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Dmmntial I
REO. U.
COPYRIQHTEO IN 1040 BrmtLIAM B. OANA COMPANY,
Issued Weekly 40 Oeirts a
$18.00 Per Year
VOL. 150.
NEW YORK.
Oopy—
ENTERED AS
S.^^^PAT. OFFICE
SECOND-CLASS MATTER JUNE 29, 1879, AT THE P08T OFFICE AT NEW YORK, NEW YORK, UNDER
NEW YORK,
APRIL 27,1940
25
Spruce St., New York
THE
BROOKLYN TRUST
.
"
BANK
COMPANY
THE ACT OF MARCH 9,
3905.
.
City
CHASE
BANK
NATIONAL
OF THE CITY OF NEW
Chartered 1866
1879.
MA
Dana Co., Publishers,
William B
YORK
'
:v..
George V. McLaughlin
Maintaining effective cor-
President
u
respondent bank service
BROOKLYN
NEW YORK
is
traditional
a
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
.
"
.
•'
:V
-
''
•
'*
<LJ
'
'
S
'
'
Broaden your customer
with
service
Chase
cor¬
respondent facilities.
Hallgarten&Co
Member Federal
Depoiit Insurance
Corporation
Established It SO
Public
NEW YORK
Bonds
London
Chicago
Utility
City of
Philadelphia
PUBLIC UTILITY
Bonds
The
INDUSTRIAL
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CORPORATION
MUNICIPAL
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NEW YORK
CHICAGO
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Philadelphia
Milwaukee
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PACIFIC NORTHWEST
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OTIS & CO.
(Incorporated)
Established
New York
IOO
1899
CLEVELAND
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AND 40TH STREET
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Paris
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of the
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PHILADELPHIA
ISIS Walnu
St.
The Commercial & Financial Chronicle
n
April 27, 1940
READING COMPANY
Forty-Second Annual Report—For the Year Ended December 31, 1939
Philadelphia, Pa., March 26, 1940.
To the Stockholders of
Reading Company:
FINANCIAL
Increase or
1939
The Board of Directors submits herewith its 42nd Annual
Report of the operations and affairs of the Company for
the year ended December 31, 1939:
Increase or
Decrease
1939
1938
1,449.91
Average miles of road operated.
1,451.04
1.13
.1%
Receipts from the transportation
of anthracite and
coal,
gers,
Cost
$8,264,551 17%
the railroad
and maintaining the property 39,612,689
Net
Revenues
35.618,159
3,994,530
$17,131,860 $12,861,839
4,480,363
11%
$4,270,021 33%
2,840,810
1,639,553
58%
Receipts from other companies
in
companies
equipment
and
for
hire
of
use
172,060
bonds and
142.928
%
notes
at
74,314,274
Total Investments
75,576,571
440,912,589 442,031,958
The Company had cash
1,262,297
1,119,369
6,210.507
3,944,860
2,265,647
3,691,182
3,431,495
259,687
4,140,298
4,815,151
6711,853
1,467,344
1,397,905
Railroad companies and others owed
the
Company...
The Company had on hand fuel, rails,
items
due
—
but
not
yet
available to the Company
Total Assets of the Company were
456,421,920 455,621,369
69,432
800,55
The Company owed for materials, sup¬
1,921,812
2,176,405
~ 25 k,69 3 12%
790,524
655,816
134,708'21%
$13,062,292 $11,713,678
$1,348,614 12%
Gross Income before deductions
plies,
wages
and balances to other
railroad companies, and interest and
rents accrued but not yet
-
Fixed charges—interest on fund¬
due
9,472,415
9.622,857
150MZ
3,429,029
2,562,785
866,244
81,509,680
79,702,605
1,807,075
732,731
635,099
'97,632
95,143,855
92,523,346
2,620,509
361,278,065 363,098,023
1,819,958
Taxes accrued but not due
Reserve for depreciation of road and
equipment
ed debt, rentals paid for leased
etc
stocks,
17%
se¬
curities, property rentals and
"other items-.....-.-——
railroads,
366,598,315 366,455,387
in
including
892,553
Net Railway Operating Income.$ll,931,004
$10,193,089 $1,737,915
for fixed charges
and other fixed prop¬
erty of.
Deferred assets and unadjusted debits,
\720.k93
Miscellaneous income deductions
$
ties, shops, locomotives, freight and
passenger cars
equipment in good repair
Joint
Income from investments in
$
in
plies necessary for keeping road and
,
of
facilities
Decrease
$
Investments
ties, bridge material and other sup¬
of payments made to
excess
such
had
land, railroad tracks, terminal facili¬
carried
$56,744,549 $48,479,998
Federal, State and other taxes..
Company
ments
passen¬
-
The
1938
•'
-t
•
In addition the Company had invest-
bituminous
merchandise,
etc
of operating
POSITION, DECEMBER 31st
,
Deferred
8,340,641
8,418,369
77,728
1%
liabilities,
including
items
due to others not yet adjusted
Net Income available for divi¬
dends
and
other
The total of these
corporate
purposes
Percentage
operating
and reserves
$4,721,651
of
each
revenue
dollar
After deducting these Items from the
total assets there remained available
consumed
capital net assets of
69.81%
73.47%
3.66%
The
investment in
on
2.67%
.38%
1.39
.18
per share
Preferred
Company
Funded
Debt,
including
bonds,
equipment trust obligations, &c_127,551,465
127,855,684
$3.37
$2.35
$1.02
27,991,200
41,970.650
41,970,650
69,989,100
69,989,100
Common
Stock
of Common
Making
dividend
require¬
$2.00 per share each,
After
$1.37
$.35
$1.02
from
t Debit.
a
total capitalization of
deducting
net
this
assets
corporate surplus
Source and
remained
a
93,775,650
95,291,389
Disposition of Reading Company's Operating Income
(All Figures Shown in Cents)
Comparison of Years 1939 and 1938
In
*1
1939
1938
Freight:
Anthracite Coal
19.01
-
1.2k
19.13
Merchandise
.121
44.76
Total
89.87
crease or
Decrease
24.82
Bituminous Coal
2.52
88.71
Express
1.05
.83
Mail
1.16
6.70
Passenger
.lk
.64
Grand Total
100.00
.09
3.12
All Other
.06
100.00
Where the Dollar
Comparison of Years 1939
and 1938
1939
Operating Expenses:
Payrolls
44.19
Fuel
7.01
Ties
49
Rails, Frogs and Switches
Depreciation and Retirements
Damage—Freight
!
AllOther
[46
5.57
"
23
I™ I"
n.86
T°tal
69.81
For
3.66
6.04
1.85
1.62
14.70
17.36
2.66
3.48
2.85
100.00
Grand Total
73.47
7.89
1.27
6.33
Railway Tax Accruals
Equipment and Joint Facility Rents","&cl
Net Railway
Operating Income to Apply
on Fixed
Charges
Balance for Dividends and other
Corpcn
100.00
.35
Safety, Economy and Comfort
Travel by
Train—Use The
Reading
30k,219
capitalization
there
of
267,502,415 267,806,634
Where the Dollar Came From
Loss and
30k,219
27,991,200
Second Preferred Stock.
Stock after First and Second
ments of
of the
First Preferred Stock
per share of First and
Second Preferred Stock
Earnings
2.29%
1.57
Times fixed charges earned
capitalization
consisted of the following:
property used for transporta¬
tion service
Earnings
was
$1,426,342 43%
of
by operating expenses
Rate of return
$3,295,309
liabilities, credits
For Luxurious Comfort at No
Extra Cost
Use The "Crusader"
Between Philadelphia and New York
1,515,739
CONTENTS
Editorials
.
:;
v.
1
The Financial Situation
2620
Progressive American Railroading.
2632
Comment and Review
The Business Man's Bookshelf
Week
;
..........2634
the European Stock Exchanges
on
2624
2624
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
...2629 & 2668
Course of the Bond Market
2633
Indications of Business Activity
2635
Week
on
the New York Stock Exchange
2622
Week
on
the New York Curb
2664
Exchange
"
News
Current Events and Discussions
BanR and Trust
2646
'
2663
Company Items..
General Corporation
and Investment News.
2709
2762
2763
Dry Goods Trade
State and Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
...2673 & 2675
2668
Dividends Declared
2668
Auction Sales
2668
New York Stock
New York Curb
2676
Exchange—Stock Quotations..
♦New York Stock
Exchange—Bond Quotations.2676 & 2686
2692
2696
Exchange—Stock Quotations
♦New York Curb
Exchange—Bond Quotations
2698
2702
Bond Quotations .2705
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations.
Over-the-Counter Securities—Stock &
Reports
2627
2665
Foreign Bank Statements
Course of Bank Clearings
2646 & 2673
Federal Reserve Bank Statements
General
2709
Corporation and Investment News
Commodities
The Commercial Markets and the
Crops
-
Cotton..
Breads tuffs
*
on
Attention Is directed to the new column incorporated in our
New York Stock Exchange and New York Curb Exchange bond
ions pertaining to
Published Every Saturday
tables
quota-
bank eligibility and rating.
Morning by the William B. Dana Company, 25 Spruce Street, New
York City, N. Y.
Manager.
Salle Street (Telephone State 0613).
London
l£.C. Copyright 1940 by William B. Dana Company. Entered asi second-class matter
June 23,1879, at the post office at New "iork, N. if., under the Act of March 3,1879.
Subscriptions in United Statesand Possessions. <18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50per year. $10.75 few 6 months.
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Cuba, $21.50 per year, $11.75 for 6 months; Great Britain. Continental Europe (except Spain), Asia, Australia andAfttca, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate fine.
Contract and card rates on request .
NOTE: On account
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Herbert D. Seibert. Chairman of the Board and Editor; William Dana Beibert, President and
Other offices: Chicago—In charge of Fred H. Gray, "Western Representative, 208 South La
Edwards
&
Smith/! Drapers' Gardens, London,
Treasurer; William D. Rlggs, Business
The Financial Situation
WHETHERitor not he planned it that waythe tained at that time and which were based been suffiwanted
that
the President during or
dustrial outlook then prevailing, have not on the inway,
drawing the attention of the public, recently largely
ciently realized, and that it is therefore, in my judgment, now necessary to adopt measures for dealing
centered
with the situation which exists
past week or ten days has
on
admirably succeeded in
European developments) back to our
own
vital domestic problem of the budget. Those
taking note of the course of events at
very
who had been
home
came
from the White House that Congress
quite
confidently
today and which
may
for the next few
predicted
months."
After
scarcely surprised late last week when the
were
suggestion
be
surveying the situation, he then comes to the
conclusion that "there is certainly at the present time
information available to justify a reduction in the
of the Work Projects Administration below
appropriate the $975,000,000 previously estimated as
no
needed for relief
program
a
way as
its
the entire
to the
Sauce Also for the Gander
at the
mates
year
semination
revised
amount of
in the
Then
on
letter to the Vice-President
reminded the rank and file
that in order to meet
the estimates
President
the
even
presented by
in January
without increasing
the
au¬
thorized debt of the Fed¬
eral Government it would
be
necessary
to
a
information
concerning-the
union
and
employees to conduct their economic affairs
and to compete with others for a share in the
products of industry are subject to modifica¬
tion or qualification in the interests of society
in which they exist.
It does not follow that
the State, in dealing with the evils arising
from industrial
disputes, may impair the
effective exercise of the right to discuss freely
industrial relations which are matters of pub¬
lic concern.
A contrary conclusion could be
used
to support
abridgment of freedom of
speech and of the press concerning almost
every matter of importance to society."
And again:
"The carrying of signs and banners, no less
than the raising of a flag, is a natural and
appropriate means of conveying information
President's*
the
of
labor
times the dis¬
At another point the Court added:
"It is true that the rights of employers
$500,000,000 in
figures .
of
our
dispute must be re¬
garded as within that area of free discussion
that is guaranteed by the Constitution."
of the
upward
Monday
facts
in effect being
were
round
"In the circumstances of
budget esti¬
first
and
In deciding the so-called picketing cases
early this week, the Supreme Court, with but
a
single dissenting voice, at one point said:
public the fact that
the President's
with
year
tion of
the request
brought home
the less
that which has been carried on in the current fiscal
during the
sum
but
period;
in such
expend
to
eight months of that
none
year
to vest authority in the executive branch, at
discretion,
first
during the coming fiscal
"recap¬
one-half
lars."
billion
one
dol¬
He therefore finds
that the most
that the
take at
to
appropria¬
an
approximately
logical action
Congress "could
this
time would be
appropriate the budget
item for the Work
Projects
Administration
but
to
lodge discretionary author¬
ity in
me or
in the Com¬
missioner of Work
to
Projects
expend this amount in
the
first
eight months of
the fiscal year, on condi¬
that
tion
unemployment
conditions
such
are
in the
as
to
within
expenditure
period,"
country
require such
adding
that
the
ex¬
planation that in the event
government
matters of public concern.
.
.
.
Pub¬
licizing the facts of a labor dispute in a peace¬
ful way through appropriate means, whether
by pamphlet, by word of mouth or by banner,
must now be regarded as within that liberty
ing Congress will havd the
both of these
of communication which is secured to every
period
from
March
1,
on
ture"
from
$700,000,000
some
various
agencies.
Of course,
proposals
are
by the Fourteenth Amendment against
abridgment by a State."
Upon the record before the Court as de¬
scribed in the public press, the decision is
quite in accord with present day conceptions
of such matters, even among those who are
not always too eager to "lay the old aside."
To us, the most interesting aspect of the
case is the assurance it appears to give that
the same Court, in light of its present utter¬
ance,
could hardly uphold certain of the
interpretations by the National Labor Rela¬
person
designed pri¬
marily to postpone what is
regarded by the New Deal
the inevitable until after
as
the elections.
Equally ob¬
vious is the fact that this
''recapture" business is but
an
artful dodge.
Several
of the New Deal managers
have
repeatedly let it be
known that
the firm
relief
tions Board of the Act under which it oper¬
ates.
In this respect the present decision is
they
were
most
a
"permanent"
sharply with them he has not made it
convincingly known. Naturally he does not express
such view at this time in asking for larger amounts
to be
a
as
be
so
expended in relief. On the contrary, he adopts
distinctly temporizing attitude toward the matter,
indeed he has of late been doing with all questions
that have to do with the fundamental infirmities of
bur fiscal situation.
Once
with
the
need of
Jan.
1941,
3
to
deal
to
question of the
providing funds for
the last four months of the
fiscal year,
then
time
if such need is
apparent."
no
At that
election will be im¬
mediately in the offing, and
consequently such matters
as
appropriations, deficits,
he is
increase
will, presumably, not
in
the
debt
embarrassing,
annual budget, and if the President him-
self differs
any
the part
limit
opinion that large
our
on
Congress, "the incom¬
and
outlays would henceforth be
part of
heartening.
of
of such action
of
"Recapture"
The plans for "recapturing" $700,000,000 from
certain agencies is cut from the same cloth. Precisely how this "recapture" is to be effected is still
shrouded in considerable mystery, but it is clear
from the record that it can be effected only by methods. that smack strongly of subterfuge when it is
considered that the purpose of it all is to avoid
ex-
disappointment concerning the course of events
in business, explaining that the budget estimates were
ceeding the prescribed debt limit of the Federal
Government. The President in his "tentative" explanation of the procedure mentions nine corpora-
compiled last December "at which time industrial
tions,
activity in the United States
of which are viewed as sources of "recaptured"
funds. These are the Reconstruction Finance Corporation, the Public Works Administration, the
more
obliged to
ex-
press
at
very high
level," adding that he regretted having to inform the
was
a
Speaker of the House that "the hopes which I enter-
or
agencies of the Federal Government, eight
Volume
The Commercial & Financial Chronicle
ISO
Federal Land
Banks, the Production Credit Corpo-
2621
ing such payments to the Treasury in the form of
rations, the Banks for Cooperatives, the Federal
capital stock retirements
Intermediate Credit Corporations, the Savings and
mystery
Loan
Associations, and the Federal Farm Mort-
cash.
gage
Corporation.
The
latest
of
statement
the
as to
Possibly
a
or
otherwise, it remains
a
how they are to obtain the necessary
clue is provided by the Reconstruction
Treasury lists the cash held by these agencies (with
Finance Corporation.
the
for $300,000,000, while its holdings of cash amount
exception of the Savings and Loan Association
whose assets
and
not
are
shown) at $139,000,000 all told,
government securities at $313,000,000.
holdings of government securities
tor the purpose
to but $25,000,000 and its portfolio of government
securities to but $48,000,000, making
If all
000,000.
disposed of
are
This institution is set down
a
total of $73,-
The President suggests that the Corpora¬
tion might be "permitted" to buy from the Treasury
something less than half the $700,-
tK)0,000 would be converted into cash and possibly
some
by
Loan banks, and have its contribution
some means not
able to the
yet disclosed readily made avail-
Treasury.
technically
Such
increase the outstanding debt of the
Federal Government.
