service Co. of Indiana.—V. 152, p.
Central Paper
an extra dividend of 20 cents in addition to the
dividend of 15 cents per share on the common stock,
record May 20.
Directors have declared
regular quarterly
2386.
Co.—Dividends—
both payable June 2 to holders of
Volume
The Commercial & Financial Chronicle
152
General Balance Sheet Dec. 31
Directors also declared yearly dividends of 60 cents per share each on the
6% cumulative convertible preferred stock and on the 6% cumulative nonconvertible preferred stock, both payable for the year ended June 30, 1941
on June 2 to holders of record May 20-—V. 152, p. 979.
1949
S
Liabilities—
Investment—
Approved—
Other
Stock
equlp.86,851,736 87,778,132
Cash
1,190
832,007
1,089,674
58,714
Special deposits
122,210
Traffic &
753,813
659,432
1,065,028
25,906
1,102,732
Ry.-Gen. acc'ts 4,748,054
4,622,150
Int. mat'dunpd.20,514,253
18,204,953
Misc. acc'ts pay..
Due to C. & N. W.
311,523
Misc. acc'ts rec...
341,812
330,681
Mat'ls & suppliesOther curr. assets.
1,282,039
Work, fund advs..
Legal attacks on the proposed sale are pending in Indiana.
The SEC
approval would terminate automatically if approval previously
given by the Indiana P. 8. Commission should be revoked or otherwise
terminated.—V. 152, p. 1586.
46,386,000 46,428,000
Audited acc'ts and
44,182
302,055
-3,109
57,813
1,315,345
17,820
3,066
72,842
254,808
215.787
15,502
141,395
car serv.
wages payable..
agents & cond'rs
2,879
176,525
bals. payable
bals. receivable-
said tits
2,879
Long-term debt
59,309
car serv.
Net bal. rec. from
Commission.
29,816,067
for
Govt, grants in aid
of construction.
738,351
2,198
liability
conversion
256,397
256,085
740,573
invest'ts-
Traffic &
$
$
Cap. stk. & scrip—29,816,067
Misc. phys. prop
In affiliated cos.
The Securities and Exchange Commission recently approved a proposal
by the company to sell the physical assets of the Terre Haute division
of its subsidiary, the Indiana Gas Utilities Co., to the Terre Haute Gas
Corp. for $1,250,000.
Central United States is a subsidiary of the Associated Gas & Electric
Co. system, and Terre Haute Gas Corp. is a subsidiary of Indiana Gas
& Chemical Corp., which has been supplying gas to the Indiana division
for distribution in Terre Haute, Clinton, and Brazil, Ind.
Indiana Gas
Utilities Co. will be dissolved after July 1 under the plan outlined to the
1939
1940
1939
$
Assets—
In road <fc
Central U. S. Utilities Co.—Deal
2697
Dlvs. mat'd unpd.
259,798
debits
8,072
Other curr. liabil..
5,854
1,733
3,530
1,785
4,272
2,094
'$99,588
Trustees'fees
$91,715
2,967
$91,168
2,888
income..
Net
Undistributed net inc.440
46
190
Dr603
$94,871
$93 ,454
balance
Balance Sheet March 31, 1941
payable
shares
for
purchased,
accrued
$39,528;
Checker Cab Mfg. Corp. (&
1941
End. Mar. 31—
of
1940
for such purposes.
Chefford Master Mfg. Co.,
vlviTO
1941—40 Wks.—1940
$859,012
$693,999
V
2387.
Chesapeake & Ohio Ry.—Earnings—
1941
1940
$13,165,005 $10,209,539
6,605,726
4,046,5)3
income.__
4,692,610
2,836,467
1939
$9,459,636
3,504,042
2,395,992
$7,581,797
2,079,793
1,247,155
30,946.080
12,582,856
26,952,938
9,870,372
23,477,121
7,267,985
9,298,283
6,851,877
4,743,700
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
33,363.268
14,806,218
income... 10,268,474
Gross from railway—...
Net from railway
1938
Plans Financing—
24 asked the Interstate Commerce Commission for
authority to issue $5,100,000 of equipment trust certificates to be sold
through competitive bidding at an interest rate not exceeding 2*4%-—V.
152, p. 2234.
The company on April
Chesapeake Steamship Co.—Sale—
See Baltimore Steam Packet
Co.—V. 118, p. 1778.
Chicago Mill & Lumber Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Net income after all charges-.
-
1941
$433,430
1940
$143,006
1939
loss$34,794
152, p. 1424.
Chicago Railway Equipment Co.—Earnings—
1941
$240,426
4,350
1940
$190,625
4,500
1939
$8,765
5,400
$244,776
25,000
65,000
$195,125
25,000
30,000
$14,165
25,000
Provision for Federal taxes
Net profit after taxes
$154,776
$140,125
loss$10,835
3 Months Ended March 31—
Profit from operations
Income from investments
-
—
Provision for depreciation
a
After deducting
manufacturing, selling and administrative expenses.
1277.
St.
Annual Report—
Chicago,
Paul,
Minneapolis
Omaha
&
Ry.—
;
General Statistics for Calendar
1940
1939
Years
1938
1937
1,629
1,629
1,641
1,648
8,568,039
8,260,571
7,516,966
8,928,778
Ton-miles rev. freight 1,432,496,051 1364489,229 1291021,068 1512511,688
Passengers carried
588,724
528,491
545,090
711,239
Pass, miles—revenue... 80,951,632
71,623,334
72,425,077
89,902,170
Rev. per ton per mile—
,1068cts.
1.109 cts.
1.096 cts.
1.007 cts.Rev. per pass, per mile.
.1958cts.
2.016 cts.
2.001 cts.
1.891 cts.
Aver, miles of road oper.
Tons revenue freight
•
0U1 viV/V
via
vv»
ikUw#/
vn
lvidj'
1939
1938
1937
$15,135,901 $14,147,940 $15,236,219
1,584,827
1,444,056
1,449,088
1,700,302
Sales and
Passenger
was
f
iSfoutHJ.
fu,UUUiUUu
O /(y
Liquidation—All bank Indebtedness of Federal Light & Traction
467,873
459,976
484,085
property of Willapa Electric Co. and
Grays Harbor Railway & Light Co.
262,315
248,366
255,561
291.451
State of Washington.
463,217
-
xvXKJ
paid off with a portion of the proceeds from the sale in 1940 of the
the electric and water property of
467,028
-
—
t
Realty Co.
New $6 preferred stock was issued by East Tennessee Light &
Power Co. in exchange for Tennessee Eastern Electric Co.'s 6% and $7
preferred stocks and in settlement of dividend arrearages on these two Issues
up to Sept. 30, 1939.
On May 31, 1940, the accrued dividends to April 1,
1940 on the new preferred stock were paid in cash and dividends have since
been paid on a quarterly basis.
The former demand indebtedness owed by
these three companies to Cities Service Power & Light Co. was exchanged
for additional shares of common stock of East Tennessee Light & Power Co.
and mortgage bonds.
Stonewall Electric Co., a subsidiary of Federal Light & Traction Co.,
obtained an allotment of $109,000 in 1940 and an additional allotment of
$216,000 in February, 1941 from the Rural Electrification Administration,
repayable over 20 years at an average interest rate of slightly less than 2.5%.
These funds are to finance rural extensions in Arizona, New Mexico and
Co.
Allother
1
Wyoming.
Comparative Income Account for Calendar Years
Mail
Alton Jones,
long-term notes to banks, to be repaid $350,000 semi-annually, with a final
maturity of $1,850,000 on May 22, 1945.
The proceeds were used prin¬
cipally to retire $4,500,000 of 4% bank loans.
Arkansas Fuel Oil Co. on April 19, 1940, issued $5,000,000 of long-term
notes to banks, to be repaid in monthly instalments of $70,000 with a final
maturity of $870,000 on May 1, 1945.
The interest rates on the new loan
range from 1M % on early maturities to 3 Yi % on notes maturing the last
12 months of the term.
The proceeds were used to pay the $4,100,000
balance due on previously outstanding notes which bore interest ranging
from 3 % to 4 %, and to provide additional cash.
Orange State Oil Co. on May 1,1940 issued $500,000 long-term 3% notes
to banks, payable in quarterly instalments of $16,500 with a final maturity
of $186,500 on May 1, 1945.
The proceeds were used to pay $180,000 of
3H % mortgage notes and to reduce indebtedness to Arkansas Fuel Oil Co.
Empire Gas & Fuel Co. on Dec. 30, 1940 issued $5,000,000 secured 2%
long-term notes to a bank.
Repayments are to be made at the rate of
$75,000 quarterly for 24 months and $300,000 quarterly thereafter, with
final maturity of $1,100,000 on Dec. 31, 1945.
The proceeds were used
principally to pay the $1,470,000 balance on a former loan to acquire all,
of Cities Service Co.'s interest in the common stocks of Indian Territory
Illuminating Oil Co. at a cost of $1,272,182, and to reduce its indebtedness
to Cities Service Co. by $1,950,000.
The Ohio Public Service Co. completed negotiations for the issuance of
$2,000,000 of unsecured notes to a bank with an interest rate of 2 %%.
These notes are payable over a period of seven years in semi-annual amounts
on the basis of a constant debt service for Interest and principal.
The
proceeds from the notes issued In January, 1941 are being used to finance the
instalation of a 35,000 kw. turbo-generator at the Mahoning side Plant
at Warren, Ohio.
The Toledo Edison Co. sold $3,000,000 first mortgage bonds, 3M%
series due 1970, and $7,250,000 of 20-year 3K% sinking fund debentures
due 1960.
The proceeds from the sale of these securities amounted to
$10,325,000.
Of this amount $6,133,260 was applied to the redemption of
its outstanding 4% sinking fund debentures due 1948 and $2,750,000 was
deposited in escrow for the construction of a 50,000 kw. addition to the
Acme Plant in Toledo.
East Tennessee Light & Power Co., under a voluntary plan of reorganiza¬
tion absorbed its subsidiaries, Tennessee Eastern Electric Co. and Tennessee
Operating Revenues—
1940
Freight.
-$15,301,579
Express
Report—W.
Financing—Cities Service Oil Co. (Del.) on June 21, 1940 issued $25,3% long-term notes to banks, to be repaid $250,000 monthly,
with a final maturity of $10,250,000 on July 1, 1945.
Of the proceeds,
$19,000,000 was used to retire bank loans, the greater portion of which
Inc.—Sales—
1941—4 Wks.—1940
$101,993
$75,963
Period End. April 5—
Sales...
-Annual
000,000
Nil
Nil
Nil
b On 108,361 shares of capital stock, par $5.
Before excess profits tax.
Co.-
Construction—During 1940 company and subsidiaries expended $27,500,construction, property additions and acquisitions.
For the tenperiod ended Dec. 31, 1940, a total of $255,000,000 has been expended
x$75,319
x$80,982
Service
000 for
1938
1939
,
equipment.—V. 152, p. 2545.
year
xLoss.—V. 152, p. 1276.
—V. 152, p.
91,976,632
President, states:
Subs.)—Earnings—
x$109,254
a$133,679
$1.23
new
Cities
after deprec.,
int., taxes, &c., chgs—
b Earns, per share
Total
...91,378,328
equipment trust certificates to finance 75% of the purchase of $4,194,871
quotations amounted to $13,754,894, the equivalent of $24.31 per share.
—V. 152, p. 422, 423.
a
Total....
91,378,328 91,976,632
ment Issue—
$2,628; accrued taxes, $745; capital accounts (represented by
565,792 shares of $1 par value), $14,553,673; amount available for dis¬
tribution, $100, 075; total, $14,696,650.
Note—The net assets of the trust as at March 31, 1941 taken at market
—V.
1,214,984
The road has been authorized by the Federal Court to issue $3,120,000
total, $14,696,650.
Liabilities—Account
Net ry. oper.
1,210,403
.25,288,648 22,759,810
Chicago Milwaukee St. Paul & Pacific RR.—Equip¬
accrued
$18,299;
expenses,
March—
--
-V. 152, p. 2388.
Assets—Investments (cost), $14,237,831; cash in bank, $369,084;
dividends receivable, $71,456; account receivable for shares sold,
depr., equlp.10,104,468 10,402,133
284,442
292,844
through surplus.
$94,873
—V. 152. p.
36
fund. dt.
Prof. & loss—Deb.
Dr352
$100,075
a
739,203
23
on
772,197
74,101
Other unadj. cred.
Add'ns to property
Total
and sales of par tic. shs.
Undistributed income.
3 Mos
3,868
457,402
Accr.
Net div. accr. on purch.
Net profit
261,285
$92,992
2,232
Operating expenses
Depository fee
1939
$104,708
7,174
1940
$105,285
8,256
liability
Prem.
1938
$100,307
180
5,128
2,006
1941
$115,536
8,360
dividends
Cash
72,192
Unmat'd int.
Century Shares Trust-—Earnings—
3 Mos. End. Mar. 31—
8,072
771,762
Tax
Unadjusted
accr.
Other def•dllabil-.
Other def d assets.
455,493
439,769
466,057
All of these properties
were
in the
Toledo Light & Power Co. was dissolved In December under a plan of
liquidation whereby Cities Service Power & Light Co. acquired It assets
Total oper. revenues.
.$18,078,966 $17,751,689 $16,752,334 $18,178,115
Operating Expenses—
Maint. of way & struc__
Maint. of equipment
2,518.556
3,065,350
2,255,731
3,055,665
2,453,585
3,527,875
475,519
446.593
7,816,568
175,102
8,634,917
186,436
618,100
628,201
710,346
15,004
General...
Transp. for invest.—Cr_
454,726
7,975,250
186,083
621,162
Transportation..
Miscell. operations
477,147
8,097,848
188,892
Traffic
Total oper.
a2,560,119
a3,022,976
10,134
8,686
11,264
expenses..$14,952,323 $14,829,541 $14,377,308 $15,948,489
from ry. oper.
Deductions from Rev.—
$3,126,643
$2,922,148
$2,375,026
$2,229,626
Railway tax accruals—
Equip, and joint facility
1,372,104
1,308,252
1,361,000
1,040,103
rents & miscellaneous-
1,347,670
1,300,340
1,258,613
1,364,069
Net
rev.
$2,719,774
Total deductions
$2,608,592
$2,619,613
$2,404,172
Consolidated Operating Statistics—The following tabulation presents, on
Crude Oil Production—
Net
income.
Non-oper. income (net).
$313,556 def$244,587 def$174,546
62,291
61,143
61,248
1940
.
production (incl. royalties received)—bbls.
pipelines
22,255,000
$1,02
304
1,238,000
Acreage added to producing status (acres)
Oil Storage—
Inventories of crude plus refined products—
barrels (end of year)
Crude Oil Pipe Lines—
Barrels transported by subsidiary wholly-owned
' 157
681,000
7,367
6,287
12,298,000
11,843,000
1
17,146,000
—
17,824,000
76,225,000
113,063,000
36,402,000
affiliated pipe lines
86,510,000
109,931,000
-
Barrels transported by
Natural Gasoline—
1939
22,963,000
$1.02
Average sales price per barrel (domestic)
Producing oil wells completed (incl. net part¬
nership interests)
Total footage drilled (feet)
Gallons produced
$406,869
61,683
Net ry. oper.
a
consolidated basis, the more important operating statistics of company's
petroleum subsidiaries:
35,745,000
20,168,000
947,000
258
21,360,000
Refining—
Crude oil run to
stills (barrels)
Marine—
available for
fixed charges
Fixed chgs., rents & int.
Income
Total
$468,552
2,515,429
$375,847 def$183,444 def$l 13,297
2,480,995
2,490,924
2,498,796
barrels
transported by
a
—
$2,046,877
Reclassified.
$2,105,148
$2,674,368
$2,612,094
Service
tankers
Cities Service tankers—
of commission, all purposes
Total miles traveled bv
Total ship days out
Net deficit
Cities
Marketing—
Sales of refined products
(gallons)...
926,000
330
1,779,000,000 1,737,000,000
The Commercial & Financial Chronicle
2698
Integration—In the proceedings instituted by the Securities and Exchange
11(b)(1) of the Public Utility Holding Company
Cities Service Power & Light Co. and its subsidiaries,
numerous hearings have been held and considerable evidence introduced,
and this matter is still in progress.
Conferences are now being held with
the Commission's staff in an effort to solve some of the problems raised
and Subsidiary Companies)
1940
;
1938
$
107,476,988
10,871.411
Cost of sales and operating expenses
s
96.445,153
10,145,202
94,761,530
10,640,603
28,649,605
14,308,180
3,833,065
31,333,308
27,112,752
14,272,284
4,264,075
30,803,106
depreciation and re¬
Provision for depletion,
placement; and dry holes, lease
cancellations
losses charged off
28,994,957
Taxes, other than taxes on income
...
14,050,822
Rents and royalties
.
4,016,639
Selling, general and administrative expenses.. 32,210,783
and other property
wide exemption to the business and activities
non-utility subsidiaries of the company and a more limited exemption
itself in its dealings with such subsidiaries.
The company
has not at any time opposed proper regulation of its utility interests, but
has believed that the restrictions imposed by the Act upon its non -utility
subsidiaries would handicap and impair the orderly and successful conduct
of those companies in competition with others not subject to regulation.
With the adoption by the Commission of the new rule the company felt
that registration under the Act would be possible without serious detri¬
ment to its business, and accordingly the company promptly filed notice of
registration under the Act and became a registered hording company on
Jan. 29, 1941.
The company, however, has no assurance as to the permanence of the
new rule, which provides that it may be revoked or modified, in whole or
in part, on 30 days' notice, at any time after 90 days from its effective date;
and in fact the company has been advised that the rule is not intended by
the Commission to be a permanent disposition of the matter and that, in
the Commission's view, the company as a registered holding company could
not be permitted, under the provisions of the Act, to retain permanently
all its utility businesses as well as its non-utility interests.
Inasmuch as by far the greater part of the company's interests and invest¬
ments are in the non-utility field, the directors and officers of the company
are engaged in formulating and considering a plan or program for the divest¬
ment by the company of its utility interests to the extent necessary to enable
the company and its remaining subsidiaries to be free from the requirements
Int. chgs. on funded
of the Act.
Provision for taxes on income—
effect of which is to grant a
1939
$
„.238,690,169 220,370,277 215,336,664
Gross operating revenue.
Maintenance and repairs
■
company's application for a com¬
plete exemption from the provisions of the Public Utility Holding Company
Act of 1935, thereby overruling the report of the trial examiner, which had
recommended that the exemption be granted.
After conferences between representatives of the company and the Com¬
mission staff, the Commission adopted a rule effective Jan. 24, 1941, the
Dec. 31 (Company
Comparative Consolidated Income Account Years Ended
Commission under Section
Act of 1935 against
by the integration provisions of the Act.
On Dec. 23, 1940, the SEC denied the
April 26, 1941
Provision for bad debts
573,551
599,731
570,490
40,495,017
35,056,033
32,911,824
4,290,117
635,209
5,049,459
7,092,933
887,109
683,408
—
of the
Net
to the company
In accordance with the
operating revenue,.
—....—
Income from affiliated pipeline cos. & divs. &
int. on invest, in and ad vs. to other cos
miscell. income
of debentures and bonds
Int. (notes & accts. rec.) <fe
Excess of par over cost
of Cities Service Co. and
subsidiary retired
571,255
1,149,427
2,397,967
45,991,599
42,142,029
43,086,133
325,203
460,557
2,369,144
11,885,835
13,160,382
through sinking funds
Gross income
—
—
charges
Int. & other charges {exclusive of int.
funded debt of Cities Service Co.):
on
Sundry charges, incl. Federal and State taxes
on
bond interest coupons
Interest
on
—
notes and accounts payable
Interest on funded debt In hands of public
Amortization of debt discount and expense
Dividends
(paid or accrued)
on
1,865,701
11,480,078
1,158,377
597,660
1,983,486
1,164,726
1,396,810
5,734,168
6,024,690
subsidiary
5,614,374
companies' pref. stocks in hands of public
Proportion of net Income applicable to mi¬
548,368
1,089,384
926,839
24,999,495
19,438,212
nority interests
Balance
8,714,110
9,218,711
6,357,356
3,630,759
18,996,264
9,513,875
3,667,874
9.928,029
6.588,742
5,814,515
debt of Cities Service Co.
provisions of the trust indenture dated July 11,
1939, under which the company had pledged its holdings in Cities Service
Light Co., Kansas City Gas Co., The Gas Service Co. and The
Wyandotte County Gas Co., the company has terminated these indentures
in February, 1941 and is now again vested with the full ownership of all
of these securities, including the right to vote thereon.
Net income
Power &
Consolidated Surplus Accounts
Year Ended Dec. 31, 1940
Consolidated Capital Surplus—
Capital sumlus as at Dec. 31, 1939
Discount on pref., preference
Comparative Income Account for Years Ended Dec. 31 (Cities Service Co.)
1939
1940
Interest
on
bonds
1938
$8,755,449 $10,734,779
4,111,410
3,570,488
1,771,401
2,068,930
210,944
383,111
1,652
1,860
718,769
Net prof, on secure, of sub. & other cos. sold..
Int. on notes & accts. rec. & sundry receipts..
849
of Cities Service
funds
Excess of par over cost of debs,
Co. retired through sinking
5,818,122
Total....
732,184
Amount transferred to the reserve for
991,982
1,586,806
805,408
General, legal and other expenses
795,862
804,247
Co. to Dec. 31,
35,801
37,423
9,127,492
559,564
41,520
108,881
9,331,313
575,089
404,589
380,816
7,354
540,568
333,241
Amort, of debenture discount and expense
Franchise, cap. stk., deb. coupon & other taxes
Provision for Federal Income tax—
Provision for contingencies.....
3,013,040
Capital surplus as at Dec. 31, 1940
9,928,029
....
of debentures of Cities Service Co. acquired dur¬
ing the year 1940 and held in treasury
Total
765,480
—.$21,395,934
-
and investments
925,104
Other credits and charges (net)
Cr25,637
—
$5,293,702
$4,224,371
Earned surplus as at Dec.
Capital Surplus
31, 1940
$20,496,467
Consolidated Balance Sheet Dec. 31
—...$14,943,730
and common stocks reacquired during the
p> year 1940 and undeclared dividends thereon to Dec. 31, 1937
5,818,122
Excess of net assets received upon dissolution of a subsidiary over cost
P of investment therein
1,591,234
1940
Capital surplus as at Dec. 31, 1939.....
Discount on pref., preference
-
Dividends received from certain subsidiary companies paid out of surplus
241,419
50,000
-
Adjustment of prov. made as at Dec. 31, 1937, for recapitalization exp.
Assets—
properties, including intangibles
^
Deposits with trustee under Indenture securing 1st mortgage
bonds of the Toledo Edison Co. (subject to withdrawal
on
the basis of fundable property additions
released by virtue of the reacquisltion of such 6tks during the year 1940
2,777,400
companies not
and miscellaneous
less).
47,909,581
Investments In and advances to subsidiary
affiliated
companies,
Sinking fund assets
63,247,809
352,198
Marketable securities (at cost)
preferred and preference stocks to Dec. 31, 1937,
44,268,629
10,676,055
62,563,642
350,000
11,664,809
Cash in banks and on hand
companies representing the portion of the reserve for the accrued unde¬
,
$
*853535076 858,207,444
__
investments and advances (at cost or
$22,644,506
Deduct'amount transferred to the reserve for Investments in subsidiary
1939
$
Petroleum, natural gas, electric light and Power, and other
consolidated,
clared dividends on
—..$10,702,425'.
31, 1939-. ——
ended Dec. 31, 1940 (as above).......
Excess of par over cost
Losses on properties
accumulated prior to Jan. 1, 1938-.
1937)
Earned surplus as at Dec.
200,000
$6,779,684
$25,338,219
Consolidated Earned Surplus (Since Dec. 31,
Net income for the year
0508,804
.....
551,255
165,024
.......
Net income
com¬
1937, released by virtue of the reacquisltion of such
Other credits and charges (net)
758,629
807,241
8,744",796
Depreciation of furniture and fixtures
Int. on indebtedness to subsidiary companies.
debentures and guaranteed bonds
investments in subsidiary
panies representing the portion of the reserve for the accrued unde¬
clared dividends on preferred and preference stocks of Cities Service
$18,221,935 $16,135,473 $18,048,446
Total gross income..:
--$27,842,454
stocks during the year 1940
987,087
664,878
Administrative and management expenses
on
reac¬
and indebtedness of sub¬
$9,976,516
sidiary companies. — 5,252,528
Divs. on pref. & com. stocks of certain sub. cos.
1,608,394
Int. & divs. on other investments and advances
Int.
.$21,292,148
and com. stks. of Cities Service Co.
quired during year 1940 & undeclared divs. thereon to Dec. 31, 1937.
Undeclared cum. divs. to Dec. 31, 1937, released through purchase in
1940 of preferred stocks of subsidiary companies
—
Customers' accounts receivable, including unbilled revenue,
3,013,040
less reserve
18,551,778
17,856,750
Merchandise accounts receivable, including instalment con¬
$19,631,466
Capital surplus as at Dec. 31, 1940
tracts extending
beyond one year, less reserve
6,669,969
1,402,061
Other accounts and notes receivable, less reserve
Earned Surplus (Since Dec. 31, 1937)
ended Dec. 31, 1940, (as above)
of Cities Service Co. acquired dur¬
1940 and held In treasury
—
Net income for the year
$9,518,072
6,779,683
Dec. 31, 1940
765,480
...517,063,236
Balance Sheet Dec. 31 (Cities Service
1940
S
1939
S
Indebtedness (less reserve)
Other investments and advances (at cost, less reserve)
Office furniture and fixtures (at cost, less reserve)
Cash in banks and
on
144,642,849 154,911,999
121,036,764 122,496,591
26,436,746 22,313,586
96,126
61,806
hand
37,419,207
Accrued interest on securities of subsidiary and other cos..
Accounts receivable
Prepaid expenses
—
Note and accounts receivable (not current, less reserve)...
36,217,964
420,490
16,320
368,416
12,369
201,476
2,132
49,913
Notes and accounts receivable—personnel (Including officers
and directors of subsidiaries), less reserve
Unamortized debenture discount and expense
Merchandise held for resale (at cost or less)
12,440
11,279,201
1,967,591
tion
$1,241.111)
181,756
1,291,625
20,437,164
(net)...
23,733,369
Total
2,411,473
1940
Liabilities—
67,994,275
Common stock
37,039,776
Preferred stocks of subsidiary companies in hands of publicl03,645,797 107,531,563
Minority common stockholders' interest in subsidiary cos.. 24,160,815
26,667,037
Funded and long-term debt in hands of public:
Subsidiary Companies—Bonds and notes
274,972,9141320,980,801
Notes payable
49,013,132/
Cities Service Co.—Debentures
..158,361,628 170,033,628
—
—
Notes payable to banks
(secured)
8,871,645
2,407,458
37, 035,180
Common stock
Debentures of various maturities
1950 to
1969
37,039,776
(purchase
$4,215,000 in 1941);
schedule attached
158 361,628 170,033,628
4,944,172
companies
8, 745,772
Consolidated Cities Light, Power & Traction Co. first lien
p 5% gold bonds due 1962 guar, by Cities Service Co
5,374,400
5 ,019,600
Indebtedness to subsidiary companies
18,256
279,316
fund requirements
Held by public, per
Owned by subsidiary
Accounts payable.
-
Interest accrued on debentures and unpresented coupons..
721,326
3, 444,406
2,523,555
501,353
19 ,765,000
22,778,040
8 480,452
19 ,631,465
17 ,063,236
160,000
undeclared cumulative dividends
on
preferred and preference stocks to Dec. 31, 1937
Reserves for contingencies
Capital surplus
Earned surplus (since Dec. 31,
—
1937,)
*
6,698,715
9,518,072
9,236,765
Customers' deposits.
for Federal
Provision
337,794,787 344,934,089
120,752
4,059,604
—
Income
tax,
79,081
y4,238,869
Including assessments
for prior years
6,857,529
5,515,258
7,026,196
6,312,297
See y
338,045
Reserves—Depletion, depreciation and replacements
220,406,591 213,179,481
Accrued undeclared cum. divs. on pref. & preference
stocks of Cities Service Co. to Dec. 31, 1937
19,765,000
22,778,040
Crude and refined oil price changes
2,222,867
2,162,244
Injuries and damages
1,366,481
1,587,874
Contributions for extensions (not refundable)
2,129,361
1,992,714
Contingent and other reserves
12,295.590
12,247,884
Capital surplus
25,338,218
21,292,148
Earned surplus since Dec. 31, 1937)
20,496,467
10,702,425
Accounts and notes payable (not current)
Line extension deposits
...
Total
x
tion
Total
1.767,480
24,071,623
of certain subsidiary
companies
8,467,719
14,943,730
Provision for Federal taxes
Reserves for accrued
376,051
508,466
Accrued taxes and other charges
Accrued interest on funded debt and unpresented coupons..
Dividends payable on preferred stocks
67,994,275
10,404,266
11,959,735
Accrued taxes and other charges
S
59 000,000
$
59,000,000
37,035,180
Notes payable to otners
Accounts payable
stocks
1939
$
Preferred and preference stocks
15,488
Liabilities—
Preferred and preference
4,815,353
1,067786,491 1,068578766
8,449,433
1939
109,175
1,858,027
-
21,731
1940
1,984,683
96,775
1,014,279
79,333
Abandoned street railway properties (In process of amortiza¬
5,705
7,519,324
—
Total.
2,720,036
Prepaid interest, insurance, taxes and other expenses
Special cash deposits (not current)
Accounts and notes receivable (not current, less reserve)..
Accounts and notes receivable (personnel).
.337,794,787 344,934.089
Other deferred charges
22,256,602
8,337,083
at cost or less
Other deferred charges and miscellaneous unadjusted debits
Investments In and advances to subsidiary companies:
Securities (at cost or less)
22,754,048
—
Unamortized debt discount and expense
Co.)
Assets—
market)
Materials and supplies (including construction materials)—
Excess of par over cost of debentures
Earned surplus as at
2,679,240
Crude and refined oil—at cost (in the aggregate lower than
EarnedTsurplus as at Dec. 31, 1939
ing the year
6,325,240
'
Less
excess
1,067786,4911,068578766
of equity In subsidiary companies
(consolidated) at dates
Investment carrying value at Dec. 31, 1940, of $57,320,862.
line extension deposits.—V. 152, p. 1743.
over
of acquisi¬
y
Includes
Colt
Telephone Co. —Registers
Cincinnati & Suburban Bell
152, p
2545.
V Cities Service Power & Light Co. (& Subs.)--Earnings
Yenrs Ended Dec. 31—
1:
Gross operating revenue (after deducting allow'ces)
Power and gas purchased for resale—
$65,115,472 $62,245,920
5,406,729
6,431,811
11,685,748
transportation expenses 12,251.164
3,028,047
:
—
3,596,845
_
Production, distribution &
.—
Selling, general and administrative
—
-
Gross
a
-
-
—
expenses.
——
on notes
and accounts
Federal and State taxes
and other charges.
b
Propor. of net income applic. to minority interests.
401.051
Interest on debentures..
Amortization of debenture discount & expense..
Provision for Federal income tax
2,843,130
260,453
3,222,577
$5,972,671
—
—
c
—
—
c
Net income....
Dividends paid on
.....
pref. stocks
of Cities
Service
Earnings
per share of common...
——
.
do,452,300
./i
$8.14
—
!
2.185,3*6
$9.00
intangibles
Invest
in & advances to sub.
cos.
not consolidated.
Deposits with trustee
Discount and expenses
a
■
—
.
...
-
...
352.604,968 351,658,193
16,137,64o
16,528,549
2,777,400
1,740,916
1,740,916
Prepaid int., insurance, taxes & other
Other
2,155,732
9,186,134
5,698,937
4,008,381
430,542
3,9*2,769
*
—
.
3,737,122
390,303
3,878,801
564,207
451,017
16,678,735
1,768,795
896,562
951.788
570,215
300.875
expenses..
Unamortized
debt discount and expense (net)
Street railway property abandoned
b Premium
,v.
—
Total
'm.
1.858,0*7
-
-
.
Other deferred charges, &c
5,687.754
615,loo
—
assets
.
1,921,340
9,174,719
1.000,658
—
,
.418,581,353 415,958,802
...
Liabilities—
$7 cumulative preferred stock....
d $6 cumulative preferred stock.
e $5 cumulative preferred stock
Common stock ($ 100 par)
Sub. companies' pref. stock in hands of public—
Minority common stockholders' int. in sub. cos..
Funded and other long-term debt..
c
—
—
—
—
Notes pavable to banks
Other notes and accounts payable..
Accr. int. on funded debt & unpresented coupons.
Accrued taxes and other charges
Preferred dividends payable (sub. companies)
—
—
Consumers'
deposits
Provision for Federal income tax.
Other liabilities
:
—
—
Reserves
Capital surplus
—
—
.
-
Earned surplus
-
Total
a
On
5.807.900
5,772,900
7,158,006
7,112,709
4,400.000
4,400,000
60,000,000
60,000,000
51,699,282
51,561,293
5,319,435
4,6.31,632
216,354,783 215,928.474
390,000
64,000
2,063,112
3,273,881
1,779,388
1,677,034
4,648,011
4,517.846
77,218
119,056
1,860,456
1.947,507
3.600.371
2,541,900
798,921
712,535
38,591,638
37,704,052
4,859
14.612,810
14,109.144
....418.581,353 415,958,802
original
issues
of preferred
stocks of subsidiarv companies
(not
being amortized),
b On reacquired preferred stocks of subsidiary com¬
panies (in process of amortization).
c Represented by 57.729 no par shares
in 19^0 and 58,079 no par shares in 1939.
d Represented by 72,940 (72,690
in 1939) no par shares,
e Represented by 50.000 no par shares.-—V. 152,
2417.
P.
"
.
for doubtful items and reserves for
~
Corp.—Earnings—
1941
After all
$4,140,235
$1.17
on common...
income taxes.
......
Consumers' accounts receivable
Merchandise accounts receivable......—
Other accounts and notes receivable..
Merchandise, materials and supplies—...
reserves
1940
1939
<
$3,395,056
$3,545,964
$0.96
$0.98
charges including provision preference dividends, and Federal
I-
Arthur O. Dietz, President, reported that the
—
Sinking fund assets
Cash
a
-•
31.28%; Industrial Retail 66.14%;
,
a Net profit
Earnings per share
1939
.!>:1940
•
providing ample
3 Months Ended March 31—
,
C:
$1.48
acquired during the first quarter ended
$264,191,657, compared with $198,153,319 for the
33.32%.
Motor Retail showed an
was
Commercial Investment Trust
•
\
Assets—
f!'C
•/,' - '•V
••
■ •'
', ••
Electric light and power and other property, incl.
1941,
—V. 152, p. 2547.
on
subsidiary companies' preferred stocks in hand^oTpublic.
c Or
Cities Service Power & Light Co.
d Being current year's dividends, $1,089,888, and four years of dividend arrears, $4,362,412.
V '
'■ i'-yl"'Consolidated Balance Sheet Dec. 31
d
;
•
;
in¬
off
probable
increase in Federal income raxes, was $3,740,164, compared with $2,914,346
for the first quarter of 1940.
Consolidated interest and discount charges
were earned 5.04 times for 1941, compared with 6.93 times for 1940.
Reserve for Federal income taxes for the first quarter of 1941 $860,774
oased upon 24%, with special reserve in addition thereto, compared with
$502,894 or 18%, which was the law during the first quarter of 1940.
After payment of $129,559 dividends for the first quarter of 1941 on the
4H% cumulative convertible preferred stock outstanding (which dividends
were earned 16.49 times), there remained $2,007,782, or $1.09 per share,
applicable to 1,841,973 shares, including scrip, of common stock out¬
standing March 31, 1941.
This compares with $1,861,095, or $1.01 per
share applicable to common stock outstanding March 31, 1940.
Based
upon 30% reserve for Federal income tax net income for the first quarter of
1641 would have shown $1.03 per share, compared with $0.83 for 1940,
or
a Less interest
capitalized on construction ($3,996 in 1940 and $3,007 in
1939) and carrying charges collected on instalment sales ($335,500 in 1940
$247,192 in 1939.
b Paid and accrued undeclared^mmulati ve divi¬
.
$0.86
Consolidated net income from operations available for consolidated
terest and discount charges for the first quarter of 1S41, after changing
and
dends
$2,863,458
Open Accounts and Factoring 16.11%.
—
Power & Light Co....
$1.01
quarter of 1940—an increase of
increase of 57.33%; Motor Wholesale
$6,495,099
Interest on funded debt in hands of public.:
Amortization of debt discount and expense..
b Dividends........
$1,716,704
Gross volume of ail receivables
March 31,
145,455
7,002,516
687,634
3,082,684
530,468
2,897,161
265,603
1,955,804
135,124
6.619,050
789,171
3,094,308
———-
1
1938
1939
,1940
$1,990,654
Outstanding, including scrip,
first
bond interest coupons
on
__
After all charges and reserve for Federal taxes,
a
....$23,190,243 $23,268,172
205,746
Cr147,293
payable._...
Subs.)—Earnings
1941
$2,137,341
$1.09
net income.
to common stock:..
$22,287,788 $22,314,892
902,455
953,280
.....
income.—
Interest
8,558,289
—.
Co.—-$1 Common Dividend
b Earns, per share applic,
5,388,948
6,304,020
8,117,536
5,5C9,966
6,399,608
—
_
aConsol.
—
....
Taxes
3 Mos. End. Mar. 31—
—
—
Maintenance and repairs.
Provision for replacements.
Net operating revenue
Other income—
Commercial Credit Co. (&
1939
1940
Patent Fire Arms Mfg.
s
Directors have declared a dividend of $1 per share on the common stock,
payable May 1 to holders of record April 17. Regular quarterly dividend of
50 cents was paid on March 31, last.
See also V. 151, p. 3231 for record of
previous dividend payments.—V. 151, p. 3554.
with SEC—
See list given on first page of this department.—-V.
2699
Financial Chronicle
The Commercial &
Volume 152
:; vr
volume of business for the
first quarter of 1941 showed a large increase over the first quarter of last year.
Mr. Dietz commented especially on the very favorable trade and public
reception of the new purchaser's protective plan now being offered auto¬
mobile time buyers throughout tne country by O. I. T. and Universal
Credit, subsidiaries of Commercial Investment Trust Corp.
He said the
plan sets a precedent by providing a personal accident insurance policy as
as comprehensive automobile insurance, and also a traffic and accident
bail bond whenever and wherever needed, towing and road emergency
well
service and
Mr.
travel
a
emergency-repair plan, operative anywhere as required.
the purchaser's protective plan as an example of ad¬
Dietz stressed
vancing standards of public service on the part of C. I. T. and Universal
Credit, pointing out that such comprehensive protection for the time buyers'
convenience and pocketbook had never before been combined in a National
financing plan.
^
/ '
•
.
New Directors Elected—Retirement Plan
;:-w
Ernest
C.
Kanzler
President respectively
and George II. Zimmerman, President and Viceof Universal Credit Corp., were elected to member¬
the board of directors at the annual
All other members were reelected.
ship
Approved—
on
meeting of stockholders April 22.
approved a retirement plan for employees of sub¬
sidiaries.
This plan is in addition to group life insurance already in effect
for C. I. T. employees,—V. 152, p. 2547.
:
;
: ■■'vNir
The stockholders also
Commonwealth Edison Co.—Weekly
Output—
Company has furnished us with the following summary of weekly kilooutput of electrical energy adjusted to show general business
conditions of territory served by deducting sales outside of territory to
watthour
/
;
.
■■A-va i-
companies;
other utility
:
A;.-'A-.-",
i,.
Kilowatlhour Output
1941
■'
1940
Week Ended
April
April
April
—
-
.
.
-
127,030,000
130,668,000
126,762.000
131,400,000
.
— —
.
% Increase
142,597,000
140,937,000
—147,953,000
144,923,000
19
12. ——
5-.. *
..
..
..
_
March 29—
—V. 152, p. 2547.:
7.9
16.7
10.3
y :.... yyA v,
■"
•.
12.3
Commonwealth & Southern Corp.—Weekly OutputThe weekly kilowatt hour output of electrical energy of subsidiaries of
the Commonwealth & Southern Corp., aojusted to show general business
conditions of territory served, for the week ended April 17, 1941, amounted
to 182,763,904, as compared with 152,267,153 for the corresponding wees:
in 1940, an increase of 30,496,761, or 20.03%.
yy'
Monthly Output—
y\
-.V;^
Commonwealth & Southern Corp. system for the
883,054,032 Kilowatt hours, as compared with 702,863,637 Kilowatt hours for March, 1940, an increase of 25.64%.
For
the three months ended March 31, 1941, the output was 2,536,106,486
kilowatt hours as compared with 2,153,036,902 kilowatt hours for the cor¬
responding period in 1940, an increase of 17.79%.
Total output for the
year ended March 31, 1941, was 9,277.076,503 kilowatt hours, as compared
with 8,146,306,078 kilowatt hours for the year ended March 31, 1940,
an increase of 13.84%.
fv.
A.—
A'
Gas output of the Commonwealth & Southern Corp. system tor the month
of March was 2,163,717,100 cubic feet as compared with
1,851,638,100
cubic feet for March, 1940, an increase of 16.85%.
For the three months
ended March 31, 1641, the output was 6,514,708,600 cubic feet, as com¬
pared with 6,099,051,300 cubic feet for the corresponding period in 1940,
an increase of 6.82%.
Total output for the year ended March 31, 1941,
was 18,879,963,500 cubic feet as compared with 17,177,553,900 cubic feet
for the year ended March 31, 1940, an increase of 9.91%.
Electric output of the
City Auto Stamping Co.—Earnings—
month of March
12 Months Ended March 31—
a
Earnings
1941
$424,734
$1.13
Net profit
b
a
per
share..
After depreciation, Federal taxes, &c.
stock,
no
par.—V.
Clark
152,
p.
1940
$461,317
$1.23
b On 375,000 shares of
common
2235.
Equipment Co.—Earnings—
{Including Clark-Celfor Tool Corp.]
3 Mos. End. Mar. 31—■
Gross profit from oper..
Miscellaneous income.
Total income.
$175,826
6,368
$1,991,523
_
$591,885
9,518
$1,053,430
214,269
41,157
$601,403
159,286
$182,195
128,834
18,432
5,077
287,438
53,411
Cash discount allowed..
Int. & exchange paid...
.
_
dividends.—
Common dividends—..
$293,826
237.616
$1.99
a Including excess profits tax.
(no par)
Earnings per share.
_
com.
V,
$548,194
32,699
118,808
Surplus
Shs.
19,043
4,788
126,181
48,314
129,654
120,051
$505,192
33,154
178,212
...
—
105
101
159,381
a986,000
Prov. for depreciation..
Federal income tax.
Net profit-
1938
$1,041,609
11.821
Admin. & selling exps^..
Preferred
1939
1940
1941
$1,967,466
24,057
outst.
-
"$243,791
31,890
$396,687"
$211,901
237,616
237.616
$2.17
$0.88
def$5,642
237.616
Assets—
$
3,374,757
Cash............
Notes & accts.
•
rec.
1,579,598
3,636,332
Inventories
surr.
3,041,686
value
Net
Afar. 31,'41
life ins. policies.
44,709
Co.(100%owned)
invests.
47,889
3,248
Land, buildings,
4,190,733
Prepd. ins. & taxes
23,132
mach.,&e
Total
.
_
883,600
128,398
1,590,000
49,373
employees
7% cum. pref. stk.
......
9,166
1,927,900
1,927,900
4,996,760
4,996.760
3,448 e Common stock
608,180
Capital surplus...
608,180
2,132.006
1,838,180
4,187.415 Earned surplus.
38,172 Treas, stk. (cost) .dDr217,625eZ>r222,725
($100 par).....
&
claims.........
a
Curr. accts. pay, &
b Amts. rec'd from
to Buchanan Ld.
8und.
Dec. 31/40
$
payrolls
.
1,168,168
161,990
1,609,748 Taxes, Ac. accrued
2,784,909 Res. for Fed. l*>c.
& excess profits
taxes.......... 2,123,019
44,709
Invest, in & ad vs.
.....
12,900,399
..
.
11,759,4601
Total......... 12.900,399 11,759.460
a After
reserve for depreciation of $5,176,312 at March 31,
1941 and
$5,062,176 at Dec. 31, 1940.
b On stock subscriptions for 108 shares of
preferred stock at $100 per share, c Represented by 249,838 no par shares.
dRepresented by 319 preferred shares and 12.222 common shares, e Rei>resented by 370 preferred shares and 12,222 common shares.—V. 152,
p.
1424.
Gross income--....
Int. & other deductions.
income.
—
Divs. on preferred
Liabilities
— .
—
Prov. for depr. & amort-
2,445,744
1,684.404
$4,527,763
3,246,284
$4,313,072 $49,827,206 $50,136,478
3,062,629 36,198,372 36,436,745
$1,281,479
$1,250,443 $13,628,834 $13,699,733
5,356,739 f
Nil
J;'
..—
(net)
Cash
$
Taxes
1941—Month—1940
—$14,014,651 $12,488,371 $156029,500
Gross revenue-
Operating expenses..
$26,210
31,852
March 31 (Incl. Subs.)
1941—12 Mos.—1940
$144307,771
4,850,922 60,729,773 56,894,071
1,755,198 26,804,365 20,308,819
1,569,178 18.668,156
16,968,403
Earnings for Month and 12 Months Ended
Period End. Mar. 31—
3,642
Consolidated Balance Sheet
Afar.31,*41 £>ec.31,'40
was
-.
749,821
stock.
749,809
8,997,779
8,997,624
$4,631,055 $4,702,109
Note—The consolidated net income includes the entire net income of the
consolidated subsidiary companies applicable to the common stock of
such companies owned by this corporation, all of which was not distributed
in dividends.
Net income of the corporation alone for the 12 months ended
March 31, 1941, amounted to $7,286,099, or $4.86 per share on the out¬
Balance
—.
standing $6 preferred
$531,659
$500,634
stock.
Open A ccount Loan to Subsidiary—
The Securities and Exchange Commission announced April 19 that the
corporation has filed a declaration (File 70-301) under the Holding Company
Act regarding a proposed loan of $671,050 on open account to its sub¬
the
sidiary, South Carolina Power Co.
The loan is to hear interest at
rate of 3H% per annum.
The subsidiary company will use the funds for
the construction of new electric facilities and the purchase of five passenger
buses.—V. 152, p. 2547.
Consolidated
Output—
,
Edison Co. of New York,
Inc.—Weekly
,/•
.
,
••
■.
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended April 20, 1941. amounting to
140,100,000 kilowatt hours, comapred with 145,000,000 kilowatt hours for
the corresponding week of 1940, a decrease of 3.4%.—V. 152, p. 2391.
■
The Commercial & Financial Chronicle
2700
Co. (& Subs.)—Earnings—
Community Public Service
1940
1939
1938
$3,563,606
$3,432,436
$3,4.0.222
Total oper, revenues
:
Oper., sell., general
and
272,697
248,776
and
renewals
273,507
259,397
274,424
8,172
replacements
doubtful accts.
(other than Fed.
and State income)...
Prov. for
1.666,597
229,283
1,733.453
1,768,120
283,347
1.817,726
administrative expense
for
292,704
243,676
239,256
227,596
228,605
$946,959
Net oper. revenues—
Net from merchandising,
$945,956
$949,102
$993,031
37,703
15,062
Z>r21,359
25,087
$984,662
$961,018
332,546
$927,742
$1,018,119
341,694
&c., operations
Interest
Amort,
Stc.
264,000
bonds..
on
subs,
Ac.
98.651,769
225,903
1,498,700
1,899.382
128,430
1,421,457
Accts.
2 ,021,050
1 ,055,988
2 ,583,126
1,767.443
2,009.199
106,318
1,327,983
debt
disc. «kexp..*
Impts. to leased
136,345
137,002
Acer, accounts
221,530
Cust's'
11,922
55,773
16,530
25,761
b$642,987
1,324,872
Net income
b$593,375
381,550
b$554,132
355,071
$643,023
355,490
dividends.„
..
.
b Earningg per share on common
stock in 1940 was $2.77, $3.34 in 1939
Consolidated Balance Sheet Dec. 31
S
(net).12,942,714 12,792,792
2,751
54,000
5,534
6.334
844,659
906,749
under mortgage.
Bee. lnv. (at cost).
Cash „>
$
S
5,727,525
4,436,625
6,600,000
Accts. pay.—trade
91,403
Consumers* dep..
288,036
6,600.000
TAabUUies—
a
Common stock..
Funded debt.....
Funds with trustee
>V
rec,—trade
101,964
275,639
Unredeemed Ice
851
625
450,372
398,805
Accrued liabilities.
225,085
190.932
Inventories
245,386
283,570
Other curr.liabil..
4,149
4,633
Ins., <fec., deposits
4,296
252,483
Res. for conitng..
1,289,221
1,786,531
260,829
Accts,
(net)
Deferred
coupons
...
charges. .
5,941
Contribs.
for
extensions
line
22,813
20.793
550,358
1,240,029
—
Earned surplus—
14,799,443 14,657,772
Total
Represented by 229,101
824.
a
14,799,443 14.657,772
Total
(177,465 in 1939) no par shares.—V. 152,
Electric & Gas Co.—Annual Report—
Consolidated
430,226
2,038
5,347
a
108,348,644 108.892.099
b Represented by 182,975 no par shares.—V. 152, p. 1745.
Par $1.
Gas Utilities Corp.—$6,500,000 Bonds
Privately—The corporation has placed privately an
issue of $6,500,000 1st mtge. sinking fund bonds, 4% series A,
due March 1, 1956.
The proceeds will be used to retire the
outstanding Consolidated Gas Utilities Co. 1st mtge. & coll.
6s, series A, due June 1, 1943.
As part of the refinancing program $900,000 10-year 5%
debentures due March 1, 1951, were sold by the corporation
to individual buyers at 100 plus int. from March 1, 1941,
and a bank loan of approximately $100,000 was obtained.
Consolidated
placed with the following institutions at 100 and
Life Insurance Co., $3,000,000; Massa¬
Co., $1,000,000; Modern Woodmen of
America, $650,000; Equitable Life Insurance Co. of Iowa, $350,000; Life
Insurance Co. of Virginia, $300,000; Sun Life Assurance Co. of Canada,
$250,000; Great-West Life Assurance Co., $250,000; Central Life Assur¬
ance
Society (Mutual), $250,000; Continental Assurance Co., $200,000;
Armour & Co. Employees Pension Fund, $150,000; and Bankers Life
Insurance Co. of Nebraska, $100,000.
The
new
issue has been
Northwestern
interest:
G. E. Devendorf, President, says in part:
Mutual
Life
Mutual
Insurance
Bonds Called—
In March, 1941, the system consummated a merger of its three ga
companies in the State of Georgia whereby Georgia Public Utilities Co.
and Macon Gas Co. were merged with and into Atlanta Gas Light Co.,
the surviving corporation.
In connection with such merger, Atlanta
Gas Light Co. acquired all the properties, rights and franchises of the merged
companies and assumed all their liabilities existing on the date of the merger
(which liabilities were those existing after Consolidated Electric & Gas Co.
contributed $1,906,641 and $140,000 of indebtedness to the capital of the
Georgia and Macon companies, respectively, in order to round out a sound
capital structure for the merged company) and issued in partial considera¬
tion therefor 146.400 shares of its common stock.
of subs-
Total
108,348,644 108,892,099
Total
chusetts
p.
431,130
aid
Placed
1939
1940
1939
S
Fixed assets
in
stockholders in
surp.
and $3.13 in 1938.
1940
105,286
1,453.108
Equity of minor,
Prov. for Federal & State
income taxes....
156,517
115,216
of construc'n.
24,109
2,244,041
1 ,193,065
Contrib's
9,291
11,748
243,172
989,952
134,121
__
Reserves
_
2.500,000
advs. for
construction
Other def. cred's
12,810
......
Common
payable..
Cust's' deposits-
206,399
property
Other def. debits
5,355
4,755
76,715,652
Mat'ls A suppl's
Unamort.
1,480.000
18,297,300
1 493,700
3,821,936
Pf.stk.of subs...
48,593
4,057,173
Prepayments.--
—
Long-term debt- 75 883,659
Property purch.
obligation
2 ,500,000
153,497
Notes payable
211,909
Accts. receivable
-
1,480.000
18 .297,300
cum.
Com.stk.of subs.
1,718,595
1,363,620
Cash
$6
stock
6,818
9,090
expense
Sundry int. paid public
b
99,269.272
277.928
(net)
non-
part.stk.
pref.
cum.
consolidated,
Sinking funds..
A
Class
1,000,000
,000,000
Common stock
a
not
S
S
Liabilities—
a
&
of debt disct.
—net
335,925
$
plant, lnv.
Special deposits
Taxes
Pal. avail, for int.,
Util.
1939
1940
1939
S
Assets—
in
Maintenance.
Prov.
1940
i937
$3,496,076
Calendar Years—
April 26, 1941
Consolidated Balance Sheet Dec. 31
Corporation will redeem on May 24, 1941 all the outstanding first mort¬
and collateral 6% bonds, series A, due June 1, 1943 of its predecessor.
Consolidated Gas Utilities Co.
The bonds will be redeemed at 102 H and
accrued interest at the corporate trust departm nt of Manufacturers Trust
Co., 45 Beaver St., New York, and immediate payment may now be
obtained there upon presentation of the bonds.
Holders of bonds not yet presented for stamping and isf uaice of common
stock under terms of the plan of reorganization dated At g. 1, 1934 should
turn them in to Manufacturers Trust Co. for issuance of the common stock
to which such holders are entitled.—Y. 152, p. 2391.
gage
Such shares of common
were received
by Consolidated and pledged under the indenture
securing its collateral trust bonds.
Shortly after the consummation of the
merger, Atlanta Gas Light Co. sold to two insurance companies, at par,
$2,200,000 general mortgage bonds, 5A% series due 1961.
The proceeds
from the sale of such bonds were applied in part to the redemption or retire¬
ment of certain indebtedness assumed in the merger, consisting of $709,000
of Macon's first mortgage 4M% bonds which have been called at 104 and
int. to June 2, 1941, and $578,000 of three first mortgage bond issues of
Georgia owned by Consolidated.
This last amount was pledged under the
indenture securing the assumed issue of Federated Utilities, Inc., 514%
bonds due March 1, 1957.
The balance of the proceeds (after expenses)
of approximately $840,000, has been established as a construction fund to
provide for additions and betterments to the properties of the merged com¬
stock
Consolidated Steel
Corp., Ltd.—Earnings—
Including Wholly-Owned Subsidiary
Earnings for the 6 Months Ended Feb. 28, 1941
$389,285
$1.09
Net profit after deprec., int. and normal Fed. inc. taxes
Earnings pershare on 241,617 no par shares of common stock
—V. 152, p. 2548.
Consolidation Coal Co.—Tenders—
The Baltimore National Bank, Baltimore,
Md., will until 1 p. m. May 9
bonds, due July 1,
receive bids for the sale to it of sufficient 25-year 5% s. f.
1960, to exhaust the sum of $110,663 at prices not exceeding
price.—Y. 152, p. 2390.
redemption
pany.
In September, 1940 the Princeton Water & Lighting Co., a wholly-owned
subsidiary of Consolidated, which operated a water system in Princeton,
Ind., and its environs, sold its assets to the municipality for a consideration
of approximately $295,000.
From the liquidation of such subsidiary,
after providing for all expenses and a maximum Federal income tax lia¬
bility that might arise from the sale of such assets, the company received
approximately $270,000 in cash, which was applied to the purchase of
$277,500 of its assumed issue of Central Gas & Electric Co. 5 A % and 6%
bonds, thus effecting a saving in annual interest charges of $15,577 com¬
pared to the average annual earnings of approximately $9,400 of such
subsidiary in the preceding three-year period.
In December, 1940 Baraga County Light & Power Co., a
wholly-owned
subsidiary of the company, sold to an insurance company, at par, $300,000
first mortgage 4% bonds due I960 and liquidated, by payment in cash,
certain note indebtedness owned
by the parent company and another sub¬
sidiary.
The total cash ultimately received by Consolidated from this
transaction aggregated $278,000.
Of such funds the company applied
$150,000 to the payment of the then outstanding balance of its bank loans
and utilized a substantial portion of the remainder for the purchase of
$120,500 principal amount of its outstanding collateral trust bonds.
The Islands Gas & Electric Co.
(a subsidiary) continues to have out¬
standing a purchase money obligation in the amount of $2,500,000 payable
on demand.
At the beginning of the year this obligation was uncondi¬
tionally guaranteed by the company to the extent of $2,350,000, with a
provision that upon the happening of certain conditions the guarantee
would be extended to cover the entire $2,500,000
obligation.
These con¬
ditions became effective in December, 1940, and
accordingly the company
reinstated its unconditional
guarantee for the entire $2,500,000 purchase
money obligation.
No definite plans for the payment or reduction of this
indebtedness have been formulated.
It is doubted if any such plan can
be developed until the Spanish situation is
clarified, since the obligation is
collateralized by the investment of The Islands Gas & Electric Co. in its
subsidiary operating in the island of Mallorca (Spain).
To date, with the exception of Spain, no difficulties have been encoun¬
in the receipt
by the company of
tered
sidiaries because of
Consumers Power
1941—Month—1940
1941—12 Mos.—1940
$4,135,063
$3,740,228 $46,672,096 $41,734,092
1,564,529
1,557,094
17,874,356
17,282,875
Taxes
684,558
428,775
7,517,978
4,816,535
Prov. for depreciation..
500,000
430,000
5,370,000
4,800,000
Gross
revenue-
Operating
expenses.....
Gross income
Int. & other deductionsNet
Divs.
income..
on
preferred stock.
Amort, of pref. stk. exp.
Balance
„
-
-
.
„
1940
1939
1938
13
y
Int.
and
other
and
charges
other
or
2,lo3,951
"$7,678,693
2,147,118
$6,926,854
$7,029,657
1,921,916
1,780.973
$5,531,575
$5,004,937
$5,248,684
1,919,930
2,046.988
2,302,768
2,607,187
2,544,848
Mar. 29,'41 Afar. 30,'40
$1,417,062
$1,004,458
$413,101
y
Before provision for
retirements.
Notes—(1) The statements include the operations of all subsidiary com¬
panies except the Spanish subsidiaries, Union Electrica de Canarias S A
Electricidad, S. A.
(2) No provision for excess profits tax was made.
,
and Gas y
—
Operating profit
$1,398,129
61,714
$960,986
56,716
$1,257,672
5,957
$1,459,843
2,319
$1,017,702
1os841,699
$1,263,629
636
652
~4". 916
457,845
232,500
487,291
77,025
528,084
125,770
$771,181
$411,035
$604,859
Total income
Gain
on
disposal of assets
Interest
Depreciation
Federal income
taxes
Net income
—V. 152, p. 1127.
Continental
Insurance
was on
Co.—New Director—
April 17 elected a director of this company.—
Securities
Corp.—Trustee Granted
Judg¬
ments—
Judgments aggregating $1,907,587 have been
granted by Justice Walter
of Arthur A. Ballantine, as trustee
investment trust, against Vincent
E. Feretti, the firm of Prentice & Brady and its partners and others.
Justice Walter announced his findings following the trial of several weeks.
of the New York Supreme Court in favor
for the Continental Securities Corp., an
$519,490
accounts,
Apr. 1, '39
$15,245,167 $14,803,257
13,842,271
13,847,038
The Court will render
an
opinion later.
The judgments as announced by
Vincent E. Ferretti, Clamur & Co.,
...
the Court, were divided as follows:
Jerome C. Brady and Philip A. Fear,
$1,907,597; the liquidator of Prentice & Brady and the the firm's partners,
$93,625; William D. Boehm, $346,750; Franklin E. Mayer. $31,750; Gilbert
Ottley, and Robert Strange, $200,000; Conroy & Co., Inc., $8,250, and
George K. Hyslop, $7,500.
The complaint was dismissed as to the First Income Trading Corp. and
Amos R. Poole.
Other defendants named in the suit had settled with the
plaintiff out of court before the trial began.—V.
provision for uncollectible
$5,834,625
Other income....
2.426,426
Consol. El.
Net income...
Includes
*$2,945,954
income
& Gas Co
x
$6,828,640
201,017
income
chargesofsubs
Int.
$6,949,679
Z)r22,826
2.559,005
Gross income.,
$7,559,679
119,017
1,815,936
±'rovision for retirements
$7,078,895
(& Subs.) —Earnings—
Weeks Ended—
Continental
$5,792,004
Gross income
$539,632
$660,398
Cost and expenses
1937
-
expenses...
yNetoper. revenues., $7,767,734
Non-operating income,,
178,220
$890,337 $11,287,052 $10,042,785
3,424,818
3,424,821
285,427
783,339
783,339
65,278
V. 152, p. 675.
$28,126,013 $25,233,195 $23,310,678 $23,906,385
16,045,751
13,966,889
12,863,979
13,556,984
Maintenance
1,563.514
1,3.54,234
1,254,533
1,234,597
Federal income taxes
692,449
397,280
385,538
458,431
Other taxes,
/_._.
2,056,566
1,955,115
1,856,949
1,827,734
Operating
$1,011,103
285,426
65.278
Net sales.
payments from its foreign sub¬
Consolidated Income Account for Calendar Years
x
$1,324,359 $15,909,762 $14,834,683
4,622,710
4,791,897
434,022
Continental Baking Co.
exchange provisions.
~
$1,385,975
374,872
-V. 152, p. 2064.
Charles G. Edwards
Operating revenues
Co.—Earnings—
Period End. Mar. 31—
151, p. 1429.
Copper weld Steel Co.—Earnings—
3 Months Ended March 31—
a
Net income
1940
1939
1941
$438,723
$227,687
$200,178
$0.80
$0.46
$0.46
b Earnings per share on 431,714 com¬
mon
shares
a After
all charges including income and excess profits taxes,
b On
514,864 shares of common stock in 1941, and 431,714 shares of common
stock in 1940 and 1939—V. 152, p. 2391.
Volume
The Commercial & Financial Chronicle
152
Corn Products
Refining Co. (& Subs.)—Earnings—
3 Mas. End. Mar. 31—
1941
Profit from operations..
$3,974,245
Other income
422.909
Totahncome--.
Federal & State
1939
1938
$2,803,362
261,448
$3,780,217
321.227
$3,559,007
$3,064,810
$4,101,444
788.652
390.000
taxes.1,900,171/
J
(
822,469
375,000
686,452
375.000
$2,496,984
Depreciation
$2,361,538
$2,003,3^8
430,041
430,042
1,897,500
1,897,500
1,897,500
Period End. Mar. 31—
Net
Net
430,041
1,897.500
Surplus.....
$0.76
3[Mos.End. Mar. 31—
taxes
1949
Earns, per sh.
$331,573
1939
a
1938
a
$309,997
$299,064
600,000
on
$2,988,893 $12,377,606 $11,052,135
105,877
def94,760
defl59,645
$3,094,770 $12,282,846 $10,892,490
854,368
3,215,100
3,587,082
$2,900,466
1,322,783
$2,240,402
1,315,929
$9,067,746
5,269,344
$7,305,408
5,200,565
$1,577,683
702,444
$924,473
681,492
$3,798,402
2,669,435
$2,104,843
2,765,776
*1,877
Cr2,518
$875,239
shs. cap. stk. (no par).
.
Realized losses from sale
of securities—net
$242,981
$1,127,090 def$658.415
Net income...
* Represents loss on sales
therefor.—V. 152, p. 2065.
Mines, Ltd.
$0.48
$0.55
$0.52
$0.50
Includes former subsidiary, since dissolved.
12 months ended March 31. 1941, net profit was $1,098,551,
equal to $1.83 a share, comparing with $1,044,127 or
$1.74 a share for the
12 months ended March
31, 1940.—V. 152, p. 1429.
a
on
of
America, Inc.—New Stock Issue Voted—
cumulative preferred stock and 100.000 additional
Holders of present preferred will be offered the right
new
to
excnange for new preferred on
cash between offering price and
share-for-share
basis plus difference
3.848
15,165
2,165
$954.928
79,510
$996,339
101,437
Drll
Drl36,223
$1,019,797
Net profit.....
$971,014
$1,034,437
$1,097,776
Tentative
underwriting arrangements
headed by Blyth & Co.—V. 151, p. 2798.
have
been
made
Crucible Steel Co. of America (&
Net
1941
before
all charges,
$1,193,156
$1.74
$5.90
...
including
provision for
profits tax.—V. 152, p. 2392,
excess
1940
$3,044,270
per share of common stock..
After
a
group
Subs.)—Earnings—
profit.'...
Earnings
a
>
3 Mos. Ended March 31—
a
with
Federal income taxes,
676.
p.
Dominion Scottish
Dominion Stores,
but
Operating income.
Non-operat ing income
$1,339,855
$118,687
$1,325,949
$110,670
_
Gross income.
$1,436,619
589,014
—
_
_.
....
.
Interest and other deductions
Net income
on
Dividends
on common
$825,737
349,973
382,893
pref. stocks
stock
1940
Assets—
LidbUitles-
Cash in banks and
hand...
on
a
Acets.
631,382
receiv.
mdse.instal.
320.062
<fc
5,211
35,629
84,140
Merch'dise
for
75,155
re¬
sale...
Materials & suppl.
for oper. & const
140.589
137,000
&
98,130
45,981
leased property.
59,146
9,775
131,099
709.597
575,952
70,344
20,345
Reacquir.
11,365
4,201,459
3,818,838
Portland RR.Co 2,788.627
6% cum. pref. stk.
($100 par)
3,999,400
4,023,600
with
1.399,192
1,475,657
5H%
secure,
at cost
b21,780
c
lease
....31,792.915 31,111,151
9,775
taxes
._bl7,143,000
contingencies.
3,500,000
com.
pref.
stock ($100 par)
Common stock..
2,000.000
Total
2,000.000
4,045.750
4,045,750
2.972.582
2.789.798
2236.
Curtiss-Wright Corp.—New Director—
Robert L. Earle, Vice-President of the corporation and
General Manager
of its propeller division, has been elected a director of the
company, which
he has served since 1929.—V. 152, p. 2064.
Cutler-Hammer, Inc.—Earnings—
3 Mos. Ended March 31—
a
1941
Net profit
Earnings per share of
a
After
common
depreciation,
income
1940
$427,101
$0.65
stock
Federal
and
excess
profits
$406,295
$0.61
taxes,
After
V. 152, p.
$0.65
b Includes excess profits
$8,114,000.
c Including E. T. du Pont de Nemours &
Co.'s equity in undivided profits or losses of controlled companies not
wholly owned, amount earned on common stock is as above,—-V. 152, p.
1127.
In controlled companies not wholly owned,
amounting to
Durham Public Service
Co.—Earnings—
1940
Gross operating revenue
—
—
Net operating revenue—
— .......—
Other income—Interest rents and sundry receipts.
Total income—
— -
Interest and other charges—
...
Provision for Federal income taxes—
1939
$1,470,912
992.896
........
Oper. exps., maint. and taxes.
$1,445,106
$478,016
6,554
$483,376
7,156
$484,570
148,759
60,234
$490,532
152,618
153,211
40,368
143,599
$122,366
18,000
56,000
......
$153,945
18,000
56,000
Appropriation for replacements
Common
-
961,730
--—-----
—
dividends
-
....
Balance Sheet
as
at Dec.
31, 1940
utility and other properties at book cost, $3,646,285;
capital stock of affiliated Mutual Service Co., at cost,
$6 000; cash in banks and on hand, $118,253: consumers' accounts receiv¬
able including unbilled revenue (less reserve of $6,758), $107,671; merchan¬
dise accounts receivable (including Instalment contracts extending beyond
one year but less reserve of $18,827). $176,256; other accounts receivable,
$2 117' merchandise held for resale,
$24,705; materials and supplies,
$31 785: prepaid
insurance and other expenses. $13,767; other assets,
$3 484; deferred charges, $149,732; total, $4,280,057.
Liabilities—6% preferred stock. $300,000; common stock ($100 par),
$700 000; funded debt, $2,126,100; current liabilities, $248,104; other
liabilities. $41,601; reserves, $380,148; earned surplus, $484,104; total,
Assets—Public
investment
in
$4,280,057.—V.
152, p.
1430.
Eastern Gas & Fuel Associates—Earnings—
12 Months
Corp.—Earnings—
depreciation,
1747.
1941
stock
Federal
$1.13
1940
and
excess
$114,532
*
$0.55
Depreciation and depletion
T J! fp pAct
an
^
) 940
*
$9,926,336
555,701
...
4,310.125
4,257,421
—^ i
OOP
t
/
604,161
618,027
available for dividend requirements.
$3,203,565
4 M % Prior preference stock.
1,108,730
$1,661,933
1,108,690
profits taxes, &c.—
Div. requirements on
Corp.—Extra Dividend—
extra dividend of 10 cents in addition to the
regular quarterly dividend of 35 cents per share
both payable May 1 to holders of record April 26.
on Feb. 1 last—V. 152, p. 265.
1941
$12,819,867
2,012,772
— — — -
Debt discount and expense—
Net income
Domestic Finance
Directors have declared
income
^
— ....
-
Federal income taxes, current year.
$233,767
common
Ended March 31—
Total consolidated income.
3 Mos. Ended March 31—
a
1,899,956
562,500
&c.
[Including Subsidiary]
a Net profit
Earnings per share of
—
$6,858,706
7,176,571
11,037.947
—V. 152, p. 1746.
Detroit Steel
$9,060,602
1,639,396
_
1,899,956
cumulative-..
Net Income
p.
$23,727,188 $19,075,376
1,639,396
Preferred dividends.——-—————-——-——
the board of directors of this company were filled at
the annual meeting of stockholders held on ADril 16.
Brandon Barringer
was elected a director to succeed the late J. B.
Williams, and Ben Hibbs.
editor of "The Country Gentleman," was placed on the board to succeed
on
Philip S. Rose, resigned.—V. 152,
990,000
562,500
31.792,915 31,111,151
After
Curtis Publishing Co.—New Directors—
-*
2,695,000
Calendar Years—
pref.
Two vacancies
4,205,000
$21,827,232 $16,873,480
c Equity.
19.556,978
22,528,801
17.109,459
Shs. of com. outstanding 11,050.570
11,046,113
11,055.921
Earnings per share
$1.77
$2.04
$1.55
2,556,387
reserves of $64,065 in
1940 and $58,831 in 1939.
b242 share®
stock, 6% cum. at cost,
c Represented by 54,699 no par shares,
d Including $230,018 in 1940 and $227,598 in 1939 attributed to
capital
surplus.—V. 152, p. 2549.
a
2,447,383
from
d Surplus.
Total
58,996
Res. In connection
Due from Portland
..
for
$4.50
a
Reserves
1,789,088
Prepaym'ts & def
Federal
for
income
......
tax
contra
119,544
1,819,053
charges...
352,007
61,002
t
Special deposits...
_
on
Bal. appl. to com. stk_$18.854,205
and int. thereon
Miscell. investra'ts
RR. Co
7.500,000
$27,932,188 $21,770,376 $10,050,602
bonds
13,895
Prov. for Fed. inc.
int. unclaimed-
Other assets
Prov.
59,146
13,300
f
of
rental
Matured divs. andI
11,365
on
Net income...
$20,754,161
Divs. on debenture stock
Divs. on pref. stock—
97.465
fiscal
agents, contra..
7,500,000
$27,945,376 $21,783,564 $10,063,790
13,188
13,188
13,188
Prov.
409,199
deposit with
trustee
7.500,000
$41,397,161
52,908
Accrued
127,000
Cash
65,000
222,046
110,389
$41,397,161
87,493
Accrued taxes
160,226
Unbilled inc.—est.
107,308
from invest,
Total income
158,354
I
34,973
Int. & divs. receiv.
rec.
in Gen. Motors Corp.
8
10,993.000
Other accrd. liabil.
759.052
4,850
$7,111,664
I
on
funded debt
719,296
_■
'
1939
$
Pref. divs. payable
con¬
tracts
Notes receivable.
Income
300,844
10,917,000
Accounts payable.
163.712
Accrued Interest
1938
$33,614,343 $19,781,557 $13,804,717
29,764
14,056
37,289
65,000
65,000
65,000
Inc. from miscell. invest.
195,896
236,477
352,014
Profit on securs. (net)..
loss7,842
348,286
24,544
349,973
1940
S
1939
Income from oper
Interest
1939
$
.25.910,533 25,605,776
.
1940
Inc. from market, securs
a Income from invest
$847,604
Consolidated Balance Sheet Dec. 31
Fixed capital...
1941
operating revenues..$109,145,959 $78,503,803 $66,641,738 $52,094,385
Costs & oper. charges... 58,493,013
42,946,378
38,811,792
32,787,646
Sell., gen. & admin, exps 11,163,659
10,958,296
9.304,093
7.885,994
Prov. for depr.&obsol..
5,874,944
4,817,572
4.721,136
4,309,081
104,102
632,805
....
Dividends
3 Mos. End. Mar. 31—
net)
and
other
Sales
389,998
206,295
19,704
.....
.........
Ltd.—Acquisition—
Marketerias, Ltd., have approved
company
(E. I.) du Pont de Nemours & Co. (& Subs.)- -Earnings
$4,802,555
2,709,768
46,738
$1,458,543
*
whereby this
1939
$5,017,760
2,810,933
45,501
—V—
393,441
290,848
30,652
106,529
— .
Investments, Ltd.—Accum,. Div.—
an agreement
purchases as going concerns two stores owned
by the former company in Toronto, it is learned.
This will give Dominion
Stores 128 outlets in the Toronto district.—V. 150,
p. 3659.
(Including Cumberland Securities Corp.]
Provision for Federal income tax
Provision for Federal income tax of lessor
Other Federal taxes
allowance is made for depreciation, denleor contingent reserve accounts.—V. 152,
paid on June 1, 1940;
Sept. 1,1939:70 cents on June 1,
1939; 50 cents March 1, 1939, and Dec. 1 and Sept. 1,
1938, and a dividend
of $1 paid on June
1, 1938—V. 152, p. 984.
Co.—Earnings—
1940
114.610
*52„c.?nt5 on March 1.1940, and Dec. 1 and
Creditors of Miracle
Years Ended Dor .31—
Operating revenues
Operating expenses..
Social security taxes
Other State and municipal taxes..
♦
The directors have declared a dividend of
$1.05 per share on account
of accumulations on the
5% cum. red. preference stock, par $50, payable
June 2 to holders of record
May 30.
Dividends of 50 cents were paid on
March 1 last and on Dec. 2 and Sept.
1.1940; 75 cents
of sale
Cumberland County Power & Light
no
adjustment of surplus
in
Shares not exchangee
redemption price.
will be redeemed.
1938
$1,845,157
655,880
190,774
656.968
197.677
$992,627
Note—-In the above figures
*
1939
$1,824,737
18,000
Miscellaneous earnings.
Foreign exchange loss...
April 18 voted approval of issuance of a new class of
common shares.
Plans approved call for issuance
1940
$908,156
111 ,652
Operating profit
Preferred and additional
of 30,000 shares of
shares of common.
provided
reserve
$1,992,136
660,129
335,533
357,255
Outside exploration writ¬
ten off
_
Creameries
Stockholders
of
excess
Earnings—
3 Afo.s. End. Mar. 31—
1941
Total recovery
$1,958,021
Devel., oper. & gen .costs
674.609
Taxes
...
For the
of securities in
,
Dome
1940
$289,127
....
36,152,602
$3,724,484
8,849
832.867
Balance.
$0.99
$0.62
Corp.—Earnings—
Net profit after all chgs.
36,040,525
profits
Deplt. & depreciation..
Cream of Wheat
9,573,633
$3,733,333
cos...
Fixed charges....
$0.82
&242^ stock. both payable May 15 to holders of record April 29.—V. 151,
and
of all
excess
&c-
$595,251
$33,997 def$324,184
have declared an extra dividend of three cents
per share in
the regular quarterly dividend of five cents
per share on the
to
revs,
(no
taxes)
152, p. 1746.
Directors
of cos. consol
of cos. not cons
Taxes
Corporate Investors, Ltd.—Extra Dividend—
addition
9,882,379
Net before fixed
chgs..
$169,442
Earnings per share on
2,530,000 shares com.
stock (par $25)
1941—12 Mos.— 1940
$13,606,863 $12,562,526 $48,418,131 $47,204,737
revs.
revs,
Net
Preferreddivs. (l'i)....
Common divs.........
1941—3 Mos.—1940
£ross
Expenses
"$2,922,793
430.041
Net income
—V.
Delaware & Hudson Co. (&
Subs.)—Earnings—
1940
$3,309,593
249,414
$4,397,154
2701
the common stock,
Extra of 40 cents paid
on
,
<
6% preferred stock before
dividends
$2,094,835
preferred stock
$5.60
Balance available to
State taxeson
Earned Der share of 6%
—V. 152, p.
2067.
$553,243
$1.48
»rL
2702
Duquesne Light Co.
1940
Net oper.
180,100
179,680
2,450,000
315,903
7,731
2,450,000
2,450,000
315.941
43.857
315,941
5,399
2,450,000
315.946
21,618
500,000
deductions
169,307
129", 568
132,443
Int.chgd. to constr.—Cr.
52,626
118,621
32.581
Rents for lease of prop—
Int.
on
funded debt
Amort, of dt. disc. & exp
Other interest
—
—
Approp. for spec, res've.
Other income
41,087
153,419
Net income
Common
—
Balance.-
379,301
$946,816
9,661
Interest and amortization..
$10^024
——$ 10,353.023
1,375,000
Balance
—---
not consider that they
i^t'5'909
$753,636
$513,699
$133,182
$4.05
$4.20
$3.59
$4.05
1940
1,707,793
3,249
3,205
508
500.108
475,376
Mat'ls & supplies-
198,388
195,179
25,313
(including intangibles), $171,arising from appraisal of PrpP^ty
(including intangibles), $19,074,489; investment and fund accounts. $6,796.038; cash on hand and on deposit (including $1,100,000 time deposits),
$3,315,661; special deposit, $50; accounts receivable, customers (including
instalment receivables of $234,497), $2,439,709; indebtedness of affiliated
companies, $187,963; accounts receivable (trustees of Pittsburgh Rys. and
Pittsburgh Motor Coach Co.), $126,215; accounts and notes receivable
(other), $22,264; materials and supplies (operating and construction, at
cost), $.3,128,827; prepayments, $176,103; other current assets, $70,303;
deferred charges, $10,905,335; capital stock expense, $406,268; total $218.plant and equipment
948, 480; property, plant and equipment
ronstruction
earned
East Tennessee Light &
[Including former subsidiary,
[Includes Mesilla Valley
1
$592,374
359,578
Gross income-
Balance for
489,249
—'
$476,414
$390,080
consider that it has any liability under the Excess
Profits Tax Act of 1940.
Net income.
Earned surplus as at Dec. 31,
$232,795
345,163
.
-----
1939-
Balance Sheet
surplus
$577,959
-
Deductions
229,044
_
cash
110,110
-
-
Plant &
31, 1940
Balance Sheet
as
_
at Dec. 31,
$238,804
—-
693,696
1,284,919
1,595
hand
1,020
associated
10,339
co
$750,130
354,850
30,776
115,777
1941—12 Mos.—1940
$9,426,363 $8,979,836
4,601,889
4,312,799
397,620
428,591
1,595,469
1,296,701
$247,504
13,057
$248,727
$2,831,386
3.755
55,574
$2,941,744
7,131
$260,561
65.500
$2.52,481
64,510
$2,886,959
788,969
$2,948,875
777,399
Maintenance
(incl. inc. taxes)
Net oper. revenues.-_
Nonoper. income—net..
Retire,
accruals-
reserve
Gross income
$187,971
36,130
$2,097,990
434,697
$2,171,477
438,871
63
12.481
10,893
$151,778
$1,650,812
B. V. G. & E. Co_
77,652
$1,721,712
77,652
$195,061
35,937
Interest & amortization.
Miscell. deductions
868
Balance
$158,256
Preferred dividend deductions;
Balance----.—
23,743
$1,549,417
—
$1,644,060
24,874
$1,619,186
$1,573,160
.
Applicable to minority interest
Applicable to E. U. A
Eaton Mfg. Co. (&
Subs.)—Earnings
Quar. End. Mar. 31—
1941
Net
profit
Earnings per
common
$937,878
$1.39
share
1939
1938
$725,999 Ioss$199.042
1940
$982,712
$1.33
stock
Nil
$1.03
Ebasco Services
-V.
152,
„
.
8,000,000
170,871
43,025
25,032
Unamort. dt. disc.
267,031
295,388
55,263
and expense
Other defd debits
.
of client operating
Increase
.
Operating Subsidiaries of—
1941
1940
Amount
American Power & Light Co. 138,246,000 120,095,000
Electric Power & Light Corp. 65,102,000
59,557,000
National Power & Light Co.
87,509,000
82,119,000
The above
18,151,000
5,545,000
5,390,000
figures do not include the system inputs of
appearing in both periods/.—V. 152. p. 2393.
any
P. C.
15.1%
9.3%
6.6%
companies not
16,257
.
Customers' deps..
102^419
89,405
Int. & taxes accr..
333,775
281,416
15,924
34.288
17,375
15,466.281
28,341
1,613,883
1,384,703
1,245.588
1,034,630
Defd credits
Reserves
—
16,114,237 15.466,281
b Represented by 150,000 no
Total
Represented by 7,785 no par shares,
shares.—V. 152, p. 425.
Empire District Electric Co.—Earnings—
1940
1939
$3,617,888
2,316,174
$3,410,222
2,165,592
$1,301,714
$1,244,630
Calendar Years—
Total gross
operating revenues
Operating and other expenses
Net
— —
operating revenue
25,446
23,746
$1,327,160
629,509
57,697
9,574
10,411
$1,268,377
Other income
Gross income
Interest
on
—
137,019
funded debt
Amortization of bond discount and expense
Interest
on
other debt
Federal & States taxes on bond int. coupons
Int. charges
Net income
—...
Preferred dividends
629,938
57,697
7,635
12,642
Crl3,305
83,600
$497,849
442,920
$490,169
442,920
CV14.900
collected on instalment sales
Provision for Federal income tax
... —
Balance Sheet at Dec. 31. 1940
Assets—Capital assets, $26,799,499; current assets, $1,076,259; other
deferred charges, $679,693; total. $28,640,479.
Liabilities—6% preferred stock (par $100), $7,382,000; common stock
($100 par), $1,942,900; funded debt, $13,118,000; current liabilities (ex¬
clusive of 1941 requirements in respect of funded debt), $816,098; other
liabilities, $8,695; reserves, $3,032,573; earned surplus, $2,340,212; total
$28.640.479.—V. 152, p. 2550.
Engineers Public Service Co.—Report for
Barnes, President, states in part:
Quarter Ended March 31—
Net profit
Earnings per share of common stock
all charges including
profits taxes.—V. 152,
p.
2067.
1940—D. C.
1940, substantially the same as for 1939.
Expenses of the company in¬
creased, due largely to the cost of preparing information for presentation
before the Securities and Exchange Commission in connection with Section
11 of the Public Utility Holding Company Act.
The increase in taxes
resulted from the rise in the Federal income tax rate.
Net income avail¬
able for dividends and surplus in 1940 was $3,394,169 as compared with
$3,457,407 in 1939.
Dividends on the preferred stocks amounted to
$2,285,192, leaving a balance for common stock and surplus of $1,108,977,
equivalent to 58 cents a share, compared with $1,162,624 or 61 cents a
share in 1939.
The combined
operating revenues of the subsidiary companies in 1940
an increase of $2,848,725 over 1939.
Half of this in¬
$57,093,653,
were
crease was
Co.—Earnings—
a
After
256,973
11,677
Divs. declared
absorbed by rises in taxes and an
by increased costs of operation, including
Electric Auto-Lite
a
76,142
34,924
Agent acct., El P.
Earned surplus...
par
500.000
132,954
which
$3,715,059 in
companies of Ebasco Services, Inc., whicn are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940, were
as follows (in kilowatt-hours):
„
8,000,000
Earnings—Gross revenues of company (the parent company),
consist of interest and dividends on securities owned, were
Inc.—Weekly Output—
For the week ended April 17, 1941, the System inputs
■
Long-term debt.—
Notes payable.—
on
*589^ <*epreciat*<m' Federal income and excess profits taxes.
_
3,000,000
assets, $85,029;
—V. 152, p. 2067.
a
3,848,691
Other curr. liabils.
198,388
Prepayments
a
$852,906
415,297
31,728
158,377
Operation.
768,704
Juarez Tr. Co.
Mat'ls & supplies-
Subs.)—Earnings-
1941—Month—1940
Operating revenues
3 87",061
500,108
Total .———16,114,237
Eastern Utilities Associates (&
768,704
from
receiv.
Acct.
Assets—Capital assets, $10,719,253; current assets, $727,634; other assets,
$18,524; deferred charges, $270,818; total, $11,736,229.
Liabilities—$6 cumulative dividend preferred stock (17,745 shares, no
par), $1,624,849; common stock (44,542 shares, no par), $2,227,000; funded
and other long-term debt, $6,029,500; current liabilities (exclusive of a nnual
sinking fund requirements in respect of funded debt), $523,741; other
liabilities, $1,608; reserves, $1,090,728; earned surplus, $238,804; total,
$11.736,229.—V. 152, p. 2550.
$6 cum. pf. stk..
a
Accounts payable.
508
Warrants rec'le
Accts. rec'le (net).
1940
$
$
Liabilities—
b Common stock..
Cash in banks and
on
1939
1940
S
other inv.14,354,623 13,275,394
5
Special deposits—
Earned surplus as at Dec.
31
Dec.
1939
1940
Assets—
Balance
13.994
dividends and surplus.-
Company does not
x
61,696
345,461
—
Interest and amortization.
-.
$900,406
510,326
184,282
108,571
367,438
—
_
_
$886,412
$965,664
-
Other income (net).
Balance
400,338
$954,574
11,090
-
income taxes..
Other taxes
$586,895
5,479
Net operating revenue
Taxes
401,099
188.236
»<.
Federal
$3,140,735
1,262,543
$3,362,050
...
Operation
Depreciation.
$1,9o8,368
1,371,474
allowances)
Other income
Period End. Mar. 31—
(Texas)—Earnings—
Electric Co., dissolved Dec. 31, 1940]
1940
1939
1,342,129
Operating revenues
x
77,636
1,452,045
..18,486,871 18,145,232
Total
Ended Dec. 31, 1940
(after deducting
Operating and other expenses
Gross operating revenue
Interest and other charges.
El Paso Electric Co.
1,685,871
shares.—V. 152, p. 2550.
Maintenance-
Power Co.—Earnings—
Tennessee Eastern Electric Co.]
Income Account Year
Represented by 58,282 no par
a
57,421
322,918
35,449
33,433
77,636
1,579,839
18,486,871 18,145,232
Total
81,174
100,081
11,877
Capital surplus...
surplus...
no par), $56,813,120; first mortgage 3Yi% bonds, due 1965, $70.000,000; accounts payable, $739,821; customers' deposits, $43,955; accrued
salaries and wages, $307,478; accrued taxes, $6,349,976; accrued interest.
$205,549; other accrued liabilities, $13,056; dividend declared on preferred
stock, $343,750; indebtedness to affiliated companies, $96,097; deferred
credits, $392,471; reserves, $23,465,047; retirement reserve arising from
$4,541,910: contributions in aid of
8,000.000
Earned
shares,
$1,911,912; surplus arising from appraisal of property, $14,532,579;
surplus, $11,340,987; total, $218,597.705.—V. 152. p. 2293.
8,000.000
132.955
payable.
Dividends declared
decl'd (sub. co,)
(2,152,828
$27,500,000; common stock
2,914,100
Long-term debt—
597,705.
Liabilities—First preferred stock,
2,914,100
Subsidiary co
45,743
102.419
18,740 Customers' deps.Int. & taxes aecr..
369,193
Other curr. liabils.
15,924
Defd credits---.17,375
Reserves..
1,834,905
Cum. pf. divs. not
55,322
Other def'd debits-
17.600
768.704
Common stock..
a
295,388
267,031
-
non-
17.600
768,704
Accounts
Unamort. dt. disc.
and expense
6%
cumulative.-.
43,025
Prepayments
B
Ser.
2,598,800
2,598.800
Ser. A 7% cum.
1,936,311
Notes & war'ts rec.
31, 1940
5
5100):
Special deposits—
hand
1939
$
(par
stocks
Pre!,
Accts. receiv. (net)
Dividends paid in
under the
31
Liabilities—
Cash in banks and
on
Balance Sheet, Dec.
Total
$225,409
$289,135
have any liability
1939
$
$
Plant & other inv. 15,482,928 15,424.236
A ssets—
2,152,-
828 shs. of com. stk.
outstanding (no par).
of property.
437,626
46,710
182,972
46.710
Consolidated Balance Sheet Dec.
1940
8,611,312
7,211,974
$797,217
Balance, surplus
appraisal
13.813
182,972
Electric Co. (Del,)—
-—
The companies do
$9,100,673 $10,119,494
1,375,000
8,288,388
8,180,746
Assets—Property,
$892,716
requirements of subsidiary company
Preferred divs. of El Paso
x
$878,903
$956,477 "
437,660
...
-
Preferred div.
189,592
415,339
84,168
358,443
.
Excess Profits Tax Act of 1940.
dividends
dividends
Earns, per sh. on
Federal income taxes
Net operating revenues...
Other income (net)
Cr894
Min. int. in inc. of a sub.
Preferred
------—_ _
Other taxes.-2-.-
$9,100,673 $10,118,600
——$10,353,023 $10.417,024
Balance...
x
$3,230,433
1,303.987
192,771
416,099
134.908
Maintenance
Depreciation
186.904
1940
$3,457,534
1.387,639
Operating revenues
Operation
$12,028,262 $13,677,201
..$13,243,339 $13,312,862
Gross income.
18,115.334
^H-888.077
140,184
-
Comparative Consoliaated Income
1937
$32,876,339 ^30,071.699
19,718,637 18,183,522
revenue.,-_$13,160,537 $13,157,701
82,801
155,161
Other income
(Del.) (& Subs.)—Earnings—
Statement for Calendar Years
1939
EI Paso Electric Co.
Subs)
for Calendar Years (Incl.
1939
1938
Operating revenues
$35,200,406
Oper., exp«, maint. & tax 22,045.869
April 26, 1941
Commercial & Financial Chronicle
(& Subs.)-—Earnings
Consolidated Income Account
*
■
t
The
additional substantial amount
payroll.
The final balance ap-
asis
Slicable to the parent company common stock and surplus on $2,961,755, or
$3,068,667, or $1.61 per share, compared with a consolidated
was
1941
$2,019,597
$1.69
1940
$1,632,784
$1.36
provision for Federal income and excess
per share, in 1939.
In the consolidated figures
$1.55
Co.
Co.
in
the earnings of Puget Sound Power &
value of this
Light
Public Service
estimated loss
investment, including provision for a considerable period
eliminated from the balance applicable to Engineers
because of the provision made in the balance sheet for
are
The
152
Velum*
in advance for loss which may
be sustained because
All
divi¬
divi¬
$86,758
and
Section
was
proceedings
the
the Com¬
the
would be met
such
.
11(b)(1) of the Public Utility Holding Company Act and
answer
filed.
Company subsequently filed a motion to dismiss the
which the SEC construed as a request to give its interpretation of
sec¬
tion as applied to the Engineers system.
On March 11, 1941,
mission issued its statement of its tentative conclusions, which are that
requirements of the geographical standards of the section
with, respect to the Engineers system if it disposed of all of its
except Virginia Electric & Power Co. and Savannah Electric
or, in the alternative, except Gulf States Utilities Co. and
Co. (Del.), and, in the case of the choice of either of these
it would be incumbent on the company to prove that the other
ments of the section were met as to the Savannah or El Paso
as the case may be.
In connection with the statement, the
reconvened the hearing on March 25, 1941, at which time certain
issues were discussed.
Further hearings are scheduled to begin on
1941, at which hearings the company expects to present
it bedeves will show that the requirements ol the section, as
oy
the company, would be met if the company continued to control
prop¬
erties of Virginia Electric & Power Co., Gulf States Utilities Co.
Paso Eiectric Co. (Del.).
There is the further question of the
tionality of this section.
Until these matters have been
impossiole to state what the ultimate effect of this action
on
company and its subsiaiaries.
Considerable work has been
company and its suDsidiaries preparatory to presenting
case
subsidiaries
& Power Co.,
El Paso Electric
alternatives,
require¬
companies,
Commission
oroad
April 8,
evidence which
construed
the
and El
constitu¬
determined, it is
will be
the
done by the
their
before
repeatedly pointed out that
its subsidiaries enjoy
of
has contributed $30,000,000 to the equity base
its subsidiary companies and in addition $9,500,000 of surplus earnings
have been retained in the surplus accounts of subsidiaries.
The building
up in the subsidiary companies of an unusually competent key
through special training and broad experience in several locations and over
a long period of years and the consistent maintenance of sound management
policies through supervision by central office executives so
the Engineers company
personnel
trained and
developed, have proven valuable to the subsidiaries.