It would do
These securities in the last
ever.
held
long
become
obligations of the
Treasury to
In any
be
provided for in this
up
$139,000,000 they could
impossible to
say.
there
would
in detail the
remain
of money.
sum
as
to how these large
greater.
grows
The
own
a.
em-
obligations to the public
principal
as to
connection with the limits imposed
on
that debt
by law.
The Secret
Here may lie the secret of all,
sums are
President
$227,900,000 is
But the Corporation is
and interest. Such obligations are of course not ineluded as Treasury debt when reckoning is made in
$250,-
some
is hardly in keeping with realities,
When the matter is examined
mystery
raised
still
mis-
a
it successfully dispose of
with full Treasury guarantee both
it is
spare,
as
powered to sell its
is, of
If they handed it all to the
000,000 to be found.
be
large
Precisely how
much of their
to
(assuming,
of the question for these agencies to give
their last cent of actual cash.
Treasury,
It
manner.
can
- that it will yield up all its Cash) ?
event less than half of the stated amount
course, out
But
these assets to the general public in the amount of
the difference between $73,000,000 and $300,000,000
the
.
It, of
billion
over a
dollars, and has fairly substantial assets of
sold to the general public
are
holds loans in the amount of
cellaneous sort.
they
as
public,
could
course,
by agencies wholly owned by the Treasury,
When, however, they
they
so
But
where is the Corporation to obtain its funds?
fact, how-
analysis represent
obligations by the Treasury to itself
are
in
so
and
over
above this amount reduced to $175,000,000.
procedure would not
a
$125,000,000 in stock of the Federal Home
or
part, of this "recapture" plan.
lists
at least
There
a
are
large
many
Treasury investments in savings and loan associa-
ways
tions
$35,000,000 to the Treasury,
ration can be used quite conveniently to furnish
This is
apparently the approximate amount of the
funds to other agencies to be used by them in male-
shares
of
to
yield
some
these
Treasury.
associations
owned
now
by
How is the Government to realize
the
upon
'
in which the Reconstruction Finance Corpo-
inS funds available to the Treasury in this "recapture" program. The President has said on more
this investment?
The Treasury statements do not
provide any detailed account of the assets of these
than one occasion it may be necessary to have Congressional action at certain points in order to carry
associations, but it is hardly to be supposed that
they are in any position to retire that amount of
current plans to fruition. It may well be that what
he is sayin8 in effect is that the Reconstruction
their
the
capital stock.
Treasury
It is equally to be doubted that
supposes
that it
can
easily place these
securities in the hands of the
general
it has any
idea of trying.
public,
or
that
What then does it expect
to do?
Then
Finance Corporation (or possibly
funds
take
the
Public
Works
Administration,
The
some
of the other
Government agencies which are empowered to borrow from the general public with Treasury guarantee) may have to ^ empowered to provide the
indirectly to the Treasury at least in
stances.
some
in-
If this interpretation of the proposals of
Treasury statement lists this agency with
assets, consisting of advances to States, municipalities, railroads, and others, in the amount of some-
the President prove in the event to be in accord with
the fact—and it is not easy to see how else his pro-
thing
postponement of the inevitable day of reckoning as
regards the debt of the Treasury, but also a none
pose
more
than $81,000,009.
Can this agency dis-
of these assets to the general public in the
amount of
$50,900,000, the amount the
President
pects to "recapture" from this agency?
but
certainly the
ex-
we
have is not only
too subtle effort to evade the spirit of the law,
a
or
at aI1 events what ought to be the spirit of the law,
average man must be excused for
limiting the debt of the Treasury, since all these
The agency holds no cash or
government securities.
The suggestion regarding
Banks is of
a
piece.
It is
pro-
posed that these institutions provide the Treasury
$299,999,099. They are reported in the Treas-
with
statement to hold $52,909,090 in cash and $93,000,000 in government securities, the total of the
ury
two
1)6 effected—what
Possibly,
remaining skeptical.
tia Federal Land
gram can
being $145,909,900.
obligations are contingent liabilities of the Treasury and in practical effect do not differ substan¬
tially from indebtedness incurred directly by the
Treasury for the same or similar purposes. '
Congress ought of
course to refuse to be a party to
such procedure, and those who
are now asking
support from the general public in their efforts to
any
alterna-
unseat the New Deal might well pledge themselves
Mortgage Corporation may
be called upon to
provide $190,900,909 and the land
banks $100,000,090.
But the Federal Farm Mort-
t0 bl'inS a prompt end to a situation in which such
Apparently
as an
tive the Federal Farm
gage
Corporation is listed
in cash and
no
as
having only $18,000,009
government securities at all.
apart from various technicalities involved
in
Quite '
mak-
subterfuges
The lending
can continue to be used in the future,
power
of the Reconstruction Finance
Corporation expires on June 30, 1941, and forces
opposing the Administration would hearten us all
were
theyto Sive
a
definite
assurance
that there will
The Commercial & Financial Chronicle
2622
be
no
renewal of those powers
Like action
respecting the other agencies similarly
placed would be as welcome.
continue to pile up
a
if they can prevent it.
If the Treasury is to
debt, let it do so directly and in
form in which it must appear
ments of the
in the regular state¬
Treasury as Treasury debt.
a
the week
great bulk of stocks closed yesterday at
the
and
point or two even in leading issues. For
as a whole, most variations canceled out,
prices little changed from those prevalent a week
earlier.
Bethlehem Steel is an exception, owing to
the appearance
Federal Reserve Bank Statement
quarterly statement and the declaration of a
lent
a
idle funds in the United
the main
the
States, with gold imports
contributing factor in this tendency.
In
weekly statement period ended April 24 the
monetary gold stocks of the country advanced $77,-.
000,000 to a new record at $18,708,000,000.
circulation
in
fell
$16,000,000
Both items made for
an
balances and the
reserve
Money
$7,520,000,000.
to
increase of member bank
excess
reserves
requirements moved up $70,000,000 to
over
a
legal
record at
Only temporary interruptions
$6,120,000,000.
are
foreseeable, at this time, in the ^apid advance of
idle money
still
more
If the European war becomes
totals.
intensified it
receipts of gold
seems
will be
probable that larger
States, making the problem still
the meanwhile
tendencies is advisable.
of
more
close scrutiny
a
in
common
the United
difficult.
In
of credit demand
There is little indication
excessive inquiry for accommodation, not¬
any
withstanding the tremendous total of idle funds
and the
extraordinarily
easy money rates.
dition statement of New York
ber banks for the
flects
$1,689,000,000.
and
dealers
re¬
increased
$1,-
Treasury
in
Washington
deposited
$89,-
501,000 gold certificates with the Federal Reserve
banks in the statement
week, raising their holdings
of such instruments to
$16,378,477,000.
only
a
reserves
There
was
minor variation of other cash, and total
of the
regional institutions advanced $91,064,000 to $16,777,242,000. Federal Reserve notes
in actual circulation receded
503,000.
$12,612,000 to $4,918,Total deposits with the 12 Federal Reserve
banks moved up
$93,995,000 to
the account variations
$14,125,705,000, with
consisting of
member
bank
reserve
$12,883,034,000;
Reports that large contracts finally
of the week.
signed for American airplane supplies to
have been
Anglo-French Allies failed to aid the aircraft
the
stocks, possibly because realization selling was in
Motor shares and other industrials held
progress.
previous levels, and there was little occa¬
close to
changes in the utility and Railroad
sion for sizable
groups.
Trading
an
the New York Stock Exchange showed
on
unusual
uniformity, in
The
cerned.
turnover
far
so
as
volume is con¬
800,000 to
approximated
900,000 shares in all the full sessions, and although
this is far from
satisfactory for the brokerage fra¬
ternity, it comes near to providing a living for what
remains of this business community.
investors
plainly kept
other
the
one eye on
domestic affairs, but found the
on
for really
it is
obvious,
American
suffer to
a
produce
may
active
par¬
The war in Europe,
ticipation in the stock market.
tain
Traders and
the foreign scene
some
stimulation in cer¬
industries, but others are sure to
corresponding degree.
In the domestic
sphere the uncertainties of the approaching presi¬
000,000 to $480,000,000.
The
this
a
mem¬
$2,660,060 in business loans to
security collateral
cases
degree of stimulation, but in some
merely sufficed to make up earlier losses
gained
indications too inconclusive
Loans by the same banks to brokers
on
stocks
con¬
weekly period ended April 24
decline of
a
City reporting
Other steel
$1.25 dividend for payment June 1.
and
The
of the first-quarter report of this
The stock moved upward on the excel¬
company.
OFFICIAL banking statistics steady upsurge of
merely
continuance of the this week reveal
the daily movements seldom ex¬
Stock Exchange,
ceeding
April 27, 1940
balances by
a decline of the
an
increase of
dential
are
themselvees inconclusive.
The listed bond market in New York was rather
quiet during the week, when contrasted with previ¬
ous
Norwegian and Danish
weekly performances.
dollar bonds
to which
and little
pean
were
they
of
Bonds
relatively stable at the low levels
were
the
forced by the German invasion.
belligerent nations were also quiet
Issues of such remaining Euro¬
changed.
neutrals
as
Belgium and Italy were inclined
to fluctuate in accordance with peace
Latin
mors.
$125,643,000 to
Treasury general
campaign overshadow even the business in¬
dices, which
American
United
throughout.
dollar
States
and war
bonds
Treasury
ru¬
dull
were
securities
account
were
quiet and steady, and only minor variations
of
were
noted in best rated
by $42,547,000 to $469,974,000; a decrease
foreign bank balances by $7,827,000 to $376,402,000, and an increase of other deposits by $18,-
trading
726,000 to $396,295,000. The reserve ratio improved
to 88.1% from
88.0%. Open market operations by
narrow
the Federal Reserve banks remained
worthy progress.
suspended, the
Treasury security holdings
again being reported at $2,466,720,000. Discounts
by the regional banks declined $91,000 to
$2,372,000.
total of United
States
Industrial advances moved
up $66,000 to $9,918,000,
while commitments to make such
advances dropped
$80,000 to $8,725,000.
were
staples lost
of
groups.
a
few
issues in
the
steel
and
On
the
touched
of. domestic
politics and business
flected in the
were
fully
and
re¬
hesitancy that marked the dealings.
Declines alternated with advances
on
the New York
was
unchanged.
The
heavily because of the possi¬
Gold continued to move
war.
specialties
war
were
bility of involvement of that country in the Euro¬
touched
The uncertainties of the European
note¬
sterling, but the official
currency
Swedish unit suffered
excep¬
tion
any
agricultural
Foreign exchange trading brought fur¬
British
for
a
markets
little ground, and base metals
a
ther variations in "free"
rate
commodity
Wheat and other
United States in heavy
STOCK trading was athis week, with the in the
monotonous affair
.New York market
The
range.
fairly active, but also failed to make
merely dull.
pean
The New York Stock Market
Specu¬
corporate bonds.
lative domestic railroad and other bonds held in
York
New
new
new
toward
the
volume.
Stock
Exchange 128 stocks
high levels for the year while 83 stocks
low levels.
On the New York Curb
Exchange 89 stocks touched new high levels and 58
stocks touched
Call loans
mained
new
on
low levels.
the New York Stock
unchanged at 1%.
Exchange
re¬
.
Volume
On
The Commercial & Financial Chronicle
ISO
York
the New
Saturday
shares;
Stock Exchange the
720,660 shares;
were
on
852,930 shares;
in for mild selling pressure. Steel and rail
shares also weakened, while aircraft issues came in
for rather sharp revision in the final hour. Closing
prices yesterday as compared with final quotations
on Friday one week ago reveal mixed changes.
Thursday, 815,420 shares, and
on
On
the
York Curb
New
Saturday
were
shares;
Exchange the sales on
176,620 shares;
on
General Electric closed yesterday at 37% against
37% on Friday of last week; Consolidated Edison
Co. of N. Y. at 31% against 31%; Columbia Gas &
Electric at 6% against 6%; Public Service of N. J.
at 42 against 41%; International Harvester at 56%
against 56%; Sears, Roebuck & Co. at 85% against
85%; Montgomery Ward & Co. at 50% against
50%; Woolworth at 40% against 40%, and Amer-
Monday, 228,660
Tuesday, 212,245 shares; on Wednesday,
on
232,260 shares;
on
Thursday, 197,190 shares, and on
Friday, 243,955 shares.
News of efforts under way to
relations between France and
it
establish friendlier
Italy, bringing with
greater assurance of peace in the Mediterranean,
had
most beneficial effect on stock
a
the steel
prices
on
Sat-
Equities, inspired in part by
urday of last week.
shipbuilding shares, which rallied in
and
trading the day before, attained as much as a
late
two-point advantage in a session where trading volgreatest for a Saturday since the fore
the
was
nme
Fractional gains marked
part of November, 1939.
opening, with activity centering its attention in
the
Some tapering off in sales
the steel shares.
An inclination to extend the forward move-
close.
ment
was
155%; Standard Brands at 7% against 7; Westing-
to advance early in the day on a modest
house Elec. & Mfg. at 112% against 111%; Canada
Dry at 20% against 20%; Schenley Distillers at
13% against 13%, and National Distillers at 24%
early
on
turnover, only to meet with profit-taking in
sales
and
afternoon
demand
im-
early, with gains running from major fracabout
to
tions
end the session irregularly
Low-priced issues were firm and in good
proved.
one
point, while improvement
in
The height
placed gains at
specialty shares was somewhat broader.
of the
two
movement, reached at noon,
From this point on values began to ease
points.
under the pressure
of profit-taking and finished the
Early dulness
day irregularly higher.
gave way
enced
by
the steel
Tuesday
strong feeling of better days ahead for
industry. A prospective increase in the divi-
dent declaration
fresh
on
to new strength in mid-afternoon, influa
by Bethlehem Steel, coupled with
governmental orders for the steel industry,
lent assent to this line of
firm throughout,
were
reasoning.
Steel shares
and in late trading
encour-
aged the general list to break its chains of restraint
and end the session with advances of fractions to
two
points.
was
largely overshadowed on Wednesday by an of-
The good showing made on Tuesday
announcement
ficial
steel
as
of
an
impending
change
in
Key stocks in the industrial group,
prices.
such
steel and motors,
pointed the
way
to lower
levels, while farm equipment shares worked against
trend and
the
enjoyed healthy gains at the close.
Among these were J. I. Case, with 3% points to its
credit, and International Harvester up 1% points.
The
general list, however, closed irregularly lower,
Domestic
able
news
on
Thursday contained many favor-
angles, such as better prices for steel, increased
dividend
payments for Bethlehem stockholders, and
highly encouraging earnings reports from numerous
other
companies, but notwithstanding these facts,
market's
the
performance was far from edifying,
Bethlehem Steel
naturally drew to itself the atten-
tion of traders and touched a new
at
high for the year
85, to finally close at 83%, a net gain for the
day of % of a point.
ized
Moderate activity character-
early trading, which soon gave way to irregu-
larity at midday.
noon,
Narrowness obtained in the after-
and the final hour witnessed a display of
firmness
-
ican Tel. & Tel. at 172% against 172%.
Western Union closed yesterday at 22 against
22% on Friday of last week; Allied Chemical & Dye
at 177% bid against 176; E. I. du Pont de Nemours
at 187% against 186; National Cash Register at
13% against 13%; National Dairy Products at 17%
against 17%; National Biscuit at 22% against 24%;
Texas Gulf Sulphur at 34% against 34%; Loft, Inc.,
at 35% against 34%; Continental Can at 45%
against 46%; Eastman Kodak at 155% against
Monday, and prices
in evidence
did manage
the
occurred
period, but values held firm through the
late in the
2623
came
Friday, 854,240 shares.
on
I
Generally lower levels obtained yesterday as stocks
sales on
Monday, 868,990
Tuesday, 880,670 shares; on Wednesday,
on
•
only to be followed by an easier trend,
against 25%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 21% against 21% on Friday of
last week; B. F. Goodrich at 17 against 17%, and
United States Rubber at 31% against 33.
Railroad shares were fractionally changed the
present week. Pennsylvania RR; closed yesterday
at 22 against 21% on Friday of last week; Atchison
Topeka & Santa Fe at 22% against 22%; New York
Central at 15% against 16%; Union Pacific at 95%
against 95%; Southern Pacific at 12% against
12%; Southern Railway at 15% against 16, and
Northern Pacific at 8% against 8%.
Steel stocks, with the exception of Bethlehem
Steel, which is 4 points higher, enjoyed fractional
improvement this week. United States Steel closed
yesterday at 60% against 60% on Friday of last
week; Crucible Steel at 40% against 40; Bethlehem
Steel at 82% against 78%, and Youngstown Sheet &
Tube at 42% against 42%.
Auburn Auto closed yester1% on Friday of last week;
General Motors at 53% against 53%; Chrysler at
86% against 86%; Packard at 3% against 3%, and
Hupp Motors at % against 13/16.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 42 against 40% on Friday of last week;
Shell Union Oil at 12% against 12%, and Atlantic
Refining at 23% against 23%.
Among the copper stocks, Anaconda Copper
closed yesterday at 29% against 30% on Friday of
last week; American Smelting & Refining at 49
against 50%, and Phelps Dodge at 37% against
In the motor group,
day at 1% bid against
37%.