Substantial econo¬
mies have been realized by the operating companies through group opera¬
tion of important services furnished at cost, such as cooperative use of
experts in various fields and savings in the cost of materials and equipment
through grouping of purchases.
The results which have been achieved by
this method of operation over a period of years are evidenced in che generally
efficient conduct of che business and in the progress which has been made
lyi
ng r&tGs,
'*
El Paso Natural Gas Co.—In 1936 the company made a substantial
investment in the common stock of El Paso Natural Gas Co.
Because of
the Public Utility Holding Company Act, Engineers could not own the
stock directly, since the shares proposed to be purchased constituted con¬
trol
defined in the Act.
Consequently the stock was purchased with
as
trustee for
reported, blocks of
held
51,357
total
stock
does not
constitute control under the Act, the company recently arranged to transfer
the stock to direct ownership.
A dividend of $2 per share has been paid
this stock in each of the past four years.
The earnings per share were
$3.75 in 1940 and $3.74 in 1939.
Other than these shares, the Engineers
company has no investment outside of its subsidiaries.
,
,
Financing—The major financing operation undertaken during 1940 was
the refunding of the senior securities of El Paso Electric Co. (Texas).
On
Dec. 30, 1940, $6,500,000 first mortgage 3M% bonds due 197G and 15,000
shares of $4.50 dividend preferred stock were publicly offered through
underwriters.
On Jan. 7, 1941, the proceeds, together with the proceeds
of a $1,000,000 note placed with a bank, bearing interest at 2%-2lA%
and maturing serially over a seven-year period, were used to call the $8,000,000 first mortgage 5% bonds due 1950 and 7,785 shares of $6 dividend pre¬
ferred stock.
In connection with this transaction the property and busi¬
of Mesilla Valley Electric Co. were acquired by the El Paso Electric
Co. (Texas) through a contribution by El Paso Electric Co. (Del.), and
Mesilla Valley Electric Co. was liquidated.
The total saving in charges
initially resulting from these transactions amounts to $110,000 annually
in consolidated earnings.
Following the completion of these transactions
in January, 1941, El Paso Electric Co. (Del.) used surplus funds amounting
to $1,150,000 to buy in 10,221 shares of its 7% preferred stock under ten¬
ders, including 2,520 shares out of 3,377 shares owned by Engineers which
had been tendered at cost, namely, $114.10 per share.
The retirement of
the publicly held shares will result in a further saving of $51,700 annually
furnished by the company and held by an independent
the beneficial interest of the company.
As previously
this stock have been soid, reducing the amount presently
to
shares, which constitutes less than 9% of the present
common
of El Paso Natural Gas Co.
Since ownership of such a percentage
funds
...
Depreciation
,
Federal income taxes
........
$17,184,303 $17,709,454
7,581,205
8,037,488
Balance
Interest and amortization
preferred stocks, declared
2,877,514
Cum. pref. dividends earned but not declared.1,386,058
Amount applicable to minority interests
....
16,396
2,320,906
$5,320,130
7,828
$5,181,303
17,578
187,605
56,760
178,713
67,372
Dividends
on
Balance
a
amortization
b Dividends not declared and
Earnings from sub. cos. incl. as
Preferred dividends
deductions above:
declared....
•;
Interest
in consolidated
-v'
earnings.
Early in 1941 it became
would need
apparent that
Virginia Electric & Power Co,
additional funds to take care of large construction requirements
accelerated by the needs of the national defense program.
The
$4,660,000 of new money needed, in addition to the estimated amount
available from earnings, was arranged for as follows: (1) The Engineers
company made a contribution of $1,000,000 to the capital of this company
in February, 1941; (2) the company made a contract to sell privately to
three insurance companies $3,000,000
3 H% 30-year bonds at 106 3^
(2.8% yield basis to maturity), and (3) an arrangement was made to in¬
crease by
$500,000 on Sept. 1, 1941, the bank notes now outstanding.
At the same time a reduction of the interest rate from 3% to 2M % "was
arranged with respect to these outstanding notes to banks and a similar
reduction of the interest rate from 3% to 2)4% was worked out with respect
to the outstanding notes to banks by Gulf States Utilities Co.
The Puget
Sound subsidiary paid $3,195,000 of mortgage debt at maturity and reduced
notes payable and other debt by $613,000.
Two other subsidiaries paid
maturities aggregating $1,170,000 during the year on serial notes held by
which
were
buy
largely with the proceeds
(Del.) 7 % preferred
was held on April 2
1941, and the Commission rendered its decision (see below).
Income Statement (Parent Company Only) for Calendar Years
1939
1940
has made application to
The company
320,860
Revenue from
subsidiary companies:
102",7i4
12
Preferred
I nterest—Bonds.
,. .
Time notes.
Dividends on miscellaneous
56,760
_
investment
_ —
..
Federal income taxes
Other taxes
Balance for
.....
....
dividends and surplus
Preferred dividends
Balance for common stock
$3,716,891
$3,715,059
_
Expenses>»■•■■,
a
124
187,605
—
Miscellaneous revenue
Total..
$3,367,968
178.713
63,195
4,177
102.714
$3,367,968
Dividends—Common
and surplus
104,028
32,778
126,785
36,550
$3,394,169
2,285,192
$1,108,977
$3,457,407
2,294,783
on
a
The company
Profits Tax Act of
1940
,
1940
;
$
$
stock.....42,301,500 42,301,500
Invest, in sub. cos.57,508,310 57,508,310
Miscell. invest....
427,975
427,975 Com. stk. ($1 par) 1,909,968 1,909,968
Accounts payable66,659
29
Cash in banks
4,797,779
3,598,855
Taxes accrued^
168,593
145,530
Liabilities—
$
1
a
Int.
&
divs. rec.
40,560
.(sub. cos.)
Total
Pref.
40,813
62,774,624 61,575,954
Capital
surplus...14,857,228 14,857,228
3,470,676
2,361,699
Earned surplus...
Total
62,774.624 61,575,954
156,001 shares $5 (cumulative) dividend preferred (no
par), 193,831 shares $5.50 cum. div. pref., and 73,183 shares $6 cum. div.
preferred (no par).
a
Represented by
b On
subsidiary company),
in subsidiaries.
Note—The companies
the Excess Profits Tax
do not consider that
Act of 1940.
they have any liability under
Dec. 31
Consolidated Balance Sheet
1939
1940
.
1
in
Cash
and
hand..
69,443,863
78,679
78,679
on
pf. stk_.
NoteB
120,213
97,177
143,600,000 143,715,000
payable
5,478,334
to banks
Accts. receivable
5,965,368 Bonds due with¬
in one year—
2,721,858
251,175 Notes pay.(cur.)
Accts. payable..
5,800,247
3,012,097
258,222
(net)
Mat*Is & suppl's
Prepayments...
debt
Unamort.
disc. & exp___
Other def. debits
361,268
6,655,350
11,000
3,233,000
2,020,139
1,692,843
51,257
850,482
1,574,092
2,171,428
177,333
Divs. declared..
10,147,945
154,172
9,336,092
1,909,968
Prem. & disct.
Preferred stk.
Bonds
receivable
42,301,500
69,443,744
1,512,819
3,260,204
110,067
K
$
■
Sub., companies:
U. S. Treas. sec.
at cost
'
42,301,500
1,909,968
stock.
Common
9,913,259
12,190,680
Special deposits.
Notes & warr'ts
$
Preferred stock.
banks
on
1939
1940
,
Liabilities—
1$
Plant&oth. inv.341,871,192 334,525,063
j^-SSCtS
879,150
Cust. deposits..
Int. & taxes accr.
Other cur. liab..
Def'd credits
-
Parent co's. res
a
Cum. pref.
4,959,996
202,462
368,962
444,602
34,240,614
14,975,679
30,925,581
16,322,932
310,865
25,048,620
7,640,080
14,727,538
15,220,918
divs.
declared
not
(sub. cos.)
b
6,330,912
173,149
...
Reserves
Minority ints.
Capital surplus.
Earned surplus.
306,105
25,029,579
4,803,209
j,
For
a
..373,037,043 368,572,077
Total
373,037,043 368,572,077
JTotal
depreciation in value of investments in subsidiaries, $35,000,000,
deductions,
b In common capital stocks and surplus of sub¬
less certain
sidiary companies (surplus, less
Note—The companies do not
May
5,000 Preferred
Acquire
The Securities
deficit, 1940, $13,777; 1939,
consider that they have any
$9,017.
liability under
Tax Act of 1940.
the Excess Profits
and Exchange
?>.;
Shares—
Commission approved on April 19 a
declara"
acquisition and retirement of not
stocks. Of this order the
tion of the company providing for the
more than 5,000 shares of its own preferred
Commission said in part:
acquisition will be either by a call for tenders and by purchases
York Stock Exchange or both.
The reason that the company
this amount of preferred stock is that it feels that it has
ample funds on hand to meet its current needs and the needs
sidiary companies.
^
"Tenders at the lowest prices will be accepted, first taking into con¬
sideration the difference in yield in the three series of preferred
It is estimated that the saving in annual dividend requirements
"The
the New
on
desires to retire
of its sub¬
stock.
accruing
Engineers will be from $25,000
of shares of each class of preferred
to
Tenders for
depending upon the number
stock acquired."
to $30,000,
C:':
Preferred Stock—
will until 10:00 a. m., May 22 receive bids for the sale to it of
shares of its three series of preferred stocks ($5 cum.
conv. $5.50 cumulative and $6 cumulative), at lowest prices offered.—V.
152, P. 2396.
|T-;
^
Company
no
more
than 5,000
Equitable Office Building
The first
hearing on the
Corp.—Hearing May 23— <
petition for reorganization
under Chapter 10
Act will be held in the U. S. District Court on May 23,
This information is contained in a letter sent to holders of the 35-year
of the Bankruptcy
1941.
5%
is
sinking fund debentures
headed by Harry
Amott, Baker
by a newly formed
R. Amott, as Chairman.
Inc.—V, 152, p. 2550.
Empire Gas &
Fuel Co.—Earnings—
f
earnings...
Operation, maint.,
-
•
1940
1939
1938
$89,296,842 $82,119,139 $82,024,125
deprec., and taxes
77,728,474
$11,568,368
2,328,977
operating revenue
Non-operating income...
Net
Total
protective committee which
Mr. Amott is President of
& Co.,
Calendar Years—
Gross
73,728,574 72,282,224
$8,390,565
2,630,823
$9,741,901
5,084,675
..$13,897,344 $11,021,388 $14,826,576
9,132,431
9,965,320 11,627,862
520,604
569,785
845,142
1,924,700
710,600
294,000
641
6,905
32,158
earnings
Interest charges
Amortization of bond discount
Provision for income tax
Fed. & State taxes on int. coupons..
$0.61
1939
$1.55
Co. (before allowing for un¬
preferred stock and amortization on bonds owned by parent company
included in charges above,
c In excess of its preferred dividend require¬
ments for the year, transferred to reserve for depreciation in investments
Net income
—
-
$2,318,968 def$231,222
Consolidated Balance Sheet
the Excess
:
$2,961,755
$1.61
Applicable to Engineers Public Service
earned cumulative preferred dividends of a
:'A$SCtlhmmm
31 (Company Only)
1939
$5,256,538
2,294,783
$3,068,867
....
a
1940.
Balance Sheet Dec.
2,285,192
stock and surplus..
share of common stock
Balance for common
Earnings per
31,783
...
Co... $5,354,159
applicable to stocks of Eng. P. S.
pref. stock of Eng. P. S. Co
Balance
$1,162,624
stock
$0.58
does not consider that it has any liability under
Earnings per share of common
$o,288,321
Earnings of subsidiary company
122,677
.157,555
259,484
$5,354,159
Balance.
the SEC for permission to
5,000 shares of its outstanding preferred stock,
of the 2,520 shares of El Paso Electric Co.
stock mentioned above.
Hearing on this application
102,838
$5,547,805
Expenses and taxes...
banks.
of the sale
17,505
•
102,726
_
Total
c
2,152,250
$5,675,049
Earnings from other sources
on
ness
1940
1939
$57,093,653 $54,244,928
20,928,650 16,641,438
3,841,919
3,532,073
6,338,983
6,084,073
2,590,241
1,339,306
6,040,560
5,682,383
$17,353,299 $17,965,654
Drl68,996 Dr256,200
Net operating revenues
Other income (net)
certain
comparable independent companies.
The
of the holding company assist in obtaining
money from the sale of senior securities.
Since it was formed
advantages not available to
financial support and prestige
the lowest cost
Maintenance
Divs.
the Commission.
Company has
Calendar Years—
Operating revenues
Operation
Other taxes.
Years
for Calendar
Consolidated Income Account
of the accrual or un¬
dividends on preferred stock of that company.
other subsidiary companies earned and paid their regular preferred
dends in 1940, although two of these companies now have preferred
dends in arrears whicn at the end of 1940 amounted in total to
with respect to stock held by the public.
Public Utility Holding Company Act—In February 1940 the company
its subsidiaries were cited to file an answer as to compliance with
cumulative
earned
2703
Commercial & Financial Chronicle
a
'L
Leaseholds, oil and gas
$2,027,414
Dec. 31, 1940
... ;
.:
'
■ * ■' ' '*
producing properties, pipelines, &c—$387,008,678
11,624,950
189,899
6,632,863
rev.), less
4,674,281
1,981,968
Other accounts and notes receivable, less reserve—...——
220,443
Crude and refined oils at cost
- - - -—
12,082,344
Materials and supplies (including construction materials)
3,830,993
Prepaid insurance, taxes and other expenses.
391,619
Other assets.
74,656
Deferred charges
1,869,861
Total
$430,582,553
cost
Investments in affiliated pipe line companies at
Miscellaneous investments at cost or less
Cash in banks and on hand
—
Customers' accounts rec. (incl. unbilled
reserve
Affiliated companies' current accounts and acceptances
-
....
2704
The Commercial & Financial Chronicle
''
Liabilities—
b Preferred stocks
Common stock (750,000 shares no par)..
Minority common stockholders' Int. in cap. stock of sub. CO..
Funded and other long-term debt.
Notes payable to Cities Service Co. (parent, of which $53,-
$54,424,737
37,405,357
161,539
87,772,176
..
......
525,726 due
demand,....
Notes payable, banks (secured $5,300,000)
Notes payable, others
,Accounts payable
Accounts payable, affiliated companies.....
Accrued interest, taxes and other charges..
on
72,265,726
6,550,000
878,000
3,439,837
107,389
2,101,636
1,893,180
4,440,582
143,563,744
12,541,958
3.036,690
..........
.
Provision for Federal income tax...............
Other liabilities
.......
c
Reserves
.....
....
Capital surplus
Earned surpl us.
.
.
^
...
...........
.
Total
.
.
Including intangibles, $25,362,198, together with the amount ($38,699,918) by which the investment in securities of subsidiary companies
herein consolidated exceeds the equity in the net assets thereof at re¬
Erie
Fairchild Engine & Airplane
option provides that the shares covered thereby may be purchased at $3
per share at any time prior to Dec. 31, 1944, so long as the optionee remains
in the
employ of the corporation, one-third of the stock purchase rights
option accruing Dec. 15, 1941, Dec. 15, 1942, and Dec. 15,
152, p. 2394.
under such
1943, respectively.—V.
Family Loan Society, Inc.—Balance Sheet March 31[Including Wholly Owned Subsidiaries]
1941
March—
1941
From .Jan.
Gross from
1940
1939
—V. 152, p. 2067.
•
New
$6,445,535
1,701,415
939,943
$5,491,776
23,623,494
7,774,625
4,782,479
20,045,142
5,062,698
2,458,984
18,417,162
4,406,313
2,048,734
15,721,893
2,209,105
def269.208
811,870
16,866
r
152, p. 2067.
■
$5,000,000 has been approved by an
Willkin of the Federal Court at Clefeland,—V.
N.
1,992,076
tel mortgage)...12,858,800
11,131,387
7
A total of $250,000 20-year 4%
sinking fund debentures, due June 1,
1956 has been called for redemption on June 1 at 102 and accrued interest.
at the First National Bank of
Chicago.—V. 152,
•7 777;,-
Period End. Mar. 31—
248.653
217,877
Pref. series B
2,377
4,430
64,798
3,365,340
15,234
1,774,890
500,000
Common stock
500,000
■'
909,149
905.222
Capital surplus.
1,000
2,871,144
1,786,985
1,618.817
219
194,039
2,901,397
Earned surplus...
re¬
161,468
ceivable, miscell.
fixtures
&
(deprec. value).
Deferred charges..
82,651
64,737
18,790,336
Total.
16,722,135
Total
....18,790,336 16,722,135
Note—Consolidated earnings for the 3 and 9 months ended March 31,
1941 and 1940 appeared in the "Chronicle" of April 19, page 2550.
(& Subs.)—Earnings—
3 Months Ended March 31—
•
1941
Earnings
a
per
After
share
on com.
depreciation,
stock
Federal
.
1940
$181,163:
$0.65
Net Income
-
income
and
1939
$109,299
$145,982
$0.52
$0.39
profits
excess
taxes,
Federal Screw Works
1941
1940
Net profit
$58,256
$31,475
$0.19
$923,707
521,798
57,297
197,058
$901,473
491,081
70,538
168,245
$8,487
8.100
$17,615
3,305
$147,554
41,436
$171,609
33,637
$16,593
5,000
$20,920
5,000
$188,990
60,000
$205,246
60,000
$11,593
$15,920
...
575
582
$128,990
7,149
$145,246
8,205
......
$11,018
$15,337
$121,841
$137,041
....a*
.
Net oper. revenues...
Non-oper. inc. (net)....
Balance...
Retirement reserve
...
accr.
Gross income
charges
Net income
152, p. 206ft.
Federal Light & Traction Co.
......
b Earnings per share...$0.36
1941—12 Mos.—1940
$82,585
44,647
5,113
15,211
.
(& Subs.)—Earnings—
3 Mos. End. Mar. 31—
a
&c.
'^yN2
-1939
lo«s$i4,004
Nil
After depreciation, interest, Federal income and excess profits taxes,
b On 161,465 shares of common stock, $1 par.—V. 151, p. 3888.
$81,556
51,196
4,953
16.921
.
Taxes..
—V.
Co.—Earnings-
1941—Month—194 0
revenues....
...
Maintenance
Interest
100
......
on
1,777
a
Fall River Gas Works
.
308,809
71,991
(est.)
—V. 152, p. 1914.
Payment will be made
p. 1431.
Operation
4.900,000
362.390
Invest ctsf. issued. 3,549,400
Res. for conting's.
19,132
Pref. series A
1,740,710
3,365,340
6,800
Furn.
240.159
6,400.000
.
Accrued taxes
Income taxes
warrants.......
Restricted cash
240,373
Empl. thrift accts.
receivable
(invest. ctfs.)__
3,549,400
Scrip & municipal
1940
$
payable
Notes payable...
Notes recelv. (chat¬
Notes
Fairbanks, Morse & Co.—Bonds Called—
Operating
1941
Liabilities—
Divs.
Federal Mogul Corp.
equipment costing about
order of Judge Robert
$
2,095,868
Equipment Trust Issue—
The petition of the trustees for permission to create "Erie RR,
equipment
1941," proceeds of which would be used to pay in part for recently
trust of
ordered
1940
S
hand and
on
in banks
1938
$6,617,674
1,629,855
778,651
1—
railway
Cash
•
Notes & accts.
$8,754,703
2,922,831
1,708,095
Gross from railway.....
Net from railway......
Net ry. oper. income...
Net from railway......
Net ry. oper. income...
Assets—
deposit in banks
(Including Chicago & Erie RR.)
Corp.—Option—
Corporation has granted to one of its department heads. Richard S.
an option to purchase 4,500 shares ($1 par) common stock.
Such
Due from empl'ees
RR.—Earnings—
Preferred Stock—
Boutefle,
a
spective dates of acquisition.
b 8%, 7%, 614% and
6% cumulative, par and involuntary liquidation
value, $100 per share.
c Depletion and
depreciation, $117,819,785; accrued undeclared dividends
on pref. Btocks to Dec.
31, 1937, $21,510,478; crude and refined oil price
changes, $2,222,867; contingent royalties, $1,130,244; injuries and damages,
$126,196; contingency and other reserves, $754,171.—V. 151, p. 3088.
1941
26
The 8% cumulative preferred stock of the company will be suspended
from dealings on the New York Stock Exchange upon stockholders' ap¬
proval of reclassification of stock and the filing of an amendment to the
certificates of incorporation of the company.—V. 152, p. 2238.
.....$430,582,553
....
April
Fairbanks Co.—To Delist 8%
(& Subs.)—Earnings—
Federal
Service
Water
Corp.—Accepts SEC Terms for
Recapitalization Plan—
The management of the corporation on
April 23 accepted the Securities
and
Exchange Commission terms regarding the recapitalization plan.
The Commission recently rejected a recapitalization plan submitted by
the company because, among other things, various officers of the company
had acquired more than 12,000 shares of the company's preferred stocks
after provisions of the plan had been decided upon.
The SEC felt that such shares' participation in the reorganization should
be limited to the actual cost to officers and directors, instead of on a parity
with the publicly held preferred. The Commission noted that certain officers
and directors, who are holders of the class B voting stock, had purchased
12,407 shares of preferred after the recapitalization was decided upon at
prices varying from 16M to 34, at a cost of $328,346*
Other causes for the SEC's rejection of the recapitalization plan, to be
eliminated by the amendments filed April 23, were that the par value of
$12 a share being set for the new single class of common stock was too high;
$9,990,095
$9,437,567
$9,339,413
and the Commission's objection to the provision for electing a board of
directors by the new common stock on a staggered system, whereby a
majority of the present management would retain their positions for several
6,974,928
6,356,522
6,169,741
c6,109.549
The recapitalization plan proposed by the management for Federal
called for issuance of 1,058,268 shares of an authorized 1,500,000 shares of
$2,590,163
21,317
$3,633,573
1,550
$3,267,826
Drl5,248
$3,229,854
152,043
$2,611,480
$3,635,123
$3,252,578
$3,381,907
449,658
184,146
449,318
184,614
444,331
185,221
448,446
185,108
$1,977,676
$3,001,191
$2,623,026
$2,748,352
649,368
681,160
667,956
732,492
713,882
585,906
582,574
$1,328,308
$1,652,075
$1,304,628
$1,451,896
5,698,866
Years Ended—
8,272,205
7,805,657
8,411,263
$9,924,280
$9,110,285
Crl09,466
$9,820,881
Dec. 31
Gross oper. revenue....
Operating exps., maint.,
taxes (incl. prov. for
oper.
prov.
...
Int., discount and other
/
charge of subs
...
Pref. divs. of subs
_
Balance..
&
other
.
earned
cons,
Other credits
1.865
;;
Balance, surplus..
Surplus adjustments
....
$7,029,039
I>r552,147
Miscell .debits
Preferred dividends....
earned
Sept. 30.
Dr42,278
012,981
266,244
2,099,612
266,244
524,903
$4,111,036
$5,698,867
$8,428,604
$7,805,657
'
and vicinity
(balance unamortized
at
$397,395 and miscellaneous charges $47,879.
....
over
thereof,
equity in assets
excl.
of
earned
334,900
,507,948
/Investments (at cost)
Sinking funds
885,410
Miscell. special funds...-
10,856
Cash
1
Special cash deposits....
,769,701
80,080
Accounts & nctes receivable.
789,058
Materials <fe supplies
Merchandise for resale......
323,892
Prepaid insurance, taxes, &c_
45,301
56,715
.....
;
Flintkote Co.
was
12 Weeks
Mar. 23,'40
$4,475,695
305,787
$3,130,884
114,318
$0.45
$0.17
......
Earns, per sh. of cap.stk.
a
After
depreciation.
1431.,
„
in each of the
on
June
16,
15
1937.
."V
-K:!
Mar. 22.'41
aNetincome
paid
paid
was
(& Subs.)—Earnings-
Net sales.
1936)
Federal, State,
•
-
Other assets
Deferred charges....
Florence Stove
;
$6 pref. stock (44,374 shs,
par)....
Common stock (par $15)
-52 WeeksMar. 22,'41 Mar. 23,'40
$21,542,558 $17,444,915
1,628,020
1,444,207
$2.37
$2.13
and foreign taxes,
,.v
&c.
V.
152
'
$4,387,400
7,873,545
18,130
1 ,411,090
2,635,840
Com.stks.in hands of public
5,120
18,624,998
408,729
Accounts & notes payable
Accts. payable to afiil. cos...
100,684
Cusomers' deposits
Accrd. int. on funded debt...
Other accrued interest.
446,581
231,413
119,589
Accrd. Federal income tax
486,884
Other accrued taxes
420,443
Accrued pref. dividends
Other liabilities...
Reserves
______
...
31,092
363,680
6,377,160
...
Contributions in aid of constr
Capital surplus
Earned surplus.
Total...
-V. 152, p. 159QT."
$47,231,660
Total
Sales
a
274,127
333,338
4,111,036
$47,231,660
1941
I...
com.
Earnings
per
344,137
stock outstanding (no par)
Florida
341,471
$0.70
East
Hearing—
A
$2,792,658
198,030
share
After all
charges including provision for
profits taxes.—V. 152, p. 1590.
a
1940
$3,584,673
242,397
-
Net profit......
Sharesof
Pref .stks. in hands of public
Funded debt
Co.—Earnings-—
3 Months Ended March 31—
no
Subsidiary companies:
-—surplus.-.
*:
12.
Similar amount
dividend of $3.50
;
Period—
P.
Liabilities—•
Net excess of invest, in subs,
consol.
20,
April
preceding quarters and a
—V. 151, P. 3888.
Consolidated Balance Sheet Dec. 31, 1940
Assets-
Properties, incl. intangibles..$38 ,998,581
v
Sept.
Cleaning & Dyeing Ca.—Accum. Div—
The directors have declared a dividend of $1.75 per share on account of
on the 7% cum. pref. stock, par $100, payable April 15 to
accumulations
holders of record
"a Depreciatiion
and retirements in amount of
$700,363 included in
operating expenses,
b Includes $3,428,578 written off in
anticipation of
loss upon the sale of three
subsidiary companies,
c Includes $240,871 for
surtax on undistributed profits,
d Includes loss on Investment in land and
water rights in the State of
Washington $1,490,039, loss on investment in
street railway properties in
Springfield, Mo. (portion applicable to consoli¬
dated earned surplus) $481,722, loss on street
railway properties in Grays
HSEPSft. Wa?h
Fcnton United
d2,417,037
266,244
524,903
surplus
.
common stock, with approximately 95% of the new shares to be given in
exchange for outstanding $7, $6.50, $6 and $4 preferred stock outstanding;
merger of the company with Utility Operators Co., a holding company
owned by the system's officers and employees and which owns all the sole
voting class B stock and 6,536 of preferred.
By putting the plan into effect, Federal would be enabled to resume
payment of dividends for the first time in more than nine years, transfer an
amount from stated capital of its stock to surplus which would eliminate a
capital deficit and permit necessary write-downs of investments.
The
name of the corporation would be changed to Federal Water & Gas Co.
Under the plan holders of the $7 preferred stock would receive seven
shares of new common for each of the 15,296 shares outstanding; 6 M shares
of new common would be issued for each of the 69,888 shares of $6.50
preferred; six new common would be exchanged for each of the 71,706 shares
of $6 preferred; four new common would be issued for each of the 2,379
shares of $4 preferred; and for each 10 shares of class A common of the
568,775 outstanding there would be issued one share of new common. The
542,450 shares of class B stock held by Utility Operators Co. would be
wiped out, capital deficit of $3,848,865 and earned, surplus deficit of $3,865,070 would be eliminated.—V. 152, p. 2394.
0668,056
b3,447.247
266,244
Common dividends..... V
at
years.
a
surplus.
Cons,
Sept. 30 '38 Sept. 30 '37
charges of
Fed'l Lt. & Trac. Co..
Prov. for depreciation..
Previous
*39
before
rev.
for dep
Other income
Int.
Dec. 31
=,
est. Fed, income tax).
Net
'40
$9,565,090
Coast
Federal
Ry.—Central
$0.58
income and
Ownership
excess
Urged at
''
.
centralized
ownership of the road was urged April 22 by witnesses
advocating a reorganization plan proposed by trustees of the estate of Alfred
I. du Pont.
Benjamin Graham, New York investment consultant, and
W. H. Goodman, Vice-President of the Florida National Bank. Jackson¬
ville, told an examiner of the Interstate Commerce Commission the territory
served by the road would be injured by a divorcement of
ownership and
management.
These assertions
.....
made in
a hearing on rival plans to
reorganize the
trusteeship.
*
r.
Both upheld the du Pont offer to buy $4,000,000 of capital stock in the
new company because it would centralize control of the railroad and
provide
needed new capital for improvements to the property.—VI152, p. 2551.
were
railroad and take it out of
•
.
Volume
General Foods Corp.
Florida Portland Cement Co.—Earnings—■
3 Months Ended March 31—
1941
$1,010,977
614,328
Gross sales, less discounts and allowances
Cost of goods sold, including freight on shipments.
449,246
$260,007
63,871
$308,916
expenses
_________
applicable to non-operating periods (less mis¬
cellaneous income, &c.).
b Before provision for Federal income taxes.
Note—Charges included in the above profit and loss accounts and In
finished cement inventory for depreciation and depletion were as follows:
1940, $43,703; 1941, $43,700.—V. 151, p. 3746-
Including
a
b
Earnings
1941—12 Mos.—1940
_
$1,738,434 ; $1,692,924
$15,944,022 $14,568,869
Oper. exps., excl. direct
258,757
595,506
208,645
res. approp.
158,333
150.000
6,120,684
1,965,521
1,850,001
6,231,267
1,447,466
1,433,333
Net oper. revenues
Rent from lease of plant
$763,518
$738,773
$6,007,816
$5,456,803
taxes
557,826
Direct taxes
Prop, retire,
221
221
2,650
2,650
$763,739
$738,994
14,234
$6,010,466
435,871
$5,459,453
446,750
$753,228
216,667
110,000
$6,446,337
2,600,000
1,320,000
Other int. & deductions.
$778,114
216,667
110.000
18,061
15,664
221,125
Int. chgd. to construct'n
Cr265
Crl96
Cr49,638
$5,906,203
2,600,000
1,320,000
213.989
Crl96
Net income...______
$433,651
$411,093
Divs. appiic. to pref. stocks for the period
$2,354,850
1,153,008
$1,772,410
1,153,008
Balance
$1,201,842
$619,402
(net)
__
Operating income
Other income (net)
Gross income
Int.
on
Int.
on
14.375
—
mtge. bonds
deb. bonds.____
for
...
Dividends
_
and
Feb. 28, 1941, amounted to
$5,958,669.
Latest dividends amounting to $2.19 a share on $7 preferred
stock and $1.87 a share on $6 preferred stock, were paid on Jan. 2, 1941.
a
Dividends
accumulated
these stocks
on
are
unpaid to
cumulative.
are
that
no
made for Federal excess profits tax since
such tax will be payable.—V. 152, p. 2552.
General Reinsurance
At
a
3 Mos. End. Mar. 31—
1941
common
Earnings
1940
1939
1938
$697,985
$861,233
$316,464
796,380
$0.87
Net income
Shares
7 96.380
$1.08
796,380
$0.40
$427,940
796,380
$0.52
stock...
per share
After all charges, including depreciation, depletion and
Federal taxes.
the company's pro¬
portionate part of earnings of its subsidiary, Cuban-American Manganese
Corp.
This compared with $378,509, or 47 cents a share, as the company's
portion of Cuban-American earnings in the first quarter of 1940.—V. 152,
p. 2238.
a
Of the earnings, $221,569, or 27 cents a share, was
Fuller Mfg. Co.—12 l/2-Cent Dividend—
Dec. 28,
tributed
on
1939.
and previous payment was the five-cent dividend dis¬
1937.—V. 151, p. 3746.
-
Dec. 23,
Gannett Co., Inc. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1941
Net profit
a
$216,141
$205,576
After depreciation, interest, Federal income tax and minority interest.
Note—Above figures include equity of Gannett Co., Inc. in undistributed
a
net
profits of controlled companies.—Y. 152, p. 1751.
Gardner-Denver Co. (& Subs.)—Earnings—
Quarter Ended March 31—
1940
1941
Net profit after provision for Federal
income and excess profits taxes
$342,112
27,258
Preferred stock dividend requirements
Net profit for common stock..____
$314,854
Earns, per share of com. stock
$0.56
a 563,286 shares
outstanding.—V. 152, p. 1751.
a
1939
$227,378
28,064
$216,770
28,674
$199,313
$0.35
$188,096
$0.33
Otheroper.income.net.
Net oper. profit
1941
the
433,732
2>r67,270
420.350
Dr47,988
383,212
11,838
409,437
13,704
$176,808
47,580
$305,228
77,546
$224,388
235,404
$1,257,363
251,206
249,119
$382,774
248,932
$2,038,689
26,879
$1,006,157
13,481
loss$24,731
12,811
$133,842
25.837
$1,208,297
49,066
$2,274,093
Otherincome.net
_i.___.__
Profit
Bond int., prem. & exp__
Federal income tax
Profit
Metal
profit added
income reserve..
Net profit—
a
1938
$700,961
26,178
Profit-
,
1939
1940
$548,181
Depreciation..
$2,065,567
111,561
a948,000
$1,006,006
$1,019,639
133,214
159,000
loss$ll,920
137,273
__
$159,679
145,430
2,850
$727,425 loss$149,193
$11,399
47,580
77,546
to
______
—
$1,006,006
$727,425 loss$196,773
loss$66,147
Includes $479,000 excess profits tax.
Note—Provision
for
Federal
income and
excess
profits taxes has been
made in accordance with existing laws, with no allowance for new taxes
increased rates that may become applicable to 1941 income.
To
have declared a dividend of $1.75 per share on the 7% pref.
stock, payable May 1 to holders of record April 28.
Like amount was paid
on Feb. 1 last and on Nov. 1, 1940, this latter being the first dividend dis¬
tributed on this issue since Dec. 17, 1937, when $7 per share was paid.—
V. 152, p. 2069.
General Electric Co.—Pensions,
General Electric pensions paid last year to
&c.—
3,491 employees retired from
active service totaled $2,647,706, according to figures released on April 25
by Charles E. Wilson, President of the company.
Throughout the eight
major apparatus works the total paid in pensions was $1,696,824 with the
largest payment being made to retired employees of the 8chenectady
Works.
Since the pension plans were established in 1912 a grand total of
has
been paid
to
retired employees throughout the whole
company.
By works, the total amounts of pensions paid follow: Schenectady,
$953,275: Lynn River, $291,364; Pittsfield, $154,107; West Lynn, $107,500;
Fort Wayne, $97,993; Bloomfield, $27,102; Erie, $40,085, and Philadel¬
phia, $25,398.
General
total was
office payments totaled $408,506.
In the district offices the
$219,362, and in the lamp department $243,494 was paid.
The
payment in the appliance and merchandise department, including the
Bridgeport Works, was $38,231, and in all other divisions of the company
$41 2S9«
At the beginning of 1940 there were 3,410 pensioners on the rolls.
During
the year 306 were added while 225 died, making a net total of 3,491 as of
Dec. 31, 1940.
The average age of group was 69.6 years, with average
continuous service to date of retirement 29.4 years and with an average
annual pension of $758.—V. 152, p. 2552.
it wes
C. Barron was elected Assistant Treasurer
named Assistant Secretary.—V. 152, p. 1433.
offering April 25 of 40,000 additional shares of $2.50 preferred
stock (par $50) at a price of $51.50 a share
dends.
There are presently outstanding
this issue which
the
same
were
sold to
and accrued divi¬
135,000 shares of
the public in February, 1940 by
underwriters.
Net proceeds from the
sale of the preferred stock will be added to working
capital. While no allocation to specific purposes can be made, it is antici¬
pated that the corporation will make additional investments in, or advances
to, subsidiary operating companies which, depending upon business con¬
ditions, expect to make substantial property additions.
The preferred stock, which is cumulative is convertible into common stock
at the rate of two shares of common for each share of preferred, if converted
and
prior to March 31, 1943; 1% shares of common if converted thereafter
prior to March 31, 1946; and lxA shares of common if converted
on or
thereafter to March 31, I960, after which date conversion rights expire.
Provision is made for the adjustment of the conversion rate in case of certain
changes in common stock capitalization.
The preferred stock is redeemable
at $56.50 per share on or prior to March 31, 1945, and $53.50 per share
''
thfirpiiftpr
Upon completion of this financing, the corporation's capitalization will
175,000 shares of $2.50 cumulative preferred stock, and 637,701
consist of
1935, is a holding company controlling 14
companies, which are engaged in the business
without competition, telephone service in approximately
2,700 communities located in 17 States.
They include Associated Tele¬
phone Co., Ltd. and San Joaquin Associated Telephone Co., oprating in
California; Commonwealth Telephone Co., in Wisconsin; Illinois Com¬
mercial Telephone Co., in Illinois; Indiana Associated Telephone Corp.,
in Indiana; Interstate Telephone Co., in Washington, Idaho and Montana;
Lexington Telephone Co., in Kentucky; Michigan Associated Telephone
Co., in Michigan; Ohio Associated Telephone Co., in Ohio; Pennsylvania
Telephone Corp. and Erie County Telephone Co., in Pennsylvania; South¬
western Associated Telephone Co.,
in Texas, Oklahoma, New Mexico,
Louisiana and Kansas; Tri-State Associated Telephone Corp. and Upstate
Telephone Corp. of New York, in New York.
The corporation also con¬
trols General Telephone Directory Co., and General Telephone Allied
Corporation, organized in
subsidiary operating telephone
providing,
a
holding company.
May Increase Borrowings—
adopted amendments to the company's charter at their
held April 16 providing for an increase in the amount of
capital borrowing directors may incur without special consent of share¬
holders to $2,114,752 from $500,000.
Stockholders also approved elimina¬
tion from the company's authorized capital stock 198,649 reacquired shares
of common, although leaving the number of shares authorized 2,000,000.
Stockholders
annual meeting
new
Annual
Report—Harold V. Bozell, President, states in part:
operating subsidiaries of the corporation had 531,953 companytelephones in service at Dec. 31, 1940 as compared with 501,584
telephones at the beginning of the year.
Of the increase, 28,868 repre¬
sented the gain through operations, and 1,501 represented a net addition
resulting from the acquisition of properties less certain minor properties
disposed of during the year.
During 1940 a number of the subsidiary
companies passed their previous peaks in the number of telephones in
service, and the system as a whole had more telephones in service at the
end of the year than at any previous time.
The
owned
Comparative Operating Results for Calendar Years
[Includes earnings of all properties
owned at Dec. 31, 1940 regardless
of dates of acquisition]
Miscellaneous
4,486,040
797,702
Dr57,223
, —
Provision for uncollectible accounts
Total
4,079,484
756,430
Dr54,463
$20,310,388 $18,970,477
3,357,762
3,186,842
operating revenues
Maintenance
Provision for
1939
$15,083,868 $14,189,026
service
depreciation
—
Traffic, commercial, general and miscell. expenses.
Taxes—General (principally state and local)
Federal income
3,497,761
3,353,171
5,706,919
5,333,225
1,876,228
,588,183
1,834,095
404,280
518,750
168,000
$4,764,783
Z>r71,644
$4,690,861
Drl0,340
preferred stock of subsidiary cos..__
Prov. for sub. cos' cum. pref. divs. not declared..
$4,693,139
$1,767,307
785,614
5,435
$4,680,521
$1,909,685
777,269
109,726
net inc. of subs.
48,317
56,609
7,549
13,218
Charge in lieu of
Net operating
Federal income and other taxes
income
Other income—net
--
Net earnings
-----
Interest and amortization
Dividends on
Minority com. stockholders' int. in
Miscellaneous income deductionsaNetincome
a
-
Before dividends on
Corp.
$2,078,914
$1,814,012
convertible preferred stock of General Telephone
|
Replacements—During 1940 approximately $8,263,000 was
expended by the operating subsidiaries for additions and replacements to
their plants.
The total retirements of plant replaced or removed from
service for other reasons amounted to $4,797,000, leaving net additions of
$3,466,000.
Pay Preferred Dividend—
$28,506,609
was
General Telephone Corp.—Preferred Stock Offered—An
underwriting group comprising Bonbright & Co., Inc., Paine,
Webber & Co. and Mitchum, Tully & Co., made a public
Additions and
or
Directors
meeting, James
same
1940
$1,676,635
$2,247,915
Profit
Samuel E. Thompson,
was
Toll service
$2,748,918
Metal profit.
company,
Operating revenues—Local
General Cable Corp.—Earnings—
3 Mos. End. Mar. 31—
Gross profit
op sales
Sell., adm. & gen. exp__
Corp.—New Vice-President—
elected a Vice-President.
H. Kottgen,
head of the company's legal and claims department, who is a member of
New York Bar, was elected Secretary to replace Mr.
Thompson.
1938
1939
1940
$260,680
$275,834
$0.82
preferred stock, and after provision
5,251,440 shares, no par.—V. 152,
the
Corp.,
Directors have declared a dividend of 12 H cents per share on the common
stock payable May 10 to holders of record May 1.
Dividend of 20 cents
was paid on Dec. 27. last: 10 cents paid on June 27, 1940: 20 cents paid was
on
4,310,045
$0.83
__— _
meeting of the directors held on April 24,
Secretary of the
of
Freeport Sulphur Co. (& Subs.)—Earnings-—
a
stock
shares of common stock.
Note—No provision has been
present indications
on common
1916.
on or
a
share
and James A. Cathcart
Co.—Earnings—
1941—Month—1940
Operating revenues
per
After provision for dividends on
taxes and other charges,
b On
a
At
Florida Power & Light
1940
$40,477,226
4,334,178
Net profit-.-....
expense
Period Ended Feb.—
1941
$45,249,496
________
_
p.
b Net profit
a
(& Subs.)—Earnings—
3 Months Ended March 31—
Sales
$196,136
$396,649
profit on sales
Selling and administrative
1940
$709,253
87,733
Gross
a
2705
The Commercial & Financial Chronicle
152
Financing Transactions—Corporation and a number of its subsidiaries
completed certain major financial transactions during the year.
In Feb., 1940, corporation issued and sold 135,000 shares of $2.50 pref.
stock (par $50).
With the funds the 73,513 shares of $3 convertible pre¬
ferred stock of corporation and the 24,051 shares of publicly-owned $6
preferred stock of General Telephone Allied Corp. were called for redemp¬
tion and payment and the balance of approximately $630,000 was added
to the corporation's working capital.
In Jan., 1940, Associated Telephone Co., Ltd. issued and sold an addi¬
tional 35,000 shares of its cumulative preferred stock, $1.25 series (no par),
to reimburse its treasury for expenditures made for additions and better¬
ments to its plant.
In Feb., 1940, Indiana Associated Telephone Corp. issued and sold
publicly $3,400,000 first mortgage bonds, series A, 3H%, due Feb. 1,
1970, and used a portion of the proceeds to redeem on April 1, 1940 $3,000,000 first mortgage 4H% bonds, series B, due Oct. 1, 1965.
In addition
to those sold publicly, the company also issued $400,000 of the new bonds,
which were placed in its depreciation fund, to replace a like principal
amount of 4 H % bonds which were withdrawn from the fund and canceled.
During the same month company also issued and sold privately 2,660
shares of $5 cumulative preferred stock and issued and sold to the corpora¬
tion 7,000 shares of common stock.
In tfeb., 1940, Interstate Telephone Co. issued and sold privately $2,000,000 first mortgage bonds, series A, 3H%, due Jan. 1, 1970, and used the
proceeds to redeem on March 4, 1940 a like principal amount of first mort¬
gage 5% gold bonds, series A, due April 1, 1961.
In June, 1940, Illinois Commercial Telephone Co. issued and sold pri¬
vately $5,750,000 first mortgage bonds, series A, 3 *A%, due June 1, 1970
and sold to the corporation 53.763 shares of its common stock.
The pro,
_
The Commercial & Financial Chronicle
2706
ceeds from
were^used to redeem $5,750,000 of first
transactions
these
mortgage 5% gold bonds, to pay off $430,000 of demand notes held by the
corporation and to add approximately $170,000 to working capital.
In July, 1940, Southwestern Associated Telephone Co., having prior
thereto acquired the assets and assumed the liabilities of its subsidiary,
Ilaskell Telephnone Co., issued and sold privately $3,250,000 first mortgage
bonds, series A, 3 U%, due June 1, 1970 and sold 8,000 shares of common
stock to the corporation.
The company used the proceeds from such
sales to redeem $3,250,000 first mortgage 5% gold bonds, series A, and to
pay off $134,400 demand notes held by corporation.
In Nov., 1940, Michigan Associated Telephone Co. issued and sold
privately $2,950,000 first mortgage bonds, 3%% series, due 1970 and
used the proceeds to redeem $2,800,000 first mortgage bonds, series A
4% due Nov. 1, 1968 and to reimburse its treasury for amounts expended
for additions to its plant.
In Nov., 1940, Ohio Associated Telephone Co. Issued and sold privately
$1,770,000 first mortgage bonds 3}4% series due 1970, applying the pro¬
ceeds to the redemption of a like principal amount of first mortgage bonds,
4}4% series, due 1966.
'
In Nov., 1940, Upstate Telephone Corp. of New York issued and sold
privately, $1,000,000first mortgage bonds 3H% series due 1970 and called
for redemption a like principal amount of first mortgage bonds, 4% series,
due 1963.
In Dec., 1940, Commonwealth Telephone Co. issued and sold privately
$2,750,000 first mortgage bonds series A 3J£% due Oct. 1, 1970, applying
the proceeds thereof to the redemption of a like principal amount of first
mortgage bonds series A 4% due 1966.
In Dec., 1940, the corporation acquired from Pacific Telephone & Tele¬
General Investors Trust-
Net income-—
—i
-
Balance Sheet March 31, 1941
standing, of which 502 were held in escrow for exchange of certificates),
$411,584; capital surplus, $1,680,9d8; unrealized depreciation of securities
Dr$303,165; undistributed income, $9,658; dividends payable,
$24,665; accrued miscellaneous taxes, $148; unpaid dividends on shares in
escrow, $1,060; unclaimed dividends, $42; reserve for Federal capital stock
tax, $305; reserve for contingent capital liability, $923; total, $1,826,158.
Note—The net assets at March 31, 1941 based on maraet values amounted
to $1,790,014, or $4.37 per share.—V. 152, p. 2069.
owned,
General Theatres
Shares
Equipment Corp. (& Subs.)- -Earns.
a
General Telephone Tri Corp., successor in reorganization to Indiana
Central Telephone Co., owned the common stocks of Interstate Telephone
Co., Michigan Associated Teiephone Co, and Southwestern Associated
1940
.
^
.
——
—————
Special cash deposits.......
Certificates of deposit.
...——
;
Accounts and notes receivable—Subscribers......
Miscellaneous—....
Reserve for uncollectible accounts and notes...
—
—
—
Materials and supplies.
Prepaid accounts and deferred charges:
1939
<g|
94,321,417
1,856,907
528,0.34
455,206
4.392,822
30,247
126,281
188,770
152,794
1,116,403
67,653
1,271,867
62,0c3
Drl02,969
Dr94,394
2,746,696
Taxes, telephone directory exps,, insur., Ac
Debt discount, premium and expense, Ac
Rate cat-e and appraisal expenses
Book value of properties destroyed..
Capital stock expense of subsidiaries
1——
Insurance fund of subsidiary
Miscellaneous deferred charges...............
...
2,230,029
483,091
2,3fc3,747
24,308
485,659
2,621,828
57,947
8,280
340,058
34,423
53,332
.....
210,336
34,423
54,105
per
al941
-.109,173,750 103,754,681
——
1940
$
Liabilities—
$2.50 preferred stock.
——
6,750,000
$3 convertible preferred stock.
Common stock—
16,767,000
Premium on preferred stock
94,761
Paid-in surplus....—
—ll,249.024
Earned surplus.....
1,344,039
Cost of 2,000 shs. of com. stk. reserved for exercise
of purchase options.
Dr38,150
Common stock held for cancellation
.....Dr2,283,740
...
....
...
—
—
—
Adjusted book value
Dr2,965,722
Common stock owned by United Telephone Co..
Pref. stocks of subs, held by public...
13,796,124
Undeclared dividends in arrears on pref. stock—
38.253
Minority int, in com. stk. & surplus of subsidiaries
125,445
Funded debt—..
41,938,000
Notes payable —
27,000
Accounts payable ...
1,463,620
Dividends on preferred stock.1—.——
65,968
Advance billing and payments.
—
306,290
Accrued taxes—General.......................
890,786
Federal income..
658,826
Accrued interest on funded debt
259,925
Miscellaneous current liabilities..
305,375
Depreciation reserve..............—
17,456,662
Other reserves168,287
Constributions of Telephone plant
755,974
a
........
—
.
.
.........
—...
$212,681
592,887
$0.44
share
1941—Month—1940
Taxes.
$2,671,115 $34,558,427 $32,137,948
1,126,151
14,782,755
13,646,708
333,497
4,794,601
3,859,736
290,000
3,615,000
3,300,000
$953,812
661,094
$921,467 $11,366,071 $11,331,504
548,560
6,640,450
6,621,775
$2,994,237
1,326,673
378,752
—.
Prov. for deprec
Gross income
—
Int. & other deductions.
Net income.
Divs.
—
_
—
pref. stock.
on
$
—-
3,675,650
14,013,017
Balance—
292,717
177,291
372,906
245,862
4,725,621
2,881,778
2,950,350
$115,426
$127,044
$1,843,842
$1,759,378
-
...
——
Glidden CoSales—
Sales during March amounted to $5,490,000, highest for any month in
the history of the company, according to Adrian D. Joyce, President, who
said it appeared that sales for the fiscal year ending Oct. 31 next would
approach $60,000,000.
This would exceed the previous high established
in the year ended Oct. 31, 1937, when sales totaled $54,052,233.
While the company has issued no quarterly reports, sales for the quarter
ended Jan. 31, last, showed a gain of about 10% over the corresponding
period of 1940 and February volume of sales was 18% above a year ago.—
V. 152, p. 1592.
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Earnings—
1941
3 Mos. End. Mar. 31—
deprec., depl., Federal
income taxes, Ac
Earns, per sh. on 450.260
shs. cap. stk. (par $5)
—V. 152, p. 1130.
exp.
incurred in 1940.
7,222
23,785
53,928
59,944
21,685
....
Pro v. for retirements...
Taxes—General
Fed, normal inc.
Net operating income.
$120,532
Non-operating income—
1,105
1938
$152,782
$204,848
$102,748
$42,244
$0.34
$0.45
$0.23
$0.09
-
Greenwich Gas Co.—-Dividendsstock, payable
a
dividend of 12 cents per share
on
the
common
April 21 to holders of record April 10.
Dividends of 24
Dec. 20, Aug. 1 and March 9,1940.
participating dividend of $0.0244 per share on
the $1.25 participating preferred stock, payable April 21 to holders of
Regular quarterly dividends of 31M cents was paid on
April 1 last.—V. 152, p. 426.
record April 10.
Gulf Insurance Co.
(Dallas)—25c. Dividends—
Directors have declared two dividends of 25 cents per share each, payable
Aug. 1 and July 1 to holders of record March 28 and July 27, respec¬
tively.—V. 134, p. 2919.
on
Dr38,150
—
Gulf Mobile & Ohio
......
Z?r551,139
16,313,002
206,577
1.140,024
41,615,000
22,000
1,192,464
93,457
242.282
881,947
510,846
3 70,852
298,695
16,770,011
158,289
688,986
RR.—Earnings—
March—
■
Gross from railway.
Net from railway
—_■
—
Net railway operating income..
From Jan. 1—
1941— 12 Mos.—1940
$6,440,358
2,690,778
$6,160,480
2,590,258
22,772
50,867
52,377
11,225
36,112
230,496
751,536
671,678
156,285
Net railway
$1,903,473
26,815
—
x
—-
operating income--..
—
1941
$1,951,992
694,902
364,268
$1,595,426
407,416
175,757
5,293,332
1,710,556
816,482
4,449,714
950,779
274,861
xl940
Figures of Mobile A Ohio and Gulf Mobile & Northern now merged
Mobile & Ohio RR.—V. 152, p. 2553.
into Gulf
Gulf States Utilities Co.—Balance Sheet Dec. 311940
Plant A
1939
$
A sscts
S
oth.Invest.59,521,719 58,642,710
on
hand
1,032,797
7,162
&
630,066
11,612
12,897
—
Special deposits
Notes
warrants
1940
Liabilities—
$6
,1939
%
pf. stock 6,999,400
b5.50 div. cum. pf.
stock
3,000,000
a
cum.
T
%
6,999,400
3,000,000
Commonstock-.il,101,125 11,101,125
Long-term debt...29,800,000 30,400,000
Notes pay. to bank
600,000
600,000
Accounts payable
389,457
404,298
c
Accts. rec. (net)..
1,399,918
38,196
1,397,617
Mat'ls <fe supplies.
741,418
670,461
Customers' deposit
256,330
245,084
Prepayments.....
67,348
76,248
Int. & taxes accr__
1,230,639
Other current liab.
15,806
714,621
11,695
48,829
9,591
7,598,535
47,736
25,426
7.086,627
127,019
133,829
2,940,544
223,809
686,296
622,029
104,120
$132,922
2,123
—
Gross from railway—
Net from railway
$1,933,968
30,100
Unamort. debt dis¬
count & expense.
1,986,016
2,189,961
Other def'd debits.
90,527
38,672
Amort, of storm damage
Maintenance
1939
1940
Net inc. after deb. int.,
receivable.
Operating expense
4,709,728
—V. 152, p. 2248.
10,716,257
434,611
Subs.)—Earnings-
1941—Month—1940
$503,150
$484,457
216,054
214,293
1941—12 Mos.—1940
335,000
—
Operating expenses
109,173,750 108,754,681
General Public Utilities* Inc. (&
$0.20
-V. 152, p. 1433.
cents per share were paid on
Directors also declared a
1939
a As of date of acquisition, July
17, 1335, of 82,175 shares of common
stock held by General Telephone Allied Corp.—V. 152, p. 2396.
Period End. Mar. 31—
Gross operating revenues
1938
$120,265
601,092
Georgia Power Co .—Earnings—
Period End. Mar. 31—
Gross revenue...
Cash in banks and
Total
1939
$145,544
597,887
$0.24
$0.36
Excluding Cinema Building Corp.-
Directors have declared
Total..
al940
$256,886
585,712
stock
common
Earnings
year.
Assets
$24,252
unrealized gains or
Assets—Securities owned at quoted market prices: (cost $1,976',111),
$1,672,916; cash in bank, $145,215; accrued interest on bonds, $8,027; total,
$1,826,158.
Liabilities—Shares of beneficial interest (par $1, 411,594 shares out¬
Federal income taxes.
Telephone plant, equipment, Ac. (incl. intangilbes) 96,298,554
Investment in General Telephone Allied Corp
Miscellaneous investments—
493,442
Depreciation fund of a subsidiary company—.—
545,063
Cash
4,449,986
$28,295
4,043
$23,880
—
Note—The above statement excludes realized and
losses on securities, or capital expense.
Corporate Simplification—In line with the policy of simplifying the cor¬
porate structure of the system whenever possible, two intermediate sub¬
sidiary holding companies were eliminated through liquidation during the
Consolidated Balance Sheet Dec. 31
$21,945
6,350
$30,335
6,455
...
....
1940
6,660
$23,675
...
Total income
Expenses
3 Mos. End. Mar. 31—
Net inc. after deprec. &
liquidation effected during the year the corporation acquired direct owner¬
ship of all the assets (and assumed all the liabilities) of General Telephone
Tn Corp. and the minority stockholders of that Corporation received
2H shares of common stock of General Telephone Corp. for each share of
common stock of General Telephone Tri Corp.
In Dec., 1940, the corporation provided necessary funds to United
Telephone Co. for the redemption of the latter's 6% debentures held by
the public and for the liquidation of the 31 shares of its preferred stock held
by the public.
United Telephone Co. then liquidated and dissolved and
its assets were distributed to the corporation.
The assets thus acquired
by the corporation consisted of all of the common stock of Tri-State Asso¬
ciated Telephone Corp., 31,047 shares of the cumulative convertible prefer¬
ence stock of Union Telephone Co., $9,591 in cash and 13,836 shares of
common stock of General Telephone Corp.
-Earnings1941
3 Months Ended March 31—
Income—Cash dividends
*
Interest on bonds
graph Co. 13,974 shares of common stock of Associated Telephone Co.,
Ltd., thus bringing its ownership of such common stock to 100%.
Telephone Co.
Corporation owned a majority of the common stock of
General Telephone Tri Corp,
Pursuant to a plan of reorganization and
April 26, 1941
...
.
Cust's'
advs.
for
construction
Other def d credits
Deprec. reserve...
Res. for
Injury and
damage claims..
Earned surplus
Total
—64,859,801
63,695,5441
Total...
3,668,230
64.859,801 63,695,544
Represented by 69,994 no par shares,
b Represented by 30,000 no
shares,
c Represented by 280,000 no par shares.
Earnings for the 12 months end. Dec. 31,1940, appeared in the"Chronicle**
of March 29, page 2069.—V. 152, p. 2553.
a
Gross income——..—
$121,637
$135,045
Charges of Subsidiaries
Charges of Gen. Public
Utilities, Inc.
30,864
30,534
71,353
71,353
679
490
_
.
on
$1,964,068
366,492
856,238
11,499
856,238
3,752
Harbor Plywood Corp.—Accumulated Dividends—
1st mtge A col.
trust
$1,930,388
371,165
par
6>£ % bonds..
Int.
Other interest--——
•
Net incomeDiv. on Gen. Pub. Util^
Inc. $5 pref. stock—
-
Bal. avail, for
-
-
-
-
com.
...
$18,740
$32,668
$691,485
$737,585
3,242
3,242
38,910
38,910
$29,425
$652,575
$698,675
—V. 152, p. 2240.
Georgia & Florida Ry.—Earnings—
—Week Ended April 14
1941
1940
p.
121.
Haskelite Mfg.
Corp.-—25-Cent Dividend—
Directors have declared
$15,497
Oper. revenues (est.)...
—V. 152, p. 2552.
a dividend of 50 cents per share on account of
on the preferred stock, payable May l to holders of record
Like amounts paid on Feb. 1 last and Dec, 16, 1940,—V. 152,
accumulations
April 21.
stk
& surplus
Directors have declared
$24,225
$21,175
a dividend of 25 cents per share on the common
stock, payaDle May 15 to holders of record May 5. i Initial dividend of
15 cents was paid on Feb. 7 last.—V. 152, p. 2069.
Helena Rubinstein, Inc.—To Pay
Jan. 1 to April 7
1941
1940
$363,751
$313,613
50-Cent Common Div.
Directors have declared a dividend of 50 cents per share on the common
stock, payable May 1 to holders of record Aprii 25.
This compares with
25 cents paid on Feb. 3 iast and on Dec. 2, 1940; 75 cents on Sept. 30;
25 cents on Aug. 1; 50 cents on May 1, 25 cents on Feb. 1, 1940; 75 cents on
Volume
The Commercial & Financial Chronicle
152
Nov. 15, 1939; and on Dec. 23, 1638, and an initial dividend of
on Dec. 15, 1937.—V. 152, p. 267-
Haverhill Gas Light
Operation
—
Maintenance-.,..Taxes..
Balance
Retire,
accruals.'
charges.......
Net income-$2,848
Earned surplus—beginning of period
Total surplus
Net direct charges..
,
10,226
7,527
$94,325
35,000
765
$91,751
35,000
575
563,950
.
V
Hercules Powder
39,312
$578,483
$563,950
p.
charges and
Operating
Federal taxes,
$1,742,573
$1.22
Operating costs.
Operating profit
.y-
.......
$25,548
;
...
.
26,505
Gross profit before
deductions;.
Charges to income
Depreciation
:.
_
—. — _
_
:,
__
x$39,488
128,867
67,475
-
6,391
Net profit...
Earnings per share
($2 par)...
x
...
has
Period End. Mar. 31—
Nil
$0.04
income.
Deficit,
y
Oper.
1941—9 Mos.—1940
$645,830
$932,965
excess
Honolulu Rapid
on
Transit Co., Ltd.—Earnings—
1941
1940
y'/'-;
$172,314
■
$1.04
profits
tax.-
1
12 Mos.—1940
1941
$2,924,241
$1,996,303
1,303,999
; 1,445,280
1,384,596
1,403,304
1,549,679
1,746,550
x$48,976 x$l,314,033 x$2,598,831
profits taxes.—V. 152, p. 830.
Co.—Earnings—
:
i
1941—3 Mos.—1940
$199,544
10,544
$561,699
29,631
$576,013
31,979
$204,411
$210,089
$591,330
$607,993
151,190
154,547
456,176
463,771
$53,220
chgs., excl. of int.
adj. income bonds.
$1,896,704
1,320,691
$194,555
9,855
& taxes._
$1,916,349
1,354,651
$55,542
$135,154
$144,222
Net inc. avail, for int.
$119,074
adj. inc. bonds._
adjust, income
outstanding in
the hands of the public
on
82,781
100,800
expenses
Gross income
Inc.
Month of January—•
Gross revenue from transportation
Operating expenses
excess
1941—Month—1940
$658,772
$644,642
464,217
445,097
Operating income.
Non-oper. income
$0.59
$0-43
of the period.—Y. 152, p. 679.
<
Federal
y.y
$94,703
No
Gross oper. revenue
After
,{'
for
Subs.)—Earnings—
Hudson & Manhattan Ry.
(& Subs.)—Earnings-
provision for foreign exchange losses, depreciation, and Federal
income taxes,
b On common stock in the hands of the public at the close
a
been made
revenues
Net
x
1941—3 Mos.—1940
$341,814
$243,025
$0.23
$0.15
Net profit
b Earnings per share
$494,873
$1.08
,
Period End. Mar. 31—
a
$513,377
$1.17
1,303
Loss.—V. 152, p. 1919.
Hecker Products Corp.
$558,279
10,496
on
_
x$254,155
-
$580,225
85,352
1941— 3 Mos.—1940
$1,189,563
$1,077,902
y Taxes
332,225
360,403
Fixed charges..347,157
348,454
Depletion & depreciation
415,478
418,021
774,811 shs. of com. stk.
on
$733,251
219,874
Period End. Mar. 31—
Net
x$255,458
$27,863
Net profit of parent company.
Net profit of wholly owned subsidiary
$773,003
214,724
Hudson Coal Co. (&
19,628
$27,139
724
Interest...
$569,729
$0.63
share
per
Note—No provision
v. 152, p. 986.
30,149
$52,053
1,365
17,158
Other income
$723,830
9,421
capital stock
$1,834,375
1,904,013
x$69,637
$499,328
473,780
.
3.071,138
$763,774
9,229
$300,481
Net inc. before deplet.
Earnings
12 Mos.
1938 *
$3,640,867
$466,836
166,355
Depreciation...
3 Mos.
$2,424,358
1,700,528
•
15,034
Total
2069.
1939
1940
$2,317,957
1,554,183
$451,802
Other income
Hayes Mfg. Corp. (& Subs.)—Earnings—
Period Ended March 31, 1941—
Total revenue from operations_
National Power & Light Co., a subsidiary of
152, p. 2397.
>
.
1,573,396
expenses
Operating income....
$1,087,322
$0 73
b On 1,316,710 shares.—V. 152,
$1,360,426
$0-93
_
Houston
Howe Sound Co .—Earnings—
1939
1940
1941
Share.—V.
3 Mos. End. Mar. 31—
1941
Net val. of metals sold.. $2,025,198
Co., Inc. (& Subs.)—Earnings—
b Earns, per share of common stock.
After
Electric Bond &
..
3 Months Ended March 31—
Net earnings
a
but took no action.
The company is owned by
$609,922
6,659
39,312
1619.
of
pany,
553,746
$622,510
4,714
Earned surplus—end of period
a
$56,175
$58,559
$2,692
..._.i
Dividends declared
—V. 152, p.
78,794
127
71
reserve
Interest
$84,223
$5,652
2,916
43
$5,837
2,916
...
$84,098
Co.- ■City
Power
&
The City Council of Houston, Texas voted unanimously April 15 to
notice to the company of the municipality's intention to terminate a
profit-sharing agreement in effect for 27 years.
1
•
Lewis Cutrer, the City's Attorney, and Hugh A. Buck, employed by the
Council as an attorney several weeks ago, recommended the action.
In their report they found that the profit-sharing agreement does not
meet the requirements of proper public utility regulation; the company has
interpreted the agreement so as to make unwarranted profits; the com¬
pany's system of acccounting has deprived the city of a proper share in the
profits, and the company's allowable rate of return on its investment, 7%
as an operating profit and
3% for depreciation, is excessive.
The Council indicated it might move to recover $2,000,000 to $3,000,000
which, the attorneys maintain, is due to the city under a proper interpreta¬
tion of the agreement.
No specific plan was adopted, however.
Members
also discussed the possiblity of reducing light rates charged by the com¬
$552,079
359,833
29,227
6,779
.
Net oper. revenues.$5,260
Non-oper. income—net_
'
576
„
$547,523
342,880
.34,701
85,842
$48,018
33,481
2,231
Lighting
Utility Profit Plan—
serve
1941—12 Mos.—1940
$5,525
.$45,940
31,213
2,846
6,619
revenues—
Houston
Would End
Co.—Earnings—
1941—Month—1940
Period End. Mar. 31—
Operating
$1 was paid
2707
Int.
on
bonds
Net
revenue
Net
revenue
$71,514
1,103
.
from operations...
...
Taxes assign, to ry. operations
;.
$36,293
984
$72,617
* 13,885
transportation.
from
Revenue other than transportation....
$37,276
11,539
\
Depreciation.......
Profit and loss
Net
2397.
.
-■
•;
y■
v
y,',:/• =;y y y
v
Gross income from oper.
Operating
expenses
Provisions
instal
-
losses
for
291,744
258,423
1,214,649
1,086,648
$2,705,882
$2,341,799
2,515
$9,915,078
$8,106,805
10,762
13,582
$2,344,314
67,162
$9,925,840
551,045
$8,120,388
333,387
1,009
$2,706,892
135,304
Gross income
Interest paid
Provision for Fedtral inc
in earnings
150,0C0
75,000
2,680,330
,
75,000
355,000
300,000
1,470,330
75,000
2,139
1,210
4,401
6,198
$1,665,067
'J,
$1,772,054
$6,035,064
$6,235,473
Dividends—cash:
Common stock..
,'
,;
..
225,000
735.566
900,000
737,306;
900,000
3,662,729
225,000
3,685,180
Note—The company's proportion of the net income of the Canadian
subsidiary included above for the 3 and 12 month periods ended March 31,
1941, amounted to $83,422 and $171,641, respectively, or approximately
5.01% and 2 84%, respectively, of the consolrdated net income for those
periods.
The unrealized loss arising from conversion of Canadian assets
and liabilities for the 3 month period ended March 31, 1941, amounted to
$35,835; for the 12 month period there was an unrealized gain of $125,534
These have been
charged or credited against reserves for Canadian exchange
fluctuations and contingencies.
:
.
Property
serve
1941
Cash and Government securities—_—
$7,695,994
Instalment notes receivable (net)
75,863,319
Investment in Dominion of Canada war loan bonds
84,905
Loans to employees pursuant to former stock
ownership plan
8,870
Other receivables, &c
.—
37,765
a Office equipment and improvements.
623,915
Assets—
—.
retirement re¬
appropriations.
1,889,480
1,502,043
50,000
43,700
537,500
487,500
$177,837
$2,304,008
3,510
$2,292,461
8,198
$2,300,659
675,000
v
111,654
131
mtge. bonds.
564
,$193,326
$178,401
56,250
:
56,250
8,343
$2,307,518
675,000
122,373
6,161
1,291
$113,808
$1,516,306
13,173
Other int. and deduct'ns
Int. char red to construc¬
1,661
tion—Credit
for the period—
414,342
$1,515,296
414,342
.......
$1,101,964
$1,100,954
$125,564
in some
Dividends applic. to pref. stocks
made for Federal excess profits tax since
such tax will be payable.—V. 152, p. 1753.
Note—no provision has been
present indications are that no
Illinois Terminal Co.—Earnings1941
1940
railway
$543,113
$475,345
Net from railway
202,037
148,261
Net ry. oper. income...
117,525
80,013
1939
March—
From Jan.
67,573,808
1,314,510
360,527
192,037
305,460
Indiana Steel Products
Interlake Iron Corp.
-
of 12 cents per share on the common
May 15 to holders of record May 5.
paid on Dec. 23 last and previous payment was
disbursed in March, 1939.—v. 152, p, 2398.
Dividend of 20 cents
the 15 cents dividend
(& Subs.)—Earning s-
1941
1940
1939
1938
$9,067,137
7,355,322
$4,370,624
3,981,359
$3,548,750
3,440,852
$2,965,422
2,590,342
comm's,
discounts,
&c
Cost of goods sold
Prov. for
1,230,026
315,874
126,613
y,:.y..ywy.y
Co.—12-Cent Dividend—
Directors have declared a dividend
3 Mos. End. Mar. 31—
Liabilities—
& exps
doubtful accts.
_
14,512
Profit
Serial loans, banks (due
1,481,583
487,933
271,872
1,521,218
536,936
Net ry. oper. income
—v. 152, p. 1753.
Gross sales, less
52,436
47,401
597,746
$429,628
118,176
61,361
1—
Gross from railway
Net from railway...—
was
1940
$7,692,215
1938
$464,564
145,542
86,943
1
5,088
4,478
2,433
$1,697,303
$384,177
39,997
$103,420
27,114
$372,647
$130,534
91,697
314,515
$516,611
92,600
528,154
$424,174
86,316
371,180
75,000
75,000
75,000
70,125
x$108,322
x$350.678
$28,266
$84,314,767 $75,963,605
.....
currently)
$500,000
16,057,270 $25,105,360
—.——
Notes payable, banks
payable,
1,986,055
1,688,483
$193,195
receivable
Notes
154,458
125,000
stocu, payable
Consolidated Balance Sheet March 31.
/
Total
$6,171,484
160,874
Gross income.
on
1941—12 Mos.—1940
134,500
Net operating revenues
Other income (net)..—
Int.
-1940
Gross from
5% preferred stock...
i,,.
$217,728
$6,516,046
Balance
of
subsidiary company..
income
428,889
679,381
361,950
$220,508
excess
tax
Prov. for contingencies.
Net
.
355,663
$61,850
$500,995
$538,569
taxes.....
Direct taxes......
Net
and Dominion taxes.-
Min. int.
$4,966,534 $21,488,274 $18,735,433
2,366,313
10,358,547
9,541,980
$5,554,566
2,556.940
notes rec'ble
profits
1941—12 Mos.—1940
on
Net income from oper.
Other income credits
Prov. for Federal
;■.; • y.
(& Subs.)—Earnings—
1941—3 Mos.—1940
Period End. Mar. 31—
1941 -Month-
Operating revenues
Oper. rev. deudctions—
Oper. exps., excl. direct
$6,177
/y
y
;
Idaho Power Co.- —EarningsPeriod End. Feb. 28—
'
Household Finance Corp.
*'
$39,358
$63,851
;.
—V. 152, p. 2070.
938
CV165
„V
,
117,392
117,071
5%.
Deficit
18,787
...—.
revenue
—v. 152, p.
629
18,743
Interest.....
—at
employees, officers,
and others,
pursuant to thrift plan
Federal and Dominion income, excess profits,
...
30,832
Other income
Total
394,040
447,700
and
2,899,490
960,566
1,595,623
962,306
191,406
14,000,000
690,750
265,216
5% preferred stock ($100 par)
37,106
18,000,000
31,165
18,000,000
b Common stock
18,389,150
640,250
11,554,740
697,334
10,241,083
debt-
$1,728,135
66,127
Depreciation
Charges or credits in respect of cash adv's &
invest, in Dalton Ore
Co.—Prov. for amort.
317,919
18,432,650
Capital surplus
Earned surplus
Interest on funded
143,964
capital stock taxes
Dividends payable
Miscellaneous current liabilities
--
Serial loans
Res. for Can. exch
fluctuations and conting—....
Minority interest in subsidiary company—
-
"
Total....
a
After
reserve
for depreciation and
and $420,478 in 1940.
185,168
$84,314,767 $75,963,605
amortization of $490,540 in 1941
b Represented by 737,389 shares, less 1,823 shares
in treasury in 1941, and 737,389 shares,
—V. 152. p. 986.
less 83 shares in treasury in 1940.
of investment
Estimated
normal
Fed-
7,700
284,000
eral income tax
$774,855
Net profit
—
Note—No provision
made for excess profits tax.
25-Cent Dividend—
„
declared a dividend of 25 cents per share on the common
16 to holders of record May 2.
This will be the first
Dec. 23, 1937. when 25 cents per share was also dis¬
tributed.—V. 152, p. 1284.
Directors have
stock, payable May
dividend paid since
The Commercial & Financial Chronicle
2708
Ingersoll-Rand Co.—To Pay $1.50 Dividend,—
$1.50 per share on the common
par value, pa>able June 2 to holders of record May 5.
Like
amount paid on March 1 last, and compares with $1 paid on Dec. 24 last;
$2 paid on Dec. 2 and Sept. 3, 1640; $1 paid on June 1 and March 1, 1940.
and on Dec. 26, 1939; $1.50 on Dec. 1 and Sept. 1, 1936; $1 on June 1 and
March 1, 1639; $1.50 on Dec. 1 and Sept. 1, 1938; $1 on June 1 ,1638, and
$1.50 on March 1, 1938.—V. 152, p. 680.
The directors have declared a dividend of
stock,
no
A group of Philadelphia stockholders asked the U. S. District Court
April 17 to take steps toward appointment of trustees and financial reor¬
ganization of the company.
The request was made by
Ralph W. Jones, industrial engineer, on behalf
of a group of stockholders of the Transit Investment Corp. of Philadelphia,
which owns $7,500,000 of the Buffalo company's stocks and bonds.
He
asked Judge George A. Welsh to direct three trustee-receivers appointed
last May for the Transit Investment Corp. to ask the Federal Court in
Buffalo to appoint receivers or trustees for
International Ry., which
operates trolley and bus lines in Buffalo and vicinity.
He contended that
if the present management were
$1,600,000 a year if the system were run "efficiently and
economically,"
Judge Welsh postponed a hearing pending a report of the financial con¬
dition of the company by an engineering firm retained by the trustees
of Transit Investment.
The report is expected in about three weeks.
Most of Transit Investment's $7,500,000 holdings in International's
securities represents funds of the Philadelphia Transportation Co.'s emInternational could save $525,000 a year
ousted
Johns-Manville Credit Corp., a wholly owned but unconsolidated sub¬
sidiary, reported net earnings of $32,615 during the first quarter of this
year as compared with $33,601 during the corresponding period of 1940.
—V. 152, p. 2555.
Jefferson Lake
Sulphur Co., Inc.—Earnings—
1941
Net earnings——
Prov. for Fed. & State income taxes (est.)
Net
a
profit..
After providing
Utilities
International
Present
Corp.—Form
Group
to
for depreciation of fixed assets and depletion of sulphur
excess profits tax.—V. 152. p. 1920.
Laughlin Steel Corp. (& Subs.)—Earnings—
Jones &
2,141,875
526,494
1940
$3,503,998
1,832.781
532,600
860
depl-
i'rov. for deprec. &
Interest charges
4,006
Adjust, for minority int.
in profits of sub. consol
c$4,160,507 c$l,134.611
Profit----.-.
a
management."—V. 152,
the present
p.
Investment Co. of America-
"every lawful means to remove
$397
26,135
$333
35,553
Fed. cap. stock tax & miscell. taxes.
Exps. of filing registration statement
.
$35,818
$35,886
13,723
2,676
Together
Expenses
$35,818
12,650
5,219
Kansas City Public
Period End. Mar. 31—
Total oper. revenue
11,601
3,684
Operating
expenses
General taxes
-
$18,616
—
$17,948
$3,603
14,019
Fed. inc. tax
$26,379
4,802
$31,967
$21,657
400
*
$12,315
94
$41,372
85
def$91.491
836
Gross income
$12,408
3,810
$41,458
3,798
def$90,654
45,627
17,291
4,152
14,894
4,559
192.859
94,285
$12.845prof $18,205
$423,425
bonds
Interest on
RFC obligationsOther fixed charges
on
Net loss
$2lj257
end. Mar. 31—
Cash dividends
Kansas Electric Power
at
oy taking the last
amount of $780,272.
reported sale or bid price on that date) in the net
The difference between cost and market is not taken
in the accounts.
depreciation in market value of the company's securities, as
compared with cost, was as follows:
Depreciation as at Dec. 31, 1940
■;
$625,938
Depreciation as at March 31,1941
780,272
-
—
$154,334
Increase—-
The net profit from sale of investment securities, as shown above,
profits $10,754 and losses $7,712 (computed on a dally basis).
The aggregate dollar amount of securities purchased was $220,458 and that
of securities sold $136,920.
(2)
consists of
Balance Sheet March 31
1941
Assets—
Claims
In
deps.
closed
banks
1,509
—
Int. & divs. rec'le,
recelv.
13,087
15,150
2,220
120,697
for
for
1939
1938
1937
$2,515,961
1,441.519
$2,490,534
1.421,781
—
413.368
$5,555
50,947
53,008
15,043
than
Prov.
Fed.
for
66,035
Invests., at cost.. 3,830,778
4,283,602
Inv. in cap. stock
$725,523
1,944
$711,343
227.500
CY6.983
$704,419
211,555
CY13.807
$727,468
182,389
CV643
_
21,154
21,154
20,183
104,683
$436,550
$469,672
$486,487
$441,039
7% pref. stock divs
140,035
6% pref. stock divs—38,694
Common dividends
208,250
140,035
38,694
140,035
38.694
140,035
38,694
208,250
350,350
131,250
count
and expense
Income—
Net
Balance Sheet Dec. 31, 1940
Assets—Utility plant, $12,352,872; investments, $1,670; cash, $348,816:
special deposits (including $44,682 tor payment of preferred stock divi¬
dends), $46,033; receivables
(net), $302,489; materials and supplies,
$151,665; prepayments, $16,538; debt discount and expense in process of
amortization, $381,236; other deferred charges, $44; total, $13,601,363.
Liabilities—Common stock (59,500 no par shares), $2,000,000; 7%
cumulative preferred stock (par $100), $2,000,500; junior preferred stock
(par $100), $644,900; long-term debt, $6,520,550; accounts payable,
$141,087; preferred stock dividends payable (covered by special deposit),
$44,682; customers' deposits, $166,205; accrued taxes, $179,701; accrued
interest, $20,309; other, $4,666; customers' advances for construction,
$2,300; reserve for depreciation,,$1,287,232; contriounons in aid of con¬
struction, $36,408; earned surplus, $552,822; total, $13,601,363.—V. 151,
p. 2241.
inc.
Kansas Gas & Electric
20,000
20,000
a203,644 b2 ,157,790
508,959
Capital surplus... 2,263,799
Earned surplus... 1,919,765
1 901,533
$6,567,177
$6,332,980
—
213,605
96,955
225,507
84,825
2,543,215
716,404
2,582,291
887,307
Prop, retire, res. approp.
60,000
55,000
665,000
660,000
330
391
4,386
5.283
$214,543
321
$197,767
220
$2,638,172
6,706
$2,198,099
6,879
Operating re venues
Oper. exps., incl. direct
taxes.
Common stock...
—
——
Direct taxes
Amortiz. of limited-term
wholly-owned
co. (Invest¬
Co.—Earnings—
1941—Month—1940
$585,433
$563,490
Period End. Jan. 31—
770
1941—12 Mos.—1940
„
investments
sub.
Research
ment
Net oper. revenues—
Other income (net)
Corp.) at cost.
Total
$4,477,481 $4,667,520
Par $1.
b Par $10.—V. 152.
Period End. Feb. 28
Gross oper. earnings.
Operating
exps.,
$4,477,481 $4,667,520
Total.
$214,864
$197,987
$2,644,878
$2,204,978
Interest
45,000
60,000
643,500
720,000
Int.
15,000
19,418
15,000
9,851
180,000
211,915
180,000
Gross incomep.
1594.
Iowa Southern Utilities Co.
(Del.)- -Earnings—
—
on mtge. bonds.
debenture bonds.
$4,451,546
»2,639,869
34,500
452,500
2,431,828
392.000
Divs. applicable to pref.
t'-w
Net oper. earnings
$122,111
3,145
net
earnings
mtge. bonds
Int. on other fund. debt.
Amort. & oth. deduct'ns
$118,335
3,152
$1,359,177
34,810
$1,440,897
40,807
$125,256
43,308
Other income
$121,487
58,060
12,509
7,482
$1,393,987
Balance---
$1,481,704
701,108
150,550
588,986
$135,446
$113,136
stocks for the period
13,151
charges
150,000
140,704
91,367
$56,297
$43,436
$514,296
$538,679
$56,297
$43,436
$514,296
$496,711
b Prov. for legal fees
N0ie—No provision
has been made for Federal excess profits tax since
will be payable.—V. 152, p. 1437,
present indications are that such tax
(Julius) Kayser & Co. (&
1940
$111,566
1939
$221,652
3,525
59,635
2.553
4*183
1,057
34,279
2.433
5,431
Depreciation.-
61,285
59,106
5o,853
66,897
$123,613
$45,725
$130,463
$2,692
Income from
operations
Corp. (& Subs.)—Earnings—
3 Months Endta March 31—
Net saies...
(G. R.) Kinney Co., Inc.—To Pay
.$16,713,047 $11,539,613
24,621
42,353
Total income..
Costs, expenses and taxes
Depreciation and depletion
_
$16,737,667 $11,581,966
14,635,761
10,260,025
540,318
544,247
$1,561,588
87,500
Common dividends
share of common stock
$777,694
131,250
637,500
$1.73
——
$0.76
like
amount
'.istributed.
At the Annual Meeting, held April 23 Paul Armitage was elected a director
filling the vacancy created by the death some months ago of Mr. P. S.
Franks. 'The remaining 12 directors were reelected.— v. 152, p. 988.
Koppers Co.—Bonds Called—
All of the
statement.
burgh
.
was
New Director—
due Nov.
.
the $5 prior pref.
payable May 20 to holders of record May o.
Like amount was
paid on Feb. 25 last and on Dec. 30, Nov. 25 and Aug. 20, 1940, and com¬
pares with $1.50 paid on Dec. 27, 1639; $1 on Nov. 10, 1939; 50 cents on
July 6, 193t, and $1.50 paid on Dec. 28, 1938, this latter oeing the first
payment made on this issue since Dec. 27, 1837, when an initial dividend of
Note—The statements of the foreign subsidiaries other than the Canadian
subsidiaries have been excluded from the above consolidated financial
•
Preferred Dividend—
Directors have declared a dividend of $1 per share on
stocK,
1940
11,41
Other income
1938
$77,453
Note—The above figures exclude the earnings of Julius Kayser (Australia)
Pty., Ltd.. and of Kayser-Bondor, Ltd., of England.—V. 152, p. 832.
•
per
Subs.)—Earnings—
1941
$248,359
Quar. End. Mar. 31—
Net profit
for
comparative purposes,
b And other expenses in con¬
nection with plan of recapitalization, and other special charges.—V. 152,
p. 2555.
1
Earnings
520,784
$672,049
41,968
income
Net profitPreferred dividends
$1,192,833
520,784
Reserve for taxes
12.500
Net inc. before special
Johns-Manville
$1,609,826
$1,089,042
—
Interest
Restated
112,777
CY632
construct'n
Net income—
233,171
40,000
CY363
/
$4,264,725
a227,983
Int. chgd. to
maint.
and taxes
Total
on
Other interest & deducts.
1941—12 Mos.—1940
1941—Month—1940
$395,282
$380,818
Prov. for retirements
on
343,230
$702,414
2.005
Amortization of debt dis-
Federal
Res. for contings.-
sold
372.027
$709,864
1,480
$690,665
22^,500
Dr5,461
on long-term debt._
Miseell. int. deductions.
20,674
-
380.413
$689,463
1,201
—
--
Accrd. taxes other
Income tax
stock
cap.
$3,514
tax
securities sold..
recelv.
1940
Accts. pay. & un¬
claimed divs...
Dlv. payable
$180,526
respect
in
Detroit
1941
Liabilities—
1940
$631,395
Co.—Earnings—
$2,610,764
1,520,487
Operating income
Non oper. income
as at March 31, 1941 are carried on the
the company, which is in excess of market (arrived
Unrealized
Cash in banks
327,744
$716,867
1940
Gross income——-
$21,577
48,764
$31,655
53,008
50,947
cost to
$4,435
338,132
55,425
$2,^40,937
1,638,104
Operating revenues
Operating expenses
The securities owned
Notes—(1)
balance sheet at
$2,218
2,217
I
—V. 152. p. 2071.
Int.
mos.
123,882
808,482
124,326
787,516
Int.
""312
Interest expenses
Profit for the 3
223,680
64,361
Depreciation
Taxes--
in, first out"
Profit before prov. for
$6,302,604
5,144,342
217,9C1
22,776
Profit from sale of securities on the
basis of cost to this company, "first
Provision for Federal inc. tax
1941—12 Mos.—1940
$6,165,176
5,126.923
65,183
Social secuiity taxes
7,345
o,041
——■-
including repairs and
all local. State and
Service Co.—Earnings—
1941—Month—1940
$546,746
$568,012
440,044
432,272
18,875
19,420
10,330
10,586
Calendar Years—
Balance
now
c
~$26,532
871
& prospectus
a
32,606
Equivalent to $5.43 per share of common stock in 1941,
and 18 cents per share of common stock in 1940.
x Loss.
Note—No provision is required for excess profits taxes under the Second
Revenue Act of 1940.—V. 162, p. 1920.
Federal taxes,
1939
1940
1941
3 Months Ended March 31—
on investments in bonds
Net
3,193
x$376,525 x$l,147,506
Corp. for comparative purposes as the
included in the consolidated accounts,
Supply
Non opez ating
-Earnings—
Interest
Int.
al938
$711,538
1,375,113
451,325
b After deducting all expenses incident to operations,
maintenance of plants and estimated provision for
2241.
Dividends from investments in stocks
a
1939
$1,731,690
1,540.523
564,499
Operating income.—
income.-
In addition to Mr. White, George H. Storm of Greenwich, J. A. Hodgson
of Montreal would form the committee to use
Frick-Reid
Includes
accounts of that company are
Oust
the corporation is asking for proxies to remove
board of directors headed oy P. M. Chandler,
it was announced April 15 by E. Laurence White, who will head the inde¬
pendent group of stockholders.
of
21,800
b Includes
3 Mos. End. Mar. 31—
1941
b Total earnings
$6,829,736
Management—
A group of stockholders of
the present management and
cos.
$141,279
and
lvested
Sloyees. in Internationals bonds,—V. 152, p. 988.
The latter company's cooperative wage fund also has $3,000,000
Amt.
—
—
-
and oil domes,
.
Accts.
$163,079
$245,453
a
*
up
1940
$298,453
b53,000
3 Months Ended March 31—
Buffalo—Appointment of Trustees—
International Ry.,
April 26, 1941
or
collateral trust bonds, series A 4%,
May 10 at 103 and
Trust Co. of Pitts¬
Y. City.—V. 152, p. 2556.
outstanding first mortgage &
1, 1951, have been called for redemption on
Payment will be made at the Union
accrued interest.
at the Bankers Trust Co., N
The Commercial & Financial Chronicle
Volume 152
Kings County Lighting Co.
count—
'
■'
•
■
Period End. Mar. 31—
Operating revenues*. Gas
Miscellaneous
_
—
.
$825,805
6,961
...
Total oper. revenues..
Operating
Depreciation-
.
_
_
—
.
„
...
$857,094
6,899
$832,766
438,969
49,257
38,155
expenses.. ...
Maintenance.
_
$3,074,729
30,259
$3,104,988
$863,993
439,815
55,275
38,108
Taxes (incl. est. prov. for
Federal income tax)..
148,033
Operating income.
Non-oper. income met).
$158,352
12,248
1,630,854
201,384
152,482
138,564
$192,231
1,463
Gross income..
on
(Incl. Domestic Subsidiaries)
-.
Assets—
$3,101,389
28,576
$3,129,965
1,541,634
190,094
102,773
533,952
$586,316
;
516,045
$779,419
7,417
* 17,322
$170,600
59,470
8,480
Misceil. deductions
_
_
$603,638
256.630
34,283
$786,836
275,380
41,807
1,474
1,426
_
Other interest-—-.——
Amortiz.
of
debt
dis¬
count and expense
$193,694
68,845
10,453
1,410
2,575
5,705
9.718
5.460
7.428
$99,750
long-term debt.
Mar.
receivable, less
Inventories, w
—
$110,411
$297,302
$456,761
...
reserves.
.
.
.
Growing crops and deferred operating expense....
Due from foreign subsidiaries not consolidated...
Growing crops maturing after this year..........
Investments—Foreign subsidiary capital stocks..
Due from foreign subsidiaries—not current....
Other securities.....
1,305,106
347,514
553,633
Lambert & Co*
Quar. End. Mar. 31—
1941
Net profits.
....-C.
Shares capita] stock out¬
1940
$478,838
$402 ,377
$433,443
746,371
746,371
..-$49,902,804 $53,088,130
>...
.
$48,853
1,551,743
1,675,144
330,000
54,506
10,127,000
2,023,820
169,626
25,395,895
6,081,966
2,444,251
........
.
.
.....
..... .
_
_
.
_
..
$0.54
$0.58
$0.52
1922...'
■
,
—
.
_
y
.
....
Total—.
a
After
_.
.
.
.
.
... .
_
reserve
'1
............
... .
.
2
_..
.
..
$3,574,549
1,665,324
1,417,024
330,000
397,724
10,670,000
1,944,290
173,368
25,395,895
6,081,966
1,437,991
...$49,902,804 $53,088,130
of $15,509,162 in 1941 and $15,475,233
...
—
for depreciation
in 1940.
After all charges and Federal income and excess profits taxes.- -V. 152,
a
p.
.
520,510
35,687
.
.
$390,001
746,371
.
16,355,092
25,681
y.—_
Earned surplus.
1938
1939
51,493
40,485
—
Total...
1
Liabilities—
Notes.....
Accounts payable
Accrued taxes, payrolls/interest, &c_.......
1st mortgage 4% bonds, due within a year.
Deferred income.
...
1st mortgage 4% bonds_._—^
Voluntary pension reserve.................
...
standing (no par)746,371
Earnings per share
$0.64
a
2,069,470
43,934
19.519
Fixed assets..— I...2.....' 15,976,465
Prepaid expenses and deferred charges...........
489,912
Other assets.
Common stock ($7 par).
Paid-in surplus.
(&Subs.)—-Earnings-
550,310
2,027,729
a
Other reserves.—
—V. 152, p. 1755.
$2,459,329
4,417,521
23,103,050
1,429,549
2,055,635
5,641,098
19,487,534
...
....
Net income.
1, '41 Mar. 2, '40
'.Cash—.......i..:—L-,"—~. — ---------H-- $3,984,677
Notes and accts.
—
...
Int.
'<
1941—12 Mos.—1940
1941—3 Mos.—1940
2709
Consolidated Balance Sheet
(& Subs.)—Income Ac¬
Common Dividend—
■'
.
.y'"1
.
.
,Directors have declared
Lane Bryant, Inc.—To
a dividend of 35 cents per share on the $7
par
May 31 to holders of record May 15.
Dividend of
50 cents was paid on Aug. 15, last, this latter being the first payment made
on these shares, and the first common dividend
paid since October, 1937
when $1.40 per share was paid on the old no par common stock.—V. 152,
p. 2399.
common
Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable June 2 to holders of record May 15.
Like amount paid on
March 1 last and previous distribution was the 50-cent dividend paid on
May 27, 1137.—V. 152, p. 2399.
Lindsay Light & Chemical CoEarnings—
Lehigh & New England RR.—Earnings—
March—
1941
Gross from railway.....
Net from railway......
$325,846
100,924
79,575
$305,334
91,730
75,524
994,921
327,774
251,949
858,369
239,638
202,382
Net from railway......
Netry.
oper.
income...
a
$275,483
57,927
48,954
1,074,741
404,197
305,084
From Jan. 1—^
Gross from railway
751,192
110,021
100,877
Earnings per share
($10 par)...
$0.44
$0.21
■
■ y"'..
a dividend of 20 cents per share on the common
15 to holders of record May 3.
Previously regular
quarterly dividends of 15 cents per share were distributed.—V. 152, p. 1286.
Lexington (Ky.) Telephone Co.—Sell Bonds Privately—
The company,
a unit of General Telephone System, com¬
pleted April 23 in a private transaction the refunding of its
outstanding issue of $1,800,000 4% bonds, due June 1,1964,
by the sale to an insurance company (which held the former
bonds) of $1,800,000 first mortgage bonds, series A, 3^%,
due April 1, 1971 at 106.25% of the principal amount.
—V. 151, p. 1577.
y;:< ...y-yy,
:;;,v
\:y M
Mar.
....
To foreign subsidiaries..
Total
goods sold—....
Selling, general And administrative
expenses
Provision for pensions
,
—
.....
Dividends and interest received
...
Miscellaneous income
Similar amounts were paid on Dec. 2 and June 1, 1940, Dec. 1 and June 1,
1939, Dec, l'and June 1, 1938, and Dec. 1 and June 1, 1937.—V. 151,
2640.
y■■
p.
Lone Star Cement
...
Other interest
...
..
disposal of fixed property, net
Miscellaneous charges
Provision for Income taxes.
on
......
.....
—
Earnings of foreign subsidiaries not consolidated..
1939
1938
$4,230,105
$4,377,799
$4,548,795
3,429,868
Saies.—
2,225,310
2,236,809
658,109
619,995
606,836
2,450,313
609,507
depletion)
Sell. A admin, expenses.
■
Operating profit-—
$2,137,062
$1,384,801
$1,534,155
Miscellaneous income...
86,819
59,488
49,876
$1,488,976
43,872
Total income—.....
$1,584,031
$1,532,848
$2,223,880
$1,444,288
franchise taxes, Ac- Provision for deprec. and
a556,883
220,775
665,358
553,376
146,643
116,583
$854,996
ing (no par)
Earnings per share—..
948,597
$0.90
Inc. taxes, cap.
stock &
-
$51,055,141 $50,284,446
4,099,670
4,344,453
3,816,727
6,539,097
a
$3,509,635
429,449
35,472
51,635
9,092
38,718
784,220
y
197.184
624,582
;
—
489,017
;
148,054
120,410
$553,555
$586,058
$726,237
966,597
$0.57
964,756
$0.61
961,395
1939
$7
289
1938
$30
$296
$235
$0.76
Including excess profits taxes.—V. 152, p. 834.
Long-Bell Lumber Corp.- -Earnings1941
$1,037
502
$2,748,522
$3,782,237
$1.04
"
Loss for 3 months-—
mo
$1,539
3 Mos. End. Mar. 31—
Loss beforededuc.for int.
$3,982,980
460,295
67,327
151,374
26,630
20,244
508,588
$2,161,048
499,799
225,338
,,
&
doubtful accts.
contingencies).
Mar. 2, '40
$2,660,847
—
1940
$6,225,039
A
Mfg. & shipping costs
(excl. of deprec. and
Interest-.---
Total income..
Interest on funded debt
Amortization of debt discount and expense
Corp. (& Subs.)- —Earnings
1941
3 Mos. End. Mar. 31—
for
1,*'41
.$58,971,538 $61,167,996
48,423,460
50,108,117
6,796,647
6,904,432
273,000
225,250
$3,478,431
$3,930,197
25,024
44,337
6,179
8,446
Cost of
Co., Ltd.—Extra Dividend—
Net profit
Shs. com. stk. outstand¬
(Including Domestic Subsidiaries)
Net sales—-To domestic customers
To foreign customers
Loblaw Groceterias
Directors have declared an extra dividend of 12^ cents per share in
addition to the regular quarterly dividend of 25 cents per share on the class
A and class B common stock, an payable June 2 to holders of record May 10.
depletion.....-.—
Misc. charges (incl. prov.
McNeill & Libby—Earnings—
Years Ended—
b Net incomes
$16,563
$0.64
20-Cent Dividend—
1941, stated that the Lehigh's financial adjustment plan of Aug. 25, 1938,
7,1940,
provided for and required that such payment be made.
Company, will, of
course/carry out the terms of the plan.
The payment to be made will be
six months' interest on $72,336,000 and the amount involved in this pay¬
ment will be $1,558,462.
It will be recalled that pursuant to the terms of the plan, that only 25%
of interest due Nov. 1, 1938, to Nov. 1, 1940, inclusive, was paid to bond¬
holders.
The balance of 75% was deferred for five years from each interest
date.
The first payment, therefore, of back interest under the plan will
be due on Nov. 1, 1943.-—V. 152, p. 2072.
Loss
1939
$30,789
stock, payable May
and the decree of the U. S. District Court at Philadelphia, of Aug.
Operating profit
1940
/
$42,991
stock
Directors have declared
:.y
Lehigh Valley RR.—To Pay Interest—
a
1941
on common
a After all
charges and allowances for normal Federal income tax, and
after reserve for estimated Federal excess profits tax in 1941;
A. N. Williams, President, when asked whether the Lehigh would pay
the full interest on its general consolidated mortgage bonds, due May 1,
Lib by,
3 Months Eded March 31-1Net profit
1938
1939
$382,860
143,002
108,960
Netry. oper. income...
—V. 152, p. 2242.
1940
shares payable
$421 '
if
205
The corporation as of March 31, 19*1, was the owner of certificates of
beneficial interest for 100.780.1 shares of the common stock of The Long-
which at the time had outstanding 197,683 shares of
stock (par $50) and 115,662 shares of preferred stock (par $100).
Long-Bell Lumber Corp. owns practically no other assets.
There¬
fore, in addition to giving its own income account, the corporation gives
also the income account for the period of the Long-Bell Lumber Co.
Bell Lumber Co.,
common
The
1,033,715
Earnings of Long-Bell Lumber Co. for Quarter Ended March 31
Net income
c
Earnings per share.
$0.73
„
common
stock, $7 par.
Consolidated Surplus Accounts for
the Fiscal Year Mar. 2,1940 to Mar. 1,1941
Consolidated Paid-in Surplus—
Paid-in surplus, March 1,1941 (no change during the year)....
$6,081,966
Reconciliation of Consolidated Earned Surplus—
Earned surplus, March 2, 1940......—
...
Earned surplus at March 2, 1940 of the foreign subsidiaries
which have now been excluded from the consolidated state¬
Profit for 3 mos. ended
March 31151. p. 2502.
Period End. Mar. 31—
Total oper. revenues.—.
Operating expenses-——
25,815
Continental Europe—f—.64,721
.
-
-
....
c
Amount realized (dividends, $5,099; collect- on acct, $2,740).
.
■' ■J
/
———————
Dividends paid on common stock...
Earned surplus, March 1, 1941...
a
....
....
.......
$1,437,991
1,437,991
2,660,847
—
—i—...—
—
—
-
-
-
.
7,839
$4,258,243
1,813,992
$2,444,251
subsidiaries taken up in the consolidated profit
b Transferred to reserve for impairment of investment
therein, the amount here shown being the deficit of this subsidiary at
March 1,1941.
c On investment In and advances to 50% owned (German)
which were written off to surplus during the preceding year.
company
$ 1,809 loss$234,986 loss$360,983
~
268,548
357,716
203,288
Depreciation..-------for in¬
382,816
863,249
1,556,371
1,005,625
1,356,684
Taxes (inc. prov.
come
tax)
598,230
——
$918,271
497,407
2,154,861
1,886,728
$789,345
$3,246,059
Dr712
Other income—net..—.
Drl,679
$3,514,481
Dr2,£89
$917,559
Operating income-—.
$3,511,502
1,502,565
265,839
19,858
$3,243,777
1,502,565
336,526
$1,385,195
.
,
Dr2,282
193,308
Z>r41,741
Over earnings of such
and Joss statement,
1*5,571
40,630
1641—3 Mos.—1940
1941—12 Mos.—1940
$3,523,100 $3,294,154 $13,508,854 $12,644,103
1,381,138
5,389,882
5,149,007
1,420.495
Maintenance--------■
debt disct. , Ac
611
$787,666
375,641
<81,186
5,626
Net income-... — -—
Misceil. reservations of
net income———
$475,822
$325,213
$1,723,240
144,000
: 144,000
:
$331,822
$181,213
$1,147,240
Gross income.—.—-
-
long-term debt.
;
.
Int.
on
Other interest
Balance—..
loss$6,096
168,685
Long Island Lighting Co.—Income Account—
303,801
280,794
Philippine Islands........—
Consolidated Earned Surplus—
Earned surplus, March 2> 1940, as above. ...
Net income for the year from consol. profit and loss statement.
a. Excess of dividends received from foreign subsidiaries.....
b Portion of dividends received from English subsidiary...
$814,369
— -
...
Earned surplus, March 2,1940 of Libby, McNeill A Libby
and domestic subsidiaries.
..........
1938
$133,510
162,942
172,829
32,728
—V
2,113,122
ments presented herewith—Canada.,..■
England.
—
.........
._—........ —
1939
$503,055
232,258
245,178
23,810
deple'n, deprec. & int. $1,827,486
Depletion.-.—-.
420,720
314,493
Depreciation -.
—
6,447
Interest---->---r
271,456
Accrued inc. taxes (est.)
After providing depreciation of $1,050,310 in 1941 and $1,068,193 in
1940. b Not including dividends from foreign subsidiaries.
c On 3,627,985
a
shares of
1940
1941
Gain before deduct'ns for
Amort, of
Bal. transf to
t
375,641
65,485
....
2399.
19,491
576,000
earned
surplus
—V. 152, p.
;
.
-
576,000
*
$809,195
The Commercial & Financial
2710
Louisville Gas & Electric Co.
$12,262,491 $11,328,871
Operating revenues
Operation
3,902,232
1,427
643,578
1.300,000
1,427
1,160,097
685,458
1,380.500
Appropriation for retirement reserve
Amortization of limited-term investments..
Taxes (other than income taxes)
_-
Provision for Federal and State income taxes
$4,027,022
$4,087,264
224,400
$4,251,422
1,030,450
$4,307,529
1,030,450
Amortization of debt discount and expense
160,227
Other interest
7,176
250,000
37,000
160,227
38,453
250,000
37,000
CY6.028
8KSr.UM:::::$1649l73iI! ,16«
--
Gross
Interest
—
income
on
...
...
....
funded debt
Amortization of flood and rehabilitation expense._
Amortization of contractual capital expenditures.
Interest charged to
construction
.
.....
Cr24,233
21,696
Balance
Divs.
pref. stock of Louisville Gas & Electric
Co, (ky.) held by public—cash.... —.....
1,354,920
1,354,920
12,154,544 *12.209,840
$3,824,589
i
1,399,058
1,469,403
1,406,611
1,466,335
$2 425,531
$2,638,538
$2,445,736
$2,509,414
2.542,268
2,542,268
2,542,268
def$116,737
$96,270 def$96,532
z No provision has been made for surtaxes on undistributed
Consolidated Balance Sheet Dec. 31
V
1940
1939
1940
Liabilities—
Assets—8
%
Liabilities—
$
def$32,854
profits.
earnings
Net
Aflfa::: *2,542.268
Balance to surplus
2,494,149
2,861,509
2,411,043
2,308,307
11,246
6,010
receiv. (other)..
61,014
receivable..
692
1,472,630
74,494
692
1,387,916
45,178
Cash
$1,414,186
12.791,891
Interest charges, &c
$2,773,317
on
$16,006,891 $16,185,589
13.556,468
Net before interest--.
24,110
$2,769,106
Miscellaneous deductions
$17,381,057 $16,899,832
Gross
0rnan"d'™m:/&ataxe8
220.265
Net operating income..
income..
Other
$1,418,397
y
-
Accts. rec.(cust.)
rec.
from
Accts.
Net income
Second Revenue Act of
1940 in the amount of $154,000.
Note—Provision for excess profits tax under the
1940
made for
was
the calendar
year
affiliated
cos
and
Accts.
Divs.
—V. 152, p. 1286.
dividend of 50 cents per share on the common
15 to holders of record May 5.
Dividends of 25 cents
paid on March 20 last; 50 cents on Dec. 14 last, and dividends of 25 cents
per share were paid on the 15th day of Nov., Oct., Aug., May and Feb.,
J £40,—V. 152, p. 834.
stock, payaole Maj
a
Initial dividend
have
declared
an
extra
dividend
of
cents
per
share
&
Other
329,388
378,176
Pref. shs. of subs.
res.
pense
of
sus-
144,381
182.003
2,020,572
2,020,571
credits
held by
public.
_
Min.int.lncom.&
prelim, engineer¬
156,523
ing charges
8,473,185
8,553,422
28,140,616 28,140,615
6,023,606
6,023,605
x Common stock
15,860,840 15,860,840
Consol. earn. surp.
925,140
1,241,518
surplus of subs
$2 pref. stock
Cash held by trust
200,000
200,000
collateral
13,384
Co.—Extra Div.—
10
14,500,000 14,500,000
13,038,634 12,652,130
sidiary cos
191,189
Other assets
Manufacturers Casualty Insurance
Directors
Consumers'
Fund, debt of sub¬
Res. for deprec
count & expenses
as
273,015
1,803,112
411,438
pay¬
318,788
orders in prog..
bal.
289,507
1,820,918
depos.
429,774
accts.
able & accruals.
Unamort. debt dis¬
dividend of 25 cents per share on the common
stock, par $1, payable May 2 to holders of record April 23.
of 15 cents was paid on Dec. 26, last.—V. 152, p. 1923.
1,800,521
$2 2d pref. stock..
in
addition to the regular quarterly dividend of 40 cents per share on the
capital stock, par $10, both payable May 15 to holders of record May 1.
Similar payments were made in each of the 19 preceding quarters.—
—V. 152, p. 1596.
x
93,486,170 93,222,273
After reserves.
Year Ended Dec. 31, 1940 (Company Only)
Total
...93,486,170 93,222,273
Total
Represented by 1,742,617 no par shares,
Statement
of Income
y
$2,780,607
189,676
41,480
Income from cash dividends
Expenses
Magor Car Corp.—New Directors—
Leon S.
Freeman has been elected
of this corporation.—V.
Marchant
152,
p.
1940
$1.23
share on capital stock..
$225,001
$0.99
After deductlong $4,357 for dividends on preferred
retired.—V. 152, p. 2074.
$1,148,125
118,824
_
Expenses
$1,029,301
Net income for the period
1940,
Add adjustment of capital stock tax reserve at Dec. 31,
14,000
required
$1,043,301
Total income
Total income, as above, plus proceeds from sale of certain stock
dividends received in common stock which, under the declara¬
which
meas¬
1,160,976
March 31, 1941
Michigan Consolidated Gas
45,091
54,351
Account receivable for shares sold
Total-
$102,816,432
Liabilities—
A proposal to authorize the institution of condemnation proceedings by
the City of Detroit against local properties of this company was over¬
whelming defeated April 7
by the voters who also defeated charter
amendments that would enable the city to issue revenue bonds to acquire
the property and to operate the gas utility
The Michigan Consolidated Gas Co. is a
1,171,988
34,230
Account payable for purchase of securities
Accounts payable for repurchase of shares
13,539
75,660
Other accounts payable...
1,107
territory it serves
1924.
p.
Corp.—SEC Orders
West
Company and Subsidiary Sever Their
...
on
Massey-Harris Co., Ltd.—New Directors—
Harry B. Housser and C. N. Appleton have been added to the board of
directors.—V. 152, p. 1287.
Men gel
Co.—Earnings—
1940
1939
1938
$2,253,797
$1,782,216
$1,402,922
2,882,753
80,505
82,759
2,084,444
79,622
26,654
1,739,156
1.416,475
85,305
18,418
84.848
14,057
$276,470
14,542
$63,077
shipping and admin..
Depreciation
Depletion
Net operating
profit..
Other income
...
relations with one company or the other or have the parent company
entirely compensate common officers, in compliance with provisions of the
Public Utility Holding Company Act.
The service company
also instructed to cease paying
was
of common directors and
The final order was deferred
loss$60,663 loss$ll2,458
980
Drl,767
profit
Interest charges, &c
$291,012
27,524
$73,592
31,911
79,046
8,500
$184,442
$33,181
loss$59,6831oss$114,225
34,882
37,143
1936,
1)6 sot a.sid.6
Commission said it recognized
predicted.—V, 152, p. 3567.
Midvale Co.—New Treasurer—
organization meeting of the board of directors held on April 24,
Sappington was elected Treasurer and Assistant Secretary of
the company to succeed James M. Milliken who died on .April 2, 1941.
At the
Thomas A.
of the company were
Miller & Hart,
Stock Exchange on April 9
■Minneapolis Honeywell
1941
$3,878,062
Cost of sales & expenses
2,648,675
1940
1939
1938
$2,772,202
2,262,532
$2,325,178
$1,958,847
2,095,916
1,815,606
117,173
2,038
$108,478
7,073
$365,093
$115,550
The Federal Power Commission announced April 16 that it had
Other deductions
a244,368
93,053
20,427
7.337
31,014
17,247
permitted
sub¬
joint
the Northern Pennsylvania Power Co. and Metropolitan Edison Co.,
Gas & Electric Corp., to withdraw their
sidiaries of the Associated
application for merger of facilities.—V.
152, p. 1439.
Metropolitan Industries Co.—Accumulated Dividend—
a dividend
of $1.05 per share on account of
the 6% cum. pref. stock, par $55, payable April 25 to
declared
holders of record April 22.
1940.—V. 150, p. 2732.
Dividend of 20 cents was paid on April 27,
125,622
120,784
$393,056
6,706
Operating profit
116,616
$812,214
Depreciation
Federal and Can. taxes-
on
Regulator Co. (& Subs.)—
31—
3 Mos. End. Mar.
loss$94,565 loss$151,367
Metropolitan Edison Co.—Merger Dropped—
have
approved the application to list
preferred stock ($10 par); 43,229 shares of convertible
stock ($24 par), and 258,541 shares of common stock ($1 par),
represented by voting trust certificates.—Y. 152, p. 1757.
86 458 shares of prior
preference
$818,620
prof it......
-V. 152, p. 1439.
Directors
reelected.—V. 152, p. 2244.
Inc.—Listing—
Other income
Net
accumulations
that Section 13 of the Act presents
complex and difficult problems, but they are being worked out, case by
"in an evolutionary process."
As principles and standards are de¬
veloped, respondents and other service companies will have the opportunity
to revise their organizations without the need, of extensive hearings, it
case,
Prov. for Federal & State
income taxes
and
adjustments in accordance with the Com¬
that the Commission's order of July 13.
approving Middle West Service, a subsidiary of Middle West, would
Net sales
Total
traveling ex¬
take steps to revise its directorate.
for 60 days for the service company
the parent corporation to make
mission's instructions on threat
The Chicago
10,515
Officers of
sever
The other officers
3 Mos. End. Mar. 31—
1941
Net salts
$3,322,487
Cost
of
sales,
selling,
Common
Relations—
The corporation, a registered holding company, and its wholly-owned
subsidiary service company, Middle West Service Co., were ordered by
the Securities and Exchange Commission April 16 to have'common officers
The
$1,296,526
carrying securities at market quotations
equivalent co $17.31 per share for 5,864,477 shares of $1 par
value each outstanding March 31, 1941....
101,519,906
—V. 152, p. 2074.
-
based
should it be acquired.
wholly-owned subsidiary of the
Traction Co.
In addition to operating in the Detroit
Grand Rapids, Ann Arbor and Muskegon.—V, 152,
penses
Distribution payable April 21,1941...
Reserve for taxes
Co.—City of Detroit Votes
Against Public Ownership—
Middle
Account receivable for securities sold
Total
$313,974
$51,619,563; cash in banks, $45,713; organization
$176,219; total, $51,841,495.
New England Power Assn., $1,360,000;
accounts payable to affiliated companies, not subsidiaries, $5,595; other
accounts payable, $525; accrued Federal taxes (incl. $82,100 provision for
Federal income taxes), $84,680; provision for reimbursement of Mass. income
taxes to $2 pref. stockholders, $46,500; provision for expenses, $5,160;
$2 cum. pref. stock (1,271,134 sns., no par), $28,140,616; $2 cum. 2d pref.
stock (297,462 shs., no par), $6,023,606; common stock (1,742,617 shs.,
no par), $15,860,840; earned surplus (not incl. equity in undivided profits
of subsidiaries), $313,974; total, $51,841,495.—V. 152, p. 2074.
Assets—
Securities, at market quotations, including $418,476 dividends
declared on stocks selling ex-div. receivable after March 31,
1941 (cost per books $117,750,858)
$96,700,708
Cash in banks (demand deposits)
6,016,282
Net assets
2,542,268
31, 1940
Balance Sheet Dec.
American Light &
the required distributions to shareholders
Statement of Net Assets
pref. stock--
Liabilities—Advances payable to
Trust—Earnings—
tion of trust, have been included in the amount
cum.
decl. & pd. in cash on
Dec. 31, 1940
Assets—Investments,
Earnings for the 3 Months Ended March 31, 1941
(Not including in net income realized and unrealized gains or losses on
securities)
ures
306,791
expenses,
The new meeting date has been set for
Gross income...
Earned surplus
stock, subsequently
Special meeting of stockholders scheduled for April 21 to approve proposal
acquire Rexair, Inc., in exchange for Martin-Parry stock has been post-
to amount now estimated to be
$2,549,451
$2,856,242
x$168,894
$0.74
Martin-Parry Corp.—Meeting Postponed—
Massachusetts Investors
—
New England Power Assn
1939
Divs. of $2 per sh.
$279,614
Soned2.—V.to lack of a quorum.
due 152, p. 2401.
lay
—:
advances payable to
surplus Jan. 1, 1940
Earned
incl.
x
to
on
-
Net income for the year
1941
Federal taxes
per
member of the board of directors
Interest
1756.
Calculating Machine Co.—Earnings—
3 Months Ended March 31—
Net income after all charges,
Earnings
a
1,360,000
200,000
1,360,000
450,000
affil.
cos.
subsid's)..
(not
Other
Construction work
Unamort.
Magazine Repeating Razor Co.—25-Cent, Dividend—
Directors have declared
30,488
1,804,471
property.84,342,833 83,807,808
Plants &
Eng. Pow. Assoc
Notes of subs. pay.
Accts. pay. to sun¬
dry
charges..
Securities owned..
1939
$
Advs. pay. to New
notes
Mat'ls & supplies.
a
Prepaid
Dividend—
Lunkenheimer Co.—50-Cent
Directors have declared
1937
1939
1940
1,136,559
1,195,515
;
for Calendar Years
1938
Consolidated Income Account
3,474,583
595,699
--
Maintenance
Annual
Associates
Light
&
Report—
1940
1941
Power
Massachusetts
(Del.) (& Subs.)- —Earns—
Year Ended Jan. 31—
April 26, 1941
Chronicle
—
$
17,619
8,909
$26,527
27,606
16,332
$554,125
$294,704
$67,286 loss$17,410
$0.84
$0.42
$0.11
Nil
provision made for Federal excess profits tax.
Notes—(I) Operations of the English and Swedish suosidiaries for the
three months ended March 31, 1941 are not included in the accompanying
Statement.
Net sales for the three months ended March 31, 1941 include
$18 972 by the company and its domestic and Canadian subsidiaries to the
Net
Earns.
a
profit
-
pereh'on comstk.
*
No
English and Swedish subsidiaries.
such sales.
received covering
Dollar remittances are being currently
Volume
The Commercial
152
Consolidated Balance Sheet Dec. 31 f
(2) As of March 31, 1941, the investment in and the net advances to the
English and Swedish subsidiaries of the company and its domestic and
Canadian subsidiaries were as follows:
The English subsidiary, $48,390;
1940
Cash
Minnesota Power & Light
direct
$611,518
$578,880
170,885
115,321
,
54,167
'
res. approp
'
■
Net oper. revenues
•
Other int. & deductions.
$234,015
$3,070,169
$3,059,724
49
1,396
1,440
125
$234,064
7 134,642
$3,071,565
1,606.569
$3,061,164
1,616,855
5,906
income..
$93,618
for the period
$1,397,318
990,825
$1,375,253
990,827
$406,493
Balance
_
in
12
the
authorized the com¬
pany to issue at par $50,000 five-year serial promissory notes, the proceeds
to be applied to the payment of vouchers audited prior to Feb. 1, 1941, and
unpaid.—V. 152, p. 2244.
'-i
y
'■
Commission on April 9
Interstate Commerce
,
Missouri-Kansas-Texas
Operating revenues
Operating expenses
avail,
Income
for
Lines—Earnings—
1541—3 Mo.?.—1940
1941—Month—1940
$2,637,492
$2,202,655
1.509,053
1,761,076
Period End. Ma". 31—
$7,256,612
5,486,534
$6,458,344
5,23o,559
101,432
366,905
def265.472
795,618
1,103,221
def.307,604
292,828
1,057,306
def804,478
fixed
charges
charges
376.249
365,323
10,926
._
__
Fixed
Inc. after fixed charges
—V. 152. p. 2559.
Monongahela West Penn Public Service Co.
1938
1937
$10,328,904
51,623
Operating revenue.....$11,057,621
Non-operating income..
52,392
$9,773,729
51,773
$9,952,178
50,768
earnings.......$11.110,013 $10,380,527
4,323,686
4,030,549
786,847
831,698
1,510,000
Taxes.
1,779,500
Reserved for renewals,
retirement & depletion
1,014,946
1,002,061
Gross
....
...
on
$9,825,502 $10,002,946
4,175,366
4,283,161
876,413
744,469
1,274,950
1,338,780
846,366
715,526
$2,852,895
1,448,929
87,511
139,326
085,504
$3,160,183
1,441,075
funded debt.
$3,051,070
1,441,125
$2,720,519
63,274
143,282
Cr9,649
Gross income
Interest
(& Subs.)
1939
1940
Calendar Years—
Operating expenses
Maintenance
Advs.
;
on
gas
89,272
139,326
Crl4,944
178,072
139,326
Cr33,503
Interest—other
Amort, of disct. & exp._
Int. charged to constr'n.
Notes pay able
78,995
74,559
24,341
& lease rentals..
3,180
1,441,717
Accounts
Net
income
on
Divs.
on common
7% pref. stock.
$994,908
510,802
$1,396,291
510,803
156,819
$1,522,201
510,803
stock.
$1,262,633
510,802
292,048
Assets— ■;;';■;$
Property,
plant & 4
470,928
389,345
count & expense
42,558
449,167
Consumers' deps..
283.067
261,533
Unamort. prem. on
50,844
accounts.
debt
charges.
44,938
34,395 :
i
Miscell. reserves
subsidiaries
Receivables
Total
v
terials,
1,459,385
Montour
:
85,569
84,745
922,213
Gross from
6,536
48,115
6,975
_
to
RR.—Earnings—
insur.
by
'
r
life
policies
_*
v
^
Deferred charges..
>*
_
_
=
**
73,498
_
Divs. on pref. stks.
127,701
$143,419
41.751
49,339
$158,796
59,573
63,932
$110,761
23,311
31,098
514,409
208,229
190,796
Net ry. oper. income-*From Jan. 1—
454,703
152,320
188,861
406,880
125,517
153,235
348,085
78.145
107,113
Gross from railway
Net from railway.*
Net ry. oper. income..*
—V. 152, p. 2076.
'
'■
Meet / : July Bond
Maturity—Bondholders' Committee Formed—
;• ;.,
Montreal
Co.— Unable to
Tramways
principal
The company announced April 18 that it was unable to meet the
of its 1st mtge. bonds which mature for payment in U. 8. funds on
81,974
As
the
mittee, representing large institutional bondholders of Montreal Tramways,
comprising the following:
W. II. Clark-Kennedy, Manager of Standard
Life Assurance Co.; C. P. Fell, President of Empire Life Insurance Co.;
R. P. Jellet, Vice-President and General Manager of Royal Trust Co.;
Charles Moncel, Assistant General Manager of Montreal City & District
Savings Banks, and J. F. Wilkes, Supervisor of Investments of Royal
Trust Co.—V. 151, p. 420.
Co.—Abandonment—
Muskogee Electric Traction
Commission
The Interstate Commerce
on
2,798,443
2,886,203
9,417
281,027
297,481
45,434
22,084
5 400,648
Res. for contlng..
123,564
Res. for claims, &c
104,395
5,153,548
89,023
.
8,800
renewals,
retire'ts & depl.
Contrib.
Mutual Investment Fund,
Income—Dividends
Expenses
*
1941 to March 31, 1941
Balance Sheet March 31, 1941
Assets—Securities owned and held by custodian
cost.
^
accrued capital stock tax, $1,650;
April 15, 1941, $14,700; capital stock ($1 par), $147,002; surplus, $1,618,847; total, $1,784,223.—V. 152, p. 2245, 836.
Liabilities—Accrued expenses, $2,023;
distribution payable
1941—3 Mos.—1940
Operating expenses
Maintenance
Depreciation
(incl.
— —
Taxes
prov;.
income tax)
18 declared a dividend of 50 cents per share on the
stock, payable June 2 to holders of record May 10.
Like amount
paid on March 15, last; year-end dividend of $1.50 was paid on Dec. 14,
last, and regular quarterly dividends of 50 cents per share were previously
distributed.
A year-end dividend of $1.50 was paid on Dec. 15, 1939.
Directors also declared an initial dividend of 84 cents per share on the
recently issued series C preferred stock, payable June 2 to holders of
record May 10.—V. 152, p. 1924.
Montana-Dakota Utilities Co.
(& Subs.)-r-Earnings—
1939
1940
Calendar Years
'
1938
$5,037,915
1,769,452
$4,607,425
1,576,142
$4,430,464
1,579,005
190,847
7,952
432,755
813,989
191,139
3,809
425,771
758,285
197,233
12,655
403,053
606,388
$1,822,919
$1,652,278
for
4,528
$1,828,960
Interest on funded debt-*591,842
Other interest charges
17,456
Interest charged to construction (Cr.)
22,407
Amort, of debt discount & expense
52,578
Amort. of premium on debt
...
0688
$1,656,806
746,385
18,892
$1,638,141
718,786
42",504
73,128
—
Uncollectible accounts.
Taxes (other than
Fed. & State inc.).
Prov. for retirements & depletion.*..
Net earnings from operations
Other income.
....
banks.
Miscellaneous deductions
Prov. for Fed. & State inc. taxes..
Net income...*.*
int. in undistributed
Min.
...
V
*
Common
237,689
209,056
$372,877
$412,008
280
Dr601
940
Gross income—
$124,611
69,585
$372,276
263,999
$412,948
$55,026
$108,277
$133,310
Income deductions ,
—V. 151, p.
,,
—
$40,727
—
Co. (& Subs.)—Earnings-
National Gypsum
""200
5,879
70,822
5,378
49,347
$1,010,121
$772,124
$774,919
—
1,773
Dr 1,688
$1,009,924
106,434
297,790
$770,350
$776,607
162,397
106,434
106,434
297,937
162,397
216,529
297,934
profit —
depreciation
.
...
—
$4,333,188
2,887,009
° 137,600
$1,308,579
_ — .
708,399
Selling/administrative and general expense....
Operating profit
—
Total income.
Provision for doubtful
funded debt
accounts.
deductions
*
_
...
—
_;—_ — — — ————— ———
Provision for Federal and State
Net profit—
——
——
—*
Interest and expense on
Miscellaneous
$600,180
33,309
—
Other income.*..
;-
186,000
$349,255
$0.22
—
—
stock
5t
National Malleable &
Mar. 29
3 Months Ended—
$633,489
46,319
48,981
2,934
income and excess profits taxes.
—
Earnings per share of common
—V. 152,P. 1925.
v
:
'•
y.
Steel Castings Co.—Earnings—
'41 Mar. 30 '40 Apr. 1 '39
Apr. 2 *38
x$425,658
profit from oper.*
$987,847
$576,151
$348,063
Int.,
divs.,
rents and
miscellaneous income*
10,999
13,463
9,134
11,461
$998,846
$.589,614
$357,197
x$414,198
4,541
Net
b Net profit
deductions.——
Federal normal
8,806
■'
income taxes—-----
c,520,000
2,868
15,990
103,000
Other
Prov. for
;
4,772
175,285
Months Ended March 31,1941
returns and allowances-—
Cost of goods sold, excluding depletion and
Provision for depletion and depreciation
Gross
279,638
2.507.
Gross sales, less discounts,
10.584
197
Net Income for the period.
5% preferred
'
earnings
(net).*.
Dividends—6% preferred
55,877
$124,331
*~
210
a
Net income before int. chgs. & other
deductions—
Prov. for loss on cash in close
65,492
$105,824
*-,. -. —
$106,034
65,307
6,011
*
— _
1941—12 Mos.—1940
$2,440,640
$2,315,001
1,435,258
1,533,562
80,666
127,144
178,013
169,368
Other income—net
$1,632,130
6,040
—
Maintenance
$679,230
435,294
21,344
42,384
,124
443,513
36,175
42,120
Total oper. revenues—--
Consolidated Earnings for the 3
Monsanto Chemical Co.—50-Cent Common Dividend—
Operating revenues
Operation
Lighting Co.—Income Account—
Nassau & Suffolk
Period End. Mar. 31
$164,098 in 1940 and
Directors on April
(market value $1,152,812)
$1,691,605; securities purchased but not received (market value
$6,669) at cost, $6,634; cash in hands of custodian, $77,110; due on sub¬
scriptions for capital shares, $3,285; accrued dividends receivable, $4,725;
deferred charges, $864; total, $1,784,223.
$153,997 in 1939.—V. 152, p. 2244.
common
$8,371
$12,336
Operating income
Total .......*.61,470,994 60,142,391
..61,470,994 60,142,391
$11,442
3,071
-.—
—
cum.
After reserve for doubtful accounts and notes of
*
(exclusive of profit or loss from sales of securities).
on sales of securities for the period from Feb. 11
31, 1941
Net income—*—
a
certificate
—— „--_*.
—
*
to March
in aid of
180,563
181,608
7,297,550
pref. stk. 7 297,550
Com.stk. (par $15) 11 ,761,470 11,761,470
1,318,356
Capital surplus
1 ,318,356
1,191,489
Surplus account-. 2 ,170,880
Total
a
Inc.—Earnings—
'100,795
construction
7%
issued
10
April
permitting abandonment by the company, as to interstate and foreign
commerce, of its entire lines of railroad extending from Muskogee, through
Yahola Junction, to Fort Gibson, 8.1 miles, from Yahola Junction to
Yahola Pit, 1.3 miles, and from Muskogee to Hyde Park, 4.3 miles, all in
Muskogee County, Okla.—V. 121, p. 200.
/
97,881
for
July 1,
company's earnings are amply sufficient/ it proposes to
continue interest payments on these bonds and notably the interest due
on July 1, next.■
:
The company has not found it possible to complete any plan for the
refunding of these 1st mtge. bonds which under ordinary conditions might
have been brought about by the sale of gen. mtge. bonds.
National Trust Co. of Toronto on April 18 named a bondholders' com¬
1941.
127,701
Due to affil. cos..
Res.
1938
1939
1940
1941
$195,373
86,744
74,307
railway....*
Net from rail way
379,341
Interest
superan¬
nuated employ's
secured
116,438
694,854
Payrolls accrued.
Taxes accrued
Special deposits..
Cash in closed bks.
Loans
124,904
900,096
380,000
Oth. def. liabils...
1,352
accrued-_
Customers' depos.
445,085
■'* 995
.....
..37,572,216 29,521,617
Total
,
March—
at
Misc. curr. liabs*.
469,103
&c..._.
Due from affiliated
companies
21,000
20,000
_*__
*_____29 500,000 29,500.000
500,000
500,000
Open acct. indebt.
1,000,000
900,000
Notes pay,, banks
284,016
Accounts payable.
241,968
684,181
1,470,980
....
,56,586
6 533,377
_
1 228,306
.37,572,216 29,521,617
-V. 152, p. 1288.
$
company
Inventories of ma■
$
Long-term debt of
21,172
.
Earned surplus...
Long-term debt of
91,984
1,466,463
cost
Cash.*....
a
$
v::f
„,
12,048
.....
Min. int. In subs*.
1939
Liabilities—
Investments
Misc.
at
;
197,260
38,103
598,889
Net realized loss
1940
1939
55,166,489 54,516,424
equipment.
295.066
Misc. curr. liab
Miscellan. deferred
Net income
Consolidated Balance Sheet Dec. 31
1940
555,501
68,865
76,600
*
payable.
Accrued liabilities.
.
Unamort. debt dis¬
Jobbing
5,959,260
959,260
6,766,525
766,525
232,000 12,383,505
689,505
debt due curr—_
83,670
85,563
Earnings for the Period Feb. 11,
Divs.
-
1,773,900
773,909
Instal. of long-term
pur-
chase contract..
Prepd.gas royalties
February,
ended
months
Missouri & Arkansas Ry.—Notes—
The
Other assets......
1,846
1941, provision of
$50,000 for Federal excess profits tax applicable prior to Jan. 1, 1941, but
includes no subsequent provision for such tax since no excess profits are
indicated.—V. 151, p. 3894; Y. 152, p. 1597, 2558.
Note—Includes
receivable..
Mdse. & supplies.
$384,426
$131,135
Divs. applicable to preferred stocks
$
$
Liabilities—
70,902
102
72,584
4,906
Int. chged. to constr.—Cr
Net
658,333
6,900
616.667
6,867
204
mtge. bonds.
on
2,017,054
1,151,383
$270,691
133,850
5,910
Gross income..
Interest
___-_*_
Prepaid insurance
$270,566
Other income.**..*-—..
2,323,879
1,424.078
574
579
Amort, of lim.-term lnv*
$
27,025,163 6% cum. pref. stk.
(par $100).
1
732,123
525,897
5% cum. pref. stk.
(par$100) ..... 5
568,333
689,205
429,034 Com. stk.(par $10) 6
557,474
295,915 Long-term debt.1.13
142,047
b Accounts & notes
1941—12 Mos.—1940
$6,851,695
$7,483,359
201,259
93,032
50,000
taxes.*.
Direct taxes-_*
Prop, retire't
Co.—Earnings—
1941—Month—1940
Period End. Feb. 28—
Operating revenues
Operating expenses, excl.
1939
1940
1939
$
Assets—
Fixed cap. (net) ..34 ,787,883
$17,378—V. 1*2, p. 1757.
and the Swedish subsidiary,
2711,
& Financial Chronicle
profit——
$470,041
a After deducting $124,535 in
1941,
and $110,330 in
1938 provision for
ductions and Federal income taxes,
Net
excess
profits tax.
x
$470,625
•
-68,000
$286,329
x$418,739
$114,928 in 1940, $109,923 in 1939,
depreciation, b Before other de¬
c Including $225,000 for Federal
Loss.—V. 152, p. 1925.
National Supply Co.—New Vice-President—
Austin W. Clark, formerly an Assistant Vice-President, has been elected
a Vice-President of the company.
Other principal officers of the company
were reelected.—V. 152, p. 1760.
-
The Commercial & Financial Chronicle
2712
England Fund—To Pay li-Cent Dividend—
I New
Directors have declared a dividend of 13 cents per share on the common
payable May 1 to holders of record April 21.
Like amount paid on
Jan. 30, last, and compares with 14 cents paid on Nov. 1, last; 10 cents on
Aug
1
last; 8 cents paid on May 1, 1940; 7 cents Feb. 1, 1940; 17 cents
Dec. 27, 1939; 8 cents Nov. 1 and Aug. 1. 1939; 7 cents May 1, 1939, and
5 cents paid on Feb. 1, 1939.—V. 152, p. 434.
stock,
England Gaa & Electric Assn.—System Output—
New
For the week ended April 18, New England Gas A Electric Association
10.470,177 kwh.
This is an increase of 2.852,484
37.45% above production of 7,617,693 kwh. for the corresponding
reports electric output of
kwh.,
week
or
a
year ago.
,
.
„
Gas output is reported at 96.031 MCF, a decrease of 2,720 MCF, or
2*75% below production of 98,751 MCF in the corresponding wee* a year
ago.—V. 152, p. 2402.
New
England Telephone & Telegraph Co.—Earnings—
1941—Month—1940
Period End. Feb. 28—
Operating
$6,363,829 $13,675,674 $12,850,122
18,132
25,459
27,108
~$fL713.330
Operating revenues
Operating expenses
$6,345,697 $13,650,215 $12,823,014
4,463,887
9,393.019
9,102.310
4.568,714
.
revenues..."$2,144,616
Net oper.
1941— 2 Mos.—1940
$6,729,405
16,075
revenues..,..
Uncollectible oper. rev..
$1,881,810
738.585
$4,257,196
1,685.927
1^720/704
853,307
$1,291,309
$1,143,225
865.457
741.729
$2,571,269
1,681,352
$2,264,692
1,422,523
Operating taxes...
Net oper. income.,...
Net income—
1.456,012
—V. 152, p. 2561.
New Idea,
Inc.—Earnings—
1941
—
-
Cost of goods sold..
Selling, administrative and general
expenses......
Provision for doubtful receivables....
—
...
$1,222,839
712,339
265,731
$408,533
$231,100
-
Net profit before Federal taxes
Provision for Federal taxes
on
income
Net profit for the period.
share
on
13,669
9,113
capital stock..
$237,834
53,500
$278,147
$1.02
...
......
6,734
$417,647
139,500
income
on
1940
$1,785,444
1,035,010
331,857
10,044
Operating profit
Interest, purchase discounts and miscell. income..
per
1941
26
charge of the purchase
sion which lien became
Eastern Ry.
As a result of a plan
XV of the Bankruptcy
lien for that amount on its Springfield Divi¬
payable on April 1,1940, and was owned by Peoria A
money
,
of adjustment, dated Jan. 10, 1940, under Chapter
Act, put into effect by Peoria A Eastern Ry., that
company paid ofT its $846,000 of Indiana, Bloomington A Western Ry.
bonds in full, discharged its $500,000 note which was held by the Securities
Corp. of the New York Central RR. (a wholly-owned subsidiary of this
company), and provided by partial payment for reduction of the principal
amount of its first consolidated mortgage 4% bonds to $4,722,300 and ex¬
tension of the maturity date thereof to April 1, 1960.
An agreement dated
as of April
1, 1940, was also entered into between Cleveland Cincinnati
Chicago A St. Louis Ry. and Peoria & Eastern Ry., evidencing the former's
election to extend the term of the operating agreement to April 1,1960, and
containing provision for the guaranty by Cleveland Cincinnati Chicago &
St. Louis Ry. of the payment of the interest on the $4,722,300 principal
amount of extended first consolidated mortgage 4% bonds, and provisions
in respect of replacement of retired equipment.
As a result, this company, as lessee of the Cleveland Cincinnati Chicago A
St, Louis Ry., continues to operate the Peoria & Eastern Ry. under the
of the operating agreement dated Feb. 22, 1890, as extended and
terms
modified by the agreement dated April 1, 1940.
Dayton Union Ry.—During the year, this company and Cleveland Cin¬
St. Louis Ry. joined with the other proprietary com¬
panies of Dayton Union Ry. in the execution of an agreement dated Jan. 2,
1940, with Dayton Union Ry., relating to the ownership, use, maintenance,
and operation of the property of the latter.
The making of such agreement
was provided for in the prfliminary agreement dated July 1, 1938, between
cinnati Chicago &
the
Under it, this
parties.
company
and Cleveland Cincinnati Chicago &
St. Louis Ry. have the right to use in perpetuity, in common with others,
the facilities of
3 Months Ended March 31—
Net sales.....
Earnings
April
This company advanced for account of Cleveland Cincinnati Chicago A
St. Louis Ry. $5,000,000, which was applied by the latter company in dis¬
$184,334
Dayton Union Ry. upon the terms therein provided.
Pursuant to the agreement of Jan. 2, 1940, Dayton Union Rv. increased
its capital stock to 10,590 shares (par $100) all of which is owned by the
proprietary companies in the same proportions as the former stock.
It also
issued and sold during the year $3,900,000 general mortgage bonds, con¬
sisting of $1,500,000 of serial bonds, known as series A, due Dec. 1, 19411950, bearing interest at various rates according to maturity, and $2.400,000, known as series B, which are3K% bonds, due Dec. 1, 1965, with
provision for sinking fund.
The proceeds of sale of the bonds were used to
discharge indebtedness to the proprietary companies and for other corporate
purposes of Dayton Union Ry.
In accordance with the provisions of the agreement of Jan. 2,1940, these
bonds were guaranteed, as to payment of principal and interest and, in the
case of the series B bonds, as to sinking fund payments, jointly and severally
by this comnany, Baltimore & Ohio, and Pennsylvania RR., by endorse¬
ment on each bond pursuant to guaranty agreement dated Dec. 1, 1940.
$0.68
'•/
Balance Sheet March 31, 1941
Traffic Statistics for Calendar Years
Assets—Cash, $185,996; U. 8. Treasury bills at cost, $700,000: accounts
and notes receivable (less reserve for doubtful accounts, discounts.
Ac., of
(Including Boston & Albany RR., Ohio Central Lines, Michigan Central
Lines, Big Four Lines and All Other Leased Lines)
$247,613), $1,963,632; inventories, $1,917,270: deferred charges, $56,592:
plant and equipment (less depreciation), $664,106; patents and designs, $1;
total, $5,487,598.
Av. mileage rd. oper.
Liabilities—Accounts
payable, $52,626; accrued liabilities, $199,657;
Federal tares on income, $356,860; reserve for price decline and contin¬
gencies, $300,000: capital stock (272,000 shares, no par), $2,252,000;
surplus, $2,326,455; total, $5,487,598.—V. 151, p. 3404.
1940
Newport News Shipbuilding & Dry Dock Co.—50-Cent
1939
1938
10.941.00
11.008.13
11,070.27
11,079.52
47,531,722
46.470,669
48,215,444
51,171,829
3,047,294,655
2,898,905,456
2,789,316.609
3,150,672,585
$59,322,145
$61,412,817
$60,313,893
$66,406,564
1.947 cts.
2.118 cts.
2.162 cts.
2.108 cts.
$1.89
$2.01
$1.98
$2.02
136,549,195
119.293.005
98,593,108
131,549,445
Total rev. pass, carr.
Total
rev.
ried
pass,
car¬
mile
one
Total pass, revenue.
Average rev. per pas¬
mile
—
Average pass, service
train rev. pertr. m.
Directors have declared
a
dividend of 50 cents
1937
Passenger—
senger per
Dividend—
'
Freight—
per
share
the
on
common
Tons rev. frt. carried
June 2 to holders of record May 15.
Dividend of 40 cents
paid on March 3, last.
See also V. 149, p. 3751, for record of previous
dividend payments.—V. 152, p. 1925.
Total freight revenue
stock, payable
was
Tons revenue freight
29,308,438,658 26.029.141,762 21,981,707,210 28.206,471,339
$270,274,027
$240,130,665
$202,781,708
$257,541,452
0.92 cts.
0.92 cts.
0.923 cts.
0.913 cts.
train m.
$7.80
$7.52
$6.97
$7.23
carried 1 mile
Av.rev.per ton per rn.
New York Central RR.—Annual
Report, Year Ended
Dec. 31, 1940—Extracts from the remarks of F. E. William¬
President, together with the corporate income account
statement, are cited in the advertising pages of this issue.
President Williamson further says, in part:
son,
Railway Tax Accruals—Charges for this item amounted to $33,476,019.
being above the previous year by $1,740.328 (5.48%).
These taxes were
equal to approximately $5.19 per share of stock or $361.84 for each em¬
ployee in service.
Of the increase shown for United States income taxes
applicable to certain leased roads, $580,488 is brought about by a change
in the Interstate Commerce Commission's
accounting regulations, effective
Jan. 1. 1940, whereby such items are now accounted
for as taxes rather
than as additional rentals; and the
remainder. $482,718, by higher rates
under the two Revenue Taxing Acts of 1940.
The increase of $763,164 for
railroad retirement excise tax is due in part to a
change in the rate from
2%% to 3%, and in part to higher payrolls.
Unemployment insurance
taxes increased
$319,399 due to greater taxable compensation paid in
conseouence of the larger force
employed.
The increase of $483,279 in
Canadian income tax is accounted for by the
higher rates imposed under
Income War Tax Act, as amended, and the Excess Profits Tax
Act.
which affect the operations of our lines in Canada.
Other items reflect, a
net decrease of $888,721, the major portion of which is in
connection with
the settlement of certain prior years' taxes, and
adjustments in the accounts.
the
Stockholders—At the close of the year, the capital stock of the
company
was owned by
62,345 holders, with an average holding of 103.41 shares, a
gain of 251 holders as compared with Dec. 31, 1939.
Aggreaate Outstanding Capitol Obligations—As of Dec. 31. 1940, there was
outstanding in the hands of the public, debt of the company and its lessor
companies in
the aggregate amount of $963,239,404
(including the $27.892,017 payable to the State of New York and $2,980,687 to banks which
compares with a total of $967,577,197 at the end of 1939.
plus $3,388,612
y"e °n railroad equipment lease agreements—a combined total
$970,965,809, indicating a reduction of $7,726,405.
of
Of the total debt of the
company and its lessor companies outstanding
public on Dec. 31, 1940, as shown above, $24,234,809
matures on or prior to Jan. 1, 1942.
including sinking fund payments, and
amounts due the State of New York and
various banks.
There was outstanding on Dec.
31, 1940. capital stock of lessor com¬
in the hands of the
panies not
ownedby the company
$55,017,515.
also held by the public
or
par amount of
There
was
by lessor companies in the aggregate
of the
same date funded debt amount¬
ing to $12,469,000 of certain
wholly owned subsidiaries of the company or
its lessor companies; viz., Clearfield
Bi'uminous Coal
as
Corp., Louisville &
Jeffersonville
Bridge & RR. Co., Merchants Despatch Transportation
Corp., and New York State Realty & Terminal Co.
Of this debt $1,655,000
matures during 1941.
Bank Loans—~The notes evidencing the
$20,000,000 of loans from various
banks (refeired to in the annual report for
1938) were payable April 30,
1940.
At that time payments
aggregating $4,000,000 were made on the
principal of the loans, reducing the
notes, dated April 30. 1940,
amount to
newal
were
o^8tin* of F.000,000 of 3%
$8,000,000 of 3H%
$16,000,000, for which
issued
(now carried
part
as
re¬
of
notes due May 1, 1942, and
notes due April 30, 1944.
The repayments and re¬
respect to the several banks, and the amounts
of the renewal notes issued to the
respective banks were as follows:
newals
were
Av.
rev.
per
Comparative Income Account for Calendar Years
(Including Boston & Albany RR., Ohio Central Lines, Michigan Central
Lines, Big Four Lines and All Other Leased Lines)
1940
1939
1938
1937
$
Revenues—
$
$
$
270,274,027 240.130,665 202,781,708 257,541,451
61,412,817
60,313,893
59,322,145
66,405,564
11,579.204
11,803,146
11,055,622
11.398,843
7,313,917
7,275,651
5,508,096
7.341,132
9,620,707
9,330,810
9,156,837
11,137,312
11,067,664
9,865,038
12,501,829
12,401,824
Freight
Passenger-
—
Mail
Express
Milk, switching, Ac
Dining cars, storage
Total oper. revenues-_370,545,875 341,086,708
Traffic expenses.
6,596,590
Transport at'n expenses-139,498,310
Miscellaneous operations
5,510,528
Genera] expenses.9,680,325
Transp. for invest.—Cr_
55,101
3M% Notes
Due
Due
Man 1
First National Bank, New York.
Guaranty Trust Co. of New York
Irving Trust Co.
The renewal notes
were
'42
Ar»r
?0
'44
$2,000,000
.
_
$2,000'.000
2,000,000
2,000,000
2,000.000
2,000,000
1 >6°0,000
1.000,000
1.000.000
_
9h.g®ell5]rationaJ ®ankV New York—-
J. P. Morgan & Co., Inc
1,000,000
issued under agreements dated
April 30, 1940.
with the respective banks, severally, and are
secured by pledge of shares of
stock, bonds, and other collateral owned by the company.
Total oper. expenses-278,674,980 256,884,232
Net oper. revenues
91,870,895
(75.21)
Railway tax accruals-.. 33,476.019
Per cent of exps. to rev.
Railway oper. income. 58,394,876
Equip/rents, net debit
11,636,288
2,706,151
-
_
Jt. facil. rents, net debit
Net railway oper. inc.
Miscell. Operations—
*
84,202.476
(75.31)
31,735,690
33,054,305
41.184,591
59,475,859
79,377,372
6,624,834
6,780.674
123,265,821 139,560.843
5,346,833
5,722,003
9,774,i93
11,441,910
39,463
66,954
237,502,383 284,000,439
61,178,812
82,225.687
(79.52)
(77.55)
32,723,605
32,160,527
52,466,786
11,810,198
3.353,161
28,455,208
10,106,755
2,765,977
50,065,160
10,722,838
3,314,055
44,052,437
37,303.427
15,582,476
36,028,267
Revenues _;
596,741
Expenses and taxes
520,847
587.800
501,586
551,439
511,436
710,121
624,734
Miscell. oper. income-
75,894
86,214
40,004
85.387
Total oper. income— 44,128,331
Non-Oner. Income—
Income from lease of rd.
37,389,641
15,622,478
36,113,654
263,003
3,721,045
291,670
3,337,657
487,236
3,356.661
551,341
3,525,523
1,877,441
1,182,513
1,326,068
1,335,228
856,730
6,579,040
4,032,286
656,338
288,047
6,460,071
3,914,321
5,455,252
3,233,526
527,220
11,675,123
4,654,455
and equipment
Miscell. rent income
Miscell. non-oper. physi¬
cal property..-
Separately
oper. prop.—
profit
Dividend income
Inc. from funded
Income
from
secure.
unfunded
securities and accounts
128,112
^81,887
359,680
1,186.281
funds
69,686
Miscellaneous income
59.030
68,884
113,280
65.561
50,196
77.870
74,234
Income from sinking and
other
reserve
Total non-oper. inc—
17.586,375
16,306,621
14,622,227
23,607,275
61,714,706
Deducts, from Gross Inc.—
53,695,262
30,244,705
59,720,929
21.724,402
484,472
509,854
22,059,322
463.396
423,329
22,472,195
514,544
427,254
25,163,019
627,011
359,929
22,776
25,283,481
1,974,970
449,666
26,361
25.005,580
1,038,541
169,496
18.919
25,297,503
1,461.066
207,580
26,404,466
629,579
183,665
50.449,623
49.186,026
50,399.063
53,368.317
4,509,236df20,154,357
6 352,612
Gross income
Rent for leased roads and
equipment
Miscellaneous rents
Miscell. tax accruals
Separately oper.props.—
loss.-....,
Interest
Int.
on
on
funded debt.
unfunded debt..
Miscell. income charges-
Peoria & Eastern Ry.—This road has been
operated since Feb.
1. 1930,
lessee of the properties of Cleveland Cincinnati Chicago
St St. Louis Ry. under the provisions of an
operating pgrecnmnt dated
Feb. 22, 1890, made by Peoria A Eastern
Ry. to Cleveland Cincinnati
Chicago A St. Louis Ry.
Central,
36,401,031
70,409.084
6,877,167
128,370,420
5,290,188
9,624,083
87.742
pro rata with
3% Notes
by
298,681,195 366,226,126
Operating Expenses—
Maint. of way A structs. 39,454,595
Maintenance of equipm't 77,989,733
as
Total
gross
deduct'n
income
Net income
648
from
11,265,084
The Commercial & Financial Chronicle
Volume 152
Comparative Condensed General Balance Sheet Dec. 31
Assets—
1939
1940
Investment in road and equipment$1,093,073,210 $1,067,321,983
Improvement on leased railway property...
148,562,398
145,526,990
Sinking funds..
109,191
136,819
Deposits in lieu of mtged. property sold._
60,7.54
127,987
Miscellaneous physical property.
51,011,180
41,803,084
Investments in affiliated companies:
.
.
Stocks
160,614.782
50,976,910
34,579,182
169,210,886
159,505,839
Bonds...
50.584,227
34.579,182
Notes
Advances
Other investments:
173,707,062
Stocks..
27,234,906
Bonds...
Notes
Advances
26,151,294
9,009,443
1,120,313
12,857,074
130,060
30,658,561
45,000
5,557,199
7,730,177
4,749,975
72,594
29.275,107
45,000
216,144
Miscellaneous.....
Cash
Time drafts and deposits.................
Special deposits..............
3,380,179
61,001
Loans and bills receivable..
Traffic and car service balances receivable..
Net bal. rec. from agents and conductors...
Miscellaneous
accounts
Working fund advances..
Insurance and other funds
Other deferred assets
Rents and insur. premiums paid in advance.
on
2,056,025
7,471,723
28,229,558
2,038,075
682,683
573,911
181,649
1,672,600
3,641,351
72,914
receivable
Material and supplies....
Interest and dividends receivable
Rents receivable-_______
Other current assets
Discount
9,382
2,489,572
6,338,749
8,139,555
26,663,903
3,093,339
funded debt
5,133,529
465,692
543,475
186,518
1,672,600
5,200,590
63,269
4,300
11,416,365
....
Other unadjusted debits
6,751,038
.......
Gas & Electric
Co. and Wisconsin-Michigan Power Co. constitute a single
so far as electric
utility operations are concerned, but W. E. P.
subsidiaries, Wisconsin General Ry. (land) and Milwaukee Electric
Kys. & Transportation Co., and Badger Auto Service Co. (auto service)
are not incidental.
system in
Go.
s
Union Electric Co. of Missouri is
a registered holding company as well
public utility company and its electric utility operations and those of
subsidiaries—Union Electric Co. of Illinois, Mississippi River Power
Co., Iowa Union Electric Co., Cupples Station
Light, Heat & Power Co.
and St. Charles Electric
Light & Power Co.—constitute a single system.
North American
Light & Power Co. has four direct subsidiaries which
are
public utility companies within the meaning of the Public
Utility
Holding Company Act—Kansas Power & Light Co., Missouri Power &
Light Co., Blue River Power Co., and Nebraska Natural Gas Co. Nebraska
Natural Gas Co. has been sold and is not considered
by the staff.
The electric utility
system of Kansas Power & Light Co., together
with facilities and operation of Blue River Power Co.
constitutes a single
integrated public utility system.
K. P. & L. Co.'s heating business is
incidental, but the system cannot retain the company's transportation,
as
a
its
water service and
manufactured ice businesses.
The utility system of Missouri Power &
Light
Co., with exception of
properties and operations in Henry County, Mo., constitute another
single system.
Facilities in Henry County are not interconnected and
its
cannot be retained.
$1,844,101,952 $1,820,476,112
are
holding companies.
Capital stock
$562,332,642
Grants in aid of construction.....
6,149.120
Equipment obligations......
Mortgage bonds
34,072,000
510,919,000
Collateral trust bonds and notes
98,241,200 '
5,500,000
56,001,282
Miscellaneous obligat ions................
Non-negotiable debt to affiliated companies.
_
Loans and bills payable
Traffic and car service balances payable.
Audited accounts and wages payable
Miscellaneous
accounts
....
6,830,263
17,793,317
1,045,850
2,582,546
149,901
payable....
Interest matured unpaid
Dividends matured unpaid.
Funded debt matured unpaid
Unmatured interest accrued..
Unmatured rents accrued
....
See
on
funded debt
Insurance and casualty reserves
Accrued depreciation—Road.
Equipment
Miscellaneous physical property.....
Other unadjusted credits...
Additions to property through inc. & surplus
Miscellaneous fund
reserves.
Profit and loss—balanceTotal
a
5,522,640
2,420,254
183,944,537
3,486,278
71.903,793
7,880,258
1,701,055
170,777.952
$1,844,101,952 $1,820,476,112
_
1941
1940
$3,744,482
1,042,327
$4,954,987
2,192.351
1,370,847
$2,923,459
1,096,670
593,676
679.711
196,391
8,473,851
1,879,740
459,092
13,378.397
11,434,309
5,491,311
3,367,515
3.491,780
1,815,515
3,009,976
1,564,732
_.
—V.
152, p. 2402.
New York Dock
Co.—Earnings—
[Including New York Dock Trade Facilities Corp.]
Quar. End. Mar. 31—
Revenues
1941
—.
$921,709
554,451
347.578
....
$19,680
.........
Expenses....
Taxes, interest, &c—
Netprofit-..
x
Loss.—V.
152, p.
1940
/
x$10,966
Period End. Mir. 31—
operating
x$40,776
charges.
b
c
362.199
x$27,845
p.
has
four direct,
active subsidiaries—
Kewanee Public
Service Co., Western
Operations of Illinois Iowa
Power Co.
a
sub¬
single
system.—V. 152, p. 2403.
North American
Light & Power Co.—To Sell Holdings
company.—V. 152,
in Northern Natural Gas Co.—See latter
2078.
p.
North American Finance Corp.
3 Months Ended Mar. 31—
(& Subs.)—Earnings—
1941
1940
1939
$140,095
89,007
$126,872
79,180
$111,158
76,136
$51,089
Operating incomeOperating expenses,.
$47,692
$35,022
Net income from operations
Other income..
Other deductions
-
Cr307
-----
8,472
10.654
Est. pro v. for Fed. & State inc. taxes.
Net income.--
5,961
8,346
$33,385
$23,693
49,142
$31,962
69,695
Balance, surplus, Jan. 1
5,712
5,923
35,062
Refund for prior year's taxes
93
Total-----
$101,658
$58,755
20,210
$82,621
719
1,095
18,675
$79,859
$62,132
$38,826
Divs. paid in cash—Prior preferred686
Preferred 7%
902
Class A common.-,
—
805
1,439
17,686
Consolidated Balance Sheet Mar. 31, 1941
$194,703; notes receivable (net), $1,562,855; cash value
$63,178; other notes and accounts receivable, $5,311;
(contra), $673,870; furniture and fixtures, $19,242; de¬
ferred charges, $16,214; total, $2,505,373.
Liabilities—Notes payable, $640,000; accounts payable, $11,189; divi¬
dends payable, $21,858; interest on debentures, $1,959; certificates of
investment (fully paid), $25; 6% convertible debentures, $65,300: certifi¬
cates of investment (contra), $673,870; reserves, $113,417;prior pref. stock,
$38,381; 7% cum. pref. stock. $51,550; class A common stock, $161,680;
class B copimon stock, $25,000• capital surplus, $621,285; earned surplus,
$79,859; total, $2,505,373 —V. 152, p. 1289.
Assets—Cash,
of
life
notes
insurance,
receivable
North Continent Utilities
The
Securities
and
Exchange
Corp.—Hearing April 29—
Commission
has
announced
the
post¬
ponement from April 22 to April 29 of the public hearing on the application
(File 54-32) of corporation and its public utility subsidiary, North Shore
Gas Co., and its non-utility subsidiary, North Shore Coke & Chemical
Co., for approval of a plan of reorganization of the subsidiary companies
Holding Company Act.
See also V. 152. p. 838.
1941—3 Mas.—1940
$8,370,237 $6,752,379 $23,350,555 $20,182,230
1.280,654
539,837
3,177,697
1,518,012
1,463,083
Net after charges...
Co.,
Iowa
under Section 11 (e) of the
707,429
d355,040 ddef414,227
3,767,456
2,007,421
d454,359 ddefl350864
The leases of the
following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these prooerties:
Old Colony RR.. June 2, 1936; Hartford & Connecticut
Western RR., .July 31, 1936: Providence Warren & Bristol RR., Feb.
11,
1937, and Boston & Providence RR. Corp., July 19, 1938.
b Before
guarantees on separately operated properties.
c Effective as of these dates,
no charges for the stated leased rentals are
included covering the Old Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR., and Boston & Providence RR.
Corp. leases.
d For the purpose of showing the complete account for the
operated
system, includes accrued and unpaid real estate taxes on Old Colony and
Boston and Providence prooerties; also accrued and unpaid
charges against
said properties for Boston Terminal Co. taxes and bond interest.—V.
152,
a
Traction
Illinois
RR.—Earnings—
1941— Mmth—1940
revenue
Net ry. oper. incomeIncome avail, for fixed
and
Gas
a public utility company and a registered
holding
company, Des Moines Electric Light Co.
It has a subsidiary, Iowa Power
& Light Co.
Operations of these two companies constitute another
$767,429
433,075
392,501
352,109
2403.
a
o.
These
Illinois
1938
$703,834
New York New Haven & Hartford
Total
1939
$771,680
433,316
349,330
Ice f
1938
9,968.291
Net from rail way....
Net ry. oper. income...
456.150
Co.
Manufacturers
Balance, surplus, Mar. 31-
1939
'
$3,506,396
Net ry. oper. income...
From Jan. 1—
Gross from railway
heating business is retainable, but
Co. has two direct subsidiaries which
are
Illinois Traction Co. and Northern
sidiary which is both
Chicago & St. Louis RR.—Earnings—
March—
Gross from railway......
Net from railway......
.& T. Co.'s
Power Co. conducted by it
directly, constitute a single system.
In addition to this single system, Illinois Iowa Power Co. has
Now included in other current liabilities.—V. 152, p. 2561.
New York
_
6,447,476
17,618,624
1,034,160
2,507,434
154,121
187,390
5.402,247
2,318,570
6,929,481
40,272,246
20,268,018
a
5,376,605
2,333.028
6,858,039
41,195,239
18,515,245
87,868
5,904,806
2,426,852
192,905,132
3,476,087
75.706,536
7,918,893
1.701,055
178,079,443
Other current liabilities..........
Deferred liabilities.
Tax liability....
Premium
$562,332,642
1,586,591
21,189,000
512,858,000
86,708,200
5,500,000
59,525,142
20,000,000
Gas
Cahokia
Illinois
Liabilities—
M. P
its water and ice businesses.
North American Light & Power
not
Natural
Total..
2713
Washington Ry. & Electric Co. subsidiaries, together constitute a single
integrated system, but if this system is retained by North American,
it must give
up Capital Transit Co. (D.C.) and Great Falls Power Co. (Va.).
Cleveland Electric Illuminating Co.'s properties and
operations con¬
stitute a single system, of which businesses of the Power
& Light Building
Co. and Ceico
(metering and land) are incidental, economically necessary
and appropriate as well as C. E. I. Co.'
present steam heating business.
Electric utility operations of Wisconsin Electric Power
Co., Wisconsin
2561.
Northern Indiana Power
A hearing has been set for April
Co.—Hearing on Bond Sale—
25 at the Securities and Exchange Com¬
mission's Washington office, on the declaration and application (File 70-295)
of Central Indiana Power Co. and its subsidiary. Northern Indiana Power
Co., regarding the proposed issuance and sale by the subsidiary of $10,~
038,000 of 3H% 1st mtge. bonds, series B, due April 1, 1971.
Company proposes to sell $9,500,000 of the bonds to eight institutional
investors at 102 and accrued interest, and the remaining $538,000 will
be sold
to
the parent company at face value and accrued interest.
The
firoceedswill be the sale Northern Indiana Power Co.approximately $350,000
from used by of the bonds, together with to purchase and redeem
cash,
n
(at
an
including expenses, at 105) Its presently outstanding
1st mtge. bonds, series A, due Jan. 1, 1965.—V, 152,
average cost,
$10,308,000 4ViVo
2403.
p.
Northern
Natural
Gas
Co.,
Omaha,
Neb.—Registers
with SEC—
a
Company on April 21 filed With the Securities and Exchange Commission
registration statement (No. 2-4741, Form A-2) under the Securities Act
710,500 shares of common stock ($20 par),
by the United Light & Railways Co. and North
of United Light & Power Co.
and North American Co., respectively, and owners of 35% each of the
of 1933 covering
North
pany
American Co.—SEC Would Limit System—Com¬
Is Told to Pick One of Four Systems Under Holding Act—
The company, a registered holding company whose subsidiaries
range
from utilities to an amusement park, must pick one of four single
integrated
electric utility systems from its interest, under tentative recommendations
advanced April 18 by the Securities and Exchange Commission staff, to
comply with provision of the Holding Company Act requiring geographical
simplification.
Retention of a fifth system, the North American Light A Power
Co.,
"cannot be justified either as a principal system, or an additional
system
nor as constituting a business incidental to a principal
system," because
of its scattered interests, it added.
Instead,
North
American
Light
& Power Co. itself must be required
single integrated public utility system
like its parent, according to SEC Counsel
to limit its operations to those of a
and additional systems, exactly
Ralph C. Binford.
All together, he said, the Commission will be asked to enter orders
directing seven other holding companies in the North American system
I—Washington Rys. & Electric Co., Washington & Rockville Ry. of Mont¬
gomery County, Md.,
Union Electric Co. of
Illinois
Traction Co., Illinois Iowa Power Co.,
Missouri, Des Moines Electric Light Co., and
Northern Natural Gas Co.—to limit their holdings and operations.
Summarizing findings made during trial examiner hearings for almost
a year, Mr. Binford told the Commission North American Co. had
single
integrated systems centering around the Washington Ry. & Electric Co.,
Cleveland Electric Illuminating Co., Wisconsin-Michigan Power Co., and
Union Electric Co. of Missouri.
One it can retain, he said.
His statement claimed the electric utility system of Potomac
Power Co.
(D. C.) and Braddock Light &
Power Co., Inc.
Electric
(Va.), both
The stock is to be sold
American Light Sc Power Co., subsidiaries
presently outstanding common shares of Northern Natural Gas Co.
Blyth
& Co., Inc., New York City, will be the principal underwriter.
The presently authorized capital stock of Northern Natural Gas Co. is
being reclassified into 1,200.000 shares of common stock ($20 par) of
which 1,015,000 shares will be outstanding (including the shares being
registered).
....
According to the registration statement, the sale of the stock will termi¬
nate all affiliations of Northern Natural Gas Co. with United Light &
Power Co. and North American Co. and their subsidiaries, but not with
Lone Star Gas Corp. and its subsidiaries, which own 30% of the presently
outstanding common shares of Northern Natural Gas Co.
The price at which the stock is to be offered to the public, the names
of other underwriters, and the underwriting discounts or commissions are
to be furnished by amendment to the registration statement.
The United Lieht & Power Co. and the United Light & Railways filed
application (File 54-25) under the Holding Company Act for approval
shares of Northern Natural Gas Co. owned by
Light & Railways which, after reclassification, will consist of
355 250 shares#
The proceeds received from the sale of the stock will be used in connec¬
tion with the proposed acquisition by the United Light & Railways through
a new company
of operating subsidiaries of the United Light & Paper
Corp in connection with the liquidation and dissolution of that company.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the securities.
This is not an assurance, it states,
that the price will be stabilized or that the stabilizing, if commenced, may
not be discontinued at any time.—V. 152, p. 2247.
1
an
of the sale of all the common
the United
The Commercial &
2714
RR.—Abandonment—
Ogden Mine
-Merger Dropped-
Northern Pennsylvania Power Co.Metropolitan Edison Co.—V. 152, p. 838.
r
April 26, 1941.
Financial Chronicle
The Interstate Commerce Commission on April 7 issued a certificate
permitting abandonment by the company of its entire
line of railroad
extending from a connection with the Central RR. of N. J.'s line at Lake
Hopatcong to a point formerly known as Edison, approximately 10 miles,in Sussex and Morris counties, N. J.—V. 143, p. 3007.
See
Northern Pipe Line Co.—To Pay 50-Cent Dividend—
dividend of 50 cents per share on the common
June 2 to holders of record May 16.
Dividends of 40 cents
were paid on Dec. 2 and June 1, 1940. and dividends of 15 cents were paid
on Dec. 1 and on June 1, 1939.—V. 152, p. 1289.
Directors have declared a
stock, payable
Years Ended.JantZl—
Operating expenses. .
„1941
•
_
1940
6,860,669
3,847,661
2,875,000
6,386.847
$721,676
287,416
$669,884
$7,635,892
$7,601,588
283,927
3,405,834
3,407.187
$434,260
155,577
$385,957
$4,230,058
155,577
1,866,923
$4,194,401
1,866.923
$278,683
$230,380
$2,363,135
$2,327,478
250,000
depreciation—
Gross income
Int. and other deduct'ns
'
*
_
530,011
272,694
225,000
683,493
.
384,926
Prov. for
_._$40.184,774 $37,907,648
14,073,008 13,871,492
1.653,085
1,689,773
Depreciation
— .—
4,052,183 a3,626,587
Taxes (other than income taxes)-l.- —----------5,050,063
4,843,545
Prov. for Fed. & State income taxes2.961,692
1,755,269
Operating revenues.
Operation
„
1941—12 Mos.—1940
$1,697,589 $21,219,222 $19,600,056
1941—Month—1940
$2,040,097
Gross revenue-.-..--—
(Minn.) (& Subs.)—Earns.
Northern States Power Co.
.'V;
Ohio Edison Co. —Earnings—
Period End. Mar. 31—
Northern States Power Co. (Del.)—Weekly Output—
Eiectric output of the Northern States Power Co. system for the week
ended April 19, 1941, totaled 31,511,337 kilowatt hours, as compared with
28,046,560 kilowatt hours for the corresponding week last year, an increase
of 12.4%.—V. 152, p. 2404.
Net income.. 'i
Divs.
on
-
pref. stock... -
3,036,621
2,575,000
.
Maintenance
-—v* ----------- - — -—-—
operating income.—.
Net
$12,494,741 812,120,980
81,208
105,332
-
Other income
Gross income
-$12,575,949 $12,226,312
3,487,450
3,525,450
——
—
-
Intereston funded debt----
-------
62,752
Amortization of sundry fixed assets
—
41,842
Amortiz. of exp. on sales of cap. stock of sub. co.-_
30,000
Interest charged to construction.————082.633
Miscellaneous deductions———————
.
103,660
146,908
688,721
45,972
41,842
2,500
CV28.942
128,307
$8,153,617
~$7M75,551
Interest on bank loans.90,194
Amortization of debt discount and expense. 689,064
Other interest-.--
-_-i-
———
—
; ?
...——
Balance
—
-
capital stock held by public:
Cum pref. stock 5% of Nor. States
Divs.
-
on
(Wis.)
Power Co.
& Flambeau Impr. Co_.
in undistributed net inc. of sub—...
Minority int.
Net income--------
—--
—
20,350
29,070
4,522
27,135
29,070
—
Com. stock of Chippewa
------
$7,621,609
$8,097,412
a Includes
appropriation for retirement reserve of $2,729,070 and for
depreciation of $897,516.
A
V.
Note—No provision for excess profits tax under the Second Revenue Act
of 1940 has been made as it was estimated no such tax would be due.
—V. 152, p. 838,
1941—Month—1940
$390,673
$380,217
Direct taxes
—
_
.
Prop, retire, res. approp.
Amort, of limited-term
in vestments
1941—12 A/ox.—1940
$4,559,622
$4,788,671
780,051
325,000
/
31—
profit from opers.
Expenses
1941
1940
1939
1938
$2,491,262
$2,567,263
1,741,783
$2,054,502
1,649,964
$2,127,904
1.973,472
$825,480
$404,,*38
732,243
1.731,897
$7*9,365
426,581
Net oper. profit—--.
Other income
250
68
455
-
$943,800
$1,120,961
30,292
275,959
9.975
10,500
Other int. & deductions.
5,063
1,853
123,463
74,974
54,250
148,265
786
174
_
-
Int. onrntge. bonds....
on debentures.
_
credit-._.i
74
—
Net income..
—
_
-
-
_
-
;,
—
_
_
.
.
$48,347
$470,190
334,199
$578,360
334,188
W
$135,991
$244,172
for the period
.
has been made for Federal excess profits tax
present indications are that no such tax will be payable.—V. 152, p.
1940
1939
1938
.$12,417,368 $11,266,505 $10,359,810
2,321,470
2,799,953
3,330,559
Gross operating revenue
Operating expenses
-
since
2564.
Co.- -Earnings—
Public Service
Calendar Years—
...
880,198
960,000
1,381,507
958,851
Provision for replacements..
Selling, general and admin, expenses
i. ——.....
682,603
840,000
1,560,485
956,42.3
496,647
840,000
1,472,205
1,013,606
Maintenance
Taxes.
declared a dividend of 20 cents per share on the common
20 to holders of record May 23.
Like amount was
March 20, last, and compares with 40 cents paid on Dec. 20, last;
25 cents on Sept. 20, 1940; 20 cents on June 20, 1940; 15 cents on March 30,
1940; 35 cents on Dec, 20, 1939, and 25 cents on Sept. 20, 1939.—V. 152,
on
P.2079.
v;
.
$4,789,548
32,923
$3,998,829
on
$4,805,696
1,200,800
$4,822,470
1,205,600
Interest on
162,072
28,965
162,214
19,489
$4,033,294
1,230,429
159,191
20,9«7
..
Gross income
funded debt
Amort, of bond discount and expense-
consumers' deposits.....
34,465
590
1941
$14,679
opers.—Divs.
Interest.
4,406
------
-----
795,864
$2,700,247
959,785
1.657,530
Interest earned on instalment
52,968,063
959,787
1,872,395
$2,392,449
959,787
1,289,190
safes—
dividends.-
Common stock dividends.
Balance Sheet Dec. 31,
'
"•
■
-
•
.
•
Investments
.
preferred stocks
Cash in banks and on hand
on
—
—
Consumers' accounts receivable.
——
Other notes and accounts receivable,
less reserve....
——
1,965
1,234
457,439
affiliate....
Accrued interest receivaole from aftidate
Materials and supplies..
-
Merchandise held for resale.
Prepaid insurance, taxes, &c.. expenses..-.
Other assets...;
——
.
;
—_
177,295
332,294
239,239
1,079,870
1,455,565
44,378
Merchandise accounts receivable.
with
—
—;
$6,264,800
5,800,200
1,600,000
1,704,700
------
.
6,139,000
30,020,000
...
...
Funded debt and other long-term debt
1,133,399
—
Wages and salaries payable. —
Current account with Electric Advisers, Inc.
Current account with affuiate
-----
——— — ■
. ..
Accrued interest on funded debt...
Preferred dividends accrued
473,611
941,170
^.T—-
(undeclared)
Other accrued expenses
Other liabilities.,
Reserves.
_
_
14,666
...
_
—
—
Accrued interest on consumers'
deposits
——
— — —
.
Earned surplus..--..
Total
-V.
151,
-
p.
2395.
5,343
61,000
499,166
....
Accrued taxes (other than Federal).
Provision for Federai income tax
136,049
—
4,245
467,813
105,319
23,071
4,065,853
1,448,247
.--$60,907,658
18,555
.
:■
■
■
...
of securities have been
.
.
:
Cash--..
for
Due
sec.
1940
$18,130
Due
fori
ecurities
but not
received- -i—
bought
sold
18,020
but not delivered
receivable-..
1,610,444
908
Prepaid expenses-- '
7,875
8,104
852,000
725,434
888,000
-SI.647,102 $2,186,802
surplus.-- 2.149.687
2.149,687
2,105.676
1,892,220
$1,647,102 $2,186,802
after deducting 8,489 shares in
on deposit for matured
($14,075 in 1940)
v
(& Subs.)—Earnings—
March 31—
operations before depreciation-.net
'
Total
:.
serial bank notes.
Provision for Federal taxes
—
Net earnings
—V.
152, p.
-----
$426,085
199,236
48,419
41,604
$212,102
—
- __
$394,381
208,191
29,850
104,065
—
Depreciation
1940
1941
$521,280
32,927
$554,207
— ..
—
Interest on bonds and
725,434
Total-----
Represented by 141,151 no par shares
Other income,
20,336
$17,783
treasury,
z Includes $13,150
bond interest.—V. 152, p. 687.
Gain from
240,000
Sundry accts. pay.
8,789
Paid-in
Oxford Paper Co.
$47,460
-
Profit & loss deficit
Total
;
2,140,964 Accrd. int. on debs
899 5% gold debens--y Capital stock. —
7,477
Invest, securities..
-
payable
Coll. loan
Accrd. int. & divs.
1940
1941
Liabilities—
1941
$28,273
i7'7
•;
$136,827
31,704
1928.
Pacific Coast Co.—New
Company has advised the New
has been elected President
Net profit—b Earnings per share
a
President—
York Stock Exchange that
of the company.—V. 152, p.
Paraffine Companies,
Period End. Mar. 31—
payaole
$4,962 /.;
,
'
Assets—
349,459
175,640
3,940,3931
i *
20,441
42,571
7,359
loss$l,316
iOss$2,337
$1,323
$2,398
of
sales
from
loss
computed uniformly
cost basis.
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 .vrite-off had not been made, the proper proportion of the debt discount
and expense chargeable as amortization against income for the period would
be $1,499.
7
;
- 7-, 7
^
7'vi.
;'7?•'■"■■••'7."
'
Balance Sheet March 31
Liabilities—
Cinsumers* deposits
10,650
by the company since its inception on a first-in-first-out
No charge has been made against income on account
—$60,907,658
Total
7% cum. 1st preferred stock, series A
6% 1st preferred stock
......
514 % 1st preferred stock
— —
5% 1st preferred stock
Accounts
5,172
- —
March 31
1941.
Profits and losses from sales
147,834
..
Deferred charges—
Common stock.
$14,456
4,190
11,581
3 Months Ended
$52,505,055
...
Current account
1,544
10
$14,542
V
5,467
11,413
V 2,390
;
$41,248
$22,778
$19,871
Notes—During the 1941 period, as Rhown in the statement of profit and
loss account, there occurred a net unrealized appreciation of $14,286 on
securities owned, based on market quotations at Dec. 31,
1940, and
1940
'
Property, plant and equipment
Discount
-
Net profit from opers.
Net
y
Net income...
Assets—
. . .
Interest on debentures..
2,800
Cr80,638
308,060
Provision for Federal income tax....
.■v
—
$17,894
5,453
11,118
$18,219
Total----.—-
1938 ■
$12,902
1939
$12,153
1940
$13,488
3,540
3 Mos. End. Mar. 31—
36
15,000
Cr91,285
542,799
4,400
17,500
Crl04,151
Other interest
State taxes on bond interest coupons
Preferred stocks
Inc.—Earnings—
Overseas Securities Co.,
z
$4,760,801
44,895
Net operating revenue
Other income
Interest
$0.35
Directors have
securities.-
Note—No provision
Ohio
$0.43
stock, payable June
Net loss for the period
$50,281
_
Divs. applic. to pref. stocks
Balance
$0.51
;
f
20-Cent Common Dividend—•
•;
Expenses
Int. chgd, to construct'n
,
$798,113
$0.32
stock-—
340,260
__
Gross income.
66.000
$957,627
Earns, per share on com.
4,304
$90,992
$933,999
69,886
68,000
$1,121,000
Federal income taxes...
$1,116,657
$87,578
22,333
$154,432
;f". 779,567
;
$1,136,781
111,154
$1,390,046
129,046
140,000
—$1,185,946
248,864
195,000
Miscellaneous deductions
Net income——
564,566
:•
Miscellaneous-------
V $90,924
$87,328
$3.37
...
3 Mos. End. Mar.
-
3,460,447
2,307.115
$3.29
3,303,720
2,445,604
share (550,000 shs. outst.) —
Gross
Total income--.
$9,092,343
Co.—Earnings—
Otis Elevator
I
1940
1941
$9,413,327
Net income
Earnings per common
—V. 152, P. 2080.
------
Net oper. revenues
Other income (net)
Int.
Co.—jEarnings—
Oklahoma Natural Gas
24
$943,345
2078.
p.
Inc. from
24
—
12 Months Ended March 31—
Operating revenues——
—
Gross income after retirement reserve accruals....
2.608.214
763,776
300,000
2,511,202
203,211
61,082
25,000
204,014
74,331
25,000
taxes.—
•
152,
—V.
paid
Co.—Earnings-
Northwestern Electric
Period End. Mar. 31—
Operating revenues..
Oper. exps., excl. direct
Balance
G. W. Mertens
2080.
Inc. (& Subs.)—Earnings—
1941—3 Mos.—1940
$350,295
$0.6t
$361,874
$0.71
1941—€ Mos.—1940
$1,023,820
$2.00
$1,317,500
$2.62
b On common stock.
Note—The company has made no provision for Federal excess
tax, as such provision is not considered necessary.—V. 152, p. 993.
a
After all
Penn
charges,
Valley Crude Oil Corp. (&
1941
9 Mos. End. Mar. 31Revenue—Oil sales
Total revenue.—
_
Subs.)—Earnings—-
1940
_
Expenses, incl. deprec.,
depletion, &c._
Fed. & State inc. tax___
1938
$243,055
70,409
$219,241
$189,739
$313,464
227,53^
"184,544
2,876
273,122
x$2,319
4,474
x$40,342
4,638
x$6,793
x$44.980
$217,196
2,044
$158,630
263,368
1939
2,215
$156,589
2,041
Miscellaneous
profits
$104,738
$8,298
Net drilling loss -------
xl ,545
"2", 946
Net loss for the period
$103,193
$11,243
$187,524
Net oper. loss
Other income.
x
Profit.
Volume
152
The Commercial & Financial Chronicle
Consolidated Balance Sheet March 31, 1941
/Insets—Cash, $708; accounts receivable, $9,780; crude oil inventory,
$4,581; depletion account (cash
balance), $50; sinking fund account, $13;
securities, $50; gas lease rentals, $197;
land, buildings and equipment
Period End. Mar. 31—
Gross earnings.
Oper. expenses&taxes__
& Coke
_
Loss
b Divs. from allied
cos.
$4,395
14,500
_
Sundry income
$19,180
to income
loss$20,600
prof $2,355
$30,194
102.007
(P. C. & C. Corp. sh.)
—V. 152, p. 841.
8,190
20,937
incl. direct
Prop, retire, res. approp.
Amortiz. of limited-term
investments
Net oper. revenues-,..
Other income (net)
Gross income
Interest onmtge. bonds.
Interest on debentures..
Other int. & deductions,
Int. chgd to constr., Cr.
$9,069,722
3,000,000
1,388
186
2,121
1,259
130,357
626,885
130,279
626,221
5,829
127,237
132,227
69,192
191,626
865,342
7.895
69,192
191,336
853,540
3,397
69,192
191,093
843,719
69,192
190,875
852,106
5,392
8,299
for pay.
Gas
stock
Int. chgd. to constr.—Cr
income
$5,398,530
$5,376,705
$4,836,656
$6,740,347
Divs. on pref. stocks...
2,343,552
2,343,552
2,343,552
2,343,552
Divs on com. stocks...
2,160,159
2,880,210
2,400,166
3,840,264
x Made to others
on obligations of street
railway companies guaranteed
by Philadelphia Co.
Balance Sheet Dec. 31
91,213
$
38,934,808
38,328,359
10
10
Special deposits.
Investment and
Light Co.—Earnings—
Cash
on
1,705,288
20,292,159
19,045,276
53,130
229,167
3,439,083
2,850,000
2,309,403
2,750,000
1,144
14,282
13,005
Indebtedness
2,773,857
S5 pref. stock...
5, 386,800
5% pref.stock..
Total fund, debt
15,850
15,850
217,335
60 ,155,000
1,309,992
36,602
1,114,805
Accts. payable..
Accrued taxes.-
69,308
Accrued Interest
251,583
2,689
5,925.362
1,456
Accrued divs...
Other accr. liab.
937,388
28,830
60,155,000
1,851,770
864,469
251,583
1,417,423
of
Accts. receivable
Prepayments...
charges..
5,885.884
Def'd liabilities.
25 ,888,659
$1,513,193 $14,347,715 $15,136,307
277,083
3,325,000
4,725,972
106,875
1,282,500
865,417
210,908
1,240,674
779,197
978
32,226
11,216
$1,299,117
277,083
106,875
177,314
Retire, reserves.
Res. for reval'n
15 ,752,175
15,205,250
23 ,000,000
23,000,000
945,920
o,756
$8,531,767
3,846,532
of assets
Other
of
aid
constr'n...
40,923
40,860
Paid in surplus.
3,371
2 .749,966
3,371
2,749,966
Earned surplus.
847,230
Surp.
$4,930,405
invest,
in
stk. reac.
com.
x
208,107,676 2 05,354,2971
Total
Represented by 4,800,354 shares (no par),
Earnings of Regional System
[Excluding Long Island RR. and Baltimore
Railroad retire't taxes..
1940
j$L$scts
Fixed
1
Net ry. oper. income.
$7,421,950
1940
S
Liabilities—
capital—272,517,274 266,274,304
subs
19,585,342
Cap. stk.
sub.
19,747,991
406,268
406,268
69,550,831
68,828,703
7,536,552
8,036,663
_
Invest. <fc funded
Cash..........
$5,629,047 $20,169,047 $16,051,904
Cash
depos. for
of divs.,
Peoples Gas Light & Coke Co. (& Subs.)—Earns., &c.
1941—3 Mos.—1940
73,446,504
222,750
4,044,149
Other gas utilities
85,567,324
217,395
3,645,891
Other current
71,271,101 254,955,606 237,272,774
44,676,078 216,368,336 232,747,837
78,464,919 296,020,626 285,302,197
433,094
4,914,097
243,016
Mat'l & supplies
Prepaid acc'ts.^
Def'd
charges..
17,336.606
429,801
3,232,888
332,921
17,404,863
Gas
produced
Operation.....
Maintenance-..
Deprec. (provision for).
Taxes—State, local and
miscell. Federal
Operating income..
..
Other income
Gross income
Int. on long-term debt..
Amort, of at. disc. & exp
Other interest charges.
3,430,258
654,282
437,743
2,439,672
302,632
755,224
13,649,483
2.393^978
1.006,100
9,926,096
1.301,465
2,989.356
$1,944,663
435,828
$5,923,345
1,059.287
$5,035,654
2,154,471
$2,529,278
8,282
$2,380,491
824,086
30,001
50,394
$6,982,633
3,168.722
120,011
137,085
$7,190,126
3,327,953
208,420
203,120
52,319
3,295
52,319
46,173
209,276
36.216
209,276
235,248
$1,377,516
$3,311,320
$3,006,106
782,150
30,000
December, 1935, Loft, Inc., filed
an action
stock standing in the name of Charles
G.
by the Court.
seeking a lien on Pepsi-Cola
Guth
and the Grace Co.
Ap¬
sequestrator, Charles R. McDougall took possession of
99,709
shares of Pepsi-Cola
standing in Mr. Guth's name,
While the stock
was held by him,
Pepsi-Cola declared a $2 dividend and the Government
intervented with its petition to place the tax lien on the
dividends.
The Court ruled last June, however, that the tax
which the Government
sought to collect was not assessable, whereupon the
Government appealed.
Loft was the respondent in the
appeal.—V. 151, p. 3572.
Fed. income taxes
Earnings
—V
152,
per
p.
share
1929.
Notes payable..
,50,000
Accr'd
.
2,970,950
1,281,138
liabilities
Divs. declared.
100,000
2,301,689
9,433,755
Accts. payable..
1,761,174
8,960,090
liab's
97,590
69,400
68,770
11,147,078
61,902,910
10,633,412
57,194,791
curr.
for deprec.
40,480
reserve.
159,796
126,511
reserve..
5,680,136
1,551,675
5,680,136
1,008,178
res.
arls'g
4,541,910
4,704,558
23,000,000
23,000,000
1,977,377
1,980,310
3,371
32,332,002
assets
Contrib's in
aid
of constr'n...
com.
stk.
Total
396,789,980 388,557,690
surplus.
2,135,121
Total .......396.789,980 388.557,690
Consolidated Income Account for Calendar
Years
[Philadelphia Company and Subsidiary Companies]
[Not including Pittsburgh Rys. Co. and the companies operated
street
by it;
railway subsidiaries of Philadelphia Co., and Beaver Valley Trac¬
tion Co., in receivership since July 6, 1933, and its subsidiary.]
1940
1939
1938
Operating revenues
$48,012,201 $44,030,171 $40,213,522
Operation
——i
16,336,227
14,496,929
13,997,148
Maintenance and repairs.-.
3,609,473
3,193,427
3,136,171
Approp. for retirements, depletion &
amortization of leaseholds.
5,972,841
5,669,170
5,396,833
Exploration and development costs
308,967
Taxes
3,034,229
3,043.821
2.969",787
Prov. for Fed. & State income taxes..
3,495.050
2,296,200
1,931,970
—
Net operating revenue
$15,564,379
$15,021,656 $12,781,613
180.100
180,100
$15,564,379
$14,841,556 $12,601,513
Dr270,115
Drl33,514
Rents for lease of electric properties..
Dr391,910
Gross income
$15,172,469 $14,571,442 $12,467,999
5,491,300
5,464,046
5,469,946
508,226
507,985
509,920
Fed. income tax settlement—
37,891
61,991
180,479
Interest on funded debt
Amort, of debt disct. & expense.
Int.
on
Other interest
Interest charged to construction
Guaranteed payments
b Appropriation to reserve
Miscellaneous deductions
a
18,361
Cr44,713
69,192
16,853
Crl 67,961
...
on
290,682
523,047
265,072
69,192
299,099
258,248
18,310,416
—
Balance
Dividends
14,567
Crl2,128
69,192
522,324
$7,706,459
$5,832,223
1,599.875
1,588,437
1,588,125
capital stocks of subs.
held by others.
Minority interest in undistributed net
income of a subsidiary
|p Pfeiffer Brewing Co.—Earnings—
ana
130,339,000
surp.
subs.
Surp. inv.in
Other income (net)
as
3 Mos. End. Afar. 31—
Net profit after deprec.
201,039
of
of
Net operating income
Pepsi-Cola Co.—Decree Sustained—
The Supreme Court of Delaware has
sustained a decree of the Court of
Chancery which last June dismissed a petition of the Federal
Government
seeking to impress a tax lien on $199,418 dividends payable on the
company's
stock while in possession of a
sequestrator named
In
521,886
182,841
Min .Int.in
Earned
$2,269,437
259,841
2,937,500
521,886
reacq'd.,
3,371
Capital surplus. 31,930,106
1,504,767
9,671,510
1,362,995
3,030,899
656,119
656.000
65^,119
$2.10
$5.05
$4.58
Note—Provisions for 1941 Federal income taxes have been
made in ac¬
cordance with existing revenue laws and are
therefore subject to whatever
adjustments may be necessary as a result of
any new legislation on the sub¬
ject.—V. 152, p. 1138.
pointed
2,937,500
stk.
com.
from apprais'ls
3,593,742
678,562
Net income-...
$1,653,230
Shares of stock in hands
of public
656,000
Per share earnings..