In the aviation group, Curtiss-Wright closed vesterday at 10% against 10% on Friday of last week;
Boeing Airplane at 24 against 25, and Douglas Aircraft at 87% against 89%.
Trade and industrial reports currently show little
change in the American business position from week
to week. Steel operations for the week ending to-
The Commercial & Financial Chronicle
2624
day
Institute at
week, 60.7%
last year.
ended
month
a
previous week and. 2,199,002,000 kwh. in
corresponding week of last year.
Car loadings
freight for the week to April 20
are re¬
ported by the Association of American Railroads
at
628,342
of
9,532
70,475
As
increase
cars, an
cars,
and
the preceding week
over
the similar week of 1939 of
over
persistent upward
a
Britain's War Budget
NOTWITHSTANDING the war atmosphere, Brit¬
governmental activities still conform in
ish
part to democratic traditions,
with time-honored
tion
of the commodity
course
mar¬
practices
and in accordance
budgetary presenta¬
a
made before the House of
was
Commons, last
Tuesday, by Chancellor of the Exchequer Sir John
It
Simon.
was
in every respect a
that the Chancellor
ation
cars.
indicating the
quiet, with
and 48.6% at this time
ago,
2,421,576,000 kwh., against 2,417,994,000
revenue
the heaviest scale in British
on
effort
chilling document
presented, for it announced tax¬
clearly
history.
to meet the costs of the current conflict
yesterday at 107%c. against 110%c. the close
diate taxation.
Friday otla&t week.
May
63%c. against 64%c. the close
on
week.
:
The
;
on
Friday of last
'
Friday of last week.
In London the
Domestic copper closed
13/16
the
on
price of bar silver closed yesterday
close
on
against 20% pence per
Friday of last week, and spot
on
London
$3.51% the close
transfers
on
yesterday at $3.51 against
Friday of last week, and cable
Paris closed
on
1.99%c. the close
the
Treasury by taxation should be
British Government to
the costs that
cover
are
be-_
All
yond the paying capacity of the taxpayers.
re¬
ports from London agree that the budgetary presen¬
tation
accepted stoically by the people, who
was
readily agreed to "win and bear it."
humor the document
promptly
With grim
dubbed "Hitler's
was
The financial accounting made it clear
budget."
that this
is, indeed, the costliest of all
from
wars,
All
government costs in the fiscal year which be¬
April 1 will amount in the United Kingdom to
£2,667,060,060, Sir John said.
placed at
The
effort
war
European Stock Markets
expenditures will aggregate £667,000,000.
To meet
these
prodigious outlays, he proposed taxation to
£1,234,000,000,
while the
£1,433,-
remaining
The financial
orthodoxy which is reflected in the endeavor to raise
RISING prices were leadingthis week on financial
stock ex¬
changes in the noted
European
all
possible
the
sphere of borrowing. Schemes proposed for
centers, notwithstanding the intensification of the
pulsory
deductions
The
workers,
on
offset
had been
through the involvement of Scandinavia.
rallying tendency appeared in part to be
an
to the declines which
developed when Norway was
invaded, but other factors also contributed to the
improvement.
John
Simon
Chancellor
of the document
has
the
Exchequer
Sir
presented the British budget for the
current fiscal
year,
into
of
Tuesday, and certain provisions
finally started that flow of funds
gilt-edged stocks which the British Treasury
been endeavoring for some months to stimulate.
Corporate dividends during the
limited in the declaration
to
previous years, which took
a
tive
interest
out
London market.
don
Stock
of
the
After
a
war
an
period
average
were
of three
good deal of specula¬
industrial
section
of
the
quiet early start, the Lon¬
Exchange witnessed
a
sharp improve¬
ment, this week, in British Funds and other giltedged stocks.
Industrials, home rails and others
well
were
maintained, with
declarations partly responsible.
was
hurried dividend
some
The Paris Bourse
quiet but firm in all sessions
of the
week, with
war
reports and the possibility of neutral partici¬
pation in the great conflict the chief
motivating ele¬
ments.
The
markets
of
the
leading neutrals in
Amsterdam, Brussels and Milan
reflected occasional
apprehension of involvement in the war, but
sions
were
modest and short lived.
was
cost of £2,060,000,000, while the ordinary
a
000,000 must be found by borrowing.
war
a
monetary viewpoint.
raise
yesterday at 1.99c. against
Friday of last week.
on
into
saved, the Chancellor warned, and loaned to the
gan
foreign exchanges, cable trans¬
closed
requirements, and heavy borrow¬
part of the average Britisher's income which is not
yesterday at 34%c., the
Friday of last week.
In the matter of
fers
Friday of last week.
on
pence per ounce
silver in New York closed
close
on
yesterday at 19.68c. against 19.87c. the close
yesterday at ll%c., the close
ounce
close
The spot price for rubber
Friday of last week.
at 20
.
spot price for cotton here in-New York closed
yesterday at 10.93c. against 10.87c. the
closed
■■■■■ •
short of the actual
drained
Friday of last
.
by imme¬
But the tax returns will fall far
ing also was foreshadowed by Sir John Simon. That
May oats at Chicago closed yesterday at
40%c. against 42%c. the close
on
on
closed yesterday at
corn
Every
made in this extraordinary budget
was
kets, the May option for wheat in Chicago closed
week.
1940
tendency apparent.
April 20 is reported by Edison Electric In¬
kwh. in the
of
Berlin Boerse were
Production of electric power for the week
stitute at
the
Steel
60.0% of capacity, against 60.9% last
estimated by American Iron and
were
April 27,
Dealings
reces¬
on
the
by taxation
sums
from
was
indicated also in
paid
wages
com¬
British
to
the promise of repayment after the war,
fully examined, Sir John stated.
But the
Government remained far from convinced that such
schemes had all the merits claimed for them in
quarters, he added.
some
In preference to jeopardizing
the
voluntary efforts of the small investor, the Brit¬
ish
Treasury wishes to rely
to
upon a
greater response
existing methods of borrowing, it
As the basis for his
cited
the
results
under the
tember.
seven
new
of
indicated.
was
accounting, the Chancellor
months
seven
of
operations
extraordinary budget announced last Sep¬
Actual
months
estimate of
putlays for all
were
purposes
£1,816,873,000,
£1,933,000,000.
The
in those
against the
as
revenue
estimate of
£995,000,000 had been exceeded by £54,000,000, Sir
John added.
Virtually
in the
duced
new
every
form of taxation
budget, and
which
the
as
a
matter
was
expedients
Chancellor
from other countries.
almost
some
obviously
The income tax
of
course,
increased
were
intro¬
borrowed
was
raised
chiefly through
a
broadening of the incidence for those with incomes
in the lower brackets.
Sir John made this clear by
citing the tax hereafter to be paid by
married
tax
of
man
such
with
an
persons
income of £300
now
a
a
childless
year.
The
will amount to £15,
against £7 last year and £5 the year before.
as
There
Volume
The Commercial & Financial Chronicle
150
2625
Australia, but Sir
ingly, British airplanes endeavored day after day to
bomb the larger airports and render them useless.
No less than 100 British airplanes were said to be
in use for such operations on single days. The tally
explained that it will be paid only on transac-
of airplane losses doubtless is large, and both sides
will be
a
new
"purchase tax" which remains to be
fully elaborated in
Parliament.
closely resembles the sales taxes
in the United States and
common
John
This
bill to be presented soon to
a
and drinkables will be
levy," and
claimed that the losses of the other were huge.
Foodstuffs
tions between wholesalers and retailers.
losses also
exempted from this "purchase
was
raised
was
caused
just
a
The rate for inland postage
and electricity.
from
l%d to 2^d, and some comment
by the fact that this action was taken
century after the introduction in England of
Telephone and telegraph rates were
postage.
penny
sharply advanced, and the old standby of still higher
imposts oh luxuries in the smoking and drinking
classifications
again
In explain-
in evidence.
was
ing his borrowing intentions, the Chancellor said
merely that he did not propose to pay more than 3%
interest
on
Sea
heavy, according to the vague offi-
cial claims, which both sides promptly denied almost
in their entirety.
This contest for the control of the numberless
gateways into Norway probably will not be decided
for some time to come, even though the real test
well may center on the relatively few ports with
adequate facilities for handling large bodies of
troops. The opposing forces already in Norway
locked arms in recent days in a dramatic manner
that overshadowed the transport problem. Two
main areas of conflict are discernible, one radiating
similar exemption will apply to water,
a
gas
were
from Oslo, and the other centering around Trond-
the loans.
heiin.
«<
Scandinavian Conflict
From Oslo the
German
augmented and well-equipped
troops were able this week to stage brisk
ONLY to a modest degreeNorway, wheresituation-I advances, somewhat last September. their sweeping
was the war German drives into Poland, reminiscent of The German
this week
in
clarified
Allied
and
swift
troops now
fighting
are
in
and
secrecy
volved is almost
a
of this
on
In
suitable bases.
Allies
These
have been
sides, but the thin lines make these a matter of
Trondheim, the Allies were able to make some prog-
unquestionably
ress
overemphasized in the daily reports from
regarding happenings in
Norway.
Official
more
any
continued
have
to
make
claims
be holding out in that area, although there is no
rounding sea and the fjords.
of im-
Much discussion took place in recent days of the
damage to the enemy, while conceding hardly
losses of their own.
than a military diversion.
troops, supplied from the air, are reported to
longer any question of Allied control of the sur-
dispatches from the Swedish capital. But
sides
both
mense
man
importance that was not previously made
evident in
Far
little
Some 2,000 Ger-
British units and forced them to retreat.
to the north the battle for isolated Narvik was
statements from London and Berlin have revealed
little of
until Thursday, when German forces surprised
some
Stockholm, which remains the principle source of
news
little ground yesterday.
Outflanking
clearly were being attempted on both
greater dramatic than military importance. Around
defenders of their
abrupt changes
a
maneuvers
with apparent success against
the Norwegian
and
give
to
In turn,
the German commanders this week were able to re-
homeland.
Driving sharply through some of
the narrow valleys, the Germans moved northward
more than 100 miles on Thursday, alone, but had
followed by Allied
was
possibly made them retreat here and there.
the
Allied troops
in-
April 9
their maneuvers,
and
men
the number of
troop landings which halted the Reich armies and
sume
Norwegian
matter of conjecture.
pendulum fashion, the initial success of the German
invading forces
whereas
accounts,
necessarily were hampered in this respect by the
length of the Allied aerial communications from
even
entirely
air force cooperated brilliantly, according to some
conflict of
Most moves are
strategically important country.
veiled
a
in the effort to gain control
maneuver
Shipping losses, in partic-
ways
and means by which the Germans were able
Norwegian cities as
ular, have been tremendous, if the official claims are
to take over such important
correct, but it would seem wise to await further de-
Oslo and Trondheim without much fighting or re¬
tails before
sistance
The real
Allied
man
sea
air
accepting them at face value.
military test in Norway remains
power
arm.
against the
new
one
surprise.
and powerful Ger-
This is true especially
in the
that maintenance of the German forces in
from the
Norwegians.
These
accounts
merely emphasize the importance of the element of
of
No question now exists as to the attitude
of the Norwegian Government, for full resistance to
sense
the German invaders has been ordered.
Norway
The effec-
plainly depends upon the ability of the German air
tiveness of the order may be another matter, in view
fighters to prevent overwhelmingly strong landings
of the inadequate defense arrangements of the
peaceable Norwegians, and the hold already gained
of Allied
weeks
,
from
troops.
send
to
The Germans
session of heavy
German
more
able in recent
than
by the Germans on some of their leading cities. The
heavy forces across the Skagerrak
captive Denmark into Norway, as their
armored equipment testifies.
British claims that the
to
were
fight is clearly one between Germany and the Allies
pos-
Early
on
Skagerrak has been closed
navigation thus
are
imaginative flights.
so
far has
prevented
more
in this far
northern region, but the numbers involved have not
pre-
been revealed.
cisely the danger of aerial attacks on British fleet
units that
It is noteworthy that French forces are said
to have joined their British colleagues
shown to be little
It is, however,
the soil of the unfortunate Scandinavian coun-
try.
Diplomatic arrangements between
Germany and Norway have been adjusted to the new
than occasional
aerial bases in Denmark and Norway, the
situation, the Norwegian Minister to Berlin having
In order to
maintain "unrestricted German control" over occu-
bombing squadrons operated steadily this
pied Norway, the Nazi leader, Joseph Terboven, was
week, and doubtless impeded the Allied landings at
dispatched to Oslo on Wednesday, to take full
charge. The Norwegian Legation in London issued
forays into the waters that are being utilized by the
Reich
their
for transfers of
new
German
various
points
on
the
invading Nazi units.
Norwegian
coast.
From
Accord-
.
received his passports late last week.
The Commercial & Financial Chronicle
2026
White
a
Paper last week, which set forth in chronoThe disclosure added
invasion.
debated the war secretly late last week, and gave
Premier Paul Reynaud a unanimous vote of confi-
nothing to the
previously known developments.
The
The French Chamber of Deputies
France in March.
logical order the discussions which ended in the German
April 27, 1940
This contrasts sharply with the one-vote
dence.
margin by which M. Reynaud was sustained on his
problem of the Swedish attitude was continu-
London reports this
ally prominent, owing not only to the natural de-
first appeal to the Chamber.
sire of the Swedes to aid their
week indicated that five new 35,000-ton battleships
fellow-Scandinavians,
extraordinary, diplomatic pressures
but also to the
It is
Allies.
hinge
upon
authorities were said in other reports to be planning
of the conflict in neighboring
extension of the convoy system for merchant ships
the
course
maintain that Sweden might enlist
to
intend
not
to such an extent as to make Bermuda the assem-
care
bling point for these group movements of ships un¬
the Ger-
on
side, but it is equally plain that the Reich does
man
exert
to
Sweden, which is
high-grade iron
Heavy purchases of airplanes
der naval protection.
for participation by
were
continued by the Allies in the United States,
highly important supplier of
on a
scale that suggested an expectation of war for
pressure
a
ore
however,
Oddly,
The British
possible that Swedish decisions will
No expert in foreign affairs would
Norway.
nearing completion, insuring continued domina-
are
tion of the seas by the British fleet.
obviously being exerted both by the Nazis and the
and other materials to Germany,
the
Germans
appeared
In Germany
at least 18 months more.
almost
an
complete official silence was observed this week,
offer
to
provocation to the Swedes, last Sunday, when many
save
German
airplanes flew
Chancellor Hitler celebrated his 51st birthday last
at least
one
shot
was
Swedish territory and
over
down.
A
apology followed
an
slights in the
armed
tion
Swedish
equal
swiftness.
Ger-
imagined
or
against the German
press
forces, and these
of
mained
modified.
were
The ques-
possible action by Sweden nevertheless
acute, and
outcome
of
since the
provide
a
land
battle
of communication between
means
Norwegian
and
port
Sweden,
no
pomp.
The German
y
High, Command stated on Thursday that British,
fliers had dropped bombs on a non-military objec-
tive within the Reich for the third time, and
repetition.
any
a
final
that retaliation would follow
warning was given
A denial
was
issued in London of
the German accusation.
_
*
_
,
European Pressure D.plomacy
might supply the
route to the Atlantic would
ore
Allied-occupied
re-
^
observers predicted that the
some
Narvik
the
answer,
an
with
in turn, protested against real
many,
Saturday, but there was
protest to Berlin
promptly was made by the Stockholm ^regime, and
for the usual statements of war operations.
tNTENSE
T
I
diplomatic
activity
continued
every-
where in Europe, this week, with the obvious
aim of influencing the Low Countries and the
neu-
London and Paris had little to say this week about
trals in Southern and Eastern Europe to take
the most
stand one way or the other in the conflict between
the Allies and Germany. Each side naturally desires to add to its strength by gaining associates,
important of the Scandinavian countries,
but their desire to enlist Sweden
no
as
emphasis, especially in view of
trained Swedish
troops.
grimly that nothing
ally needs
an
300,000
some
In Berlin it
admitted
was
be said until Sweden de-
can
cides where she stands.
and
maey
DWINDLING activity
the
cause
Western
the
Front
while
appears to be possibly bethe rule on
in Europe,
Anglo-French Allies and the Nazi Ger-
mans are now
thoroughly occupied with their
respec-
tive efforts to outdo each other in Scandinavia.
the
European
war
month, military
As
approached the end of its eighth
moves
along the frontier between
Germany and France consisted
reconnaisance expeditions
on
of
a
few
straggling
land, and
a
modest
number of aerial combats in which the honors
ap-
parently
about
were
issued
day after day.
be of minor
close
to
The monotonous official
even.
statements that there is
"nothing to report"
Sea action also appeared to
importance,
Scandinavian
save
inflicted
dropped
no
some
naval
damage.
bombs
for the developments
shores.
airplanes neared British
but
were
on
German
bases
on
The Royal
the
German
bombing
occasion,
Air
base
Force
on
the
Island of
of
Sylt, which probably is partly a matter
combating the invasion of Norway. German sub-
marines
Great
sels
were
strangely absent from the seas around
Britain, so that few sinkings of merchant ves-
were
reported
on
the usual trade routes.