$2.52
Co. 5% pref..
Special
13.500,546
2,298,757
3,655,224
1,126,427
Amort, of intangibles of
subsidiary companies.
Miscell. inc. deduc'ns
Ky.-W. Va. Gas
of subs. prop.
Res. for reval'n
940,819
436,975
_
1,515
27,500,000
1,729,800
Retire,
1,005,203
503,846
Federal income taxes.
1,515
.
Other reserves..
$11,342,272 $41,971,478 $40,677,435
3,489,911
659,105
278.975
2,325,617
288,782
723,925
gas purchased
34,802,566
Duq. Lt. 5% pf. 27,500,000
Cons. G.Pitts.pf.
1,729,800
Amort,
Nat. Gas Pipeline Co.
of America-...
16,850
Res.
.
Other
5,386,800
10,000,000
34,802,566
Oth.
194,412,098 767,344,568 755,322,808
Consolidated Income Accounts
Total gas sales
revenue..$11,342,266 $11,136,324 $41,127,838 $39,756,531
Other gas service revs.
124,663
128,002
508,939
545,129
Gross profit from sales
by
non-utility subs
77,873
77,945
334,700
375,774
Total oper.
revenues..$11,544,803
purchased—From
5,386,800
10,000,000
Customers' deps
Def'd liabilities.
Total gas sales in therms
196,975,335
m
Gas
$5 pref. stock...
$6 cum. pf. stk.
Common stock.
24,557,000
Funded debt...131,891,171
&c
assets
Gen. cust's'service...
Interruptibleservice.. 37,961,507
15,850
Co.
Accts. receivable
1941- -12 Mos.—1940
$
24,557,000
Ky.-W. Va. Gas
pay.
Period End. Mar. 31—
ejects S81I0S m thcwnsf
1939
S
cum. pf. stk.
Common scrip.
exps.,
co
6%
5% non-cum.pf.
equip., arising
from apprais'ls
of
accounts
—V. 152, p. 2405.
1939
r
Prop., plant and
$9,809,331 $34,057,145 $27,437,839
2,502,001
9,066,000
6.436.229
486,933
1,683,806
1,509,098
486,924
1,683,990
1.509.230
549,538
845,579
1,480,109
154.888
608,723
451,269
596,899
390,457
221,958
Equip, rents—Dr. bal__
Joint fac. rents—Dr. bal.
Represented by 100,000
Consolidated Balance Sheet Dec. 31 (Co. and Sub.
Cos.)
& Eastern RR.]
1941—Month—1940
1 941—3 Mos.—1940
revenues.$47,102,876 $35,800,382 $130566,003 $108816,539
expenses. 34,350,210
25,991,048
96,508,858
81,378,700
Railway taxes..3,524,500
Unemploy. insur. taxes.
596,902
208,107,676 205,354,297
y
shares (no par).
Period End. Mar. 31—
fr. ry. oper..$12,752,666
88,937
23,987,186
1 ,572.804
reserves..
Contrib's in
$8,776,937
3,846,532
$4,685,235
146,441
Total
rev.
28,830
,
to
affiliates
Pennsylvania RR.—Earnings—
Net
998,685
Indebtedness
6,131
...
oper.
970,888
$1,504,550 $14,256,619 $15,036,422
8,643
91,096
99,885
$1,292,986
-V. 152, p. 273.
oper.
S
34,802,566
1,515
10,000,000
24,557,000
5,386,800
217,345
affil. cos., &c.
Def'd
1939
$
Common stock 34 ,802,566
Common scrip.,
1,515
y $6 cum. pf. stk 10 ,000,000
6% pref. stock.. 24 ,557,000
x
1,933,548
dep. for
pay. of divs__
1,790,707
367,295
237,500
1940
Liabilities—
funded acc'ts. 159,747,320 156,963,282
Cash...
(Philadelphia Co. Only)
1939
$
Assets—
1940—Month—1939
1940—12 Mos.—1939
$3,689,745
$3,493,279 $40,852,143 $39,154,106
Net
Railway
Railway
$10,978,569
3,000,000
Con.
on
Fixed capital...
income
$743,601
$919,305
Divs. applicable to preferred stocks for the
period
Balance
,366,097 $11,206,528
177,375
204,235
119,000
23,725
197,200
260
1940
&
$10,720,724
278,128
$10,274,223 $10,245,396
3,000,000
3,000,000
Amort.ofdebt disc.& exp
Approp, for retire, res..
loss$44,241
6,740
9,594
1,257
Direct taxes.
funded debt....
Guar. div.
preferred
17,534
14,399
Pennsylvania Power
Period End. Dec. 31—
Operating revenues
399,659
237,000
$50,981
25,928
prof$17,918
32,606
After deplet. & deprec.
b Net inc. of Allied Cos.
exps.,
taxes.
revenue
on
Approp. tores,
x
$112,761
27,259
41,261
$3,677
1,322
1,262
a
Oper.
Net
Int.
Amort. of leaseholds
Other interest
Other income deductions
Net
Net loss (before Fed.
income taxes)
a
$89,216
34,234
34,381
.
...
1941—12 Mos.—1940
$5,138,004
$4,426,779
5,227.220
4,539,540
$17,963
8,500
13,140
9,075
Gross income.
Charges
.
General expenses
Prov. for Fed. inc. taxes.
Corp. (& Subs.)—Earnings
1941—3 Mos.—1940
$1,521,557
$1,288,711
1,525,952
1,306,674
Income Account Years Ended Dec. 31
(Philadelphia Co. Only)
1939
1933
1937
,
1940
Gross revenue, int. and
divs. from inv.,
&c...$10,910,881
(net), $407,599; oil reserves (net),
$589,751; intangible development, $60,037; prepaid expenses, $2,613; total,
$1,075,379.
Liabilities—Notes payable, $103,019; accounts
payable, $8,514; accrued
payroll, $1,250; accrued interest, $877; accrued
taxes, $4,794; contingent
tax reserve, $1,502;
long-term obligations, $65,000; deferred income. $4,581;
class A stock, $748,488; class B
stock, $2,735; capital surplus, $228,679;
deficit. $94,059; total, $1,075,379.—V. 152,
p. 687.
Pennsylvania Coal
2715
Philadelphia Co.—Earnings—
„
$86,829
$0.20
1940
$86,898
$0.20
1939
„
$82,153
$0.20
3,011
1,816
Consolidated net income..$6,705,978
1941
4,563
$6,115,011
$4,242,282
1138
$74,381
$0.17
a
On Consolidated Gas Co.
stock,
of the City of Pittsburgh preferred capital
b For payments (made to others) on obligations of street railway
nnmnirnififi
guaranteed by Philadelphia Co.
The Commercial &
2716
subsidiaries
Year Ended Jan.31—
5,688,708
$3,664,444
3,136,222
16,026
22,152
3.064,627
Interest on
$2,209,937
1,956,504
$1,428,302
1,296,240
$1,374,640
l,2o0,149
$528,221
$253,433
33,937
16,259
$132,062
14,876
$124,491
12,780
$562,158
34,051
operat'ns
$269,693
36,571
$146,937
30,020
$137,271
33.825
in¬
Other income
3.037,461
2,437,691
3,524,324
..—-——$ 15,339,642 $15,172,437
Dr388,146
Dr290,106
other chges.
come &
Prof, before other chgs
funded debt.
of
Prov. for obsolescence
replacement parts.
5,000
5,000
5,000
5,000
140,000
c5,677
b37,669
c5,247
9,193
20,757
$377,430
$185,206
_
Pa.
Prov..for Federal &
-
- - - -
-—$14,9ol,495
Interest on funded debt
- - -y - - -—5,496,662
Arnortiz. of debt discount & expense
508,298
Int. on Federal income tax settlement—- ———
31,476
Otherinterest
—— — ——*£,379
Interest charged to construction.---------—
Cr80,941
— --- —
-
- - -—-
—
814,882,331
5,463,554
—
526,648
69,192
payments (made to others)
b Guaranteed payments—
Taxes assumed on interest
198,488
91,447
and dividends
Miscellaneous deductions.-
--—
...
Other charges
Net
507,794
124,748
16,858
Cr43,648
519,297
69,192
199,875
64,299
taxes
income
-- -- - -
Gross income.
Approp. to reserve for
less
Profit before other
3,231,318
5,965,483
adjustments
—
Taxes (other than income taxes)
Proy. for Federal & State income taxes--
a
1941
31—
returns & allowances.
Cost of sales &
3,595,07o
—
Approps. for retirements and depletion reserves.-Arnortiz. of leaseholds and utility plant acquisition
Net operating revenue
Other income (net) - --- - -
3 Mos. End. Mar.
Gross sales & earns.,
,
1940
-—-------—-.---.--$48,009,618 ^44,758,884
10,531,004 15,141,948
Operating revenues.-Operating expenses—
Maintenance and repairs.
.
Co., and
1941
■
Divs.
profit
- —.
preferred stock.
88,095,843
bond
amortization of
bank loan of $6,250, other interest of $478 and
discount and expense of $1,970.
b Provision for
only,
c Includes amortization of discount
and
income
Federal
taxes
in 1941 and $2,897 in
in 1940.
Balance Sheet
expense on funded debt of $2,694
interest of $2,983 in 1941 and $2,350
1,588,437
2,996
a
—
$
1,164.366
1,286,323
2,815,573
627,059
41,365
47,250
.—
—
.
1,144,768
Notes & acc'ts rec
2,935,829
a
On
Co.
b
liability for Federal
the Second Revenue Act of 1940 for the calendar
profits tax under
1940.—V. 152, p. 2081.
buildings,
Federal income taxes
— —
Net operating revenues—
—
Other income (net).
Gross income
Interest
on
.
—-
------—™ .
long-term debt
$28,782,603 $29,385,628 $28,260,347
286,998
221,096
197.807
,
Taxes assumed on interest.-
——
Other income deductions.-
-
Interest charged to construction
-
259,986
67,459
316.439
0229,077
259,091
65,843
366,812
Cr44,567
258,968
62,827
398.647
138,146
No provision
Total
no-par
-.
shares,
Utility plant. .399,561,356
Investment and
fund accts—
9,881,247
Special deposits.
Temporary cash
a
14,797,713
11,862,381
652,873
$
1,322,281
1,322,281
Bub.
27,608,030
12,000,000
162,850,000
10,000.000
2,153,886
1,754,574
pref .stk. 12,000.000
co.
Long-term debt. 163,437,010
Notes pay.(bks.) 15.000.000
54.404
52,168
101,134
Accts. receivable
9,009,711
Mat'd bond int.
5,747
8,320.225
9,515
& merchandise
3,803,298
3,335,711
Taxes accrued..
Deferred debits.
9,775,984
10,314,604
Int. accrued....
Mat'is,
5,334,271
8,906
de¬
Customers'
posits.
supplies
395,281
9,251,621
accrd.
1,138.199
51,205,696
Contributions in
215,128
46,842
46,320
14,289
Net ry. oper. income--.
—V. 152, p. 2082.
Portland Gas & Coke
,
—
1,979,444
10
93
1,450
$46,845
$800,964
$748,754
$71,258
38,646
2,377
_
_
b Over cost of investments
152.
p.
applic. to pref. stocks
a
stocks are cumulative.
(& Subs.) —Earnings
Dec.
31
'40
Potomac
1940
.$16,649,319
_
x"Operating expenses.__
Taxes
—_ —
Prov. for income taxes..
Depreciation
Net oper. revenues
2,567,623
$5,599,741
305,146
87,*553
-
$6,012,611
317,989
$6,330,600
2 330 177
Operating income—
Non-oper. income, incl. net capital gains.-
Amort,
Other interest
during
$5,904,887
2,292,150
61,797
$3,912,870
$3,520,940
charges—
Other miscellaneous deductions
Net income
—
1,291,183
1,315,347
74,881
972,484
75,124
973,447
$
$1,157,022
consolidated mortgage bonds
accumulations for preferred stock dividends are ascertained
basis of the results of operations for the calendar year.—V. lt>2, p.
and
Philco
on the
2405.
Cash
on
30,779
with trustees
have approved a reduction in the board of directors to
nine from 10 and reelected the following members: John Ballantyne, James
T. Buckley, Charles 8. Cheston, George E. Deming,
ditch, Larry E. Gubb, Russell L. Heberling, Thomas A.
M. Damsdell.—V. 152, P. 1603.
Cash
1,021,051
.....
William H. GrimKennally and Sayre
3,900.000
3,900.000
395,038
3,900.000
def$64,766 def-i205,878
$591,935
Pref.
5,000,000
5.000,000
6,000,000
344,391
595.407
320,329
223,691
Interest
1,304,177
401,756
1,197.426
212,801
332,068
1,085,653
—
.
2,000,000
.
3,559,029
330.965
Fuel...
Deferred charges.
declared
a
May 15.
P.
1290.
Like amount paid on March 1,
last; 37H cents paid on Dec. 1
paid on Aug. 1, 1940.—V. 152,
338,542
98,750
98,750
by cust.
construction. 1,003,032
940,125
Contrib.
1
dividend of 37 H cents per share on account of
and partic. class A stock, no par value,
payable June 1 to holders of record
428,810
Unamort. premium
accumulations on the $1.50 cum.
last; dividend of 50 cents paid on Dec. 27,
and Sept. 1, 1940, and dividend of $1 was
accrued—
declared on
pref. stocks
for
Co.—Accumulated Dividend—
Directors have
_
—_
Divs.
on
Poor &
S
2,000,000
Funded debt.
Other accts. & int.
Mat'ls & supplies.
1939
Com.stk.(?100par) 6,000,000
1,412,250
1,021,051
1,163,767
.
5
cum.:
-—31,666,000 25,000.000
Accounts payable685,659
449,410
Accrued payroll-39,268
35,114
Consumers' depos. 1,388,114
1,352,772
Mat'd fund, debt5,965
7,068
Sundry curr. liabs.
51,237
59,952
Taxes accrued.
1,529,052
1,310,065
of mat'd int. &c.
Acc'ts receivable.
stock,
6% ser. of 1925ser. of '27
85,177
4,298,307
...
1940
Liabilities—
$
Deposit for paym't
receivable
Corp.—Directorate Reduced—
Stockholders
395,037
493,787
1939
plant.88,090,112 79,746,126
deposit
*
Due from affil. cos.
$1,574,322
Income available for income interest on
Property &
Investments
interest on con¬
Cr35.287
$4,230,271" $4,187,909" "$4,886,974
undistributed
1940
__
equipment trust certificates.
First and refunding bonds
Consolidated mtge. bonds ao the fixed rate of 3 %
$5,418,683
501,944
Orl1,527
76,579
Maintenance and
ground
rents and
51,100
Or57.846
Or 4 6.638
'
$5,353,402
65,281
repairs are included in the following amounts: #818,950 in 1940, $743,887 in 1939, $698,892 in 1938, and $18,268 m 1937
y No provision has been made for Federal surtax on
income.
Comparative Balance Sheet Dec. 31
x
funded debt other than income interest:
mtges.,
6.-0,000
Or 11,100
50.198
51,938
$18,973
Balance, surplus
Gross income
Rental of leased lines
657.674
$3,954,010
dividends.395,037
dividends—-_
3,540,000
Common
$4,820,063
Crl1,650
Net income for year...
Preferred
6,352
5.283
construction Or 179.690
y716,490
' $4,813,711'
$4,879,855'
$4,656,023
funded debt-—851,625
of bond discount
Cr21,860
Gross income...
Int.
2,599,685
revenues....
$4,874,572
1.238.735
1.649.856
1.856.461
1.917.963
$4,624,722
31.302
6,297,933
1,118,818
6,663.247
1,164.609
755,446
6,885,542
1,222,702
1,002,934
1,329,987
1,119,789
.
.
'
Philadelphia
1939
1938
1937
$15,842,212 $15,046,870 $14,725,380
7,656,858
Int. on
.
tax since
2249.
Electric Power Co .—Earnings
Operating revenues.
Non-oper.
■
provision has been made for Federal excess profits
nosuch tax will be payable.—V; 152, p. 2406,
Calendar Years
under 1907 agreement
a
430,167
430.167
for the period.
Balance..def$140,493 def$211,605
Dividends accumulated and unpaid to March 31, 1941, amounted to
$2,960,536. Latest dividends, amounting to $0.87 a share on 7% preferred
stock and $0.75 a share on 6% preferred stock, were paid on March 15, 1941.
2081.
—$34,378,455 $33,735,173
5,084,760
4,996,749
2,903,730
2,900,020
11,431,522
11,536,697
3,679,838
3,753,059
2,467,959
2,579,334
—
Balance before prov. for income
solidated mortgage bonds.a
519
928
—
Net income
Note—No
.—$34,005,111 $33,365,475
373,344
369,698
— — —
bonds,
$4,383
1,857
.
—
Dividends on these
Mar. 31 '41
lien
487,250
43,158
indications are that
-
divisional
def 303
$748,451
474,890
34,151
$29,910
_
_
14,127,243
Power operation
&
def3,177
$797,787
mtge. bonds._
16,236,689
Maintenance
on
defl
40,604
deductions.
chgd. to construct'n
Total., .....446,863,219 439,871,448
12 Months Ended—
Prior
275,000
$46,844
Other int. &
206,857
Philadelphia Transportation Co
Interest
1,985,248
447,303
431,513
275,000
$70,933
.
3,486,312
Represented by 10.529,230 no par shares,
capital stocks of subsidiary companies.—V,
Conducting transportation
General, including accidentsDepreciation and property renewals
Taxes,
incl. payments to City of
1941—12 Mos.—1940
$3,487,014
$3,457,755
def ,32 5
Gross income
Divs.
4,853
184,271
42,621
22,917
Other income (net)
a
134,443
def23,563
def23,069
170,664
20,899
161,328
44,179
22,917
__
Net oper. revenues.—
credit
:
Co —Earnings
investments--
on
5,359
$296,664
Prop, retire, res. approp.
Amort, of limited-term
Int.
1,248
344
10,524
$299,682
taxes——v«
Direct taxes.
1938
$44,041
$63,444
1941—Month—1940
31—
Operating revenues
Oper. exps. excl, direct
206,857
a
Total operating revenues
2,895,772
Drl 15,838
1936.—V. 152, p. 1628.
251,795
75,391
Surplus........
Passenger revenue
Other operating revenue—
6,124,444
RR.—Earnings 1939
4,133
3,523,899
aid of construe
n
2,329,523
16,447,629 16,573.074
Total
28,756
values....—
bExcess of stated
Total.446,863,219 439,871,448
133,890
furnaces..
Serial
—
Net from railway——
266,854
549,986
49,015,672
credits
128,350
relining
for
1940
$72,214
*4,939
Net ry. oper. income-—
From Jan. 1—
2,300,444
272,639
liabils.
Reserves....
taxes.—
1941
railway.$96,518
railway
37,696
Net from
Other current &
Deferred
2,917,650
March—
Int.
328,680
11,008,892
2,291,989
—.
2,889,750
Gross from
121,155
5,334,370
24,221
Pay. to affil. cos.
Divs. declared..
Notes receivable
Int.receivable—
$
137,816,005
27,608,030
Liabilities—
Accts. payable..
—
1939
Com. stock...137,816,005
Preferred stock.
12,768,239
683,188
Cash
investments
389,155,012
Sink, fund paym't-
Accumulated since Jan. 31,
e
Period End. Mar.
1940
•'
396.964
16,447,629 16,573,074
Pittsburgh & Shawmut
$21,635,521 $20,692,707
for Federal excess profits tax.
1939
60,608
415,989
122,250
income
349,494
Federal
$98,782 in 1941 and $78,029 in 1940,
b After reserve
for depreciation and depletion of $4,179,925 in 1941 and $3,817,796 in
1940.
c Represented by 24,752 no-par shares
d Represented by 621,460
Consolidated Balance Sheet Dec. 31
1940
29,143
Reserve for
After reserve of
a
Phila, EL Co.$21,155,629
considered necessary
301,905
Other curr.liabil—
147,920
pref. stock 2,329,523
stock.. 6,124,444
e Earned surplus—
3,211,715
Cap. shs. in treas. 2>147,480
Gross from railway
$22,115,629 $22,595,521 $21,652,707
Subsidiary's pref. stock dividends...
960,000
960,000
960,000
Net income—
a
29,299
Accrued liabilities-
d Common
$29,069,601 $29,606,725 $28,458,154
6,371,676
6,364,024
6,390,640
-
Amortization of debt discount & exp.
Net income applic. to
159,759
-
June 1,
pay.
1941, on pref .stk
c
—
Other Federal taxes-State and local taxes
contract.
sales
Div.
blast
1910
1939
1938
$75,795,180 $71,442,625 $68,354,808
24,022,267 23,018,255 21,706,410
4,192,940
3,310.000
3,150,671
replace'ts
6,444,386
5,922,278
5,557,834
a6.068,149
3,793.509
3,678,232
1,631,329
1,476,138
1,412,738
4,653,506
4,536,817
4,588,576
dcprec.,renewals &
Adv. collection on
Res.
-
Maintenance
Pro v.for
«fccl0,256,222 10,377,651
204,757
213,487
mach. equip.,
Deferred charges--
Subs.)—Earnings—
Philadelphia Electric Co. (&
Calendar Years—
Operating revenues
Operating expenses
1,352,216
833,412
trade-
pay.
$
$
Liabilities—
Acc'ts
Funded debt--—
Inv. in sub, cos.--
officers that there was no
Note—It is the opinion of
year
Miscell. invest—--
b Land,
stock.
excess
652,060
43,165
47,250
Other assets------
Dec. 31 '40
Mar. 31'41
Dec. 31 '40
$
1,163,577
Assets—
Cash.-
Inventories--.--
$6,490,719 $6,368,926
obligations of street railway companies guaranteed by Philadelphia
On consolidated Gas Co. of the City of Pittsburgh preferred capital
Consolidated net income.
1940 and other
Comparative Consolidated
$7,960,359
1,599,875
5,248
------------ — - - ~ —
capital stocks of subsidiaries.-----,
Min. int. in undistributed net income of a sub---.
on
77,689
24,773
$94,026
25,359
31,089
58,817
on
a8,698
Includes interest on
a
Mar. 31'41
Net income.
Dividends
(& Subs.)—Earnings—
1940
1939
1938
Pittsburgh Coke & Iron Co.
Months Ended Jan. 31
Earnings for Month and 12
(Not including Pittsburgh Rys,, in process of reorganization,
of Pittsburgh Rys., street railway subsidiaries of Philadelphia
Beaver Valley Traction Co., in receivership and its subsidiary)
1941
April 26,
Financial Chronicle
Rotal
-V. 151, p.
—
.97,580,711 89,195,600
2511.
debt.
Deprec'n
1,074,535
530,353
reserve—15,024,432 14,613,624
302,768
Surplus—------31,381,505 31,157,058
Other reserve.--—
204,349
Total.-------97,580,711 89,195,600
Volume
The Commercial &
152
Procter & Gamble Co.
Period End. Mar. 31—
a
Net profit--
——
(& Subs.)—Earnings—
$2.55
$3.40
b Common stock.
Note—Above figures exclude earnings of English and Canadian subsidiaries, except as they have been made available in this country in
a
=>..
such divergence of viewpoints as may develop on these problems, and as
the effect on the operating costs of the individual companies of changes
1941—3 Mos.—1940
1941—3 Mos.~-1940
$7,166,041
$7,686,610 $16,776,068 $22,273,148
b Earnings per share—
After
interest,
$1.18
$1.10
2717
Financial Chronicle
depreciation and Federal taxes,
United States funds.—V. 152, p. 2406.
to
in
operations and facilities that will have to be worked out in the event of such
These uncertainties affect adversely both the ability of the
individual companies to obtain moneys for capital needs and the carrying
charges for such moneys if obtainable.
It is estimated that economies in operating costs in excess of $120,000
a year
will result from the consolidation.
disagreements.
At the present time Service company, Central and Northern have
sub¬
stantial
deficits, and, therefore, cannot legally pay dividends regardless of
earnings.
The proposed plan will eliminate such deficits.
Even if
at the present time some other way could be worked out to eliminate the
deficits of these individual companies, it is questionable whether payment
of dividends by them would be a sound financial policy, because they would
not have as great assurance of an ability to finance probable capital needs
as the new corporation will possess.
Summarizing, it is the judgment of the managements of the constituent
corporations that the consummation of the proposed consolidation will
make possible the payment of dividends,
will give increased financial
stability, will improve operating efficiency, will result in substantial sav¬
ings in operating costs and lower interest charges on future capital needed,
and will give better assurance not only that funds will be available for
improvements, extensions and betterments that are required by increases
in population in the territory served, by development of industry therein,
and by increases in per customer use of the utility services supplied, but
also that such funds can be provided without the necessity of curtailing
the payment of dividends.
current
Prudential Personal Finance
Corp.—Earnings—
1941
$338,775
4 Months Ended March 31—
Notes receivable——
—
—
Net
profit
—V. 152, p. 1446.
Public
tion Plan
1940^^
$228,438
10,001
13,733
—
...
...
'v;"
Service
Co.
of
Indiana—-To
Vote
on
Consolida¬
April 30—
A special meeting of shareholders will be held April 30 for the purposes o
considering and taking action with respect to:
1) Adoption by the corporation of a proposed agreement of consolida¬
tion covering the consolidation of this corporation, Dresser Power Corp.,
Terre Haute Electric Co., Inc., Central Indiana Power Co. and Northern
Indiana Power Co., into a new corporation to be known as Public Service
Co. of Indiana, Inc.
For details of plan as amended, see V. 152, p. 1446.)
2) Authorizing, approving and consenting to the encumbering by this
corporation of all or any part of its property and business, now owned or
hereafter acquired, through the execution and delivery of an indenture
supplemental to indenture dated Sept. 1, 1S39 from this corporation to
City National Bank & Trust Co. of Chicago, as trustee, and which inden¬
by a lien junior to the lien of indenture of mortgage and deed of trust
1, 1939, from this corporation to First National Bank of Chicago,
trustee) will secure the payment of serial debentures issued or to be issued
by this corporation under the aforesaid first-mentioned indenture dated
Sept. 1, 1939.
The plan of consolidation of the above-mentioned companies was origi¬
nally proposed May 10, 1940.
Sujsequently the initial plan was revised in
February, 1941 (see outline in V. 152, p. 1447).
The plan as revised has
now been approved by the boards of directors of all the corporations pro¬
posing to consolidate.
A report upon the proposed consolidation has been made by the Securities
and Exchange Commission under date of April 18, 1941.
The managements of the companies believe that; the consummation of
the proposed plan of consolidation will be in the best interest of all classes
of shareholders as well as the users of the utility services supplied; and that
the proposed plan is a sound ana feasible plan.
It is proposed to merge the above named companies into a new corpora¬
tion to be named Public Service Co. of Indiana, Inc.
Under the proposed pian, the authorized capital stocK of the new cor¬
poration will be 2,300,000 shares, of which 300,000 shares (par $100) will
be preferred stock (the preferred stock to be issued in connection with the
proposed consolidation plan to be 5% cumulatibe preferred stock, series A)
and 2,000,000 shares (no par) will be common stock.
All of the common
stock to be issued in connection with the proposed consolidation plan will
be issued on the oasis of .$25 per share.
The existing shares of Service Company, Central and Terre Haute
(except shares owned by constituent corporations, which shares shall oe
canceled) will be converted into shares of the new corporation on the basis
as outlined in V.
152, p. 1446.
In the event the consolidation is not consummated until after June 1,
1941, adjustment will be made through additional cash payments to persons
receiving preferred stock of the new corporation, which payment will in
each case be in an amount equal to the additional dividend that would
have been received on such preferred stock if the consolidation had been
completed on June 1.
Upon consummation of the consolidation of the constituent corporations,
the existing shares of Northern and Dresser; and such of the existing shares
of the other constituent corporations as are owned by constituent corpora¬
tions, will be canceled and no shares of the new corporation will be issued
ture
dated Sept.
in lieu thereof.
y
Subject to obtaining necessary approvals and authorizations, it is further
proposed that, as a part of the consolidation plan, the trustee of the estate
of Midland United Co.
which is directly or indirectly the beneficial owner
of all of the common stocks and certian other securities of the constituent
corporations) and the constituent corporations will enter into an agreement
whereby, among other things, it will be agreed that, as of the date of the
consummation of the consolidation, said Midland estate will sell to the new
corporation for $1,580,700, payable in common stock of the new corporation
share, certain securities [as outlined in V. 152, p. 1446].
that in the agreement the Midland estate will agree
to purchase from the new corporation for cash, an additional 80,000 shares
of its common stock at a price of $25 per share, oeing the aggregate price
of $2,000,000.
at
$25
per
It is also proposed
Amount
Preferred
stock
(1,108,783.8 shares, no par).—
5% series (148,255.9 shares,
—[
Serial debentures...
Serial and collateral notes..
Total
$27,719,595
25.55%
14,825,590
56,039,000)
$100)
Mortgage bonds
par
J
—
will be converted into shares of common stock of the new corporation.
If the proposed consolidation
Midland estate in the
will be as follows:
new
plan is consummated, the interest of the
corporation, expressed in percentages of shares,
yYy'Y': y;^ y'y Y<Y:
Y
■
No. of
%to Total Shares Outst'd'g
of
Com. and
Common
Preferred
80,000
7.22 %
6.37%
Y
Shares
Com. Stock
,v
Cash.
—
.—
—
—
.
Interest-bearing obligations of consti¬
tuent corporations and accrued int.,
and mtge. bonds and other securities
63,228
5.70
5.03
80,000
7.22
.63
6.37
Terre Haute Securities—
Common............
Preferred
7,046.4
—
$6 prior preferred stock of Service company, 11.937 4-6 shares
Common
and
stocks
of
Service
.56
:;
Y
5.57
6.32
70,074
company
VY ;,YY'\Y
Central—
Service company (exclusive of 161,451 shares owned by Central)...
Central
6.89
7.81
86,637.6
—.
39.06%
44.28%
490.974.13
Total
"
8.27
9.38
103,988.13
Refinancing of Bonds of Dresser on April 9, 1941
On April 9, 1941, Service company and Dresser effected a refinancing of
the mortgage indebtedness of Dresser.
The facts relating to this refinancing, and the changes resulting therefrom,
summarized briefly, as follows:
are
Dresser was organized in 1937 for the purpose of constructing a new
generating unit and transmission facilities which were needed by Serivce
company, and upon completion were to be operated by Service company.
The construction was finally gotten under way late in 1939.
The trans¬
mission facilities are already in operation, and it is expected that the
generating unit will be completed and put in operation about May 1. 1941.
The total capital raised by Dresser in connection with tin project was
$6,400,000, of which amount Dresser obtained $1,600,000 from the sale
of 16,000 shares of common stock to Service company, and the balance
through the sale to insurance companies of $4,800,000 of Dresser's 3%4% first mortgage bonds, maturing serially from Oct. 15, 1942 to April i5,
1958, in amounts of $300,000 per annum.
Under an agreement, dated as
of Oct. 15, 1939, Service company agreed to purchase the generating unit
and the transmission facilities on a deferred payment basis, and to make
payment therefor over a period ending Dec.
the time of the final payment.
31, 1960.
Title was to be
transferred at
Under date of April 9, 1941, the purchase agreement was amended, and
title was transferred to Service company, which then assumed the bonds
of
Dresser.
redeemed
or
Subsequently, on the same day, the bonds of Dresser were
otherwise acquired, and the mortgage securing such bonds was
Service company obtained
the funds for such redemption through
April 9, 1941, at 104H% of the face value thereof,
fir? t mortgage bonds, series B, 3
%, due March 1,
1971.
The net effects of the transaction are to reduce the long-term
indebtedness of the new corporation by $150,000; to reduce the net blance
of its unamortized debt discount and expense by approximately $132,000;
to reduce its cash by approximately $18,000; and to decrease its immediate
fixed charges at the rate of $29,250 per annum.
In connection with acquiring the Dresser property, Service company
also acquired all cash of Dresser, except $1,000.
The cost of the generating unit and the transmission facilities was ori¬
ginally estimated at approximately $6,400,000.
It now appears that the
cost of these facilities will probably be less than $5,300,000.
Under restric¬
the issue and sale, on
forma capitalization of the new
corporation as of May 31, 1941 (assuming 100% conversion of presently
outstanding capital stocks in accordance with the plan):
Y,
yYY YY.:YYYy Y'.Y
yYYyy-'yy- ■' V'Yy
Per Cent of
The following summary shows che pro
Common stock
the Midland Estate in the New Corporation
constituent corporations, the Midland
beneficially owns all of the shares of the common capital stock of
Service company (except those shares w hich are owned by Central and are
to be cancelled at the time of consolidation), of Central and of Terre Haute,
11,937 4-6 shares of the $6 cumulative prior preferred stock of Service com¬
pany, and 1,468 shares of the preferred stock of Terre Haute.
In the
consolidation, all of the shares beneficially owned by the Midland Estate
released.
Summary of Pro Forma Capitalization
:'\y
Interest of
Of the outstanding stocks of the
Estate
13.67%
9,100,000-
60.78%
807,948)
of $4,650,000 of its own
dends of Service company and Central,
the cash so acquired and
can be used by Service
only toward the payment of the cost of constructing certain
electric transmission and substation facilities in the Lafayette area served
by Service company.
On account of increased activities in this area, due
to national defense needs, the immediate construction of these facilities is
required.
yy-.
Y..
ability to pay future dividends, will provide a sound capital structure, will
give assurance of ability to attract capital from time to time needed for
additions and improvements to service, and will give assurance that ade¬
first board of directors of the new
Total...
-
$108,492,133
100.00%
Why the Consolidation Plan Should Be Consummated
For
a
number of years, the managements have been endeavoring to work
out a program
which will clear up the matter of accrued and unpaid divi¬
will give the greatest assurance of
quate, efficient and economical utility service can at all times be supplied
and that all service requirements can be met throughout the entire territory
in which the properties of che constituent corporations are located .
of consolidation is a plan believed by your manage¬
these needs, and to provide, in a manner that is fair, just
equitable to each class of security holders affected, a soxution to the
financial and operating problems with which the constituent corporations
are presently confronted.
In the judgment of the managements, the con¬
summation of the proposed consolidation will be in the best interest both
of all classes of such security holders and of the public served by the con ¬
stituent corporations, and the new corporation will have a much stronger
financial standing than any constituent corporation would have if reor¬
ganized alone.
Consequently, the resumption and continued payment of
dividends can be best assured if the proposed consolidation is consummated.
The utility facilities of the various constituent corporations are located
in contiguous areas in the State of Indiana.
In numerous instances two
or more of the constituent corporations have facilities in the same county,
and in many cases, localities in which one of such companies operates are
separated by relatively small areas served by another of such companies.
The major electric transmission systems and generating facilities of all
the constituent corporations are so located and interconnected that they
should be consolidated into a single unified operating unit; and they can be
most advantageously, efficiently and economically used only if so combined
and operated.
There are more than 45 points of interconnection between
these transmission systems.
While many steps have already been taken
to cordinate the systems and establish close operating relationships, the
maximum benefits of unified operation cannot be obtained, and the most
advantageous developments and imnrovements for the systems as a whole
cannot be assured, except through a single ownership and operation thereof.
Because of the controlling importance of unified operation and develop¬
ment of the power systems, none of the constituent corporations do or can,
in the judgment of their managements, offer to investors an investment
appeal comparable to that which the new corporation will be able to offer.
Without a consolidation there is inescapable uncertainty as to how long
and the extent to which the managements of the individual companies
will be in accord as to the nature of proposed changes to be made in the
development of the systems, as to the effect on the unified operation of
The proposed plan
tions imposed by the P. 8. Commission of Indiana
needed to complete the new generating unit,
not
company
First Board of
Directors of the New Corporation—The names
of the persons
proposed agreement of consolidation as the members of the
corporation are as follows:
Stuart J. Barrett, Laurence K. Callahan, William H. Duff, William O.
Freeman, Chicago,
Illinois; Robert A. Gallagher, Indianapolis, Ind.;
Leo S. Ganter Jr., Muncie, Ind.: William C. Griffith, Louis R. Schiesz,
Indianapolis, Ind. and Pierce C. Ward. Rochester, Indiana.
named in the
ments to meet
Voting Rights of Shareholders of New
and
Corporation
provides that, except as otherwise speci¬
of consolidation or by law, each share of
stock, common or preferred, shall, at each meeting of shareholders, have
one vote on each
question presented at such meeting.
The agreement also
provides that in the event of (and as often as) a default occurs in the pay¬
ment of dividends on the preferred stock in an amount equivalent to six
quarter-yearly dividends, the preferred stock voting as a class, shall there¬
after, and until all existing defaults in the payment of preferred stock
dividends have been remedied, elect a majority of the members of the board
The agreement of consolidation
fically provided by the agreement
of directors of the new
corporation.
Steps in Consummating
Plan—Approvals by Regulatory Agencies
The agreement of consolidation can become effective only upon the
adoption thereof by the holders of at least a majority of the total number
of shares entitled to vote of each of the constituent corporations, and the
adopted will be finally authorized by the boards of directors
corporations only if such larger proportions of the holders
constituent corporations agree to the proposed plan, as
opinion of the respective boards of directors, will render consumma¬
plan though so
of the constituent
of the stocks of the
in the
tion of the plan feasible.
The P. S. Commission
fully carried out.
The
Securities
„
and
,,
t
,
March 21,
under the Public Service
consolidation may be law¬
of Indiana, by its order entered on
has granted the authorizations necessary
Commission Act of that State before the plan of
1941
,
Exchange
^
'
■
f
Commission,
.
•
by its
,
,
order entered on
April 17, 1941 has granted the authorizations necessary under the Public
Utility Holding Company Act of 1935 before the plan of consolidation may
be lawfully carried out; subject, however, to final determination by the
Commission, upon its being advised as to the number of dissents (if any)
to the
plan filed by
plan conforms to the
shareholders of the constituent corporations,
that the
applicable provisions of said act.—V. 152, p. 2406.
Public Service Corp. of New
Jersey—Earnings—
1941—Month—1940
1941—12 Mos.—1940
..$12,442,056 $11,690,397 $142528,241 $135895,603
Period. End. Mar. 31—-
Gross earnings—
Oper. exp., maint., depr.
9,114,034
and taxes
$3,328,021
2,080,868
Net Inc. from oper...
Bal.avail.for divs.& sur.
1929.
—v. 152,p.
8,458,213 104,343,210
v>.
.
96.216,063
$3,232,184 $38,185,031 $39,679,540
2,076,116 23,421,263 25,829,278
;•
;
Oklahoma-—Subscription Books
Vx-OV
Subscription books for the 5% preferred stock of the company offered on
March 14 by an underwriting group headed by Glore, Forgan & Co. and
:
Bonbright & Co.. Inc., were
—V. 152, p. 2082.
closed April 18 and price restrictions
removed.
(Including Quebec Ry. Light & Power Co.)
1941
31$1,282,316
Gross revenue..
—
i. .
- - 751,353
Operation, taxes and other expenses..
124,195
Fixed charges..
............
.......—
for depreciation....-........--.- —
Provision
taxes.
—
—V. 152, p.
i
_
Merchandise
-
3,248,055
710,751
540,193
973,130
3,518,473
—$63,797,976 $56,744,549 $48,479,998
Passenger
Incidental & jt.
$58,754,351
$3,274,335
8,934,959
$4,685,887
10,755,976
$271,455
Electric Co.
$1,318,948
820,593
108,566
228,300
$5,177,311
875,428
687,544
108,333
850,455
221,250
Operating expenses-..-.
—
$5,306,200
2,639,563
358,751
434,033
87,025
81,721.
-
DepreciationTaxes (incl.prov. for inc.
— — — — —
2,547,590
322,047
432,826
841,105
10,227,524
841,772
23,643,642
217,141
General expenses.—.—
1,529,470
Transp. for invest —Cr_
7,294
22,157,418
214,132
1,584,453
1,597
906,902
22,916,414
240,342
1,966,278
3,865
$44,051,977 $39,612,689 $35,618,159
$41,467,934
17,131,860
12,861,839
4,480,363
2,840,811
17,286,417
4,116,320
income_$14,2G5,677 $12,651,497 $10,021,028
$13,170,097
Transportation— —
operations
MiscelL
Net
—
19,745,998
;5,540,321
from ry, oper-
rev.
Total ry.oper.
$998,425
60,078
$1,024,393
54,436
$238,421
198,328
$207,872
$1,058,503
807,523
$1,078,829
$250,980
comparative purposes.—V. 152. p. 2511.
$264,560
Other income—net—
-
Income deductions
Reclassified for
&
Storage
Cold
Market
Quincy
$5,918
$40,093
Net income.....
a
201,954
Warehouse
814,269
Dr787,176
65,701
982
Dr9,793
95,354
86,499
627.980
125,981
32,/77
$744,871
Dr$720,493
$172,G60
$686,738
$424,216
$404,862
188,243
406,872
729,390
$475,473
231,851
31,084
455,592
789,125
$610,515
235,144
16,310
433,526
830.825
26,595
134,681
13,012
149,162
44,119
$1,995,481
15.456,287
$1,921,812
13,852,816
$2,176,405
12,369,494
$2,332,185
16,189,020
$3,211,332
139,109
$3,214,071
137,828
Miscell. tax accruals....
170,324
funded debt
Int. on unfunded debt —
Amortization of discount
on funded debt
5,047,496
41,717
5,081,031
38,628
$3,215,155
138,288
166,108
5,140,215
55,941
$3,250,519
161,492
7,058
Non-0per.
Income—
Misc. non-op. phys
Sep. oper. prop,
225,566
55,635
402,035
727,511
prop
profit—
declared
dividend of $6.25 per share on account of
a
the
on
1
to holders of record
Railway Equipment & Realty Co., Ltd.—New Directors
Four prominent metropolitan Oakland business leaders were on April 17
elected to the board of directors of this company, which owns the East
Bay Transit Co. and Key System. They are, Charles P. Howard, President,
Howard Terminal Corp.; Weller Noble, Manager, Pacific Guano Co.;
Irving H. Kahn, President, Downtown Property Owners' Association of
Oakland; and John P. Symes, member of the investment firm of Eastland,
Douglass & Co.—V. 151, p. 2659.
$47,399
54,602
Dividends received.....
1638
1939
1940
$53,664
-*8,384
1941
Miscellaneous rents.
Int.
.
—
17,497
33.947
Int. & amort, charges...
$57,631
41,581
$48,131
58,224
$99,212
18,002
$106,355
16,050
$102,048
18,245
44,000
44.000
$37,210
does not
include realized
1940
1941
$3,718,009
4,055,854
4,381,991
$9,029,070
6.427,217
$9,131,165
4,721,651
$9,074,185
3,295,309
$9,349,675
6,839,345
"$6,427,217
$4,721,651
$3,295,3c9
$6,828,301
1,120,000
1,680,000
1,120,000
1,680,000
l,12o,C00
1,68.,000
Total deductions—
Disposition of Net Inc.
Inc. applied to sinking,
11,044
&c., reserve funds
First pref. divs. (4%)-—
Second pref. divs. (4%).
(4)2,800,000
$521,651 df$l,254,691
1,399,782
1,399,782
$1.37
$0.35
$1,228,301
1,399,782
$2.88
$2,227,217
$50).
1,399,782
Earns, per sh. on com—
$2-59
Shs. com. out. (par
x
Stocks..—
Accept, notes rec.
Cash
U.
499,676
44
619,196
1,118,656
Accrd. Interest
trust
1941
1955
Con v.
sold.
trust
57,002
Accounts payable.
93,000
Coupon Int. accr'd
Tax liability
Oct. 1, 1955....
re-
45,153
eelvable.......
84,899
discount...—.
......
....
.
Pf.
$4,000,000
875
16,880
31,704
($100 par) 2.113,600
2,113,600
6%
cum.
Com. stk..(no par)
163,140shares.. 2,146,447
1
r.
Special surplus
Earned
Jan.
sur p.
1, 1932)...
304,190,142
48,499,146
48,666,132
866,551
12,166,000
835,651
457,430
2,146,447
359,409
383,340
construction..
Total..-
—.$8,997,399 $9,052,256
Notes (1)
Total
— —
less than their book amount by $149,477 at March 31,
1941 and greater than book amount by $530,635 at March 31, 1940. Total
investments at market quotations were $7,599,213 on March 31, 1941, of
which $5,373,564 were pledged as collateral for the collateral trust 3 K %
were
Effective April
out par value were
28,160 non-voting shares.
87,511,285
85,486,225
thru.inc.&sur. 90,428,990
90,397,108
Misc. accts, pay.
7,708,543
5,989,146
221,361
Int. mat'd unpd.
Divs.mat. unpd.
9,460
Unmat.int. accr.
and
—
& conductors.
Misc. accts. rec.
Mat'ls & suppl's
Int. & divs. rec.
Other curr.assets
Deferred assets.
Unadjust. debits
1,334,454
1,666,559
a dividend of 10 cents per share on the common
value, payable May 1 to holders of record April 24.
This
compares with 40 cents paid on Dec. 27, last; 30 cents paid on Dec. 28,
1939; 15 cents paid on Dec. 28, 1938; 20 cents on Dec. 24, 1937; 30 cents
on Aug. 2, 1937; $1.30 on Dec. 23, 1936, and 25 cents on Feb.
1, 1936,
this latter being the first payment made on the issue since May 2, 1932,
when 373^ cents was paid, prior to which regular quarterly distribution
of 50 cents per share were made.—V. 152. p. 2406.
President.—V. 152, p. 2567.
Other curr. liab.
1,109,181
948,438
4,140,298
276,893
1,326,377
1,052,464
4,472,885
263.970
8,889
506,177
12,755
Add'ns
Period End. Mar. 31—
185,215
prop.
thru.inc.&sur.
P. & L. balance.
1,738,000
1,638,343
1,738,000
1,640,542
Total
——
..459,526,137 456,421,920
Year to Date
^
from ry. oper.
$2,441,199
747,661
Railway oper. incomeEquipment rents (net) —
Joint facility rents (net) ^
$1,693,538
Drl96,982
Pr969
Net ry. oper. income—V. 152, p. 2082.
$1,495,587
rev.
330,045
1,078,813
1941—Month—1940
1941—3 Mos.—1940
$6,648,320 $4,920,077 $18,463,789 $15,19.5,728
4,207,121
3,511,313
12,146,758 10,835,304
Railway tax accruals...
Net
404,255
543,875
923,469
891,344
Railway oper. revenues.
Railway oper. expenses.
to
8,251
769,595
Fund, debt ret'd
Earnings for March and
$1,408,764
402,825
$1,005,939
Dr63,267
Cr477
$943,149
$6,317,031
1,941,019
$4,376,012
Dr357,400
DrS
$4,018,609
$4,360,424
1,212,392
$3,148,032
Dr298,256
Cr7,177
$2,856,953
Richmond Radiator Co., Inc.—
Reynolds Metals Co., Inc.—New Director—
Basil T. Horsfield, Manager of the Aluminum Production Division, has
been elected a director of the company, according to an announcement of
Unmat.dlvs.decl
Unadj. credits..
Pay 10-Cent Div.—
no par
payable
Deferred—llab—•
459,526,137 456,421,920
Total
wages
Unmat.rts. accr.
car
bals. rec.
Net bals. receiv¬
Directors have declared
R. S. Reynolds,
2,887,143
132,153
1,752,617
6,476,840
lf 1941, the common capital was reduced by $515,047,
capital surplus, and the common shares with¬
changed to shares with a par value of $10 each. Includes
To
2,109,542
3,179,204
78,857
1,753,928
9,748
769,595
397,586
403,309
1,102,272
1,526,197
bals. payable.
Audited accts. &
Traffic
this amount being credited to
stock,
2,672,917
Traf. & car-serv.
12,535,258
2,000,000
Loans & bills rec.
bonds.
(2)
75,782
2,165,858
45,593,633
45,700,945
12,557,843
Notes
2,000,000
Advances....
6,431,356
Other Investm'ts
7,274,335
Cash.
10,652,203
Special deposits.
216,296
.....$8,997,399 $9,052,256
Investments are carried above at book amounts which rep¬
written down values for those acquired prior to Feb. 10, 1932, and
cost for those acquired subsequently.
These investments, priced at market
quotations,
81,322
2,224,767
to affil. cos
able from agts.
resent
$
Grants in aid of
12,906,391
Stocks
serv.
165,180
'
Non-negot. debt
Inv. In affil, cos.;
(since
1939
.
27,991,150
27,991,200
2d pref. stock41,970,600
41,970,650
Common stock. 69,989,100
69,989,100
Long-term debt.124,058,968 125,309,825
Bonds
17,968
stk.
ser. A
21,736
43,333
31,704
Res. for pref, divs,
.
-
Misc. phys. prop.
4H% bonds due
Unamortized bond
equipment.302,972,793
property..
$
r
1st pref. stock..
road
of mtgd. prop,
..$4,000,000
coll.
Liabilities—
Deposited in lieu
bds., due Dec, 1,
31
1940
s
Impts. on leased
ry.
'
,
1940
314%
n
^
1939
$
and
in
..
,
General Balance Sheet Dec
i«40
.•
Assets—
9,519
Accts. receivable..
Figures revised.
&
1,120X00
1,680,000
dividends.—-(2)1,4GG,000 (2)l,400,G0v> (3)1,750,000
Common
Invest,
Liabilities—
Coll
16,622
7,210
580,573
Net income
Comparative Balance Sheet March 31
Assets—
Bonds and notes..$3,366,699
137,989
168,942
5,187,820
351,420
$46,305
Note—The above statement of income
unrealized profit and loss on securities.
40,934
6.910
491,204
Miscell. income charges.
44,000
$39,802
$50,557
Net income...
164.931
;
6,769
412,322
-
Balance, surplus
$102,002
Total income
Expenses and taxes
' 133,923
on
Income balance.
Railway & Light Securities Co.-—Earnings—
3 Mos. End. Mar. 31—
Interest income—
—
44,752
Deductions—
Rent for leased roads—
5% cum. pref. stock, par $100, payable May
April 17.
This payment clears up all back dividends on the issue.—V. 152. p. 688.
accumulations
from unfunded
securities & accounts. :
Miscellaneous income.—
Income
Gioss income
Accumulated Dividend—
Directors have
Inc. from funded securs.
Tot. other non-op .inc.
Co.-
' •'
■1
*
Dividend income—-—,
Gross income—
901,943
20,723,999
Dr779,736
Z)r5,163
40,028
Hireoffreightcars.net.
Other equip, rents, net—
Joint facility rents, net..
Miscell. rent income
$193,078
14,794
832,549
704,724
1,249,200
218,771
1,566,801
2,649
-
—
Total.:
$223,082
15,339
Operating income....
$4,588,987
$5,231,824
12,596,089
Other Oner
1941—12 Mos.—al940
$1,297,463
677,512
Total oper. re venues
Maintenance......
—Income Account—
806,082
633,707
1,101,756
1,237,663
facility.
Total...-
1941—3 Mos.—a 1940
3,203,917
3,137,989
819,128
-—;
Mail and express
Miscell. operations
Railway tax accruals...
Period End. Mar. 31—
tax)
$291,883
.
1,452
1,451
1,450
..$26,582,809 $24,169,386 $21,307,133 $24,768,171
27,681,234
21,700,736
26,829,700
31,199,791
Coal—..
Traffic
1292.
Queens Borough Gas &
'
1940
114,884
-.
subject to income and excess profits
Net profit
1937
xl938
1939
1,449
Maint. of way
struc—
Maint. of equipment...
$1,167,367
692,113
125,659
78,140
—
Calendar Years
1940
%
3 Months Ended March
—
Income Account J or
Average miles operated.
Total..
,
Quebec Power Co,—Earnings•—
_
Year Ended Dec. 31,
Edward W. Seheer,
President, together with income account, are given in the
advertising pages of this issue.
Reading Co.—i'3d Annual Report,
from the remarks of
1940—Extracts
Ha. Oper. Revenues—
of
Co.
Service
Public
Closed—
April 26, 1941
Chronicle
The Commercial & Financial
2718
1941
3 Months Ended March 31—
a
Net profit
a
After
—
... —
—
deduction
of estimated
income
..
$36,286
1940
$4,637
and excess profits taxes.—V.
151,p. 1733.
(R. J.) Reynolds Tobacco Co.—Stockholders Win Writ
Over Bonus System—
and officers of the company
St. Louis Rocky Mountain & Pacific Co.—Tenders—
Co., will until 3 p. m. May 2 receive bids for
50-year gold mortgage bonds to exhaust
the sum of $7,350 at prices not exceeding par and accrued interest.—V.
to obtain an
152,
complaint charging that about 40 former and incumbent directors
took advantage of their position as "insiders"
"excessively disproportionate" share of the company's earnings
was on file April 21 in New Jersey Chancery Court at Trenton, N. J.
The suit, entered by two New York stockholders, maintained that since
the inception of a so-called "incentive bonus plan" in 1912, special divi¬
dends and extra profits had amounted to more than $50 000,000.
The complainants are Ludwig Lavy, holder of 45 shares, and Camillo
Weiss, with 50 shares.
A temporary restraint against further declaration of dividends, returnable
for argument in the Jersey City Chancery Court April 28, was allowed
against the company by Vice-Chancellor Charles M. Egan.—V. 152, p. 2567.
A
The Manufacturers Trust
the sale to it of sufficient first 5%
p.
2567.
Safeway Stores,
Inc.—Sales—
Sales for the four weeks
pared with $30,704,154 for
Sales*tor
ended April 12, 1941, were $33,986,868, com¬
the four weeks ended April 13, 1940, an increase
the 16 weeks ended April 12, 1941, were $129,095,017, against
$118,214,340 for the 16 weeks ended April 13, 1940, an increase of 9.20%.
Stores in operation this year totaled 2,514, against
2,775 a year ago.
—V. 152, p. 2083.
Volume
The Commercial & Financial Chronicle
152
Rieke Metal Products
Corp.—Earnings—
Scranton-Spring
May 21—
Earnings for the 3 Months Ended March 31, 1941
Gross sales
$277,028
34,624
Trade and quantity discounts
Net
sales
Cost of goods sold
...
$242,404
132,795
___
Gross profit—
Operating
2719
$109,609
30,842
expenses..
Brook Water
The Securities and Exchange Commission has announced the postpone¬
ment from April 23 to May 21 of the public hearing on the declarations and
applications (File 70-243) of Federal Water Service Corp., Scranton-Spring
Brook Water Service Co., and Carbondale Gas Co. in regard to the separa¬
tion by Scranton-Spring Brook Water Service Co. of its gas and water
properties and the proposed sale of the water properties to a public authority
representing the counties of Lackawanna and Lucerne, Pa.—V. 152, p.
2UOO*
r* ' "t|
•
"
'/ .A
,
,
4
$78,767
9,307
Operating income.
Other income
Total income
$88,074
21,138
13,153
.....
Federal normal income and defense tax..-...-...
Federal excess profits tax..........
-
......
.........
Sharon Steel
3 Mos. End. Mar. 31—
Gross sales, less disc'ts,
returns & allowances.
a
income—.....
Dividends paid.
Earns, per share on 75,000 shares of
$53,783
.....
22,500
$0.71
...
...
common
stock ($1 par)..
Balance Sheet March 31, 1941
^Assets—Cash, $246,938; accounts receivable (net), $33,886; inventories,
$27,656; fixed assets, $56,276; prepaid and deferred charges, $3,243;
total, $368,000.
Liabilities—Accounts payable, $12,623; accruals, $6,382; provision for
Federal income, excess profits and capital stock taxes, $70,104; common
stock
(par $1), $75,000; earned surplus, $203,890; total, $368,000.—
V. 152, p. 1449.
St.
m
erty and income
Prov. for serv. contr. fee
Prov. for doubtful accts.
Net operating revenue.
Other income.
.....
.......
Provision
for
Federal
_
.
Interest
on
serial notes
Interest
on
serial income notes
.....
69,825
39,639
„
_
10,959
1,690
Cr20,881
142,940
...
State taxes
on
bond interest
....
Interest charges collected on instalment sales.
Provision for Federal income tax
.....
Net income.....
Preferred stock dividends..........
On common stock
a
dividends...
_
Including insurance, rentals and commercial
$259,504
$279,963
93,000
175,000
.....
93.000
$406,076
8,500
$20,942 lossll 51,909
12,429
c$7,6131oss$151,909
Shell Union Oil Corp. (&
Subs.)—Earnings—
3 Mos. End. Mar. 31—
1941
1940
1939
Gross oper. earnings
$62,990,646 $67,006,321 $57,524,951
47,044,710
InterestFederal taxes.
Net profit
—
per
Sierra Pacific Power
Period End. Mar. 31—
Operating revenues
46,451,530
a$3,621,794 a$5,314,158
...
Equivalent to 28 cents
a
49,120,655
1938
$59,312,316
45,331,508
$15,945,936 $17,885,667 $11,073,421 $13,980,808
10,569,959
11,019,223
9,567,449
9,826,044
707,882
602,486
771,63 1
547,275
1,046,300
949,800
256,074
700,042
per share on common stock in
$478,266
$2,907,447
share of common stock in 1941 and 37 cents
1940.—Y. 152, p. 2251.
Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$188,439
$170,837
$2,313,286
$2,151,452
58,674
51,575
.....
64,102
52,722
835,600
712,070
914,800
780,330
Gross inc. after retirem't
140,000
reserve
accruals.
Net income
expense.
88,000
c$309,576
a Less discounts, returns and allowances,
b Does not include losses o^
subsidiary companies, amounting to approximateld $27,000.
c Does not
include the increase of $89,530 ($59,582 in 1940 and $5,207 in 1939) in the
equity of this company in its partly owned subsidiary.—V. 152, p. 1767.
Deprec., depletion, &c—
....
Amortization of debt discount and expense.
Interest on other indebtedness..,
$5,895 loss$162,205
14,147
10.296
370,000
$712,773
250,061
24,000
70,125
39,639
7,559
1,899
Crl8,415
78,400
I—
$375,094
30,982
c$527,253
$790,106
246,771
19,200
__
1,500
State income taxes
Expenses—
....
14,384
"lM
&
Gross income...
Gross income
Interest on funded debt
15,342
3,125
1,500
13,730
"4~,500
Interest
$705,031
7,742
......
$2,098,991
1,887,064
183,000
171,165
202,146
I
Balance
Other income
$781,342
8,764
332,252
1939
$3,307,234
2,957,928
147,000
180,527
$905,884
8,630
.
131,412
."A;197,188
abandoned street ry. properties
on
Taxes...
bl938
1940
$4,912,433
4,172,062
147,900
,Y,
$877,911
27,972
Prov. for depreciation.
Sell., gen. & admin, exps
Taxes, other than prop¬
940,831
365,009
123,875
327,645
131,412
210,119
Maintenance and repairs
Provision for replacements
Amort, of losses
$2,803,922
$2,954,568
1,016,899
368,775
126,700
.
.
17,642
Manufacturing costs
Net profit
1939
1940
,
Total gross operating revenues
Production, distribution and transp. expenses.
a General and administrative
expenses
......
1941
$7,501,661
6,214,675
150,000
236,932
.
Joseph Ry., Light & Power Co.—Earnings-
.
Corp.—Earnings—
_
Net
Co.—Hearing
Service
—V. 152, p.
2251.
Balance Sheet Dec. 31, 1940
;-y.
Assets
Sonotone
'-'iffi
±
Capital assets..
.$13 ,943,765
96,040
198,566
286,112
13,468
.....
Cash in banks and
on
hand..
.....
Consumers' accounts receivable
Merchandise accounts receivable.
.....
....
....
Other accounts and notes receivable
Current account with affiliated company
26
Merchandise held for resale—at cost
Materials and supplies
Prepaid insurance, taxes and
27,731
124,498
13,930
4,143
,080,717
;
expenses
Other assets
Deferred charges
Total
$15,788,995
Liabilities
yyy
r.
■
5% preferred stock
y<:y
<
y.:
■■■■■
.
................
Common stock.
Funded and other long term debt.
Notes payable.
;•
Accounts payable
......
...
Current account with Electric
Accrued interest
on
.
.
$1,860,000
3,500,000
7,323,000
57,300
116,845
3,631
20,473
1,197
28,701
37,313
...
Advisers, Lnc
funded debt.
...
Accrued interest
on other debt
Consumers' deposits refundable
Accrued taxes
Accrued payroll
Other accrued
Reserves
.
-
.
....
Earned surplus
18,894
23,250
156,783
55,418
1,668,820
892,909
.
.$15,788,995
_.
$0.07
Federal income taxes.—V. 151,
2662.
A^'y'VA
South Bend Lathe Works—75-Cent Dividend—
Directors have declared
stock,
a
dividend of 75 cents per share on the common
payable June 2 to holders of record May
15.
Previously regular
quarterly dividends of 50 cents per share were distributed.
In addition,
extra dividend of $1.50 was paid on Dec, 19, last.
See also V. 151, p. 3409.
Southern California Water Co.—Bonds Sold Privately—
Company sold privately and made delivery in March of
$300,000 1st mtge. 33^% bonds at 1013^.
Proceeds will be
used for expansion of facilities.—V. 152, p. 2408.
Southern Pacific
Co.—Earnings—
Earnings for the Transportation System
Period End. Mar. 31—
1941—Month—1940
1941—3 Mos.—1940
Railwaj oper. revenues.$22,31^,462 $17,281,161 $66,*13,*83 $51,088,209
Railway oper. expenses. 15,166,419
13,829,170 43,399,056
40,334,746
Net
rev.
oper,~$7,148,042
fromry.
$3,451,991 $19,014,527 $10,7 53,463
1,509,725
199,686
4,556,106
2,63 2,569
204,889
$976,171 $11,278,721
1,562,589
1,016,698
Railway tax accruals
Equip, rents (net).
Joint facil. rents (net)
"$3,359,900
£ 01,530
64,o65
78,805
Netry. oper. income..
$4,489,950
4,597,620
2,938,500
St. Paul Bridge & Terminal
in San
Ry.—Property Sold—
All operating property of the company was sold Feb. 19, 1941 to Chicago
Y/Y :
". :r.
/„
Antonio Public Service
.....
—
Federal income taxes—.
excess
...
......
profi ts taxes
Net earnings from operations—
Other income (net)
Net earnings..
Interest on long-term debt...
General interest
Amortization of debt discount and expense
Other deductions
...
Net income—
Dividends paid on preferred stock
Dividends paid on common stock ...
Balance Sheet as
V"?"i.:
'
■
Y
1940
....
Provision for depreciation
Taxes—State, local, &c.
.
Co.—Earnings—
Years Ended Dec. 31—
Operating revenues
Electricity and gas purchased for resale
Operacion
Maintenance
—
meeting of the board of directors elected at the annual meeting
April 9 was held on April 17 at the offices of the company
A. D. McDonald was reelected President of the
company and other principal officers were reappointed.
The following
directors were reelected members of the Executive Committee;
James B.
Black, Allen L. Chickering, William W. Crocker, A. D. McDonald,
Charles E. Perkins, and V. H. Rossetti.-—V. 152, p. 2408.
A regular
of stockholders on
Great Western Ry.—V. 146, p. 287.
Federal
After all charges including provision for
$55,426
tcDonald Reelected President—
...
-V. 151, p. 3900.
San
a
p.
1938
$57,424 i,
$0.07
$59,216
$0.07
$91,179
$0.11
Earns.persh.oncom.stk.
1939
1940
1941
Net profit....
24,461
charges
Preferred dividends payable.
Provision for Federal income tax......
Other liabilities
Total..
Corp.—Earnings—
3 Mos. End. Mar. 31—
a
....
—
......
......
1939
$9,432,461
1,543,244
3,047,313
659,112
994,500
880,500
336,000
31,000
$8,684,719
1,305,001
2,919,996
635,320
1,034,200
857,150
159,800
$1,940,791
11,291
$1,773,251
$1,952,082
725,939
14,950
119.576
1,036
$1,782,667
754,311
15,507
123,180
3,067
9,416
Southern
....
$1,090,579
270,000
498,000
$886,600
313,790
290,500
$11,000,000 to RFC, Largely
Ry.—To Repay
Through Bank Borrowing—
The road has arranged to pay $11,000,000 which it owes to the Recon¬
struction Finance Corporation, Ernest E. Norris, President, stated April 22.
by May 15 and to liquidate the
banks. These bank credits will be
repayable within three years and will bear interest lower than that charged
by tne corporation.
'
In the last five months the Southern has reduced its debt to the Govern¬
ment about $6,000,000 with cash payments.
This debt stood at $20,It proposes to pay $1,000,000 in cash
remainder with $10,000,000 provided by
405,000 at one time,
Mr. Norris reported that the company continued to move a large
of passenger
of Dec. 31, 1940
Assets—Fixed capital (including intangibles), $32,603,344; investments
and advances (at cost or less) (less reserve of $22,000). $54,131; special
deposit, $4,914; deferred charges, $1,916,332; cash, $1,245,807; deposit for
payment of 4% serial notes due April 15, 1941, per contra, $220,000; ac¬
counts receivable (net), $654,246; materials and supplies, $509,216; pre¬
payments, $46,753; total, $37,254,743.
Liabilities—6% cumulative preferred stock of 1939 (par $100), $4,500,000;
common stock (83,000 shares, no par), $5,810,000; first mortgage
bonds,
3H% series due 8ept. 1, 1970, $16,500,000; 2M% bank loan notes, due
serially to April 15, 1948, $1,755,000; 25^% bank loan notes, due Oct. 15,
1941, $135,000; 4% serial notes due April 15, 1941 (covered by special
deposit, per contra), $220,000; accounts payable, $413,867; consumers'
deposits, $258,832; accrued taxes—State, local, Sec., $230,139; Federal
income taxes, $117,729; accrued interest, $246,258; miscellaneous, $43,201;
consumers' advances for construction.
59,968; reserves, $5,724,676; con¬
tributions in aid of construction, $639,746; paid-in surplus, $182,165;
earned surplus since May 31, 1937, $418,163; total, $37,254,743.—V. 152,
p. 995,
Francisco, Calif.
volume
and freight traffic.
In the first three weeks of April freight
approximately 20% ahead of last year and passenger earnings
earnings were
were
60% larger.
:
■
v
(est.)—
2569. Y.
Gross earnings
—V.
152,
p.
2d Week of April
1941
1940
y
Southwest
$3,049,776
.
Missouri
Jan. 1 to April 14
1940
1941
$2,553,265 $46,920,375 $38,614,422
'.'r.... 0."
, Y ••
.Y yY;Vv
RR.—Liquidation—
request for information about tne liquidation of assets
of which were sola for scrap in 1939, the Harrisburg Trust Co. writes:
Two liquidating dividends were paid to the three
classes of bondholders, all of whom, under court order, were condisered to
have the same status with respect to the iiqudldating dividends.
The
dates as of which distributions were ordered by the U. S. District Court for
the Southwestern Division of the Western District of Missouri and the
amounts paid to bondholders under each of these orders were as follows;
Feb. 26, m40, $12.5Q; Aug. 20, 1940, $2.97; total, $15.47.—V. 149, p. 2705.
In response to our
of the road, the properties
& Electric Co.—Court Upholds
Standard
of Suit—yj
The Third
the dismissal
'..'y'y
4/''
-
Dismissal
A "■•-.'■■'A -A.'A'
U. 9. Circuit Court of Appeals at Phila. on April 23, upheld
of a $100,000,000 suit brought against 56 corporations and
Hastings in behalf of a group of investors of the
individuals by Daniel C.
Standard^GaSi&^Eimric CJudge Albert
District Court in
B. Maris, ruled that the U. S.
Wilmington. Del., had no jurisdiction over the suit filed
by Mr. Hastings as
Special Trustee for the investors.
Mr. Hastings had
The Commercial & Financial Chronicle
2720
been appointed by the District Court to act for
that the defendants had made "illegal profits"
the investors, who charged
of more than $100,000,000
by their handling of financial affairs of the company, which filed reorganiza¬
tion proceedings in 1935.
compared with 120,934,580 kwh. for
increase of 16.8%.—V. 152, p. 2569.
Jan.
2252.
,
100 shares.
Reclassification does not change capital structure
of corporation or value
of annual meeting from fourth
Stockholders also voted to change date
Monday in February to third
Stone & Webster,
Dividends
Monday in March.—V, 152, p. 2411.
587,860
963
$209,562
1,889
$902,880
8,035
$716,262
5,114
$220,622
13,692
$211,450
7,584
$910,915
41,498
$721,376
26,198
122,137
491.190
398,206
Surrendered leases, &c..
33,705
1,500
113,913
44,784
208,083
10,500
206,400
Other
...
_
Other dividends, interest
— -
.—
Interest—
290,825
$1,709,513
572,631
83,150
....
$1,507,703
588,492
77,761
$1,053,733
....
Taxes--
Net income—
at written down
basis, in capital
surplus in accordance with practice established Jan. 1, 1932.
Sales of such
securities since that date have resulted in a net credit to capital surplus.
b Expenses include, in addition to fixed rental payments for space
occupied, $110,790 (1940, $107,249) paid to Stone & Webster Realty Corp,
under the terms of its lease of the Boston office building owned by that
Includes $33,125 (1940,
$13,160) Federal income taxes.
In the opinion
have any liability under the
of the management the corporation does not
Excess Profits Tax Act of 1940, as amended.
::
;
1941
$
Assets—
a
a
Cash
4 333,942
3 151,546
------
Other
<fc
13,538
54,553
25,112
22,905
5,000,000
5,000,000
8,.508,707
8.505,573
767,075
765,537
Unadjusted credits
Capital stock
Capital surplus
4,281,909
Earned surplus...
3,963,576
int.
notes,
accts,
i.
68,507
1,272,500
b Securities of other
companies--
$
25,742
Taxes accrued
4,799,404
ment, less allow¬
ance for deprec.
5,337
Net profit——
Taxes--
were
Consolidated Balance Sheet March 31
1941
:'.*■/
1,385,422
8,881,190
Accounts payable-
6,192,287
Taxes and int.
8,272,417
a
691,284
464,820
Deprec. reserves 1,782,181
1,592,302
Res.
Accounts, int. and
notes
rec.
(less
5,911,000
767,299
5,700,000
0,667,848
------
$
Bonds & mortgage
6,852,859
—.
b Securities
for
accr.
possible
100,000
3,369,225
1,145,856
security losses.Unadjusted credits
Mater, and suppl-
47,015
44,467
Min. int. in capital
Pre payments-
47,804
40,816
reserve)
(less
40,540
66,922
187,591
187,281
Capital stock
5,000,000
Capital surplus
9,143,285
1,977,401
5,000,000
9,218,839
& surp. of sub—
c
repre¬
senting cash held
by bond trusteeand
463
958
Earned surplus.
1,550.578
equip,
allow,
for
65,926
53,057
29,851
38,918
71,905
depreciation)
Unadjusted
—
debits
62,694
26,034.087 24,732,660
Total
Office
^
c
at
Dec. 31,
®eVvice C?- remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
31, 1937.
The quoted market or management's estimated
fair value, of all securities carried in this account was at March 31, 1941
value of Dec.
approximately $5,988,000 (1940, $7,018,000).
Included herein are certain
securities deposited under declarations of trust dated Feb.
c
Represented by 2,104,391
Note—Consolidated
no
earnings
152,
p.
the
3
2570,
12
months
periods
p.
1933.
Period End. Feb. 28
1941—Month—1940
Operating revenues
Oper. exps., excl. direct
taxes
-----
-
8,63 1
21,113
8,098
25,163
8,202
26,400
4,728
4,800
4,969
5,006
11,827
1,003
3,690
1
-
-
_
j.
ended
2570.
$11,219
11,095
24,106
23,666
18,000
...
1297.
2,993
18,000
\
£,744
-----
------
$12,776
10,801
divs
/".-----i./-— —
$9,962
11,875
$11,646
11,875
15,000
12,000
15,000
12,000
"
Talon, Inc.—Initial Preferred Dividend—•
on
dividend of 20 cents per
4% non-voting preferred stock, par $10, payable May 15
have declared an initial semi -annual
Directors
the
new
to holders of
record. April 24.—V. 151, p. 2958.
Tennessee & North Carolina
The road
was
Ry.—Road.Sold—
sold Jan. 20, 1941 to W. T. Holland,
1941—12 Mos —1940
$93,605
$94,962
$1,101,682
$1,096,750
56,790
16,487
57,510
14,609
704,872
154,173
676,259
161,908
3,561
4,000
47,108
48,000
is
$16,767
$18,843
$195,529
$210,583
39
108
$16,767
$18,843
$195,568
$210,691
5,450
83,895
Other income.
454
454
5,450
6,406
6,635
83,827
Terminal & Shaker Heights
Loses
on
Three
Realty Co., Cleveland—
Appeal—Circuit Court Grants Only $890 and Interest
Claims for $23,310,839—
on April 16 the U. S. Circuit Court of Appeals
of a District Court in granting the
Realty Co. of Cleveland (formerly Midamerica
Corp.) only $890 and interest on three claims for an aggregate of $23,310,839, against the Van
Sweringen Co., the Van Sweringen Corp. and its
trustees and the Cleveland Terminals Building Co.
The decision recited that the Vaness Co. (Del.) which was the top com¬
In
in
a
decision handed down
Cincinnati
affirmed
the decision
Terminal & Shaker Heights
in the Van Sweringen system, together with the Cleveland Terminals
Building Co., in 1930, borrowed $39,500,000 on pledged securities from
J, P. Morgan & Co, After the default of the loan five years later the col¬
lateral securities were sold at auction.
Meanwhile G. A. Tomlinson and
pany
George A. Ball had formed the Midamerica Corp. with O. P. and M. J.
Sweringen and Charles L. Bradley.
Midamerica bid in $1,200,000
bonds of the Cleveland Terminals Building Co., $13,787,000 notes of the Van Sweringen Corp. and the notes of the Van Swerin¬
gen Co. involved in the litigation, as well as other lots, all below market
Van
second mortgage
a >,;/VrZ'
opinion, declared that the Circuit Court
'the Midamerica Corp.
acquired and holds these notes, bonds and securities as trustee for the
respective debtors whose obligations or assets they were' and that 'the
amounts paid for the notes and bonds measure the extent of its claims
A,''
writing tne
against these debtors'."
"Where the directors of a
corporation," the opinion continued, "contrary
with
for
realized by
to their fiduciary duty, have made a personal profit in their dealings
the corporation, equity will compel them to account to the corporation
such profits made at its expense. The fact that the profits were
turning wheels
within
wheels,
in the manner attempted
in the present
doctrine.
position has
does not detract from, but on the contrary adds force to the
It is apparent here that the cupidity of persons in a fiduciary
caused them to serve themselves in preference to those whom it
case,
duty to serve.
Such dereliction is
150. p. 703.
forbidden by just principles
was
Cr85
$11,754
$106,405
Dividends applicable to pref. stocks for the period
35,000
$121,431
35,000
$71,405
$86,431
Balance.
$9,907
their
of law.
—V.
Haute Electric Co.,
See Public Service Co. of
Texas
Inc.—Proposed Merger—
Indiana.—V. 152, p. 1452.
Corp.—Estimated Earnings for Quarter—
has occurred in the domestic
of sales, W. S. S. Rodgers,
stockholders April 22.
industry in March both in price and volume
President, announced at the
annual meeting of
,
of the Texas Corp. and subsidiaries for the three
months ended March 31 were $6,600,000 after all charges, reserves,Taxes,
&c., equal to 61 cents a share on capital stock.
This compares with con¬
solidated net income of $12,800,000 or $1.18 a share in the March quarter
last year.
Earnings for 1940 were announced previously.
Mr. Rodgers supplemented his comprehensive survey of the company s
operations and outlook for the industry contained in the company's recent
annual report, with new facts and information resulting from 1941 ex¬
perience.
He emphasized that Texaco and the oil industry in general will
be able to meet all extraordinary demand caused by the preparedness
program without curtailing oil needs of industry, agriculture and individuals,
and without recourse to governmental financial aid.
Of particular interest at a time when stability in labor relations is urgently
sought to promote efficient National defense effort, was Mr. Rodger's
summary of conditions within the Texas Corp. companies.
"No material interruption in operations because of differences between
the management and employees has occurred in the history of the corpora¬
tion," he pointed out.
Estimated
earnings
,
Cr 114
tion-credifc.
Net income
No
Andrews, N. C.
organization was set up as of April 20, 1941.
For the calendar year 1940
the road reported a deficit of $10,499 after rentals, &c.—V. 145, p. 3512.
Although net profit of the corporation for the first quarter of 1941 was
sharply lower than for the like 1940 period, a "substantial improvement'
Property retirement re¬
serve appropriations-.
Gross income.
19,000
dividends...-
Terre
and
Superior Water Light & Power Co.—Earnings-
Direct taxes
8,734
18,294
—
14, 1938.
par shares.
for
M?rrch 31, 1941 and 1940 appeared in the "Chronicle" of April 19,
—V.
11,318
18,000
15,157
—
Judge Martin,
buildings and real estate and related depreciation reserves are
1937 amounts (the net representing the then assessed
property valuations), adjusted for subsequent additions and retirements
and, in the case of the reserves, for subsequent provisions for depreciation.
b Carried at written down values as of Jan. 1, 1932 and cost of subse¬
quent purchases except in the case of shares of common stock of Engineers
a
$98,473
12,231
19,500
15,196
thinks "that the District Court correctly held that
Total. —26,034,087 24,732,660'
stated
$98,112
12,385
22,737
19,994
—
values.
Unamort. debt disand expense.-
—
for conting
share
on
1940
$
Liabilities—
S
Office buildings &
real estate.
8,881,190
V,
1941
1940
Assets—
Furn.
$105,570
17,307
22,930
15,689
_
1932 and cost of sub¬
1,
subsidiary com¬
written down on the
basis of assessed property valuations as of Dec. 31, 1937.
b Carried at written down values as of Jan. 1, 1932 and cost of subse¬
quent purchases except in the case of shares of common stock of Engineers
Public Service Co. remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
value of Dec. 31, 1937,
The quoted market or management's estimated
fair value, of all securities carried in this account, was at March 31, 1941
approximately $3,726,000 (1940, $5,089,000).
Included herein are certain
deposited under a declaration of trust dated Feb. 14, 1938.
fund,
-----
$131,287
Interest--------
P.
73
200
Financing costs
Loss on deposits in closed
152.
$98,400
208
expenses
gen,
1938
■
$98,112
$105,162
300
investm'ts
Total income—
Admin. &
1939
1940
1941
com¬
Oper, & maint. expenses
Depreciation--.
14,395,142 14,362,105
Total
and office buildings which
panies owning land
Sink,
63,792
$130,987
-
of
sale
on
Common
14.395,142 14,362,1051
—
loss$45,026
115,340
Tacony-Palmyra Cridge Co.—Earnings—
3 Mos. End. Mar. 31—
Tolls, &c------
sequent purchases except in the case of the investments in
Cash
$384,631
54,993
$190,693
$499,971
$18,766
subject to adjustment.—V. 152. p. 2085.
Note—The above figures are
Net profit
written down values as of Jan.
1939
1940
1941
$135,700
__
—.....
— --———-
5% cum. conv. pref.
Class A dividends-
2,057
ended March 31,
—
Other income—net...
—
1,067
$0.68
1941, was
Symington-Gould Corp.—Earnings—
—v.
a
$0.40
12 months' period ended March 31,
3 Months Ended March 31—
Res.
14,837
3,932
10,560
Sundry assets
Unadjusted debits
at
profit for the
Res. for Fed. & State tax
23,887
18,532
(less reserve)
equip¬
Carried
$0.70
depreciation and Federal taxes.
Operating profit-
Furniture
a
$0.51
1938
$194,905
1939
$115,653
-banks
receiv.
Total
1940
$201,140
$761,249 compared with $808,678 for the 12 months' period
1940.—V. 152, p. 1144.
$
Accounts payable.
companies-4 801,654
Notes receiy. from
subsidiary cos.- 2 072,500
After
The net
Income from
1940
Liabilities—
$
•;
Investm'ts in sub.
1941
$148,463
pany's bonds retired..
1941
1940
b625
....
shares common stock.
Profit
Comparative Balance Sheet March 31
;
a3,000
...
Quar. End. Mar. 31—
a Net profit-—
Earn, per sh. on 287,000
corporation.
;
—
$49,588
$42,169
$159,644
$89,946
c
$0.04
$0.03
$0.12
$0.07
a As restated
by company,
b As reported by company in 1940.
c On
1,388,979 shares of capital stock, $1 par.—V. 152, p. 2085; V. 151, p. 3411.
$841,450
———————— — ——
Excludes profits and losses on sales of securities carried
amounts which have been reflected, on the written down
a
,
.■■_
._
Sutherland Paper Co.—Earnings—
$856,985
62,271
33,963
279,287
275,197
300,501
and miscell. earnings---
sales of securities--.- —
on
Total earnings-b Operating expenses---—-----------
c
_—
Total income
1940
1941
$1,016,920
63,823
37,444
—
—
■Interest.--*..—-.—..--——-—-—
c
618,883
$219,659
profit__
Net operating
Other income
Net profit,, Earns, pershare
Inc.—Earnings—
Earnings of Parent Corporation
12 Months Ended March 31—
Revenue from subsidiaries:
Profit
144,958
Federal income tax.
of stock.
a
148,604
Prov. for deprec. & deple
Common stockholders at a special meeting held April 21 approved a
proposal to amend the certificate of incorporation to provide that present
no par common stock be reclassified to par value stock of $1 per share.
Purpose of the amendment is to reduce Federal stock transfer tax from $5
to five cents on each
1941—12 Mos.—1940
$1,521,763 $1,304,122
1941—3 Mos.—1940
—$368,263
$354,519
Period End. Mar. 31—
Gross income..
Operating expenses.
Inc.—Stock Reclassified—
Sterchi Bros. Stores,
Superior Oil Corp.—Earnings—
the Standard
totaled 141,-
the corresponding
provision of $150 and $300 for Federal excess profits tax
1941, and in the 12 months ended Feb., 28, 1941,
but includes no provision for such tax applicable prior to
1,1941, since no excess profits were indicated before that date.—Y. 152,
Note—Includes
in the month of Feb.,
p.
199,378 kwh., as
week last year, an
1941
respectively,
Weekly Output—
Electric output of the public utility operating companies in
Gas & Electric Co. system for the week ended April It, 1941,
April 26,
_
Volume
The Commercial & Financial Chronicle
1S2
in the United States, 75%
50% 10 years or longer and
15% continuously employed for 20 years or more, the meeting was informed.
Decline in profit in the first quarter against a year ago was ascribed to
four principal reasons.
The lower price for gasoline, increase in Federal
taxes; flush production in the Illinois field and its consequent effect on
prices, and accounting changes through which intangible development
costs in Illinois have been expensed.
In March, the report states, there was a decided improvement in whole¬
sale gasoline and tank wagon prices and while Texaco's prices are up about
25 cents a barrel since March 1, they are currently about 15 cents a barrel
under the price average a year ago.
"The industry is still not receiving the price for gasoline which is necessary
to#bring it into parity with the price of crude oil, and this is particularly true
since the improvement in gasoline prices has been offset to some extent by
an
increase in crude oil prices," Mr. Rodgers announced.
The Texaco executive gave a detailed statement of domestic
in which the Illinois field
came
in for comment.
a conservation law,
reported under consideration in
benefit to the industry."
optimistic, due largely to defense activities, we are hopeful that
industry will go through the year in better balance than in 1940," he
American
the
ob¬
;
.
few
last
he announced,
weeks,
employee
remaining
Texaco
Europe—the
in
Cash in banks and
on
hand
:
,
1,408,622
...
1,662,236
1,289,878
59,628
61,288
89,985
137,449
.
Customers accounts receivable......
Merchandise accounts receivable
Current accounts with affiliated companies..
Other accounts, notes & interest receivable
Merchandise held for resale
...
.......
—
798,412
171,366
Construction & operating materials & supplies.....
Prepaid insurance, taxes, &c.
Other assets
........
...
.....
.
... .
228
......
....
3,112,333
...
...
Total.
Illinois, will be "a
is
the
2,846,027
.
Deferred charges..
Rodgers traced the effects of the war upon oil markets and foreign
activities of the company.
"In the last 10 months the industry has gradually readjusted itself to the
loss of European markets, and since the outlook for domestic consumption
In
$71,792,682
46,517
Investment and fund accounts
Discount & expense on original issues of pref. shares—.
operations
Mr.
served.
Assets—
Property, plant & equipmentProperty held awaiting sale, exchange or other disposition
He expressed the opinion
that
2721
Balance Sheet Dec. 31, 1940
Of approximately 25,000 Texaco employees
have been in the company's service five years;
-.-$83,476,650
...
Liabilities—'v7'
7%
6%
5%
pref. stock
...
pref. stock
pref. stock...—
cum.
cum.
cum.
7
$4 ,556,300
4 ,683,700
6 ,896,400
i
*
Common shares
...
—
13 ,875,000
40 ,069,000
353,948
120,198
4,500
647,032
788,462
86,228
30,309
98,995
3,661
'8 ,059,586
......
Funded debt
Accounts
W ages
payable......
and salaries pay a ble
;
_
Current account with affiliated mutual service company
has withdrawn its last
company's manager in
Accrued taxes—General
Federal income
France.
Accrued interest
Information being received from Texaco interests in Europe was described
as "sketchy" and there is "nothing to add" to the information given in the
Other accrued interest
annual report on property
losses, the meeting was advised.—V. 152, p.
1933.
funded debt
on
Reserves
Texas Gulf
a
3 Mos. End. Mar. 31—
1941
Net income.$2,147,381
Shs. cap, stk. (no
Earnings
$2,045,008
3,840,000
$0.53
3,840,000
$0.56
par)..
per share.
1940
____
1939
$1,434,466
3,840.000
$0.37
1938
-V.
$0.48
12 months ended March 31, 1940.
As of March 31, current assets, including cash of
Texas Pacific Coal & Oil Co.
Expenses.
1939
522.494
and
income
$362,687
$375,844
.
4,326
4,006
9,232
$354,796
26,171
133,028
_
_
$366,693
$385,075
25,106
153,609
$179,692
$195,597
$206,360
Profit
Texas & Pacific Ry.
_
,
_
219.711
175,886
566.055
101,593
Drl,222
91,042
1,410
289,761
$562,283
$460,766
31,293
.
38.658
.
$492,059
3,382
$600,941
3,016
i
deduct'ns
available
fixed charges
$488,677
322,289
$597,925
;.
321,450
—;
.1
D/-6.782
4,543,749
496,448
278,732
6,997
Cash
$1,529,456
107,575
$1,176,749
100,886
$1,637,031
$1,277,635
9.782
14,481
deposit
on
157,998
165,896
Cash
3,753,312
4,462,724
Deposits for pay.
of int., &c-._
2,466,515
2,483,632
cost or
.
$1,627,249
965,275
13,000,000
52,500,000
8,234,475
Pf. stock of sub.
(at
less),.'
&
$661,9/4
Min. Int. in com.
stk. & surplus
60,828
67,103
80,000,000
80,000,000
3,103,869 3% notesdue'42
due J'ly 1 '42) 15,000,000
1,757,77 8
9,389,840 Fund .dt .of subs. 19,270,500
Accts.pay.,trade
1,117,435
15,000,000
19,422,000
of sub
notes
receiv. (net).-
Mat'ls & suppl's
charges.-
—.....
1st mtge. &
coll.
trust 3Ms—
3,234,645
2,136,877
9,301,022
$293,079
365,913
324,320
3,905,206
2,149,313
286,017
2,895,710
Divs. declared..
Cust. deposits.
accr'd
for
1% and was made on Dec. 27, 1938.—V. 152,
Tide Water Associated Oil
1941
3 Mos. End. Mar. 31—
Net income......
b Earnings per share
$2,859,950
$0.36
1939
$671,682
$0.11
1938
last year's first quarter is due to decrease in sales realizations in practically
all of the company's marketing territories and a lower volume of export
sales, offset, in part, by a reduction in cost of purchased crude oil and an
increase in domestic sales volume. Prices of petroleum products declined to
unusually low levels during the latter part of the year 1940, but they have
risen slightly since the beginning of the current year, and it is hoped that the
present statistical position of the industry will be improved with beneficial
effect on the company's future earnings."—V. 152, p. 2412.
1938
1937
Gross
earnings.........$11,875,794 $11,322,991 $10,182,373 $10,639,982
4,964,678
4,563,972
4,318,333
4,647,717
General taxes...
1,269,529
1,224,228
1,193,251 ! 1,174,904
Oper. expenses & maint.
690,333
.497,998
$4,951,254
$5,036,793
$4,670,788
89,872
137,492
164,138
90,287
$5,041,125
1,512,679
$5,174,285
1,462,692
$4,834,926
1,702,298
$4,591,052
1,670,403
Federal taxes..
Net oper, income
Other income...
Total income
Interest, &c
*
.;
Prov. for depreciation._
_
.
—
Net income-.
..
.
...,
Balance surplus..
Total surplus....
Adjustments
x316,595
$4,500,765
979,603
943,706
833,934
756,000
$2,767,887
944,783
1,803,750
$2,298,694
$2,164,649
9*4,783
1,387,500
944,783
971,250
Common dividends-
Previous surplus.
Seey
$2,548,843
Preferred dividends.
$632,810
2,830,455
$3,463,265
Dr2^9.639
$19,354
3,287,800
1,655,017
152,220
15,379,175
15,723,399
1 lab .for add'1
taxes-....-
Other reserves
Earned
Total
—
-Y. 152, p.
surplus.
Total
260,572.683 256,984,003
1,151,729
143,543
260,572,683 256,984,003
2959.
Union Gas Co. of Canada, Ltd.—Extra Dividend—
declared an extra dividend of 20 cents in addition to the
quarterly dividend of like amount on the common stock, both
payable June 14 to holders of record May 20.—V. 151, p. 3102.
Directors have
regular
Union Premier
Food Stores, Inc.—Sales—
Period End. Apr. 19—
1941—4 Weeks—1940 1941—16
Sales....$2,462,806
$2,233,818 $9,894,115
Co.—Earnings—
19.39
42,927,245
1,024,800
565,817
Undetermined
$2,687,764
$0.42
cerning the first quarter earnings stated that "The difference between the
earnings of the three months ended March 31, 1941. and the earnings of
1940
925,746
607,433
Cas. & ins'ce.
Pensions
After all charges and provision for Federal income tax and preferred
dividend requirements,
b On common stock.
>
President William F. Humphrey in reporting to the stockholders con¬
Calendar Years—
171,394
619,016
Deprecla'n of
prop., &c_. 44,723,280
Co.—Earnings—
1940
$3,780,220
$0.50
278,153
661,379
constr'n..
Reserves for—
a
Toledo Edison
300,593
.
Habile.
Contrih. by cust.
2570.
a
2,153,100
286,017
286,386
Other current &
Preferred Dividend—
p.
487,947
Payrolls payable
Taxes accrued..
$1,263,154
970,075
Company paid a dividend of 2^% on the 5% non-cumulative preferred
stock, par $100, on Dec. 27 to holders of record Dec. 16.
Last previous
distribution amounted to
8
8
(2,295,000Sh.) 52,500,000
8,234,475
159,890
107,296
with trustees
Investments
1939
194.0
13,000,000
$5 pref. stock...
Common
stock
Int. accrued
$166,388
731,250
6,03o,850
5,737,500
--
Liabilities—
.
$276.4/5'
Net income.
—
$
for
Fixed charges
136,520
$7,094,183
1939
plant--239,415,017 235,440,372
Prop. &
Def'd
Income
..—, — —
8
Assets—
$6,502,675
Accts.
Total income
Miscellaneous
58,0o0
§59,000
dividends...
1940
$7,274,068
4,895,578
_
§§'24£
Preferred dividends
1941—3 Mos.—'1940
$2,303,932
1.574,828
.
21,754
Crl9,309
494,069
_2,973
—
—
Net income-..-.
Co.—Earnings-
mi—Month—1940
482,660
15,958
CV62.662
494,069
1,978
$6,754,796
Other deductions......
Common
4,446,8o0
465,350
construction
.......
Preferred dividends of subsidiary
...
—
Minority interest......-.--.--.---^-----7----Net loss from oper. of sub. land & develop. co——
■
Net ry. oper. income
Other income
4,420,525
Consolidated Balance Sheet Dec. 31
$2,565,148
1,682,783
...
.
.
Interest during
Before Federal income and undistributed profits taxes.—V. 152, p. 1934.
Period End. Mar. 31—
.1939'
$32,531,076
19,82,>,135
....$12,201,108 $12,695,878
;-7
......
■
.$12,213,365 $12,705,941
Drl2,257
Drl0,062
Interest on funded debt. . . . ...... . j—- „ .... - - .
Amortization of debt discount and expense. ..... -
$240,218
y
y
Operating revenues.
Operating expenses
Railway tax accruals.
Equip, rentals (net)..
Joint facility rents (net)
income..
Gross
$409,765
22,199
147,348
26.057
160,944
7
•
(& Subs.)—Earnings—
Net operating revenuesNon-operating revenues-...--..-....------.
10,386
...
.
of $145,696.40 funding cer¬
Other interest charges—---—
Gross income
,
Inc.—Transfer Agent—
York has been appointed transfer
1940
$399,379
Deductions.
^
^
Res. for depr., depl., &c,
...
152, p. 2515.
operating revenues.
— .. — — — ..$34,984,845
Operating expenses and taxes—22,771,480
non¬
recurring income.-.
.
Total
$967,718
568.339
Operating profit
Other
.
3 ,203,327
Union Electric Co. of Missouri
1938
$898,338
$350,470
.
1940
$910,760
548,073
-
....$83,476,650
...:
The Marine Midland Trust Co. of New
(& Subs.)- -Earnings-
1941
$785,987
435,517
3 Mos. End. Mar. 31—
Gross earnings,., ......
-
-i
agent for 175,000 shares of the capital stock
tificates of the company.—V. 148, p. 3701.
$13,665,402, amounted
to $16,630,025.
This does not include inventories of sulphur above ground
or materials and supplies.
Current liabilities, including provision for cur¬
rent taxes of $2,452,010, amounted to $2,974,963.—V. 152, p. 2085.
.......
-—.— -
...
Unexcelled Manufacturing Co.,
After depreciation, amortization, contingency and Federal income taxes.
a
For the 12 months ended March 31, net earnings amounted to $9,243,261,
equivalent to $2.41 per share, against $8,458,025, or $2.20 per share, for the
.
...
—
• .
Total
$1,839,687
3,840,000
...—.....
..... _
Earned surplus
Sulphur Co., Inc.—Earnings—
.....
Customers' security deposits
Deferred liabilities.........
944,783
1,318,125
$35,786 def$167,634
5,190,286
5,362,772
$3,307,154
$5,226,072
Dr476,699 Drl,938,272
$6,195,138
Dr4,852
1940
$9,103,587
73
67
operation
—V. 152, p. 2571.
Stores in
United Biscuit Co. of
America—Bonds Called—
fiscal agents, have drawn by lot $210,000 principal
3H% debentures due April 1, 1955, for redemption, through
operation of the sinking fund, on June 1, 1941, at 103% of their principal
amount, plus accrued interest.
After June 1, 1941, the redemption date,
the drawn debentures will cease to bear interest.
Debentures called for
redemption should be surrendered at the office of the fiscal agents, Goldman,
Sachs & Co., 30 Pine St., New York City, on the redemption date, with
all unmatured coupons attached.—V. 152, p. 1606.
Goldman, Sachs & Co.,
amount of
United Gas Improvement
Sell Interest in Nine
Reference
was
Co.—SEC Orders Company to
Subsidiaries—
made in
last week's
-
,
"Chronicle" to the order of the
15 ordering the company
and opinion of the Com¬
Securities and Exchange Commission issued April
to divest itself of nine subsidiaries.
The findings
mission follows in part:
General Description of the System
;v'
1
registered as a public utility holding company under the Act on
1938.
UGI, in turn, is a subsidiary of the United ^orp., also a
registered holding company.
The UGI system, which is one of the oldest
in the United States, includes numerous electric utility subsidiaries, gas
utility subsidiaries, combined gas and electric utility subsidiaries, nonUGI
June 24,
Profit & loss surplus._
$3,203,327
$2,830,455
$3,287,800
$5,190,286
Represents provision for normal tax only as it is believed that the
company had distributed all taxable net income which would have been
subject to surtax,
y No provision for Federal income tax made for 1938
since it is estimated that deductions for call premiums, discount and ex¬
pense applicable to bonds redeemed during 1938 will result in no taxable
x
income for that year.
utility subsidiaries
trial enterprises.
and substantial investments in
We have attached hereto
the areas
other utility and indus¬
the following appendices
generally and identify and locate
of their operations.
describe the system'
which
the subsidiaries and
The Commercial & Financial Chronicle
2722
The total assets of UGI, as shown by tne consolidated balance sheet of
Dec. 31, 1939, were $837,504,000, and the net corporate income in the
same
$26,636,000.
two principal groups of subsidiaries In the system which operate
year was
There
are
Jfas and electric properties. One group is located inAn examination MaryPennsylvania, of tne
and, and Delaware, and the other in Connecticut.
the scope of any of
April 26, 1941
the provisions of section 11 (b) (1) and that
no
order
may issue under section 11 (b) (1) requiring the divestment of such invest¬
ment interests.
We have been unable to agree with such construction, for
reasons
(11)
indicated later in this opinion, and have concluded that section
(b) (1) permits the retention of such investments only if the standards
set forth in the statute are found to be satisfied.
balance sheets and income statements of these companies shows that the
It is further contended as to certain properties that, since negotiations
great majority of the system's assets is invested in these two areas.
The
combined property accounts of consolidated subsidiaries shows that as of
Dec, 31, 1939, those operating in southeastern Pennsylvnia, Delaware,
for their sale have been in progress and continue without success, the Com¬
mission should refrain from entering an order requiring their disposition
at this time.
We consider this request later, with reference to the specific
and
properties to which it is directed.
(III.)
Contention of City of Philadephia—The City of Philadelphia has
intervened in this proceeding and has taken the position that UGI s com¬
pliance with any order which this Commission might enter requiring tjhe
unconditional disposition of any of the properties in the UGI system would
result in preventing UGI's compliance with the terms of a guaranty con¬
tract now in force between UGI and the City of Philadelphia.
We have
concluded, for reasons stated later in this opinion, that the position taken
by the City of Philadelphia is not well founded.
(IV.)
Authority to Enter Orders at This Time—Respondents take the
position that the Commission lacks authority to enter final orders requiring
the disposition of any of the properties dealt with herein, until the entire
proceeding is closed and final disposition is made with respect to all of the
Maryland aggregated approximately $467,275,000, and those in
aggregated approximately $113,042,000.
Disregarding any
of carrying value over book value of subsidiaries' securities owned, the
properties of companies in these two areas amounted to some $580,317,000,
whereas the total consolidated property account was reported as approxi¬
mately $626,000,000 as at Dec. 31, 1939.
Connecticut
excess
The
Proceedings to Date
On March 4
1940, the Commission Issued a notice of and order for hear¬
ing, pursuant to Section 11 (b) (1) of the Act, with respect to the United
Gas Improvement Co. and its subsidiary companies, respondents, stating
,
therein that It appears that the
pany system is not
United Gas Improvement Co. holding
com¬
confined in its operations to those of a single integrated
public utility system and to such other businesses as are reasonably inciden¬
tal or economically necessary or appropriate to the operations of such an
integrated public utility system within the meaning of the Act,
Subsequently, the United Gas Improvement Co. and various of its sub¬
sidiary companies filed answers and requested that they be furnished with a
statement by the Commission specifying more particularly the underly¬
ing tentative conclusions in the original notice of and order for hearing.
The respondents further requested that they be informed by the Com¬
mission as to what action the Commission tentatively believed would be
required by Section 11 (b) (1) of the Act,
On May 23, 1940, the Com¬
mission in its opinion Issued on that date, undertook to grant the request
of the respondents, although we then said, "We consider the notice already
given as adequate at this stage of the proceeding.
Nevertheless, since the
respondents have requested a recitation of the Commission's tentative
conclusions, together with a full description of 'such action as the Com¬
mission has tentatively concluded to be necessary under the provisions of
Section 11 (b) (1),' at the outset of the proceeding, and since no person
could be injured by such statement, we are.willing to enlarge our original
notice."
On Jan. 18, 1941, the Commission issued a statement of tentative con¬
clusions as to the application of the provisions of Section 11 (b) (1) to the
UGI holding company system.
In this statement, the Commission took
the tentative position that the single integrated public utility system to
which the control of UGI should be limited is composed of the units of
electric
generating plants, transmission lines and distribution facilities
operated by the holding company system in the southeastern
portion of the State of Pennsylvania and in the adjoining northern portions
owned
or
of the States of
It
Maryland and Delaware.
also tentatively concluded that the application of clause (B) of
Section 11 (b) (1) precludes the retention under the control of UGI of the
Utility assets owned or operated by the Arizona Power Corp. in the State
was
system'8 properties. For the reasons discussed below, we have concluded
that the Commission is not only granted the authority to enter final orders
requiring disposition at this stage of the proceding, but that the discharge
of its duties under the Act requires that such orders be entered as promptly
as possible after all issues bearing on the question whether any particular
property or properties may be retained under section 11 (b) (1) have been
properly presented and can be resolved.
(V.)
Constitutional Questions—Respondents also contend that any order
entered by this Commission would be void on the ground that section 11
(b) (1) is legislation prohibited by and in violation or the Constitution. We
have concluded that this question is not one within our power to resolve and
that we must proceed, unless the courts rule otherwise, on the assumption
that the legislation entrusted by the Congress to our administration is con¬
stitutional.
The first two of these issues apply to specific properties; the latter three
apply to all properties and are sometimes referred to herein as the over-all
contentions.
Issues with Respect to
Connecticut
the Specific Properties
Light A Power Co.—UGI owns 61.1% of the
common
stock
of Connecticut Light & Power Co., an operating gas and electric utility
which is also engaged in operating steam neat and not water facilities and
which owns securities in certain non-utilities.
On March 24, 1941, UGI
filed with this Commission
an
application in connection with the proposed
sale to underwriters, for resale to the public, of all of its holdings of common
stock in this company.
On April 8, 1941, this application was granted and
the sale has
now been completed;
longer involved in this proceeding.
consequently,
these properties
are
no
Arizona Power Corp.: Nashville Gas A Heating Co.: Concord Gas Co.: and
Manchester Gas Co.—UGI, through its ownership of 99.9% of the voting
Utilities Corp. (a holding company), owns and
89.75% of the voting securities of the Arizona Power Corp., an
eiectric utility company in Arizona.
UGI also owns
directly 100% of the common stock of Nashville Gas & Heating Co., a gas
utility operating in the State of Tennessee, 52.8% of the voting securities of
Concord Gas Co., a gas utility company operating in the State of New
Hampshire, and 46.67% of the common stock and 9.3% of the preferred
stock of Manchester Gas Co., a gas utility operating in the State of New
stock
of Commonwealth
of
controls
New Hampshire, by
operating gas and
Arizona, by Concord Gas Co. and Manchester Gas Co. in the State of
Nashville Gas & Heating Co. in the State of Tennes¬
see, by the Wyandotte County Gas Co. in the State of Kansas, and by the
Connecticut Light & Power Co. and New Haven Gas Light Co. In the
State of Connecticut.
The Hartford Gas Co. had
on
file
an
application for
an
order declaring
it not to be
a subsidiary of UGI and its status was tentatively considered
under alternative assumptions as to the disposition of this application.
It
tentatively concluded that if the application should be denied, reten¬
(B) of Section 11 (b)
(1) and that if the application should be granted, retention would be
precluded by the standards applicable to interests in other businesses.
Since the publication of the statement of tentative conclusions, the applica¬
tion of the Hartford Gas Co. has been denied, and its status remains that of
a subsidiary.
It was also tentatively concluded that it is not reasonably incidental,
economically necessary or appropriate for UGI, or companies retaining
control of the electric utility assets utilized in connection with the
operations
of the integrated electric utility system described, to retain their
present
holdings in securities issued by public utiUty holding companies or public
utility companies other than those included within such integrated public
utility system.
Hampshire.
was
tion in the UGI system would be precluded by clause
Properties Considered in This Opinion
The properties of UGI which will be dealt with in this opinion are those
cause of Feb. 21 and in the notice of March 11
referred to in the order to show
(as enlarged at the hearing on March 27), viz., the direct or indirect interests
Corp., a gas and electric utility company operating
in the Arizona Power
in the State of Arizona; Nashville Gas & Heating Co., a gas utility operating
in the State of Tennessee; Concord Gas Co. and Manchester Gas Co., gas
utilities operating in the State of New Hampshire; the Wyandotte County
Gas Co., a gas utility operating In the State of Kansas; Connecticut
Light
& Power Co. [UGI has sold its Interest in this
company], an electric and gas
utility company,
also engaged in the operation of steam heat and hot
and in holding securities in non-utility companies in the
State of Connecticut; New Haven Gas Light Co., the Hartford Gas Co., and
water facilities
Bridgeport Gas Light Co., gas utility companies operating in the State of
Connecticut; and Connecticut By. & Lighting Co., which is engaged in
operating bus transportation facilities and leases gas and electric properties.
As
a
result of
arguments before
our
us,
The Issues Presented
orders to show cause, respondents' answers and the
respondents have clearly defined their position with
respect to several properties and various legal issues nave been joined and
are presented for decision.
The report, prepared by the staff at the direction
of the
Commission, setting forth informative data with respect to the UGI
holding company system and suggesting the application of the pertinent
provisions of the Act, has been revised to reflect corrections in the statement
of facts and, with respect to factual
matters, as distinguished from legal
conclusions, has been made a part of the record in this proceeding as an
agreed statement of facts. Respondents have indicated also that, as to the
properties herein considered, no additional evidence would be offered.
1.
Respondents
that the integrated electric utility system oper¬
(Pennsylvania, Delaware and Maryland), as
our tentative conclusions, is at least a
part of the primary system contemplated by section 11
(b) (1), and further
agree that this primary system is confined to these three States.
Although
agree
ating in the three State
area
described in the staff's report and in
we are not here
directly concerned with establishing the limits of the prin¬
cipal systems or systems in this area, the position taken by respondents in
this respect has enabled the Commission and
the respondents to simplify
the issues considered in this
opinion as well
offered in subsequent stages of the
as the scope of the proof to be
proceeding.
Respondents have specifically conceded that the properties which are
under consideration at this time are not
a part
of the single integrated
2.
system
or systems in the three State area.
3.
Respondents have further stated that as to the
properties in Con¬
no proof wouid be offered to
meet the standards of clauses (A) and
referring to additional integrated systems, and that, as to the remainder
necticut
of the properties considered
herein, they make no contention that they are
retainable as additional systems under
any construction of clause (B).
4Should we find that certain of the
properties considered herein are
utility subsidiaries of UGI
(it is contended, as to certain properties dis¬
statutory definition of subsidiaries
merely investments), then respondents make no contention that
such utility subsidiaries are retainable under the Act.
The legal issues presented here arise out of
the positions taken by respondents with respect to specific properties and certain over-all concussed below, that although within the
they
are
tentions which apply to all of the properties considered herein.
follows
These issues
are as
I.)
Statutory
Subsidiary
Interests
Claimed
properties in the
respect to certain of UGI's
position is taken that, although
to
Be
State
of
Connecticut, the
UGI's stock holdings are sufficient to
create the holding company-subsidiary
relationship as defined in section
2 (a) (8) (A), the presence of a Connecticut statute, which
prohibits the
control by holding companies foreign to the State of Connecticut
of gas,
electric, or water companies incorporated by and engaged in business within
the State, requires us to treat these holdings of UGI as mere
investments
rather than as subsidiaries. For the reasons discussed
below, we have con¬
cluded that the provisions of the Act clearly
require us to reject this argu¬
ment.
(II.)
Interest in Other Businesses—It is contended by respondents that
investment interests (that is. interests Insufficient to create the
statutory
apply to these interests
are
first, the suggestion
requiring their disposition, and second, the three over-all contentions.
As
indicated above, we have concluded that the over-all contentions are no
bar to the entry of an order at this time. Since it is conceded that none of
these properties is a part of the primary system or systems in the three
State area, since UGI makes no contention that they are retainable as
additional systems under any construction of clause (B) of the provisions
relating to additional systems and does not contend that these interests
are retainable on any other basis, and since the record before us indicates
that these properties may not be retained, we must therefore order the
disposition of these properties unless there is merit in UGI's suggestion
that the entry of an order should be postponed because of the pending
negotiations.
14
In both its original answer and in its answer to our order to show cause,
UGI alleges that it has undertaken negotiations for the sale of its interests
in these companies, which negotiations have been unsuccessful thus far,
that such negotiations are now going on, and that, although it is willing
to agree to dispose of these properties, it is unwilling to consent to the
entry
of an order requiring disposition at this time.
In answer to respondents' suggestion of the possible hardship attendant
upon the entry of an order of disposition at this time, we may point out
first, that the problems of Section 11 and the necessity for eventual compli¬
ance with the statutory provisions have been, or should have been, matters
for the respondents' consideration since
1935; second, that the statute
imposes the duty upon us to secure compliance with Section 11 as promptly
as possible; and third, that under the Act respondents will have a year
(and possibly more time if warranted by statute) within which to
comply
with any order requiring disposition.
We may also point out that compli¬
ance with an order of disposition does not necessarily require the sale of
the properties.
We have concluded that the statute requires that UGI must cease to
retain any interest, direct or indirect, in these companies and that an
order requiring such disposition must be issued.
New Haven Gas Light Co., Connecticut Railway A Lighting Co., and the
Hartford Gas Co.—UGI controls 99.6% of the common stock of New Haven
Gas Light Co., a
company operating gas facilties in Connecticut, 43.5%
of the
common stock and 88.2%
of the preferred stock of Connecticut
Railway & Lighting Co., which engages in the operation of bus transporta¬
facilities and leases gas and electric properties in Connecticut, and
10.3% of the common stock directly and 11.7% of tne common stock
indirectly of the Hartford Gas Co., a gas utility also operating in the
tion
State of Connecticut.
As to these properties, the only contention made, in addition to the over¬
contentions, is the argument that the Connecticut properties are not
subsidiaries but are merely investments and, as such, are not covered by
the provisions of Section 11 (b)
(1).
For the reasons indicated in the
all
general discussion below, we have concluded that there is no merit in these
contentions and that an order must issue requiring the disposition of these
properties.
We may note here, first, that it is conceded that none of these properties
is part of the single three State area system or systems.
Second, respondents
have stated that they will offer no proof as to whether these properties
could meet the standards of clauses (A) and (C) covering additional systems,
and the record does not contain any facts from which we could find that
those standards are met; thus, we must conclude that these properties are
not retainable as an additional
system or systems.
Third, we are unable to
accept UGI's position that these interests are merely investments and we
hold that they are utility subsidiaries.
Since these properties are utility subsidiaries within the meaning of the
Act, the question arises whether they are retainable as such (without being
a part of the primary or any possible additional integrated systems) under
any of the provisions of the Act.
Although UGI has been content to rest
its argument on its right to retention of these Connecticut interests solely
on the position that they are merely investments (and not subsidiaries),
we feel bound, before entering a final order, to consider all possible grounds
on which these interests might be retained.
The only conceivable provision
which would cover the retention of these utility subsidiaries is the first
clause of Section 11
Investments—With
parent-subsidiary relationship) in both utilities and non-utilities
The contentions which
that UGI is at present negotiating for the sale of these properties and that
the Commission should therefore refrain from entering orders at this time
are
beyond
(b) (1) dealing with the retention of "such other busi¬
as are reasonably incidental, or economically necessary or appro¬
priate to the operations of" the single integrated public utility system.
We
are of the opinion that this clause does not include utility subsidiaries.
The
various provisions of the Act indicate that it was the intention of Congress
to require that utility subsidiaries, if they are to be retained, must be fitted
into the single integrated system or any additional systems which meet the
(A), (B), and (C) standards. Thus, Section 11 (b) (1) by its terms permits
more than one integrated system only if the additional
system or systems
meets the rigorous standards of clauses (A), (B), and (C); it is certainly
not consistent with this policy to allow the retention of utility subsidiaries
which cannot meet these tests of integration.
We conclude that a utility
nesses
subsidiary, unless it is retainable as a part of a single integrated system or
as a part of an additional system, is not retainable under the provisions
of Section 11 (b) (1).
Volume
The Commercial & Financial Chronicle
152
We must therefore order that UGI
cease to retain
any interest, direct or
indirect, in the Hartford Gas Co., New Haven Gas
Light Co.. and the
electric and gas facilities of Connecticut
Railway & Lighting Co.
Wyandotte County Gas Co.; and
Bridgeport Gas Light Co.—UGI holds in
Wyandotte County Gas Co. 33.33% of the first
preferred stock and
100% of the second preferred stock. This company is a
gas utility operating
in
the
the State of Kansas.
At the present time these stock interests
carry no
not been declared by this
voting rights, and since these interests have
Commission
to
create
the
which
holding company-subsidiary relationship pur¬
(2) (a) (8) (B) of the Act, they must be
suant to the provisions of section
viewed merely as an investment in
of the common stock of
(a) (8) of the Act, entered an order
a
subsidiary of UGI. Thus,
UGI's interest in this
company is also to be regarded as merely an invest¬
not to be
ment.
be regarded
investments and not
as
as subsidiaries; (2)
affecting interests in other businesses;
Philadelphia: (4) The authority of the
this stage of the
proceeding; and (5) The
The provisions of Section 11
(b) (1) as
(3) The contention of the City of
Commission to enter final orders at
constitutional question.
(1.) - The Claim That All the Connecticut
Companies Must Be
Investments and Not as Subsidiaries—In both its
Regarded
as
original answer and in the
arguments before us. UGI has taken the position that certain of
its utility
interests in the State of
Connecticut, although statutory subsidiaries within
the meaning of the Act, are nevertheless
not to be regarded as subsidiaries
but merely as "investments" because of
the existence of a Connecticut
statute which prohibits the control
by holding companies foreign to the
State of Connecticut of
gas, electric, or water
companies incorporated in
Connecticut and engaged in
supplying services in that State. UGI argues
that, this being true, these interests in the Connecticut
properties must be
treated solely as investments and
that, under its interpretation of Section
11 (b) (1), the Commission has no
power to require the disposition of such
"investments."
-
UGI's interest in the companies as to which
this argument is made is
follows: Connecticut Ry. &
Lighting Co., 88.2% preferred, 43.5%
and New
as
common;
Haven Gas Light Co., 99
6% held through Connecticut Gas &
Coke Securities Co. in which UGI holds a
70.3% interest.
These shares
are voted by UGI at the
meetings at which the directors are elected.
A subsidiary is defined to be
(1) a company, 10% or more of whose out¬
standing voting securities are "directly or
indirectly owned, controlled,
or held with power to vote"
by a holding company, or (2) any person who is
found by the Commission, after notice and
opportunity for hearing, to be
subject to the controlling influence of a holding
company.
Any company,
10% or more of whose voting securities are
"directly or indirectly owned,
controlled, or held with power to vote" is a
subsidiary, without more, unless
the Commission enters an order
declaring it to be otherwise. Thus, these
Connecticut utility interests
clearly fall within the provisions which create a
statutory subsidiary.
No application for a declaration of status has been
filed by these companies,
notwithstanding the fact that both the Con¬
necticut statute and the
machinery for a declaration of status have been in
existence for some five years.
In these circumstances, we must conclude
that these utility interests are subsidiaries
within the meaning of the Act
and the existence of the Connecticut
statute cannot alter this conclusion.
Congress has laid down the test that the
holding of more than
10% of
voting securities presumptively constitutes a control
relationship which
the holding
company-subsidiary relationship, unless this Com¬
mission by order based upon a record
established at a hearing declares that
it does
creates
not exist.
The tests which the Commission must
apply in considering an application
by a company for a declaration that it is not a
subsidiary are set out in
Section (2 (a) (8) (B). Even if we were
considering this contention on such
an application, the Connecticut
statute could not per se override the
finding
which it would seem must be made—that
is, that the holding and voting
of the stock of these
companies would prevent the findings
required in order
application under Section 2 (a) (8) (B) of the Act.
need not decide here the
meaning of the Connecticut statute or
to grant an
we
whether the situation
we
have described is
in violation of that statute.
It
may be that the definitions of holding
companies and subsidiaries and the
tests of control in those definitions in the
Public
Utility Holding Company
Act differ from those contemplated
by the Connecticut statute.
At any
rate, we are bound by the provisions of the Act under
which this proceeding
arises; they alone must provide the tests for our conclusions.
Since no applications for declarations of
status have been filed
(if, indeed,
such applications at this time could be
considered to be filed in good faith)
and since UGI's interests in these
Connecticut companies are such as to
make them suosidiaries within the
provisions of Section 2 (a) (8) (A), we
have no alternative but to regard these
companies as subsidiaries and for
the reasons indicated
supra, an order must be entered
requiring that UGI
dispose of them.
(II) The Provisions of Section 11
(b)
(1)
as
Affecting Interests
in Other
Businesses—In our tentative conclusions we took
the position that these
provisions covering other businesses, taken
together, "mean that the
Commission must permit the retention of other
businesses, including invest¬
ment interests in utilities not
subsidiaries, which are found to be reasonably
incidental, or economically necessary or appropriate to the
operations of
an integrated
puDlic-utility system retainable under the control of a hold¬
ing company, and that these requirements may be met in the case
of interests
in non-utility businesses if their retention is
found to be necessary or
appro¬
priate in the public interest or for the protection of investors or
consumers
and not detrimental to the proper
functioning of such system or systems,"
Respondents have taken issue with this construction and in the
arguments
before us and in their brief have contended that
both of these clauses refer
only to non-utility subsidiaries and that investment interests
(insufficient
to create the statutory
parent-subsidiary relationship) in both utilities and
non-utiiities are beyond the scope of any of the
provisions of Section 11 (b)
(1) and may be retained as a matter of course.
Respondents' argument,
as
we
understand
it, is that Section 11 (b) (1)
"operations" of holding company systems, that
non-subsidiary
not "operations" and that the
provisions of Section 11 (b)
(1) do not affect them. As a corollary, it is argued that both of
the "other
business ' clauses refer only to
non-utility interests which are "operated,"
which respondents interpret to mean
only interests which are subsidiaries.
It is argued, further, that the second
clause referring to interests in busi¬
refers
to
interests
are
nesses, other than the business of a
public utility
company as such, is com¬
plimentary to the first clause and must be limited to those interests
consti¬
tuting a statutory subsidiary interest, on the theory that it draws
its sub,
stance from the first clause which it is
argued, applies only to "operations.'
We cannot agree with this
suggested construction.
Respondents' argu¬
ment based on the contention that Section
11 (b) (1) deals with
operations
and that Congress must have intended that
the two clauses in
question
refer to operations is not, in our
opinion, very persuasive.
In the first
{)lace, by the very nature of a securities company, businesses. In consist
holding in other its operations
argely of the
holding of
mere
effect,
Congress has said:
The Commission shall take such action as
it finds
"necessary to limit the operations of the holding-company system of
which
such company is a part to a single
integrated public-utility system." and
shall take such action
as is necessary to limit the
operations of the holding
company system "to such other businesses as are
reasonably incidental,"
&c.
But the operations of holding company systems
certainly include those
of the holding companies in the
system, which are, of course, primarily
the holding of securities.
It is true that a holding
company is concerned
with the ownership and
voting of securities in companies which
are
invested, is just
as
sureiy
a
may
be
of such
simplified,
holding-company
unnecessary
system
complexities
and
the
tnerein
(b)
(1)
cover
both
business,"
also
controlled properties and other
interests of the
holding company.
Certainly respondents' contention that the
language in the second inci¬
dental clause, "interest in
any business," must refer only to subsidiaries
is
untenable.
The very language itself, "interest
in any
business," is of
course broad
enough and clear enough to include an interest Jess
than a
controlling interest.
To read "interest in
any business" to mean only a
controlling interest would do violence to the plain
meaning of the language
used.
We may note, too, that the
language, "interest in any
Sections 9 and 10 of the Act.
Section 9
appears in
provides, among other
things, that a registered holding company or
subsidiary shall not acquire
"any securities or utility assets or any other
interest in any business"
unless such acquisition is
approved by this Commission.
Section 10 out¬
lines the procedure in
applying for approval of an acquisition and provides
the standards to be
applied by the Commission in
passing upon the applica¬
tion.
There can be no doubt that the
language, "Interest in any business,"
as used in Sections 9 and
10, was designed to include interests
which are
not sufficient to establish
the statutory relation of
parent-subsidiary.
These sections have been so construed
by this Commission in a number of
cases.
It is certainly fair to assume
that Congress intended, wnen it
used
this same language in Sections
9,10, and in the last Sentence of Section 11
(b)
(1), that it have the same meaning in each
provision.
This is particularly
true in the light of the manner in
which these provisions have
been geared
together.
Thus, under Section 10 (c) the Commission
may not approve an
acquisition "of securities or utility assets, or of
any other interest," which
is "detrimental to the carrying out of the
provisions of Section
11," or an
acquisition "of securities or utility assets of a
public-utility or holding com¬
unless the Commission finds that such acquisition
wiil serve the public
tending towards the economical and efficient
development of an
integrated public-utility system."
In their brief, respondents
apparently make the further argument that
the "other business" clauses must be
interpreted to mean that
non-utility
subsidiaries and utility and
non-utility investments may be
retained,
unless the Commission finds them to be
(1) not reasonably incidental, and
(2) not economically necessary or appropriate to the
operations of a single
integrated public utility system, and unless the retention
thereof is found
(3) not necessary or appropriate for the protection of
investors or con¬
pany
interest by
and unless such retention is found (4) to be
detrimental to the proper
an integrated nubile utility
system.
We think that there is
Section 11 (b) (1) clearly
contemplates that the
only properties which may be retained under that section
are those specifi¬
cally referred to therein.
And the clear language of the
"other business"
clauses indicates that properties covered
by these clauses may be retained
only where the Commission makes affirmative
findings that such properties
satisfy the standards of these provisions.
We hold, therefore, that we
may
permit the retention of "other businesses" only where
respondents affirma¬
tively demonstrate that the standards of the "other
business" clauses have
been met.
sumers,
functioning of
no
to
merit in this argument.
We must conclude that the two clauses in
Section 11
the retention of other businesses, when taken
(b)
together,
Commission
(1) which refer
mean
that the
must permit
the retention of other
businesses, including
investment interests in utilities not subsidiaries, which
are found to be
reasonably incidental or economically necessary or
appropriate to the
operations of an integrated public utility system retainable under
the control
of the holding company, and that as to both
investments in
and
interests
in
non-utilities
sufficient
non-utilities
to
create the statutory
parentsubsidiary relationship, these standards may be met if the retention
of the
investments or other interests is found to be
necessary or appropriate in the
or for the protection of investors or
consumers and not
detrimental to the proper functioning of such system or
systems.
We conclude further that
non-subsidiary utilities (which are not part of
an integrated system) and interests in
non-utilities whether "investments"
or subsidiaries, may be retained under
Section 11 (b) (1)
only if these
public interest
standards
are
met.
(IP) The Contention of the City of Philadelphia—On March
12, 1941 g
the City of Philadelphia, an intervener in this
proceeding, filed a brief
in which it argues that there is at present in force
between the Citv of
Philadelphia and UGI a guaranty contract by which the faithful
performance
of an operating agreement between the city and UGI is
assured, and that
this Commission is without authority to enter
any order of divestment at
this time which would "preclude the legal
right of the City of Philadelphia
to require the United Gas Imnrovement Co. to hold
such subsidiary com¬
panies or the proceeds thereof subject to whatever legal rights
may appear
from time to time to exist in the City of Philadelphia."
No suggestion has
been made that this guaranty confers any lien on
any specific property or
properties of UGI, but it is urged that this Commission include in Its order
the following
or a
similar reservation:
"This order is declared to be without prejudice to
any legal rights which
may exist in the City of Philadelphia or other obligees of the United Gas
Improvement Co. to assert such rights against the assets
to be divested or the moneys of
this order."
herein ordered
property substituted therefor pursuant to
Since we do not have
its terms
are not
a copy of the
guaranty contract before us and since
spelled out in the brief, we shall have to treat this
problem
under alternative assumptions.
If the argument is intended
-
:
.
to Indicate that the performance of this
guaranty contract requires that UGI retain all of its properties in their
identical form, and that for this reason an order cannot be
entered pursuant
to the provisions of Section 11 (b) (1), we must conclude that
the clear
unequivocal provisions of this section demonstrate that the
argument is
without merit.
Tf the argument is
our orders will
intended to indicate merely that compliance by UGI
nevertheless require that any
properties or moneys
be substituted for the properties required to be
disposed of
subject to the guaranty contract, then the answer is that the
entry
of our order will not interfere with any such right which the
City of Phila¬
delphia may have, and this will be true, of course, without our
conditioning
the orders in the manner suggested.
We conclude that the position taken by the City of
with
which
may
remain
to the entry
of divestment orders.
Philadelphia is
no
bar
(
IV.
The Authority of the Commission to Enter Final Orders at This
Stage
of the Proceeding—Respondents contend that the Commission lacks auth¬
ority. to enter final orders requiring the disposition of certain of the prop¬
the system, until the entire
proceeding is closed and final and
complete findings are made with respect to the status of all properties in the
system. This argument is not directed to any suggestion that respondents
have not been afforded adequate notice and
opportunity for hearing with
respect to the properties here under consideration; it is based primarily
upon the contention that nowhere in Section 11 is provision
specifically
made authorizing orders requiring disposition of
properties before the entire
proceeding is closed.
Section 20 (a) of the Act, which deals with the
general authorization
given this Commission to enter orders deemed necessary to carry out the
provisions of the Act, provides, In part:
"The Commission shall have authority from time to time to
make, issue,
amend, and rescind such rules and regulations and such orders as it may
deem necessary or appropriate to carry out the provisions of this
title, in¬
cluding rules and regulations defining accounting, technical, and trade
erties in
terms used in this title."
■
„
Such authority has
been conferred
as a
,
.
supplement to the Commission
,
s
powers in the discharge of its obligations under the Act, and we believe that
this authority should be used wherever necessary to
carry out the mandate
actually
controlled by it; in this sense, it operates the facilities
of those companies.
But this is not the limit of its activities.
The investment of funds is cer¬
tainly also a necessary and important part of its business.
This invest¬
ment function, even when it does not result in
the holding
company's con¬
trol of the companies in which the funds are
therein
those necessary or
appropriate to the operations of an
integrated publicutility system."
This language,
particularly the juxtaposition of the words "interests
thereof" and "properties owned or
controlled thereby," leaves little, doubt
that Congress intended that
the provisions of Section 11
pursuant to the provisions of section 2
companies must
corporate structure
eliminated, voting power faiily and equitably distributed
among the holders
of securities
thereof, and the properties and business thereof confined to
utility. UGI also owns 21,380 shares
Bridgeport Gas Lijght Co., a gas utility company
operating in the State of Connecticut. On Dec. 14, 1940, this
Commission,
Except for the over-all contentions, respondents'
position as to the re¬
tention of these interests is based
solely on the contention that the pro¬
visions of section 11 (b)
(1) do not apply to investments and that no order
can therefore be issued
requiring divestment of these interests.
We have
concluded that Section 11
(b) (1), for reasons discussed hereinafter, permits
the retention of investments in
utility companies only if such investments
are found to be
reasonably incidental or economically necessary or appro¬
priate to the operations of an integrated
public utility system retainable
under the control of the
holding company. Respondents have stated that no
proof will be offered for the purpose or
showing that these interests meet
this standard, and the record does
not contain any evidence on the
basis,
of which the Commission could
find that the standard is met.
This being
true, we must conclude that the provisions of Section
11 (b) (1) require that
UGI cease to retain any direct or
indirect interest in these companies.
There remains now, for
discussion, the following issues which, to the
extent indicated above, have been
the basis for our determinations with
respect to the properties affected:
(1) The claim that all the Connecticut
the
companies
a
declaring Bridgeport Gas Light Co.
2723
part of the operations of the
holding company and of the holding company
system as are its other activities."
This becomes clear when the
opening
paragraph of Section 11 is read:
"(a) It shall be the duty of the Commission to examine
the corporate
structure of every registered
holding company and subsidiary company
thereof, the relationships among the companies in the
holding-company
system of every such
company and the character of the interests thereof
and the properties owned
or controlled
thereby to determine the extent to
Section^l^b)
provides that: "It shall be the duty of the Commission,
practicable after Jan. 1, 1938" to require (by order) the inte¬
and corporate simplification of public utility holding company
systems.
The obligation Imposed upon the Commission is couched in
particularly forceful language, "It shall be the duty."
Furthermore, it is
as
soon
gration
as
April 26, 1941
Chronicle
The Commercial & Financial
2724
fund is to go to holders of the company's notes or preferred
also is to turn over to Mr. Ripperger promof United having an unpaid balance of $8,378,000, which
aggregates more than $10,000,000 with interest, 90,800 shares of 6%
preferred stock with a liquidating value of $9,080,000 and about 2,000.000
shares of common stock of the corporation,
..
...
The receiver, through Percival E. Jackson and Javits & Javits, started
suits in Federal courts in New York, Boston, Delaware and the District of
Columbia against the organizers, directors, officers and bankers of United.
These included Mr. Emanuel, W. C. Langley & Co., A. C. Allyn & Co., the
Bancamerica Blair Corp., the J. Henry Schroder Banking Corp., the First
Boston
Corp., Hydro-Electric Securities Corp,, the American General
Corp. and the Amerex Holding Corp.
It was alleged that United was
part of the
Srovided that thisis clear thatbe discharged "as soon as of this duty is no
1, 1938."
It duty shall the expeditious discharge practicable after
an.
the face of this Congressional
parts of the system is the
small part of the Commission's obligation. In
mandate, if the entry of final orders dealing with
proceeding, then, after respondents have been
afforded every opportunity to present their evidence and arguments with
respect to such properties, It becomes not the choice but the duty of the
expeditious method of
most
proceed.
Commission so to
Certainly there is
■
_
_
nothing in Section
11 (b) itself which negatives the
proceed. Indeed Section 11 (b) (1) in express
terms requires the Commission to take "such action as the Commission shall
find necessary" to achieve the purposes of that provision.
Section 11 (d),
providing for judicial enforcement of the Commission's orders pursuant to
authority and the duty so
Section
11 (b), neither
to
express# nor impliedly denies
this authority and
dUIUs clear, too, that no right to which respondents are entitled is infringed.
The orders which
the Commission
will enter in this case, requiring dis¬
retainable,
position of certain properties established by the record to be not
are entered only after respondents have been accorded an adequate oppor¬
tunity to present their arguments and evidence as to these properties,
after the specific properties have been considered in relation to the whole
system, only after all based for retention are explored, and only after
determined that no subsequent order dealing with other properties can alter
only
it is
The entering of orders at this
result of
less exhaustive con¬
other than the same
properties dealt
with in a single final order.
Respondents are denied nothing as a result of
such disposition, unless it be their claims to the right to retain the status quo
until the proceeding is finally closed; neither Section 11 nor anything else
properties affected herein.
the status of the
stage of the proceeding will not be as the
any
sideration, nor will such orders result from anything
over-all consideration which would be given were all the
substance to such
in the Act lends
claim.
have adopted will, we think, make for the most expedi¬
problems arising under Section 11 (b) (1); as to prop¬
erties with respect to which there is no facutal dispute, it wiil set in motion
immediately the requirement of compliance with the statute and, in de¬
limiting the number of properties and issues with respect to which there are
factual questions to be tried, will enable a more orderly trial and consequent
savings in time and expense.
V.
The Constitutional Question—In its original answer and in its answer
to our order to show cause of Feb. 21, 1941, UGI has attacked the validity
of Section 11 (b) (1) on the ground that it is legislation prohibited by and in
The procedure we
tious solution of the
violation of the Constitution.
We are, of course, required to proceed upon the assumption that the
provisions of the Acts which we are charged with administering are con¬
stitutional, unless and until a court in an appropriate proceeding declares
otherwise. We assume that the point has been made here merely to preserve
respondents' right to raise it on any review of our orders.
ft is Hereby Ordered, pursuant to Section 11 (b) (1) of the Public Utility
Holding Company Act of 1935, that the United Gas Improvement Co.
shall sever its relationship with the companies named hereafter by disposing,
or causing the disposition in any appropriate manner not in contravention
of the applicable provisions of said Act or the. Rules and Regulations pro¬
mulgated thereunder, of its direct and indirect ownership, control or holding
of securities issued by the Arizona Power Corp., Concord Gas Co., Man¬
chester Gas Co., the Wyandotte County Gas Co., Nashville Gas & Heating
Co., New Haven Gas Light Co., the Hartford Gas Co., Connecticut Ry. &
Lighting Co. and the Bridgeport Gas Light Co., provided that this order
shall cease to be effective with respect to the ownership, control or holding,
directly or indirectly, by the United Gas Improvement Co. of securities
Issued by said Connecticut Ry. & Lighting Co., unless otherwise hereafter
provided by order, if said Connecticut Ry. & Lighting Co. shall during the
period prescribed cease to be a public utility company as defined in said
Act; and
It is Further
Ordered that the respondents, in accordance with sub¬
paragraph (c) of Section 11 of said Act, shall comply with the above order
within one year from the date of its entry (without prejudice to their right
to
apply for additional time to comply
with such order, as provided in such
section).
.
.
^
20-Cent Common Dividend—
Directors have declared a dividend
of 20 cents per share on the common
stock, payable June 30 to holders of record May 29.
Like amount paid on
March 31, last, and previously regular quarterly dividends of 25 cents per
share were distributed.
missory notes
organized solely to acquire control of the Standard Gas system so that the
defendants might make personal underwriting and other management profits
out of subsidiaries of Standard Gas.
The receiver's suits claimed that the
had been intended to serve as an investment trust, as bad
represented to the public. He charged further that, for the purpose of
company never
been
the U. G.I. system companies for the week just
closed and the figures for the same week last year are as follows; Week
ending April 19, 1941, 97,459,052 kwh.; same week last year, 89,705,048
kwh.; an increase of 7,754,005 kwh. or 8.6%.
Note—The output of The Connecticut Light & Power Co. is not included
in above.—V. 152, p. 2571.
underwriting and management profits, the defendants caused
Standard Gas stock at excessively high prices and to pledge
retaining
United to buy
all the
company's assets, including the
complaint alleged that a group of New York banks in¬
cluding the Chase National Bank, the Chemical Bank & Trust Co. and
Guaranty Trust Co. lent United $12,000,000 and took as
collateral the
common stock of the Standard Power and Light Corp., which controlled
the Standard Gas system. When the market price of that stock depreciated,
The receiver's
Emanuel and, his associates bought in the
collateral for about $3,000,000. Mr. Ripper¬
be canceled.
Mr. Emanuel and his associates retain control of
the common stock of Standard Power, which owns a majority of the common
stock of Standard Gas. Leo T. Crowley, President of Standard Gas, recently
declared that its common stock was worthless and would be wiped out by a
recapitalization plan being prepared.—V. 143, p. 3337.
the complaint continued, Mr.
notes held by the banks and the
ger asked that the notes
Under the settlement,
United Light &
Rys.—To Dispose of Holdings in Northern
company.—V. 152, p. 2573.
United
Public Utilities Corp.—Earnings—.
Net sales.
$4,283,279
2,925,048
$4,120,932
2,927,845
Fed. & State inc. taxes..
394,366
181,766
377,350
116,913
360,990
91,665
333,651
114,329
Net operating income.
Other income (net)
$889,619
21,945
$863,968
16,595
$740,431
14,690
$734,195
21,276
$911,564
$880,563
$755,121
10,280
$369,258
65,725
$84,722
70,040
loss$7,715
62,836
65,831
$154,762
47,927
44,291
$55,120
42,080
40,572
76,671
11,130
756
$51,414
17,414
loss$28,288
18,514
—
Interest and other income
Gross income
55,336
Depreciation of physical property—
Interest and other income charges.—
Provision for Federal and foreign in¬
(estimated)
—
$237,144
16,912
period---------—
Net income for
Preferred dividends
—.
—
326,693
Comparative Consolidated Balance Sheet
L—
$496,322
alnstal.accts.rec. 4,729,142
1,230,183
1,785,762
b Other acets. rec.
Inventories--
—
-.
$273,727
Mar.31 '41 Dec. 31 '40
Liabilities—
Mar.31 '41 Dec. 31'40
Assets—
Cash
banks.$3,000,000 $2,250,000
payable &
accrd. accts., &c.
526,906
589,563
Notes pay.,
e
Accts.
4,634,186
599,234
1,798,058 Deposits
on
acct.of
uncompl'd sales.
Prepaid & deferred
charges
Due from employes
54,167
65,540
27,973
18,147
Deferred credit—-
22,764
22,187
Reserve for Federal
incl. exp. funds _
25,461
8,748
348,404
286,498
pref. stock ($50
par value)
1,229,950
Common stock- 1,130,082
1,130,082
1,397,569
1,501,175
income taxes
21,821
Deposits on leases,
contracts, &c_—
7,916
Cum. conv.
5H%
Mtges. receivableSundry Investm'ts
Treas. stock (7,000
89,150
89,250
33,760
33,443
d
shs.of com. stk.)
42,670
42,670
Capital surplus
1,404,341
Earned surplus.— 1,721,408
905,086
Calendar Years—
$4,571,380
Total oper. revenues
Operating expenses3,105,629
State, local
& miscell.
Federal taxes...—
Gross income
Inc.
....
1939
1940
'
pean
c
Euro¬
in
1
subs
Plant property—
Patents,
goodwill,
1
—
— — — ———
— — — — —
Total.-----
—
$9,411,827 $8,446,6711
$9,411,827 $8,446,671
Total
$325,000 in 1941 and $250,000 in 1940.
b After re¬
serves of $29,324 in 1941 and $88,720 in 1940.
c After reserves of $529,706
in 1941 and $494,394 in 1940.
d Par value $5. e Including taxes esti¬
mated co become payable within one year,—V. 152, p. 1145.
After reserves of
a
International Securities Corp.—Earns.
1941
1940
1939
1938
$333,687
$323,218
$271,506
$290,497
United States
3 Mos. End. Mar. 31—
Dividend income-
21,808
26,294
27,889
26,296
$355,494
$349,511
$299,395
$316,792
prof1,106
4,349
240,748
4,266
4,800
40,332
21&.847
10,800
34,638
39,725
228,545
18,109
2,500
38,322
$306,814
Int. & other deduc'ns of
Un. P. U. Corp.:
.
Cap. stock & other taxes
$59,366
$33,368
$29,317
Prov. for Fed. inc. taxesOther expenses.
•"
.
Netprofit
—
Balance Sheet March
on
but
405,920
409,475
411,211
26,353
29,632
33,537
40,384
5,012
4,714
4,683
4,678
$461,977
$425,938
$295,180
95,664
76,833
59,790
48,020
690
—
Secure., at cost
47,832
a
Divs.
on
$3 pref. stock..
119,580
Divs.
on
$2.75 perf. stk.
96,041
c
stock..23,920,000 23,920,000
500,000
500,000
9,475,000
Special reserve.. 9,475,000
pref. stock-
the aggregate underlying book value thereof (as adjusted)
acquisition or quasi-reorganization, $1,743,832; real estate and
(after deducting reserves of $38,881), $130,185'
special deposits, $101,175; cash, $956,662; U. S. Government securities, at
cost, $368,000; deposits for payment of bond interest (per contra), $227,687;
notes ($10,162), warrants ($30,388) and accounts receivable
(inci. mer¬
chandise instalment accounts due in more than one year, less reserves of
over
miscellenaous investments
$53,983), $522,483; materials and supplies, $234,979: prepayments, $34',708;
deferred charges, $3,724; total, $22,601,784.
Liabilities—$3 dividend series preferred stock (79,720 shares no par),
$3,986,000; $2.75 dividend series preferred stock (69,848 shares no par),
"",492,400; class A common stock (par $1), $149,568; class B common stock
par $1), $224,352; minority interest in common stock and surplus of
Copies Service Co., $4,559; long-term debt of United P. U. Corp., $7,481.660; deferred liabilities, $134,409; accounts payable, $252,675; payments
due in 1941 for 10-year int. scrip purchased in Dec., 1940, $32,099; cus¬
tomers' deposits, $231,579; accrued interest, $258,491; accrued taxes,
$453,844; miscellaneous current liabilities, $4,417; reserves, $4,305,707;
contributions in aid of construction, $142,396; earned surplus, $1,447,627;
8
$22,601,784.—V.
151, p. 3412.
United States Electric Power Corp.—Promoters to
Stock to Receiver in Litigation
Give
Settlement—
financiers associated with him in 1929 in for¬
corporation to obtain control of the Standard Gas & Electric
Victor Emanuel and the
mation of the
Co.
system have reached a
settlement with Henry J. Ripperger, receiver
according to an order made by Judge Edwin T.
of Baltimore, Md.
Under the settlement, Mr. Emanuel and his associates are to pay $650,000
cash to cover expenses of the suit and debts of United, the balance to be
for distribution to the remaining stockholders, with the stipulation that no
for
the
United concern,
Dickinson of the Circuit Court
stock-
Capital surplus
Operating surplus.
Total
at dates of
total,
227,246
received
24,855
24,855
9,346,831
364,571
9,346,831
144,475
38,416
Consolidated Balance Sheet Dec. 31, 1940
Assets—Total plant and property of subsidiary companies, $18,278,350;
excess of value assigned by parent company to investments in subsidiary
companies
58,500
1st pref.
b 2nd
d Common
Net income
76,250
Sees.purchased but
not
112,411
135,659
41,172,402 42,982,089
$288,917
Misc. income deduc'ns..
Reserve for taxes &
not
-
1940
$
Liabilities—
601,717
Divs. receiv., int.,
accrued, &c
31
accrued expenses
delivered
405,919
10-year int. scrip.....
sold
8,500
1941
$
2,399,447
Cash
3)955
1940
1941
Sec.
'V .-V-"- , -X~
.v-
:
funded debt;
Collateral trust bds.
.
14,359,
12,304
—
Net realized loss on in¬
Assets—
of sub. companies
Int.
Total incomevestments
& other deductions
'
1,251,450
892,198
Invests,
$755,471
12,246
816,520
378,376
$434,983
Profit from operations
come taxes
1939
$979,971
660,993
1,636,317
466,633
sold
-----Selling, admin, and general expenses-
Cost of goods
1937
$4,104,526
2.922,350
Subsidiaries]
1941
1940
$2,472,208 $1,279,618
[Exclusive of European
I nterest income
1938
Machinery Corp (& Subs.)—
United States Hoffman
3 Months Ended March 31—
The electric output for
Natural Gas Co.—See latter
Standard Gas stock, for loans which
it could not repay.
&C
Weekly Output—
Mr. Emanuel's group
stock.
43,707,508 4 3,696,907
Total
43,707,508 43,696,907
Represented by 239,200 no par shares,
b Represented by 100,000 no
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.
Note—Based on market quotations as of March 31, 1941, the securities
owned had an indicated value (which should not be construed either as the
amount for wnich the securities could be sold or for which they could be
a
par
repurchased) of approximately
$22,511,962, which is $18,660,440 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. 152, p. 695.
Securities, at cost, inciude
United States Realty &
Improvement Co. (& Subs.)—
Earnings—
(Excluding Trinity Buildings
Corp. of N. Y. and Plaza Operating 1940
Co.)
1941
Consolidated income before depreciation—
Consolidated loss after depreciation
$6,233 Ioss$18,388
26,325
50,946
Buildings Corp. of N. Y., which for the three months
ended March 31,
1941 (including an item of non-recurring expense of
$18,626) amounted to $56,201 before depreciation, and $102,002 after
depreciation, as compared with a loss for the corresponding period of the
previous year amounting to $33,242 before depreciation, and $89,043
after depreciation.
(Interest on the $3,710,500 principal amount of 20-year
5K% sinking fund gold loan certificates of Trinity Buildings Corp. of N. Y.
outstanding is included at the rate of 4H % per annum.
Any reduction in
The loss of Trinity
obtained as a result of the pending proceedings for the
of this loan would affect the earnings of the
proportionately).
The loss of Plaza Operating Co., which for the three months ended
March 31, 1941, amounted to $33,422 before depreciation, and $107,152
after depreciation, as compared with a loss for the corresponding period of
this interest rate
modification and extension
company
Volume 152
the previous
year
after depreciation.
The Commercial & Financial Chronicle
amounting to $19,315 before depreciation, and $93,044
Note.—No provision has been made in
any of the above figures for current
income, defense, or excess profits taxes.—V. 152, p. 2413.
ormal
stock of the United States Steel
Corp. outstanding March 31,
1941, amounted to 8,703,252 shares, while
preferred stock totaled 3,601,811
shares.
Of the common stock
outstanding March 31, 1941, 2,260,861 shares,
or
26%, were in brokers' names, representing a decrease of 121,113 shares
from the 2,381,974 shares, or
27.37%, held by brokers on Dec. 31, 1940.
Investors' common
stockholdings March 31, 1941, were 6.442,391 shares,
or 74%,
compared with 6,321,278 shares, or
72.63%, Dec. 31, 1940.
Of the preferred stock
outstanding, 435,954 shares, or 12.1%, were in
brokers' names March
31,1941, an increase of 2,132 shares over the 433,822
shares, or 12.04%, held Dec. 31, 1940.
Investors' holdings of preferred
amounted
t
1941
1940
1939
1938
$40,681,217 $37,860,993 $36,420,009 $35,200,295
38,357,805
35,869,691
34,823,897
34,057,054
Operating profit
Other oper. income
.
31, 1940.
Foreign holdings of Steel common March 31, 1941, amounted
shares, or 5.6% of the issue, compared with
497,056 shares, or
to 486,559
5.7%, held
Dec. 31, 1940.
Of the preferred stock, 59,588
shares, or 1.6%. were owned
abroad March 31, 1941,
against 70,151 shares, or
1.9%, so held Dec. 31,
1940.—V.
152,
p.
2573.
Utah Light & Traction Co.
Period End. Mar. 31—
Operating
revenues.
taxes
Earnings—
1941—Month—1940
$100,988
$97,594
_
1941—12 Mos —1940
$1,103,966
$1,108,965
82,241
6,689
80,314
6,959
995,292
78,631
Net oper. revenues...
Rent from lease of plant-
$12,058
39,660
$10,321
41,082
$30,043
590,361
$51,718
50,763
1,276
$51,403
50,763
961
$620,404
609,150
15,112
$618,319
611,477
10,717
def$321
def$321
def$3,858
def$3,875
$1,596,112
129,313
$1,143,241
107,538
$2,089,199
175,590
323,532
$1,725,425
95,119
288,594
$1,250,779
224,708
$1,590,078
217,344
1,033,988
$1,341,712
218,244
646,243
$881,832
224,995
1,292,433
66,050
a570,000
100,000
Net profit
4H% pref. dividends—
Common dividends
$1,700,452
211,998
1,033,988
Surplus
Shares
$454,466
stock
com.
$338,746
1,292,485
$1.15
1,292,485
__
Direct taxes
per
share
Consolidated Balance Sheet March 31
1941
1940
$
$
Assets—
Cash
in
banks
trans. &
1941
Liabilities—
in
hand
U. S. savings bds.
Accts. receivable.on
5,720,341
308,000
751,994
Inventories... ,-_10,083,497
Prepaid rent, ins.,
taxes, &c
1,106,746
Inv. & oth. assets.
2,077,888
a
Land, buildings,
302,000
equipment
601,685
excess
profits tax, since present
p. 2255.
Utah Power & Light
Co.—Earnings—
Period End. Mar. 31—
1941—Month—1940
1941—12 Mos.—1940
Operating revenues.
$1,108,659
$1,077,461 $13,527,020 $12,764,197
Oper. exps., excl. direct
taxes
Accrd.
res. approp.
393,887
193,375
91,000
5,360,891
2,337,457
1,108,618
5,327,697
2,120,892
1,092,000
Net oper. revenues
Rent for lease of plant._
$363,556
39,660
$399,199
41,082
$4,720,054
590,361
$4,223,608
616,838
$323,896
$358,117
1,274
810
$4,129,693
16,709
$3,606,770
11,261
Operating income.
.
_.
Other income (net)
Grossincome
Int.
on
$358,927
$4,146,402
improve¬
$138,265
25,000
15,414
$1,659,180
300,000
177,417
$1,669,571
300,000
184,188
Net income..
$146,054
$180,248
Divs. applic. to pref. stocks for the
period-
$2,009,805
1,704,761
$1,464,272
1,704,761
Balance
$305,044 def$240,489
Dividends accumulated and unpaid to March
31, 1941, amounted to
$7,813,488, after giving effect to dividends of $1.75 a share on
$7 preferred
stock and $1.50 a share on
$6 preferred stock, declared for
payment on
April 1, 1941.
Dividends on these stocks are cumulative.
a
Note—No provision has been made for
Federal
are that no such tax will be
excess profits tax since
payable.—V. 152, p. 2413.
present indications
Vanadium
Corp. of America—25 -Cent Dividend'•—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable May 5 to holders of record
April 28.
Dividend of $1.50 was
paid on Dec. 14, last, and one of $1 was paid on
Dec. 15, 1939, this latter
being the first dividend paid since Dec. 15,1937, when
$1 per share was also
distributed.—V. 152, p. 277.
Van Raalte
Co., Inc.—Earnings—
3 Mos. End. Mar. 31—
Net profit after all chges.
1941
Earnings
per
share
1940
1939
1938
$260,743
$1.79
and taxes
$229,107
$249,346
$1.70
$183,003
$1.54
—V. 152, p. 2089.
Victor Chemical
After
reserves
for
1941
3 Mos. End. Mar. 31—
Profit
income
and
excess
Amortization of patentsFed.
inc.
&
Res. for retirement
1
$0.32
profits taxes,
b
On
$39,196
2,897
1,151
al938
$6,434
6,305
$8,615
6,124
1,147
1,151
1,292,485
$49,083
System, Inc.
Quarter End. Mar. 31
loss$l,022
After
(& Subs.)—Earnings—
In his reports, Mr. Black accorded a
value of $4,829,265 to the Cuban
He valued the $4,323,300 of
4J^s due in 1977 at 57, or $2,464,281,
and the $4,379,600 of 4Ms due in
1955 at 54, or $2,364,984.
John F. Rich, counsel
representing the protective committee for the
common stock, contended that the Cuban
bonds should be valued at
par.
These bonds, he
stated, represent definite amounts due to the company
and in the absence of evidence that
they will not be paid, the Court should
accept the amount of the debt as the value of the bonds.
Attorney Maxwell Katz,
New York bondholders'
a
54
1454.
in
or
com¬
his opinion
57.—V.
152,
Washington Ry. & Electric Co.—Earnings—
Calendar Years—
Income—Dividends
1940
1938
1937
$3,960,000
9,028
Total income
General expenses
Taxes
Prov. for Federal taxes.
Interest
Net
1939
$3,673,750
9,370
$3,900,000
10,271
$3,916,500
26,107
$3,682,778
79,196
19,275
123,018
130,337
$3,969,370
13,580
9,351
97.224
131,897
$3,910,271
8,308
35,852
93,263
130,327
$3,942,607
$3,330,951
11,649,285
$3,717,317
11,579,889
27,079
$3,642,520
11,794,111
30,758
$3,688,806
11,764,980
Interest
income
--
Previous surplus
Other credits to surplus.
Total surplus
Preferred dividends
Common dividends
Secur. inv. written off_.
8,773
53,745
a60,348
130,933
15,324
$14,980,237 $15,324,285 $15,467,389 $15,469,111
425,000
425,000
637,500
*25,000
2,925,000
3,250,000
3,250,000
3,250,000
3,095
Bal., surplus, Dec. 31-$11,627,142 $11,649,285 $11,579,889
$11,794,111
a
Including $187 for Federal surtax on undistributed income.
Balance Sheet Dec. 31, 1940
Assets—Investments, $26,115,450; funded indebtedness assumed
by
Capital Transit Co.. $7,479,000; cash and securities on deposit with mort¬
gage trustee (net), $642; cash
in banks. $3,718,450; U. S. Govt, and
municipal securities, at cost, $310,000: deposit for payment of matured
interest, $18,156; accounts and interest receivable, $712; unamortized
discount and expense on funded debt,
$38,969; total, $37,681,378.
Liabilities—5% preferred stock ($100 par), $8,500,000; common stock
($100 par), $6,500,000; funded debt, $10,617,950; taxes accrued,
$143,856;
interest accrued, $10,463: dividends declared on
preferred stock, $212,500;
matured
interest, $18,156;
sundry current liabilities, $51,311; earned
surplus, $11,627,142; total, $37,681,378.—V. 152, p. 1608.
Operating revenues
Oper. exps., excl. direct
taxes
1940
1939
1938
$3,429,464
$3,361,932
83,020
$0.19
$3,269,495
56,630
$0.13
depreciation, State and Federal taxes.—V. 152,
p.
Int.
1,104,571
1,112,825
$327,358
1,990
$3,611,959
36,144
$4,076,698
$329,348
$4,106,661
64,167
64,167
6,194
$3,648,103
770,000
186,648
Cr5,080
Crl,506
$2,696,535
622,518
$3,126,460
$2,074,017
$2,503,942
charged to construc¬
Net income
$166,916
$258,987
Balance.
1,686,908
29,963
864.256
117,451
622,518
Note—Includes in the 12 months ended Feb.
28,1941, provision of $7,353
excess profits tax applicable
prior to Jan. 1, 1941, but includes
subsequent provision for such tax since no excess profits are indicated.
—V. 152, p. 2257.
for Federal
no
j
Weeden &
Co.—Earnings—
3 Mos. End. Mar. 31—
Directors have declared a dividend of 40 cents
per share on the no par
common stock, payable
May 27 to holders of record May 13.
Like amounts
paid on March 7, last, and on Dec. 20, 1940, and initial
dividend of 20
cents was paid on Oct. 25, 1940.—V.
152, p. 1939.
92,410
Divs. applic. to preferred stock for the period.
a
Swasey Co.—10-Cent Dividend—
91,037
tion
1938.
dividend of 62 H cents per share on
account of
accumulations on the $2.50 cum. class A con v.
stock, no par value, payable
May 15 to holders of record May 1.
Like amount was paid on April 1 and
Feb. 1 last, and compares with 50 cents
paid on Dec. 2 and Oct. 15, 1940:
62 H cents paid on Aug. 31, June 1 and March
1,1940; dividends of 75 cents
were paid on Dec. 23,
1939, and dividends of 50 cents were paid Dec.
1,
Sept. 1, July 15 and March 1, 1939, and on Dec.
20 and Dec. 1, 1938.—
V. 152, p. 1454.
4,047,138
28,083
mtge. bonds.
Other int. & deductions.
on
4,529,665
2,291,626
$259,166
(net)
340,002
178,917
$257,246
1,920
Net oper. revenues—
47,572
$0.11
1941—Month—1940
1941—12 Mos.—1940
$938,687 $11,537,821 $10,923,569
$903,214
377,722
177,209
Direct taxes
Grossincome
106,763
$0.25
representing
mittee of which Cecil Stewart is
Chairman, asserted that
the Cuban bonds should be valued at
50 rather than
Interest
Walker & Co.—Accumulated Dividend—
Warner &
shares.—Y. 152, p. 2413.
advisement.
Other income
1941
Directors have declared
par
During the course of a hearing April 17 before Federal
Judge Elisha H.
Brewster at Boston on confirmation of
finding by Special Master Arthur
Black that assets of
company have a value of $9,277,972, Judge Brewster
indicated that the matter would
largely revolve around the valuation to be
accorded the Cuban bonds issued to the
company.
This, he said, would
chiefly be a question of law.
He took the matter of confirmation
under
$1,344
$3,587,981
Net profitsEarned per sh.of com.stk
a
a
$35,148
Consolidated figures.—V. 152, p. 2255.
Total sales-
no
Warren Brothers Co.—Case Taken Under
Advisement—
Property retirement re¬
serve appropriations.
32,807
Net profit
466,632
cum.
pref.
(par $100). 10,000,000
Total
29,799,966 28,826,3631
Total
29,799,966 28,826,363
a After reserves for
depreciation of $5,080,439 in 1941 and
$4,770,692 in
1940.
b Represented by
.
Waldorf
inc. plan
Washington Water Power Co.—Earnings—
al939
excess
profits taxes
a
1
10,000,000
11,484,112 11,484,112
Earned surplus
4,110,192
3,343,656
Treas. pref. stock. jDr511,187
Dr292,631
Period End. Feb. 28—
1940
$87,047
4,007
1,151
__
771,449
597,021
b Common stock..
Co.—Earnings—
1941
Deprec. of bldgs. & equip
$226,990
$0.46
Federal
Victor Equipment
1940
$318,215
_
696,000 shares of capital stock.—Y. 152, p. 1937.
Est.
$1.18
Work*.—Earnings—
3 Mos. End March 31—
Net profit
b Earns, per share
a
a
810,837
Fed. inc.
$3,618,031
$138,265
25,000
15,851
mtge. bonds
on deb. bonds
Other int. & deductions.
personal
sales, so¬
1,006,647
for
stk.
p.
$325,170
Int.
a
prop.,
Res.
475,763
taxes—real
estate,
cial secur., &c_.
9,420,663
171,230
549,206
&
bonds.
458,699
187,095
99,309
Direct taxes
166,210
payrolls
other expenses..
1,402,889
2,158,591
$1,481
payable.—V. 152,
Prop, retire,
Accrd.
taxes
ments, &c
Notes—No provision has been made in the
above statement for unpaid
interest on the 6% income demand
note, payable if, as and when
provision has been made for Federal
indications are that no such tax will be
1,809,131
certificates
Goodw., leasehlds.,
lease,
$
2,183.950
Employees' invest.
9,220,193
9,291,079
1940
$
Accounts payable.
6,180,762
1,020,609
86,875
earned,
amounting to $2,290,399 for the period from Jan. 1, 1934 to Dec.
31,1940.
No
1,292,485
1,292,485
$1.06
$0.87
$0.51
a Includes
$50,000, an estimated amount, for possible Federal
excess
profits taxes,
b To Charles R.
Walgreen memorial pension trust.
Earnings
4H%
Balance
144,240
$477,226 def$635,596
out¬
standing (no par)..._
616,838
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$1,991,302
97,897
Federal taxes
b Prov. for
contribution
New York State brokers'
holdings of common stock March 31, 1941, were
2.011,684 shares, or 23.1%, against 2,134,677
shares, or 24.53%, Dec. 31,
1940.
Brokers' holdings of preferred stock were
360,092 shares, or 10%,
March 31, 1941, compared with
352,451 shares, or 9.78%, Dec. 31, 1940.
New York State investors'
holdings of common stock March 31, 1941,
were
1,213,200 shares, or 13.9%, compared with
1,186,237 shares, or
13.63%, Dec. 31, 1940.
Investors' holdings of preferred stock March 31,
1941, were 1,178,741 shares, or
32.7%, against 1,181,144 shares, or 32.78%,
Dec.
$2,323,412
113,090
$2,436,502
.
Total income
Other charges
to
3,166,857 shares, or
87.9%, of the outstanding issue, on
March 31, 1941,
compared with 3,168,989 shares, or
87.98%, held by them
Dec. 31, 1940.
direct
6 Mos. End. Mar. 31—
Net sales
Cost, expenses, &c
United States Steel
Corp.—Number of Stockholders—
Common
2725
Walgreen Co. (& Subs.)—Earnings—
Sales..
Grossincome
Expenses and taxes
Net income
Earned per share
_
-,
1941
1940
1 939
1 938
-$18,376,729 $22,566,793 $30,041,974 $18,935,555
71,782
95,119
89,578
71,679
83,178
88,857
88,687
81,576
loss$ll,396
loss$0.46
$6,262
$0.25
$891
$0.04
lost $9,890
1oks$0.46
The Commercial &
2726
Cash.. ———
1,290,038
Inventory
Due from cust'ere.
9,187
15,035
Other curr. wsetii.
7,205
receiv—
Acer. tnt.
fixtures
Furn.,
(unsec'd)
390
(secured)
&
12,823
2,607
1,650
8,919
11,511
10,676
expenses.
Prov.for Fed .taxes
9,698
a
Operating expenses
3,325
Maintenance.
2,021
700,000
187,829
144,211
Other taxes
Reserve for
1923780.
Represented by 25,000 no par
a
Total —
$1,457,800 $1,445,007
shares,—Y, 152, p. 848.
—
a4,638,958
3,893,473
4,793,919
„
4,744,466
4,719,910
634,779
2,231,747
"1.
Interest
ium (net) and expense
Preferred dividends
632,278
2,557,736
633,624
,804,235
217,703
258,104
Minority interest—public..
Minority interest—parent company. _
96,007
225,972
103.495
122". 406
295,238
283,420
282,562
$5,371,805
$4,754,427
1,548,729
1,548,729
$3,860,788
1,548,729
719,118
719,118
Miscellaneous deductions
in 1914 has grown
predominant posi¬
Company established in 1901 and incorp. in Texas
soundly over a period of 40 years.
Company enjoys a
Deductions-:-West Penn. El. Co.—
progres¬
Net income—
"Super markets" of the newest and most modern type are constructed
carefully selected locations when justified by community growth.
To¬
sive.
,
&c. expenses.
Interest, amortization,
tion among
-
cumulative preferred..
6% cumulative preferred..
Dividends 7%
operates 13 retail stores of the type known as "super
markets," all in Houston.
Another such market is nearing completion at
University Boulevard and Kirby Drive and will represent a total invest¬
ment of approximately $250,000,
Land has already been purchased for
7 additional "super markets" to be constructed on these strategically
day the company
Class A
Class B__
adjustments.
tion of electric plant
90% of the capital stock of Sidney Myers, Inc., Hous¬
wholesale grocery business.
Company employs 625 persons on its regular payroll, and approximately
850 extras each week.
The total payroll for 1940 amounted to more
Liabilities—
Company owns
which transacts a
equip..$257,176,826
Investments and advances..
2,242,661
Property, plant and
1926————
—
—
1929..
4,900
6,503
1932
1933-—.
1936———
35,702
Accts. receiv. from affil. cos.
27,266
1939
28,632
1940
264,852
51,000
receivable
Reserves for doubtful notes
306,237
..
Miscellaneous notes and ac¬
49,958
352,955
._
39,921
49,632
66,215
and accounts receivable..
Dr406,673
a
To Be
$850,000
$850,000
400,000
900,000
a400,000
450,000
premium, &c
44,000 shs, 39,923 shs.
5,000 shs.
3,688 shs.'
As of Dec. 31, 1940: $379,350 outstanding: $20,650 sold to or reserved
for employees and employees' retirement fund.
Purpose—To be used in connection with the company's long term extansion program and to augment working capital.
Consolidated Balance Sheet Dec. 31,
accruedstks.
Preferred dividends
Divs. declared on pref.
Customers' deposits
Other curr. & accrd.
2,427,682
314,575
liabtls--
Customers' advances for con¬
struction
49,772
75,746
32,802,425
941,168
437,747
...—-
Deferred credits
517,058
Reserves
Contribs. in aid of construe-
pref. stock
9,848,179
Prem. on sales of
1,944,576
:—
7% cum. preferred
Unamortized commission, re¬
demption premium, &c_.
Other deferred charges
a
1,287,188
415,669
6,122,785
1,142,817
476,360
68,648
1,025,192
488,110
125,723
Matured interest payable...
Prepaid insurance, taxes, &c.
Prepaid royalties on coal
properties.
Unamortized debt discount,
Outstanding
Authorized
receiv'Ie
Operating and construction
materials & supplies, &c_.
■■
Capitalization
Customers accts.
counts
30,192
2,020,000
211,488
Payrolls accrued
56,675 Taxes accrued————
4,638,768 Interest accrued
317,935
..
capital stocks of subs..
Notes payable to banks
Accts. payable to affil. cos..
Accounts payable to others.
329,657
and others—
202,717
.
6% preferred stock ($100 par)
..
preferred stock, series 1940 ($50par).....
5H% preferred stock, series 1941 ($50 par)
Common Stock (no par)
Class A common stock (no par)
476,360
—
247,161
..
1937—
-
pay¬
(contra)
Special deposits with trustees
$37,577
134,671
—...
matured Interest
able
Paid*
$136,484
..
1935
18,765
26,607
128,273
99,451
179,181
—
1934
1938
Pref. Divs
Profits
Year—
$4,798
168,083
of
Net
Paid*
Profits
$21,224
39,160
59,666
100,083
Year-
All Charges and Federal Taxes
Pref. Divs.
Net
$5,280,000
113,745,000
43,017,100
Subsidiary companies..—
Pref.
Cash In banks for payment
Net Profits After
Long-term debt:
West Penn Electric Co—
11,354,875
Cash in banks and on hand.
$1,250,000.
phan
of Dec. 31, 1940
Consolidated Balance Sheet as
located sites.
ton,
719,118
413,882
413,882
413,882
1,209,917
1,408,807
596,671
in 1940 and $806,700 in 1939 representing amortiza¬
-
Includes $928,011
a
423,526
...$13,899,302 $13,301,795 $12
Amortization of debt discount, prem¬
($50 par).
on
4.989,980
....
Deductions—Subsidiaries—
Inc., Houston,
the merchandisers of food in Houston.
Company's program of expansion has been conservative—yet
3,458,192
.
Gross income
Texas—Preferred Stock
Offered—Moroney & Co., Houston, and a group of Houston
dealers are offering at par and dividends (to residents of
Texas only) $450,000 5M% preferred stock, series 1941
(J.) Weingarten,
1,052,780
3,954~260
545,355
renewals, retirements and
— . —
3,190,394
1,681,817
4,257,299
^ ...... — -
——
depletion..
13,721,538
3.256,667
14,254,629
3,489,256
3,067,859
_ . .
—.
..
Federal income taxes .....
Federal excess profits tax..
....$1,457,800 $1,445,007
Total
$44,503,680 $40,555,036 $37,383,975
13.365,609
Total earnings..—
~~5~,250
700,000
stock.
Common
Surplus....
——_
44,200
41,500
Duecust,
525
Operating revenues ...
..
Non-operating income-—.
$546,000
$561,000
cured)
Securities loaned..
L'ns pay,
Subs.)—Earnings—
1940
1939
1938
..$44,188,748 $40,321,335 $37,164,678
314,932
233,701
219,298
Electric Co. (&
Calendar Years—
payable (se¬
Accrued expenses.
autos
Prepaid
Notes
1940
1941
Liabilities—
1940
$149,504
1,242,545
9,098
22,126
$116,740
West Penn
31
Balance Sheet March
1041
Assets—
1941
April 26,
Financial Chronicle
431,255
6,041,595
22,124,700
11,985,300
Minority interest in subs—.
stock—
6% cumulative pref. stock—
b Class A stock ($7 cum,)..
c
5,912,600
16,574,200
7,997,047
non-cum)
Class B stock ($7
d Common stocx
Capital surplusEarned surplus
1940
—
749,378
--....--
10,499,461
IAabilities—
Cash
on
$214,249
108,890
hand and in banks...
receivable
Accounts
Cash value life insurance
■
Inventories—..
Merchandise
Acc'tsrec.—officers and empl.
Notes rec.—Empl. stock subscr
Investments—Treaa. stock...
26,300
980,984
3,010
4,346
1,375
payable banks (curr.)—
creditors..—
Accounts payable, mlscell—.
$14,999
60,000
243,317
19,011
Res. for accr. taxes <k expenses
53,188
Mortgages payable
(current)..
Notes
Acc'ts pay. trade
Prepaid insur., taxes, &c
26,668
Fixed assets (less deprec.)—— 2,182,137
Reserve for
Deposits—Empl. stock subscr.
Long-term liabilities
Minority Interest In subs—.
6% preferred stock
5Hi% preferred stock
Common stock (voting)
Common stock cl. A (non-vot.)
Surplus and undivided profits.
$3,547,960
Total
150,
—V.
p.
Stockholders at their recent
Weymouth Light & Power Co.—To Pay
967,874
Wheeling Steel
quarterly report for the first three months of 1941 net resources
values on March 31 aggregated $5,531,073 or $13.50 per share,
compared with $5,480,481 or $13.67 per share at the close of 1940.—V.
In the
p.
Total operating
Directors have declared a
1939
..$25,246,519 $22,627,447
7,757,293
7,927,913
1940
revenues
....
Operating expenses.
...
2,000,115
1,949,735
Maintenance
Taxes—Federal normal income........
Federal excess profits
...
...
...
984,232
392,680
...
1,827",763
2,014,014
2,187,988
Other
Provision for depreciation........
1,841,309
......
1,988,727
.....
— — .
$8,228,122
258,312
$8,774,072
138,126
on
....
—
funded debt
......
Other interest..
...
$8,912,198
2,231,455
3,234
$8,486,434
2,137,153
303,501
Gross income
Interest
...
304,956
Cr52,908
48.517
3.802
Amortization of debt discount, premium (net) and
expense
Interest charged to
Cr50,529
construction.
47,098
Payments under tax covenants on bonds
Net income—_
Dividend
on
—
_
,
4M% preferred
$6,044,913
1,336,894
631.312
4,329,000
...
—
4,495,129
Consolidated Balance Sheet Dec. 31, 1940
Wisconsin Public Service
„
Cash In banks and on hand.
Cash
in
bank for
8,236,133
Payrolls accrued
payment
of matured interest
Long-term debt of company $61,600,000
320,000
Notes payable to banks
663,768
Accounts payable
—
-
476,360 Taxes accrued
...
...
489,470
Interest accrued
Special deposits with trustees
Prepaid insurance and taxes
257,200 Matured int.'payable
1,4 20,811 Div. declared on pref. stock
1,332,297 Customers' deposits..
133,328 Accts. payable to affil. cos..
126,293 Other curr., &c. accrd. liabs.
Deferred charges
7,195,755
and others
Customers notes & accts .rec
Materials and supplies
Accts. receiv. from affil. cos.
218,756
4,082,999
Deferred credits
47,322
193,127
98,115
17,963
18,878,027
Reserves
—
Note—Provision for excess profits tax
Wright Aeronautical
Corp. (&
Consolidated Income Account
1940
Net income
23.702,919
613,292
17,442,580
442,192
13,695,591
457,158
..$16, 512.697
a4, 273,941
Depreciation
$4,564,847
$3,977,377
$2,501,643
241,024
146,199
108.649
$4,805,871
$4,123,576
69,550
874,050
65,803
769,000
$2,610,292
43,520
380,985
Other income.
$20, 786,638
890,055
Other deductions
Prov. for Fed. inc. taxes.
5 090,939
Com. stk.
(2,935,000 shs.)
—
Earned surplus
-V. 151, P.
— ....
$156,096,388
Total
29,707,700
31,750.000
6,066,434
..$156,096,
p.
696.
Fed.
excess
551.240
121,645
$6 656,284
Net income
Dividends paid
$3,740,626
1,199.570
599,857
2 599,141
Sh8.cap.stk.out.(no par)
Earned per share
a
Includes
b95,595
7, 098,121
Prov. for incentive com¬
pensation
Dividend
declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 30 cents per share on the
common stock, par $10. payable May 1 to holders of record April 19.
Like
amounts were paid on Feb. 1 last and Nov. 1 and Aug. 1, 1940.—V. 152,
The directors have
for
profits tax
8
2961.
Westchester Fire Insurance Co.—To Pay Extra
....
Total income
Prov.
1937
1938
$21,862,149 $16,654,393
-50,280,097
744,^19
Expenses....
437,747
4)4% preferred stock
$127,000
Subs.)—Earnings—
for Calendar Years
1939
$67,537,213 $28,881,058
Net sales
714,377
sales of pref. stks.
$1,675,464
Act of
in the amount of
2575.
p.
Contribs. in aid of construe.
on
147,971
13,896
50,000
Cr3,435
29,690
under the Second Revenue
calendar year 1940
made for the
Prems.
Total
property. .
construction
Net income
476,360
334,223
$2,988,507
1,074,920
$1,820,490
Interest charged to
Miscellaneous
4,535
$3,145,342
1,064,920
146,427
16,678
50,000
Cr6,102
52,928
..
& expense—.....
Amortiz. of abandoned street railway
152.
480,745
64,267
..
Other interest...
—V.
$2,983,971
545,101
...
Interest on funded debt
was
1,096,712
1,259,000
860,125
taxes
Gross income—
1940
IQJO-
$9,247,133
2,881,602
483,791
—
Net operating income
Total other income
„
$3,081,074
:
Depreciation
Taxes (other than income taxes)
Prov. for Federal & State income
IPA1,,.
$9,742,415
2,910,356
1,120,497
1,286,570
...
—
Maintenance---:—
per
Subs.)—Earnings-
Corp. (&
Years Ended Jan. 31—
Operating revenues
Operation
Liabilities-
Assets—
Property, plant and equip..$127,902,135
Investments and advances..
9,016,077
Dividend
share on the common
paid
Amortization of debt discount
$6,377,439
Dividend on common
Co.—To Pay 25-Cent
dividend of 25 cents per
stock, payable May 17 to holders of record May 2.
Like amount was
on Feb. 15 last and previously regular quarterly dividends of 15 cents
share were distributed.—V. 162, p. 697.
....
Operating income..
Non-operating income.
since its
at Lake
of the Board of this company,
April 18 at his winter residence
(S. S.) White Dental Mfg.
(& Subs.)—Income Account—
Calendar Years—
Corp.—Obituary—
Chairman
Glass,
Alexander
organization in 1920, died on
Wales, Fla.—V. 152, p. 1939.
\
1608.
75-Cent Div.—
dividend of 75 cents per share on the common
payable April 30 to holders of record April 17.
Dividend of 63
cents was paid on Jan. 31 last, 80 cents paid on Oct. 31 last; 63 cents on
July 31, 75 cents on April 30, 63 cents on Jan. 31, 1940; 75 cents paid on
Oct. 31, 1939; 63 cents on July 31. 1939; one of 75 cents paid on April 28,
1939. and one of 63 cents per share was paid on Jan. 31, 1939.—V. 152,
p. 697.
1300.
West Penn Power Co.
through
stock,
at market
152,
reduction in issued
Directors have declared a
404,065
98,138
Wellington Fund, Inc.—Asset Value—
as
Reduced—
annual meeting approved
stock, par $20, from 155,000 shares to 150,000 shares
retirement of 5,000 shares held in treasury.—V. 152. p. 1608.
capital
$3,547,960
Total—
shares,
par.—V. 152. p. 2258.
Westmoreland Coal Co.—Capital
133,557
6,222
267,625
50,614
850,000
379,350
—5291,617.225
appliances—principally instalment.
c 165,742 shares, no par.
d 1,050,000
Includes $1,624,959 for
b 59,126 shares, no par.
no
Federal income and
profits taxes
excess
a
Total-——
$291,617,225
Total
extraordinary
undistributed profits.
599,857
$11.09
income
$6.24
(net)
of
$3,288,772
1,199,568
$2,090,192
1,199,562
599,857
599,857
$5.48-
$3,614,407.
$3.48
b Surtax
on
Volume
The Commercial & Financial Chronicle
152
Consolidated Balance Sheet Dec. 31
1639
1940
AssetsCash.
a$50,702,143 $17,483,086
3,768,852
8,416,076
b Inventories of raw materia»s, work in process &
7,795,103
supplies
31,320,647
436,144
/Preparations cost for future production
6,846,989
130,355
Prepaid taxes, insurance and other expenses
604,564
Patent license rights, at cost
33,203
18,872
c Land, factory bldgs., machrj
7,911,998
equip., &c
8,364,515
d Mfg. facilities acquired with funds profivided
1,585,235
by customers, at cost
7,315,867
Miscellaneous investments
4,563
4,549
—
—
»
»—
Total
—
...
~
....$113,594,221
$39,148,539
1940
Liabilities—
$6,110,120
Accrd. wages, taxes, commissions <fc other expenses
1,379,365
Deposits on uncompleted sales contracts
63,902,073
Prov. for Fed. income & excess profits taxes, (est.). 12,855,685
Provision for incentive compensation..
544,395
Other liabilities
303,932
e Deposits expended for manufacturing facilities..
10,183,706
Reserves for service guaranty & uninsured losses
1,362,000
f Common stock.
2,999,285
Capital surpl us..
...i.....
1,540,906
Earned surplus
12,412,754
...
.
—
....
...
Total.
a
IQ^Q
$1,000,000
2,937,566
571,218
17,993.040
958,198
118,815
214,629
2,021,379
637,892
2,999,285
1,540,906
8,155,611
.-..—...$113,594,221 $39,148,539
Includes
at
Dec.
meet
31, 1940,
expenditures
the maturity of three promissory notes
approximately $45,000,000 advanced by
uncompleted sales contracts,
on
1939, $6,364,631.
as excess facilities
(19-xO, cost $2,290,406, less allowance for depreciation, $2,290,406; 1939,
cost $3,703,800, less allowance for depreciation $3,703,800).
d Less allowance for amortization, 1940, $3,657,93o.
These facilities
were acquired in connection with certain contracts under which the funds to
defray the cost of the facilities were provided by customers; the depostis so
made are being liquidated by surcharges which are taken up as extraordinary
income prorata as shipments are made.
The total cost of these facilities
is being amortized equally over the three years ending Dec. 31, 1942.
e Preparation costs, less portion earned and taken into income
f Represented by 599,857 no par shares.—V. 151, p. 3582
The three
$1,250,000 and $1,500,000, originally were due on
Oct. 28 of the years 1941, 1942 and 1943, respectively.
Each note is to be
extended eight years with the interest rate increased from 2 H % to 3 %
during the extended period.—V. 152. p. 2574.
Yale & Towne Mfg.
.
Co.—Earnings—-
Quar. End. Mar. 31—
a
Net earnings
1941
Net income.
b Dividends
a
per share.....
1938
$126,400
116,795
$116,252
111,156
$214,022
145,996,
$6,605
72,998
$5,096
72,998
$449,304
486,656
$1.07
Surplus.............
Shs.com. out. (par $25).
Earnings
1939
$340,802
$522,302
72,998
.
1940
$661,606
139,304
....
Depreciation
$68,026
486,656
$0.44
x$66,393
486,656
x$67,902
486,656
$0.01
126,780
$0.01
Includes other income of $5,513
in 1941; $9,180 in 1940; $11,074 in
b Estimated by Editor,
x Deficit -—V.
152,
1939 and $11,857 in 1938.
p.
2107.
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—3 Mos. End. Mar. 31Total income
1941
Deprec. & depletion....
Interest, &c
Miscellaneous charges__
Prov.
b Less reserve, 1940, $1,218,108; 1939, $557,054.
c Less
allowance for depreciation, 1940, $4,941,012;
aggregating $4,000,000.
notes, for $1,250,000,
—-
Notes payable, parent company..—....
Accounts payable
customers to
The company, subsidiary of the North American Co., was granted per"
mission by the Securities and Exchange Commission, April 18, to extend
—
Accounts receivable.
2727
Wisconsin Electric Power Co.—To Extend Notes—
for
Fed.
inc.
1939
$4,270,114
1,904,906
1938
$2,984,796
1,670,990
937,963
158,736
931.292
179,986
$2,610,302
1,687,877
632,840
429,115
and
profits taxes
excess
1940
$9,613,399
2,072,037
659,965
2,305,200
Manufacturing facilities include items formerly classified
Net profit.....
Earns, per sh. on com...
$4,576,197
$2,61
$1,253,929
$0.63
$217,107 loss$139,529
Nil
Nil
75-Cent Common Div.
Directors have declared a dividend of 75 cents per share on the common
stock, payable June 15 to holders of record May 24.
This compares with
50 cents paid on March 15, last, and on Dec. 16, 1940, and dividends of
25 cents paid in the three preceding quarters, the April 1, 1940, dividend
being the first common dividend paid since Dec. 20, 1937, when 75 cents
per share was distributed.—V. 152, p. 2107.
,
The Commercial Markets and the
,
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
8 lots.
COMMERCIAL EPITOME
Friday Night, April 25, 1941.
Coffee—On the 19th inst. futures closed 4 to 7 points net
higher for the Santos contract, with sales totaling 19 lots.
The market ruled steady in light trading today.
Most of
the activity represented evening up for the week-end.
For
the week prices were 10 to 4 points lower.
Apart from the
renewed demand for actuals, there was nothing much in the
run
of the
news
to stimulate
activity.
At the moment with
the Government watching prices of all commodities, some
caution has developed in the market.
Visible supplies of
all kindsfof coffee in the United States today were 2,977,000
bags, which compares with 1,519,000 bags for the similar
period a year ago.
On the 21st inst. futures closed un¬
changed to 4 points lower for the Santos contracts, with
sales totaling 19 lots.
Trading dwindled to an insignificant
amount in
the coffee futures market today but the tone
steady.
The market appeared to be marking time
pending broadening in demand for actuals.
There were
reports in the market that the overall allotment of 355,000
bags to the non-signatory countries had been filled, but this
was
was
not
confirmed.
Brazil
last
week
shipped
274,000
bags of coffee, of which 249,000 were for the United States.
There were no shipments to Europe and elsewhere ? the total
amounted to 25,000 bags.
On the 22d inst. futures closed
12 to 16 points net lower for the Santos contract, with
sales totaling 327 lots.
The Rio contract closed with de¬
clines of 17 to 16 points, with only 5 contracts traded.
Heavy concentrated selling of Dec. and Mar., 1942, con¬
tracts by a house usually acting for Brazilian
account,
brought losses of 12 to 34 points to Santos coffee.
Buying
appeared on a scale down, but was not sufficient to absorb
the selling.
Traders were at a loss to explain the sudden
deluge other than possible fears that the Inter-American
Coffee Board might vote to increase quotas.
There was
nothing in the actual market to indicate the trend, in fact
Colombian coffees, only yesterday, were reported to have
improved in price.
In Barzil the only change was a 200-reis
decline in the price of spot Rio 7s, offsetting a similar ad¬
vance
earlier in the week.
8 to 12
On the
23d
inst. futures closed
points net lower for the Santos contract, with sales
totaling 94 lots.
There were two contracts traded in the
Rio Sept. delivery, which closed 4 points off.
In the early
trading Santos coffee was 10 to 11 points lower on a con¬
tinuation of the selling which touched off the
sharp decline
of yesterday.
The tone was steady on the decline and so
far the only explanation for the concentrated
selling was a
desire to take profits.
This may be merely a safety measure
in anticipation of an early meeting of the Inter-American
Coffee Board, at which quotas may be lifted or fixed for the
1941-42 year.
Based on stocks in this country and what is
known about consumption, it would ap/pear improbable that
this year's quota will be lifted, one observer states.
On the 24th inst. futures closed 3 points off to 2
points up
for the Santos contract, with sales totaling 72 lots.
The Rio
contract closed 1 to 3 points net lower, with sales
totaling
Santos coffee
was
steady in tone following the decline
which resulted from heavy profit taking sales in the week.
Tomorrow will be first notice dav for May contracts. Heavy
tenders
are
expected.
How these
are
received will be im¬
marketwise.
The United States Department of
Commerce announced today that 74.3% of the 1940-41
quota had been filled bv imports up to April 15. The Inter-
portant
American Coffee Board decided to obtain weeklv from pro¬
ducing countries data on the amount sold against the quotas
and officially registered for shipment here.
Today futures
closed 2 points off to 3 points up for the Santos contract, with
sales
totaling 20 lots. The Rio contract closed unchanged,
totaling 23 lots. First notice day for Mav con¬
brought 146 Santos and 5 "A" notices. Santos futures
were 5 points lower in early trading, but rallied to a level
5
to
8 points higher when
the notices appeared to be
"stopped" without undue circulation.
In Brazil the spot
price on Rio 7s was off 400 reis.
The actual market here
was quiet and
steady.;"' y ■ vy.-—':':
with sales
tracts
Rio coffee
prices closed
March, 1941—
-
Santos coffee
May...
July
—
follows:
as
—5.90! July—_
6.10 j September—
—
May
v,
—
;
—6.30
—.....6.49
prices closed
as follows:
....9.02 December
~
9.21 March, 19429.39
.
....
September—..
___9.52
9.64
Cocoa—On the 19th inst. futures closed 7 to 4 points net
Sales totaled only 119 lots.
It was a quiet short
lower.
session, with the market ruling heavy during most of the
time.
Cocoa futures advanced about 10 points the past
with manufacturers and speculators noted as ag¬
gressive buyers.
The latest price raising impetus was the
cable from London indicating that New York importers
would have to accept "ships delivery order" in the future on
cocoa
from West Africa.
Warehouse stocks dropped to
1,343,245 bags today.
Last week there were 27,971 bags
received and 9,581 bags delivered from warehouses.
Ar¬
rivals last week amounted to 219,273 bags bringing the total
so far this month to 398,284 bags and for the year to 1,949,278
bags.
Local closing: May, 7.16; July, 7.25; Sept., 7.31;
Oct., 7.33; Dec., 7.40.
On the 21st inst. futures closed 5
points to 1 point net lower, with sales totaling 137 lots.
Thursday will be the first notice day for May. The latest
open interest figures Saturday showed May with 451 lots
week,
open.
house
Trading
on
the floor
was
mixed, with commission
Arrivals yesterday
buying noted during the afternoon.
totaled 3,111 bags, bringing the total so far this month to
401,395 bags ana so far this year to 1,952,389 bags. Ware¬
house stocks dropped to 1,341,614 bags yesterday.
Local
closing: May, 7.14; July, 7.20; Sept., 7.30; Oct., 7.32; Dec.,
7.39. On the 22d inst. futures closed 5 to 3 points net higher,
with sales totaling 527 lots.
Wall Street buying brought a
strong rally in the cocoa market when prices this afternoon
stood 7 to 8 points higher, with May selling at 7.21c., up
7
points.
Sales to that time totaled 475 lots, indicating
unusual activity.
The
lots, an increase of 52.
lots to a
total of 434.
open
interest this morning
was
7,142
The May interest was reduced 17
Thursday will be first May notice
The Commercial & Financial
2728
Warehouse stocks decreased 2,100 bags.
The total
bags compared with 1,055,000 bags a year
ago.
Local closing: May, 7.19; July, 7.25; Sept., 7.34;
Dec., 7.43; Jan., 7.46; Mar., 7.53. On the 23d inst. futures
closed 2 to 4 points net higher, with sales totaling 235 lots.
day.
now
is 1,339,519
Wall Street continues to buy cocoa
today
on
the war news,
Turnover to earlv afternoon was
At that time prices were 1 to 2 points net higher
but in reduced volume.