Pre-
cisely what the German withholding of submarine
activity may portend is not yet apparent.
Norwegian developments
at
least for the time
strategy which
was so
appear to have
being, the criticism
silenced,
of
war
marked in Great Britain and
follow
important
to be directed,
appears
toward
Western Front
that
periods
especially dangerous and critical.
bringing in Italy
as a
moves
a
are
German diplo-
for the time being,
full military partner,
keeping the Low Countries and the Balkans
peaceable and able to supply the German material
Allied diplomacy has been made
requirements.
clear
on many
occasions by the sweeping invitations
to all neutrals to join the battle
French side.
There
this week, of
an
interesting division of the Allied
diplomatic task, which
founded.
These
concentrate
on
the Anglo-
on
reports from Paris, early
were
were
may
or
may
not be well
to the effect that Paris is to
keeping Italy neutral
or
possibly
enlisting that country with the Allies, while London is to endeavor to convince Russia of the advisa-
bility of aiding the Allies rather than the Reich,
There
were
minor
moves
in both Allied capitals
which appeared to bear out such interpretations,
Apart from skeden, which is inescapably associated in the fate of cither Scandinavian countries, the
principal contest tnis week concerned Italy.
The
controlled press of that country toned down only a
little its reports of continued German
successes
Norway, and maintained steadily that
entry into the conflict is only
^Tor
was
regarding the side
for
on
hands
matter of time.
which Italy would eventually
every
suggestion
from
foreign
that Italy would not live up to its Rome-
Berlin axis engagements
most
in
Italian
there any doubt in the minds of the editors
participate,
sources
a
an
scorn.
the
was
treated with the ut-
Premier Benito Mussolini, in whose
decision
rests,
contented
himself last
Volume
Sunday with
that
a
to
a
Friendly over¬
of
military leaves in the Netherlands, and internal
tures
made toward
Paul
Keynaud, gained
Italian press,
threat of Italian
virtually committed Italy to war over
private talk to the heads of
a
The German Am¬
Corporations.
Rome, Hans-Georg Viktor
returned to his post
sen,
Macken-
von
Wednesday and engaged
on
long conversations with Italian authorities, lead¬
ing to assumptions that fresh
messages may
be pass¬
Reports of Allied diplomatic activities with re¬
spect
to Russia came, this week, almost entirely
from
London, but failed to clarify the position to
is
It is generally believed that Russia,
degree.
supplying to Germany only modest stocks of raw
materials, for the
or war
effort doubtless is of
This
cow.
when it
was
revealed
authorities
sian
trade
from the Finnish
recovery
primary importance to Mos¬
assumption
bolstered last Saturday,
was
officially in London that Rus¬
had
applied for
reopening of
a
negotiations with Great Britain.
is
answer
must
The British
reported to have been that definite
of continued and
ances
precede
In the House
moves.
disclosed, Wednesday, that Rus¬
was
sia had been invited to make "concrete
but it
a
proposals,"
Germany.
Soviet Ambassador
Maisky conferred in London, thereafter, with
British
Foreign Office spokesmen and is said to
assured
have
would not be
In
the
sioned
them
countries
from
the
a
series of
proclamations
Germany and Norway and declaring the
complete neutrality of the United States.
which
into
there is
this
great
were
indications
doubt that the
no
area
to be pacific.
week-end told of
in
a
in
Italy that
Scandinavia, and the practical effect of the newest
declarations
of the
mainly the extension to Norway
was
cash-and-carry provisions of the neutrality
Strenuous efforts
law.
The need for such action
unfortunate manner,
accounts
Reich also desires
Reports
there
but
reflect
rather
country,
over
M.
ment with
is
possibility
a
internal
the
situation
than
its
external
chain, made
a new
prob¬
trade agree¬
Germany, last Saturday, whereunder oil
supplies to the Reich will not be diminished
creased.
Scandinavian
the
countries,
Dombas, Norway, while observing
attack
that town.
on
a
most
a
killed in
was
German aerial
Reports received by the State
Department in Washington indicated that Captain
Losey was observing the attack from a point near
the entrance to
Field
bomb-proof shelter.
a
The German
Marshal, Hermann Goering, sent his regrets
the
German
Embassy
in
Washington,
Some interest in the American neutral¬
ity problem was occasioned last Tuesday when Can¬
adian Prime Minister Mackenzie
dent Roosevelt at Warm
King visited Presi¬
Springs, Ga.
velt insisted that the visit
Mr. Roose¬
personal and with¬
was
significance.
Discount Rates of Foreign
Central Banks
THEREdiscount noof
have been changes during the week in
of the foreign central
the
rates
Present
banks.
any
rates
at
The German demand for
transportation facilities
or
enlarged oil
for the current
are
in¬
sup¬
inadequate
quota of 130,000 tons monthly.
Tur¬
and which stands in sharp contrast
previous assertions that Ankara is not
tral, but merely non-belligerent.
tries the
reached
Holland declared
fused to engage
a
over
neu¬
In the Low Coun¬
apprehensions of involvement in the
another/peak
siege and publicly
several thousand
aliens.
The
so
are
*
Date
vious
Effective
Rate
Effect
Country
Apr.
tf
far
as
re¬
to intern
nervousness
Country
Holland
ZH
Mar.
1 1936
2
Jan.
51940
2H
Hungary
6
7
India......
Canada
2H
Aug. 15 1935
Mar. 11 1935
Chile
3
Deo. 10 1930
I"
Japan.....
Colombia..
4
July
5
Java
18 1933
..
-.
......
vious
Rate
3
Aug. 29 1939
2
4
Aug. 29 1936
3
Nov. 28 1936
4H
m
4H
3.29
5
May 18 1930
3
Apr.
Jan.
7 1930
3.65
July
14 1937
7
Lithuania..
6
Jan.
1 1930
3M
Morocco...
4
Jan.
2 1937
5
Norway
OH
AH
BH
Oct.
10 1939
Poland
4H
3
June 30 1932
4«
3M
Sept. 22 1939
Dec. 17 1937
Danzig
._
Eire——..
Portugal...
4
Aug. 11 1937
m
3
Rumania
3H
3H
May
4H
...
....
16 1939
May 28 1935
4
3
vakia
Denmark
...
Italy
Date
Effective
Effect
Apr. 20
Argentina-Belgium
Bulgaria—
—
Pre¬
4H
3H
6
England...
2
Oct.
Estonia
4H
Oct.
1 1935
5
South Africa
Finland
4
Dec.
3 1934
Spain
*4
France
2
Jan.
4 1939
4H
2H
5 1938
May 16 1933
Mar. 29 1939
Sweden..
3
Dec. 16 1939
2H
3H
Apr.
6 1910
4
Switzerland
1H
Nov. 20 1930
2
6
Jan.
4 1937
7
Yugoslavia
5
Feb.
Germany
..
Greece
♦
20 1939
..
...
1 1935
4H
5
OH
Not officially confirmed.
Foreign Money Rates
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
on
on
were
Thursday of last week and 1 1-32@1 1-16% for
three-months' bills, as against 1
Thursday of last week.
Friday
was
Money
1-32%@1 1-16% on
on
call at London
on
1%.
war
in secret talks with either of the
belligerents, while Belgium went
centers
Rate in
Pre¬
Rate in
Bank of England Statement
the last week-end, when
state of
leading
even
key continued that discreet silence which began sev¬
eral weeks ago,
the
shown in the table which follows:
plies is said to have been countered by the comment
to the
emphasized in
was
Losey, assistant American Military Attache for
Air in
the last
Rumania, which is by far the most important
link in the Balkan
,
get all
Monday, when Captain Robert
Czech 08lo-
the
that
continued to
were
American nationals out of the newest combat zone.
in the Balkans,
"plot" to overthrow the Govern¬
Yugoslavia,
such
lems.
The war
to American
entry is forbidden
ships previously had been extended to include all of
occa¬
suggest continuance of peace in
There
and
of
Thursday
on
recognize officially the state of war existing
between
out
nervousness
Rome is determined to insure peace
that
England
little allayed, but some moves
war was
area.
ment
which
President Roose¬
most of them routine.
measures,
velt issued
by the sweeping developments of the great
made which
that
imports
reexported to Germany.
Balkan
European
were
that
question.
NEUTRALITY problems of thewek in various
United States
found their reflection this
Thursday.
essen¬
by Premier Hubert Pier-
the old Flemish-Walloon educa¬
American Neutrality
through
supplies of
over
tional and language
added that any agreement would have to
tial commodities to
Ivan
lot, Thursday,
restriction of Russian
was
call for
assur¬
genuine Russian neutrality
such trade
any
of Commons it
tion of the Cabinet headed
zone
ing between Chancellor Hitler and II Duee.
any
squabbles in Belgium which occasioned the resigna¬
which
Home,
from
degree this week, as indicated by a resumption
the censors, stated that Sig¬
pass
the official Italian
in
reports
week-end, in
bassador to
notice in the
any
British tendency to take the
a
Some
Mussolini
hardly
participation lightly was received
necessarily had to
ner
Italy by the French Premier,
while
indignantly.
2627
brief statement to the Italian people
they must "work and arm."
the last
Commercial & Financial Chronicle
The
150
relaxed
THE statement of the furtherfor the week ended
Bank decline of £331,060
April 24 showed
a
in
note
circulation, which reduced the total out¬
standing to £537,146,000, compared with £543,105,-
The Commercial & Financial Chronicle
2628
742
March
27, and £489,079,954 last
Gold
year.
holdings increased £59,018 which, added to the
cur¬
loss, brought about a gain of £390,000 in
rency
Public
re¬
rose
£12,049,000 while other
deposits fell off £10,680,460.
The latter consists of
serves.
deposits
bankers' accounts which decreased
other accounts which increased
portion of
£11,511,013 and
£824,553.
The pro¬
to liabilities remained unchanged
reserve
at
23.8%, compared with 24.3%
on
government securities
on
other securities declined
namely
decreases,
£215,018.
The
ties"
0.67%;
the
tively.
2%.
dropped £86,918 and £128,100
respec¬
The discount rate remained unchanged at
Below
we
show the different items with
parisons for previous
com¬
total of 77,203,000
a year ago.
with
items
various
1.00%. .Below
was
for
comparisons
now
furnish
we
previous
years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Apr. 23. 1940
Relchsmarks
Reichsmarks
—215,000
Gold and bullion
Apr. 22, 1939 Apr. 23, 1938
Reichsmarks
77,203,000
Reichsmarks
70,772,000
10,572,000
a
70,773,000
20,333,000
6,063,000
5,437,000
—472,930,000 11,467,187,000 6,948,491,000 5,067,802,000
c545,310,000
201,101,000
242,663,000
c40.522,000
35,883,000
41,347,000
+ 51,017,000
203,584,000 1,144,444,000
417,794,000
—20,024.000 1,549,843,000 1,507,105,000 1,640,625,000
Res. In for'n currency-
a
Bills ofexcb.& checks.
Silver and other coin..
Advances
Investments
Other
assets
Liabilities—
years:
BANK OP ENGLAND'S
it
a year ago
Of which dep. abr'd.
which
a
proportion of gold to note circulation is
Other securi¬
comprise "discounts and advances" and "securi¬
20,024,000
Gold hold¬
marks, compared with 70,772,000 marks
A Q</Pi Q*
ties
marks,
respectively.
ings dropped 215,000 marks to
£1,-205,000 while those
rose
472,930,000
marks and 978,000 marks
Loans
a year ago.
April 27, 1940
Notes in circulation—
-r221,641,000 11,514,909,000 7,649,449,000 5,283,282,000
—978,000
1,651,709.000 1,046,151,000 1,318,225,000
Oth. dally matur. oblig
Other liabilities...—
COMPARATIVE STATEMENT
c742,804.000
553,817,000
220,492,000
0.67%
1.00%
1.44%
Propor. of gold & for'n
April 24,
A prU 26,
1940
1939
April 27,
1938
April 28,
April 29,
1936
1937
to note clrcul'n
curr.
+0.01%
"Reserves In foreign currency"
a
coin and bullion."
c
and "Deposits abroad"
are
included In "Gold
Figures as of March 16, 1940.
Circulation
537,146,000 489,079,954 489,261,893 468,816,326 416,876,245
40,703,000 26,956,846
10,889,633 26,161,354
7,453,467
Other deposits
144,008,029 129,014,187 149,800,605 127,143,770
143,736,542,
Bankers' accounts. 103,447,153
91,424,789 113,288,096
87,565,860 104,704,589
-Other accounts...
40,560,876
37,589,398 36,512,509 39,577,910 39,031,953
Govt, securities
130,649,068 107,156,164 113,996,164
97,729,891 101,329,560
Other securities
27,682,682
28,514,818 26,443,241
27,435,604 20,931,152
Public deposits
New York
Money Market
f
—
Disc't & advances.
r
4,860.028
6,171,403
7,063,685
5,467,958
8,290,231
22,343,415 19,379,556 21,967,646
12,640,921
38,008,931 37,961,285 45,853,611 46,646,113
1,216,187 227,088,885 327,223,178 314,669,937 203,522.358
Securities
22,822,654
44,070,000
Reserve notes & coin.
Coin and bullion
Proportion of
►
reserve
to liabilities
23.8%
...
Bank rate
24.3%
2%
2%
Gold val. per fine oz.
148s.
168s.
6d.
23.6%
84s.
29.9%
2%
llHd. 84s.
ll^d. 84s.
30.85%
2%
2%
CHANGES again were lacking this week in the
market, with little business
New York money
in
available
any
the
paucity of
11 Hd.
at
were
THE statement of thefurther for the week ended
Bank decline in
April 18 showed
cir¬
note
a
total
807,000,(>00 francs, which reduced the
outstanding to
156,443,000,000 francs,
com¬
pared with the record high, 157,895,000,000 francs
two
weeks ago,
and 123,064,067,370 francs
a
abroad
and
creditor
current
accounts
temporary advances to State remained unchanged,
84,614,317,540 francs and the latter at
20,900,000,000 francs.
The proportion of gold to
63.73%
is
now
Below
a year ago.
items with
Changes
for Week
with
furnish the different
York
Stock
Gold holdings
Credit bals. abroad,
French commercial
bills discounted.
_
b Bills bought abr'd.
secure.
Note circulation
Credit current acc'ts
Temp adv.to State
Propor'n of gold on
c
No change
+6,000,000
Francs
10,236,757,830
*69,732,080
3,325,000,000
810,011,481
+0.03%
49.30%
New York
3,659,962,990
97,257,824,185
24,190,167,589
40,133,974,773
63.73%
45.95%
Revaluation of the Bank's gold (at 27.5
mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected
In the statement of Nov.
17, 1938; prior to
that date and from June 30,
1937, valuation had been at the rate of 43
mg. gold 0.9
tine per franc; previous to that
time and subsequent to
Sept. 26, 1936, the value
was 49 mg. per
franc, and before Sept. 26. 1936, there were 65.5
mg. of gold to
thefrano.
The present value Is 23.34
mg. gold to the franc.
loans
and renewals.
continues
The
1
good and prime
Ruling r^tes
are
Germany Statement
in
note
221,641,000 marks, which reduced the
outstanding to 11,514,909,000 marks. Notes
highest
000 marks.
and
as
other
of March
on
record;
%@1% for all maturities.
rates
in
on
Government obligations are shown
the footnote to the table.
schedule of rates
of paper at
now
The following is the
in effect for the various classes
the different Reserve banks:
DISCOUNT RATES OF
FEDERAL
RESERVE BANKS
Rate in
Federal Reserve Bank
Effect on
Date
Previous
April 23
Established
Rale
Boston
1
New York
1
Philadelphia
IX
Cleveland
IX
IX
*1X
*1X
*1X
Kansas
IX
City
*IX
Dallas
•IX
San Francisco
*
Advances
IX
on
1, 1939
Aug. 27, 1937
Sept. 4. 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21. 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept.
Sept.
3. 1937
IX
IX
2
2
2
2
2
2
2
2
2
2
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
Bankers' Acceptances
30, 12,175,551,000 marks,
a year ago it was 7,649,449exchange and checks, qther assets,
daily maturing obligations also showed
Bills of
The demand
has been in fair
paper
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
recent advances
St. Louis....
circulation of
the
new
money
Discount Rates of the Federal Reserve Banks
Chicago
THE quarter-month statement ofdecrease dated
the Bank
April 23 showed
further
in circulation
time
for four to six months'
moderately active this week.
been
Minneapolis
total
for
The market for prime commercial paper
maturities.
has been
market
Rates continued nominal at \\i%
quiet.
to 90 days and
up
Richmond
a
on the
the
was
ruling quotation all through the week for both
Atlanta
was
Money Rates
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
aIncludes bills purchased In France,
b Includes bills discounted abroad,
c In
the process of revaluing the Bank's
gold under the decree of Nov. 13. 1938, the
three entries on the Bank's books
representing temporary advances to the State
were wiped out and the
unsatisfied balance of such loans was
transferred to a new
entry of non-interest-bearing loans to the State.
Bank of
ma*
days, and 1%% for four to six months'
datings.
1938
+ 186,000,000 12,353,000,000
handtosight llaD.
an
on
the New
Francs
84,614,317,540 92,265,942,141 55,806,959,832
43,009,000
12,759,325
34,026,562
8,400,864,819
743,894,813
-^Y.bbo'ooo
3,369,414,846
—807,000,000 156443000,000 123064067,370
+695,000.000 15,180,000,000 21,719.679,724
No change
20,900,000,000 20,576,820,960
on
Exchange held to 1% for all transac¬
turities to 90
supply.
April 18, 1940 April 20, 1939 April 21,
Francs
Call loans
tions, while time loans remained at 1*4% f°r
has
COMPARATIVE STATEMENT
Francs
Adv. against
we
compared
comparisons for previous years:
BANK OF FRANCE'S
a
49.30%,
The Treasury in
further issue of $100,-
discount, computed
average
former
liabilities
a
increased
186,000,000 francs, 6,000,000 francs and 695,000,000
respectively. The Bank's gold holdings and
sight
and
year
francs
the
0.004%
annual bank discount basis.
French commercial bills discounted, balances
ago.
Monday
bill
000,000 discount bills due in 91 days, and awards
Bank of France Statement
of
on
Bankers'
merely continued, and
continued.
paper
Washington sold
culation
department.
commercial paper rates Tvere
TRADING in little change this acceptances has
prime bankers' week. The de¬
shown very
mand
holds
good but the supply of prime bills is
Volume
still
The Commercial & Financial Chronicle
ISO
low.
very
Dealers' rates
Under the British method the
reported by the
as
2629
Government pays
Federal Reserve Bank of New York for bills up to
the
and
including 90 days
builds up its dollar exchange as securities are liqui¬
for
bills
]/2% bid and 7-16% asked;
are
dated.
running for four months, 9-16% bid and
pounds sterling forthwith and then
Meanwhile the London investment market is
All these facts, as just stated, must ultimately
The bill buying rate of the New York
Reserve Bank is
in
benefited by the reinvestment of funds.
Yi% asked; for five and six months, %% bid and
9-16% asked.
holders
%% for bills running from 1 to 90
a
positive bearing
foreign exchange in the
days.
Course of
Sterling Exchange
future, though not
near
FREE the
ing market sterling continues from the contra¬
resulting irregular, reflect¬
is seriously interrupted every¬
commerce
where and the most that
be said of any market
can
nervousness
The
progress
deriving an advantage from war conditions, as appears
to be the case with the United States, Argentina,
of the European war.
extremely thin market continues to reflect offer¬
Brazil and
and
ings by European and South American interests
the
turn to
On the whole the tone of the
has been between
The
of between $3.47% and
a range
The range for cable transfers has
been between $3.49 and
$3.54, compared with
such ak
important currencies
more
4.0234-4.03%;
cables,
checks,
Paris
17634-176%
(2.2883 cents buying); Amsterdam, 7.53-7.58; Can¬
ada, 4.43-4.47; Australia, 3.2150-3.2280; New Zea¬
land, 3.2280-3.2442.
There
are
no
As
developments in the foreign
ex¬
change situation since the invasion of the Scandina¬
vian countries
while of
on
The larger
April 9.
profound influence
news
events,
the future of currencies,
on
foreign exchange and international commerce, are not
immediate
of
British
budget
war
presented
in
events is the
Parliament
restrictions
in
turn
House
the
faces the
days
the figures brought out
are
of the United States foreign
ago
impose hazardous
the boom aspects
that
cated
of
trade have begun to fade.
our
Britain's
£63,489,843 in
excess
of the end of March indi-
purchases
load himself with
from
abroad
were
import trade balance of £327,005,580 had been
compared with
700,000
a year
an
seven
months of the war,
import trade balance of £196,-
earlier.
Another important
only to
item
a
few days earlier
British authorities
were
up
117 United States securities,
ordering
holders of 92 stocks and 25 bonds to transfer them to
single
no
Treasury.
order since the
first
This
was
beginning of the
the second such
war.
draft of such securities for liquidation
amounted to 60 issues and their disposal was under¬
first
attention, but
but to
person
council
no
or
in the hands of a man who had folly
as
presumption
fancy himself fit to
enough to
Adam Smith took occasion to
a
point out that
manipulate, strangle and subsidize it, to
straiten,
it
it
as
the
in
on
list
Feb. 18.
has
not
So far
as can
be learned,
even
this
been entirely liquidated and the
additional securities will doubtless be carefully dis¬
posed of at favorable opportunities.
never
government lay its hands upon trade but to
political
a
name
of
weapon or
economic
to seek monopoly in
necessity
or
national
advantage.
The Chancellor estimated that total
1940-41 fiscal
in the
year
expenditures
will amount to £2,667,-
000,000, and revenues to £1,234,000,000, including
the
£101,000,000 to be raised by new taxation.
that the Treasury must
raise
an
This
additional
£1,433,000,000, of which it now has on hand £100,000,000
The
result of recent financing operations.
easy money would
as a
Chapcellor asserted that
•loan very
3% level for the recent
noteworthy, adding:
"I
am
war
assuming that
shall not exceed the level already
established."
In the
British
taken
most unnecessary
whatever, and which would nowhere be so
dangerous
and
a
in future loans we
The
paragraph in Adam Smith's
continue and termed the
news
the effect that the
buying
the
foreign
authority which could safely be trusted
an
senate
of its sales in March and that
accumulated in the first
to
upon
private people in what manner
attempt to direct
means
was
a
emphasizing also that
Wednesday of last week publication of Great
Britain's foreign trade as
an
conditions
they ought to employ their capitals would not only
com¬
showing that United States exports continue
well above 1938 and 1939 but
I
and all types of
only serving to create trade jams which
This calls to mind
use
On
trade affairs, with
"Wealth of Nations"—"The statesman who should
"transforming the whole economy" because
parallel importance
merce,
intended to
measures
own
war.
few
V;./
'
increasingly restrictive
exchange operations.
did
Of
a
Commons that the nation
of
prior to
exercise it."
task of
of the
are
on
April 23, when the Chancellor of the Exchequer told
years
,
mounting tariffs
that
result
the
not
news
:
the integrity of their
1
important of these
fixed relation to
hundred
a
compelled to resort to
preserve
assume
The most
a
political leaders in the various nations find them¬
selves
significance in the foreign exchange
markets.
gain
a
profitable
chiefly the pound
;
.
conditions become
war
Berlin is not quoted.
new
:
;
New York
follows:
are as
prevailed for nearly
1914.
a range
exchange rates fixed by London for the
no
another, withonly inconsequential fluctuations
one
of between $3.48 and $3.55% a week ago.
The official
be
can
major currencies of the world,
-
$3.55% last week.
loss rather than
There
sterling, become steady and have
$3.48% and $3.53% for bankers'
sight, compared with
prove a
freedom of international trade unless and until the
for sterling this week
range
eventually
to the national economy.
slightly firmer and steadier than in the
past several weeks.
gold shipments, and Australia
wool, is that the advantage is only temporary
and may
foreign interests having engagements
falling due in sterling.
market is
with its
buying side chiefly of domestic though
of
sometimes
perhaps other minor trade centers, such as
South Africa with its
slight upturn in the quoted rates indicates a
every
now
reflected in the market.
Foreign
dictory reports of the
have
British financial measures and
on
course
cellor of the
that
the
the budget the Chan¬
British public debt had increased to
931,000,000
ago, or
of presenting
Exchequer, Sir John Simon, announced
on
March 31 from £8,163,000,000
£8,-
a year
9.4%.
on these figures the "Wall Street
pointed out:
"Simple arithmetic, however, will show that the
British public debt actually has .decreased since the
Commenting
Journal"
The Commercial & Financial Chronicle
2630
A year
war.
made
the
worth $4.68, which
was
public debt at that time equivalent to
Official rate for sterling is
$38,203,000,000.
$4.03
sterling
ago,
which would give an
decline of
a
equivalent of $31,259,000,000,
18.2%.
"This is what
happens when purely internal figures
foreign
a
currency
during
London open
market
money
rates show no change
except that call money against bills is fractionally
firmer at
1% to %%.
Bill rates continue
Two- and three-months bills
bills
1
1%%, and six-months bills 1 3-16%.
Canadian
exchange continues at
in terms of the dollar and fluctuates
Canada, in
made
a severe
discount
widely in the free
some
an
address at Montreal
April 22
on
pertinent remarks relating to the
open
market for Canadian dollars in New York and else¬
where in the United States.
"The rate in this open
dollar balances
are
non-residents.
For
resident
with
market in the United States
owners
of Canadian
prepared to sell them to other
example, if
Canadian
a
United States
one
dollar balance wishes to
dispose of it to another United States resident, they
agree
between themselves
or
dollars
they wish to make the transfer, and the price
market.
is
The volume of transactions in this market
small, perhaps not
very
total Canadian
"The board
,
no
on
than 1%
or
2% of
exchange transactions.
and
market, and
Canadian dollars
as
no
bought in the
unofficial market cannot be used to pay
for Canadian
Thus
non-residents who wish to sell have not found many
buyers and have had to offer Canadian dollars down
they reached
point at which buyers
a
was
bankers' sight
were
attracted.
that this decline had
official rate.
Montreal
It had
funds
some
no
in
meaning in respect to the
such
the
significance."
New
York
ranged during the week between
and
a
discount of
The
follow
free
market
discount of 16%
a
15%.
of
amounts
are
Tuesday fluctuations
cable
weekly statement of the
cover
April 17, 1940.
11-17, INCLUSIVE
Imports
_______*$1,658,892
Refined bullion and coin
$3.50%@$5.51%
70,714,647
Total
Exports
$4,332.
cable
$72,373,539
$6,854
The
features.
-
Closing
transfers.
$3.50% for demand and
Commercial
sight bills
60-day bills at $3.49, 90-day bills
3.48%, documents for payment (60 days) at $3.49,
bills at $3.49%.
Cotton and
Continental and Other Foreign
Exchange
THE French foreign exchange situation shows no
essential chang° since the outbreak of the
war.
In terms of the
pound the unit is held steady by the
London control at the rate of
to the
176.50@176.75 francs
Correspondingly, the franc fluctuates
pound.
pound in the New York free market, but
transactions
German
are
New York at
so-called
of limited volume.
marks
a
are
only occasionally quoted in
nominal rate of 40.20 cents for the
"free"
gold mark.
or
As noted here last
week, the Reichsbank rediscount rate
April 6 from 4% to 3%%.
on
state
tion
reduced
was
Berlin dispatches
that reduction of the rate has given
to
industrial
and
financial
circles
satisfac¬
that
and
a
probably to 3% is expected within
short time.
The Turkish
pound is seldom quoted in New York.
The unit is of interest at this time because theof
Nations
monthly statistical
bulletin
April 22 disclosed that Turkish gold
had been around $17,000,000
League
issued
reserves,
on
which
gold dollars since 1936,
suddenly leaped to $56,000,000 in March.
This rise
Belgian
currency
is ruling relatively steady with
respect to the spot rate and ranged this week between
16.76% and
16.90.
However, the
pressure on
the
arising from war fears in Europe is reflected in
the
discount
around 70
Switzerland
11,921,998
9,856,591
Canada
___
90-day belgas,
on
which
upset
on
April 25 had
no
effect
14,961,313
The London check rate
on
Paris closed
67,785
Hongkong
724,319
New Zealand
176.50-176.75, against 176.50-176.75
of last week.
In New York
______
$2,522
156,642
5,476,028
on
The
the
belga in the foreign exchange market.
at
______
ruling
are
points under the basic cable rate.
on
Friday
on
Friday
2,060,205
18,243,024
United Kingdom
Union of South Africa
no new
grain for payment closed at $3.50.
$7,246,742
•_____
Sweden
Ceylon
were
transfers.
and seven-day grain
2,522
Shipments—
Italy
Netherlands
forKcable
finished at $3.50,
at
presented
Friday
on
for
cable
On Fiiday the general
$3.50%@$3.51 for bankers' sight and
was
$3.51
$3.50@$3.51;
was
$3.50%@$3.51%.
trend of the market
range
Cabinet
Detail of Refined, Bullion and Coin
On
unit
GOLD EXPORTS AND IMPORTS, APRIL
_
$3.48%
$3.49@$3.51%..
transfers
Bankers' sight
trading.
transfers
gold imports and exports which
United States Department of Commerce and
Ore and base bullion
On Wednesday
Bankers' sight was
is attributed to loans from British and French allies.
taken from the
the week ended
wider. The
weie
Thursday the market displayed little change in dull
sharp fall in March, I believe
disturbed because they thought
were
$3.52%@$3.53%
and $3.53%@$3.53% for cable
$3.51%@$3.54 for cable transfers.
a
people
On Monday the market
range was
the market moved lower.
"When the unofficial rate for the Canadian dollar
a
the previous
over
$3.51%@$3.53% for bankers' sight and
was
range
further reduction
in New York suffered
some
On
transfers.
by
$3.51%@$3.53%; cable
was
The
slightly firmer.
characterized
On Saturday last ster¬
transfers $3.51 %@ $3.53 %.
influence
exports the demand for such dollars is limited.
until
be
to
trading.
Bankers' sight
with the
(Canadian official control board) has
direct contact with this
rates,
more
of
as
United States
agreed becomes the transaction in the unofficial
so
continues
ling showed slight improvement
through the medium of
United States bank at what price in
a
market
free
extremely limited
quotations
is the rate at which non-resident
reduced
Referring to day-to-day rateo sterling exchange in
the
@$3.51%;
Graham F. Towers, Governor of the Bank
market.
of
follows:
as
1-16%, four-months
was
held under earmark for foreign account
was
for
exchange upsets."
the Federal Reserve banks
March 31.
day.
converted into terms of
are
decline
a
Or better yet, 'free' sterling is about $3.50,
5.8%.
or
$1,299,463,000 gold
now
April 27, 1940
held under earmark at
during the week ended April 17 by $43,934,906.
The latest monthly report of the Department of Commerce showed that
(middle rate), which would make the current
public debt equivalent to $35,992,000,000,
of
Gold
center finished at
sight bills
on
the French
1.98% and cable transfers at 1.99,
against 1.98% and 1.99%.
at 16.89 for bankers'
Antwerp belgas closed
sight bills and at 16.89 for cable
*
Chiefly $109,049 Canada, $139,094 Mexico, $358,681 Chile, $163,293
Peru, $320,799 Philippine Islands, $158,476 Australia, $239,153 British
transfers, against 16.76% and 16.76%.
Oceania.
closed at 5.05 for bankers'
Italian lire
sight bills and at 5.05 for
Volume
ISO
The Commercial
•
cable transfers,
against 5.05 and 5.05.
Berlin marks
quoted in New York, nor is exchange on
Poland or Czechoslovakia.
Exchange on Bucharest
not
are
closed
0.50
at
Exchange
(nominal),
(nominal),
Greek exchange closed at
(nominal), against 0.50
Finland
on
closed
against 1.95 (nominal).
1.95
at
(nominal).
0.66J^ (nominal), against 0.66}^
2631
& Financial Chronicle
institution of the Netherlands Indies, have increased
to a total of 161,000,000 guilders. This is said to
reflect the strong demand for Netherlands Indian
currency resulting from heavy wartime trade.
In
many cases British purchases have been paid for in
gold.
Since the outbreak of the war Swiss francs have
shown exceptional steadiness
—•—
in the spot market,
EXCHANGE on the presents exceptionally mixed
1914-1918 countries neutral during the
although 90-day Swiss francs rate.at Thediscount of
a volume of
20 Points from the basic cable are
nominally
transactions is extremely limited,
Bankers' sight on Amsterdam finished on Friday
at 53-13, against 53.09 on Friday of last week; cable
of
war
Swedish
The
trends.
which is
krona,
declining
For a
period last year the krona was around 24.12
during last December ruled between 23.80 and
quoted in the New York free market, is
Par of the krona is 45.374 cents.
sharply.
long
and
Since the invasion of
23.84.
Swedish
the
Denmark and Norway
On
persistently.
declined
has
unit
since 1933.
The rate fluctuated during the week between 23.40
and 23.80, with quotations always nominal, particularly at the higher figure.
Trading in the krona
was extremely limited.
""
*
This week there were further large receipts of gold
from Sweden, continuing the movement which has
been in progress for more than a year and intensified
Thursday the krona was 23.40, the lowest
outbreak of the
since the
fully $160,000,000 of
It is believed that
war.
Sweden's gold holdings have
been transferred to this side.
with the Federal Reserve
Most of it is earmarked
Bank.
.
immediately announce a
will
defense loan of $125,000,000
denominations
for popular absorption on
It is
in
expected that the Swedish Government
small
employed in Great Britain.
lines
The Government
plans to levy additional taxes.