150 lots.
1 point. The open interest
lots. Tomorrow will be first
notice day.
Total open interest in cocoa is 7,085 lots, a
decrease of 57 lots from the previous day.
Warehouse stocks
increased 1,400 bags overnight.
They now total 1,340,978
bags compared with 1,056,724 bags a year ago.
Arrivals
continue at record rate. So far this month they have totaled
410,069 bags against only 129,099 bags during the com¬
parable period last year.' So far this year arrivals have
reached 1,961,063 bags compared with 1,136,585 bags a
year ago.
Local closing: May, 7.21; July, 7.28; Sept., 7.36;
with May selling at 7.20c., up
in May has been reduced to 374
Dec., 7.47; Jan., 7.50.
On the 24th inst. futures closed 5 to 7
May brought no unpleasant
repercussions.
the
for
were
bags compared with 1,064,499 bags a year ago.
Local
closing: May, 7.16; July, 7.23; Sept., 7.30; Dec., 7.40;
Mar., 7.50. Today futures closed 12 to 16 points net lower,
with sales totaling 290 lots.
Reports current that Washing¬
ton is considering an exercise tax on cocoa as a means of
raising revenues, caused selling which set the market back.
During early afternoon July cocoa was at 7.15e., off 8 points.
The trade heard that seven vessels are enroute from West
Africa to the Umted States with cocoa cargoes.
Local clos¬
ing:
May, 7.02; July, 7.07; Sept., 7.17;
Dec., 7.28; Mar.
7.34.
Sugar—On the 19th inst. futures closed 4 to 5 points net
higher, with sales totaling 151 lots.
In response to the jump
in the price of raw sugar after the close on Friday and the
Saturday morning announcement by the sugar section of
the Agricultural Adjustment Administration that the do¬
mestic beet and cane production acreage restrictions will
not be relaxed, sugar futures developed considerable firm¬
ness.
Earler this year the sugar section set beet acreage
at 820,000 acres, or 16% below the previous year.
Recently
the congressional beet bloc had been makiilg a determined
effort to have the restrictions lifted completely.
In the
scattered liquidation put prices down
% points to unchanged.
Sales were 54 lots. For the week
prices were % to 2 % points higher.
On the 21st inst. futures
closed 1 to 2 points net higher for the domestic contract,
with sales totaling 570 lots.
The forward movement which
developed late last week with the revival of demand at ad¬
vancing prices in the raw market was carried into the new
week, and domestic futures rallied 1 to 2 points in heavy
trading.
A substantial part of the buying represented hedge
lifting against sales of actuals, and more than half of the
day's total was in Sept. at 2.48 to 2.50c.
Switching was
heavy also.
In the world contract trading totaled only
33 lots and prices were irregular at % point higher to %
point lower.
On the 22d inst. futures closed 1 to 2 points
world sugar contract
1
net lower for the
domestic contract, with sales totaling 210
closed unchanged compared
with previous finals, with sales totaling 33 lots.
Not much
was offered in the raw market but buyers too were not reach¬
ing.
At 3.40c. were 10,000 bags of Puerto Ricos, clearing
Apr. 24, and 10,000 bags clearing Apr. 30, while a cargo lot
for May was held at 3.45c. in addition to 8,000 tons of
Philippines due May 28, 4,000 tons Apr. shipment and a
cargo of Cubas, May clearance.
Washington reports indi¬
cated that the United States Department of State had
insisted that the Department of Agriculture leave the main¬
land beet and cane acreage unchanged in order that any
Philippine deficit might go to Western Hemisphere producers,
other than Cuba, which are now faced with large surplus
stocks because of the contraction of the European market.
On the 23d inst. prices closed 2 points off to 2 points up,
lots.
with
market
was
available
one
10,000 bag lot of Puerto Ricos clearing today
bid of 3.38c., while other offers were un¬
on a
from 3.40 to 3.45c. Cables
65,500 tons shipped from
April 1 to 15, bringing total shipments since last Nov. 1 to
about 55% of the Philippine quota.
Although about 160,000
tons are afloat from the Philippines, trade sources estimate
that little of that sugar remains unsold.
Today futures
closed unchanged to 2 points net higher for the domestic
contract, with sales totaling 397 lots.
The world sugar con¬
tract closed 2 points up to % point off, with sales totaling
changed in Volume and price at
the Philippines reported
from
1 point lower in early afternoon
during the earlier trading. The
raw sale vesterday at 3.31c., off 9 points—a 10,000 bag lot
of Puerto Ricos then loading—was not followed by further
pressure.
One parcel lot of Puerto Ricos, due early in May,
was offered at 3.35c., but other sugars were held at 3.40c.
and up.
Refiners are not able to handle further nearby
sugars.
Concessions may be the mode on certain lots where
space has been booked.
Domestic
44 lots.
after
sugar was
decline of 2 points
a
Prices closed as follows:
May.
.2.46
...2.48
2.441 January
2.44 March......
2.4 71
...
..I
July
September...
Nineteen Bahia
stopped by manufacturers. Mav this afternoon
stood at 7.27c., up 7 points.
Turnover to that time was
225 lots.
The open interest todav was 7,043 lots, a decrease
of 42.
The open interest in May before trading started was
339 lots, a decrease of 35.
The trade hears that several boats
not listed are afloat with cocoa from West Africa.
Ware¬
house stocks increased 3,900 bags.
They total 1,344,856
notices
raw
points net lower,
with sales totaling 278 lots.
During the early trading
market was firm within a narrow range.
First notice day
April 26, 1941
Chronicle
closed 10 to 15 points net
Lard—On the 19th inst. futures
higher.
The opening range was 5 to 7 points net lower.
Relatively heavier receipts were reported in the last three
days, forcing the top at Chicago below the $9 level.
Total
receipts at the 12 Western markets were 286,700 head last
week as compared with 248,585 in the same period ended
Apr. 19, 1940, and with 254,534 head a week ago.
On the
21st inst. futures closed 3 to 5 points net lower.
The open¬
ing range was 2 to 10 points net lower.
Trading was rela¬
tively light.
Hogs opened steady today with the early top
at $8.80, but in slow trading losses of 10c. on some sales were
noted.
Chicago hog receipts amounted to 18,500 head with
the range in price quoted at $8.65 to $8.75.
Receipts at
Western centers were 75,800 head as compared with 62,400
head for the same day a year ago.
On the 22d inst. futures
points net lower.
The market ruled heavy
during most of the session in sympathy with lower hog mar¬
kets.
In early trading hogs were 10c. off on the average,
with the top at $8.75.
Chicago hog receipts amounted to
19,000 head today, with the price ranging from $8,60 to
$8.70.
Receipts at Western centers were 83,100 as com¬
pared with 54,600 a year ago.
On the 23d inst. futures
closed 18 to 12 points net lower.
Lard futures declined
today despite recovery in the hog market.
Declines at one
time amounted to 18 to 20 points.
At Chicago a few sales
closed 7 to 13
good to choice hogs in the 180-240 pound class were made
higher than Tuesday's average, with a top of $8.85
reached.
Receipts at Chicago were reported as 15,500 head,
with the total for the Western centers 59,100 head, as com¬
of
10 to 15c.
pared with 53,500 head
a year ago.
On the 24th inst. futures closed
Neither lard futures
nor
5 to 7 points net higher.
hogs made much headway today
although hog slaughter fell below last year's level for the
time.
At Chicago hog receipts totaled 17,000 head,
with the asked price $8.75 to $8.90.' Hog receipts at the
major Western markets were 66,300 head as compared
first
with 69,700 a year ago.
Today futures closed 7 to 8 points
higher.
The market was firm, and was
largely by the strong grain and hog markets.
net
DAILY CLOSING
PRICES OF LARD
influenced
FUTURES IN CHICAGO
Wed.
Thiers.
Fri.
Sat.
I
Tues.
8.22
8.75
8.57
8.62
9.00
8.92
8.77
8.82
9.25
October
Mon.
8.85
9.05
May
July
9.20
9.10
8.95
9.02
9.10
9.35
9.30
9.17
9.05
9.10
9.17
8.70
8.90
December
The world sugar contract
sales
totaling
188 lots.
The
world
sugar
contract
closed 1 % to 2% points net lower, with sales totaling 34
lots.
Cuban buying rallied the sugar market from a decline
this morning to advance prices 1 to 2 points net higher during
early afternoon.
The market reflected the firm attitude
of sellers of raw sugars and the known fact that refiners'
stocks continue below normal for this-season
Offers in the
market comprised bags of
of the year.
nearby Puerto
Ricos at 3.40c.; 10,000 bags at 3.43c.; a cargo for May at
3.45c., and two parcels for late May on which bids were
solicited.
May Cubas were held at 3.45c. as were Philip¬
pines for May arrival and Apr. shipment.
Refined sirups
was understood to be accepting May delivery orders at $5
against the $5.10 quotation of leading cane refiners.
On the 24th inst. futures closed 1 to 2 points net lower,
with sales totaling 129 lots.
The world sugar contract closed
1% to % point lower, with sales totaling 15 lots.
In the
raw
Pork—(Export), mess, $27.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $20.25 (200 pound barrel).
Beef: (export), steady.
Family (export), $20.25 per barrel
(200 pound barrel).
Cut Meats: Steady.
Pickled Hams:
Picnics, loose, c.a.f.—4 to 6 lbs., 13 %c.; 6 to 8 lbs., 13%c.;
8 to 10 lbs., 13 %c.
Skinned, loose, c.a.f.—14 to 16 lbs.,
21 %c.; 18 to 20 lbs., 19%c.
Bellies: Clear, f.o.b. New
York—6 to 8 lbs., 17%c.; 8 to 10 lbs., 18c.; 12 to 14 lbs.,
15%e.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to
18 lbs., not quoted; 18 to 20 lbs., 12c.; 20 to 25 lbs., 12c.;
25 to 30 lbs., 11 %e.
Butter: Firsts to Higher than Extra
and Premium Marks:
29% to 333^c.
Cheese:
State, Held
Mixed
'39, 24% to 25%c.; Held '40, 22% to 23 %c. Eggs:
Colors, Checks to Special Packs: 20% to 24c.
Oils—Linseed oil is reported
relatively quiet, with tank
10.0c. to 10.2c.
Quotations: Chinawood—
Tanks, spot, 28 %c. offer; drums—30 %c. offer.
Coconut:
Crude, Tanks, nearby—.06 to
.06% nominal; August
forw-ard—.06% bid; Pacific Coast—not quoted.
Corn:
Crude: West, tanks, nearby—.09% bid.
Olive: Denatured:
Drums, spot—$2.60 bid. Soybean: Tanks, Decatur basis—
cars
quoted
.08 bid.
Edible: Coconut: 76
degrees—11% bid.
Lard: Ex.
prime—11% offer; strained—11 offer. Cod, crude—
qunted.
Turpentine: 48% to 50%. Rosins: $2.17 to
winter
not
$3.41.
Cottonseed
contracts.
Oil sales
yesterday, including switches, 177
Prices closed as follows:
Crude S. E., val. 8%c.
November
9.26®
9.27® 9.29
9.30®
n
December
9.31 @
May
9.15@ 9.23 September
June
9.18®
July
August
9.19®
9.23®
n
n
October
9.33
Volume
Rubber—On the 19th inst. futures closed 6
points higher
points net lower.
Sales totaled 120 tons in the old
contract, including 30 tons which were exchanged for physicals and 230 tons in the new standard contract.
The outto
2
side market
also
was
quiet but slightly firmer.
Spot stand-
1-X ribbed smoked sheets in cases was
ard No.
offered at
2334c. per pound.
Local closing: Apr., 22.75; May, 22.75;
June,. 22.01; July, 21.86; Sept., 21.40.
On the 21st inst.
futures closed 5 to 4 points net higher.
Sales totaled 1,040
tons in the old contract, all exchanges for actuals and 70
tons in the new standard contract.
Heavy exchanges for
was the feature of the crude rubber futures market
In the old May delivery there were 104 lots ex-
physicals
today.
changed for physicals.
trader believed
to
The transaction was made by one
a factory
account.
The actual
be for
market
was also quiet and steady.
Only scattered buying
reported by small and medium sized factories.
Spot
standard No. 1-X ribbed smoked sheets in cases remained
was
unchanged to 2334c. per pound.
Local closing: Apr., 22.80;
May, 22.80; July, 21.90; Sept., 21.45; Dec., 21.15.
On
the 22d inst. futures closed 26 points off for the May contract, with the rest of the list 10 to 18 points net higher for
the new standard contract, with sales totaling 75 lots.
There
were 26 contracts traded in the No. 1 standard, all in the
May delivery.
Switching operations were a feature of the
trading in rubber.
Liquidation of nearby positions and
replacement buying in deferred months caused a checkered
market.
May old lost 20 points with sales at 22.60c.
At
the same time July new sold at 22.15, up 25 points.
The
action of May caused some surprise as it did not indicate
as tight a spot
position as had been suspected.
Sales to
early afternoon totaled 78 lots, mostly in new contracts.
The open interest decreased 103 lots to 1,535.
Certificated
stocks decreased by 30 toils, now totaling 850 tons.
London
dosed unchanged to 34d. lower.
Singapore was 1-32 to
l-16d. higher.
On the 23d inst. futures closed 10 to 4 points
net lower for the new standard contract, with sales totaling
•*Viere T.ere
*7
t
standard
34 C0Iltracts traded m the No. 1
May delivery, which closed 8 points net lower.
heavy especially during the latter
part of the day s session.
During the early afternoon the
market was a shade lower with July selling at 22.04c., off
only 1 point.
Turnover to that time was 53 lots.
The May
position has been reduced to 262 lots.
Reports from the
East state that recent large purchases by the Rubber Reserve Co. have pretty well cleaned up the supply.
London
closed 34 to 5-16d. lower.
Singapore was unchanged to
3-32d. lower.
Local closing: New Standard: July, 21.95;
The rubber market ruled
Sent
5Q
21
On'the
for the
There
Nn
1
StnnrWd-
99
24th inst. futures closed 5 to
new
were
io
points net higher
standard contract, with sales totaling 40 lots.
16 contracts traded in No. 1 standard, all in the
12 points net higher.
The
irregular. Prices during early afternoon
were 7 points net higher to 8 points lower, with July selling
at 22.02c., up 7 points.
There was scattered buying in that
position.
Turnover to that time was 30 lots.
The open
position in May is gradually being liquidated. It stood at
254 contracts this morning.
Total open position is 1,336
contracts, chiefly in July where 740 lots are outstanding,
The London market closed unchanged to l-16d. lower,
Singapore was quiet and unchanged.
Local closing: new
standard: July, 22.05; Sept., 21.65; Dec., 21.25.
Today
futures closed 32 to 27 points net higher for the new standard
contract, with sales totaling 84 lots.
Only one contract
traded in No. 1 standard, and that in May delivery which
closed 28 points up.
Rubber was firm on buying attributed
to a shortage of shipping and fears that no sizable quantity
of rubber will arrive from primary countries for several
weeks.
Prices during early afternoon were 35 to 37 points
higher, with July selling at 22.40, up 35 points and a new
high price for the season. Sales to that time totaled 76 lots,
of which 80 tons were exchanged for physical rubber.
Open
interest this morning was 1,558 lots, a decrease of one.
Singapore closed 14 to 3-32d. higher. London was unchanged
to l-16d. higher.
Local closing: new standard: July, 22.37;
Sept., 21.90; Dec., 21.52.
May
delivery,
rubber market
which closed
was
Hides—On the 19th inst. futures closed 8 to 15 points net
principally from commission house and
Buying support was limited and fairly well
scattered.
Sales totaled only 72 lots.
A fairly active actual
hide business was transacted in the Chicago packer market
last week with the April take-off hides commanding a 34c.
premium.
Between 75,000 and 100,000 hides were sold
principally to tanners.
Local closing: April, 13.42; June,
13.62; Sept., 13.72; Dec., 13.74; March, 13.82.
On the 21st
inst. futures closed 11 to 16 points net higher in a quiet
session today.
There were 78 lots traded on the Exchange,
The June delivery was exchanged for the December position
at 15 points.
Most of the activity was commission house
sources operating on both sides of the market.
In Chicago
packers sold 1,000 April, light native cows at 1434c.; 900
April native steers at 1434c. and 1,200 St. Paul light native
cows at 1434c.
Local closing: New Standard: June, 13.76;
Sept., 13.85; Dec., 13.90.
On the 23d inst. futures closed
3 to 6 points net lower.
At one time during the session the
market registered gains of 11 to 15 points.
Sales on the
Exchange totaled 90 lots.
The June was switched for the
September delivery at a discount of 10 points during the day
and was done at 5 points on the closing call.
There also were
lower.
trade
2729
The Commercial & Financial Chronicle
152
Selling
came
sources.
.
about 2,300 rejected heavy frigorifico steers sold in Argentina at 12
The resale business in the local market was
fair mostly for South American hides. A heavy amount of
packer hides were sold to tanners today and late Monday
afternoon. The total is in the neighborhood of 42,000 hides,
22,000 calfskins and 32,000 hides in South America. Local
closing: June, 13.72; Sept., 13.77; Dec., 13.87; March, 13.90.
On the 23d inst. futures closed 1 to 4 points net lower. Sales
totaled 58 lots. Although no more hide sales were reported
in Chicago or South America, a large amount of packer
calfskins were traded. About 59,000 calfskins were sold
with the Northern heavies at 29c., up I4c.; lights at 25c., and
river point heavies at 27Hc. Local closing: June, 13.70:
Sept., 13.76; Dec., 13.85.
On the 24th inst. futures closed 12 to 2 points net higher,
Sales totaled only 54 lots. Switching operations made up a
good portion of the trading. The June contract was switched
for the December delivery at a discount of 15 points during
the day. Only 15,000 hides were reported sold to tanners in
the Chicago packer market yesterday. Native steers, butt
brands and river point light native cows were sold at steady
prices. Local closing: June, 13.70; Sept., 13.76; Dec., 13.85.
Today futures closed 6 to 8 points net higher, with sales
totaling 22 lots. Raw hides opened about unchanged. The
market was steady during the morning and prices by early
afternoon were about 4 points higher on a turnover of 4 lots,
Traders were awaiting developments in the packer hide
market. Open interest this morning stood at 1,453 lots, an
increase of 4. Local closing: June, 13.85; Sept.; 13.93.
Freights—An active interest in ships with few
offering continued the feature of the chartering
Charters included: Time Charter: West Indies
Ocean
bottoms
market.
Canadian trade, $9 to $11
trade, $9 to $11 asked per ton.
ton.
North of Hatteras-South African trade,
$7.50 to $8 per ton.
North of Hatteras-East Coast South
America, $8 to $9; West Coast, $8 to $9 per ton. United
States Pacific-Far East, $8.25 per ton.
Sugar: Philipoines
asked
per
to United States Atlantic, $25 bid, asking $30.
Queensland
John, $21 per ton.
Coal: Hampton Roads
to Rj0 de Janeiro, $7 to $7.50 asked per ton.
Hampton
Roads to Montevideo, about $7.50 asked per ton. Hampton
Roads to Lisbon, $16.
Ore: South Africa toJBatteras, $17
to
Halifax-St.
fj.0.
Brazil to Sydney, N. S., $12.50 per ton;
Philippines to Baltimore, offers
Flour: Pacific Coast to Hong Kong, $27 per ton.
ton;
per
Takoradi
scarce.
to
Baltimore.
Linseed: Plate to North of Hatteras, $25 per ton.
^
.
.
,
.
„
w
v.
,
,
,
.
,,
»,
,
Coal-Advices from Washington state that the soft coal
strike cut bituminous mine operations in the week ended
April 19 to only 11.5% of capacity, according to the National
Coal Association O^ut to toe
approximately 1,375,000 net tons, compared with 7,297,000
^ar10ea^' a dfreas® f,8}J
„weel^en^d
April 12, 1941, production totaled 1,250,000 tons. For the
year. to da1fc^u-tput
H'SPJJ? a
decline of 2.9% from the 141,409,000 tons produced m the
corresponding 1940 period.
aA
Wool—On the 19th inst. futures closed 1 to 4 points net
higher for wool tops.
Spot tops were quoted at 124c. nominal.
In grease wool the only dealings were in the October
position which traded 2 points up at 93c. Three lots or
18,000 pounds clean equivalent of wool were sold.
The
closing was quiet, with bid prices unchanged to 1 point off.
Spot wool was 92.1c. bid and 93c. asked.
The recent quietness in the futures markets has reflected slow business in
domestic raw wool centers.
Advices from Boston received
during the week stated that only moderate quantities of wool
were moving in that market.
Local closing: Wool tops:
May, 123.5; July, 121.0; Oct., 117.6; Dec., 116.1.
Grease
Wool: May, 92.1; July, 92.3; Oct., 92.8.
On the 21st inst.
futures closed 2 points off to 6 points up for wool tops,
Sales were estimated at about 25 contracts or 125,000 pounds,
against 25,000 officially reported for Saturday.
Spot tops
were quoted at 124.0c. nominal.
Grease wool dealings were
limited to transactions in the October position at 92.5c. a
pound. Closing bid prices were 3 to 5 points net lower.
Sales were three lots, or 18,000 pounds clean equivalent of
wool. Spot wool was 91.0c. bid and 93.0c. asked. Boston
reports said that raw wool quotations there were steady, but
that sales were rather limited. Local closing: Wool Tops:
May, 123.3; July, 121.2; Oct., 118.0; Dec., 116.3. Grease
Wool: May, 91.8; July, 91.9; Oct., 92.3.
#
^2d inst. futures closed 2 to 3 points net higher,
with sales estimated at 175,000 pounds, which compares
with the official report of 120,000 pounds m the previous
session. The spot price was 124.5c. nominal. Trade houses
were the principal buyers, commission houses and local
interests the sellers. Switching m modest volume was
effected between July and October. Net gams oi 9 to 12
points were registered in grease wool futures on estimated
sales of 30,000 pounds. Spot grease wool was quoted at
92.2c. bid. Trading in raw wool mthe Boston market
continues slow. Local closing: Wool Tops: May, 123.7;
July, 121.5', Oct., 118.5; Grease Wool: July, 93.0; Oct.,
92.5. On the 23d inst. futures closed unchanged to o points
Although wool top futures started out quietly, trading
broadened out considerably as the session progressed.
Estimated sales were 175,000 pounds of tops against an
official volume of 180,000 m the previous session. The spot
price, at 124.5 nominal, was unchanged,
lhe grease wool
up.
The Commercial & Financial Chronicle
2730
market
closed
3 points net higher.
Spot
Volume in the grease wool
futures market was estimated at 150,000 clean equivalent
pounds, and was the best in several weeks.
The market
at one time showed net gains of 6 to 7 points.
Local closing:
Wool Tops:
May, 123.7; July, 121.5; Oct., 118.7; Dec.,
117.0.
Grease Wool: May, 93.4; July, 93.6; Oct., 94.0.
On the 24th inst. futures closed 2 points off to 3 points up.
Hales were estimated at 175,000 pounds, compared with an
official volume of 165,000 in the previous session.
Spot tops
were quoted at
124.5c., nominal.
Trading in grease wool
futures meanwhile tapered off, sales being estimated at only
42,000 clean equivalent pounds, against 144,000 in the
previous session.
The tone continued firm, however, with
final prices 2 to 3 points higher.
Spot grease wool was
quoted at 93.5c., nominal. Local closing: May, 93.2; July,
93.4; Oct., 93.8.
Today futures closed 5 to 7 points net
higher for wool tops, while grease wool futures closed 1 to 2
points net higher. The volume of trading in wool tops con¬
tinued limited today, with total sales to midday estimated
about only 25,000 pounds of tops.
Trading was confined to
the October and December positions.
Grease Wool moved
at firmer prices today and trading volume showed some im¬
provement.
Total transactions to noon were estimated in
trade quarters at approximately 60,000 clean equivalent
pounds of grease wool, against 42,000 clean equivalent pounds
in all of yesterday's session.
Blow business in the futures
grease
unchanged to
wool traded at 93.4c.
market reflected dull conditions in domestic
raw
wool
cen¬
Wool Tops: May, 124.5; Oct., 119.2;
Grease Wool: May, 93.4; Oct., 93.9.
Local closing:
ters.
Dec., 117.5.
Silk—On
the 21st inst. futures closed
deliveries
ward
lc.
lower to
Commission
caused
raw
house interest
silk
were
futures
to
close
lower.
changed hands.
One more transferable notice was issued
against the April delivery, briging the total so far this month
notices.
176
Futures
in
the
Yokohama
market ruled
irregular with the nearby deliveries 3 to 2 yen off while the
positions ranged 2 to 6 yen higher.
Grade D
remained the same at 1,500 yen.
Spot sales in both markets
forward
amounted to 400 bales while futures
1,050 bales.
Local closing:
'-
Liquidation and hedge
reported in the silk market where losses this
selling the nearby contract and buying the forward deliveries.
Japanese selling in the far forward positions was again noted
today.
Two more transferable notices were issued against
the April contract, bringing the total so far to date to 178
notices.
The primary markets ruled slightly better
today.
Futures at Yokohama ranged 1 to 14 yen
higher while
Grade D eased 5 yen to 1,485 yen.
Spot sales in both
markets amounted to 210 bales, while futures transactions
equaled 3,975 bales,
Local closing: April, 2.73; May, 2.73;
July, 2.75; Sept., 2.76^; Oct., 2.76.
On the 24th inst. futures closed 3 to 4c. net
sales totaling 43 lots, all in the No. 1 contract.
higher, with
Trading was
active, but the market ruled firm during most of
9,601
Totals this week.
40,842
4
51
1
17,753
8,524
4,540
16,491
6,017
5,838
4,249
7,886
35
6,014
12,181
61,959
following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
with last year:
1940-41
Receipts to
April 25
1939-40
This
Since Aug
Week
1, 1940
Galveston
4,540
m,
Beaumont
New Orleans
mm
Since AUfj
Week
1,1939
10,529
51
-
-
-mm
GulfportMobile
-----
29,097
761
13
3
Jacksonville.,*
Savannah
«.
3,676
Charleston
46,231
15,517
Lake Charles
29,147
3
Wilmington
Norfolk.......
6,600
19,271
32
35
,
'
^
^
^
^
;
New York
8
596
**«•«
—
Boston...
Baltimore
-
—
—
—
760
704,257
39,709
91,815
685,151
53,377
-
73,332
*
1,011
1,460
120,161
28,719
4,221
9,743
26,931
147,660
35,432
23,273
11,400
27,734
6,821
500
1.299
-
654
64.769
1,971
-
.....
663,049
948,360
71,736
105,351
495,108
54,493
162,214
54,593
1,882
62,380
38,470
45,970
8,715
20,822
29
1940
936,597
-
26
-
Pensacola
1941
15,697 1,692,148
41,153
15,022 2,002,040
19
178,826
255
67.185
14,664 2,342,224
604,948
15,596
16,491 1,176,751
148,649
8,588
957,447
40,842
Houston
Stock
This
•
Brownsville
Corpus Christi—
Totals
*
1,291
1,275
18,892
In order that comparison may
we
be made with other years,
give below the totals at leading ports for six seasons:
Houston..
1939-40
1940-41
Receipts at—
Galveston
16,491
40,842
yen to 1,505
bale. Local closing: No. 1 contract: April, 2.76; May,
2.76; June, 2.77; July, 2.79; Aug., 2.79; Sept., 2.79K; Oct.,
2.79.
Today futures closed 4 to 2c. net higher, with sales
totaling 120 contract, all in the No. 1 contract. Trading in
silk was fairly active although the
Japanese markets observed
a
holiday.
Commission houses were reported sellers but
Japanese interests were credited with absorbing offerings.
Sales to early afternoon totaled 55 lots.
Forty bales were
tendered for delivery on the April
contract, bringing the
total for the month to 1,880 bales.
Today was the last day
yen a
which notices could be issued.
In the spot market crack
double extra silk was unchanged at $2.81
a
1937-38
795
1936-37
5,407
6,444
29,170
Mobile—
51
3,676
3,549
5,344
1,365
Savannah.
35
3
172
8
154
562
641
...
Orleans.
14,664
Charleston
Wilmington
Norfolk
3,132
3,828
7,290
2,037
1,247
3,982
25,847
7,094
1,794
963
657
963
591
296
351
678
812
573
44,904
20,044
'
973
455
264
957
50,671
61,959
1935-36
4,607
767
500
32
596
New
12,397
45,944
1
Since Aug. 1.. 3,069,158 6,737.514 3,243,022 8,885,835 6,015.695 6,340,725
The exports for
the week ending this evening reach
a
total
of 441 bales, of which 400 were to Great Britain and 41 to
China.
In the corresponding week last year total exports
For the
47,742 bales.
were
date aggregate exports
season to
have been 726,382
bales, against 5,527,744 bales in the same
period of the previous season.
Below are the exports for
the week:
Week Ended
Exported to—
April 25, 1941
Great
Exports from.—
Ger¬
France
Britain
New Orleans
Italy
many
China
Japan
Other
400
41
41
441
400
Total
1940
6,943
Total
1939
400
""41
'
....
....
Total
Total
....
Los Angeles....
5,819
13,178
15,948
3,487
8,186
47,742
675
21,750
4,978
3,638
37,328
"468
From
Exported to—
Aug. 1 1940 to
Great
April 25, 1941
Exports from—
France
Italy
many
Orleans.
115,193
28,461
3,767 140,256
600
25,.505
53,067
170,540
35,311
28,461
3,559
3,559
314
York...
16,012
"974
Los Angeles..
Francisco
16,326
2,313
2,313
87,176
37,558
3" 579
36~017
6,606
17,873
9,637
6,221
4
3,827
Seattle
137
Total
Total
Total
59,066
295,741
....
Boston
San
Total
2,280
23,225
Mobile
Other
415
1,617
8,735
1,680
142,983
Corpus Christ!
China
Japan
2f,723
Houston
New
Ger¬
Britain
Galveston
New
higher.
1938-39
15,697
15,022
4,540
Norfolk
Turnover to early afternoon was 16 lots.
Sixty
on the April contract.
In the spot market
crack double extra silk advanced 234>c. to $2.81a
pound.
tendered
50,671 6,737,514 2,922.383 2,516,383
61,959 3,069,158
Included in Gulfport.
the session.
the Yokohama Bourse closed 16 to 24
yen
Grade D silk in the spot market advanced 20
1,768
5,731
Total
322
'
34
-
Fri.
75
1,689
The
bales
on
—
Thurs.
387
34
Total this wk.
accounted for 280 bales of the totaL510 bales were traded in
raw silk futures today.
Commission house interests were
Prices
13
All others
lower.
The price of
Grade D silk in the spot market was off 10 yen at 1,490 yen
a bale.
Local closing: No. 1 Contracts: April, 2.73; May,
2.73; July, 2.76; Sept., 2.76; Oct., 2.76On the 23d inst.
futures closed lc. lower .to 2c. higher.
Switching operations
were
2,415
14,576
...
On the
hama the Bourse closed 13 to 20 yen
very
2,158
4,839
5,609
2.763^;
afternoon range from \ l/i to 2c. on a turnover of 38 lots.
The open interest was 1,224 lots, up 1.
The price of crack
double extra silk declined 2c. to $2.79 a pound.
In Yoko¬
so
694
2,444
..
Mobile..
Savannah
Wed.
1,527
New Orleans
April, 2.75^5 May,
contracts, with sales totaling 59 lots.
not
Houston
Tues.
1,535
_
equaled
22d inst. futures closed 2c. to 3*/£c. net lower for the No. 1
were
Mon.
Sat.
Receipts at—
Galveston
transactions
July, 2.78; Aug., 2.79; Sept., 2.79^; Oct., 2.80.
selling
3,069,158 bales, against 6,737,514 bales for the same period
of 1939-40, showing a decrease since Aug.
1, 1940, of
3,668,3.56 bales.
noted buying the nearby
deliveries and selling the forward positions.
Bales totaled
470 bales.
During the last hour of trading today 310 bales
to
1941
un¬
Again selling from Japanese quarters in the for¬
changed.
April 26,
340,259
75,764
1939-40 1838,784 770,983
1938-39 428,469 377,530
33,456 545,876
408,977 277,831
137
49,836 260,523
726,382
834,788 378,925 1124932 5527,744
795,244 82.931 593,840 2964,82 2
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for—
April 25 at—
Leaving
Ger¬
Britain
France
Other
Coast¬
many
Great
Foreign
wise
Stock
Total
on
pound.
Open
Galveston
3,000
3,000
6",233
Houston
interest in the contract market was 1,263
lots, a decrease of
six.
Local closing: No. 1 contracts:
April not quoted. May,
New Orleans.
Savannah
2.80; July, 2.81; Aug., 2.81 H; Sept., 2.82; Oct., 2.82.
6,233
1,687
Mobile
COTTON
_
....
Charleston
Norfolk
Other ports....
,
-
Total 1941..
Total 1940.
The Movement
of
the
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 61,959
bales, against 68,555 bales last week and 59,025 bales the pre¬
vious week, making the total
receipts since Aug. 1, 1940,
grams
Total
-
.'firwWW
-
6,233
29,376
1939..
6",285
5,305
_
Friday Night, April 25, 1941.
Crop, as indicated by our tele¬
1,687
1,708
3",760
.....
33,614
20,578
4,687
3,000
4,006
Speculation in cotton for future delivery
active
during
and
the
past
week,
though
53,377
27,734
278,115
10,920 2,911,463
72,275 2.444,108
35,357 1,946,847
was
price
....
933,597
942,127
493,421
147,660
35,432
moderately
changes
were
There was little in the news to
stimulate bullish sentiment.
Spot sales in the South showed
narrow
irregular.
Volume
a
The Commercial & Financial Chronicle
152
general falling off.
The official quotation for middling upland cotton in the
New York market each
day for the past week has been:
Heavy rains
were reported in many
but this had little effect
sections of the belt the
past week,
marketwise.
On the 19th inst.
prices closed 2 to 5 points net lower.
slow steady stream of
April 19 to April 25—
Sat.
Middling upland 15-16 (nom'l)_l 1.43
A
at
on
time
one
on
Roosevelt and
a
report from Washington that President
average
on
Middling Fair
Strict Good
5 points lower to un¬
steady, 1 point higher to 2
points lower, in rather active
trading Bombay was a seller
of July, October and
December positions.
The South also
sold.
Trade buying and spot house
demand absorbed their
offerings.
It was noted that the
spot month was quite
firm, on short covering.
After the first call
changed.
The
opening
was
the
rallied
time
a
few
market
points when selling pressure relaxed for the
being, and
it was
noted
that
the
stock market was
firm.
The first hour
rally brought further selling
the ring which checked the
advance.
Thereafter the
market backed and filled without
quite
into
getting anywhere.
The
undertone was quite steady, with
prices around the opening
levels in early afternoon.
It is quite obvious that the
mar¬
ket is awaiting clarification of
the legislative situation re¬
specting cotton.
Reports from Washington state that a
special rule may be granted by the House
Rules Committee
this week giving the
right of way in the House to the
Fulmer bill providing for
mandatory loans of 75% of parity.
Today prices closed 2 to 6 points net
higher.
advanced
on
absorbed
Cotton
.
29-32
15-16
31-32
1 Inch
Inch
Inch
Inch
and Up
.4
.34
.45
on
.59 on
.67
on
on
.39
on
,53
on
.61
on
.73
on
.32
on
.47
on
.55 on
.67
on
.35
on
.10
on
.20
on
.21
off
.11
off
.78
on
.43
on
Basis
.07
on
.72 off
.62 off
.52 off
.46 off
.34 off
1.44 off
1.38 off
1.32 off
1.28 off
1.24 off
Middling
Low
on
.28
Strict Low Middling
Middling
.55 on
.17
on
Extra White—
Good Middling
.22
on
.32
on
Strict Middling
.10
on
.20
on
on
.55
on
Middling
.21
off
.11 off
Even
.07 on
.18
on
Strict Low Middling
Low Middling
.72 off
.62
off
.52 off
.46 off
.34 off
1.44 off
1.38 off
1.32 off
1.28 off
1.24 off
.34 off
.26 off
.12 off
.07 off
.46 off
.37 cff
.24 off
.19 off
.11 off
1.00 off
.92 off
.79 off
.74 cff
.68 off
.47
on
.55 on
.35
on
.43
.67
on
Spotted—
Good Middling
Strict Middling
...
aMlddling
a
.02 on1
Middling spotted shall be tenderable only when and If the Secretary ol Agri¬
culture establishes
a
type for such
a
grade.
,
Market and Sales
The total sales of cotton
week at New York
are
on
at
.>
...
>;
New York
the spot each
day during the
following statement.
indicated in the
For the
convenience of the reader we also show how
market for spot and futures closed on the same days:
Futures
Spot Market
Saturday
'Monday
Tuesday
WednesdayThursday
Friday
Total
the
SAJLES
Market
Closed
Closed
Nominal.
Nominal.
Nominal.
Steady-Very steady
Nominal.
Total
200
200
"800
"800
400
Steady
Steady
Barely steady.Steady
Nominal.
Nominal.
Contr'ct
Spot
400
500
500
1.900
94,677
1,900
33,600 128,277
—
week.
Since Aug. 1
Futures—The highest, lowest and closing
prices at New
York for the past week have been as follows:
Saturday
April 19
May (1941)
Range.
-
Closing
.
Monday
Tuesday
April 21
April 22
Wednesday
April 23
Thursday
Friday
April 24
A pnl 25
11.19-11.24 11.19-11.29 11.15-11.29 11.08-11.20 11.09-11.18 11.08-11.15
11.23
11.27
11.15
11.14
11.09
11.11
June—
mill contracts
spot cotton markets in the South.
On the 24th inst.
prices closed
11.31
.22 on
Middling
Good Middling
Strict Middling
buying side while hedge sellers, commission
Bombay supplied the contracts. Brokers with
purchased new crop deliveries. Bombay was
quite weak this morning but the
selling for Bombay account
here was moderate.
There was additional
switching out of
May into July. After the opening the market rallied 5 to 8
points on short covering of
May and mill buying to fix
prices. July was in fair demand as further
switching out of
May in advance of first notice day next
Friday was done.
Repossessions of loan cotton continues to be the feature of
'"V-V*.
K
Trade interests and New Orleans
operators
the
Fri.
11.29
15-16 inch cotton at the 10 markets
over
Inch
hypothecated by loans totaled 10,401,144 bales,
compared with 9,332,920 bales last year. Spot firms
report
the demand for cotton
by Southern mills slowed up the last
week.
There is practically no demand for new
crops, but
demand for export to
Japan has improved.
The average
price at 7 designated spot markets for
middling was 11.19c.
On the 22d inst.
prices closed 8 to 15 points net lower. Heavy
Southern selling and
selling by spot interests, together with
uncovering of stop loss orders, brought about a decline in
cotton in late
trading today.
The opening range was 1
point higher to 2 points lower, the market later
rallying to
gains of 2 to 7 points on trade
support.
However, on the
advance to 11.23c. for
Oct., hedging and Southern selling
increased.
Spot interests sold about 5,000 bales of Oct. up
11.23c., and later sold about 8,000 bales of
May, July and
Oct., catching the local traders
long and uncovering stop
loss orders.
Repossessions continue heavy. The CCC reports
1,217,761 bales of 1940 loan cotton
repossessed through
April 18. With pledges totaling 3,154,351
bales, this leaves
loan stocks at 1,936,590 bales. On
the 23d inst. prices closed
2 points off to 3
points up. Cotton reversed an early upward
trend under pressure of
hedge selling and liquidation caused
by nervousness over war news. Mixed
trading caused an
irregular opening with prices 2 points higher to 3
points lower
were
Thurs.
11.34
White—
or
houses and
premiums
April 24.
on
.
first call.
Wed.
on contract on
May 1.
Premiums
grades and staples are the average quota¬
tions of 10 markets,
designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch
staple and 75% of the
16, leaving 1,948,568 bales under the loan. On the 21st inst.
prices closed 2 to 5 points net higher
Lack of hedge pressure
from the South and continued
price fixing for mills caused a
steady cotton market today, although the volume of trading
continued small.
The opening
range was 4 to 6 points net
lower, but worked higher during the day. There was further
liquidation in the May position as the result of the
approach
of first notice day for
May contracts. Certified stock is now
more than
10,000 bales, with a further slight increase ex¬
pected.
The CCC reported that as of Mar. 31 cotton
on
11.35
established for deliveries
and discounts for
there seemed to be a
strong feeling that the farm bloc controls
most of the
legislation in Congress and that it would fight
for a higher income for the
farmer.
The Commodity Credit
Corp. reports withdrawals of 1,205,719 bales
through April
owned
Tues.
11.47
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
Secretary Morgenthau Jr. were opposed to
parity funds for the farmers. On the other hand,
increased
Mon.
Premiums and Discounts for Grade and Staple—The
long liquidation, together with further
Washington political news, carried prices off to
losses of 2 to 5 points in the local
cotton market today.
The
market started
slightly lower and they held within a 7 point
range all day.
Early in the session there was local and
Bombay selling. Trade houses picked cotton up on the scale
down.
Hedge selling was rather light, however, and around
11.08c. for new
crops the market steadied.
Selling increased
selling
2731
Range-_
Closing
July—
Range..
Closing.
August—
.
■
Range-.
Closing.
September—
Range—
Clohlng.
11.20n
11.2577
11.1277
'
11.1277
11.0877
11.1177
11.15-11.20 11.14-11.24 11.08-11.26 11.04-11.16 11.08-11.16 11.07-11.14
11.23
11.18 —
11.08-11.12 11.11
11.08
11.12 '
11.16n
11.2177
11.0977
11.0977
11.0677
11.1177
11.1471
11.1977
11.0877
11.0777
11.0577
11.1077
October—
RangeClosing
.
Novembe
11.08-11,15 11.07-11,17 11.08-11.23 10.99-11.12 11.04-11.10 11.04-11.10
11.17 —
11.12 —
11.08-11.09 11.06
11.04-11.05 11.10
—
Range..
Closing.
11.1277
11.1677
11.0777
11.0677
11.0577
11.1077
December-
Range..
Closing.
11.08-11.15 11.06-11.16 11.07-11.22 10.99-11.12 11.06-11.10 11.04-11.10
11.07-11.08 11.06
11.11-11.13 11.1577
11.06 —
11.1077
Jan.(1942)
Range..
Closing.
February—
Range..
Closing.
11.10 11.10 11.03-11.11 11.09-11.16 10.99-11.03 11.03-11.04 11.00-11.05
11.0977
11.11
11.1077
11.0377
11.1277
11.03
11.0477
—
11.0577
11.0277
11.0677
11.0377
—
11.0777
March—
Range—
Closing.
April—
Range..
11.08-11.13 11.06-11.15 11.05-11.19 10.98-11.08 11.04-11.08 11.03 11.09
11.05 —
11.12 —
11.07 —
11.14 —
11.04-11.05 11.09
Closing.
77
Nominal.
■
Range for future prices at New York for the week ended
Option for—
Range Since Beginning of Option
Range for Week
1941—
hedge
position.
points
trade buying and
price-fixing, which readily
sales and light liquidation of
the May
Prices a short time before the
close were 2 to 4
higher,
excepting May, which was 1 point
Eighty notices of delivery on
May contracts were
lower.
issued
position as 'liquidation was
readily absorbed by trade shorts. It was rumored
that the
but
failed
to
unsettle
that
usual
crowd of spot interests failed
this time to
stop the
notices, but that those were taken up
by brokers acting
for cooperatives who
apparently were replacing cotton
they
had sold to the
the opening
from
the
Surplus Marketing Administration.
After
switching operations to transfer long positions
the spot
trading.
month
to later deliveries
Buying to fix prices
October.
was
v
were
active
a
in
feature of
July and
May__
11.08 Apr. 23 11.29 Apr. 21
8.00 May
18 1940 11.47 Apr.
3 1941
July
11.04 Apr. 23 11.26 Apr. 22
8.59 Aug.
7 1940 11.46 Apr.
3 1941
September..
October
1L04 Apr. 24
11723 Apr".
December.. 10.99 Apr. 23 11.22
22
Apr. 22
~8?70~ Oct.~18~i940 il.4'5 Apr,""3~ 1941
9.28 Dec.
19 1940 11.42 Apr.
3 1941
0.49 Feb.
17 1941 11.37 Apr.
3 1941
1942—
January
11.00 Apr. 25 11.16 Apr.
22
March...... 10.98 Apr. 23 11.19 Apr. 22 10.43
Mar. 17 1941 11.37
Apr.
3 1941
April
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,
Chronicle
The Commercial & Financial
2732
The
compiled the following table.
lb. gross weight.
have
in bales of 500
April 26,
28,327 1,324,671
1941—
12,800
24,400
15,200
14,200
21,600
16,800
266,700
13,600
16,900
33,900
35,.500
17,100
29,600
17,200
344,800
5,700
6,800
7,400
8,400
17,400
8.400
268,300
8,900
December
200
900
.500
800
400
31,200
3,500
4,300
5.100
1,000
11,300
4,600
61,400
-
Total all futures
48,500
61,400
Shipments—
Inland, &c., from South
overland.♦
Including movement by rail to
*
overland movement
has been 2,929 bales, against 13,338 bales for
week last year, and that for the season to date the
year
1,150
900
400
1,750
20,300
the
6,9.50
1,950
4,450
3,200
55,700
9, IKK)
8,000
12,1.50
2,250
5,600
1,850
October
5,300
9,600
75,100
December
2,400
1,050
2,250
2,200
2,850
2,400
38,300
aggregate net overland
of 398,231 bales.
"950
L900
"350
25,500
13,250
20,350
350
5,300
•
"366
11,0.50
"760
1,650
10,700
17,650
20,250
April 25
Supply of Cotton—Due to war conditions,
statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
at Liverpool.
April 25—
1941
1940
1939
1938
The Visible
cotton
Clos d
13.30d.
8.34d.
5.00d.
4.80d.
4.Old.
4.09d.
8.62d.
5.15d.
5.95d.
8.34d.
g'd fair, L'pool
No. 1 staple, super¬
fine, Liverpool
Peruvian Tanguis,
8.07d.
11.53d.
7.18d.
10.14d.
Liverpool- — „
Egypt, good Giza, Liverpool
Broach, fine, Liverpool —
6.98d.
4.24d.
4.16d.
Interior
the
Came into sight during
that is, the
Towns, the movement,
corresponding periods of the previous year—is set out in
detail below:
757,053
937,326
—.
151,641
week—229,020
Total in sight April 25
14,085,100
12,053,551
—-
North, splnn's'takings to
13,289,286
38,761
takings
consumption to April 1—
20,059
2,264,099
April 25. 58,094
1,368,502
Decrease.
sight in previous years:
Movement into
Bales
108,518
136,776
160,764
Week—
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
254,888 10,226,699
*25,868
889,523
6,737,514
1,080,772
5,471,000
176,989
*25,348
682,541
6,475,000
-
Aug. 1
50,671
13,318
113,000
3,069,158
Total marketed
*
C. P. Oomra
At
61,959
Interior stocks in excess
Excess of Southern mill
over
Since
Week
Aug. 1
2,929
April 25-190,000
April 25
Receipts at ports to
Net overland to
a year ago
1939-40
Since
Week
Takings
Southern consumption to
Middling upland,
decrease from
a
Sight and Spinners'
In
1,800
100
—
exhibits
1940-41
1942—
March
Canada.
foregoing shows the week's net
The
this
Total all futures-..
219,467
13,318 1,080,722
192
Contracts
17 Apr. 18 Apr. 19 Apr. 21 Apr. 22
1941—
January
11,091
682,541
.
Overland to N. Y., Boston, &c__
Total to be deducted
Open
May
642,130
2,629
250
61,300 1,147,800
85,100 109,800
Apr. 22
July
18,914
7,652
292,901
25,398
Total gross overland
Deduct
Leaving total net
APT. 16 Apr.
New Orleans
10,245
.
483
124,400
January
Marcb
654
.
Between interior towns
1942—
1,400,239
2,285
7,652
631,893
705
3,417
3,041
.
6,494
2,575
112,400
13,900
5.900
19,200
24,100
-
October
925
.
points
Via other routes, &c
May
24,409
288
25,110
Via Louisville
Via Virginia
July
3,754
10,853
314,904
231,550
10,934
8,005
148,461
686,385
.
Via Rock Island
Apr. 24
Aug. 1
442,813
230,930
20,097
22,015
135,937
472,879
.13,214
7,025
&c
Via Mounds,
Open
Week
Aug. 1
Week
Contracts
Apr. 18 Apr. 19 Apr. 21 Am. 22 Apr. 23 Apr. 24
Since
Since
April 25—
Shipped—■
Via St. Louis
New York
1941
-1939-40-
1940-41-
1939—Apr. 28
1938—Apr. 20
-
1937—Apr. 30-—
Since Aug. 1—
Bales
9,712,023
14,052,405
13,411,681
1938
1937
1936
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Below
Closing Quotations for Middling Cotton onMovement to April
Ship¬
Week
April
Week
Season
25
Ship¬
Receipts
Week
366
45,782
3,419
Season
Stocks
ments
Slocks
ments
Receipts
Towns
Movement to April 26, 1940
25, 1941
April
Week
26
881
49.405
19,283
8,623
72,602
6,928
5
16,276
61
"269
51,447
4~255
90,696
853
62,789
1,255
74,090
7
25,731
322
50,076
79
28,624
776
Ark.,Blythev.
185
140,172
1,456
103,746
26
169,946
1,308
City
111
403
28,926
101
32,263
847
Helena....
5
39,783
60,207
545
31,104
313
67,584
1,432
54,811
134,414
39,030
39,313
Hope......
336
41,232
559
37,363
2
40,995
915
34,212
Montgom'y
15,288
Selma
Forest
April 25
Friday
Thursday
8
12,857
28
23,708
9.257
416
27,447
1,293
121,006
3,063
120,775
1,152
128,985
12
52,461
618
24,587
13
109,133
38,658
2,071
Newport..
246
25,255
Bluff
831
158,989
65,749
2,916
1,560
62,966
204
136,820
429
3
62,708
353
il5-16
Vh
15-16
V*
15-16
14
15-16
14
15-16
y%
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
10.8611.06
110.78. L0.
10.92
77:10.97 10.73 10
10.83 11.03
New Orleans- 1IO.8I 11
Mobile
In.
10.80
58 10.78 10.59 10
Holl day
110.68 10.
Galveston
15-16
,68 10.88 10.71
10.92
Savannah
11.23 11.
11.28 11.43 11
11.28 11.16
.29 11
11.32
Norfolk
11.15 11.
11.15 11.3511
11.30 11.10 11
.30:11
11.30
Montgomery. 10.90 11
11.38 11.
Augusta
10.90 11.10 10
11.00 10.80 11
,00 10
11.42 11.67ill 30 11.55 11.29 11
,49 11
11.00
11.52
IO.85
85 10
10.65 10.90 10 50 10.75
'10.60 10
Memphis
|l0 .55
10.50,10
10.75 10.55110 .75,10
10.80,10 .50
10.75 10.50110 .70 10
74,417
31,554
Vt
In.
5,641
Ala.. Blrm'am
Eufaula...
Wednesday
Tuesday
Monday
Saturday
Week Ended
Jonesboro.
Rock
Little
Pine
Walnut Rge
Holiday
10.65 10.
Houston
Little Rock—
10.60 10. 80 10.60
Dallas
10.48 10 73
36,755
~~20
10,720
196
10,259
14,872
703
35,774
866
37,378
39,930
500
40,092
Atlanta
7,371
130,048
5,307
45,608
2,553
144,661
111,727
Augusta
Columbus..
2,996
252,660
5,773
203,800
1,186
147,491
4,585
2,746
800
23,900
1,100
29,800
500
13,900
500
Macon....
1,061
30,880
658
36,529
111
37,203
147
30,100
31,061
25
16,328
700
37,754
30
16,567
200
37,432
2,000
125.751
2,000
73,355
107,904
500
61,063
1,511
New Orleans Contract
13,023
10
.73,10
65il0
10 4l'l0.66 10.4l'l0 .66 10 36)10
Holiday
10.7
10.7
61!10.39 10.6%
Market—The closing quotations
45,877
Ga., Albany..
Athens
Rome..
La., Shrevep't
123,579
Miss., Clarksd
Columbus
1,429
2,356
58,233
"724
496
15,592
490
28,391
561
20,696
512
34,828
Greenwood.
1,769
190.752
4,347
951
235,741
3,421
64,490
Jackson
687
24,676
476
74,039
16,853
Natchez..
105
5,324
220
11,008
Vlcksburg.
16
19,856
326
12,419
32,988
495
28,777
13^203
441,110
13,214
2,544
238
6,995
71
2,873
2,307
447,208
13,398
259,889
1,924
2,938 112,811
Tenn,, Memp. 107,191 3929,778 106,346
400
43,157
1,074
Texas, Abilene
103,044
Yazoo
City
Mo., St. Louis
N.C., Or*boro
145,235
161,042
16,490
33,823
7.258
""88
27,382
47,916
1,022
14,304
16,354
544
33,558
6",462
317,994
6,494
5,425
16
4,633
365
1,802
1,283 329,128
1,893 111,361
35,413 3192,346
6,178
195,331
2,897
36,214
72,690
15 towns *
965,260
5,781
26,944
7,406
170
20,176
10,889
2,502
"~5
15,691
45
1,400
Dallas
864
62,804
2,138
49,595
635
50,552
334
Paris
481
73,584
764
29,368
106
75,893
162
34,211
24,423
4,106
1,298
11
36,897
130
56,296
211
23.811
13,470
.
.
21,106
Robstown..
6,778
8,169
2,670
Marcos
Texarkana.
177
51,185
858
11,993
Waco
541
42,012
726
26,507
Total,56towns 156,523 7174,664 182,391'2848,100
*
Includes the combined totals of
The
above
totals
34
577
55,734 6116,609
81,08212454,769
same
show
that
the
interior
stocks
have
week last year.
October
—
Decern ber.
1935
7.50c.
6.15c.
9.95c.
16.26c.
19.85c.
21.75c.
15.35c.
1934
12.20c.
1926
18.85c.
1938
1937
1936
*
January
March
Steady
„
Steady
Quiet
Steady
Quiet
Steady
Steady
Spot
Futures
Steady
Barely st'y
Steady
Steady
Steady
ft Bid
Asked
n
Nominal.
CCC Reports on
1940-41 Cotton Loans—The
Commod¬
ity Credit Corporation announced on April 17 that through
April 14, 1941, loans outstanding on 1940-41 crop cotton
held by the Corporation and lending agencies aggregate
$95,273,702.08 on 1,973,673 bales.
Cotton loans completed and reported to the Corporation
by States
are as
follows:
Total Loans
Amount
Bales
been
as
1925
.24.00c.
1917
1924
-29.80c.
1916
1923
-28.35c.
1915
1922
-18.35c.
1914
70,808
128,369
385,337
151
1913
1920
1919
-41.35c.
-29.50c.
1912
1911
3,403, 048.86
55,300
2,510, 390.73
21,844
9,013
3,927
11,132
78,001
50,951
416, 943.30
3,725
181, 315.59
530, 968.72
1,545
34,799
130,073
71,712
5,521
77,144
12,738
591 ,757.14
5,472
251 ,794.91
45,931
2,174 ,749.66
9,802 ,093.14
-26.90c.
1910
—
Okla
208,074
So. Car.
122,663
Tenn...
2,942 ,909.10
2,936 ,205.70
1,528 ,694.33
32,787
360,049 17,982 ,303.50
7 ,320.73
151
5,414 ,352.58
113,450
2,301 ,005.32
47,741
70,936
107,375
15,095
6,196 755.85
732 ,559.93
377,272.50
4.554,085.34
1,217,462.69
5,269, 196.03
3,690, 754.82
2,533, 065.73
62,586
1,033 ,268.77
174 ,813.84
70 ,479.32
1,643 ,780.94
6,111 ,338.32
3,663 ,690.12
269 ,739.92
462, 820.01
9,574
592,449 28,476, 125.98
78
3, 791.66
,025,491 49,164 ,017.90
29 ,781.69
621
151,839,076.43 1,179,186 56,565,374.35
1,973,673 95,273.702.08
77,640 ,143.88
33, 573.35
1,617,940
--15.35c
1918
Amount
61,578
2,938,132.39
Miss
155,116
13.10c.
,12.30c.
Loans Outstanding
Bales
61,358
8,222
95,582
25,288
8,817 401.44
7,570 ,201.35
3,543 ,659.50
184,386
La
No. Car.
1921
Amount
5,881 ,041.49
3,313 ,478.20
6,082 ,779.67
19,199 ,766.19
7 ,320.73
122,936
Ala
.-.20.65c.
.-,12.20c.
.--10.50c.
—
Bales
$
Mo;
at New
Repayment
States
Fla
—
—
11.70c.
11.75c.
14.85c'
1941 quotation is for 15-16c.
Texas
Va
.
-
699
TotaL 3,152,859
of Loan Cotton—The
Department of Agriculture announced on April 21 that a
change is being made in the instructions, and in Commodity
Credit Corporation Cotton Form R, for the release of loan
cotton to permit one transfer of cotton loan "equities" by the
person who makes the purchase from the producer.
PreRevision
Overland Movement for the Week and Since Aug. 1—
We
give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
11.146-.16a
11.106-. 12a
ll.14ft-.16a 11.19ft-.21a 11.11ft-.13a 11.07ft-.09a 11.096-. 11a
11.146-. 15a
11.16ft-.18a ll.21ft-.22a 11.136-.15a 11.10ft-.11a ll.llft-.12a
N. Mex.
1933
1932
1931
1930
1929
1928
1927
1940
April 25
11.lift-.12a 11.13
11.22ft-.23a 11.15
11.18
Ga
quotations for middling upland (% nominal)
on April 25 for each of the past 32 years have
11.31c.
10.89c.
8.09c.
8.81c.
8.76c.
13.26c.
11.60c.
1939
Friday
April 24
11.18
Calif.
Quotations for 32 Years
follows:
1941 *
Thursday
1942—
Ariz
The
York
April 23
11.186-.19a
ll.26ft-.27a ll.31ft-.33a ll.22ft-.23a 11.186-.19a 11.18
11.156-.17a 11.14-11.15 11.17
11.28ft-.29a 11.20
11.23
11.15
11.17-11.18 11.12-11.13 11.14
11.23
Ark
New York
Wednesday
Tuesday
April 22
15 towns In Oklahoma.
decreased during the week 25,868
bales and are tonight
393,331 bales more than at the same period last year. The
receipts of all the towns have been 160,789 bales more than
in the
Monday
April 21
1941—
May
July
1,691
6,518
2,554
San
Saturday
April 19
9,797
2
8
Brenham
market for
week have been as follows:
Tone—
18
Austin
the past
698,230
45
Oklahoma—
S. C., Gr'vllle
leading contracts in the New Orleans cotton
for
of
Form for Release
Volume
The Commercial & Financial Chronicle
152
viously, the form could not be transferred.
The change is
Officials of the Corporation said the
purpose of the amendment to the cotton loan program was
to facilitate the purchase of loan cotton from producers by
local cotton buyers and its resale to cotton merchants who
Week
effective immediately.
sell
cotton to mills in the
United States and abroad.
announcement further said:
2733
Slocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
1941
1940
1941
1939
1940
1939
1941
1940
1939
Jan.
24.
40.723 149,768
31.
The
54.214 137.532
43,199 3281,765 3072.688 3291,719
35,546 3262.404 3016,687 3246,532
26.999
34.853
50,328 168,665
55.381 177,019
48,964 122,734
41.652 138.982
29,078 3228,672 2956,982 3212,973
25,681 3195,258 2897,286 3174,825
21,337 3173,825 2845,482 3138,203
25,736 3160.492 2795,204 3096,651
16.596 108,960
21,967 117,323
27.531 70,930
28,219 88,704
31.624
82,958
14,414
7,925
Feb.
7.
14.
The release of loan cotton is restricted to the use of a standard form in
order to avoid undesirable speculation in loan cotton.
The recognition of
one transfer will also avoid undesirable speculative
trading in cotton loan
21.
28.
"equities."
In the transfer of the "equity" in loan cotton by the original
purchaser, the transferee is required to execute a certificate on the face of
the standard release form, CCC Cotton Form R.
21.
Activity in the Cotton Spinning Industry for March,
1941—The Bureau of the Census announced on April 19
thaV according to preliminary figures, 24,420,726 cotton
spinning spindles were in place in the United States on
March 31, 1941, of which 22,795,742 were operated at some
time during the month, compared with 22,769,368 for
February, 22,820,724 for January, 22,817,658 for December,
22,685,968 for November, 22,456,588 for October, and
22,553,360 for March, 1940.
The aggregate number of
active spindle hours reported for the month was 9,574,273,-
28.
44,562
87,760
27,264 3110,177 2737,778 3051.323
32,436 3088 259 2705,278 3012,260
21,973 3063.732 2666,756 2986,570
19,979 3033,584 2617,890 2961,233
72,250
11,788 2988.790 2570,714 2907,928
11.
52,719
59.025
64,785
21.385 2920.639 2527.094 2807.759
18.
68,555
46,094
25.
61.959
50,671
13,296 2873,968 2480,117 2831,695
12,397 2848,100 2454.709 2795,440
5.798
Ntt
NB
Nil
NB
NU
Mar.
55.790 107,381
53.542 115,0'
57.485 74.870
94,692
81,531
7.
14.
4.
March 31
March
Total
1940
1939
SH Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
to Finest
Upl'ds
d.
d.
s.
s.
d.
Average per
15.63
31-
12
22,795,742
9,573,273,130
710,212
620,570
7,548,549,103
1,825,227,973
199,496,054
1,804,816
1,736,944
485,362
2,973,868
604,672
2,748,172
New Hampshire.....
New York
North Carolina
5,782,540
Georgia
Maine—...........
—-
Massachusetts..
Mississippi.
"
......
Rhode Island..
132,212
238,838
280,790
5,567,974
834,730
5,295,230
638,344
228,176
595,372
535,058
945,400
South Carolina—
5,456,648
543,500
Tennessee...
Texas....
Virginia.
243,996
639,704
All other States
770,946,662
160,356,100
1,380,554,199
250,166,692
984,265,549
49,215,544
112,666,056
93,771,372
2,295,609,117
15.68
12
15.65
12
1
Unquoted
12
1>£@12
12
1 >£@12
12
8.56
Unquoted
Unquoted
Unquoted
12
1>£@12
1 >£@12
8.64
14.64
12
8.66
8.65
8.56
15.55
12
15.49
12
7>£@1210>£
7>£@12 10H
7>£@12 10>£
15.65
12
7 >£@12
14-
317
10 >£
8.58
679,666
7-
15.65
12
9
@1213
15.83
12
9
@12 13
21-
16.06
12 10 >£@13
28-
15.91
12 10>£@13
1>£
1>£
13
3
Closed
Closed
3
3
Closed
Closed
14.78
12
305
,
439
,:-v,
1
379
4-
16.90
0
304
11-
324
18—
16,19
13
0
401.
25-
16.19
13
0
V
397
favorable.
396
Not
@13
available
435;
229,942,260
:
made up
359
171,858,701
253
Planting made good
Days
Texas—Galveston
Amarillo
Austin
Abilene
Brownsville-
@13
@13
441
bales.
'1
progress
in
High
Low
2.56
79
2
0.18
75
58
31
69
53
4
...
2.11
48
45
'/*;■'
.—
61
93
82
87
80
78
83
85
Del Rio
El Paso._
,
Fort Worth
Houston
Navasota
Palestine
San Antonio
Waco.
Oklahoma—Oklahoma City.
Arkansas—Fort SmithLittle Rock
—
—.
-
5
,
49
65
ences
52
46
67
62
Augusta—-—.-—
Macon.
—
—
-.
—
—
South Carolina—Charlestor
North Carolina—Asheville..
81
45
77
51
64
0.92
78
65
0.19
0.99
2.89
1.00
1.43
3.14
82
86
85
82
51
64
2.50
85
90
dry
dry
RaleighWilmington
Tennessee—Memphis
Chattanooga
— — -
—
..
0.06
1
1.53
0.86
0.62
0.94
0.24
0.57
2
2
1
2
..
3
2
-
--
Nashville--.-
1
3
2
3
-.
—
2
1.10
0.67
1.72
0.72
1.35
81
73
68
68
68
72
66
50
51
82
60
84
47
52
69
76
78
77
76
62
73
83
87
89
66
63
85
87
55
54
86
49
92
85
81
84
70
71:
72
57
85
84
48
55
51
46
61
•
83
Feet
of gauge.
..Above zero of gauge....Above zero of gauge.
Shreveport—
Above
Vicksburg.. ——Above
——
Receipts from
the
73
67
70
70
66
65
47
65
zero
zero
zero
of gauge.
of gauge.
5.4
18.4
11.8
Apr. 26, 1940
;
Feet
9.1
28.1
33.3
20.5
12.2
17.9
25.3
Plantations—-The following table
indicates the actual movement each week from the planta¬
tions.
The 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:
8.07
a
The
Bales
-.———
r
.
441
and
contracts
still
open
at
close of
business
were
63
54
Apr. 25, 1941
——Above
8.09
The Liverpool market closed at noon on Monday, Mar. 31.
All contracts were transferred to March at existing differ¬
61
following statemeni
graph, showing the heights
8 a. m. of the dates given:
.
8.12
7>£
7H
68
66
53
46
The
New Orleans.
7.84
6
liquidated at official value.
.
—
6
@12
Liverpool Imports, Stocks, &c.
21
5
—
@12
India Cotton Movement from All Ports.
4
—
4>£@12
4J£@12
Alexandria Receipts and Shipments.
72
81
3
2
—
—
65
77
3
-
3
12
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to. omit the following tables:
World's Supply ana Takings of Cotton.
1.72
1.79
0.91
4
—
3
12
7.65
7.70
We
0.45
—
Atlanta
in
2
..
Tampa
Georgia—Savannah-
are
3
—
12
14.45
7.68
3
Foreign Cotton Statistics—Regulations duel to the war
5
—
—
-
York
0.75
3
...
14.40
14.75
—
4
...
—
-
—
5
—
12
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
5
...
.
Mean
'—
—
5
...
14.31
3
1:v,.■
1.54
2.59
3.53
3
...
Shreveport
Mississippi—Meridian. —;
Florida—Jacksonville
Miami—_
~
—
Louisiana—New Orleans--.
Vicksburg——
Alabama—Mobile—i
Birmingham
Montgomery
dry
dry
9.00
@12
@12
@12
3
12
Cotton
69
0.11
0.29
5
...
1>£@12
12
14.20
—
Total
77
56
56
42
43
1.01
2
—
76
84
7.99
—
62
;
3
.—
8.12
8.04
Orleans—To Great Britain.
...400
Los Angeles—To China——————....—
41
Thermometer——
6
...
Corpus Christi
Rainfall
V Inches
8.29
previous page, the
States the past week
shipments, in detail, as
from mail and telegraphic reports, are as follows:
reached
have
the eastern half of the cotton belt.
Rain
8.03
12
14.18
8.95
Shipping News—As shown on
exports of cotton from the United
319
■449
that had too much rain, progress has not
areas
4J£
14.54
8.90
New
so
8.30
1 >£@12
4>£
4J£
4>£
4>£
289
301,323,016
2,451,207,032
215,265,474
106,135,456
Telegraph—Telegraphic advices to us this
evening denote that favorable progress has been made in
In
8.30
Apr.
Returns by
quite
d.
4>£
4>£
>£@12
Mar.
281
427
•.
Cotton
Middl'g
Upl-ds
d.
s.
12
Nominal
14•
525,004
3,142,592
660,788
3,239,304
151,796
280,752
324.220
Nashville.
s. d
d.
8.69
28-
420
5,749,760
17,229,126
4,946,046
Memphis
d.
to Finest
Fph
f vU(
392
17,960,754
Texas.
32s Cop
Twist
7)4 @12 10 >4
7>£@12 10>$
21-
24,420,726
been
8'4 Lbs. Shirt¬
ings, Common
Jan.
TJnlted States
Connecticut
Nil
NU
steady.
Stocks of goods are decreasing.
We give prices
today below and leave those for previous weeks of this and
last year for comparison:
Spindle in Place
4
Nil
25,323
is
,
Cotton growing States
New England States.
Alabama
Nil
20,824
36,091
Manchester Market—Our report by cable tonight from
Manchester states that the market in both yarns and cloths
7—
AU other States
Nil
(2) That although the receipts at the outports the
were 61,959 bales, the actual movement from
plantations was 36,091 bales, stock at interior towns having
decreased 25,868 bales during the week.
24>
NU
25,073
11,165
13,145
past week
Active Spindle Hours
for March
NU
bales.
State
Active Dur*
NU
38,925
The above statement shows: (1) That the total
receipts
from the plantations since Aug. 1,1940, are 3,978,217 bales;
in 1939-40 were 6,834,683 bales and in 1938-39 were 4,392,943
Twist
In Place
Nil
49.955
82,552
86.348
Apr.
130.
Based on an activity of 80 hours per week, the cotton
spindles in the United States were operated during March,
1941, at 116.7% capacity.
This percentage compares, on
the same basis with 114.0 for February, 112.1 for January,
105.0 for December, 105.9 for November, 103.3 for October,
and 94.6 for March, 1940.
The average number of active
spindle hours per spindle in place for the month was 392.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours, and the
average hours per spindle in place, by States, are shown
in the following statement:
Spinning Spindles
5.475
BREADSTUFFS
Friday Night, April25,1941
indications of any
improvement in the buying of flour, as reported by practi¬
cally all sellers, yet there seemed to be a feeling that actu¬
ally some gain in bids were coming to hand.
The impres¬
sion is gaining ground that with the Government agencies
Flour—While locally
sure
to
own
there were no
liberal stocks of wheat after the first of the
month, on loans failing to
be taken up by the original bor¬
cash wheat position will be strengthened, as there
will be no pressure on the market.
Wheat—On the 19th inst. prices closed J^c. net higher.
rowers,
The wheat market's decline was checked today by forecast
freezing temperatures in Kansas, giving rise to fear of
possible damage to winter wheat.
Prices fell about a cent
early in the session to 89 Mc. for May and 87for July,
at which level they were 4 to 5c. below seasonal highs
reached just before the German Balkan invasion began.
After release of the weather forecast, however, the market
rallied and closed slightly higher.
Early selling of wheat
was inspired by war news, weakness of securities, good rains
in the grain belt and uncertainty about farm benefit pay¬
ment plans and the new loan program.
II. C. Donovan,
crop expert, said that should temperatures fall to 25 degrees,
winter wheat would be damaged if it has jointed.
On the
21st inst. prices closed >£c. to y%a. net lower.
The slow,
irregular decline which has been under way since the Balkan
invasion began,
continued today despite the market's
sporadic display of rallying power.
Selling influenced by
war news, weakness of securities and failure of temperatures
of
The Commercial & Financial Chronicle
2734
in the Southwest to fall as
carried
low
as
had been expected Saturday,
times. Buying,
shipments of wheat and flour
quotations about a cent lower at
influenced by heavy overseas
from North America, reports
Spain is after more Argentine
grain and prospects of Government support for wheat prices,
helped to rally prices for a time.
Considerable attention
was given to the heavy wheat shipments last week from North
With world shipments totaling 10,657,000
according to figures of Broomhall, British trade
authority—they compared with 8,251,000 a year ago.
On the 22d inst. prices closed %c. to %c. net lower.
Con¬
tinued pessimistic war news plus weakness of stocks and
surrounding commodities—were too much of a handicap for
American ports.
bushels,
market today—and prices lost almost a
the wheat futures
A warning that the Govern¬
lard price increases, failure
of expected flour buying for the Red Cross to materialize
and lack of progress in farm legislation, also were depressing
influences.
Enlarged offers of wheat in the face of light
demand uncovered some stop-loss selling.
Short covering
just before the close raised prices fractionally above the day's
lowest levels.
Wheat started unchanged to Yzc. higher and
extended the gains to as much as %c. with May reaching
90%c. at times.
Initial strength was attributed to the
action of soy beans, lard and stocks.
On the 23d inst.
prices closed Y2g. to
net lower.
The lowest wheat
prices in almost a month were posted in the Chicago futures
market today as increased selling pressure, inspired prin¬
cipally by European war news, reduced values more than a
cent a bushel at times.
Although selling was not on a large
scale, pressure met with little buying support except at price
reductions.
Lagging domestic and export flour business
and favorable crop progress, with much uncertainty regard¬
ing the loan program for the new harvest, restricted buyers.
Scattered short covering helped to rally wheat before the
close,
but final prices were substantially lower.
The
market's waiting mood probably reflected the cautious
attitude of flour buyers which has prevailed since fighting
cent after
ment
higher opening.
a
would resist unwarranted
in the Balkans
began.
to l%c. net higher.
demonstration today,
with gains ranging up to lc. a bushel at times, that re¬
vealed the pit's oversold condition as a result of a 4 to 6c.
decline since April 5.
With selling limited, small-scale buy¬
ing attracted by the lowest level of prices in more than a
month proved sufficient to give the market its upward trend.
The stronger tone of securities, decreased movement of loan
grain, and iirospects of legislation calling for higher loan
On
the
24th
inst.
rates
a recovery
Possibility of Government sup¬
bullish factors.
were
Yk
prices closed
The wheat market put on
port through a higher loan rate on the new crop
remained
principal source of encouragement to buyers.
However,
belief was expressed in some quarters that the Government
was satisfied to accept ownership of the bulk of grain now
stored under loans which are coming due daily.
the
1% to l%c. net higher.
Wheat
prices rose almost 2c. a bushel today as the grain market's
recovery
was accelerated.
Buying attributed to profes¬
sional traders, some of whom covered previous short sales,
and to cash grain dealers and milling interests accounted
for the strength.
In the absence of specific trade develop¬
ments to encourage purchases, traders attributed the action
to improved flour demands, possibly involving some Gov¬
ernment business, and to general reinstatement of sold-out
lines on the theory that developments in the Balkans had
been
discounted and that Goverment plans call for in¬
creased efforts to bolster prices.
Traders expressed belief
that in the absence of any fresh developments regarding
the new wheat loan program it was safe to assume that
Today
prices
Government
with
closed
efforts
to
assure
of price
agriculture
parity
would not permit any material decline of
grain values even though there is a large carryover supply
and
industry
crop
prospects are unusually
Open interest in
good.
DAILY
CLOSING
PRICES
DAILY
.....110%
CLOSING
PRICES
OF
_
Season's High and
May
92%
July--------. 91%
September
92%
When
Apr.
Apr.
Apr.
90%
88%
89
Tues.
Mon.
110%
WHEAT
Sat.
May
July---September
IN
OF WHEAT
Sal.
No. 2 red
feeding demand.
Much Govern¬
reported getting into industrial hands.
On
the 22d inst. prices closed y to ye. net lower.
Trading in
corn was light,
with the undertone of the market heavy
during most of the session.
On the 23d inst. prices closed
Yd. off to Ye. up.
Corn prices wrere steady to only frac¬
tional! v lower much of the session, being supported by
limitea receipts and prospects of a good feeding demand in
view of the Government's purchasing of livestock products.
Bookings of corn have been on a small scale the last few days,
with industries continuing to draw on Government stocks
for much of their supply.
On the 24th inst. prices closed unchanged to %c. higher.
Corn
advanced fractionally
in
sympathy with wheat,
although the upturn was held in check by materially in¬
creased receipts in the local market.
However, the bulk
of this grain was not for sale, being shipped direct to in¬
and
also
increased
to
ment corn was
and elevators and consisting partly
dustries
Mon.
108%
NEW
Wed.
108%
YORK
Thurs.
Fri.
109%
110%
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
90%
88%
88%
89%
87%
88
88%
86%
86%
89%
87%
87%
Made
Season's Low and When
14, 1941 May
70
Aug.
14, 1941 July
'73%
Feb.
14, 1941 September
73%
Feb.
91%
89
89%
Made
16, 1940
17,1941
17, 1941
and
Corn reflected spreading operations, with May
strength than deferred deliveries,
all futures advancing fractionally.
No. 2 yellow corn
was
quoted in the spot market at around 4%c. over May
net higher.
showing more
contracts
futures, or %e. more than was
of
the
Open
quality.
same
asked for Government corn
in corn, 21,744,000
interest
bushels.
DAILY
OF CORN IN NEW YORK
CLOSING PRICES
Sat.
Mon.
OF
WHEAT
Sat.
FUTURES
Mon.
Tues.
IN
Wed.
WINNIPEG
Thurs.
Fri.
May.
75%
October
77 M 77 ^ 77 H 77H 77H 77 ^
75%
75%
Corn—On the 19th inst. prices closed unchanged to ya.
off.
Corn dipped about Yg. with wheat at one time, but
then rallied, prices closing 1 to 2c. below the week's best
levels, which
about the highest
has been here since
1937.
Weakness of the spot market unsettled the trade,
but corn continued to borrow strength from Government
efforts to stimulate production of livestock.
Shippers sold
55,000 bushels and handlers booked 33,000 bushels to arrive.
On the 21st inst. prices closed yc. off to ye. up.
Corn
prices held to a narrow range, but were steadied by shipping
business totaling 35,000 bushels, and a decrease in bookings
to arrive from the country.
The Government corn basis
were
corn
unchanged.
Light corn bookings were attributed
partly to the fact that producers were busy with spring work
was
Tues.
87%
87%
No. 2 yellow
Wed.
May
Juiy
September
Season's
September
and When
68%
Apr.
69
Apr.
69%
Apr.
High
May
July
—
67%
68%
68%
67%
68
68%
_
Thurs.
Wed.
67%
68
68%
67%
67%
68
Season's Low and
Made
Fri.
87%
88%
IN CHICAGO
67%
68
68%
Fri.
68%
68%
68%
When Made
Aug. 16, 1940
Sept. 23, 1940
17, 1941
54%
58%
57 %
16, 1941 May
16, 1941 July
16, 1941 September
Thurs.
87%
87%
DAILY CLOSING PRICES OF CORN FUTURES
Sat. Mon.
Tues.
Feb.
closed ye. lower to yc.
Trading in oats was mixed, but little of interest
developed.
On the 21st inst. prices closed yc. lower to yc.
higher.
Oats weakened with wheat but were strengthened
by improved Eastern demand.
Canadian supplies at some
Eastern points were reported diminishing.
On the 22d
inst. prices closed % to l^c. net lower.
This market was
unusually weak.
Oats were down on the absence of im¬
portant cash trade, good weather Southwest and Northwest
and the lower outside markets.
There was considerable
Oats—On the 19th inst. prices
higher.
liquidation in nearby positions.
On the 23d inst. prices
closed unchanged to yc. off.
Trading was fairly active,
with the market ruling steady during most of the session.
On the 24th inst. prices closed % to %c. net higher.
The
strength of wheat had its effect on oats values.
Today
prices closed % to %c. net higher.
Trading was light and
without interesting feature.
DAILY
CLOSING PRICES OF
Mon.
■
Tues.
38%
38%
34%
_
...
FUTURES IN CHICAGO
OATS
Sat.
May
July
September
37%
33%
Wed.
Thurs.
m
37% 37%
Fri.
37%
33%
33%
34%
33%
33%
Season's High and When Made
|
Season's Low and When Made
May
39%
Apr. 16, 19411 May
28%
Aug. 16,1940
July
36%
Apr. 14, 1941 July
30%
Oct.
9,1940
September
35%
Apr. 14, 19411September ... 30
Feb, 17,1941
.
..
..
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
July
38%
35%
35%
37%
35%
36%
35
36%
35
October
33%
32%
32%
32%
32%
37%
Rye
Rye—On the 19th inst. prices closed % to lc. lower.
were weak, influenced by the downward trend of
futures
grains, bearish weather reports and pessimistic nature
news.
On the 21st inst. prices closed y to 2%c.
net lower.
Rye also followed the general trend of the other
grains, and fell off sharply in the old crop deliveries but only
on a nominal basis.
On the 22d inst. prices closed y to
other
of
war
Rye followed the downward trend of the
yc.
net lower.
Rye futures were weak at the close, showing the
largest declines of all the grains.
This was attributed to a
weak technical position, making the market sensitive to
iy8e. net lower.
On the 23d inst. prices closed iy to 1
relatively light pressure.
On the 24th inst. prices closed
rye
Y2 to l%c. net higher.. The
oversold state, judging by
market apparently was in an
quick response to demand.
Today prices closed 1% to
l%c. net higher.
This grain was strong, largely in sym¬
its
pathy with the firm wheat
DAILY
CLOSING
PRICES
market.
OF
RYE
Sat.
DAILY CLOSING PRICES
of grain pur¬
Today prices closed Yz to %e.
chased from the Government.
other markets.
wheat, 44,333,000 bushels.
April 26, 1941
May.
July
September.
Season's
__
High and
52%
52%
52
May
July
September
DAILY
,.
FUTURES IN CHICAGO
Mon.
45%
46%
48%
48%
46%
Tues.
Thurs.
Wed.
43%
44%
45
47
Fri.
45
Season's Low and When Made
When Made
41%
Nov. 15, 1940 May
43
Nov. 14, 1940 JulySeptember— 44
Apr.
7, 1941
Feb. 21, 1941
Feb. 21, 1941
Feb. 21,1941
CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
J,—
54%
July
——
54%
53%
53%
52
52%
52%
51%
51%
53%
53%
54%
55%
....
octobe?:::::::
DAILY CLOSING PRICES
51%
....
52%
53
OF BARLEY FUTURES JN WINNIPEG
Sat.
Mon.
juiy:
52
47%
51%
47%
October
43%
43%
May.
..
_
Closing quotations were as
Tues.
51%
47%
43%
Wed.
49%
46%
43%
Thurs.
....
47%
_—
Fri.
50
47%
43%
follows:
FLOUR
Standard Mill Quotations
Spring patents
i...5.80@6.05(Soft winter straights
First spring clears__.A---5.55@5.80] Hard winter
T
straights
5.55@5.80
5.70t®5.95
Volume
The Commercial & Financial Chronicle
152
Canadian—
Corn, New York—
No. 2 yellow, all rail.
Oats, New York—
No. 2 white
50%
—
02%
Rye, United States, c.i.f
Barley, New York—
67 %
56-68
40 lbs. feeding
88 ^
Chicago, cash
Corn
Oats
Rye
Barley
Bushels
GRAIN
Wheat, New York
No. 2 red, c.i.f., domestic.._110%
Manitoba No. l.f.o.b.N.Y. 91 %
2735
Wheat
Bushels
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 25,913.000
508,000
217,000
84,808.000
1,481,000
1,712,000
880,000
Other Can. & other elev.317.966,000
3.541.000
807,000
3,835,000
4,962,000
Ft. William & Pt. Arthur
Total April 19, 1941.-428,687,000
247,000
5,530,000
2,736,000
3,224,000
4,604,000
5,135,000
5,530,000
2,736,000
4,962,000
8,754,000
7,340,000 10,097,000
Summary—
American
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, April 19, and since Aug. 1 for
each of the last three years:
Flour
Wheat
Corn
Oats
bis 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
119,370,000 62.050.000
Canadian...
—428,687,000
Total April 19, 1941-548,057,000
62,050,000
The world's
shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended April 18, and since July 1, 1940, and Julv 1, 1939, are
shown in the following:
Barley
Rye
Wheat
Chicago
Minneapolis
Milwaukee.
23,000
276,000
77,000
267,000
48,000
204,000
152,000
471,000
33,999
1,406.000
444,000
Dulutn
9,000
1,000
77,000
4,000
2,000
Buflalo
86,000
43,000
133,666
2,109,000
73,000
3,807,000
130,000
81,000
90,000
136,600
Louis..
Peoria
49,000
8,000
517,000
29,000
898,000
118,000
110,000
34,000
.
8,000
34,000
«•
-
68,000
-
m
-
-
61,000
97,000
42.000
177,000
Since
Since
Week
Apr. 18,
July 1,
July 1,
Apr. 18,
1941
1940
1939
1941
1940
1939
Bushels
18,000
«,
36,000
Kansas City
Omaha
Week
Bushels
Bushels
Bushels
Bushels
Bushels
Exports
~
12,000
151,000
590,000
153,000
Indianapolis
corn
.
271,000
,
142,000
Toledo
St.
2,796,000
343,000
229,000
...
bush 56 lbs bush 48 lbs
No. Amer.
8,541,000 152,712,000 166,148,000
Black Sea-
Argentina.
Since
3,992,000
2,l"l6J)66
July
Since
1,
July 1,
21,617,000
25,687,000
3,721,000
31,877",000
91,531,000
2,520,000
38,522,000
34,692,000
73,727,000 135,310,000
"MOO
43,000
St.
Joseph.
H
Wichita
Sioux
342,000
30,000
lY.OOO
8,280,000
1,136,000
1,059,000
931,000
City.
Total wk '41
466,000
Same wk '40
387,000
6,282,000
3,065,000
Same wk '39
471,000
3,905,000
2,435,000
Since Aug. 1
1940
15,714,000 233,734,000 205,098,000
1939
16,423,000 281,514,000 179,849,000
1938
11,293,000
_
countries
6,200,000
20,096.000
Total— 10.657,000 236,631,000 367,539,000
8,000
56,014,000 159,461,000
7,000
291,000
364,000
214,000
1,319,000
1,398,000
1,615,000
58,598,000 10,728,000 75,554,000
78,194,000 23,090,000 94,497,000
84,216,000 21,678,000 81,652,000
17,182.000 263,187,000 206,471,000
Australia
Other
-
14", 000
6,161,000
27,000
Small Increase in Corn Loan Total—Movement of
into the 1940 loan
corn
slightly under 2,750,000 bushels during
the past week with the total for the season to April 12, 1941,
reaching 95,324,254 bushels valued at $58,081,130.50, the
Commodity Credit Corporation announced on April 18.
Loan repayments for the season were 194 totaling 148,524
was
bushels valued at $90,004.11.
Total
receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 19, 1941 follow:
Loans
by States follow:
•
Wheat
Corn
bbls 196 lbs
bush 60 lbs
bush 56 lbs
Rye
Oats
v
Barley
No. Loans
State
.
Flour
Receipts at—
Bushels
bush 56 lbs bush 48 lbs
bush 32 lbs
11,000
4,000
712,000
18,000
150,000
39,000
196,000
Baltimore—
15,000
906,000
48,000
42,666
New Orl'ns*
24,000
12,000
51,000
12,000
-
Galveston.
2,000
14,000
8,000
54,226,825
2,518,000
9
...
___
4,558,000
121,000
69,000
16,000
8,000
44,738,000
3,273,000
780,000
230,000
552,000
210,000
939,000
253,000
153,000
44,000
Wisconsin
31
252,742
3.833,954
14,823
Total..-
101,003
95,324,254
443
5,240
35,077,000
12,401,000
1,775,000
1,432,000
1,084,000
Amount
$7,945,085.09
543,793.14
33,077,504.19
360,437.52
40,802.90
3,445.89
4,430,730.11
1,693,147.76
7.453,834.88
50,974.54
154,172.62
2,318,425.63
8,776.23
$58,081,130.50
20,000
3,925,000
2.778,241
12,247,824
110,731
94
South Dakota
224,000
5,649
7,274,842
9,380
3.236
14,308
Minnesota.
Ohio
3,956,000
595,036
66,890
24
Kentucky
Michigan
North Dakota
ports.
891,510
833
Nebraska
Can. Atlan¬
tic
1,028
54,230
Iowa
Missouri
64,000
.
13,025,187
Kansas
22,000
Boston
Philadelphia
12,147
Indiana
128,000
York-
New
Illinois
Total wk'41
Since Jan. 1
1941
Week 1940.
1940
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
>
<
;
The exports
from the several seaboard ports for the week
ending Saturday, April 19, and since July 1, are shown in
the annexed statement:
Wheat
Com
Flour
Oats
Bushels
Exports from—
Bushels
Barrels
Bushels
New York
631,000
i*
«
Am
mm
Can. Atl. ports—
Total week 1941.
26
524,000
64,355
460,000
136,000
743",000
Since July 1, 1939 115,398,000 25,833,000 3,499,791 4.069,000
134
Indiana
Iowa
Kansas
75,000
3,522"666 10,250",000
..
Maryland
comprising the stocks in
oard ports Saturday, April
franary at principal points of19, were as follows: and seaaccumulation at lake
82
645
655
STOCKS
Corn
Oats
Rue
Barley
Bushels
Bushels
Bushels
Bushels
12,000
406
14
North Dakota
2,000
....
1,805
4,911
1,034
68,217
Pennsylvania
153
South Dakota—_
39,000
710
103,717
169,000
13,000
1,000
2,000
Tennessee
199
718,000
14,000
2,000
Texas—........
583
92,000
87,000
1,000
10~7~666
1,000
15,000
58,000
New Orleans
347,619
885
224
57,000
...
75,581
101,051
93,074
302,300
210,656
8,109
212,515
136,186
Oregon
155,000
Philadelphia, b
Baltimore
13,000
433
Montana.
Nebraska
New Mexico
Oklahoma
Wheat
New York.a
3,157
Missouri
Ohio
Bushels
1,642,324
1,008,906
773,342
57,248
572,031
189,394
40,825
100,660
172,280
1,391,854
480,776
48,478
15,441
1,217,997
1,620,551
443,375
2,285,057
65,099
153,903
82,427
281,955
108,859
421
Minnesota
""The visible supply of grain,
1,135,641
Kentucky
Michigan
Complete export data not available from Canadian parts.
1,711
1,091
2,258
2,555
Illinois
4,000
9,095
66,342
239,281
199,223
117,908
26,900
101
Colorado
Idaho
GRAIN
1.301
84,748
35,517
'
al89,000
3,071,000
United States—
Storage
4
California
"4"66O
Since July 1, 1940 114,157,000 21,778,000 4,248,740
a
Warehouse
Storage
Arkansas
—
5,553.000
1940.
Farm
Loans
Amount
•»
1,166,000
2,518,000
Baltimore
Number
State
•»
"i4"666
48,000
Philadelphia
arley
Bushels
.
590.000
Boston
Rye
Bushels '
ment of
175,000
600,000
Portland, Me
Total week
on Wheat Loans Reported—The Depart¬
Agriculture announced on April 18 that repayments
to Commodity Credit Corporation on wheat placed under
the 1940 loans to April 15, 1941, were in excess of 20,000,000
bushels.
The amount remaining under loan totals over
257,000,000 bushels.
Recent market rises have enabled
wheat producers to repay their loans and sell their wheat in
the market at some profit above the loan.
Repayments by States follow:
Repayments
Since Jan. 1
191,000
189
Utah
381,000
30,000
Fort Worth
7,441,000
700,000
Wichita
3,679,000
6,601,000
1,000
3,599,000
25,567,000
2.568,000
7,579,000
89,000
8,000
7,000
35,000
281,000
25,000
6,599,000 12,878,000
13,000
1,000
1,000
5,000
220,334
1,374,363.31
49,067.22
155,376.99
65,142.02
208,109.44
163,099.32
73,631.56
2,434,625.56
1,546.53
35,551.22
$13,391,769.16
5,000
42,000
"60",894
$846.49
63,641.10
58,673.89
1,032,006.12
897,960.90
634,969.38
60,126.51
1,073,014.84
144,132.90
29,032.09
117,192.48
200,560.29
1,044,853.65
437,308.59
167,486.85
15,000.10
971,963.21
1,380,723.14
501.663.46
Galveston
Hutchinson
St. Joseph
„
Kansas City
—-
Omaha.
1,539,000
St. Louis
5,160,000
1,044,000
56,000
63.000
Indianapolis...
1,340,000
1,214,000
352,000
103,000
557,000
4 91,000
City
Peoria
9,060,000 13,699,000
Chicago
11,000
ii2~666
866,000
1,453,000
383,000
340,000
afloat
465,000
On Lakes
443,000
3,624,000
41,000
131,000
883,000
Minneapolis.
24,308,000
10.145.000
1,050,000
1,678,000
2,924,000
19,682,000
150,000
3,250,000
271,000
623,000
513,000
2,000
5,000
2,000
180,000
3,214,000
167.000
1,506,000
176,000
131,000
68,000
Detroit
Buffalo
"
afloat
41
"36,198
26,115
Virginia
Wyoming
1
4,151,243
16,933,928
5
—
Total
Weather Report for the Week Ended April 26—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 26, follows:
349,000
Milwaukee..
Duluth
380,23§
3,977,613
1,903
22,738
1,496
Washington
West
675,000
Sioux
97,326
340
Virginia
Cyclonic and anti-cyclonic movements, or lack of movement, were very
over the United States during the week just closed.
At its begin¬
a
stagnant and extensive anti-cyclone occupied the Southeastern
States which effectively blocked the normally eastward progress of several
depressions that appeared in the Southwest and Midwest, deflecting their
courses
to
the northeast over the upper Mississippi Valley and Lake
unusual
ning
region.
Total April
19, 1941.-119,370,000 62,050,000
3,224,000 4,604,000
5,135,000
1941—120,314,GOO 63,253,000
3,435,000
4,709,000
5,501,000
Total April 20, 1940- 97,198,000 35,385,000
6.000.000
9,690,000 10,362,000
a New York also has 29,000 bushels Chilean barley in store,
Total April 12,
b
Philadelphia also has 140,000 bushels Australian wheat in store.