Danish and Norwegian balances and credits in the
also
have been frozen by executive
United States
order
April 9 and the two currencies have not
since
been
In connection with the
present system whereby special licenses are granted
by the United States Treasury to make payment of
Danish and Norwegian funds held here, the Foreign
Exchange Committee, of which R. F. Loree, Vicequoted here since that time.
President
April 23
that all applications must be delivered to the Federal
Reserve Bank by 3 p. m. daily and by 11 a. m. on
Saturday if the applications are to be handled by the
bank
the day they are
with
market
foreign exchange
the
on
on
received.
guilder continues to be held steady
respect to the spot rate.
The steadiness is
official support from
believed to be due entirely to
Amsterdam.
The essential weakness of the guilder,
however, is reflected in future
quotations and the
apparent threats against the independent position of
the Dutch East Indies give force to the pressure on
the unit.
On
was
April 8 90-day guilders were quoted at what
of 32 points
then considered a severe discount
below the basic cable rate.
of
Scandinavia
on
The
between 75 and 145 points
Parliament
for
undertaking heavy
the defenses of the
is
increasing
Netherlands East Indies on the urgent
appeal of the
People's Council at Batavia.
Reports from Amsterdam on
that the
April 22 indicated
central
gold reserves of the Bank of Java, the
'"7;7~ ^~~ --t1'-
-—
L^XCHANGE on the South American countries
shows no important price variations. The
fortnightly statement of the Central Bank of Argentina for APril 15> published on April 23, showed that
the ratio of g°ld reserves to notes in circulation
increased from 118.99% on March 31 to 119.39%
on APril 15* The reserve ratio of Sold to notes and
siSht labilities showed a fractional increase, moving
UP
79.38%. The bank statement showed gold at
borne of 1,224,417,645 pesos. Gold at home (extenfon of foreiign exchange fund) and gold abroad and
foreign exchange totaled 176,059,882 pesos. Argen^na> Brazil, and Peru have for some time been
reporting large trade gains.
,
- _
Argentine unofficial or free market closed at 23.05®
23.20, agaii^t 23.00@23.06. Brazilian milreis are
Qu°Ied at, 5.15, against 5.15. Chilean exchange
*s 0uoted a^
' a^a+in^_^
u 18 nommally
Quoted at 17/4, against /£.
•—
T^XCHANGE on the Far Eastern countries shows
Hj mixed trends. Fractional losses on average are
registered by Hongkong, Shanghai, and Indian currencies, while Java and the Straits Settlements are
generally firm. All these units are largely influenced
by the pound sterling. Remarks having a bearing on
the Java florin are included in the comment on the
exchange of the countries neutral during the war of
1914-1918.
Closing quotations for yen checks yesterday were
23.46, against 23.46 on Friday of last week. Hongkong closed at 21.88, against 21.90; Shanghai at
6.10, against 6.10; Manila at 49.80, against 49.80;
Singapore at 47^, against 47^; Bombay at 30.25,
against 30.30; and Calcutta at 30.25, against 30.30.
Following the invasion
Its current discount is 120 points.
Hague
engagements
•
^
v
Gold Bullion in European Banks
April 9, the 90-day guilder has
fluctuated widely, ranging
under spot.
^
,
Guaranty Trust Co., is chairman,
of the
notified
The Holland
transfers at 53.13, against 53.09; and commercial
sight bills at 52.75, against 52.75. Swiss francs
cl°sed at 22.43 for checks and at 22.43 for cable
transfers, against 22.43 and 22.43.
Checks on
Sweden closed at 23.60 (nominal) and cable transfers
at 23.60, against 23.80 and 23.80. Exchange on
Denmark and Norway ceased to be quoted after
APril 8- Spanish pesetas are nominally quoted at
9.25, against 9.50.
--' .
HPHE following table indicates the amounts of
gold
I
bullion (converted into pounds sterling at the
British statutory rate, 84s. llj^d. per fine ounce)
in the principal European banks as of respective
dates of most recent statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
The Commercial & Financial Chronicle
2632
£
£
£
'
*615.026
*129,917,551
242,447,900
b3.369,600
c63.667.000
311,709,264
3,010,000
England
France
Germany
.
Spain
_
__
Nat. Belff.
_
Switzerland.
Sweden...,
40,339.000
6,505.000
Denmark
.
_
Norway...
6,667,000
Total week.
695,104,526
696,491,430
87,323,000
25,232,000
122,539,000
76,626,000
89,683,000
75,079,000
103,723,000
83,537,000
27,844,000
6,542,000
25,655,000
7,442,000
23,400,000
203,522,358
495,496,699
347,629,412
2,449,550
6,602,000
*
59,487.000
96.467.000
short-sighted
and
vision.
42,675,000
What they are
incapable of seeing they
and Bank Notes Act. 1939, the Bank of England
formerly the basis of value.
The
ounee) the BaDk reported holdings of £1,216,187 equivalent, however, to only
about £616,026 at the statutory rate (84s. llHd. per tine ounce), according to
our
calculations.
In order
to
make current
figure comparable with former
Amount held Dec. 31,
we
velopment,
gold 0.9 fine equals one franc; prior to the latest revalorisation
the value of the Bank's gold holdings was calculated, In accordance with the de¬
cree of Nov. 13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subse¬
quent to July 23; 1937, gold In the Bank was valued at 43 mg. gold 0.9 fine per
franc; before tken and after Scot. 26, 1936, there were 49 mg. to the frane; prior
te Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one frane.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling),
the sterling equivalent of 349 rancs gold In the Bank of France Is now Just about
£1; at 27.5 mg. gold to the fra it the rate was about 296 francs to the £1; when there
43 mg. gold to the franc the rate was about 190 fraaes to the £1; when 49 mg.
about 165 francs per £1; when 65.5 mg., about 125 francs equaled £1.
were
About all the young men
ticipated in the creation
or
who,
never
having
par¬
management of any in¬
shortcomings of those who have
done both and think themselves
their
revise both
fully competent to
principles and their practice,
presently united in deciding that American
long
ceased to
ago
mechanical
the
or
progress
managerial
rail¬
either upon the
side.
This
anvil
inevitably influenced
chorus of criticism has
popu¬
lar
conceptions.
one
of the most recent books
tory, that the
are
Typically, therefore,
appearance
on
we
read in
contemporary his¬
of streamlined passenger
and
over
the
metals of high tensile
strength and light weight, signalizes
by the
The
awakening,
progressively-managed railroads, "out
more
of their
an
long technological nap."
implication that there
was
considerable
period of stagnation is completely untrue and
warranted, but
ress
are
are
as
un¬
the facts of technological prog¬
naturally themselves technical and
as
such
usually beyond the grasp of those ignorant of
by
transportation
limited
comprehension rather than to malice
nature.
The advent of the stream-lined train
long, patient, and expensive
tation that
were
never
been
such
or
ill-
was an
nothing of the
processes of
experimen¬
essential in the evolution of
a
light¬
here been denied
facts
or
persistent
to be discovered and studied before such
terruption in
hence fail
use.
those upon whom the advent of
impression of
a
sudden in¬
long period of stagnation and who
utterly to recognize the never-interrupted
evolution of
road-bed, rails, and track, of signaling
apparatus and standards of maintenance
ods
could
planning and constructed for
are
a
cars
and meth¬
of
operation, in the absence of any factor in
which, or in their progressive correlation, it would
have been
impossible safely to utilize the
and locomotives in the
new
cars
transportation of passengers.
so
success
that it has
never
willfully determined to refuse them
recog¬
nition.
.
There
never
has
been, in the United States,
moment of relaxed effort
there has been
no
time of
no
or
of retarded
any
progress;
in the evolutionary process,
The facts speak for them¬
pause
stagnation.
selves to all those whose observation has not been
limited
by lack of comprehension
dark to admit the
by
no means
the
light.
same
ward, the
as
by prejudice too
unit in 1940 that it
time of the first World
steadily
or
A mile of railroad track is
War
or
was
upon any
Century.
at the
selected
On the contrary,
the calendar dates have moved
while in scientific
tinuous
on¬
weight of the rails has increased
average
designing of the section and in
con¬
improvement, sanctioned by bold but
improvident experimentation.
not
The results include
capacity to sustain much higher loads and to with¬
stand without
impairment or failure the multiplied
severity of the hammer-blow increasing with the
of the increases in the
required to be borne
movement of those loads.
gross
and in
weight of the
the
speed of the
Many other things have
been
progressively achieved during, say, the last five
decades, to improve the quality of the structures of
track and roadjbeds.
sure
with
Ties treated under
decay-resisting chemicals
untreated
Equally blind
steam
except by persons ignorant of the
and with effects of
augmented
required for high speed, or of the
extraordinary qualities of the new metals which had
these trains makes the
and
challenged except at home and has
weight locomotive that could generate and deliver
conceived in
the art of
was
rails
early established has been maintained and
so
the tractive power
be
of freight
highly developed, at least after J850, and the leader¬
squares
to those who know
very
passengers
lower cost than
Nowhere
loads
even
promptly took
masses
a
anywhere in the world.
technics, these unjust animadversions should fairly
event visible
bulky
overland
be attributed to lack of instruction and
consequently
ap¬
American
chemical qualities of the steel there has been
a
con¬
which they
ago,
longest distances and at
date in the Nineteenth
new
of
Europe, both in mileage and
and the heaviest and most
as
built of
men
operating efficiency, and
trains, drawn by locomotives of novel types and
cars
from
century
a
made up
of
upon
moving the largest number of
were
increased with
productive undertaking, feel authorized
or
to declaim over the
roads
than
those of
mechanical
in
soon
ship
Progressive American Railroading
dustrial
more
over
of March 7, In accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg.
scornfully
facts, which they ignore, are completely
the lead
The value of gold held by the Bank of Franoe was revalued with the statement
as
look
to
railroads, almost from the inception of railroad de¬
show
1939, latest iigures available,
d Includes forelga exchanges.
sequent to Aug. 1, 1936.
of the Bank
are
faith in itself
parently derive so much satisfaction.
b Gold holdings of the
Bank of Germany Include "deposits held abroad" and "reserves In foreign cur¬
rencies."
c As of April 30,
1938. latest figure available.
Also first report sub¬
a
a
transportation and industry.
trary to the generalization
On the market price basis (168a. per fine
periods as well as with the figures for other countries in the tabulation,
English holdings in the above in statutory pounds.
vanity
achievement in
at the market value current as of the statement date, instead of the statutory price
was
exist,
restricted
highly pleasing to them because it enables them in
statements for March 1, 1939 and since have carried the gold holdings of the Bank
which
exceedingly
determined to believe does not
48,182,000
23,928,000
6,554,000
6,604,000
874,134,815 1,065,150,021 1,097,353,999 1,074,387,007
862.301,759 1,064,754,202 1,097,360,090 1,077,608,918
Pursuant to the Currency
that is not within their dis¬
tinctly
fanciful
Prev. week.
wholly incapable of recognizing
are
either effort or progress
2,464,950
89,106.000
6,550,000
critics
fident
£
314,669,937
2,522.000
108,000,000
87,665,000
98,978,000
33,111,000
6,555,000
8,222,000
85,120,000
£
327,223.178
293,720,843
1940
The truth is that these self-constituted and self-con¬
1936
87,323,000
26,232,000
63,667,000
al7,440,000
98,344,000
dl30,600,000
Italy
Netherlands
1937
1938
1939
1940
Banks of—
April 21,
ties
that
had
become
high
excessively costly
durability and added
immunity from dangers due to deterioration
Wooden
bridges
have
been
pres¬
have replaced
in
use.
superseded
by steel,
constantly been improved in quality; they
been enlarged for additional tracks
and im¬
which has
have
proved in structural strength and in
design, so
sustain heavier loads.
The radii of
lengthened, grades have been
curves
eliminated
as
to
have been
or
greatly
reduced, all changes enabling faster speeds with
safety, diminishing load-resistence, reducing the
ratio of cost of maintenance and
weight of the
ume
revenue
of the whole
operation to the
producing loads and the
vol¬
passenger and traffic movement.
Contemporaneously with such
progress and
by
par-
Volume
allel
The Commercial & Financial Chronicle
150
steps it has been possible to develop efficient
machinery for
including the continuous inspections requisite
nance,
to
in construction and in mainte¬
use
safety, and to improve the efficiency of signaling
apparatus, increase the
use
of mechanical devices to
standardized, air-brakes have been made
tive and their
efficient, and in
more
than at any
The
every way a
of
the
steam
haps been the most remarkable of all
without pause since the
ing exhaustion.
is
the
increase
draw-bar
interest
as
on
and it has been
yet approach¬
as
The obvious aim of such progress
of tractive
available at the
power
compared with original cost,
such
per¬
importation of the Stour¬
its possibilities
nor are
has
locomotive
current
or
cost, plus the cost of fuel and other
their
Their
pace.
cars
and
of in¬
are
much larger paying-load in
tare-weights.
Methods
have
is measured by higher
progress
speeds, increased daily mileage of locomotives and
higher train loads, diminished delays in ter¬
cars,
minals and in
previous time.
evolution
bridge Lion,
a
better unit
are
creased size and
carry a
kept
safer,
better heated and lighted
air-conditioned; freight
to
effec¬
more
freight equipment;
cars
are
manual
all, to make the average unit of track facilities
to
many
proportion
by automatic mechanisms, and in
extended
use
passenger
prevent or check against human failures, to replace
control
2633 3
transit; summarized, when
wages are
not
disproportionately raised, in lower operating
ratios.
Moreover, in all branches of service, there
has
to be
come
urement
and
greatly increased safety; but
meas¬
analysis of this feature of improve¬
ment, although it is not unconnected with the
gressive
improvement
constitutes
a
in
facilities
and
pro¬
methods,
story in itself, not here to be entered
upon.
materials used in operation and
repairs or replace¬
ments, and the wages of operatives required in the
shops and terminals and upon the locomotives them¬
processes of improvement have required huge
expenditures of capital, difficult to obtain, and have,
at times, been too much retarded
by difficulties of
selves.
financing needlessly enhanced by public regulation
and taxation.
That, also, is another story and one
Broadly, the problem is that of obtaining
for utilization in
practical operation the largest at¬
tainable proportion
of the stored energy latent in
the coal
as
or
ciency has
oil used
fuel.
This
of effi¬
measure
risen during
more than a century of
by leaps and bounds, but by steady in¬
unceasingly accumulated.
Most of the
The
which,
occasion, should be fully related and
But, for the present, it suffices to ob¬
upon
understood.
that the marvel of it all is
serve
that, despite such
progress, not
artificial
crements
regulative interference and exhorbitant taxation in¬
elements of this
progress have
vious successes in the
depended
development of
structures and
upon
more
pre¬
efficient
in the
discovery of new metals, or
improved combinations of old metals, with superior
methods of manipulation and use.
It is impossible
here to go
further than to
enumerate
capable of sustaining higher steam
creasing from merely atmospheric
earliest
days to
per square
a
of the
some
salient steps in this
upward process.
more
Boilers
pressures,
pressure
on
at least
one
super-heaters, forced-draught, power brakes, auto¬
stokers, power-reverse gear, devices for burn¬
ing oil and pulverized coal in
suspension, boosters
matic
reserves of force to
meet
temporary and
occasional
sential
demands, are among the related and es¬
incidents of incessant
progress.
The least
initiated, with
than
a
steady
in
recollection extending over not
generation, should be able
progress in the size of
substantially direct
to perceive
to
their
this
entire
elimination of
the
smoke-stacks, in the greater size of
driving-wheels, and in easily visible provisions
for
fire-boxes of augmented
capacity.
through rails
or
over-head catenaries
(a modern
development of rope-haulage), have their undoubted
places, which
are
expanding and may expand fur¬
ther, although they are not very likely soon to dis¬
place the mobile steam-engine under
average oper¬
ating conditions. That they exist at
all, and have
come
into
nomic
years
use
where conditions indicate their
availability, is evidence
there has been
all
rolling-stock.
eco¬
that throughout the
stagnation.
Meanwhile, there has
in
been
Steel
similar
has
development
replaced
wood,
coupling and safety devices have been improved and
never
in
capital that it has
been refused in connection with
railroad the operation of which
any
retains
any
genuine economic justification.
TheTCourse of the Bond Market
High
grades
and
Governments
have
been
changed all week, while lower grades have
virtually
moved up
un¬
frac¬
tionally.
Conversations concerning Union Pacific RR.'s
redemption
of the first and refunding 4s and 5s due 2008
caused these
issues
The
lose
to
5s
ground;
dropped 6%
both
issues
points to
callable
are
109%.
at
107%.
Medium-grade
speculative rail bonds showed improvement
and
over last week's
level, but displayed weakness toward the close.
New York
Chicago & St. Louis 4%s, 1978, at 55% gained %; Reading
Co. 4%s, 1997, advanced 1% points to
68%.
Defaulted
rail issues gained fractions.
changes of note have occurred in the utility bond
this week, for trading has been
light and price
movements narrow.
High grades have been firm, while
slightly
among
lower
grades
there
tendency, with several issues such
has
as
been
Gulf
an
upward
States Utilities
3V2s, 1969, and Public Service Co. of Northern Illinois 3%s,
1968, establishing new peaks.
Speculative issues advanced
slightly but, as in the other classes, price changes have not
been marked.
industrial
steady
points
latter
to
1941,
4s,
higher
section
this
of
week,
the
with
list
has
gains
been
of
one
among the speculative types.
included the Celotex 4%s, 1947
(w.
numerous
are
tain-teed
5%s,
1948,
Studebaker
the
conv.
Pennsylvania-Dixie
6s,
generally
and
two
Among the
w.), the Cer¬
Cement
1945, and the New York
6s,
Dock
1951.
The
trend of the foreign bond market has been
mixed.
There have been further declines in Italian
bonds, contrast¬
ing with
good-sized gains
in
of
those
near
term.
in
Norwegian issues, especially
liquidation forced Belgian
New
issues down again after
extending their last week's advance
early sessions, while German loans firmed up mod¬
erately.
A substantial rally carried Japanese bonds up sev¬
eral points, but Australian
issues, especially those of the
City of Brisbane, have been subject to pressure.
Canadian
into the
bonds
no
the immense increases
The
Divergent
types of locomotives, Diesel engines, steam:electric
engines, electric traction with transmission of cur¬
rent
and
market
increased
weight, in the diminished height and almost
continuous effort has sup¬
Few
more
locomotives, which is
relation
as
of
in¬
heaters,
supply
certainly
involved have
present standard of 250 pounds
inch and to 500 pounds
as
excesses
plied constantly improved facilities and service, the
rate of progress has never been suffered to
diminish
in the
locomotive in regular use for several
years, consti¬
tute just one of these
steps.
Feed-water
to
creasing
impediments, despite stupid
have
been
supported at improved levels.
Price
changes in South American issues have not been
important,
with fractional gains for Chilean bonds
contrasting with
softness prevailing in the
Argentine and Brazilian list.
Moody's computed bond prices and bond yield averages
are given in
the following tables:
The Commercial & Financial Chronicle
2634
MOODY'S BOND
20
PRICES t
(Based on Average Yieldt)
U. 8.
Iy40
Daily
AU
120
Govt.
120 Domestic
120 Domestic Corporate *
Corp.*
Averages
Aaa
A
Baa
RR.
108.08
88.51
94.81
114.93
Aa
120.14
P. V.
Ind.
116.03
108.66
123.56
119.92
107.88
88.51
94.65
114.93
2165
118.81
24..
116.00
108.46
123.56
119.92
107.49
88.22
94.49
114.72
118.38
23.. 115.99
22.. 115.92
108.27
123.33
119.69
107.49
87.93
94.33
114.51
108.27
123.33
119.92
107.49
87.93
94.33
114.51
118.38
119.92
107.30
87.78
94.17
114.51
118.38
119.92
107.30
88.07
94.33
114.51
118.38
115.89
108.27
123.56
19- 115.94
108.46
123.56
123.33
116-15
108.27
119.69
107.30
87.93
94.17
114.51
123.56
119.69
107.30
88.07
94.33
114.51
123.10
119.69
107.30
87.93
94.33
114.30
107.30
88.07
94.49
114.61
107.30
88.07
94.33
114.30
108.46
123.56
108.46
123.79
119.69
114.30
12- 116.38
108.27
123.56
119.69
107.11
87.93
94.33
11- 116.40
116.31
108.27
123.79
119.92
107.11
87.93
94.17
114.30
123.56
119.69
107.11
87.93
94.17
114.30
116.33
108.46
123.66
119.69
107.11
87.93
94.49
114.30
108.85
124.25
120.37
107.49
88.80
94.97
114.93
108.85
124.25
120.14
107.49
88.65
94.97
114.72
117.10
108,66
124.25
119.92
107.30
88.51
94.81
114.51
108.46
124.25
119.69
107.30
88.22
94.65
114.51
108.46
124.02
119.47
107.30
88.22
94.65
114.51
2- 117.16
108.27
123.79
119.25
107.11
87.93
94.17
114.30
1— 117.06
108.08
123.79
119.25
106.92
87.64
94.01
114.09
118.81
87.49
113.89
118.38
93.85
113.68
113.68
113.07
119.03
106.36
87.49
123.33
118.81
107.17
87.35
123.10
118.38
106.17
87.21
93.69
107.49
8— 116.03
1- 115.42
107.49
107.11
122.63
118.38
105.79
87.07
93.53
112.86
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
116.87
10- 115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
3.06
3.24
3.06
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.06
3.55
2.84
3.00
3.60
4.70
4.35
3.24
3.06
3.55
2.83
3.00
3.60
4.75
4.34
3.24
3.06
3.55
2.85
3.00
3.60
4.76
4.34
3.25
3.54
2.83
2.99
3.60
4.75
4.33
3.24
3.00
3.54
2.82
3.00
3.60
4.75
4.34
3.25
3.05
3.07
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.55
2.82
2.99
3.61
4.76
4.35
3.25
3.05
3.55
2.83
3.00
3.61
4.76
4.35
3.25
3.06
3.05
3.54
2.83
3.00
3.61
4.76
4.33
3.25
3.52
2.80
2.97
3.59
4.70
4.30
3.22
3.03
3.52
2.80
2.98
3.59
4.71
4.30
3.23
3.03
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
3.60
3.54
2.80
3.00
4.74
4.32
3.24
3.05
3.54
2.81
3.01
3.60
4.74
4.32
3.24
3.06
3.55
2.82
3.02
3.61
4.76
4.35
3.25
3.00
3.66
2.82
3.02
3.62
4.78
4.30
3.26
3.07
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
Mar. 29
107 30
122.86
118.81
105.98
86.92
94.01
112.68
122.63
118.60
105.41
86.78
93.69
112.45
122.63
118.38
105.41
86 64
93.69
112.26
116.86
106 54
122.40
117.94
105.41
86 21
93.21
112.25
106.73
122.40
118.18
105 60
86 60
93.53
112.25
106.92
122.86
117.72
105.60
87.07
93.85
112.45
108.85
124.25
120.37
108.08
88.80
94.97
114.93
119.03
1940 115.25
106.54
121.94
117.72
105.22
86.07
92.90
112.05
116 21
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116 43
Low 1939 108.77
3.66
4.81
4.38
3.31
3.09
2.87
3.06
3.68
4.82
4.39
3.32
3.12
3.68
4.83
4.37
3.33
3.12
3.67
4.82
4.36
3.32
3.10
3 60
2.86
3.04
3.67
4.83
4.36
3.33
3.11
9
2
2.87
3.70
4.84
4.38
3.34
3.13
3.06
3.70
4.85
4.38
3.35
3.13
2.88
3.64
3.05
2.87
3.62
20
_
3.62
27
Jan.
3.08
3.70
4.88
4.41
3.35
3.15
'
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3 64
2.90
3 09
3.71
4.89
4.43
3.30
3.10
Low 1940
3.52
2.80
2.97
3.56
4.70
4.30
3.22
3.03
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
3.83
3.01
3.20
3.95
5.16
4.65
3.50
3.34
4.39
3.26
3.65
4.37
6.29
5.63
4.00
3.55
.13
—
6
High 1940
108.27
98.28
81.09
87.93
104.30
106.64
Low 1939
103.02
115.35
100.88
82.40
89.55
109.24
112.45
Apr. 26, 1939—
93.53
114.09
106.36
93.85
69.27
76.53
100.00
108.27
Apr. 26, 1938—
Year Ago—
Years Ago—
They merely serve to Illustrate In a more
el or the average movement of actual price quotations,
3.06
3.05
119.47
yi >ld averages, the latter being the truer picture of the
3.10
2.85
3.04
2
111.24
3.28
2.85
112.45
2 Yrs.Ago
3.28
4.38
2.84
1
Apr.26'39 115.24
4.37
4.80
3.59
100.00
Yr. Ago
4.79
3.66
3.61
116 64
High 1940 117.18
3.65
3.59
116.64
116.03
3.03
3.04
3.60
116.43
13— 115.96
2.83
2.84
1
116.86
106.92
106.92
115.65
3.08
3.58
3.59
Feb. 23
117.29
2- 115.43
Jan. 27.. 116.54
-
8
117.60
9— 115.44
le
3.24
4.35
1
117.07
115.32
Apr.26'38
4.34
4.77
2
117.72
123.56
107.69
15- 116.74
1
4.76
3.60
3
117.50
106.92
123.56
21.. 116.36
Low
3.59
2.99
4
117.94
93.69
93.85
119.25
107.88
6..
3.06
3.59
2.99
2.83
Weekly—
Weekly—
20-
3.24
4.34
3.00
2.84
5
118.16
Feb. 23-
2.84
3.55
6
118.38
Mar.29..
3.55
3.04
9
118.38
5-
3.06
8
118.60
3— 117.18
3.04
3.23
10
119.03
4— 117.16
3.22
4.33
11
119.03
6— 117.17
4.32
4.74
3.55
12
118.60
117.16
4.72
3.59
13
118.38
9-
3.57
2.99
15
118.38
8-
2.99
2.83
4.76
Ind.
18
118.60
108.27
10..
2.83
h
3.22
16
118.60
116.54
13- 116.54
4.31
17
118.38
15-
4.72
A
Aa
Aaa
19
118.16
119.92
3.56
3.54
23—
118.38
108.27
16-
RR.
2.98
3.53
-
22
118.38
108.27
116.40
18-
Baa
~2.82
1
24
118.38
17.. 116.25
Corporate by Qt'.ups
3.52
Corp
Averages
25
108.85
25..
120 Domestic
by Ratings
tic
Apr. 26
Apr. 26 — 116.18
AVERAGES t
Closing Prices)
120 Domestic Corporate
120
Domes¬
118.81
123.79
20-
AU
.1940
He
BOND YIELD
(Based on Individual
Daily
Corporate by Groups*
by Ratings
Domes-
Bonds
MOODY'S
April 27, 1940
comprehensive way the relative levels and the relative movement oi
bond market.
t The latest complete list of bonds used in computing these Indexes was
published In the issue of Jan. 13, 1940, page 179.
The Business Metis Bookshelf
You Be the
Judge
By Ernest Mortenson.
Longmans.
I would say that
451
pages.
$3.75
in writing this book Mr. Mortenson, of
the New York Bar, found as much satisfaction as will the
reader in going through it.
In the author's first year at
Harvard, the collection of material on the library shelves
impressed him as a vast store of narratives of human conflict,
of facts repeatedly stranger than fiction, engrossingly inter¬
esting, yet shamelessly hidden from the public.
He decided
to extract, some day, some of the learning and entertain¬
ment in these million and a half of reported cases, and to
make them into a book in the hope that the reader would
gain therefrom at least a "spectral concept of legal method."
The result is a work, appearing many years later, which
one hesitates
to label: whether it is primarily instructive,
or chiefly entertaining is hard to say.
That it conveys an
abundance of knowledge without much effort for the reader
is an inescapable conclusion; that it does this with great
diversion is equally patent.
If you are a layman this book will add greatly to your
knowledge of law on property, or marital relations, or crime,
or
contracts, wills, insurance, &c.
You will understand
from it the underlying principles, and not be burdened with
complexities, or tedious matter which might have been in¬
cluded in the
book if it
were
intended for those about to
specialize in the subjects treated.
You will grow deeply interested in, let us say, assault and
battery—that well-known partnership of whom you often
have heard—because, now, you will see clearly where one
leaves off and the other begins.
Having edified you, the
author will draw cases from the shelves, in which "assault
and battery" appear in unusual guise, submit the facts to
you, and ask you to "Be The Judge," on the basis of what
you have just learned of the law.
By the time you have made your decision, you will anx¬
iously seek the correct answer in the rear of the book, and
perhaps be told that "A New York Court sustained the
conviction (one judge dissenting)."
Whereupon you will
feel elation in being with the
majority, or draw consolation
from the fact that a judge once decided as
you do.
This
is high diversion without distress.
Perhaps, in a case of domestic relations on which you
have decided, you feel miffed, when, turning to check
your
judgment, you read (page 436): "Surprise!
The judge, after
discussing all the legal rights involved when a husband beats
his wife and his wife's children, reversed the judgment of the
trial court and remanded the fine because of the error in the
which
had
called
Mary Gorman—'Martha
indictment
Gorman.'"
Or, again, you may feel humbled when looking up a reply,
read (page 437):. "This is not exactly a fair question
because you do not know that in the State in which the
question came up an attempt at suicide was a crime but
suicide itself was not.
The policy had to be paid."
Doubtless you will view the law with mixed feelings.
However, the author will share your sentiment, and admit
the inconsistency, or the lack of logic, or the personal
idiosyncrasy of the judge as a factor in a decision.
He is
not out to reform the law, nor is he an apologist; he is a dis¬
criminating pundit with a sense of humor.
And yet, occasionally, he does tell us that all is not as
it should be.
As when, speaking of lunacy cases (jpage
178), he says: "Judges charge the juries in phraseology
long outworn and for the most part meaningless.
Excep¬
tions carry the cases to the higher courts.
Cases are re¬
versed and new ones continue to appear but confusion
you
forever remains."
A close
view of judicial mentality is obtained from the
decisions quoted, covering a large variety of cases.
These are, of course, instructive, often a source of wonder¬
many
ment
or even
of "innocent merriment."
Some 60 pages
on the Problems of Proof, evidence and
cross-examination, in which actual testimony is presented,
are of
special interest, if only as a reminder that drama,
romance, scientific interest, sometimes appear in court in
fascinating form.
Since the reader,
layman, will conclude that
for the author's
opinion on this point.
He will receive sympathetic con¬
sideration (page 416):
"education of the public
to the importance of legal reform," says the author, "is
necessary for the improvement of conditions.
It is a job
for experts but behind them must be the force of public
The average practitioner is ineffective in his
opinion.
efforts at reform.
Generally he is too busy to do anything
constructive.
[He] is likely to find fellow lawyers also
busy.
To them habitual methods seem easier than a con¬
fusing change, no matter what the ultimate benefits might
being often
a
the law contains many defects, he will look
.
.
.
be."*
it should be clear that, in this reviewer's opinion,
a book which fulfills in splendid
fashion the ambition which he formed in his student days.
That he has made his tuition most pleasing and diverting is
By
now,
Mr. Mortenson has written
not
the least merit of his work.
To those
whose interest
would carry them beyond
the scope of this book a helpful
bibliography is presented.
And a sprinkling of drawings
by Alain, some of them highly clever and humorous, often
emphasize the value of the adjoining text.
All in all, a book
which without any reservation can be highly commended
because of its outstanding merit.
W. C. B.
*Ct. vol. 150, p. 1837, "Look at the Law," by
Perclval E. Jackson.
Volume
The Commercial & Financial Chronicle
ISO
This Unbalanced World
not
By Elmer
C.
220
Bratt.
book is
contribution to the study of the
a
valuable,
very
requiring
they
as
do
political
dash
of omniscience." And yet, in the
absence of any better panacea, "public works probably will
become the principal reliance for combating deep depres¬
$2.50
This
appear
"continence with
Harper.
pages.
2635
As to correctives of depression, public works programs do
economic
a
sions."
The author discusses many proposed remedies for depres¬
He does so with evident intention to be fair, and,
problems of the depression period, in which we have spent
work,
adequate production, or ample purchasing power will solve
the difficulty."
Special stress is laid on the need of pro¬
ducing more durable goods, of which there is a marked
sions.
shortage.
consideration.
10 years.
"The
The first solution advanced is that "enough
"estimates that
deficiency of durable goods at the end of
Brookings Institution,"
the accumulated
quoted,
as
1036 amounted to from $25 billion to
$30
billion."^ Mr. Bratt,
who is Associate Professor of Economics at Lehigh
Univer¬
generally, without suggesting any finality to the several
hypotheses submitted.
He presents them as matters for
debate, and for this purpose at least his book deserves fair
Occasionally he affirms as fact what is probably ques¬
tionable, as, for example, in the following passage :
"The
futility and waste represented by much of the public ex¬
penditure of the past few years is a sad spectacle.
sity, affirms that "we have come far short in recent years
is
of
But it
capital goods production
to
building the quantity of durable goods of which society is
capable and which it needs."
"We have been producing goods
labor
the
of
intact.
.
.
.
to which
extent
with capital made by the
This capital has not been kept fully
The building up of capital must exceed the
past.
is used up
it
if growth is to be provided
Mr.
that "the building of
Bratt believes
capital on credit
important maladjustments in prosperity.
.
.
.
It
to deflate credit without creating depressions,
sets up
difficult
must be
if credit is extended, it
and,
deflated sooner or
equipment
Cf.
Vol.
150,
p.
he,
might
too,
at least
;
' ;
Business
COMMERCIAL
EPITOME
ports from the major lines of business and industry were
Car loadings
generally favorable.
were
higher, the week's
gain showing up exceedingly well compared with last year's
The
for electric production,
The steel trade reports
a
better export business, with the future promising much
along these lines.
Latpst news from abroad would seem to
figures.
which
was
a
said
be
can
same
10% above
year ago.
indicate
a
long drawn out struggle between the warring
European Powers.