Note—Bonded grain not
included above:
Oats—Buffalo, 25,000 bushels; Buffalo
afloat, 51,000; New York, none; Erie, 75,000; total, 151,000 bushels, against 91,000
bushels in 1940.
Barley—New York, 105,000 bushels; New York afloat, 54,000;
Buffalo, none; Duluth, 22,000; In transit—rail (U. S.) none; total, 181,000 bushels,
against
York
1,269,000 bushels in 1940.
Wheat—New York, 1,534,000 bushels; New
550,000; Boston,
1,490,000; Philadelphia, 1,397,000; Baltimore,
afloat,
2,374.000; Portland. 446,000; Buffalo, 3,005,000; Buffalo afloat, 317,000; Duluth,
16,051,000; Erie, 187,000; Albany, 6,966,000; In transit—rail (U. 8.), 2,599,000;
total, 36,916,000 bushels, against 19,394,000 bushels In 1940.
Tlx?
southeasterly
"high"
gradually
during practically the entire week,
normally eastward-moving weather.
drifted
resulting
oceanward, but persisted
in continued stagnation of
With the abnormal warmth in the
East unseasonably low temperatures prevailed in the West and Northwest
attending the southern progress of a mass of dense air of polar origin.
This brought some marked temperature contrasts between the East and
the West,
with maxima ranging into the nineties in the former and
minima dropping to sub-zero in the latter.
The highest reported in the
East was 94 degrees at Washington, D. C., on the 20th, when the general
temperature conditions in the Middle Atlantic area were comparable to the
famous heat wave of April 18, 1896.
Monday, April 21, brought to an
end the eastern high temperatures; on the morning of the 22d freezing
weather was reported as far south as Cincinnati, Ohio, and sub-freezing
obtained in the middle Appalachian Mountains.
The Commercial & Financial Chronicle
2736
the week's freakish weather brought very unusual conditions
rainfall, which was frequent and heavy in the interior of the country
mostly absent in the more eastern States.
The rains reached the
Appalachian Mountains, but very little occurred to the eastward.
The weekly mean temperatures were far above normal from the Missis¬
sippi Valley eastward, with the greatest departures, ranging up to 18 de¬
grees,
in the more eastern States.
Ihe Pacific coast had about-normal
warmth, but in the Great Basin of the West and Rocky Mountain States
the temperature averaged
from 6 degrees to 10 degrees below-normal.
The lowest reported was minus 2 degrees at Butte, Mont., on the 19th,
and freezing weather extended as far south as north-central New Mexico
Likewise
of
and
precipitation occurred in most of the central and
west
Gulf States and nearly all of the Interior Valley and
the Great
Plains,
though the weekly totals were light
in
some
northern plains
sections.
The heaviest falls were reported in western Arkansas, eastern
Oklahoma, southeastern Kansas, and most of Missouri, with many stations
having weekly totals of 2 to 7 inches or more.
Much of the Ohio Valley
had from 1 to 2 inches of rain, and most of the Great Plains from central
South
12
heavy
southward
Dakota
Plains
inches
20
to
ranging
area,
in
some
from 1 to 2 inches.
Heavy snows occurred in
from 6 -inches in parts of western Kansas up to
central sections of Montana.
The Atlantic States
had very
little precipitation, with many stations reporting an entirely dry
week; also, (here was practically no rain over a large southwestern area.
The heavy rains of the week in the interior States brought the April
over large
areas.
Up to the 21st of the
Dakotas, and Minnesota had more than one and
while Illinois, Iowa, Missouri, Kansas. Mon¬
tana,
Wisconsin, and Michigan had around one and a third times the
normal.
On the other hand, the month
has been very dry over a con¬
siderable southeastern area, where Jess than half the normal rainfall has
totals
much
to
the
normal,
the
times
normal
above
Nebraska,
month
one-half
occurred.
Additional frequent rainfall in the Lake region and from the Mississippi
Valley westward to the Rocky Mountains further delayed field operations,
spring seeding is still inactive in most places.
Also, excessive rains
in parts of the
Southwest, especially in central and southern Missouri,
western
Arkansas, and eastern Oklahoma did much damage by wash.ng
fields; soil erosion in Oklahoma was the heaviest in years.
In
the
more
eastern
States an
outstandingly unfavorable feature of
recent weather has been the high
temperatures, lack of rainfall, and brisk
winds which reduced duff and other dry vegetation to tinder, resulting in
extensive and destructive forest fires in the Middle Atlantic States, being
especially severe in southern New Jersey, where thousands of acres of land
were
burned over and many homes destroyed.
Soil
moisture
continues
excellent
to
overabundant
rather
generally
west of the Mississippi River.
East of this river, rains of the week were
decidedly helpful in the Ohio Valley, although some eastern sections are
still dry.
In the Atlantic States a fortnight of dry, warm weather has
resulted in need for rain rather generally from Florida to
Pennsylvania
and New Jersey.
There was some local frost damage in the far NorthWest and parts of the Southwest.
and
SMALL GRAINS—Reports continue to indicate favorable
progress in the
development of the winter wheat cron. although in the extreme eastern
belt
rain
and
good
north
is
needed.
growth
western
as
varieties
boot
in
Oklahoma.
Texas.
In the
the
in
two-thirds
western
of
outlook
central
In
and
districts moisture is ample
Some wheat is jointing as far
and western Kansas, with early
western
is reported generally.
Kentucky and southern
south-central
of
Kansas
Some
and
Kansas.
Growth
central
some
and
is
too
rank
northwestern
in
the
counties
is
wheat
heading in the north-central portion of
far Northwest .and generally west of the
Rocky Mountains
continues
favorable.
Spring wheat seeding is still inactive in much of the belt, but
is prac¬
done in the southern third of South Dakota.
Work was delayed
by wet fields in North Dakota and has become very backward in Minne¬
sota, where further heavy to excessive rains occurred, with only about
10%
of the crop in as yet.
Oat seeding made some progress; fair to good
tically
in
the
Ohio
finished
Valley
in
States.
central
and
In
Iowa
seeding is well along, up to 90%
counties,
but barely started in
the
in good condition.
In Arkansas
southern
northeast.
Early seeded oats generally are
rice planting is well advanced.
CORN—The preparation of seed beds and planting of corn
progressed
favorably in Eastern States, but in trans-Mississippi areas work was
decidedly slow.
In Texas
planting is practically done and is nearing
completion in Oklahoma, where much replanting will be necessary because
of recent washing rains; in eastern
portions of Oklahoma approximately
half
the
of
corn
planting
some
southern
New
is
that
planted
was
reported
been
has
north
far
as
washed
extreme
as
out.
In
southern
the
East
Ohio
and
Jersey.
COTTON—In
the
eastern
half
of
the
cotton
tures
belt, where high tempera¬
light to moderate, planting
prevailed and precipitation was mostly
made good advance, some
being reported as far north as southern Vir¬
ginia.
However, much of the Atlantic area is getting too drv for good
germination
and
a
generous
rain
would
be
decidedly helpful.
Some
chopping is reported locally northward to eastern South Carolina.
In
the
belt good progress in planting was
reported in Louisiana
and rapid advance in Arkansas until
stopped by heavy rains.
Early cotton
is up to good stand in Louisiana.
In Texas favorable
was
western
reported in
been
seeded
the
planting
that
areas
in
were
extreme
not too
northwest;
south.
progress
wet, but only a small amount has
good stands appear in extreme
The weather bulletin furnished
conditions in different States:
the
following
resume
of
Virginia-— Richmond: Temperatures
considerably above normal; precipi¬
tation negligible.
Unusually rapid growth of early hay, fall-sown grains,
pastures, gardens, and truck.
Surface
moisture getting low.
Potatoes
coming
up.
Planting cotton and corn started in central and south.
Peaches
in
North
full
bloom.
Apples
Carolina—Raleigh:
blooming, except
in
north.
Temperatures
favorable; more rain needed,
good progress generally and con¬
dition satisfactory to
very good,
despite rapid soil drying in many sec¬
tions.
Com planting in
progress; some up in east and south.
Tobacco
plants improved: some
transplanting.
Cotton planting good progress in
south and large part of coastal
plaiji, but soil rather too dry for germina¬
tion.
Truck fair to good.
beason
still
South
somewhat
late, but all
crops
Carolina—Columbia:
planting
good
Warm; lack of rain being felt.
Cotton
generally and mostly completed in east, but soil
progress
too
dry
locally
for good germination in much of
interior; chopping fair progress
in
east.
Wheat
and
oats
heading in good condition.
Truck,
gardens, and pastures fair, but need rain.
Soil too dry for much tobacco
sweet
or
potato
Geoi-gia
planting.
Atlanta:
Much
early
corn
planted.
Warm
days and no rain of importance.
Soil dry¬
rapidly and too dry for most
vegetation in south, especially truck,
tobacco, and sweet potatoes.
Corn planting well advanced in
south and
middle, where soil mostly too
dry for satisfactory germination.
Cotton
planting started in north and
chopping begun in south; planting good
piogress m middle and south and near
completion in many places.
ing
iJlrld^ckmriUe: Warm
clays; more, rain needed. ' Cotton plantHi chopping in south. Corn doing well Potatoes poor crop
^ -CC0- 8
growth. Truck fair; season nearing close. Citrus
nS
in
needs
rain;
shipping vaiencias.
nl'in'
planting,
germination,
Strawberry
growth
£™gress; up in south and coming
of
up
in middle.
S°od.
1CS
fair
nearly
vegetation.
,to ?,ood-
1
PrnrnvpH
gardens
season
-.Warm days imd' adequate
and
over.
rainfall
Cotton
Planting
favorable for
planting good
corn rapidly:
Pastures and cattle much
Commercial potatoes good;
home
Mississippi
Vicksburg: Adequate rains; locally too much in west.
Temperatures generally favorable to
Saturday, but too cool thereafter for
on
up
a
?n
in
few
cover
north
crops,
Louisiana
Good
cotton
truck,
Progress in cotton corn
planting
Progress in
a0"'
and central.
fields
cultivated
gardens,
New
progress
coming
gardens,
doing well.
m
and
Orleans:
south.
pastures
Truck
fair
to
mostly good; not much
planting good; some up and
development late.
Progress of
good.
Favorable
temperatures; adequate
planting corn, cotton, and rice;
early planted
up
to good stands.
Progress and condition
m
and
pastures
Cane mostly fair.
of
good.
Oats
heading.
Sweet
rainfall.
com
and
potatoes,
potato
beds
April 26, 1941
Favorable
temperatures.
Too much
rain
in
upper
late in week; adequate falls elsewhere, except extreme west.
in upper coastal region and scattered districts
of east and central; elsewhere satisfactory.
Progress of wheat excellent;
condition mostly good to excellent; jointing generally, with some heading
in
north-central.
Oats
and
minor
grains good progress.
Corn
good
growth; planting practically completed.
Cotton planting good progress
where soil not too wet, except extreme northwest, where only small amount
done; crcp up to good stands in extreme south.
Truck and gardens good
progress. , Ranges good; cattle gaining flesh on fresh grass.
coastal
Soil
region
too
for cultivation
wet
Arkansas—Little
flooding
""wwSS'd
the
Texas—Houston:
rains
preparation
and
south
oats
good
in
Farm
Rock:
northwest.
general
nearing
growth.
until
completion
Rice
work
Cotton
halted
in
planting
by
delayed by rain;
washing and
planting rapid progress in south and
rain.
Planting corn completed in
north; early up
well advanced.
to
good
Apples
stands.
full
Fall
bloom
in
northwest.
_
THE DRY GOODS TRADE
New York, Friday Night, April 25, 1941
period of relative quietness was experienced in
the markets for dry goods during the past week.
There
was sufficient inquiry, however, to indicate an
underlying
interest which could easily develop into a
buying movement.
Most merchants expressed the opinion that
trading would
likely continue more or less slow at least for the next two
or three weeks,
providing there is a continuation of current
conditions.
Many of the larger users are said to be well
Another
covered for
the
a
number of weeks
ahead and
are
content for
sit back and await developments.
In the
meantime, goods continued to flow on a large scale through
retail channels and are being freely consumed by
heavy
industries.
According to reports which continued to reach
producing centers from various parts of the country, the
business transacted by retailers during the two weeks
prior
to Easter was the largest for any
corresponding period in a
number of years.
Naturally, the chief gains were registered
in industrial centers and localities where
Army cantonments
and shipyards are situated.
It was also pointed out that
stocks in the hands of retailers have been
greatly depleted
and that it is only a question of time when there is bound
to be
substantial reordering.
Prices remained decidedly
firm throughout, with the pressure of second hand
offerings
negligible.
present to
Comparative quietness rpevailed in wholesale markets,
despite this fact, there was no easing of prices.
There
moderate inquiry for various items including
sheetings
and osnaburgs, but most of this was believed to be tor the
purpose of checking prices and deliveries.
A broader in¬
quiry developed for print cloths during the latter part of
the week, ana fairly sizable sales were put
through.
Efforts
of buyers to secure nearby deliveries of sheets were almost
uniformly unsuccessful.
In fact, sellers were experiencing
difficulty in adhering to delivery schedules in contracts
already booked, with Government orders getting first call.
As a result of this situation,
requests for anticipations of
deliveries were generally refused.
Business in osnaburgs
was restricted
mostly to a few numbers, and where they were
wanted for late spring and early summer,
they were usually
found to be sold up through much of the fall.
A number
but
was
of mills continued to withdraw from the market.
It was
claimed that their purpose in so
doing was to avoid com¬
mitting themselves too far in the futnre. An increased de¬
mand was noted for various grades of
rayons, but
owing
buyers were compelled
requirements from resellers.
Prices for print cloths were as follows:
39-inch 80s, 934 to
934c.; 39-inch 72-76s, 834 to 9c.; 39-inch 68-72s, 8kg to 834c.;
3834-inch 64-60s, 7 to 734c., and 3834-inch 60-48s, 634
to 634c.
to the sold up condition of
producers,
to obtain the greater part of their
Woolen Goods—Wool piece goods
erally quiet during the week.
There
markets ruled
gen¬
sampling
wear lines, which mills
began to show
for the fall season, and
according to reports, cloak and suit
manufacturers showed a disposition to operate further ahead
than at any time
during the past few years.
Activities in
of the
new
was
some
women's
the men's
wear
chandising
to
division showed
a
decided shift from
mer¬
manufacturing problems.
Having booked
their seasonal business, producers were
concentrating on how
to speed up their
production in order to make certain that
deliveries are made within the dates specified.
Not only
are mills
operating at capacity, but a growing number are
operating over time.
Prices were generally strong, and there
were
predictions in the trade that values might possibly
move higher when the, new
wage schedules go into effect
next month.
Wool hosiery continued in active demand,
with prices firm, while mills manufacturing wool underwear
were well occupied,,
mostly on Army contracts.
Blankets
continued to sell in large volume, with some of the mills
reported nearing the point where they would be obliged
to withdraw from the market because they have sold up
their production.
Foreign Dry Goods—While business in linens was more
less of a routine character, prices remained firm.
Al¬
though it had been originally reported that no damage had
been done, cable reports from Belfast indicated that some
of the linen factories had been struck
during the recent
German air raids.
According to the cables, however, manu¬
facturers expect to complete all orders even though they may
not be able to do so on time.
An active inquiry developed
for burlaps, but actual business was limited
owing to the
absence of shipping space.
Spot goods generally were not
available except at very high prices.
Domestically light¬
weights were qui ted at 9.25c. and heavies at 12.25c.
or
Volume
The Commercial
152
State and City
Department
Bond
Proposals and Negotiations
Specialists in
lllino is & Missouri Bonds
Alabama
Members New York Stock Exchange
Founded 1890
CHICAGO
WIRE
YORK
NEW
BIRMINGHAM, ALA.
Direct Wire
314 N. Broadway
DIRECT
Municipals
Steiner, Rouse & Co
Stifel, Nicolaus & Cojnc.
105 W. Adams St.
2737
& Financial Chronicle
ST. LOUIS
ALABAMA
ALABAMA BRIDGE COMMISSION, Ala .—BOND
News Items
New York State—New Law Cuts Interest Rates
Loans—Effective
on
Small
of
July 1 the legal interest rates on small
loans will be reduced in this State to 23^% a month on $100
or less and 2% on the rest under a bill signed on April 20
by Governor Herbert H. Lehman.
The legal rates now are
3% on loans up to $150 and 23^% on the rest.
as
The bill, sponsored by Assemblyman Frank A, Gugino, Buffalo Re¬
publican, applies to licensed lenders who are permitted to lend amounts
up to $300.
The Governor vetoed a bill by Senator Pliny W. Williamson,
Westchester Republican, which would have reduced the rates by limiting
to $100, instead of $150, the amount on which 3% could have been charged,
and providing a 2% rate for the balance.
N.
Y.
City Building Tax Exemption Vetoed—Quoting a
opposition from Mayor F. H. La Guardia, the
Governor vetoed a bill to extend to June 30, 1942, the period
during which existing buildings in New York City could
be exempted from taxation for five years for the value of
improvements and alterations.
letter
Mobile), Ala.—BOND REFUNDING
Commissioners is said to have
Bank, and the Merchants
National Bank, both of Mobile, for the refunding at 3 M % of $423,000 5%
refunding bonds, which were to have matured on April 1, 1943.
Dated April 1, 1941.
Due on April 1 as follows: $5,000 in 1944 to 1946;
$8,000, 1947; $10,000, 1948 to 1952; $15,000, 1953 to 1957; $20,000, 1958
to 1962, and $25,000 in 1963 to 1969.
COUNTY
MOBILE
AGREEMENT—The
reached
an
O.
(P.
Board
of
County
agreement with the First National
ARIZONA
Ariz .—BOND ELECTION CONTEMPLATED—It is re¬
ported that an election is being considered for the submission to the voters
of a $400,000 issue of school building bonds.
TUCSON,
of
Such an exemption period began under a 1936 Act and was renewed in
1939 to expire this year.
The purpose was to stimulate building for the
sake of employment and the stabilization of real estate values, but the
Mayor told Governor Lehman the effect had been disappointing to the
City Tax Commission and there
1939 renewal and less
"More
was
no
particular interest evinced in the
now.
tax-exempt property should
not the other way
be placed upon the tax rolls, and
around," the Mayor wrote.
Deficiency Judgments Ban Extended—The ban on de¬
ficiency judgments in mortgage foreclosures, extended for
two more years by the Legislature, was approved when the
Governor signed the Janes bill (Senate Intro. 2109) on
April 23.
The Legislature continued the mortgage mora¬
torium for one year, without pavments on principal, and
extended it for a second year in which a payment of 1 % on
the principal must be made.
The signing of the Janes bill
forecasts similar action on the Mortgage Moratorium Ex¬
tension Bill.
Grade
Crossing Bond Bill Vetoed—Governor Lehman dis¬
approved on April 23 the Moffat bill (A. Intro. 2067), which
provided for the amortization of grade crossing elimination
bonds in 20 years instead of 40 years.
.
CALL—It is stated
by C. E. Carmichael, Chairman of the above Commission, that he is calling
for payment on June 1 4M% Alabama Bridge Commission revenue bonds
aggregating $868,000, together with a premium of 4% of the principal
amount and accrued interest to June 1, 1941.
Due Dec. 1, 1962.
Payable
at the office of the State Treasurer.
Any of these bonds may be presented
at any time after the date hereof for payment.
signed another Moffat bill, permitting New York City to
purchase a total of $17,000,000 in subway cars and equipment
without use of its borrowing margin. Under the bill the city
can apply to the Comptroller, asking that subway indebted¬
ness, which is self-repaying, be withdrawn from the debt
limit.
It is estimated that this provision would allow the
whether the
a
total about $40,000,000.
It is not known
borrowing margin would be increased by that
amount.
Two
Insurance
Measures
Vetoed—Governor
Lehman
has
sponsored bv Assemblyman Russell
^
Wright.
;
The first would have extended blanket accident and health insurance to
families under
policy or contract issued to the head of a family.
Non¬
profit medical and hospitalization groups are believed to have opposed the
bill although it was not objectionable to the State Insurance Department.
The second was proposed by casualty insurance executives who desired
clarification of the standard provisions of liability insurance policies with
particular reference to notices.
It amplified the section covering notices
in an attempt to aid construction by the courts but was vetoed, because,
it is believed, the language -was regarded as too broad.
a
United
States Housing Authority—Local
Units Sell
syndicate headed by the Chemical Bank & Trust
Co. of New York, was the high bidder on April 24 for $38,775,000 of the $48,787,000 local housing authoritv short term
Notes—A
loans which
Thirteen
annual court house and jail
were
issues
awarded.
awarded, the largest of which was $14,400,000
Philadelphia Housing Authority, Pa., notes.
The Chemical Bank group
purchased $11 million of this issue at a price of 0.35% and the remaining
$3,400,000 was awarded to the Girard Trust on a bid of 0.35%.
The Chemical group purchased $5,000,000 of the Alley Dwelling Auth¬
ority, Washington, D. C., notes at 0.35%; $650,000 of the Decatur Hous¬
ing Authority, 111., notes at 0.42%; $2,850,000 Gary Housing Authority,
Ind., notes at 0.38%; $7,000,000 Houston Housing Authority, Texas,
notes at 0.42%; $1,400,000 Lawrence Housing Authority, Mass., notes at
0.38%; $315,000 Madjsonville Municipal Housing Commission, Ky., notes
at 0.38%; $2,420,000 Oakland Housing Authority, Calif., notes at 0.38%;
$5,440,000 St. Louis Housing Authority, Mo. notes at 0.36% and $2,700,000 Seattle Housing Authority, Wash., notes at 0.45%.
U. S. Trust Co. bought $812,000 of the Alley Dwelling issue at 0.33%;
Camden Trust Co. bought $1,400,000 Camden Housing Authority, N. J.,
notes at 0.33%; Salomon Bros. & Hutzler was high bidder for $1,000,000
Decatur Housing Authority, III., notes at 0.41%; R. W. Pressprich & Co.
was awarded $900,000 Holyoke Housing Authority, Mass., notes at 0.37%,
and Harvey Fisk & Sons, Inc. bought $1,000,000 of the Houston Housing
Authority issue at 0.42% plus $18.
Girard Trust Co. was also high bidder
for $1,500,000 Cambridge Housing Authority, Mass. notes at 0.37%.
were
bonds.
Dated May 1, 1941.
Due Jan. 1, as
$2,500 in 1943 to 1946, $3,000 in 1947 to 1950, $3,500 in 1951 and
1952, $6,000 in 1953, $6,500 in 1954 and 1955, $7,000 in 1956 and 1957,
$7,500 in 1958 and $5,500 in 1959.
The bonds will be callable on any
interest paying date after Jan. 1, 1952, and will not be sold for less than par.
The privilege of conversion will not be allowed.
The bonds are paya ble from
follows:
The approving opinion of Rose, Loughborough, Dobyns
will be furnished.
These are the bonds authorized
election held on March 25, by a vote.of 414 to 245. Epclose a certified
check for $500, payable to the county.
special millage tax.
& House of Little Rock,
at the
SEARCY SPECIAL TAX
SCHOOL DISTRICT (P. O. Searcy), Ark.
$119,500 3M % semi-annual refund¬
of Little Rock, as noted
—MATURITY—It is reported that the
ing bonds sold at par to Walton, Sullivan & Co.
in V. 152, p. 2587 are due on July 1 as follows:
$3,500 in 1950; $4,000, 1951 to 1953;
and 1963, and $7,000 in 1964 to 1967.
$3,000 in 1942 to 1949;
$5,000, 1954 to 1961; $6,000, 1962
CALIFORNIA
COUNTY (P. O. Oakland) Calif.—SCHOOL
DEFEATED—At an election held on April 15 the voters are said
defeated a proposal to issue $125,000 Hayward Union High School
construction bonds.
ALAMEDA
BONDS
to have
District
CALIFORNIA, State of—WARRANTS SOLD—The following registered
aggregating $4,196,545.21, were offered for sale on April 21 and
awarded to R. H. Moulton & Co. of Los Angeles, at 0.50%, plus a
premium of $2,520.50; $2,000,000 unemployment relief, and $2,196,545.21
general fund warrants.
Dated April 25, 1941. Due on or about heb. 25,
1942.
Legality approved by Orrick, Dahlquist, Neff & Herrington of San
warrants
were
IRRIGATION DISTRICT (P. O. Merced) Calif.—BONDS
$3,500,000 block of 4% semi-ann. refunding, second
purchased from the Reconstruction Finance Corporation
on April 21 by a syndicate composed of Blyth & Co., Dean Witter & Co.,
both of San Francisco, Paine, Webber & Co., of Chicago, Stone & Webster
and Blodget, Inc., B. J. Van Ingen & Co., both of New York, Stranahan,
Harris & Co., Inc., of Toledo. Mitchum, Tully & Co., Stone & Youngberg, both of San Francisco, Pasadena Corp. of Pasadena, Illinois Co.,
Martin, Burns & Corbett, both of Chicago, Wells-Dickey Co. of Minne¬
apolis, Lawson, Levy & Williams, of San Francisco, Mullaney, Ross & Co.,
C. F. Childs & Co., Stern , Wampler & Co., all of Chicago, and Thomas &
MERCED
SOLD
BY RFC—A
issue bonds was
^^'enoml^l^OO^!1
Due on July 1 as follows: $47,000
1943, $54,000 in 1944, $55,000 in 1945,
1947, $63,000 in 1948, $65,000 in 1949, $67,000
$73,000 in 1952, $76,000 in 1953, $79,000 in
1954, $827000 in 1955, $86,000 in 1956, $89,000 in 1957, $92,000 in 1958,
$96,000in 1959, $100,000 in 1960, $104,000 in 1961, $108,000 in 1962, $113,000 in 1963 $117,000 in 1964, $122,000 in 1965, $126,000 in 1966, $132,000
in 1967. $137,000 in 1968, $142,000 in 1969, $149,000 in 1970, $154,000 in
1971 $161,000 in 1972, $167,000 in 1973, $173,000 in 1974 and $181,000
in 1975
Prin. and int. payable at the Bank of America National Trust &
Savings Association, San Francisco.
Legality approved by Orrick, Dahlauist Neff & Herrington, of San Francisco. These bonds are part of a total
authorized issue of $7,000,000 principal amount of the second refunding
Sue of the district all of which will be issued to the RFC, whereof $3,500,000
principal amount was purchased from the RFC on April 2, and offered by
the underwriters on April 3,1941.
PRICE PAID—The RFC received a price of 101.00 for the above bonds,
the same as for the prior block, giving a basis of about 3.92%.
in 1941
vetoed two insurance bills
OFFERING—
Francisco.
N. Y. C. Transit Equipment Bill Signed—The Governor has
withdrawal of
ARKANSAS
COUNTY (P. O. Star City), Ark.—BOND
LINCOLN
It is stated by W. A. Fish, County Judge, that he will receive sealed bids
until 10 a. m. on May 6, for the purchase of a $75,000 issue of 314 % semi¬
Dated July 1, 1935.
$50,000 in 1942, $51,000 in
$58 000 in1946 $60/000 in
in 1950
$71 ;000 in 1951,
COUNTY (P. O. Santa Ana), Calif.—PRICE PAID—
Clerk states that the $40,000 Seal Beach School District
semi-annual bonds sold on April 15 to Schwabacher & Co* of
Los Angeles—V.
152, p. 2587—were purchased as 234s for a premium
of $88, equal to 100.22, a basis of about 2.215%.
Due $4,000 from 1943
ORANGE
The
County
coupon
t°The2s^ondSWghest
bid was an offer of $72 premium on 2 Ms submitted
Bond Co. of Los Angeles.
SACRAMENTO AND SAN JAOQUIN COUNTIES, SCHOOL DIS¬
TRICT (P. O. Sacramento), Calif.—BOND OFFERING—Sealed bids will
he received until 10 a. m. on April 28, by T. F. Patterson, County Clerk,
for the purchase of a $55,000 issue of Gait Joint Union High School District
bonds.
Interest rate is not to exceed 5%, payable M-N.
Dated May 1,
1941
Denom. $1,000.
Due May 1 as follows: $1,000 in 1942 to 1951
and $5 000 in 1952 to 1960.
Principal and interest payable at the County
Treasurer's office.
The bonds will be sold for cash only, and at not less
than par and accrued interest to the date of delivery.
Each bid must state
that the bidder offers par and accrued interest to the date of delivery, and
state separatdy t he premium, if any, offered for the bonds bid for, and the
rate of interest said bonds shall bear.
Enclose a certified check for 10%
of the bonds bid for, payable to the Chairman Board of Supervisors.
by the District
SOUTH
NO
i
(P
GATE ACQUISITION AND IMPROVEMENT
O
South Gate), Calif.—BOND TENDERS
man
City
DISTRICT
INVITED
received until May 19 at 7:30 p. m. by Louise Work¬
Treasurer, on refunding bonds of the above-named district.
Sealed tenders will be
The Commercial & Financial Chronicle
2738
The amount available for the purchase of
the bonds and their appurtenant
by the city is the sum of $51,500.
proposals should state therein the numbers, annual
series, principal amounts, maturity dates, and rates of interest, of the
respective bonds offered and the price at which the same, wtith their
coupons
Bidders submitting
bidder must
the proposal
appurtenant coupons, will be sold to the city.
The successful
deliver the bonds and their appurtenant coupons referred to in
after notice of acceptance of proposal.
Delivery of bonds and payment of purchase price shall be made either
at the City Treasurer's office or at any State or National bank located in
Los Angeles County, as the seller may elect.
203,000 Special Tax School District No. 2 bonds.
Denom. $1,000 and
$500.
Due Jan. 1 as follows: $2,000 in 1943 and 1944, $3,000
in 1945, $4,000 in 1946 to 1949. $5,000 in 1950 to 1952, $6,000
in 1953 and 1954. $7,000 in 1955 and 1956, $8,000 in 1957 and
1958. $9,000 in 1959 to 1961, $10,000 in 1962 to 1966. $11,000 in
1967 and 1968, and $12,000 in 1969 and 1970.
Enclose a certi¬
fied check for $3,300, payable to the Board.
Dated
of such bidder within 10 days
election held on April 8
approved the issuance of $95,000 fire station and
VENTURA, Calif.—BONDS VOTED—At an
the voters are said to have
equipment bonds.
BONDS
DEFEATED—-At the same time a proposal to Issue $60,000 fire
bonds failed to receive the
alarm
required two-thirds majority.
COLORADO
EAGLE, Colo.—BOND SALE DETAILS—The Town Treasurer now
$18,000 water refunding bonds sold to Coughlin & Co. of
reports that the
Dated
bonds
Denver, as noted in our issue of Jan. 25, were purchased as 3 Via, are
Feb. 1, 1941, and mature $2,000 from May 1, 1941 to 1949, with
maturing on and after 1947, callable at any time.
April 26, 1941
1,
1941.
Interest payable J-J.
Bonds maturing after
being optional for redemption on said date and on any interest
Jan.
Jan. 1, 1961,
thereafter at par and accrued interest on 30 days' notice.
National Bank & Trust Co.,
Chicago, in lawful money.
Bidders must agree to accept delivery of the
bonds on July 1, and to pay tne amount bid for said bonds on said date in
order that funds shall be available to pay the bonds refunded which have
been called for payment on said date.
All bids must be for all of each issue
of bonds offered, at not less than par and accrued interest to July 1, and
must be unconditional.
The approving opinion of Chapman & Cutler of
Chicago will be furnished to the purchaser.
payment date
Prin. and int. payable at Continental Illinois
FLORIDA SHIP CANAL NAVIGATION DISTRICT (P. O. Jackson¬
ville), Fla.—BONDS VALIDATED—The Duval County Circuit Court is
to have validated on April 21, a $264,000 issue of 2H% refunding
right-of-way purchase bonds.
said
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. O3
Bartow), Fla.—BOND ISSUANCE CONTEMPLATED—A $245,000 issue
bonds is to be offered for sale shortly before June 1, according
of refunding
DISTRICT NO. 1 (P. O. Montrose),
District Secretary states that the
$14,000 school bonds sold to Sullivan & Co. of Denver, as reported—V. 152,
P. 2426—were purchased as 2s, at par. subject to the outcome of the elec¬
tion scheduled for May 5.
Due as follows: $100 in 1946 and 1947, $3,000
1948 to 1951, and $1,800 in 1952. callable at any time.
MONTROSE COUNTY SCHOOL
to report.
Colo.—BOND SALE DETAILS—The
CONNECTICUT
GEORGIA
CHATTOOGA COUNTY (P. O.
CHASE CONTRACT—It is reported
KALB COUNTY
DE
CONNECTICUT (State
of)—BOND SALE—The $450,000 University
self-Jiquidating dormitories construction bonds offered
April 24—V. 152, p. 2118—were awarded to Roosevelt & Weigold, Inc.,
New York, on a bid of 100.02 for $67,000 3 Ms due serially on May 1, 1942
to 1944, incl., and $383,000 Is, maturing from 1945 to 1961, incl., or a net
interest cost of about 1.076%.
All of the bonds bear date of May 1, 1941.
Following are some of the 30 unsuccessful bids for the offering: Adams,
McEntee & Co., Inc., par for $270,000 Is and $180,000 1 Ma. or a net cost
of 1.078%; Estabrook & Co. and Putnam & Co., jointly, 100.193 for $450,000 1Mb, or 1.106%; Goldman, Sachs & Co. and Graham, Parsons & Co.,
100.015 for $157,000 Is and $293,000 lMs, or 1.108%; Stone & Webster
and Blodget, Inc., and B. J. Van Ingen & Co., Inc., 100.066 for 1Mb, or
1.18%; First Boston Corp., 100.05 for VAa, or 1.12%; Equitable Securities
Corp
par for $428,000 1K» and $22,000 is, or 1.1208%; Shields & Co.
and Spencer Trask & Co., 100.045 for $270,000 lMs and $180,000 Is, or
1.126%; and Glore, Forgan & Co. and Day, Stoddard & Williams offered
100.013 for $112,000 2%a and $338,000 Is, or a net cost of 1.131%.
of
Connecticut
,
CONNECTICUT (State of)—PROJECTED HIGHWAY BOND ISSUE
—In connection with reports earlier in the year of a prospective bond issue
of $10,000,000 to finance completion by 1943 of the Wilbur Cross Highway,
it was recently stated by William J. Cox, State Highway Commissioner,
that the present session
such an issue.
DELAWARE
>'•,
;,r
V".V
'
•'
■' :T'
•
Del.—BOND SALE—The $25,000 refunding water and
light bonds offered April 18 were awarded to E. H. Rollins & Sons, Inc.,
Philadelphia, as lMs, at par plus a premium of $381.50, equal to 101.526,
a basis of about 1.43%.
Dated April 1, 1941.
Denom. $1,000.
Due 20
years from date of issue.
The bonds shall be redeemable at the option of
''The Mayor and Council" at par and accrued interest after the expiration
of five years from the date or the bonds, provided that such redemption
shall be made in pursuance of a notice signed by the President of the Council
and by the Treasurer of "The Mayor and Council," the notice to be pub¬
lished once a week for two consecutive weeks in a newspaper published in
Wilmington and also at the option of "The Mayor and Council— in a news¬
paper published in New Castle, the notice to indicate the bonds called and
the interest of any of said bonds so called shall cease from the date fixed
in any such call for recemption. Prin. and int. (A-O), payable at the New
Castle Trust Co., New Castle.
The bonds will be exempt from taxation
by the State or any political subdivision thereof for any purpose and the
faith and credit of the city is expressly pledged for the payment of the bonds.
The city will have the bonds printed at its own expense, as soon as prac¬
ticable after the award, and the successful bidder will be notified by mail
when the bonds shall be ready for delivery.
The place of their delivery will
be the New Castle Trust Co.
The city will also furnish to the purchaser
the approving opinion of Logan & Duffy, of Wilmington, free of charge.
SUSSEX COUNTY (P. O. Georgetown), Del .—PROPOSED FINAN¬
CING—A bill has been introduced in the Legislature authorizing the county
issue $25,000 airport bonds.
Another measure approving an issue
$1,450,000 highway refunding bonds is reported to have been signed
Governor Bacon on April 15.
to
of
by
FLORIDA MUNICIPAL BONDS
long experience In handling
hensive
Dec.
Oct.
14,
1
as
1940, were sold at 106.00, are dated Oct. 1, 1940, and mature
follows: $18,000 in 1943, $19,000 in 1944 and 1945, $20,000 in
1946, $21,000 in 1947, $22,000 in 1948, $23,000 in 1949, $24,000 in 1950,
$25,000 in 1951. $26,000 in 1952, $27,000 in 1953. $28,000 in 1954, $29,000
in 1955. $30,000 in 1956, $31,000 in 1957, $32,000 in 1958. $34,000 in 1959.
$35,000 in I960, $36,000 in 1961. $38,000 in 1962, $39,000 in 1963. $41,000
in 1964, $43,000 in 1965, $44,000 in 1966, $46,000 in 1967, $48,000 in 1968,
$50,000 in 1969, and $52,000 in 1970.
Ga .—BOND ELECTION— It is reported by Frank Branan,
MACON,
City
Treasurer, that $150,000 defense activity bonds are being held in
abeyance due to recent State legislation requiring a State-wide referendum
and the issuance of these bonds is to be submitted to the voters on June 3.
WILCOX COUNTY (P. O. Abbeville) Ga .—BOND AWARD DE¬
FERRED—In connection with the contract of sale on $100,000 funding, and
$45,000 refunding bonds, given to Brooke, Tindall & Co. of Atlanta, as 4s
noted here on March 1, the County Clerk now states that the
is subject to the outcome of a State-wide referendum
to be held on June3.
.v-:1;'
at par, as
sale of these bonds
ADAMS COUNTY RURAL HIGH SCHOOL DISTRICT NO. 2
NEW CASTLE,
Our
self-liquidating certificates which were sold, as reported in our issue of
:
COUNTY
(P.
O.
Wilmington),
Del.—BONDS
AUTHORIZED—Governor Walter W. Bacon recently signed a bill author¬
izing the county to issue $750,000 airport bonds, according to unofficial
report.
(P. O. Decatur), Ga.—ADDITIONAL INFOR¬
MATION—It is now stated that the $900,000 4% semi-annual water works
of the General Assembly is not likely to authorize
CASTLE
NEW
Summerville), Ga.—BOND PUR¬
that the purchase of $325,000 3%
funding bonds has been contracted for by Brooke, Tindall & Co. of Atlanta,
subject to a State-wide referendum to be submitted to the voters on June 3.
Florida issues
gives us
a
compre¬
background of familiarity with these municipal bonds.
will be glad to answer any inquiry
RECrummer
1ST. NAT. BANKBLDG.
We
regarding them at no obligation.
(P. O.
Idaho—BONDS VOTED—At an election held on April 5 the
said to have approved the issuance of $48,500 construction
bonds by a wide margin.
Council)
voters
are
POCATELLO, Idaho—BOND SALE—The $82,500 issue of semi-annual
16—V, 152, p. 2272—
paving a premium of
$165.83, equal to 100.201, according to the City Clerk.
Second highest
bid was an offer by Coughlin & Co. of Denver, of 100.12 for $47,500 as
1 Ha, and $35,000 as 2Ms.
sewage treatment plant bonds offered for sale on April
was awarded to Grande & Co.
of Seattle, as iMs,
ILLINOIS
BATAVIA, III.—BONDS DEFEATED—At
voters defeated
BLOOM
Will
and
holders are
an election on April
15 the
the proposed issue of $17,000 cemetery bonds.
TOWNSHIP
HIGH
SCHOOL DISTRICT
NO. 206 (Cook
Counties). 111.—REFUNDING PLAN AMENDED—Bond¬
being advised by M. B. Vick & Co., of Chicago, refunding
agents, that at a meeting of the members of the Board of Education of the
district held on April 16, 1941, the agents were authorized to advise bond¬
holders that under the refunding plan, details of which appeared in V
152, p. 2272, the new refunding bonds will carry a straight 4)4% interest
the life of the bonds, as it is understood that this was the
only objection to the plan raised by several bondholders, it is believed that
the refunding plan now merits the full approval and cooperation of all
rate throughout
bondholders,
CHICAGO, 111.—CERTIFICATE OFFERING—R. B. Upbam, City
Comptroller, will receive sealed bids until 11 a. m. (DST) on May 2 for
the purchase of $1,000,000 not to exceed 3%, interest water works system
revenue certificates of indebtedness.
Dated May 1,]941. Denom $1000
Due May 1 as follows: $400,000 in 1959 and $600,000 in 1960.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1 %.
Principal
and interest (M-N) payable at the City Treasurer's office or at the office
of the fiscal agent of the
city in New York City, The certificates are issued
in coupon form and are registerable as to principal in the office of the City
Comptroller. They are payable solely from revenue derived from operation
of the water works system of the city. Delivery of certificates will be made in
Chicago on or before May 5. A certified check for 2% of the certificates
payable to order of the City Comptroller, is required.
Legal opinion of
Chapman & Cutler, of Chicago, and engraved certificates will be furnished
by the city.
CHICAGO
PARK
DISTRICT,
III.—NO
BONDS
TENDERED—
Tom E. Nash, Secretary of the Board of Park Commissioners, reports that
tenders were received in connection with the call for offerings of fundine
no
Company
bonds
CHICAGO, ILLINOIS
on
April 22.—V. 152,
p.
2426.
EASTON, III.—BONDS DEFEATED—An issue of $11,000
bonds was defeated by the voters at an election on April 15.
water system
LA
HARPE, IIL—BOND SALE CANCELED—The sale of $15,000 3%
bonds to W. D. Hanna & Co. of Burlington—V. 152
was canceled as the voters refused to authorize the loan at the
election on April 15.
, ;
; \ ;
street improvement
p.
FLORIDA
.
BROWARD
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICTS
(P. O. Fort Lauderdale), Fla.—BOND OFFERING—Sealed bids will be
received until 2 p. m. (EST) on April 29 by Ulric J. Bennett, Secretary of
the Board of Public Instruction, for the purchase of the following 4% semi¬
annual refunding of 1941 coupon or registered refunding of 1941 bonds,
aggregating $1,591,000;
$695,000 Special Tax School District No. 3 bonds.
Denom. $1,000.
Due
Jan. 1 as follows: $18,000 in 1943, $25,000 in 1944, $26,000 in
1945 to 1951, $27,000 in
1952, $28,000 in 1953 and 1954. $29,000
1955, $35,000 in 1956 to 1958, $36,000 in 1959 to 1964. and
$37,000 in 1965,
Enclose a certified check for $13,900, payable
in
the Board.
Special Tax School District No. 5 bonds.
Denom. $1,000.
Due
Jan. 1 as follows: $3,000 in 1942, $9,000 in 1943 and 1944, $10,000
in 1945, $11,000 in 1946, $12,000 in 1947 to 1949, $14,000 in
1950, $16,000 in 1951 and 1952, $17,000 in 1953, $18,000 in 1954,
to
408 nftO
98* 000
480,uuu
$20,000 in 1955, $21,000 in 1956, $22,000 in 1957, $23,000 in
1958, $24,000 in 1959, $25,000 in 1960 and 1961, $27,000 in 1926,
$28 000 in 1963, $29,000 in 1964, and $5,000 in 1965.
Enclose
a certified check for $8,160, payable to the Board.
Special Tax School District No. 4 bonds.
Denom. $1,000. Due
follows: $2,000 in 1944. $4,000 in 1945 to 1947, $5,000
$7,000 in 1950, $8,000 in 1951 and
1955, $10,000 in 1956, $11,000 in 1957 and
$12 000 in 1959 and 1960, $13,000 in 1961, $14,000 in
$15 000 in 1963, and $16,000 in 1964 to 1970.
Enclose a
fied'check for $4,640, payable to the Board.
in
1948, $6,000 in 1949,
$9 000 in 1953 to
2426,
1952,
1958,
1962,
certi¬
.
MARSEILLES,
111.—SALE NOT CONSUMMATED—'The sale of
$250,000 light plant revenue certificates to the Oarleton D. Beh Co. of
Des Moines, subject to outcome of election on April 8—V. 152, p
1788
was
not consummated as the proposal was defeated by the voters.
MARSHALL COUNTY SCHOOL DISTRICT NO. 80 (P. O. Lacon)
111.—BOND SALE DETAILS—The $70,000 2M% construction bonds
awarded to Negley, Jens & Rowe of Peoria at a price of 100.22, as reported
152, p. 2119, mature Dec. 1 as follows $3,000 from 1942 to 1947
inch, and $4,000 from 1948 to 1960, incl.
in V.
MORRISON, 111.—BONDS VOTED—An issue of $30,000 hospital bonds
was authorized by the voters at an election on April 15.
The bonds had
previously been contracted for as 2.80s, by the Fidelity Life Association of
NEPONSIT, 111.—BONDS VOTED—The voters on April 1 approved the
issue of $20,000 road bonds previously contracted for by the H. C. Speer
& Sons Co. of Chicago—V. 152, p. 1955.
The bonds were sold at a price of
100.375,
a basis of about 3.43%.
Dated April 1, 1941 and due Dec 1 as
$1,000 in 1942, $2,000 in 1943 and 1944, and $3,000 from 1945 to
1949, inclusive.
follows
NEWTON,
111.—PROPOSED
issue of sewage system
BOND ISSUE—City is considering
plant bonds for a project to cost about $85,000.
an
ROCKFORD SCHOOL DISTRICT NO. 205, III.—BOND OFFERING
—Marie L. Sheehe, Secretary of the Board of Education, will receive sealed
bids until 8 p. m. on April 28 for the purchase of $122,000
funding bonds.
Volume
The Commercial & Financial Chronicle
152
Dated May 1,1941.
Denom. $1,000.
Due May 1 as follows: $3,000 from
1943 to 1946 incl. and $10,000 from 1947 to 1957 incl.
A certified check
for 2% of the bonds, payable to order of the District Treasurer, is required.
RUSHV1LLE,
111
refused to authorize
BONDS
an
DEFEATED—1The
voters
issue of $66,000 sewer revenue
on
April
15
bonds.
INDIANA
CENTER TOWNSHIP SCHOOL TOWNSHIP (P. O. Valparaiso),
.
Ind.—BOND OFFERING—Yernon L. Beach, Trustee, will receive sealed
bids until 2 p. m. (CST) on May 12 for the purchase of $25,000 not to exceed
4M% Interest building bonds.
Dated July 1, 1941.
Denom. $500.
Due
as follows: $1,000
July 1, 1942; $1,000 Jan. 1 and July 1 from 1943 to 1946,
incl.; $1,000 Jan. 1 and $1,500 July 1, 1947; $1,500 Jan. 1 and July 1 from
1948 to 1951, incl., and $1,500 Jan. 1, 1952.
Bidder to name a single rate
of interest, expressed in a multiple of M of 1 %.
Interest J-J.
Bonds are
direct obligations of the school township, payable out of unlimited ad val¬
orem taxes to be levied and collected on all of the taxable property within
the school township.
Legal opinion of Matson, Ross, McCord & Ross of
Indianapolis will be furnished the successful bidder.
No conditional bids
will be considered.
FORT
WAYNE
HOUSING
AUTHORITY,
Ind.—BOND
SALE
DETAILS—The $42,000 first issue series A housing bonds awarded to the
Central Securities Corp. of Fort Wayne,—V. 152, p. 2588, were sold at
par, on a net interest cost basis of
2.07%, as follows:
$20,000 1^8.
Due Nov. 1 as follows: $5,000 in 1941; $1,000, 1942; $2,000,
1943; $1,000, 1944; $2,000 in 1945 and 1946; $1,000 in 1947, and
$2,000 from 1948 to 1950 incl.
10,000 2s.
Due $2,000 on Nov. 1 from 1951 to 1955 incl.
12,000 2Kb.
Due Nov. 1 as follows: $2,000 in 1956; $3,000, 1957; $2,000,
1958, $3,000 in 1959 and $2,000 in 1960.
MARION COUNTY (P. O. Indianapolis), Ind.—WARRANT SALE—
$225,000 county welfare fund warrants offered April 21—V. 152.
2588—were awarded to a group composed of the Union Trust Co.,
Indiana National Bank, Fletcher Trust Co., American*National Bank,
Indiana Trust Co., and the Merchants National Bank, all of Indianapolis,
The
2739
ment by the Commissioner of Finance; but, owing to constitutional techni¬
calities, the Commissioner of Revenue deemed it necessary also to file suit
directly against the district board.
The two cases were consolidated for
purposes of Court of Appeals consideration.
The first issue of major significance arises from a provision in exemption
section of the Constitution, quoted in the opinion as follows
"...
public property used for public purposes,
.
.
.
institutions of purely
public charity and institutions of education not used or emp.oyed for gain
by any person or corporation and the income of which is devoted soleiy to
the cause of education."
Counsel for the Commonwealth had contended
that earlier decisions erroneously applied the last part of this provision to
excise and license taxes and Insisted, on the ground that the provision re¬
ferred to property taxes alone, the rulmg should be repudiated.
It was
pointed out, however, that municipal corporations were subject to the
gasoline tax and that school districts, being quasi-municipal corporations,
fall into the
same
category.
The latter viewpoint was sustained
by the
Court.
that "any sum which may be
produced by taxation or otherwise for purposes of common school education
shall be appropriated to the common school and to no other purpose."
The school district argued that in view of this provision no funds in its
possession could properly be employed in payment of motor fuel taxes.
The Court took the position, however, that the school board was authorized
by law to meet the normal expenses of educational service within the dis¬
trict.
One type of service legally regarded as essential in Kentucky is
provision for the transportation of pupils to and from school.
Some school
districts meet this problem by entering into a contract with a private trans¬
porter, who, as a matter of course, must bear gasoline taxes.
Other dis¬
tricts provide buses directly at public expense.
The Court adopted the
view that in any case the total cost of providing the transportation service
included both that for buses and that for road service.
The method of
providing the latter in Kentucky is through imposition of a gasoline tax,
which, for this purpose, is a means whereby part of the expense of road
service is collected from all those who engage in transportation.
Thus the
statutory requirement that school districts pay gasoline tax when fuel is
purchased directly by the school district does not violate the provisions
Section 184 of the Constitution provides
p.
of Section 184.
at 1
A third issue which may have long-range significance in respect of statu¬
tory construction is whether or not the statute, in order to apply to school
districts and other municipal corporations, must expressly so provide.
% interest, plus
a
premium of $22.56.
This
was
the only bid received.
Dated April 30, 1941 and due June 15,1941.
The Court holds that this is not necessary.
wrote a vigorous dissenting opinion in which he
majority on all three points considered here.
Some of
good deal to be desired from the point of view of com¬
pleteness, but only one illustration need be cited.
Judge Thomas suggests,
"...
machinery does exist for exempting the United States Govern¬
ment
and here it may be observed that there is no such exemption stated
in the statute.
It is not necessary, for a State imposing such an excise
tax and containing no specific provision for exemption could not be enforced
as to a sale to the United
States Government."
The Justice appears to
have overlooked Section 4281-g-10 of the Kentucky Statutes, which ap-
Justice
Mr.
IOWA
IOWA,
both opinions leave a
State
of—ROAD BOND PAYMENT APPROVED—Payment
principal and $1,038,148 interest on Iowa county primary
May 1 has been approved by the State Highway Commission.
After the payment there will be outstanding only $62,153,000 of the $117,968,000 originally issued by the 98 of the State's 99 counties under an act
passed in 1919.
Highway commission officials expect to have the entire
amount retired by May, 1950.
of $6,412,000
road bonds
on
MARCUS,
Iowa—BOND
SALE—The
$13,795
community
building
semi-annual coupon bonds offered for sale on April 21—V. 152, p. 2588—
were awarded to the Carleton D.
Beh Co., and Jackley & Co., both of
Des Moines, jointly, according to the Town Clerk.
Dated May 1,
Due on Nov. 1, in 1942 to 1960; optional after Nov. 1, 1952.
MUSCATINE, Iowa—BOND DISPOSAL
that $9,800 judgment funding bonds
Vieth, Duncan & Wood of Davenport.
states
1941.
REPORT— The
are
being
City Clerk
handled through
SIOUX CITY, Iowa—BOND OFFERING—Sealed and oral bids will be
received until May 7, at 2 p. m., by C. A. Carlson, City Treasurer, for the
purchase of a $590,000 issue of city hall bonds.
Dated May 1, 1941.
Due
Nov. 1 as follows: $10,000 in 1942, $22,000 in 1943, $24,000 in 1944 to
,
Sarently attempts to exemptto overlookto the United of Mr. Justice Frank-r
lore seriously still, he
fuel sold the language States Government,
seems
furter in Graves et al.
490:
1960 and 1961.
in
Bidders to name the rate of interest and
ail
other circumstances being equal, preference will be given to the most
favorable bid of par and accrued interest or better.
Principal and interest
payable at the Cit, Treasurer's office.
The approving opinion of Chapman
& Cutler of Chicago will be furnished.
These bonds were authorized by the voters at an election held on Nov. 8,
1938.
A certified check for 2% must accompany the bid.
(This notice supplements the report given in
152, p. 2588.)
our
issue of April 19.—V.
KANSAS
GREAT
BEND SCHOOL
DISTRICT
(P. O. Great Bend), Kan—
BONDS VOTED—At an election held on April 1 the voters are said to have
approved the issuance of $400,000 construction bonds.
LEOTI,
offered
Kan .—BOND
for
sale
on
April
SALE— The $5,000 city hall, series 6 bonds
21—V. 152, p. 2589—were purchased by the
No other bid was
1941.
Due $500
Columbian Securities Corp. of Topeka, as 3 Ms, at par.
received, according to the City Clerk.
Dated May 1,
from May 1, 1942 to 1951, inclusive.
vs.
New York ex rel. O'Keefe, 306
"Failure to exempt public functionaries
U. S. 466, at page
from the universal duties of
citizenship to pay the costs of government was hypothetical^ transmuted
into hostile action of one government against the other.
A succession of
decisions thereby withdrew from the taxing power of the States and the
Nation a very considerable range of wealth without regard to the actual
workings of our federalism (citing, among other decisions, that relied on
by Judge Thomas, The Panhandle Oil Co. vs. Mississippi, 277 U. S. 281,
222)
These decisions have encountered increasing dissent.
.
.
.
In this Court dissents have gradually become majority opinions, and
.
.
before the present
undermined.'
even
1947, $27,000 in 1948 to 1950, $30,000 in 1951 to 1953, $32,000 in 1954 and
i?^!35'0,00 *n 1956- ^37,000 in 1957 and 1958, $38,000 in 1959 and
$40,000
Thomas
takes issue with the
NEWPORT,
decision the rationale of the doctrine had been
Ky .—ADDITIONAL INFORMATION—In connection
March 1, that $75,000 stadium and
with the report given in our issue of
recreation field
bonds had been sold, the City Treasurer now states that
only $30,000 bonds were soid, to the Employees' Pension Fund, and the
Police and Firemen's Pension Fund, as 4s, at a price of 101.00, a basis of
about 3.79%.
Due $3,000 from Dec. 15, 1941 to 1950.
OWENSBORO, Ky.—BOND SALE DETAILS—It is stated that the
$175,000 light and water revenue bonds sold to J. J. B. Hilliard & Son of
Louisville, as noted in—V. 152, p. 2589—were purchased as 1%b, payable
M-S.
Dated March 1, 1941, in the denomination of $1,000, and mature
$25,000 March 1, 1942 to 1948.
Prin. and int. payable at the National
Deposit Bank, Owensboro.
The bonds will bear no interest prior to Sept.
1, 1941.
Legality approved by Chapman & Cutler of Chicago.
In the
opinion of counsel, the bonds will maintain the same prior lien position as
that of the bonds to be refunded, and will constitute valid and binding
obligations of the city, payable solely from electric power and
The bonds were
purchased at
a
light revenues.
price of 102.25, a basis of about 1.30%.
LOUISIANA
MANHATTAN, Kan.—BONDS SOLD—The City Clerk states that
$17,500 airport bonds approved by the voters last November, have been
ALEXANDRIA, La.—BOND OFFERING—Sealed bids will be received
until July 3, according to report, by the City Clerk, for the purchase of an
issue of $175,000 not to exceed 3% semi-ann. municipal light and power
plant bonds. Due in 10 years.
»
""4
sold at par, divided as follows: bonds maturing in first three years, as Is,
the bonds maturing in the succeeding seven years, as 1
sealed bids until May 23,
PRATT, Kan.—BONDS VOTED—At
voters are said to
election held on April 1 the
have approved the issuance of $98,000 hospital construction
an
bonds.
RUSSELL,
the voters
struction
are
Kan.—BONDS VOTED—At an election held on April 1
approved the issuance of $85,000 hospital con¬
said to have
bonds.
27,000 street paving improvement
CHRISTIAN COUNTY PUBLIC SCHOOL CORPORATION
(P. O.
Hopkinsville),
Kyi—BOND SALE DETAILS—The Superintendent of
Schools states that the $145,000 refunding bonds sold up to W. L. Lyons &
Co. of Louisville, at a price of 102.00—V. 152, p. 2426—were purchased
follows: $74,000 as 2Mb, due on June 1, $6,000 in 1942. $7,000. 1943 to
1945, $8,000, 1946, $7,000, 1947, $8,000, 1948 to 1951; the remaining
$71,000 as 2^s, due on June 1, $9,000, 1952 to 1955, $10,000, 1956, $9,000,
1957, $10,000, 1958 and $6,000 in 1959, giving a basis of about 2.48%.
as
CYNTHIANA
PUBLIC
SCHOOL CORPORATION
(P. O. Cynthiana), Ky.—BONDS SOLD—An issue of $11,500 3% semi-annual coupon
first mortgage
bonds has been purchased by Stein Bros. & Boyce of Balti¬
Denominations $1,000 and $500.
Dated April 1, 1941.
Due on
as follows: $1,000 in 1943 to 1945, $1,500 in 1946 and $1,000 in
1947 to 1953.
Callable on any interest payment date on 30 days' notice
more.
April 1
in inverse numerical order at
102.50 and accrued interest.
payable at the National Bank of Cynthiana.
ton &
Prin. and int.
Legality approved by Graf¬
Grafton of Louisville.
The Board of Education of Kenton County vs. Commonwealth of Kentuckyrel. Martin, the Kentucky Court of Appeals has made applications of
ex
the
State
Constitution
which
appear
to
be
of long-range
significance.
Although a number of issues were raised in the litigation, only two seem to
have large constitutional meaning.
After a summary of the factual situa¬
tion involved in the litigation, these constitutional problems will be briefly
outlined.
The State
gasoline tax Act does not provide for the exemption of county,
school district purchases; but the Kenton County Board of
Education contended that a statutory provision was not important, since
the Constitution clearly supplied the basis for exemption.
The school
district, therefore, imported certain motor fuel for operating school buses
and declined to pay the tax.
The Commissioner of Finance, on certifica¬
tion of the liability by the Department of Revenue, withheld from the State
appropriation for the district the amount necessary to satisfy the fuel tax
iability.
The school district brought equity proceedings to require pay¬
municipal
or
bonds.
Due on May 15 in 1942
Due on May 15 in 1944 to 1951.
$238,000 4% semi-annual refunding certificates
the Ernest M. Loeb Co. of New Orleans.
have been purchased by
LOUISIANA, State of—BOND SALE—The $6,145,000 issue of coupon
registered semi-ann. serial bonds offered for sale on April 25—V. 152,
2426—was awarded to a syndicate headed by the Chase National Bank
of New York, at a price of 100.06, a net interest cost of about 2.494%,
on the bonds divided as follows: $1,173,000 as 4 Mb. due on April 15 in 1942
to 1946; $3,041,000 as 2Ms, due on April 15 in 1947 to 1956, and the re¬
maining $1,931,000 as 2Ms, due on April 15 in 1957 to 1961.
Associated in the purchase were: National Bank of Commerce in New
Orleans, the Whitney National Bank of New Orleans, Phelps, Fenn & Co.
of New York, Fenner & Beane of New Orleans, Hannahs, Ballin & Lee of
New York, the Wells-Dickey Co. of Minneapolis, The Robinson-Humphrey
Co. of Atlanta, Lamar, Kingston & Labouisse, Brown. Corrigan & Co.,
both of New Orleans, Thomas & Co. of Pittsburgh, John Dane, and Wheeler
& Woolfolk, Inc., both of New Orleans.
or
p.
INVESTMENT—The successful bidders im¬
bonds for general subscription priced from
from 2.00% to 97M on the 2Mb, and from 100
the 2 Ms. all according to maturity.
BONDS OFFERED
FOR
mediately reoffered the above
0.60 to 1.80% on the 4^s,
to 99 on
KENTUCKY, State of—RECENT HIGH COURT RULING OF MU¬
NICIPAL INTEREST—The following material was sent to us by James W.
Martin, Director, Bureau of Business Research, Univesrity of Kentucky
In The Board of Education of Kenton County vs. J. Dan Talbott, and
bonds.
CHARLES, La .—CERTIFICATES SOLD—It is reported that
LAKE
GREEN, Ky.—BOND OFFERING—It Is stated by W. H.
Funk, City Clerk, that he will receive bids until May 5, for the purchase of
$71,000 3 % semi-ann. funding bonds.
$65,000 paving,
FRANKLIN, La.—BOND SALE—The following coupon semi-annual
bonds, aggregating $35,000, offered for sale on April 22—V. 152, p. 2426—
were awarded to John Dane of New Orleans:
,
$8,000 municipal building improvement
to
1944.
KENTUCKY
BOWLING
BOGALUSA, La .—BOND OFFERING-—The City Clerk will receive
for the purchase of the following bonds aggre¬
gating $491,000:
$326,000 water and sewer extension,
$50,000 airport, and $50,000 right-of-way bonds.
SHREVEPORT, La.—BOND OFFERING—It is stated by J. T. Tanner
City Secretary-Treasurer, that he will receive sealed bids until 10 a. m. on
April 30, for the purchase of a $303,000 issue of water works revenue re¬
funding bonds.
Dated April 1, 1941. Denom.*$1,000. Due April 1, 1942
to 1951.
Optional for redemption at par and accrued interest on April 1,
1944, and on any interest payment date thereafter.
Bidder to name the
rate or rates of interest, but not more than two rates of interest are to be
specified and each rate must be expressed in a multiple of M of 1%. The
bonds have been authorized for the purpose of refunding a like principal
amount of outstanding water works revenue bonds of the city and will be
payable as to both principal and interest solely from and secured by a first
pledge of the net revenues derived from the operation of the water works
plant and system.
The bonds will be awarded to the bidder whose bid
results in the lowest interest cost to the city without consideration of
All bids must be conditioned upon the approving opinion of
Cutler of Chicago. The cost of the opinion and of the printing
will be paid by the city. Enclose a certified check for $6,000,
payable to the City Treasurer.
(This notice supplements the offering report given in our issue of April
19—V. 152, p. 2589.)
premium.
Chapman &
of the bonds
,
.
„
The Commercial & Financial Chronicle
2740
Co., Boston,
MAINE
Boston
bank
Thorndlke,
of Storey,
inclusive.
Palmer
&
Dodge
All of the notes will be dated May 1,
of
(State oI)—PROPOSED BOND 7S5C/E—Governor Sumner
Sewall signed on April 16 the Bangs Disease Control Act authorizing a
$450,000 bond issue for eradication of the cattle disease.
The debt will be
retired by a $50,000 annual appropriation to the Maine Department of
Agriculture's Division of Animal Industry.
R. L. Day & Co
MAINE
(P. O. Portland), Me.—BOND
SALE—A syndicate composed of Arthur Perry & Co.; P. L. Dabney & Co.,
both of Boston; F. S. Moseley & Co., and Equitable Securities Corp., New
York, purchased an issue of $900,000 2% refunding water bonds.
Dated
Jan. 1, 1941 and due Jan, 1, 1961.
Iteoffered ata price of 101.75, to yield
about
1.90%,
DISTRICT
legal opinion of Masslich & Mitchell of N. Y. City,
The issue was sold at private sale to the banking group
price of 99.50 and accrued interest.
on
April 21 at
a
Other bids;
Int. Rate
1%
1941.
Bidder—
Newton, Abbe & Co—
WATER
Sale
21,000 municipal light notes.
Due May 1 as follows; $3,000 from 1942
to 3944, incl., and $2,000 from 1945 to 1950, incl.
Boston.
PORTLAND
basis of about 0.84%.
$45,000 drainage notes.
Due May 1 as follows; $5,000 from 1942 to 1946,
incl., and $4,000 from 1947 to 1951, incl.
10,000 municipal light notes.
Due $2,000 on May 1 from 1942 to 1946,
Notes will be certified as to their genuineness by the
under advice
Is, at a price of 100.736, a
consisted of:
LEWISTON, Me.-—NOTE OFFERING—Denis h. Leblanc, City Treas¬
urer, will receive bids (other than by telephone) until 6 p.m. (D8T) on
April 29 for the purchase at discount of $050,000 notes issued in anticipation
of revenue for the year 1941.
Dated April 30, 1941 and payable Dec, 30,
1941 at the Second National Bank of Boston.
Denoms. $50,000, $25,000,
$10,000 and $5,000.
Delivery on or about May 1 at aforementioned bank
for Boston funds.
as
April 26, 1941
——
Rate Bid
100.59
1%
100.519
Lyons&Shafto
—— —r-—1%
F. Brittain Kennedy & Co——
1%
Bond, Judge & Co:—— ——
1%
100.399
100.333
100.159
-
.
—— —
—
Tyler & Co.
lk%
—
Estabrook & Co—
100.899
100.89
1 lA%
IH%
Chace, Whiteside & Symonds—————————
——
100.791
WARE, Mass.—NOTE SALE—The issue of $106,000 notes offered
April 22—V. 152, p. 2427—was awarded to the Second National Bank of
Boston, at 0.247% discount.
Dated May 5, 1941 and due Dec. 5, 1941.
The Ware Trust Co., second high bidder, named a rate of 0.29%.
Mass.—NOTE SALE—The First National Bank of
awarded on April 23 an issue of $400,000 revenue anticipation
0.154% discount.
Dated ApriJ 24, 1941 and due $200,000 each
on Feb. 24 and April 21,
1942.
Other bids:
Bidder—
Discount
Second National Bank of Boston..-—-.-—— ———;
0.197%
Leavitt.Sc Co
0.209%
First Boston Corp
0.22%
Merchants' National Bank of Boston, National
Shawmut Bank of Boston and Day Trust Co
0.23%
WORCESTER,
Boston
was
notes at
MARYLAND
ANNAPOLIS, Md.—PROPOSED BOND ISSUE—A bill awaiting Gov¬
ernor's approval provides for a referendum at the general city election in
July on a proposal to issue $50,000 recreational purpose bonds.
MARYLAND vState of)—INCOME TAX RECEIPTS—The State has
received total income tax receipts of $4,232,000 from 90,640 taxable returns,
to State Comptroller, J. Millard Tawes, announced April 24.
The comptroller said he expected the yield to reach the $4,500,000 mark
by the end of the week when about 15,000 last-minute returns filed before
the deadline April 15 will have been tabulated.
The income tax measure
was estimated to yield total revenue of approximately $6,500,000 but Mr.
Tawes said it is not expected that this goal will be realized until late fall
because the tax may be paid in quarterly instalments, the last of which is
due Dec. 15.
MASSACHUSETTS
BOSTON, Mass.—BOND SALE—The $540,000 coupon bonds offered
April 23—V. 152, p. 2589—were awarded to a group composed of the
Bankers Trust Co., Blyth & Co., both of New York, and the MercantileCommerce Bank & Trust Co., St. Louis, as 2^s, at a price of 102.319,
a basis of about
2.42%.
Sale consisted of:
$500,000 subway bonds, Acts of 1933 (Huntington Ave, Extension)Chapter 395, Massachusetts Acts of 1938.
10,000 Dorchester Tunnel bonds.
Chapter 741, Massachusetts Acts of
1911.
10,000 Cambridge connection bonds.
of
Chapter 520, Massachusetts Acts
1906.
10,000 East
Boston Tunnel alternations
Massachusetts Acts of 1917.
10,000 East
Boston
Tunnel
alterations
bonds.
Chapter 373,
Special
Chapter
bonds.
—
—-----
MICHIGAN
ALMA, Mich.—BOND OFFERING—Louis I. Hannig, City Clerk, wi 1
2 p. m. (EST) on April 28 for the purchase of
$10,000 4% coupon special assessment paving bonds.
Dated March 12,
1941.
Denom. $500.
Due March 12 as follows: $2,000 from 1942 to 1946
incl.
Non-callable.
Prin. and int. (M-S 12), payable at the First State
Bank of Alma, or at Alma State Savings Bank.
A certified check for $1,000,
payable to order of the City Treasurer, is required.
Bonds are issued in
anticipation of the collection of special assessments in Paving District
1, 2, 4, 5, 6, 7 and 8, and the full faith and credit of the city is pledged
for their payment.
Bids shall be conditioned upon the unqualified opinion
of the purchasers' attorneys approving the legality of the bonds.
The
cost of such opinion shall be paid by the purchaser.
The city shall pay the
costs of printing the bonds.
receive sealed bids until
ALPENA UNION SCHOOL DISTRICT (P. O.
Alpena), Mich.—
SALE—The $250,000 coupon high school building bonds offered
April 18—V. 152, p. 2427—were awarded to the Peninsular State Co. of
Detroit.
Dated Jan. 2, 1941 and due Jan. 2 as follows: $47,000 in 1942;
$49,000, 1943: $50,000,1944; $51,000 in 1945 and $53,000 in 1946.
The successful bid was submitted jointly by the Peninsular State Co. and
S. R. Livingstone & Co., Detroit, the offer being par plus a premium of
$14 for the bonds maturing in the first four years to bear 1 lA % interest and
the last maturity to bear 1 %% interest. Other bids:
BOND
Massa¬
120,
x
All of the bonds
were
are
dated May 1, 1941 and mature May 1, 1986.
re-offered priced to yield 2.35%.
as follows:
They
Other bids, also for 2^% bonds,
Bidder—
R. W. Fressprich & Co., Roosevelt & Weigold, Inc., and Bacon,
Stevenson & Co—
.......
Smith, Barney & Co., Lazard Freres & Co., First of Michigan
Corp. and Illinois Co. of Chicago........
.........
Stone & Webster and Blodget, Inc., Harriman Ripley & Co.,
Kidder, Peabody & Co. and F. S. Moseley & Co
First Boston Corp., Estabrook & Co., and R. L. Day & Co
Union Securities Corp., George B. Gibbons & Co., Inc., Manu¬
facturers & Traders Trust Co., Stern, Wampler & Co., and
Bond, Judge & Co
Shields & Co., E. H. Rollins & Sons, Inc., and B. J. Van
Ingen
Co., Inc
...
BOSTON, Mass.—NOTE SALE—The
:
102.289
100.63
issue of $5,000,000 notes offered
April 24 was awarded to Halsey, Stuart & Co., Inc., New York, at 0.32%,
plus a premium of $62.
Interest to follow.
The bankers reoffered the
notes at a price to yield 0.25%.
Dated April 29, 1941 and due Nov. 7,
1941.
Other bids:
Bidder—
int. Rate
First Boston Corp
0.34%
Chase National Bank of New York, Salomon Bros.
& Hutzler and R. W. Pressprich & Co
0.36%
CAMBRIDGE, Mass .—NOTE SALE—An
notes was sold on
FALL
April 17 at
RIVER,
a
$34.00
37.00
issue
discount of 0.367%.
Mass.—NOTE
Premium
of $500,000 revenue
Due Nov. 12, 1941.
OFFERING—Eugene
J.
Cote,
City
Treasurer, will receive bids until 11 a. m. (DST) on April 29 for the pur¬
chase at discount of $500,000 notes issued in
anticipation of revenue for
the year 1941.
Dated April 30,
National Shawmut
Bank
of
1941 and payable Feb. 10, 1942, at the
Boston.
Notes will
be authenticated
as
to
fenuineness and validity by & Rugg of Boston. bank, under advice of
lopes, Gray, Best, Coolidge the aforementioned
HULL, Mass.—OTHER BIDS—The $110,000 10-year serial real estate
notes awarded
as
April 14 to Tyler & Co. of Boston, as Is, at a price of 100.155,
reported in, V. 152, p. 2589, were also bid for as follows:
Bidder—
Int. Rate
Hingham Trust Co
1%
National Shawmut Bank.......................
Rockland Trust Co.............
First National Bank of Boston
\tfQ
R. L. Day & Co
Rate Bid
100.079
Par
1H%
100.921
1)4%
1^%
100.666
100.21
Mas*»—BOND SALE—Chace, Whiteside & Symonds,
on April 22, the following issues, aggregating
a price of 100.056, a basis of about 0.99%.
Purchased privately
ffR'RRR' as lsvat
&50.000 water bonds.
30,000 relief bonds.
Due $5,000 on May 1 from 1942 to 1951 incl.
Due $6,000 on May 1 from 1942 to 1946 incl.
1, 1941.
Legal opinion of Ropes,
Gray, Best, CoUidge & Rugg of Boston.
All of the bonds bear date of
May
Mass .—BOND OFFERING—City Treasurer will receive
bids until 7:30 p. m.
(DST) on April 28 for the purchase of the following
bonds aggregating $63,000:
>water construction bonds.
Due serially from 1942 to 1949 incl.
sewer construction bonds. Due serially from 1942 to 1949 incl.
,
15,000 street construction bonds.
All of the bonds will be dated
each issue separately, or as
Due serially from 1942 to 1946 incl.
May 1, 1941. Bids may be presented for
a
whole.
™yAr?LBORO¥_9,H' Mass.—BOND
OFFERING—Edward F. Bigelow,
City Treasurer, win receive sealed bids until 10 a. m. on April 29, for the
purchase of $51,000 coupon municipal relief bonds.
Dated May 1, 1941.
Penom. $1,000.
1943 to
Due May 1
as follows:
$6,000 in 1942 and $5,000 from
1951,
pel. Bidder to name the rate of interest in a multiple of
Principal and semi-annual interest payable at the Merchants
National Bank of Boston.
These bonds will be prepared under the super¬
vision of and certified as to their genuineness
by said bank and their legality
M of 1%.
a5J?ri?v<i hy 8 orey, Thorndike, Palmer & Dodge of Boston, whose opinion
will be furnished the purchaser.
MARLBORO, Mass.—NOTE SALE—The
,
issue offered April 17 was awarded to Lincoln R.
at
0.55% discount.
This
was
the only bid.
$10,000 revenue note
Young & Co. of Hartford,
The issue matures Oct. 24,
1941.,
QUINCY, Mass.—PRICE PAID—The $220,000 1 H% land and building
bonds sold privately on April 15 to Chace, Whiteside &
Symonds, and Shields
£2;
J'ointiy, as reported in—V. 152
of 100.611.
p. 2589, brought the city a price
.
READING, Mass.—SERIAL NOTES SOLD—The $76,000
offered April 23—V.
coupon notes
152, p. 2489—were awarded to Graham, Parsons &
_
„
——
—
—
—
\H%
1
'—
—
—
—
—
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 1 (Oakland County),
Mich.—BOND CALL—John H. Rosso, District Treasurer, annonuces that
refunding,bonds payable at the Birmingham National Bank
Birmingham, are, in accordance with the refunding schedule, called for
the following
of
101.019
—
BLOOMFIELD, TROY, ROYAL OAK, AND SOUTHFIELD TOWN¬
102.1599
102.049
101.24
—
——
Alpena Savings Bank..
William R.
William R.
x Bid did
Net Int.Cost
$9,397.00
13,295.00
13,073.00
H%
12,265.00
Harris & Co., Inc
—;
1H%
1 H%
12,539.90
Stuart & Co., Inc
12,476.50
Stuart & Co., Inc. (alternate bid)
1M%
not conform with terms of sale proposal and was not considered.
Channer Securities Co
Charles A. Parcells & Co
Stranahan,
Rate Bid
Int. Rate
Bidder—
chusetts Acts of 1924.
were
—
—
payment Sepfc. 2, 1941: series B—225, 14, 19, 199, 160. 38, 214, 116, 44,
206, 22, 226, 549, 535, 550, 529, 514, 508, 274, 16. 299 , 263, 15, 180 , 288.
No further interest will be paid on these bonds other than the Sept. 2, 1941
coupons.
Provided bonds are presented for payment ac once, or before
June 1, 1941, accrued interest will be paid up to July 1, 1941, or $13-33 on
each bond.
Interest coupons must accompany these bonds when present¬
ing same for payment.
DEARBORN
TOWNSHIP
SCHOOL DISTRICT NO. 7, Wayne
County, Mich.—TENDERS WANTED—R. D. Renton, Secretary of the
until 10 a. m. on May 1 of
outstanding 4\4 % series D refunding bonds, dated Jan. 15,1935.
Board of Education, will receive sealed tenders
DETROIT, Mich.—CURRENT DEBT ANALYSIS CITES IMPROVE¬
MENT IN CITY'S FISCAL POSITION—The City of Detroit has shown
"general improvement" in its fiscal affairs for the past eight years, according
to a financial survey just released by Harriman Ripley & Co., Inc., which
shows downward trends in total bonded debt, net bonded debt, and debt
service requirements, as well as a favorable trend in Detroit's tax colelctions.
In view of Detroit's wealth and industrial importance, "there would
seem to be good reasons to expect that the city has the economic capacity
to meet its obligations," the survey says, despite certain existing financial
and economic problems, including a relatively heavy funded debt.
Industrial activity in the Detroit area, which has centered so importantly
about the automobile industry for many years, is authoritatively reported
to have increased substantially as a result of the national defense program.
For the first t wo months of 1941, the average index of industrial employment
in the Detroit area, as reported by the Detroit Board of Commerce, was
122.5, a gain of 13.2% over the same 1940 period.
One of the Important financial developments of the city has been the
substantial decrease in total bonded debt.
From June 30, 1932 to June 30,
1940, this figure decreased $40,543,530, or about 10%, and from Dec. 31,
1934 (when most bondholders had exchanged or agreed to exchange their
holdings under a refunding plan), to June 30, 1940, total debt decreased
$28,890,291, or about 8%.
Moreover, there was a decline in each of the
years with one exception.
Total bonded debt as of June 30, last year was
$359,405,886.
Net bonded debt, which amounted to $283,696,883 on June 30, 1940,
$26,361,276, or more than 8%, from the 1935 figure.
Decreases
effected in each of the Ave years.
The Harriman Ripley survey says that Detroit has substantially reduced
debt service requirements during recent years, through the retirement of
bonds under the 1933 refunding plan, and lower interest costs effected by
declined
were
refunding
operations.
'
There was a debt service saving of $2,713,901 in the years 1933-39, com¬
pared with requirements as they existed on June 3G. 1933, under the refund¬
ing plan.
Based on a calculation of Detroit's controller as of Aug. 1,1940,
debt service requirements for the 1940-63 period indicate a further saving
of $52,106,211, or a total saving, actual and prospective, amounting to
$54,820,112.
Including obligations of the Water Board and the Depart¬
ment of Street Railways, aggregate total debt service savings through 1963
are estimated at $62,804,059.
Short-term borrowings in the form of tax anticipation notes have been
relatively small since 1933, the survey says. These notes totaled $9,700,000
on June 30, 1940, a decline of $1,777,975 from the preceding year.
Tax collections in Detroit have shown a favorable trend, with 1940
„
#
collections nearly 92% of the levy for that year, against 65.39%
Collections at Oct. 31, 1940, for the current fiscal vear were 56.91
in 1933.
% of the
levy, compared with 53.78% of the 1940 levy a year earlier.
Since the refunding plan of 1933 was declared effective, Detroit has
between Feb. 1, 1936 and Oct. 15, 1940, replaced callable bonds with noncallable serial issues amounting to $96,914,000 with an estimated interest
saving of approximately $36,000,000, according to the financial survey.
A re-refunding operation involving $8,424,000 callable term bonds was under
taken last November, and Detroit officials are now considering an addi¬
tional re-refunding operation, the report says.
$51,157,000 BOND SALE EXPECTED IN MAY—Approval of a $51,157,000 refunding bond sale will be asked of the Common Council April 29
by Donald Slutz, Detroit City Controller. Contingent upon such approval
and favorable action by the Michigan Public Debt Commission, the city
will advertise for bids to be submitted some time between May 7 and
May 13.
The maturity.schedule of bonds comprising the $51,157,000 offer-
Volume
The Commercial & Financial Chronicle
152
ng follows:
1943, $5,400,000; 1944, through 1950, $100,000 each; 1951,
$600,000; 1952-53, $2,000,000 each; 1954, $3,000,000; 1955, $3,500,000;
1956-57-58, $5,000,000 each; 1959, $4,000,000; 1960, $5,000,000; 1961,
$4,000,000; 1962, $5,000,000; 1963, $1,057,000.
The proposed refunding
operation will leave approximately $34,000,000 of callable tax-supported
bonds to be refunded later this year if market conditions are favorable.
It
will represent the largest refunding or other bond sale in the city's history
and will bring to $156,357,000 the amount of Detroit's tax-supported bonds
refunded in the past five years. Giving effect to the coming sale and assum¬
ing that the additional $34,000,000 refunding sale will be effected, the
Controller's office is planning a debt service schedule that will run to a
maximum of $17,000,000 per annum with final maturities in 1963.
This
will represent a considerable low ring of the peak load of debt service.
Tax collections in the fiscal year to date have been at the rate of 94%
of the current year's levy, compared with 91.7% a year ago.
VASA
(P.
O.
2741
Falls,
Cannon
Route 2), Minn.—BOND SALE—The
$35,000 coupon semi-ann. road and bridge bonds offered for sale on April 18
—V. 152, p. 2274—were awarded jointly to Piper, Jaffray & Hopwood, and
E. J. Prescott & Co., both of Minneapolis, as l%s, paying a premium of
$276, equal to 100.788, according to the Town Clerk.
MISSISSIPPI
ADAMS COUNTY (P. O. Natchez), Miss.—BONDS SOLD—A $200,000
issue of road and bridge bonds is said to have been purchased by Scharff
& Jones, Inc., of New Orleans as 3s, paying a price of 100.05.
,
CHICKASAW COUNTY (P. O. Houston),
Miss.—BOND ELGAL1TY
said to have been
St. Louis.
Dated
APPROVED—A $38,000 issue of 5% funding bonds is
approved as to legality by Charles & Trauernicbt of
May 15, 1941.
FARMINGTON
TOWNSHIP
O.
(P.
Farmington),
Mich.—BOND
COAHOMA COUNTY (P. O. Clarksdale), Miss.—BOND OFFERING
SALE—The
p.
$20,000 refunding bonds of 1941 offered April 22—V. 152,
2589—Were awarded to Campbell, McCarty & Co. of Detroit, at
price of 100.107 for $12,000 l%s and $8,000 1M», a net interest cost of
about 1.564%.
The l^s mature $4,000 April 1 from 1942 to 1944, incl.,
and the lMs are due $4,000 in 1945 and 1946.
Bonds maturing on or
after April 1, 1945, will be redeemable in inverse numerial order at par and
accrued interest on any interest date on or after April 1, 1942.
Second
high bid of 100.092 for $12,000 l^s and $8,000 lj^s, or a net cost of
1.569%, was made by the First of Michigan Corp., Detroit.
FERNDALE, Mich.—BOND OFFERING—'T. H. O'Donoghue, City
Clerk, will receive sealed bids until 8 p.m. (EST) on April 28 for the pur¬
$300,000 non-callable coupon refunding bonds of 1941.
Dated
May 1. 1941.
Due $15,000 annually on May 1 from 1942 to 1961, incl.
Denom. $1,000.
Bonds to bear interest at a rate or rates, expressed in
multiples of M of 1%, not exceeding 3% to Dec. 2, 1942, 3M% Per annum
thereafter to Dec. 2, 1947, 3M% per annum thereafter to Dec. 2, 1950,
chase of
and
Prin. and int. (M-N) payable at the Detroit Trust
4J4 % thereafter.
Co., Detroit, or at its successor paying agent named by the city, which shall
be a responsible bank or trust company in Detroit.
A certified check for
$6,000, payable to order of the city, muse accompany each proposal.
These bonds will be the general obligations of said city, which is authorized
and required by law to levy upon all the taxable property ther in such
ad valorem taxes as may be necessary to pay the bonds and the interest
thereon as the same shall become due, without limitation as to rate or
amount.
Bids shall be conditioned upon the legal opinion of Claude II.
Stevens of Berry & Stevens, attorneys, Detroit, approving the legality of
the bonds.
The cost of said legal opinion and of the printing of the bonds
will be paid by the city.
*
TENDERS WANTED—Jay F. Gibbs, City Manager, will receive sealed
8 p. m. (EST) on May 12 of series A and B certificates of
Tenders should fully describe the certificates offered, in¬
tenders until
—It is stated
by T. F. Logan Jr., Clerk of the Chancery Court, that he
May 5, at 2 p.m.. for the purchase of $29,000 county
$1,000.
Due on July 1 as follows: $3,000 in 1943;
$4,000 in 1944; $5,000, 1945 to 1947, and $7,000 in 1948.
The bonds
will constitute a general obligation of the county, and will bear such rate
of interest as may be determined on the day of the sale, payable J-J.
will receive bids until
bonds.
Denom.
GREENVILLE.
Miss.—PRE-ELECTION SALE—Mayor M. C. Smith
syndicate composed of Lewis & Co. of Jackson, the Union
Bank & Trust Co., the First National Bank, both of
Memphis, Fenner & Beane, White. Dunbar & Co., both of New Orleans,
and the J. S. Love Co. of Jackson, purchased on April 23, subject to the
outcome of an election on April 30, a block of $195,000 air training center
bonds, divided as follows:
$79,000 as 2J^s, due $5,000 in 1942 to 1951,
$10,000, 1952, $15,000, 1953, and $4,000 in 1954; the remaining $116,000
as 2Mb, due $11,000 in 1954 and $15,000 in 1955 to 1961.
Purchaser is
required to pay all expenses.
states that
a
Planters National
HARRISON COUNTY (P. O. Gulfport), Miss.—BOND REFUNDING
County Board of Supervisors
is said to have an¬
it will refund $158,000 road and bridge bonds, maturing on
June 1, 1941.
SCHEDULED—The
nounced
BOND OFFERING—The Clerk of the
sealed
bids
will
Board of Supervisors states that
be received until May 8,
for the purchase of the above
bonds.
HOLLANDALE
SCHOOL
DISTRICT
(P.
Hollandale),
O.
Miss.—
bonds
BOND ELECTION—It is reported that a $55,000 issue of construction
an election to be held May 9.
will be submitted to the voters at
NEWHEBRON CONSOLIDATED LINE SCHOOL DISTRICT (P. O.
NEWHEBRON), Miss.—BONDS SOLD—The Leland Speed Co. of Jackson
purchased $51,000 4% semi-annual refunding bonds. Dated
Feb. 1, 1941.
Legality approved by Charles & Trauernicnt of St. Louis.
indebtedness.
is said to have
cluding serial numbers, and should state sum for which they will be sold.
Certificates purchased should be delivered to the City Treasurer's office
or to the Ferndale Branch of the Wabeek State Bank, within seven days of
the date of mailing notice of acceptance of tender.
Magnolia)
GRAND
AND
RAPIDS
PARIS
TOWNSHIPS
SCHOOL
GRADED
PIKE
DISTRICT NO. 3 (P. O. East Grand Rapids), Mich.—OTHER BIDS—
as
The $18,000 refunding bonds awarded April 7 to Crouse & Co. of
1941.
Detroit,
1%b and 2s, at par plus a premium of $10.98, equal to 100.061, a net
interest cost of about 1.85%, as previously reported in, V. 152, p. 2427,
SUPERVISORS
COUNTY
ROAD
DISTRICT
NO.
2
(P.
O.
Miss.—BOND SALE DETAILS—It is now reported that the
Jones of
First National Bank of Memphis, was associated with Scharff &
New Orleans, in the purchase of the $27,500 road refunding bonds at
noted in V. 152, p. 2428.
101.454,
The bonds were purchased as 3s, dated April 1,
Due from April 1, 1946 to 1954.
as
were
also bid for
as
follows:
Bidder—
Halsey, Stuart & Co.
2^%
2M%
__
Stranahan, Harris & Co
...
Paine, Webber & Co
•„./
I
1942-1950
1951-1959
TOWNSHIP
DISTRICT
SCHOOL
$181.00
69.00
1
2%
2M%
2M%
First of Michigan Corp
LAKE
Premium.
Int. Rale
NO.
112.70
J
71.50
1
(P. O. St. Clair
Shores), Mich.—TENDERS WANTED—Arthur K. Beveridge, Secretary
of the Board of Education, will receive sealed tenders until 8 p. m. on May
SKENE CONSOLIDATED SCHOOL DISTRICT (P.
1,
July
PARIS
Bidder to state certificate number,
they will be sold to the district.
1937.
amount for which
TOWNSHIP
SCHOOL
DISTRICT
par
11, East Grand
Rapids, Mich.—TENDERS WANTED—Marcus B. Tidey, District Sec¬
retary, Breton Downs School, will receive sealed tenders until 7:30 p. m.
(EST) on May 7 of refunding bonds of 1940.
A sum of $3,000 is availabxe
for purchase of bonds.
PORT
HURON, Mich—BOND OFFERING—Harry C. Schuberth,
Commissioner of Finance, will receive sealed bids until 10 a. m. (EST) on
April 29 for the purchase of $38,000 not to exceed 2% interest coupon public
improvement bonds, divided as follows:
$26,000 special assessment bonds.
Due May 1 as follows: $7,000 in 1942
and 1943 and $6,000 in 1944 and 194.5.
12,000 city portion bonds.
Due $3,000 on May 1 from 1943 to 1946, incl.
All of the bonds
will be dated May 1,
1941, and
are
without option of
prior pavment.
Denom. $1,000.
Rate of interest to be expressed by the
multinle of M of 1 %.
Prin. and int. (M-N) payable at the City
Treasurer's office.
A certified check for 2% of the bonds, payable oo order
bidder in
of
the
a
City
Treasurer,
is required.
These $38,000
account of the construction of concrete pavements in
bonds are issued on
the city during 1941.
For the payment of the $12,000 city portion bonds, the city is authorized
to
levy
all taxable property therein such ad valorem taxes
upon
as may
be
necessary, without limitation as to rate and amount, and special assess¬
ment rolls have been duly spread and confirmed by the City Commission
to
be collected for the payment of the $26,000
special assessment bonds.
Special assessment bonds are direct obligations of the city.
Bids shall be
conditioned
upon
the unqualified opinion of the purchaser's attorney
approving the legality of the bonds.
The cost of such opinion and the cost
of printing the bonds shall be borne by the purchaser.
TROY TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Troy), Mich.
WANTED—Edward
B. Aspinwall,
Director, will receive
—TENDERS
sealed tenders until 7:30 p. m. on
May 3 of both bonds and certificates of
District has $3,000 on hand in the sinking fund.
indebtedness.
MINNESOTA
BROWN
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
24
(P. O. Sleepy Eye), Minn.—BOND OFFERING—It is stated that sealed
bids will be received by the District Clerk, until May 8, at
7:30 p.m., for the purchase of $25,000 coupon refunding bonds.
Interest
rate is not to exceed 3%, payable J-J.
Denom. $5,000.
Dated .July 1,
1941.
Due $5,000 from July 1, 1942 to 1946, incl.
No bid at less than par
and auction
and accrued interest will be considered and all bids are to be unconditional.
HERMAN
COMMON
SCHOOL
Minn.—BONDS OFFERED—Sealed
DISTRICT
bids
were
NO.
6
(P.
O.
received until
MISSOURI
p.
m.
MONTEVIDEO,
Minn.-—BOND
OFFERING— Sealed
bids
will
be
May 5 by tne City Clerk for the purchase of $18,000 3%
bonds.
Denom. $1,500.
Dated May 1,
received until
NEW ULM, Minn .—BOND OFFERING—Sealed and oral bids will be
received until May 6 at 7:30 p. m. by A. C. Sannwald, City Clerk, for the
purchase of $105,000 2% coupon semi-annual refunding bonds.
Dated
June 1, 1941.
Due $7,500from June 1, 1942 to 1955, incl.
Tne bonds will
contain the provision that the city reserves the rignt of prior payment and
redemption on any interest payment date, at par and accrued interest,
such calls for payment to be on published notice given not less than 30 days
nor more than 60 days in the then official newspaper of said city, and a
like notice by mail to said respective owners at his or her last known post
office address.
All bids must be unconditional and no bid at less than
will be considered.
Bonds shall be payable at the office of the City
Treasurer.
OGILVIE, Minn.—BONDS SOLD—The Town Recorder states that the
following bonds, aggregating $14,000, approved by the voters at an election
held on April 15, have been sold:
$10,000 sewer system and $4,000 water
main extension bonds.
These
bonds
were
Interest payable J-J.
sold to
the State Investment Board
as
3s, at
Due $1,000 on July 1 in 1942 to 1955 incl.
DRAINAGE DISTRICT
par.
(P.
O. Poplar Bluff), Mo.
—LIQUIDATING DIVIDEND AVAILABLE—The holders of certificates
of deposit for bonds of the above district are advised that a 2% liquidating
dividend, amounting to $20 per $1,000 bond, represented by outstandding
certificates of indebtedness, was recently authorized and may be obtained
upon presentation of certificates to the trust department of tne Mississippi
Valley Trust Co., St. Louis, Mo., for payment and endorsement on and
after April 21, 1941.
Total distribution to date, including this dividend,
aggregate $370 per $1,000 bond.
Wyllys K. Bliss, 506 Olive St., St. Louis,
Mo., is secretary of the committee.
MONTANA
CARTER COUNTY SCHOOL DISTRICT NO. 15 (P. O. Ekalala),
Mont.—BOND OFFERING—Sealed bids will be received until 8 p.m. on
2, by Pearl L. Yates, District Clerk, for the purchase of $20,000
building bonds.
Interest rate is not to exceed 6%, payable J-D.
Dated
June 2, 1941.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the School Board.
The bonds, whether amorti¬
zation or serial, will be redeemable in full on any interest payment date
from and after 10 years from the date of issue.
A certified check for
June
$1,000, payable to the District
Clerk, must accompany the bid.
HILL COUNTY SCHOOL DISTRICT NO. 13 (P.
Mont.—BOND OFFERING—Sealed bids will be received
O. Box Elder)
until 8 p. m. on
May 17, by N. M. Spangelo, District Clerk, for the purchase of $7,000 not
to exceed 6% semi-ann. gymnasium bonds.
Dated Jan. 2, 1941. Amortiza¬
tion bonds will be the first choice and serial bonds will b the second choice of
and issued, the entire
bonds, as the
principal
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 $350 each,
the sum of $350 of the said serial bonds will become payable on Jan. 2, 1942,
and the sum of $350 will become payable on the same day each year there¬
after 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 (half the term for which the bonds are issued) from the
date of issue.
Enclose a certified check for $500, payable to the District
the
School
Board.
If amortization bonds are sold
issue may be put into one single bond or divided into several
Board of Trustees may determine upon at the time of sale, both
Clerk.
by G. ,T. Waltz,
until May 19, for the purchase
by the voters on April 7.
LEWISTON, Mont.—BOND OFFERING—It is stated
City Clerk, that he-will receive sealed bids
$17,500 fire equipment bonds, approved
of
NEBRASKA
on
semi-annual street improvement
1941.
par
INTER-RIVER
Her/nan),
8
April 25, by E. Henning, District Clerk, for the purchase of $15,000 not to
exceed 5% semi-ann. school bonds.
Denom. $3,000.
Dated May 1, 1941.
Due $3,000 on Jan. 2 in 1944 to 1948 incl.
Dated April 1,
VICKSBURG, Miss.—PRICE PAID—'The City Clerk states that the
$260,000 gas revenue bonds sold to a syndicate headed by Ilyams, Glas &
Carothers of New Orleans, divided into $50,000 as 2^s, $160,000 as 3s,
and $50,000 as 2%s, as reported in our issue of April 5—V. 152, p. 2275—
were purchased at par.
value and
NO.
certificates of indebtedness.
1941.
19 of $11.000 certificates of indebtedness, and of series D sinking fund bonds,
dated
O. Cleveland),
Miss.—CERTIFICATES SOLD—The Bank of Benoit is said to have pur¬
chased $4,500 4% semi-annual
NEBRASKA, State of—DECISION IN SCHOOO FUND CASE— In a
recent ruling, District Judge John L. Polk said the State had not waived
immunity to suit nor consented to be used and therefore the court had no
jurisdiction for an accounting of the State's permanent school fund.
A
Lincoln, Neb., taxpayer, Ray H. Walker, had asked for a mandatory in¬
junction to force the State to make good losses in a $12,000,000 fund.
Judge Polk sustained demurrers by the State Board of Educational Lands
and Funds and the Board of Equalization and Assessment.
SCHOOL DISTRICT NO. 27 (P. O. Syracuse),
$48,000 issue of 2]A% semi-ann. construction
election held on Jan. 14, is said to have
been purchased by Steinauer & Co. of Lincoln.
Dated March 15, 1941.
Due on March 15, 1961.
OTOE
COUNTY
Neb.—BONDS SOLD—A
bonds approved by the voters at an
NEW
JERSEY
BOONTON SCHOOL DISTRICT,|N. J—BONDS SOLD—The State
Teachers Pensions and Annuity Fund purchased $28,000 school bonds as
3s at par.
Due April 15 as follows:
$2,000 in 1942 and 1943, and $3,000
from 1944 to 1951, inclusive.
CHATHAM
SCHOOL
DISTRICT.
N. J .—BOND OFFERING—
Hopping, District Clerk, will receive sealed bids until 8 p. m.
(DST) on May 6 for the purchase of $134,000 not to exceed 6% Interest
coupon or registered construction bonds.
Dated May 1, 1941.
praom.
.11.000.
Due May 1 as follows: $4,000 from 1943 to 1950 incl. and $6,000
William M.
The Commercial & Financial Chronicle
2742
from 1951 to 1967 incl.
in
a
Bidder to name a single rate of interest
,
April 26, 1941
expressed
Principal and interest (M-N) payable at the
multiple of M of 1%.
Summit
more
Trust Co., Summit.
Bid must be for not less than $134,000 not
than $135,000 bonds.
A certified check for $2,680, payable to order
Minicipal Bonds
Government Buds
-
of the Board of Education, must accompany each proposal.
The approving
legal opinion of Haskins, Delafield & Longfellow of New York City will be
furnished the successful bidder. In the event that prior to the delivery of
the bonds the income received by private holders from bonds of the same
type and character shall be taxable by the terms of any Federal income tax
law, the successful bidder may, at his election, be relieved of his obligations
under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
Housing Authority Bends
Tilney & Company
76 BEAVER STREET
NEW
YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
GUTTENBERG, N. 3.—BOND SALE—The $26,000 coupon or regis¬
and improvement bonds offered April 21—V. 152,
2428—were awarded to H. B. Boland & Co. of New York, as 2Hs, at
par plus a premium of $150.80, equal to 100.58, a basis of about 2.41%.
Dated April 1, 1941 and due $2,000 annually on April 1 from 1942 to 1954
tered Broadway sewer
p.
incl.
Int. Rate
H. L. Allen & Co
Premium
2%%
3%
Liberty National Bank, Guttenberg.
$11.33
Par
DISTRICT (P. O. Matawan),
Dominick, District Clerk, will receive
sealed bids until 8 p. m. (D8T) on May 1 for the purchase of $$6,850 2%%
or 2.90% coupon or registered construction bonds.
Dated May 15, 1941.
One bond for $850, others $1,000 each.
Due May 15 as follows: $2,850
in 1942; $3,000 from 1943 to 1954 incl. and $4,000 from 1955 to 1691 incl.
MATAWAN
TOWNSHIP
SCHOOL
J.—BOND OFFERING—E. H.
N.
Bonds
are
Principal
(M-N) payable at the Farmers & Merchants National Bank,
The bonds have been authorized pursuant to Chapter 7 of Title
18 of the Revised Statutes of New Jersey, and will be general obligations
Matawan.
of the District, payable from unlimited
taxable
ALBANY, N. Y.—OFFICIAL REPORT ON PROPOSED REFUNDING—
learn that Lawrence J. Ehrhardt, City Comptroller, has been in¬
structed to make application to the State Comptroller for permission to
We
water
with
ad valorem taxes levied upon all
the present boundaries of the
Township of Matawan
and the Borough of Matawan.
Delivery of the bonds on May 15, or as
soon thereafter as they may be prepared.
Bids are desired on forms which
will be furnished by the above Clerk.
The legality of the bonds will be
examined by Caldwell &
Raymond, of New York, whose approving opinion
will be furnished to the purchaser without charge. Enclose a certified check
for 2.% of the amount of bonds offered, payable to the Custodian of School
Moneys.
MONMOUTH
Local banks
to John F.
COUNTY
(P.
O.
Freehold),
N.
3.—NOTE
SALE—
recently purchased $100,000 tax anticipation notes, according
Leary, Assistant County Treasurer,
MONTCLAIR, N. J.—BOND OFFERING—Joseph D. McKee, Town
Clerk, will receive sealed bids until 8 p.m. (DST) on May 1 for the purchase
of $184,000 not to exceed 4% interest coupon or registered improvement
bonds, divided as follows: $176,000 general bonds and $8,000 water bonds.
All of the bonds will be dated May 15, 1941.
Denom. $1,000.
Due
May 15 as follows: $8,000 in 1942 and 1943; $9,000 in 1944 and 1945, and
$10,000 from 1946 to I960 incl.
Bidder to name a single rate of interest
expressed in a multiple of M of 1 %.
Prin. and int. (M-N), payable at
the First National Bank & Trust Co., Montclair.
A certified check for
$3,680, payable to order of the town, is required.
Legal opinion of Hawkins.
Delafield & Longfellow of N. Y. City will be furnished the successful
bidder.
In the event that prior to the delivery of the bonds the income
received by private holders from bonds of the same type and character shall
be taxable by the terms of any Federal income tax
law, the successful
bidder may, at his election, be relieved of his obligations under the contract
to purchase the bonds and in such case the deposit
accompanying his bid
will be returned.
MORRIS
obligations.
ALBANY COUNTY
(P.
PORT
ALBANY
DISTRICT
(P.
N.
J.—BOND
SALE—The $35,000 coupon or
April 22—V. 152, p. 2428—were
awarded to M. M. Freeman & Co. of Philadelphia as 2 Ms at a
price of
101.125, a basis of about 2.09%.
Dated April 1, 1941, and due April 1
as follows:
$2,000 from 1942 to 1945, incl., and $3,000 from 1946 to 1954,
Albany),
N.
Y.—ORIGINAL
provide for payment of principal and interest on maturing bonds.
BUFFALO, N. Y.—BOND OFFERING—Frank M. Davis, City Comp¬
troller, will receive sealed bids until 10 a.m. (EST) on May 1 for the pur¬
chase of $2,500,000 not to exceed 6% interest refunding bonds, as pre¬
The bonds bear date of May 15, 1941.
viously noted in V. 152, p. 2591.
Coupon in form, registerabie as to principal and interest.
The bonds will
be issued in denom. of $1,000, and may be exchanged for bonds in the
denom. of $1,000, or miltiples thereof, registered as to principal and in¬
terest, at the option of the holder.
Due May 15 as follows $50,000 from
1942 to 1946 incl. and $450,000 from 1947 to 1951 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M or 1-10 of 1 %.
Prin¬
cipal and int. (M-N 15) payable at the City Comptroller's office or at the
Central Hanover Bank & Trust Co., New York, at the option of the holder.
A certified check for $50,000, payable to order of the City Comptroller, is
required.
The bonds are eligible for Postal Savings Deposits and the
approving legal opinion of Caldwell & Raymond of New York City will be
furnished the successful bidder.
Delivery of bonds will be made at the
City Comptroller's office or at the above-mentioned trust company (pre¬
ferred place to be specified in the bid) on or about May 15, 1941, upon
payment of principal balance due plus accrued interest.
EAST AURORA, N.
Y.—PROPOSED BOND SALE—No action has been
taken as yet with respect to the sale of the $125,000 bonds authorized at an
election held during March, according to D. N. Rumsen, Village Clerk.
I LION, N. Y .—BOND SALE—The $69,000 coupon or registered bonds
1,52, p. 2429—were awarded to the Union Securities
Corp. of New York, as 1.20s, at par plus a premium of $94, equal to 100.136,
a basis of about 1.17%.
Sale consisted of:
offered April 22—V.
$41,000 public works bonds for various municipal purposes.
Due March 1
as follows: $4,000 from 1942 to 1950 incl. and $1,000 from 1951 to
Due $5,600
28,000 fire apparatus bonds.
All of the bonds will be dated March 1,
Bidder—
H. L.Allen & Co
Schmidt, Pool & Co
George B. Gibbons & Co., Inc
E. H. Rollins & Sons, Inc...
Other bids:
Bidder—
Int. Rate
2 M
%
2M%
L. Allen & Co
Minsch, Monell & Co
Rippel, Inc
J. S. Rippel & Co
B. J. Van Ingen & Co., Inc
Julius A.
214%
2M%
2H%
2M%
2\ %
-
H. B. Boland &Co
First National Bank, Morristown
Morris County Savings Bank, Morristown
3%
3%
Rate Bid
100.412
100.41
100.31
100.285
100.09
100.30
100.068
Par
Par
MORRISTOWN, N. J.—BOND OFFERING—Nelson
S. Butera, Town
Clerk, will receive sealed bids until 8:15 p.m. on May 2 for the purchase
of $144,000 not to exceed 4 % interest
coupon or registered general refunding
bonds, part of an authorized issue of $245,000.
Dated Nov. 1, 1940.
Denom.
$1,000.
Due Nov. 1 as folllows: $20,000 from 1950 to 1956 incl.
and $4,000 in 1957.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1%.
Principal and interest (M-N) payable at the First
from bonds of the
same
by private holders
by the terms
his election,
type and character shall be taxable
March 1 from 1942 to 1946
1941.
Other bids:
Int. Rate
Rate Bid
1.20%
-
—
Ilion National Bank & Trust Co
R. D.White & Co
Campbell, Phelps & Co. and R. A. Ward & Co
-
C. F. Childs & Co. and Sherwood & Co
Marine Trust Co. of Buffalo.
Manufacturers National Bank, Illion
—
100.289
100.22
100.149
100.10
100.09
100.31
1 M %
J
100.036
1.40%
1.40%
1.40%
1.40%
1.40%
1M%
r
Manufacturers & Traders Trust Co
Roosevelt & Weigold, Inc
100.299
1M%
1.60%
1.60%
100.193
100.278
100.267
LLOYD, N. Y.—BOND SALE—The $150,000 coupon or registered High¬
April 25—v. 152, p. 2591—were awarded
land Water District bonds offered
to the Union Securities
Corp. of New York, as 1.90s, at a price of 100.40, a
Dated April 15, 1941 and due April 15 as follows:
1956 incl. and $6,000 from 1957 to 1971 incl.
The
basis of about 1.86%.
$4,000 from
1942 to
bankers re-offered
maturity.
to
the bonds at prices to yield from
Among other bids
were
0.26% to 2%, according
the following:
Bidder—
National Bank, Morristown.
Successful bidder will be furnished with the
opinion of Hawkins, Delafield & Longfellow of New York City that the
bonds are valid and legally
binding obligations of the town.
A certified
check for $2,880, payable to order of the town, is
required.
In the event
that prior to the delivery of the bonds the income received
on
inclusive.
incl.
_
O.
ACT AMENDED— Governor Lehman has approved the Foy Bill (S. Into.
No. 1692, Print. No. 1992), as Chapter 616, Laws of 1941, to amend Chapter
192 of the Laws of 1935, in relation to providing for the issuance of bonds to
1955 inclusive.
PLAINS,
registered improvement bonds offered
H.
N. Y.—PLANS REFUNDING
O. Albany),
ISSUE—John M. Smith, County Treasurer, has made application to the
State Comptroller for permission to issue $800,000 refunding bonds.
property within the territory of the districts, which territory is
co-terminous
now
refund $600,000 water bonds and $530,000 of general city obligations.
A
previous report stated that the total of $1,130,000 consisted of refunding
to bear interest at either of the aforementioned rates.
and interest
YORK
NEW
Other bids:
Bidder—
Int. Rate
R. D. White & Co
MAMARONECK UNION
FREE
Rate Bid
2%
2%
2%
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
SCHOOL DISTRICT
101.00
100.93
100.72
NO.
1
(P. O-
Mamaroneck),
bonds
N. Y.—REPORT ON PROPOSED ISSUE— K. G. Van
Sciver, Clerk of the Board of Education, reports that the proposed budget
includes an item of $1,000 to finance a study of a projected school building
renovation program.
Should the appropriation be approved by the voters
MOUNT OLIVE TOWNSHIP (P. O. Budd Lake), N. 3.—BOND
OFFERING—Irving M. Drake, Township Clerk, will receive sealed bids
on May 6 an election may be held at a subsequent date on a
proposal to
issue $150,000 to pay cost of the improvements.
of
be
any
Federal income tax law, the successful bidder
may, at
relieved of his obligations under the contract to
purchase the
case the deposit
accompanying his bid will be returned.
and in such
^
until 8 p. m. (DST) on
May 6 for the purchase of $20,000 not to exceed 5%
interest coupon or registered
municipal building bonds. Dated May 1,1941.
J^epom. $1,000. Due $2,000 yearly on May 1 from 1942 to 1951 incl.
Bidder to name a single rate of
interest, expressed in a multiple of M or
1-10 of 1%.
Principal and interest (M-N) payable at the Hackettstown
National Bank,
Hackettstown, or at the New York Trust Co., New York.
A certified check for
$400, payable to order of the township must accompany
each proposal.
In the event that prior to the delivery of the
bonds, the
income received by private holders from bonds
of the same type and char¬
acter
shallLbe taxable by the terms of any Federal income tax law, the
successful bidder may, at his
election, be relieved of his obligation under the
contract to purchase the bonds and in such
case the deposit accompanying
his bid will be returned.
The successful bidder will be furnished with the
opinion of Hawkins, Delafield & Longfellow of New
York, that the bonds
are valid and
legally binding obligations of the township.
,
F?£P, TOWNSHIP, Bergen County,
N. J.—REFUNDING
APPROVED—A $156,000
refunding of part of the township debt, with new
bonds maturing within 20
years, was approved April 21 by the State
Funding Commission.
TOWNSHIP (P. O. North Bergen), N. 3.—BOND
OFFERING—Joseph Kelly, Township Clerk, will receive sealed bids until
11 a. m. (DST) on April 30 for the
purchase of $32,500 not to exceed 6%
V?,,e,rr <»tcoupon or registered general improvement bonds.
Dated May 1,
^4^.0ne
for S50°- others $1,000 each. Due May 1 as follows:
$4,000 from 1942 to 1948 incl. and $4,500 in 1949.
rate of interest, expressed in a
Bidder to name a single
multiple of M of 1 %.
Prin. and int. (M-N),
payable at the Hudson County National Bank,
Jersey City.
A certified
check for $650, payable to order of the
township, is required.
Legal
opinion of Hawkins, Delafield & Longfellow of N. Y. City will be furnished
the successful bidder.
In the event that
the income received by private holders
prior to the delivery of the bonds
from bonds of the same type, and
character shall be taxable
by the terms of any Federal income tax law, the
successful bidder may, at his election, be relieved
of his obligations under the
contract to purchase the bonds and in such
case the deposit accompanying
his bid will be returned.
RIVER EDGE, N. J.—BOND SALE—The
$55,000 coupon or registered
municipal building bonds offered April 24—v. 152, p. 2590—were awarded
to H. L. Allen & Co. of New York, as
2.40s, at a price of 100.32, a basis of
about 2.36%.
Dated May 1, 1941 and due May 1 as follows: $2,000 in
1942 and 1943 and $3,000 from 1944 to 1960 incl.
Second high bid of 100.23
for 2.40s was made by H. B. Boland & Co. of New
York City.
WOODBURY, N. J.—BOND SALE APPROVED—The City Council
recently approved the sale of $62,000 funding bonds to the State
Sinking
Fund Commission.
PEEKSKILL, N. Y.—ACTS AND PROCEEDINGS OF CITY VALI¬
DATED—Governor Lehman has approved the Condon bill (S. Intro. No.
2092, Print. No. 2708), as Chapter 649, laws of 1941, to legalize the acts
and proceedings of the City of Peekskill from and after the 12th day of
April, 1940, when its creation was legalized by the Legislature, including
the borrowing of funds, the issuing of certificates of indebtedness, the pas¬
sage of resolutions, ordinances and local laws, the appointments of officers
and employees, the expenditure of public funds, the adoption of the annual
estimate and tax budget for the year 1941 and the assessment and levy of
taxes for
said year.
Governor Lehman has also approved the Condon bill (8. Intro. No. 2090,
Print. No. 2706), as Chapter 653, laws of 1941, providing for the respec¬
tive rights and liabilities of the Town of Cortlandt and the City of Peekskill arising out of or connected with the incorporation of said City out of the
town, for a board of auditors to ascertain, audit and apportion the same,
for
the
review
of
the
determinations
of
said
board,
for
the
method
of
enforcement and satisfaction of such rights and
of town and city bonds and certificates to pay,
liabilities, for the issuance
fund or refund said liabili¬
ties and the expense of said apportionment, and legalizing the 1940 tax
levies of the Town of Cortlandt and the Village of Peekskill.
PORT
OF
SHARPLY
net
income
March
to
over
NEW
YORK
AUTHORITY, N. Y.—NET INCOME
Authority reports an increase of 31.3% in
sinking funds, reserves and debt retirement in
figures for the like 1940 month.
For the 12 months period
HIGHER—Port
available
for
March 31, net income
Neu income totaied
1940
month.
For
was up
18.6%.
$558,753 during March, agaixiFt $425,603 in the like
12 months period net was
$6,587,033 against
the
$5,553,915.
The 31.3% gain in net for the March period was made on a gain of
only 5-5% in operating revenues.
It was made possible by a decrease of
0.7% in operating
expenses and 12.5% in interest on funded debt. Oper¬
for March totaled $1,270,195 against $1,203,992 in March.
Operating expenses were reduced to $311,691 from $313,907 and
interest charges to $429,580 from $490,925.
Reduction m interest charges was also a factor in the 18.6% gain in
12 months net income.
Operating revenues for that period amounted to
$17,019,209 against $15,954,221 in the precoding 12 months, a gain of
6.7%.
Operating expenses for the period were up slightly and miscellaneous
income declined to $265,414 from $320,509.
However, interest on funded
debt amounted to $7,092,541 against $7,138,963 and brought about an
increase in net to $6,587,033.
ating
1940.
revenues
ROCHESTER,
N.
Y.—BOND OFFERING—Raymond V. Ellis, City
Comptroller, will receive sealed bids until
noon
(DST)
on
April 30 for the
purchase of $2,272,000 not to exceed 6% interest bonds, registerabie
both principal and interest, but not as to principal only.
as to
Offering consists of
Volume
The Commercial & Financial Chronicle
152
$270,000 public welfare bonds of 1940.
Due $30,000 annually on May 15
Due May 15 as
from 1942 to 1950 incl. and $112,000 in 1951.
900,000 public works bonds.
1942 to
1%.
Due $100,000 annually on May
15 from
1950 incl.
All of the bonds will be dated
to name
follows: $110,000
a
May 15, 1941.
single rate of interest, expressed in
a
Denom. $1,000.
Bidder
multiple of M or 1-10th of
,Prin. and int. (M-N 15) payable at the paying agent of the city in
New York
City.
A certified check for 2 % of the bonds Did for, payable to
order of the City Comptroller, is required.
The bonds are unlimited tax
obligations of the city and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder.
The enactment, at any time prior to the delivery of the bonds, of Federal
legislation which in terms, by the repeal or omission of exemptions or other¬
wise, subjects to a Federal income tax the interest on bonds of a class or
character which includes these bonds, will, at the election of the purchaser,
relieve the purchaser from his obligations under the terms of the contract
of sale and entitle the purchaser to the return of the amount deposited with
the
bid.
In connection with the above offering, the
bond financing is expected within
ROCKVILLE
CENTRE
a
city states that no additional
period of four months from May 15,1941.
HOUSING
AUTHORITY,
N.
Y.—BILL
SIGNED
BY GOVERNOR—The Bennett bill creating the above agency
with authority to undertake a slum clearance and low-rent housing project,
subject to favorable action by a majority of electors, was signed by Governor
Herbert H. Lehman on April 21.
SHAWANGUNK,
PLATTEKILL,
MARLBOROUGH,
GARDINER,
NEWBURGH AND MONTGOMERY CENTRAL SCHOOL DISTRICT
NO. 1 (P. O. Wallkill), N. Y.—BOND OFFERING—J. G. Petherbridge.
District Clerk, will receive sealed bids until 3p.m. (DST) on May 1 for the
purchase of $260,000 2M% coupon or registered building and equipment
bonds. Dated May 1, 1941. Denom. $1,000. Due May 1 as follows: $7,000
from 1942 to 1948 incl.; $8,000, 1949 to 1954 incl.; $9,000, 1955 to 1961
incl. and $10,000 from 1629 to 171 incl.
Principal and interest (M-N)
payable at the Manufacturers Trust Co., New York City. The bonds are
unlimited tax obligations of the district and the approving legal opinion of
Reed, Hoyt, "Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $5,200, payable to order of the
Board of Education, must accompany each proposal.
TROY, N. Y.—BOND OFFERING—Edward J. Ronan, City Comp¬
troller, will receive sealed bids until 10 a. m. (EST) on April 28 for the
purchase of $706,000 not to exceed 4% interest coupon or registered bonds,
divided
as
follows:
$45,000 debt equalization (refunding) bonds.
Due May 1, 1945.
86,000 social welfare bonds.
Due May 1 as follows
to 1949 incl. and $6,000 in 1950.
$3,000 from 1942 to
125,000 waterworks bonds.
Due May 1 as follows
1976 incl. and $4,000 from 1977 to 1981 incl.
150,000 public works bonds.
Due May 1 as follows: $14,000, 1942 to 1945
incl.; $15,000, 1946; $9,000, 1947 to 1951 incl.; $3,000, 1952 to
1955 incl.; $2,000. 1956 to 1961 incl. and $1,000 from 1962 to 1971
incl.
Due
$15,000 yearly on
May
1 from 1942 to
1941.
Denom. $1,000.
Bidder
to name a single rate of interest, expressed in a multiple of M of l-10th of
1 %.
No bid will be accepted for separate issues or separate maturities, or
at less than the par value of the bonds.
Prin. and int. (M-N), payable at
the City Treasurer's office.
A certified check for $14,120, payable to order
of the city, is required.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same tupe and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligation under the contract to
purchase the bonds and in such case the deposit accompanying his bid will
will be returned.
The bonds will be valid and legally binding obligations
of the city, and the city will have power and will be obligated to levy ad
valorem taxes upon all of its taxable real property for the payment of the
bonds and interest thereon, without limitation of rate or amount.
The
opinion of Hawkins, Delafield & Longfellow of N. Y. City to this effect
will be furnished to the successful bidder.
UTICA, N. Y.—BOND OFFERING—Thomas J. Nelson, City Comp¬
troller, will receive sealed bids until 11 a. m. (EST) on May 1 for the pur¬
chase of $380,000 not to exceed 4% interest coupon or registered bonds,
from 1942 to 1951 incl.
LUMBERTON, N. C.—BOND SALE—The $15,000 coupon semi-annual
public improvement bonds offered for sale on April 22—V. 152, p. 2591—
were awarded to F. W. Craigie & Co. of Richmond, paying a premium of
$14.55, equal to 100.097. a net interest cost of about 1.62% on the bonds
divided as follows: $10,000 as 1%8, due on Oct. 1, $2,000 in 1943, $3,000 in
1944 and $5,000 in 1945; the remaining $5,000 as IHs, due on Oct. 1,1946.
P ROXBORO, N. C.—BOND SALE—The $150,000 coupon semi-annual
general refunding bonds offered for sale on April 22—V. 152, p. 2592—
were awarded to McAlister,
Smith & Pate, Inc. of Greenville, paying a
premium of $266.66, equal to 100.177, a net interest cost of about 3.10%,
on the bonds divided as follows:
$72,000 as 2 Ms, due on Nov. 1; $4,000
in 1942 to 1944, $5,000, 1945 to 1950, and $6,000 in 1951 to 1955, the
remaining $78,000 as 3Ms, due on Nov. 1; $6,000 in 1956, and $8,000 in
1957
to
1965.
NORTH
$7,600, payable to order of the City Comptroller, is required.
or
Bonds will be
ajxrnt May 15.
WAPPINGER FALLS, N.
Y.—BOND SALE—The $26,000 coupon or
registered bonds offered April 24 were awarded to the Marine Trust Co. of
Buffalo, as 1.60s, at a price of 100.24, a basis of about 1.56%.
Sale con¬
$7,000 water bonds.
Denom. $500.
Due $500
on
May 1 from 1942 to
1955 incl.
GRAND FORKS,
N. Dak.—WARRANT CALL—It
All of the bonds will be dated May 1,1941.
Principal and interest (M-N)
payable at the National Bank of Wappinger Falls.
The bonds are unlimited
tax obligations of the village and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder.
high bid of 100.059 for 1.60s was made by the Union Securities
Corp. of New York City.
Second
realized through the sale of refunding warrants, at the office of the
Interest will cease on May l.J
City Treasurer.
PURCHASERS—In connection with the sale of the $500,000 refunding
improvement semi-annual warrants to the First National Bank & Trust
Co. of Minneapolis, at par for 2Ms, 2Ms and 3s, as noted in V. 152, p. 2592
—it is now reported that the First National Bank, of St. Paul, Wells-Dickey
Co., Juran, Moody & Rice, both of St. Paul,
Jaffray & Hopwood, Thrall
Ashmun Co., all of Minneapolis, and Harold E. Wood &
Co. of St. Paul, were associated with the above named in the purchase of
Co. of Minneapolis, Kalman &
Allison-Williams Co., J. M. Dain & Co., Piper,
•
sell any bonds this year
would be the first year
for general capital improvements.
He said that it
since 1910 that bonds had not been sold, except
in 1929, when sales were not feasible because of high interest rates.
The lack of bond flotations this year, Mr. Bleakley explained, was
due
determination by his
bonded debt, which
and will drop to $90,000,000 this
year.
The only bonds that may be sold this year, the County Executive
added, would be for a $175,000 county airport site, which would be neces¬
sary if Congress allocated $1,850,000 for construction of the airport.
county's
administration
new pay-as-you-go
policy and a
to reduce the
exceptionally large
amounted to $106,500,000 six years ago
Y.—BOND OFFERING—Wendell Carson, Town Clerk,
■■
(P. O. Minot), N. Dak.—BOND OFFERING—Bids
2 p. m. by Fred. M. Brey, County Auditor,
of $130,000 refunding bonds.
Interest rate is not to exceed
WARD COUNTY
will be received until May 3 at
for the purchase
Dated June 1, 1941.
3M %. payable J-J.
Denom. $1,000.
Due Jan. 1.
$5,000 in 1943 to 1948 and $10,000 in 1949 to 1958.
Subject
redemption and prior payment at tne option of the county on Jan. 1,
1952, and any interest payment date thereafter at par and accrued interest.
Bidder to name the rate of interest.
Prin. and int. payable at any suitable
follows:
as
to
designated by the successful bidder.
All bids must
less than par and accrued interest will be
printed bonds and tne approving
opinion of Fletcher, Dorsey, Barker, Oolman & Barber of Minneapolis,
without cost to the purchaser.
A certified check for not less than 2% of
the bid, payable to the County Auditor, is required.
(This notice supersedes the offering report given in our issue of April 9
V. 152, p. 2592.)
bank or trust company
be unconditional and no bid for
considered.
The county will furnisn the
OHIO
BUCYRUS, Ohio—BOND SALE—The issue of $25,000 swimming pool
bonds offered April
19—V. 152, p. 2276—was awarded to Charles A.
Hinsch & Co. of Cincinnati as iyzB, at par plus a premium of $105, equal to
100.42, a basis of about 1.44%.
Dated April 1, 1941 and due as follows:
$1,000 Oct. 1, 1942, and $1,000 April 1 and Oct. 1 from 1943 to 1954, incl.
Other bids:
BancOhio
Securities,
...
Columbus
Braun, Bosworth & Co., Toledo
Van Lahr, Doll & Isphording, Cincinnati
—
Ryan, Sutherland & Co., Toledo
Assel, Goetz & Moerlein, Inc., CincinnatiStranahan, Harris & Co., Toledo
----State Teachers' Retirement System, Columbus
--
Premium
Int. Rate
1M%
lh %
lh%
|17.85
289.00
268.25
%
1 H%
203,00
1K%
2%
2%
65.50
155.00
150.00
2%
Bycurys. Ohio, banks-
.
„
,
Seasongood & Mayer, Cincinnati
J. A. White & Co., Cincinnati—
CAMDEN, Ohio—BONDS VOTED—The voters on April 8
issue of $110,000 municipal light and power plant bonds. «;
Ho'cR
il'eR
1(J^?
;
authorized
__
^
and~power
CELINA, Ohio—BOND SALE—The $20,000 electric light
and system extension 1st mtge. revenue bonds offered April 19
—V
152, p. 2592—were awarded to Ryan, Sutherland & Co. of Toledo.
Dated Nov. 15, 1940 and due $2,©00 ann. on Nov. 1 from 1942 to 1951 incl.
Bonds maturing on or after Nov. 15, 1945, are callable in whole or in part
in the inverse order of their maturity, on any interest payment date at a
price of 101 and accrued interest.
r»DELPHOS, Ohio—BONDS SOLD—An Issue
chased as a sinking fund investment.
will
will receive sealed bids
OFFERING—Walter Turney, Village Clerk,
until noon on April 30 for the purchase
expressed in a multiple of H of 1%.
Interest payable annually on May
Issue was approved by the voters.jgA certified check for $100, payable
order of the village, is required.
.
•
1.
to
HURON, Ohio—BOND SALE—The $10,000 coupon water mains conand extension bonds offered April 7—V. 152, p. 2124, were
14 to BancOhio Securities Co. of Columbus as
1 Ms, at par plus a premium of $10, equal to 100.10, a basis of about 1.48%.
Dated May 15, 1941 and due $1,000 on Nov. 1 from 1942 to 1951, incl.
fc»
struction
actually awarded on April
0tBidder—
Int. Rate
IK %
Weil, Roth & Irving Co ------ - - —
Provident Savings Bank & Trust Co
Denom. $1,000.
from 1942 to 1946 incl. and $7,000 from 1947 to 1971 incl.
Bidder to name
a single rate of interest, expressed
in a multiple of % or 1-10th of 1%.
Prin. and int. (A-O) payable at the Genesee Valley National Bank & Trust
Co., Geneseo.
A certified check for $4,000, payable to order of the town,
must accompany each proposal.
The bonds are authorized to be issued
pursuant to the Town Law of New York, for the purpose of constructing a
water supply system in the York Water District in the Town of York.
The bonds are payable in the first instance from a levy upon the property
in the water district, but, if not paid from such levy, the town is authorized
and required by law to levy on all the taxable property of the Town such
ad valorem taxes as may be necessary to pay the bonds and the interest
thereon, without limitation as to rate or amount.
The successful bidder
will be furnished with the legal opinion of Reed, Hoyt, Washburn & Clay,
of New York City.
1941.
of $8,000
coupon
Dated
for the purchase of $200,000
York Water District bonds.
Due April 1 as follows: $5,000
of $9,000 bonds was pur¬
drainage system construction bonds.
Dated May 1, 1941.
Denom. $1,000.
Due $1,000 on Sept. 1 from 1942 to 1949 incl.
Bidder
may name a different rate of interest provided that fractional rates are
4%
J. A. White & Co...
1,
■
1961 incl.
receive sealed bids until 4 p. m. (EST) on May 1
not to exceed 6% interest coupon or registered
April
'
.
VELVA, N. Dak.—PRICE PAID—The City Auditor states that the
$10,000 funding bonds sold to the Peoples State Bank of Velva, as reported—
v. 152, p. 2592—were purchased as 3s at par.
Due from Dec. 1, 1942 to
HARPSTER, Ohio—BOND
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—NO GEN¬
IMPROVEMENT FINANCING SCHEDULED IN 1941—County
Executive William F. Bleakley has announced that the county would not
ERAL
YORK N.
is^tated^ylTT.
Heen, City Treasurer, that special assessment paving or sewer, or water
issued prior to April 15, 1941, are being called
and accrued interest as of May 1, 1941, out of
main extension warrants,
for payment of principal
plant
19,000 incinerator bonds.
Denom. $1,000.
Due May 1 as follows:
$2,000 from 1942 to 1946 incl. and $1,000 from 1947 to 1955 incl.
the
(P. O. Colfax), N. Dak.—
m. on May 5,
by C. O. Hefty, District Clerk, at the County Auditor's office in Wahpeton,
for the purchase of $18,000 school bonds.
Interest rate is not to exceed
5%, payable J-J.
Due $1,000 from July 1,1942 to 1959 incl.
The printed
bonds will be furnished by the district and the purchaser will furnish the legal
opinion.
A certified check for 2% of the bid, payable to the district, is
required.
an
sisted of:
to
DAKOTA
COLFAX COMMON SCHOOL DISTRICT
BOND OFFERING—Sealed bids will be received until 5 p.
Bidder—
Principal and semi¬
annual interest payable at the City Treasurer's office, with New York
exchange. Bidder to name a single rate of interest, expressed in a multiple
of M or 1-10 of 1%.
The bonds are unlimited tax obligations of the city
and the approving legal opinion of Thomson, Wood & Hoffman of New
York City will be furnished the successful bidder,
A certified check for
on
sewer equipment
semi-annual bonds, aggre¬
gating $100,000, offered for sale on April 22—V. 152, p. 2591—were
awarded to a syndicate composed of R. S. Dickson & Co. of Charlotte,
the C. S. Ashmun Co. of Minneapolis, and the Southern Investment Co. of
Charlotte, paying a price of 100.0086, a net interest cost of about 2.12%,
on the bonds divided as follows:
$62,000 as 2 Ms. due on April 1; $5,000
in 1944 to 1950, and $9,000 in 1951 to 1953, the remaining $38,000 as 2s,
due on April 1; $12,000 in 1954 and 1955, and $7,000 in 1956 and 1957.
Interest J-J.
All of the bonds will be issued in denoms. of $1,000.
delivered
HICKORY, N. C.—BOND SALE—The water and
and extension and street improvement coupon
follows:
$40,000 series A public improvement bonds.
Dated May 1, 1941.
Due
$4,000 on May 1 from 1942 to 1951 incl. Interest M-N.
80,000 series B public improvement bonds.
Dated May 1, 1941.
Due
$8,000 on May 1 from 1942 to 1951 incl. Interest M-N.
10,000 series C public improvement bonds.
Dated May 1, 1941.
Due
$1,000 on May 1 from 1942 to 1951 incl. Interest M-N.
250,000 home relief bonds.
Dated Jan. 1, 1941.
Due $25,000 on Jan. 1
•<
in 1952 to 1957.
the bonds"
All of the bonds will be dated May 1,
as
McAlister, Smith & Pate, Inc. of Greenville, as 2 Ms, paying a price of
100.088, a basis of about 2.74%.
Dated April 1, 1941.
Due on April 1
to
West Co., C. S.
300,000 refunding bonds.
1961 incl.
divided
CHAPEL HILL, N. C.—BOND SALE—The $8,500 coupon semi-annual
funding bonds offered for sale on April 22—V. 152, p. 2591—were awarded
moneys
$10,000 from 1942
CAROLINA
NORTH
from 1942 to 1950 inch
$1,102,000 public welfare bonds of 1941.
2743
Pohl & Co
Ryan, Sutherland &
r
-
Co
-
2%
Premium
$28.00
33.38
\
|5.88
2M%
S7.00
2K%
27.00
McCONNELLSVILLE, Ohio—BOND SALE—The Weil, Roth & Irving
of Cincinnati purchased an issue of $22,500 street improvement bonds
2M8. at par plus a premium of $251, equal to 101.115.Wfl
mm
Co
as
MARTINSVILLE SCHOOL DISTRICT, Ohio-BONDS
of $70,000 gymansium bonds was authorized at an
April 8.
An issue
VOTED—
election on
MONTGOMERY COUNTY (P. O. Dayton), Ohio—BOND OFFERING
p
E
Treon, Clerk of-the Board of County Commissioners, will receive
(EST) on May 8, for the purchase of $675,000
not to exceed 4% interest coupon series I refunding bonds.
Dated May 1.
sealed bids until 10 a. m.
The Commercial &
2744
Due as follows: $32,500 May 1 and
Nov. 1. 1943, and $34,000 May 1 and
Rate of interest to be expressed in a
multiple of % of 1%, Principal and interest (M-N) payable at the CountyTreasurer's office.
The bonds are issued by virtue of the provisions of the
Uniform Bond Act of the General Code of Ohio, and more particularly
Section 2293-5 of the Code, as amended by Am. Sub. S. B. N. 7, enacted
by the 94th General Assembly in regular session, with and after the approval
of the Board of Tax Appeals of the Department of Taxation of the State,
In accordance with a resolution of the County Commissioners adopted
April 14, 1941.
Peck, Shaffer, Williams & Gorman, of Cincinnati, have
been employed to assist in the preparation and legislation and the issuance
and sale of these bonds and will certify as to the legality thereof, without
cost to the purchaser.
Printing of the bonds will be without cost to the
purchaser.
Enclose a certified check for $6,750, payable to the County
Denoms. $1,000 and
1941.
$500.
1, 1942; $33,000 May 1 and
Nov. 1 from 1944 to 1951, lncl,
Nov.
Treasurer.
April 26, 1941
Financial Chronicle
Halsey, Stuart & Co., Inc.;
& Co.; Hallgarten & Co.;
Blair & Co., Inc.; Lad en burg,
Thalmann
Darby & Co.; George B. Gibbons & Co.,
Co.; Glover & MacGr<a?or; Manufacturers &
Traders Trust Co.; Paul H. Davis & Co.; First of Michigan Corp.;
G. M.-P. Murphy & Co.; Walter Stokes & Co.; S. K. Cunningham
& Co.; Phillips, Schmertz & Co.; Alfred O'Gara & Co.; Dolphin &
Co., Inc., and Crouse & Co_.»„_ — __ —
102.loo
Chase National Bank of New York; Chemical Bank & Trust Co.;
First Boston Corp.; Blyth & Co., Inc.; Harris Trust & Savings
Bank; Salomon Bros. & Hutzler; Northern Trust Co., Chicago;
F. 8. Moseley & Co.; Moncure Biddie & Co.; Mercantile-Corn- v
merce Bank & Trust Co.; First National Bank of Pittsburgh; ^
Wells-Dickey & Co.; Riter & Co., and Schwabacher & Co.101.949
National City Bank of New York; Estabrook & Co.; Phelps, Fenn &
Stroud
Inc.;
&
■
OFFERING—E. H. Hayne, Village
Clerk, will receive sealed bids until noon on April 30 for the purchase of
$8,500 4% coupon building and fire equipment bonds.
Dated March 1,
1941.
Denom. $500.
Due $500 March 1 and Sept. 1 from 1942 to 1949,
incl., and $500 March 1, 1950.
Bidder may name a different rate of
interest provided that fractional rates are expressed in a multiple of f,'of 1 %.
Interest M-S.
A certified check for 100, payable to order of the village,
MOUNT PLEASANT, Ohio—BOND
is
required.
SALE DETAILS—P. E. Kline,Inc.,and
both of Cincinnati, were associated with Pox, Reusch
April 12 of $88,000 street improvement bonds
price of 100.681, a basis of about 2.14%, as reported in
NEW BOSTON. Ohio—BOND
Katz
&
O'Brien,
the purchase on
Co. in
&
as
2Hs,
V.
152, p. 2592.
NEW
at
a
BOSTON CITY SCHOOL
DISTRICT, Ohio—BOND OFFER¬
Clerk, will receive sealed bids until noon on
April 25 for the purchase of $15,489 not to exceed 6 % interest school bonds.
Dated June 1, 1941.
Due June 1 as follosw: $1,989 in 1942 and $1,500
from 194.3 to 1951 incl.
Interest J-D.
Rate of interest to be expressed
in a multiple of H of 1 %.
A certified check for $200, payable to order of
the Board of Education, must accompany each proposal.
ING—Owen J. Fitch, District
OBERLIN,
Ohio—BOND OFFERING—H.
A. Broad well. Village
Clerk, will receive sealed bids until noon on May 6 for the purchase of
$45,000 2% light plant extension bonds.
Dat d July 1, 1941. Denom.
$1,000. Due $5,000 annually on Sept. 1 from 1942 to 1950 nicl. Interest
M-S. Bidder may name a different rate of interest, expressed in a multiple
of M of 1%.
A certified check for $450, payable to order of the village,
must accompany each proposal.
SANDUSKY, Ohio—BONDS AUTHORIZED—City Council approved
ordinance early in April authorizing an issue of $5,500 3% street im¬
bonds.
Dated May 1, 1941.
Denom. $500.
Due Nov. 1
as follows
$500 from 1942 to 1950 incl. and $1,000 in 1951.
Interest M-N.
...101.90
R. C. Miller & Co
Trust Co. of Pittsburgh; Mellon Securities
National Bank; Bankers Trust Co., New York;
Union
Pressprich & Co.;
R. W.
Corp.; Mellon
Drexel & Co.;
E. W. Clark & Co.; Shields & Co., and
.101.04
Co
Kean, Taylor &
AMBRIDGE, Pa .—BOND OFFERING*-Samuel L.
Card, Borough
Secretary, will receive sealed bids until 7 p. m. (EST) on May 12, for the
purchase of $140,000 not to exceed 4% interest coupon borough bonds
Dated May 1, 1941.
Denom. $1,000.
Due May 1 as follows: $10,000
from 1942 to 1948, incl.; $5,000, 1949 to 1952, incl.; $10,000, 1953: $5,000,
1954; $10,000 from 1955 to 1957, incl. and $5,000 in 1958.
Bidder to name
a single rate of interest, expressed in a multiple of M of 1 %.
Principal and
(M-N) payable without deduction for any taxes (except gift, suc¬
taxes), levied pursuant to any present or future law
Commonwealth of Pennsylvania. Registerable as to principal only.
Sale of bonds is subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
A certified check for $2,000. payable to
order of the borough, is required.
In the event that prior to the delivery
interest
cession or inheritance
of the
received by private holders from bonds of the same
shall be taxable by the terms of any Federal income tax
bidder may, at his election, be relieved of nis obliga¬
tions under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
The successful bidder will be
furnished without charge with the opinion of Burgwin, Scully and Chruhill, of Pittsburgh, that the bonds are valid general obligations of the
borough, payable from ad valorem taxes levied upon all the taxable property
therein within the limitation prescribed by law.
of the bonds the income
type and character
law, toe successful
CAMBRIA COUNTY (P. O. Ebensburg), Pa..—BOND OFFERING—
L. Westrick, County Controller, will receive sealed bids until
an
Dennis
provement
1:30 p. m. (EST) on May 12 for
2. 214. 2H, 294, or 3% coupon,
RURAL SCHOOL DISTRICT (P. O. Richmond
SOUTHEASTERN
Dale), Ohio—BONDS VOTED—An issue of
authorized by the voters at an election on
$210,000 building bonds was
Sealed bids will be
April 15.
requested at an early date.
Cartledge, City
May 5 for the purchase
of $135,000 not to exceed 6% interest Wells Run Storm Sewer (city portion)
bonds.
Dated May 15, 1941.
Denom. $1,000.
Due Nov. 15 as follows:
$13,000 from 1942 to 1946, incl., and $14,000 from 1947 to 1951, incl.
Principal and interest (M-N) payable at the. City Treasurer's office.
A
certified check for $1,350, payable to order of the City Treasurer, is
required.
'A;
'
Bidder to name a
interest thereon will be payable without deduction for any
except succession or inheritance taxes, now or hereafter levied
assessed thereon under any present or future law of the Commonwealth
1951
WAYNE TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Clarks-
ville), Ohio—BONDS VOTED—An issue of $29,000 school building bonds
was authorized by the voters at an election on April 8,
WESTERVILLE,
Ohio—BOND
SALE—The
$12,,500
storm
sewer
April 21—V. 152, p. 2430—were awarded to J. A. White
Co., of Cincinnati, as l?4s, at par plus a premium of $117, equal to
bonds offered
&
100.936, a basis of about 1.59%.
Dated Oct. 1, 1940 and due Oct. 1 as
$1,000 from 1942 to 1947 incl.-, $2,000 from 1948 to 1950 incl. and
$500 in 1951.
: r
follows
Other
:.V.v'.-.V'')■
bids:
Int. Rate
Bidder—
Fullerton & Co., Columbus
2%
BancOhio Securities Cq., Columbus.------2%
OKLAHOMA
Premium
$16.25
14.00
>:'■
JONES
CITY, Ok la.—BOND OFFERING—Sealed bids will be received
until 8 p.m. on April 30, by A. E. Bracksieck, Town Clerk, for the purchase
of $15,000 gas system bonds.
Due $1,000 from 1945 to 1959 incl.
The
bonds will be sold to the bidder offering the lowest rate of interest and agree¬
ing to pay par and accrued interest.
A certified check for 2% of the bid is
Pennsylvania, all of which taxes the county assumes and agrees
time prior to the delivery of the bonds, of
of
The enactment at any
OREGON
to pay.
Federal
legislation which in terms, by the repeal or omission of exemptions or other¬
wise, subjects to a Federal income tax the interest on bonds of a class or
character which includes these bonds, will, at the election of the purchaser,
relieve the purchaser from his obligations under the terms of the contract
of sale and entitle the purchaser to the return of the amount deposited with
These obligations
will be payable from ad valorem taxes.
Issued
Phila¬
Affairs.
subject to the favorable opinion of Townsend, Elliott & Munson, of
delphia, and subject to the approval of the Department of Internal
Enclose a certified check for 2% of the par value of the amount of
bid for,
bonds
payable to the County Treasurer.
CHESTER MUNICIPAL AUTHORITY
(P. O. Chester), Pa.—
WATER COMPANY LITIGATION CONTINUED—Judge
Samuel E.
Shull in Delaware County Court at Media, Pa., on April 18 permitted
Robert L. Creek, Vice-President of C. W. McNear & Co., Chicago bond
dealers, to change his plea in the Chester water works conspiracy case from
guilty.
It is reported that Mr. Creek and Charles
President of the Chicago bond firm, will go on trial June 9
charges.
Judge Shull on the same day denied a defense
petition that James L. Rankin, Chester attorney, be required to post a bill
covering costs of an equity suit started by Mr. Rankin in which it is sought
to secure return of $625,000 of alleged profits in the sale of the water com¬
nolo contendere to not
W. McNear,
on
the conspiracy
pany
properties and bonds of the Chester Municipal Authority, cancella¬
Authority's bond issue and voiding of the entire transaction.
tion of the
EAST PENNSBORO
TOWNSHIP (P. O. Enola), Pa.—BOND OFFER¬
Township Secretary, will receive seaied bids until
ING—E. J. Argenbright,
1%, 2, 2H, 2H r
only, improve¬
annually
on May 1 from 1942 to 1956 incl.
Bidder to name a single rate of interest,
payable M-N.
The bonds and interest will be payable without deduction
for any tax or taxes, except succession or inheritance taxes, now or here¬
after levied or assessed thereon under any present or future law of the
Commonwealth of Pennsylvania, all of which taxes the township assumes
and agrees to pay.
The enactment at any time prior to the delivery of the
bonds, of Federal legislation which in terms, by the repeal or omission of
exemptions or otherwise, subjects to a Federal income tax the interest on
bonds of a class or character which includes these bonds, will, at the election
of the purchaser, relieve the purchaser from his obligations under the terms
7 p. m. on May 8 for the purchase of $30,000 1, 1M. DA,
294, 3, 3H, or 3^% coupon, regsiterable as to principal
ment bonds.
Dated May 1, 1941.
Denom. $1,000. Due $2,000
of the contract of
sale and entitle the
purchaser to the return of the amount
deposited with the bid.
These obligations
taxes within the taxing limitations placed
required.
„
1952.
and
The bonds and
the bid.
Ohio—BOND SALE—The $113,700 coupon or registered
22—V. 152, p. 2277—were awarded to Paine, Webber
& Co., Toledo, as 1 ?4s, at par plus a premium of $358.16, equal to 100.315,
a basis of about 1.14%.
Sale consisted of:
$31,700 sewer improvement (property portion) bonds.
Due Nov. 1 as
fodows
$7,700 in 1942 and $8,000 from 1943 to 1945 incl.
82,000 street improvement (property portion) bonds.
Due Nov. 1 as
follows
$21,000 in 1942 and 1943; $20,000 in 1944 and 1945.
All of the bonds will be dated May 1, 1941.
Second high bid of 100 007
for l^s was made by Stranahan, Harris & Co., Inc. of Toledo and asso¬
ciates..
• /
■ /•, .'V/
V.v V" '' fV
TOLEDO,
bonds offered April
1 Vt> l>i,
refunding
June 1 in
single rate of interest, payable J-D.
the purchase of $400,000 1, 1M,
registerable as to principal only,
Denom. $1,000. Due $200,000 on
tax or taxes,
or
Ohio—BOND OFFERING—J. A.
STEUBENVILLE,
Auditor, Will receive sealed bids until 2 p. m. on
Dated June 1, 1941.
bonds.
will be payable from ad valorem
by law upon townships of this
j Issued subject to the favorable opinion of Townsend, Elliott &
Munson of Philadelphia, and subject to the approval of the Department of
Internal Affairs.
Enclose a certified check for 2% of the par value of the
amount of bonds bid for, payable to the Township Treasurer.
class,
HOOD RIVER COUNTY SCHOOL DISTRICT (P. O. Hood River),
the Board of Education states that at
election held on April 18 the voters approved the issuance of the fol¬
lowing bonds aggregating $35,000:
$32,000 construction and $3,000 site
purchase bonds.
Due in 1945 to 1951.
These bonds are to be placed on
the market about May 15.
Ore.—BONDS VOTED—Clerk of
an
a
_
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 10 (P. O.
Cushman), Ore.—BONDS SOLD—The District Clerk states that $7,500
auditorium-gymnasium bonds were offered for sale on April 21
and were awarded to the State Bond Commission.
Dated April 1, 1941.
Denom. $500.
Due $500 April 1, 1943 to 1957.
All bonds maturing after
April 1, 195.3, will be subject to redemption on said date at par and accrued,
interest and on any interest paying date thereafter.
Prin. and int. payable
semi-ann.
at the County
Treasurer's office,
or at
the fiscal agency.
PENNSYLVANIA
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—BOND SALE—
The $4,500,000 bonds, consisting of $2,250,000 series 48 road, $1,700,000
series 29 bridge and $550,000 series 10 park issues, offered on April 22—•
V. 152, p. 2277—were awarded to a syndicate composed of Lazard Freres
& Co., Lehman Bros., Eastman, Dillon & Co., B. J. Van Ingen & Co., Inc.,
Hemphill, Noyes & Co., C. F. Childs & Co., Inc., Eldredge & Co., Inc.,
Otis & Co., Inc., Jackson & Curtis, Hannahs, Ballin & Lee, Reynolds
& Co.; Minsch, Monell & Co., Inc. and Tucker, Anthony & Co., all of
New York; Moore, Leonard & Lynch, Pittsburgh; Hayden, Miller & Co.,
Cleveland; Boatmen's National Bank of St. Louis; R. S. Dickson & Co.,
New York; Barclay, Moore & Co. and C. C. Codings & Co., both of Phil¬
adelphia, and William R. Compton & Co., Inc., of New York.
Successful
bid was a price of 102.2299 for 2s, a basis of about 1.83%.
The bonds are
dated May 1, 1941 and mature $150,000 annually on May 1 from 1942 to
1971 incl.
Members of the successful banking group reoffered the bonds
at prices to yield from 0.20% to 2 %, according to maturity. Following other
groups bid for the offering and in each case an interest rate of 2 % was
specified
Rate Bid
Bidder-
Ripley & Co.; Peoples-Pittsburgh Trust Co.; Kidder,
Co.; E. H. Rollins & Sons, Inc.; Dougherty, Corkran &
Co.; Singer, Deane & Scribner; Graham, Parsons & Co.; W. H.
Newborn's Son & Co.; Merrill Lynch, E. A. Pierce & Cassatt;
Alex. Brown & Sons, Yarnall & Co.; Janney & Co.; Edward Low~
ber Stokes & Co.; Equitable Securities Corp. and Schmidt, Poole
„
price of 100.565, a
'
..102.172
basis of about 2.16%.
Other bids:
Bidder—
Cunningham & Co.
Moore, Leonard & Lynch—_
Singer, Deane & Scribner
S. K.
—,—
i
Int. Rate
2)4%
..A-*-—294 %
3%
Rate, Bid
J00-735
100.638
101.395
Darby), Pa .—BOND SALE
April 14 at par an issue of
$100,000
0.50%
improvement bonds.
Denom. $1,000.
Due $5,000
annually on April 1 from 1942 to 1961, inclusive.
LOWER M.ERION TOWNSHIP SCHOOL DISTRICT (P. O. Ardmore), Pa.—BOND OFFERING—Frances J. McOabe, District Secretary,
will receive sealed bids until 8 p. m. (DST) on May 12 for the purchase
of $500,000 not to exceed 3 A % interest coupon, registerable as to principal
only, building, improvement and equipment bonds.
Dated May 1, 1941.
Denom. $1,000.
Due May 1 as follows:
$22,000 from 1944 to I960,
incl., and $21,000 from 1961 to 1966, incl.
Bidder to name one of the
following, rates of interest:
1%, iys%, IX%, 1%%. 1H%, I%%,
lh%, 1K%, 2%, 2X%, 2H%. 2h%, 3%, 3H%, or 3M%*
Payment
for and delivery of bonds is expected to be made on or about May 27.
The bonds are general obligations of the district, payable from ad valorem
taxes within the limits imposed by law on the property taxable therein for
school purposes.
The last assessed valuation of the taxable property in
the district is $89,220,970, and its existing funded indebtedness, with the
proposed issue included, will make its net amount of indebtedness, after
making the deductions from the gross amount thereof allowed by law, less
than 3 2-5% of said assessed valuation.
The conset of the electors of
the district to the increase of indebtedness represented by the proposed
issue was duly obtained at an election held April 8, 1941.
Principal and
interest payable without deduction for any tax or taxes, except gift, suc¬
HAVERFORD TOWNSHIP (P. O. Upper
—The Township Sinking Fund purchased on
cession
law of
Pea body &
;
Co. of
thereon
Harriman
& Co
(P. O. Green Tree Road, Pittsburgh), Pa.—BOND
DETAILS—The $20,000 bonds awarded April 14 to Phillips, Schmertz
Pittsburgh, as 2}4s. as reported in V. 152, p. 2593—were sold at
GREEN TREE
SALE
&
or
or
inheritance taxes, which the district may be required to pay
retain therefrom under or pursuant to any present or future
all of which taxes, the district assumes and
the Commonwealth,
to pay.
The enactment at any time
bonds, of Federal legislation which in terms,
agrees
prior to the delivery of the
ty the repeal or omission of
exemptions or otherwise, subjects to a Federal income tax the interest
on bonds of a class or character which includes these bonds, will, at the
election of tne purchaser, relieve tne purchaser from his obligation under
Volume
of sale and entitle the purchase to the return
deposited with the bid.
Bids must be unconditional in
be obtained from the
the terms of the contract
of
the amount
form and must be submitted on blanks which may
The bonds are issued sunject to the
District Secretary.
approval of the
of
for
PORTSMOUTH, R. I.—NOTE SALE—The issue of $50,000 tax notes
April 18 was awarded to the Fall River National Bank, Fall River,
0.21% discount.
Due Nov. 19, 1941.
Other bids: Rhode Island Hospital
National Bank, 0.30%: Stephen W. Tourtellot, of Providence, 0.35%.
offered
at
Department of Internal Affairs, and to the favorable legal opinion
Morgan, Lewis & Bockius of Philadelphia.
Enclose a certified check
$10,000, payable to the district.
JOHNSTOWN, Pa.—BOND OFFERING—Fulton I. Connor, Director
of Accounts and Finance, will receive sealed bids until 10 a. m. (EST) on
May 20 for the purchase of $224,000 lH,lM,2.2M,2M,2%or,3% coupon,
registerable as to principal only, refunding bonds.
Dated June 1, 1941.
Denom. $1,000. Due June 1 as follows: $22,000 from 1942 to 1950 incl. and
$26,000 in 1951.
Principal and interest (J-D) payable without deduction
for any tax or taxes, except succession or inheritance taxes, now or here¬
after levied or assessed thereon under any present or future law of the
Commonwealth of Pennsylvania, all of which taxes the city assumes and
agrees to pay. The bonds will be payable from ad valorem taxes within the
taxing limitations placed by law upon cities of the third class. Issued subject
to favorable legal opinion of Townsend, Elliott & Munson of Philadelphia,
and subject to approval of the Pennsylvania Department of Internal
Affairs. A certified check for 2% of the bonds bid for, payable to order of the
City Treasurer, is required.
MOUNT
OLIVER, Pa.—BOND OFFERING— George W. Depp,
Secretary, will receive sealed bids until 7 p. m. (EST) on May
Due
as
follows:
$5,000
on
Borough
14 for tne
Dated June 1, 1941. Denom.
1952, 1955, 1957,
purchase of $35,000 coupon borough bonds.
$1,000.
June lin 1946, 1949,
single rate of interest, expressed in a
multiple of % of 1 %.
Sale of bonds is subject to approval of proceedings
by the Department of Internal Affairs and the successful bidder will be
furnished with the approving legal opinion of Burgwin, Scully & Churchill of
Pittsburgh. A certified check for $1,000, payable to order of the Borough
Treasurer, is required.
1959 and 1961.
Bidder to name
a
CITY, Pa .—BOND OFFERING—E. R. Gnade, Director of Accounts
will receive sealed bids until 3.30 p.m. (DST) on May 7
2y%% interest coupon refunding
$1,000.
Due $15,000 annually
on May 15 from 1942 to 1948 incl.
Bidder to name a single rate of in¬
terest
expressed in a multiple of % of 1%.
Interest M-N.
Bonds and
interest will be payable from ad valorem taxes within the taxing limitations
placed by law upon cities of the third class without deduction for any tax or
taxes, except succession or inheritance taxes, now or hereafter levied or
assessed thereon under any present or future law of the Commonwealth of
Pennsylvania, all of which taxes the city assumes and agrees to pay.
A
certified check for 2% of the bonds bid for, payable to order of the City
Treasurer, is required.
Bonds will be issued subject to favorable legal
opinion of Townsend, Elliott & Munson of Philadelphia, and subject to
approval of the Pennsylvania Department of Internal Affairs.
The enact¬
ment at any time prior to delivery of the bonds, of Federal legislation whic.i
in terms, by the repeal or omission of exemptions or otherwise, subject to
a Federal income tax the interest on bonds of a class or character which
includes these bonds, will, at the election of the purchaser, relieve the pur¬
chaser from his obligations under the terms of the contract and sale and
entitle the purchaser to the return of the amount deposited with the bid,
OIL
and
Finance,
for the purchase of $105,000 not to exceed
bonds.
Dated May 15, 1941.
Denom.
,
SOUTH
REFUNDING
election held
April 15.
on
INDEPENDENT SCHOOL DISTRICT NO. 27
EDGEMONT
Edgemont),
Dak.—BOND OFFERING—Sealed bids
S.
for the prompt payment of the bonds and the interest tnereon and for the
levy and collection of taxes sufficient for that purpose.
Issued for the pur¬
pose of refunding a like amount of oonds about to mature and pursuant
to and in full conformity with the Constitution and laws of the State
resolution of the Board of Education
and pursuant to a
structure.
& Co. and
a
of
syndicate of 17 affiliated firms were probed by Mayor
Lamber-
ton and the councilmen.
proposals included one by R. W. Pressprich & Co. of New York
City, and the supplementary plan prepared by the Pennsylvania Economy
League which would not interfere with the city's adoption of any program
The
new
to refund
lower rates any bond
at
inclusive.
issues callable between 1942 and 1947
•
The Economy League's proposal would involve refunding of $103,000,000
in issues callable between 1948 and 1958.
Gilbert H. Clee, consultant in
municipal finance for the New York firm of N. S. Tabor & Co., explained
there would be no change in either interest rates or callable dates for the
$103,000,000 worth of bonds. Instead, they would be converted into serials
following their call dates. This would lessen the city's sinking fund require¬
ments and even out the maturity periods.
Mr. Clee said savings in the debt service would amount to about $3,000,000 next year and continue at varying rates till the maturity dates of the
last bonds.
This plan must be held up, it was emphasized both by Mr.
Clee and Alexander Biddle, President of the Economy League, pending a
ruling which has been requested from the Federal Treasury Department.
The ruling is to determine whether such bond exchanges will involve any
capital gains tax. The plan is feasible only if there is none.
McGee, of Pressprich & Co., offered a plan to refund issues
callable from 1942 to 1949 at interest rates running from 1% to 2%%
Cushman
interest
with
serials with
no
the
average
call feature.
interest
at 2.63%.
The new bonds would be
be achieved will be
A detailed scale of savings to
presented to th( councilmanic finance committee at its hearing next Mon¬
day morning.
The firm asks 1.1% commission for its fee, out of which it
would pay all expenses.
Features of the Drexel & Co. plan were
explained by Edward Hopkinson
partner in that firm. He was asked by the Mayor if the plan would
Pay 3 M % interest—the highest mentioned in any of the new refinancing
plans—on most of the exchanges. Mr. Hopkinson said it was necessary to
pay this much in order to attract holders of 4 to 4M% municipal bonds
in the exchange. He added that his syndicate claimed, the exclusive right to
trade in the bonds as one method of assuring the maximum number of
Jr.,
a
exchanges. The Drexel plan would save the city a minimum of $26,000,000
with 100% acceptance by the bondholders.
A Webster Dougherty, who has offered still another plan, was present
at the hearing but will not be questioned on details until next Monday.
PROSPECT
PARK SCHOOL DISTRICT,
Pa.—OTHER BIDS—The
$25,000 school bonds awarded April 10 to Dougherty, Corkran & Co. of
Philadelphia as 2}4s at par plus a premium of $321, equal to 101.284, a
basis
of about
2.15%,
as
reported in V.
152, p. 2593, were also bid for
follows:
as
TENNESSEE
ATHENS, Tenn.—BONDS SOLD—A syndicate composed of the Cum¬
Securities Corp. of Nashville, Booker & Davidson, the FidelityBankers Trust Co., both of Knoxville, and the Nashville Securities Co. of
Nashville, at a price of 98.00, on the bonds divided as follows: $16,000 as
3Hs, due in 1942 to 1951, and $16,000 as 3^48, due in 1952 to 1961.
Dated
May 1, 1941.
berland
Tenn.—BONDS OFFERED FOR
JOHNSON CITY,
2^£%
W. H. Newbold's Son & Co
Prospect Park State Bank
Interboro Bank & Trust Co
M.
Freeman
Warren A.
on
___
Rale Bid
100.89
100.71
2lA%
2 %%
2H%
Tyson Co
100.30
101.26
2Yi%
& Co____^_
100.65
ROSCOE, Pa.—BOND ELECTION—An election will be held June 10
the question of issuing $30,000 street improvement bonds.
SHARPSBURG
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
receive sealed bids until 7:30 p. m.
May 5, for the purchase of $30,000 coupon school bonds.
Dated
May 1, 1941.
Denom. $1,000.
Due $3,000 annually on May 1 from 1942
to 1951, incl.
Bidder to name a single rate of interest, expressed in a multiple
of % of 1 %.
Sale of the bonds is subject to approval of proceedings by the
Pennesylvania Department of Internal Affairs. A certified check for $500,
payable to order of the District Treasurer, is required.
Legal opinion of
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
Joseph W. Casey, District Secretary, will
(EST)
on
Savings
V.
from
2.00% to 3.45% for the 1942 to 1966 maturities, and priced at par
1967 to 1970 maturities.
Coupon bonds, dated May 1, 1941.
$1,000.
Registerable as to principal only. Prin. and int. (M-N)
the
for
Denom.
payable at the Chemical Bank & Trust Co., New
be approved by Chapman & Cutler of Chicago.
SUMMERHILL TOWNSHIP
(P. O. Meadville), Pa .—NOTE OFFER¬
ING—Henry J. Heil, Secretary of the Board of Supervisors, will receive
the purchase of $2,400 3% promis¬
sealed bids until 10 a.m. on May 10 for
$12,000 as 23^s, due $1,000
the remaining
from April 1, 1954 to 1959, and
1962.
TEXAS
BAIRD, Texas—BOND SALE DETAILS—It is reported that the
$105,000 refunding bonds sold to Callihan & Jackson of Dallas at par,
as
noted here—V. 152, p. 2594—were purchased as follows:
$25,000
bonds, maturing on April 1, $3,000 in 1942 jbo 1948, and $4,000 in^ 1949^
'PO
,
V/UU ill
iJ'h/
tu
,
a-JJAA
- ^v
1AX ACM/*.', CVVT
'
,
A
All bonds maturing after 1951 are optional at Par and
April 1, 1951.
Prin. and int. payable at the First
National Bank Dallas.
Legality approved by W. P. Dumas of Dallas.
Denom.
$1,000.
accrued interest on
BEXAR COUNTY
(P. O. San Antonio),
$80,000 issue o 3%
An
Texas—WARRANTS SOLD
is said to
semi-annual right-of-way road warrants
purchased on April 9 by a syndicate composed of the Columbian
Securities Corp.; Dewar, Robertson & Pancoast; Mahan, Dittmar & Co.,
all of San Antonio: the Ranson-Davidson Co. of Wichita, and Rauscher,
Pierce & Co. of Dallas.
Due $4,000 in 1942 to 1961, inclusive.
have been
BEXAR
COUNTY COMMON SCHOOL
San Antonio),
said to have
DISTRICT NO. 16 (P. O.
Board of Education is
Texas—BONDS SOLD—The State
purchased $35,000 construction
bonds on April 7, at par.
Claude),
5, by
$14,000
3 H% coupon gymnasium construction bonds.
Denominations $500 and
$100? Dated March 3, 1941. Due as follows: $100 in 1942 to 1951,
$500 in 1952 to 1961, and $1,000 in 1962 to 1969: optional after 10 years.
Legality approved by the Attorney-General. These bonds were voted on
Dec. 20.
Prin. and int. (M-S) payable in Claude.
A certified check for
CLAUDE INDEPENDENT SCHOOL DISTRICT (P. O.
Texas—BOND OFFERING—Sealed bids will be received until May
C. R. Douglass, Superintendent of Schools, for the purchase of
2 %
must accompany
the bid.
Columbian
$60,000
Hue
May 1, as follows: $1,000 in 1942 to 1945, $2,000 in 1946 to 1948, $3,000 in
1949 to 1954, $4,000 in 1955 to 1957, and $5,000 in 1958 to 1961, callable
Mav 1
1951. Prin. and int. payable at the First Coleman National Bank,
the American National Bank, Austin. These bonds were authorized at an
election held on April 8. Legality approved by Gibson & Gibson, of Austin.
DALLAS, Texas—BONDS TO BE SOLD—Beckett, Gilbert & Co. of
Dallas are said to be arranging the private purchaser ot $125,000 airport
COLEMAN, Texas—BONDS PUBLICLY OFFERED—The
Securities Corp. of San Antonio, is offering for general subscription
2 M % semi-ann. airport bonds.
Dated May 1, 1941. Denom. $1,000.
or
self-liquidating bonds.
improvement
SOLD
bridge
April 10,
EDWARDS COUNTY (P. O. Rocksprings), Texas—BONDS
—The County Judge states that $8,000 3 jk % semi-annu;al road and
refunding bonds have been sold.
Dated April 10, 1941.
Due on
GALVESTON, Texas—BOND
until 2 p. m. on
OFFERING—Sealed bids will be received
Tompkins, Commissioner of Finance
April 30, by James G.
registered
3%,
for the purchase of a $300,000 issue of coupon or
marine park and recreation pier bonds.
Interest rate is not to exceed
Davable semi-annually.
Denom. $1,000. Dated March 1, 1941. Due as
follows- $9 000 in 1942 to 1944, $10,000 in 1945 to 1948, $11,000 in
to 1951
$12 000 in 1952 to 1954, $13,000 in 1955 and 1956,
in
to 1959', $15J)00 in 1960 and 1961, $16,000 in 1962 and 1963 and
1964 and 9165.
Prin. and int. payable at the City Treasurer s office or at
the National City Bank, New York, The bonds are voted general obligations
of the city to be issued for the acquisition of a marine park and
pier and will be printed and the approving opinion of 1 homson,
Hoffman, of New York, will be furnished at the expense of the city.
bonds will be sold at not less than par and accrued interest.
Delivery
be made within a reasonable time after award to place designated by
or
in Galveston.
Enclose a certified check for $15,000, payable to
Board of Commissioners.
and Revenue,
1949
$14,000 1957
$17,000 in
recreation
Wood &
The
will
bidder
the
GALVESTON,
1941.
Denom. $800.
Due $800 annually
incl.
Interest J-D.
A certified check for
$200, payable to order of the Township Treasurer, is required.
mission on
Texas—BONDS SOLD—Av issue
Galveston, at par, on
HARRIS
voters at an
UPPER SAUCON TOWNSHIP
SCHOOL DISTRICT (P. O. Emaus,
1), Pa .—PROPOSED BOND ELECTION— An election may
on the question of issuing $65,000 building bonds.
be held
month
the'City Com¬
Pauls & Co. of
April 8.
COUNTY (P. O. Houston), Texas—BOND INFECTION—improvement bond program is to be submitted to the
000 road
A $5 400
on
notes.
Dated June 1,
June 1 from 1942 to 1944
of $150,000 Z%%
Beach Park revenue bonds authorized by
March 7, is said to have been purchased by Louis
sory
next
Legality to
York City.
PARIS, Tenn.—BOND SALE—The $23,000 coupon semi-annual public
improvement of 1941 bonds offered for sale on April 19—V. 152, p. 2278—
were awarded to the First National Bank of Memphis, paying a premium
of $68.85, equal to 100.299, a net interest cost of about 2.41%. on the bonds
divided as follows: $11,000 as 2Ms. due $1,000 from April 1, 1943 to 1953,
semi-ann. Stewart
bidder.
Route
INVESTMENT—
$804,000 issue of 3 K % refunding bonds purchased by the Provident
Bank & Trust Co. of Cincinnati, and associates, as noted in—
152, p. 2593—was reoffered for public subscription at prices to yield
The
1949.
Int. Rate
Bidder—
M.
duly and legally
highest bid¬
adopted and recorded on April 7.
The bonds will be sold to the
der for not less than par, and all bids must be unconditional.
PROPOSALS
new plans for refunding portions of the city's bonded
explained to City Council's finance committee April 21, at the
the committee's hearings on refinancing the municipal debt
In addition, details of the plan previously presented by Drexel
were
(P. O.
will be received
June 2 by John N. Thompson, Clerk of the Board of Edu¬
cation, for the purchase ot $25,000 3 % semi-annual coupon refunding bonds.
Denom. $1,000.
Dated Sept. 1, 1941.
Due Sept. 1. as follows: $1,000
in 1944 to 1948, $2,000 in 1949, $1,000 in 1950, $2,000 in 1951, $1,000
in 1952, $2,000 in 1953, $1,000 in 1954, $2,000 in 1955, $1,000 in 1956,
$2,000 in 1957, $1,000 in 1958, $2,000 in 1959, $1,000 in 1960 and $2,000
in 1961.
Subject to an option on the part of the district to pay or redeem
any of said bonds on Sept. 1, 1944, or on any interest payment date subse¬
quent thereto.
Prin. and int. payable at the Southern Hills Bank, Edgemont.
The full faith and credit of the district are irrevocaoly pledged
until 8 p. m. on
PROFERRED—Two
debt
DAKOTA
ABERDEEN, S. Dak.—BONDS DEFEATED—The City Auditor states
that $20,000 swimming pool bonds were defeated by the voters at an
$2,000 in 1960 to
Pa.—ADDITIONAL
PHILADELPHIA,
second
2745
The Commercial & Financial Chronicle
152
election scheduled for May
3, according to report.
HILLSBORO, Texas—BONDS OFFERED—Sealed bids were received
April 25, by A. N. James, City Secretary, tor the pur¬
chase of a $72,000 issue of refunding of 1941 bonds. f Dated May 1, 1941.
Due on May 1 as follows: $4,000 in 1942 to 1949, and $5,000 in 19o0 to
until 7 30 a.m. on
1957.
COUNTY (P. O. Paris), Texas—BONDS DEFEATED—The
issuance of $200,000 road improvement bonds is said to have been turned
down by the voters at an election held on April 5.
LAMAR
RHODE
ISLAND
CRANSTON, R. I .—PROPOSED BOND ISSUE—City Council re¬
cently took action on a proposal providing for an issue of $1,250,000 high¬
way bonds.
Part of the program is to be financed through an issue of
$500,000 notes, according to report.
PECOS COUNTY (P. O. Fort Stockton), Texas—ADDITIONAL
INFORMATION—In connection with the $65,000 county park refunding
bonds being
exchanged with the original
& Co. of San
Antonio, as reported in
Gilbert
stated that
holders through Beckett,
V. 152, p. 2432, it is now
The Commercial & Financial Chronicle
2746
tbe bonds
1941, and bear interest as follows: $12,000
3s, due $6,000 on April 15 in 1942 and 1943; the remaining $53,000
4 M*. due on April 1, $6,000 in 1944 to 1951. and $5,000 in 1952.
as
as
dated April 15,
are
PORT
Texas—BOND
ARTHUR,
OFFERING—Sealed
bids
will
be
received until 7:30 p. m. on April 29 by B. N. Taylor, City Manager, for
the purchase of a $200,000 issue of pleasure pier bonds.
Denom. $1,000.
Dated May 1, 1941.
Due May 1 as follows: $10,000 In 1945 to 1947,
$15,000 in 1948 and 1949 and $20,000 in 1950 to 1956.
Bidders to name
of par, or better, expressed in a
multiple of M of 1%, but split coupon rates are prohibited and will not be
considered.
Prin. and int. (M-N) payable at the National City Bank,
New York.
The oonds are supported by an ad valorem tax on ad taxable
property within the city limits, and were authorized by the electors Dec.
14, 1940.
The citj will furnish at its expense lithographed oonds with
the proper interest coupons and the approving opinion of the Attorney
General and of Chapman & Cutler of Chicago.
Delivery on or about
May 15.
The First National Bank of Port Arthur will certify as to the
genuineness of the signatures of the officials signing the bonds and also as to
the seal of the city impressed thereon,
Enclose a certified check tor 2%
of the face value of the bonds bid for, payable to the city.
the rate of interest that will justify a bid
REINHARDT COMMON SCHOOL DISTRICT NO. 16 (P. O. Dallas),
Texas—BONDS SOLD—The State Board of Education is said to have
ary procedure prevents the city from estimating the amount of. receipts
from miscellaneous revenues for the ensuing year in amounts greater than
the actual cash receipts of the
preceding year from these sources, and also
receipts from current and delinquent tax collections must be estimated
at no higher a percentage of collection than was actually experienced in
the preceding year.
The cash appropriation in the budget must be within
the cash receipts as so estimated.
Refunding bonds totaling $2,032,000 were authorized in 1940 to meet the
maturities of those term bonds then outstanding which were issued prior
to the present charter and for which inadequate sinking funds were estab¬
lished.
The refunding effected in 1940 and the refunding by this issue of
$476,000 leaves a balance still to be refunded of $653,000 in 1942, and
$296,000 in 1945.
New improvements aggregating a total cost of approximately $1,000,000
have been authorized.
The city has made arrangements to finance these
improvements as money is needed during the next year at a low rate of
interest and, therefore, no additional bonds for new improvements will be
sold to the public for another year.
The city estimates that future im¬
provements should require an average of not over $500,000 annually in
the next 10 years.
April 7 a $35,000 issue of 3 and 3M % semi-ann. construction
bonds, at par.
Due in 24 years.
purchased
on
THREE
Three
INDEPENDENT
RIVERS
SCHOOL
DISTRICT
(P.
O.
Rivers), Texas—BOND OFFERING—Sealed bids will be received
until 2 p. m. on April 29, by L. O. Hartman, President of the School Board,
for the purchase of $10,000 school house bonds.
Interest rate is not to
exceed 3 M %, payable M-N.
Dated May 1, 1941.
Denom. $1,000.
Due
$1,000 May 1, 1942 to 1951.
Any rate or rates named must be in multiples
of M of 1%.
Bidders are required to name the rate or combination of two
rates with their bid which is nearest par and accrued interest.
It is the
intention of the Board of Trustees to sell the bonds at the lowest interest
that will
cost
bring a price of approximately but not less than par and
Alternate proposals will be considered on bonds with
accrued Interest.
blank.
These
bonds carried unanimously at the election on April 12, 1941.
There is
no
litigation pending or threatened.
No defaults.
The district will
furnish the printed bonds, a copy of the proceedings, the approving opinion
of Gibson & Gibson of Austin, or Chapman & Cutler of Chicago, and will
deliver the bonds to the bank designated by the purchaser, without cost
to him.
It is anticipated that delivery can be effected by approximately
May 15.
Enclose a certified check for $200, payable to the district.
five-year option.
All bids muBt be submitted on a uniform bid
Principal and interest payable at place preferred by purchaser.
VIDOR SCHOOL DISTRICT (P. O. Vidor), Texas—BONDS SOLD
Board of Education states that $50,000 4 % semi-ann.
gymnasium and construction bonds approved by the voters last May
nave been purchased at par by the State Permanent School Fund.
Due
—The Secretary of the
in 20 years.
WICHITA
FALLS,
Texa*—PRE-ELECTION SALE— It is stated by
J. Bryan Miller, City Manager, that a $250,000 issue of water, airport and
Technical Training School site bonds was offered for sale on April 21 and
awarded to
a syndicate headed by Crummer & Co. of Dallas, subject
14.
The bonds are divided
$167,000 as 2Ms, due in 1942 to 1948, the remaining $83,000 as
3s, due in 1949 to 1951.
Purchaser is required to pay all costs.
was
to the outcome of an election scheduled for May
as
WASHINGTON
GOLDENDALE, Wash .—BONDS SOLD—It is reported that $25,000
3M% semi-ann. water and sewer system revenue bonds have been pur¬
chased jointly by Paine-Rice & Co. of Spokane, and E. M. Adams & Co. of
Portland.
Due in 1956 to 1960.
r
JEFFERSON
Townsend)
COUNTY
DISTRICT
NO.
43
(P. O.
Port
Wash.—BOND SALE—The $60,000 semi-ann. school bonds
on April 12—V.
152, p. 2126—were purchased by Grande
as 2 Ms, at a price of 100.137.
offered for sale
& Co. of
Seattle,
KLICKITAT COUNTY
(P. O. Goldendale), Wash.—BOND OFFER¬
ING—It is stated by John A. Miller, Clerk of the Board of County Com¬
missioners, that he will receive sealed bids until 1 p. m. on May 26 for the
purchase of an issue of $135,000 court house bonds.
Interest rate is not
to exceed 3M%, payable J-D.
Dated June 1, 1941.
Denom. $1,000.
Due June 1 as follows: $6,000 in 1943 and 1944, $7,000 in 1945 to 1949,
$8,000 in 1950 to 1953, $9,000 in 1954 to 1957 and $10,000 in 1958 and 1959.
Any or all of the outstanding bonds of said issue may be called for redemp¬
tion on any interest payment date on and after five years from date thereof
by publication of the notice of such call in the official county newspaper.
Prin. and int. payable at the County Treasurer's office.
The county has
irrevocably pledged itself to include in its budget and levy taxes annually
within and as a part of the 10-mill limitation of taxes permitted to counties
without a vote of the people, an amount sufficient to pay the principal and
interest of said bonds as the same accrue.
Bids shall specify first, the
lowest rate of interest and principal, if any, above par. at which the bidder
will purchase such bonds, or, second, the lowest rate of interest at which
the bidder will purchase said bonds at par.
The bonds will be sold with the
opinion of Preston, Thorgrimson, Turner, Horowitz & Stephan, of Seattle,
approving the legality of the same.
Enclose a certified check for 5% of
the amount of the bid.
•
received
LAYTON, Utah—BONDS VOTED—'The Town Clerk states that at the
on April 17 the voters approved the issuance of $45,000 sewer
system bonds by a count of 84 to 14.
Due in 20 years.
SALT
that
the
LAKE
CITY,
$3,500 6%
bonds sold to
local
a
Utah—MATURITY—The City Recorder states
semi-annual sidewalk extension, special assessment
bank at a price of 111.27, as reported in—V. 152,
a basis of about
2432—are due $700 from Dec. 23, 1942 to 1946, giving
2.81%.
VERMONT
HARDWICK, Vt.—BOND SALE—The $40,000
coupon refunding bonds
April 18-—V. 152, p. 2432—were awaarded to F. W. Home & Co.
Inc., Hartford, as 2M«» at a pricp of 100.337, a basis of about 2.21%.
Dated April 1, 1941, and due $4,000 annually on Oct. 1 from 1945 to 1954,
Incl.
Second high bid of 100.18 for 2Ms was made by E. H. Rollins & Sons,
Inc., Boston.
offered
HARDWICK
ACADEMY
AND
GRADED
SCHOOL
DISTRICT
(P. O. Hardwick), Vt.—BOND SALE— The $25,000 coupon refunding
bonds offered April 18—V. 152, p. 2432—were awarded to E. H. Rollins
& Sons, Inc., Boston, as 2Ms, at a price of 100.18, a basis of about 2.23%.
Dated April 1, 1941, and due Oct. 1, as follows: $2,000 from 1942 to 1947,
incl. and $1,000 from 1948 to 1960, incl.
UNIVERSITY OF VERMONT (P. O. Montpelier), Vt .—PROPOSED
FINANCING—It is reported that Governor William H. Wills has ordered
an investigation of financial and educational
problems at the University,
which has
involving
a
a
WEST
deficit of $500,000, as a preliminary to his approval of a program
$150,000 grant by the State Legislature and authority for a bond
issue of $675,000.
VIRGINIA, State of—BOND OFFERING—Sealed bids will be
until 1 p. m. (EST) on April 29 by Governor Matthew M. Neely,
for the purchase of an issue of $500,000 road bonds.
Interest rate is not to
exceed 4%, payable M-S.
Dated April 1, 1941.
Coupon bonds in $1,000
denoms. convert, into
fully registered bonds of $1,000 and $5,000 denoms.
April 1, 1942 to 1966.
Rate of interest to be in a multiple of
M of 1 %.
A part of the issue may bear one rate and a part a different rate.
Not more than two rates will be considered in any one bid.
The bonds will
Due $20,000
be sold to tbe bidder offering to take the bonds
bearing the lowest interest
highest price offered for bonds bearing such rate.
in lawful money at the State Treasurer's office, or at
the National City Bank, New York,
These bonds are issued under au¬
thority of amendment to the Constitution known as $50,000,000 State
Road Bond Amendment and under authority of an Act of the State Legisla¬
ture, 1941 Regular Session, known as Enrolled Senate Bill No. 20, passed
Feb. 24, 1941.
To secure tbe payment of this bond, principal sum and
interest, when other funds and revenues sufficient are not available for that
purpose, it is agreed that, within the limits prescribed by the Constitution,
the board of Public Works of the State shall annually cause to be levied
and to pay the
Prin. and int. payable
rate
and
collected an annual State tax on all property in the State, until said
bond is fully paid, sufficient to pay the annual interest on said bonds and
the principal sum thereof within the time this bond becomes due and pay¬
able.
The bonds cannot be sold at less than par and accrued interest.
Accrued interest to
be calculated from April 1, 1941.
Purchasers will be
Delivery will be made
City.
To expedite delivery if desired interim cretificates will
be furnished purchasers.
The purchaser or purchasers will be furnished
with the final approving opinion of Caldwell & Raymond of New York,
but will be required to pay the fee for approving the bonds.
Enclose a
certified check for 2% of the face value of the bonds bid for, payable to the
required to pay accrued interest to date of delivery.
in New York
State.
OPTION—The successful bidder will be awarded
May 1, by Carl A. Coley, City Auditor and Clerk, for the purchase
$250,000 issue of general improvement of 1941 coupon bonds.
Interest
4% payable M-N.
Dated May 1, 1941.
Denomina$10,000, $5,000 or $1,000, as the purchaser may elect.
Due
$10,000 May 1. 1942 to 1966.
Bidders are invited to name the rate of
,
k®
interest which the bonds are to
bear, which must be the same for all of the
bonds, and the rate named must be a multiple of 5-100 of 1 %.
Principal
and interest payable at the
City Treasurer's office.
The bonds are general
obligations, issued pursuant to the Constitution and Statutes of the State,
including among others, the City Charter, and pursuant to ordinances duly
adopted by the City Council.
No proposal for less than ail of the bonds
will
be considered.
The bonds will be awarded to the
bidder whose
bid
offers the lowest
interest cost to the city over the life of the bonds after
deducting the premium offered, if any.
Delivery on or about May 10,
in
any city designated by the
purchaser, together with the approving
?sS?nj0IL
5ee«vJ^oyt' Washburn & Clay of New York. Enclose a cer66
2 % of the face value of the bonds bid for, payable to the city.
(This notice supplements the
offering report given on April 19.—V. 152,
i
,
X'* 45004./
NARROWS, Va.—BOND ISSUANCE CONTEMPLATED—The Town
Council is said to
sewer
be planning to place on the market a
$30,477 issue of
system construction bonds, in connection with a WPA
grant.
?^7«1nnna<y
~B?ND OFFERING—Sealed bids"will be received until
^ CharlesB .Borland, City Manager, for the purchase of
'
aS476,000 issue of 2 A, 2 M, 2% or
.3% semi-annual general refunding of
1941 coupon bonds
Denom. $1,000.
Dated May 1,
1941.
Due on
in
1953..to 1956- and $48,000 in 1957
to 1962.
ble as to principal
only.
Prin. and int. payable in
lawful money at the Chase National
Bank, New York City.
The approving
opinion of Reed, Hoyfc, Washburn &
Clay of New York, will be furnished
the purchaser.
The bonds will be delivered on or
about May 20, at place
£ho£w«,.a«Tn8nnn
inNew YorkCityor
Norfolk.
check for $10,000, £e
payable to the City Treasurer.
The $476,000 of general
refunding bonds
Sa ^
k
r-i
«i
now
option until 1 p.
m.
had
a
bids will be received until
noon on
a
an
(EST), on May 2, to purchase an additional $500,000 of road bonds alike
in all repsects to the above issue, at the same price, conditions and terms
bid for the above.
In case the option is not exercised, the additional bonds
will not be offered for sale until after the successful bidder has
reasonable opportunity to dispose of the above $500,000 issue.
VIRGINIA
DANVILLE, Va.—BOND OFFERING—Sealed
rate is not to exceed
VIRGINIA
WEST
election held
of
SCHOOL
follows
UTAH
p.
April 26, 1941
holders to make up its annual budgets on a "cash basis" instead of on an
accrual basis as has been the practice heretofore.
In effect this new budget¬
Enclose
being offered
a
certified
WISCONSIN
BELOIT, Wis .—BOND OFFERING NOT SCHEDULED—W e are in¬
formed by A. D. Telfer, City Manager, that because of technicalities that
cannot be straightened out for at least 60 days, there is to be no action taken
to offer $825,OOO school bonds at this time.
BROWN COUNTY (P. O. Green Bay), Wis.—BOND OFFERING—
Sealed and oral bids will be received by Omer F. Rothe, County Clerk, until
May 19, at 10 a. m., for the purchase of a $225,000 issue of non-taxable
highway improvement, series K coupon bonds.
Interest rate is not to
exceed 3%, payable M-N.
Dated May 1, 1941.
Denom. $1,000.
Due
May 1, as follows: $150,000 in 1947 and $75,000 in 1948. Prin. and int.
payable in lawful money at the County Treasurer's office. The bonds were
authorized
for expenditure entirely on the State trunk highway system
a program which has been approved by the State Highway Com¬
mission, and therefore, the principal of the bonds will be eligible to be
retired 100% with State highway allotments to the
county in accordance
with Section 84.03 (4), Wisconsin Statutes.
The bonds will be sold subject
to the condition that they shall be certified by the Attorney General, under
the provisions of Sections 67.02 (3) and 14.53 (5a) Wisconsin Statutes, and
also subject to an approving opinion of commercial attorneys if desired by
the successful bidder, the cost of such opinion to be paid by such bidder.
The bidder's proposal shall state the total amount bid for the bonds and the
interest rate on which the bid is based.
In addition to the amount bid, the
successful bidder shall also pay the interest accrued from the date of the
bonds to the date of delivery. The bonds shall be in the form approved by
the State Highway Commission, and all
posts of printing the bonds shall be
paid by the successful bidder. A certified check for $4,500 payable to the
county, is required If a bidder submitting a sealed bid proposes to also bid
orally, his certified check should be filed separately and not sealed with his
bid, otherwise an additional certified check in the same amount must be
under
filed to entitle such bidder to enter the oral bidding.
RUSK
are
issued
? IP of 'he N°rfolk Charter of 1918 and Chapter 267 of
pfVu-gima, and ordinances and resolutions duly adopted
COUNTY
(P. O.
Ladysmith). Wis.—BONDS VOTED—At
an
election held on April 1 the voters are said to have approved by a wide
margin the issuance of $400,000 highway improvement bonds.
by the Council of the City of Norfolk
to refund a portion of
$717,000 of
bonds created and issued before the first
day of April, 1916, and maturing
Imve
been^ancelec?06
$241,000 of bonds, not covered by this refunding.
These general refunding bonds
Will, in the opinion of the bond attorneys,
be valid and legally binding obligations of the
city, payable as to both
principal and interest from unlimited ad valorem taxes
upon all the taxable
property within the city.
By the ordinances and resolutions under which these bonds are
being
issued as well as the bonds issued in
1940, the city contracts with the bond¬
WYOMING
CHEYENNE, Wyo.—BONDS VOTED—The City Clerk states that at
on April 15 the voters approved the issuance of the $130,000
not to exceed 2 M % airport improvement bonds by a wide margin.
Due on
the election held
Oct.
1 in 1943 to 1946.
LUSK, Wyo .—BONDS VOTED—At the election held
voters
are
on April 15 the
said to have approved the issuance of $60,000 municipal light
plant bonds.
@FedFRASER