An item of interest was the recent address of the British Ambassador, Lord Lothian, in which
he stated that he expects British purchases here this year
will be approximately $400,000,000 higher than average annual imports by the United Kingdom from this country
last
the
over
five
years.
,
There is a
decided feeling
of
optimism concerning the outlook for business during the
coming months in spite of the great uncertainty attaching
to
the
domestic
political situation and the signs of labor
disturbance here and there.
One
the
of
the
,
outstanding developments
announcement
the
by
of the week was
Carnegie-Illinois Steel Corp.,
largest operating and price-making unit of
Steel
Corp.,
that
complete
restoration
of
United
cuts
States
would
be
made, to go into effect May 1 and extend through to Sept.
30, this, of course, applying on flat-rolled products which
slashed $4 a ton April 11 to meet competition.
Other
product prices were set for a like period.
The new
schedules, it further appeared, were a notch above those
prevailing before the April 11 break, or about 50c. a ton.
were
steel
An
immediate effect of
opinion of steel
volume of
May
old
1
men,
domestic
deadline.
prices,
the
the
was
Carnegie-Illinois move, in the
a large and even enormous
that
business may
It
was
be driven in to beat the
assumed
that the
return
to
the
slightly
higher basis, will be general.
The weekly "Iron Age' review estimates steel
production
at 62% at mid-week, or 2 points above the level announced
by the American Iron and Steel Institute on Monday.
It
is also pointed out that scrap markets are apparently forecasting an improvement in steel demand, the No. 1 heavy
melting grade having been advanced 50c. a ton at Cleveland
and Youngstown, and 25c. a ton at Buffalo and St. Louis,
Chicago reports at 12%c. mark-up.
It is reported that the
or
shipbuilding industry here is experiencing a war boom.
In
addition to the already large number of ships
previously
contracted for, a number of new orders have been
placed.,
Export tonnage continues to be a substantial factor in current mill
operations, the "Iron Age" states.
produced 2,421,576,000 kwh. for the week ended April 20.
an increase of 10.1% over the
2,199,002,000 kwh. produced
a
year ago, Edison Electric Institute reported this week.
The total was slightly above that of the previous week.
Output for the period ended April 13 amounted to 2,417,994,000 kwh., an increase of 11.4% over the corresponding
;
Car loadings of revenue freight for the week ended
April
20 totaled 628,342 cars, according to
reports filed
by the
railroads with
made
the
public today.
Association
This
the
preceding week this
sponding week in 1939,
of
was an
American
Railroads
increase of 9,532
year,
70,475
and
104,594
more
cars
readily
more
cars
than the
over
the
and
from
corresame
as
credible
■
.
what
to
durable
had
he
supplied
W. C. B.
■
Activity
period two years ago.
This total was 98.01% of average
loadings for the corresponding week of the 10 preceding
years,
Private engineering construction awards for the week
top the corresponding 1939 week by 25%, and are 1% above
a
week ago, as reported by "Engineering News-Record."
This is the fourth successive week that private awards have
exceeded their respective 1939 values.
The week's total,
$51,753,000, is 7% above the volume for a year ago as a
result of the private gain, but is 3% below the preceding
Public construction is 1% lower than last year and
week.
5% under last week.
The 1940 construction volume, $854,557,000, is 18% below the level for the 17-week period last
year.
Private construction, however, is 12% higher than
in the period last year.
Bank clearings in the 22 leading cities of the United
States totaled $5,267,419,000 in the week ended April 24,
compared with $4,826,239,000 for the like 1939 week, an
increase of 9.1%, Dun & Bradstreet, Inc., report.
Clearings
at New York City aggregated $3,094,041,000 for the week,
against $2,902,640,000 a year ago, an increase of 6.6%.
The
total
for
the
21
outside
centers
$2,173,378,000
was
against $1,923,599,000, or 13% higher.
Boston was the
only city included in the compilation to report clearings
lower than a year ago.
Principal increases were:
Atlanta,
39.4%; Minneapolis, 29.7%; Baltimore, 24.8%; New Orleans, 24.2%; Cleveland, 23.5%; Dallas, 20.2%; Chicago,
17.6%, and Detroit, 16.9%.
The Agriculture Department reported that farmers' cash
income for the first quarter of 1940 was 12% higher than
a year ago, a total of $1,987,000,000, compared with $1,773,-
000,000.
Farm marketing income of $1,696,000,000 was 7%
higher than the $1,581,000,000 received in the first quarter
of 1939.
Government benefit payments totaled $291,000,000
in the first three months of 1940, compared with $192,000,000 from January to March last year.
Ward's Automotive Reports estimated today that the
automobile
industry's
assembly
plants
would
produce
101,405 cars and trucks this week.
Assemblies last week
were 2.2% lower, the survey said, attributing the decline
in part to the approach of the month-end "and the attendant
need
of
adjusting schedules
to
meet
a
year
projections
month."
Output
vehicles.
Reports from Detroit state the trend
demand for
new
this
week
and used motor
cars
ago
totaled
still is
for
the
86,640
of consumer
upward,
American munitions sales to Norway went on a cash-andbasis today as presidential proclamations extended
operations of the Neutrality Act to that embattled country,
carry
The general effect of the
The electric light and power industry in the United States
1939 week.
be
* '
Indications of Business
Friday Night, April 26, 1940.
activity held steady during the past week.
He-
flimsy evidence
statistical evidence in support of his weightier
Nowhere is it noticeable that such testimony
some
_
TRADE
such
considered necessary.
1667: "Capitalism the Creator," by Carl Snyder.
THE^STATEIOF
of
be used for the benefit of society."
(p. 215.)
Those who may not follow Mr. Bratt might suggest that
was
*
failure
can
enunciations.
later."
the
get well under way, and thus to prevent the need for
large public expenditure in replacing the hiatus left by the
default of private industry."
(p. 162.)
Finally the author tells us that "the provision for reason¬
able security has broken down because we do not make
durable goods at a fairly regular rate.
We fail to do this
because there is
for." *
is
than
sadder
no
war upon
trade
was
revealed in
a
report from the
Department of Commerce, showing an increase of exports over last year of more than 50%.
The
Neutrality Act proclamation had the effect of canceling
the $10,000,000 credit recently granted to Norway by the
Export-Import Bank. During the first quarter of 1940, the
report said, exports have exceeded imports by $410,349,000.
or almost half of thd favorable trade balance of $859,000,000 recorded for all of 1939.
Retail trade was irregular this week, due to a laggard
spring, said Dun & Bradstreet, Inc., in its weekly review,
"Retarded demand at retail," said the credit
agency, "was
reflected in the slow pace of wholesale ordering."
Replenishment needs were considered below those of a year
ago.
Calls for
summer
merchandise
were
said
to
be
numerous^
The Commercial & Financial Chronicle
2636
but of
brighter.
The flow of new business was said
to be better than in March and ^omewhat higher in volume
in a number of lines.
All but one of the leading indexes
was
industrial
of
an advance this week.
For
gain of 4 %to 7% over last year's
estimated for the week.
New England was
activity showed
the country as a
retail trade was
whole
a gain of 3% to 5%, East 2% to 8%, South 6%
10%, Soutwest 5% to 8%, Middle West 2% to 7%, North¬
west 2% to 4%, Pacific Coast 1% to 4%.
In the eastern half of the country during the past week
the weather was characterized by abnormally low tempera¬
to
rather generally and frequent substantial to heavy
precipitation over large areas. In the western half mostly
fair weather, with above normal temperatures, prevailed.
The weekly mean temperaturs in the interior valleys and
Northeast were mostly from 4 degrees to 6 degrees below
normal, while the deficiencies were only slightly smaller
in the South from eastern Texas eastward.
While tempera¬
tures
were
Moody's Daily Commodity Index closed at 163.3 up 0.2
points on the week.
Silk, hides, hogs, steel and cotton
showed slight gains. Declines were made by cocoa, rubber,
wheat, corn, copper, wool and sugar.
The movement of the index has been
a
estimated at
tures
Moody's Commodity Index Advances Fractionally
On the industrial front the picture
small volume.
drawn
persistently low for the season in much of the
minimum readings were not markedly so.
In the
interior and eastern portions of the country frequent rains
East,
and
persistently low temperatures were decidedly unfavor¬
able for agricultural operations, while heavy rains flooded
much low land in the Ohio Valley.
In fact, field opera¬
tions
were largely at a standstill east of the Mississippi
River, except in some Southeastern areas. In most Eastern
sections both vegetation and farm work are two to three
In the Lake region and rather generally from
the Plains States westward the weather was mostly favor¬
weeks late.
able,and field operations advanced satisfactorily.
Late
reports from the freeze of last week emphasize the damage
done to early fruit and tender vegetables throughout the
Southeastern portion of the country.
In the New York
City area during the early part of the week the weather
considerably unsettled, .but
fine spring-like conditions.
was
the
latter
half
enjoyed
April
April
April
Tues.
April
Wed.
April
Tburs. April
Fri.
April
19
20
22
23
24
25
26--
Revenue
Partial cloudiness characterized the weather today. Tem¬
peratures were-moderate and ranged from 43 degrees to 57
degrees.
No change of importance is expected tonight or
on Saturday.
The forecast for Sunday is for warmer and
probably fair weather. Lowest temperature reading tonight
for the city is placed at about 42 degrees, and for the
suburbs at 35 degrees.
Overnight at Boston it was 39 to 55 degrees; Baltimore,
41 to 63; Pittsburgh, 34 to 55; Portland, Me., 33 to 51;
Chicago, 39 to 43; Cincinnati," 44 to 64; Cleveland, 33 to 52;
Detroit, 35 to 51; Milwaukee, 36 to 43; Charleston, 56 to
61; Savannah, 55 to 62; Dallas, 58 to 78; Kansas City,
Mo., 47 to 70; Springfield, 111., 40 to 63; Oklahoma City, 61
to 76; Salt Lake City, 51 to 69, and Seattle, 48 to 55.
Sat.
Mon.
Loading of
According to
National
was
April 15.
This was an increase of 70,475
12.6% above the corresponding week in 1939 and an
increase of 104,594 cars or 20.0% above the same week in
1938.
Loading of revenue freight for the week of April 20
was an increase of 9,532 cars or 1.5% above the preceding
The Association further
week.
level of the index is
the highest reached since last Janu¬
The Association's announcement, dated April 22, con¬
tinued;
Advancing quotations for grains and livestock
largely responsible
for last week's rise in the
all-commodity index.
The average for all farm
products was at the highest point reached since the first week of the
year, while the grain price index was higher than at any time since the
fall of 1937.
Although price changes were numerous in the food group
during the week, with 13 items included in the group advancing in price
and
10 declining, the net result was to leave the
Higher prices for paper .hoard, hides, and rubber
were
group
were
above the preceding week, and an increase of
cars
lower steel
quotations.
The
textile
index
turned
down¬
ward
during the week following an upturn in the preceding week.
Thirty-five price series included in the index advanced during the week
22 declined; in the
preceding week there were 43 advances and 11
declines; in the second preceding Week there were,18 advances and 29
and
declines.
Loading of merchandise less than carload lot freight totaled 148,150 cars,
below
cars
Coal
the
loading amounted to 113,493
2,967
cars
products
grain
Latest
Precede g
Month
Week
Ago
Ago
25.
1940
loading for the week of April 20, totaled 22,001
grain products
increase of 2,468 cars above the
72.8
Live
stock loading
amounted to
above the preceding week,
sponding week in
1939.
but
Forest
7.1
6.1
1939
preceding week, and
week in 1939.
the corre¬
an
increase of 2,351
cars
.
„
above the corresponding
,
preceding week, and
an
..
,
above the
increase of 1,815 cars above the corresponding
week in 1939.
All districts
reported increases compared with the corresponding week
1939 except the Central West and Southwest and all districts reported
compared with the corresponding week in 1938.
1940
1939
2,555,415
2,288,730
2,256,717
2,486,863
3,122,556
602,697
2,155,536
2,746,428
522,049
618,810
628,342
2,282,866
2,976,655
534,952
547,179
557,867
10,014,683
9,188,249
8,742,063
....
Five weeks of March...
Week of April
0
Week of April 13.--.
Week of
.....
............
April 20..
Total
1938
537,585
523,748
The first 18
major railroads to report for the week ended
April 20, 1940 loaded a total of 298,909 cars of revenue
freight on their own lines, compared with 293,455 cars in
the
cars in the seven
A comparative table follows;
preceding week and 245,951
April 22, 1939.
REVENUE FREIGHT
LOADED
days ended
AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded
on
Own Lines
Weeks Ended—
Received from Connections
Weeks Ended—
Apr. 20 Apr. 13 Apr. 22 Apr. 20 Apr. 13 Apr. 22
1940
1940
1939
1939
1940
1940
6.536
14,593
17,679
28,715
22,543
13,804
13,965
2,857
18,010
12,658
3,399
1,624
1,542
2,015
-
3,760
.
38,045
3,489
11,812
37,350
4,898
4,876
3,732
12,042
33,368
4,688
Baltimore & Ohio RR
Chesapeake A Ohio Ry
Chicago Burlington A Quincy RR.
Chicago Mllw. St. Paul A Pac.Ry.
Chicago & North Western Ry
Gulf Coast Lines...
18,875
20,677
6,582
15,019
18,406
28,435
22,474
13,655
18,316
14,136
3,213
Atchispn Topeka & Santa Fe Ry.
......
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
11,989
17,982
18,674
17,690
6,156
56.330
55,148
6,171
47,385
4,850
3,857
27,576
5,062
6,078
........
5,579
5,548
28,144
5,153
27,330
4,954
9,941
7,558
0,880
9,126
1,225
2,488
2,722
9,294
36,817
9,305
4,381
39,011
5,597
4,285
8,539
7,914
5,440
13,667
6,558
12,074
9,984
5,685
7,232
6,930
6,926
6,677
9,036
1,264
2,286
9,135
1,477
2,707
2,639
2,670
8,167
35,618
9,057
4,215
36,660
7,819
26,674
7,564
3,874
30,701
5,340
4,824
8,323
7,983
3,892
1,649
8,399
7,417
298,909 293,455 245,951 185,212 178,596 151,867
TotaL
LOADINGS
69.7
64.5
63.9
62.1
58.4
58.3
57.9
75.2
72.9
54.3
62.8
60.9
60.5
67.4
84.2
84.1
75.2
88.6
87.8
87.3
77.9
Illinois Central System.
70.9
71.6
72.2
61.2
St. Louis-San Francisco Ry
"
90.5
91.7
91.6
89.1
86.2
86.2
86.7
84.8
CONNECTIONS
47.5
78:o
FROM
RECEIPTS
62.8
66.1
AND
49.5
1.3
94.5
94.5
94.3
0.3
Fertilizer materials..
72.7
72 A
0.3
72.9
71.3
Fertilizers...
78.1
78 A
0.3
78.4
Farm
77.3
95.0
94.9
94.9
94.8
77.7
77.3
70.4
72.3
increase of 922 cars
an
.
70.3
....
machinery........!!
All groups combined
cars,
Coke loading amounted to 7,525 cars, an Increase of 199 cars
50.7
Building materials...——
Chemicals and drugs.......
100.0
cars
below the corre¬
Ore loading amounted tp 15,164 cars, an increase of 2,669 cars above the
64.0
commodities!
...
increase of 158
cars
but a decrease of 1,991 cars below the corre¬
products loading totaled 32,096
51.6
Fuels.
Textiles
Metals
an
sponding week in 1939.
65.4
products—.........
Cotton.................
Grains.....
Livestock....
Miscellaneous
72.8
cars,
above the preceding week, and an increase of 3,646 cars above
Q7.5
Farm
10.8
11,304
decrease of 2,005
a
sponding week in 1939.
Wabash Ry...................
23 April 22
1940
cars, an
increase of 3,608
In the Western districts alone, loading of live
above the preceding week,
53.6
...
........
8.2
13 Mar.
an
stock for the week of April 20, totaled 8,558 cars, an increase of 772 cars
84.2
Cottonseed oil
17.3
preceding week, and
above the corresponding week in 1939.
TOTAL
Foods
Fats and oils..........;
23.0
1940
increase of
In the Western Districts alone,-grain and
the corresponding week in 1939.
Southern Pacific Lines.
Year
Week
April 20 April
above the corresponding
above the preceding week, and an increase of 3,411 cars above
Pere Marquette Ry
Each Group
Group
increase of 372 cars above
cars
loading totaled 34,163 cars, an
Pittsburgh & Lake Erie RR
Total Index
an
—
Pennsylvania RR
Percent
Bean to the
cars,
preceding Week, and art increase of 46,595
week in 1939.
Grain and
of 3,885
week in 1939.
the corresponding
Chicago <fc St. Louis Ry....
Nerfolk & Western Ry
(1926-1928=100)
2,39®
of
above the
decrease of 151 cars below the preceding week, and a decrease
a
N. Y.
WEEKLY WHOLESALE COMMODITY PRICE
INDEX
cars
week in 1939.
New York Central Lines
Compiled by the National Fertilizer Association.
18,547
preceding week, and an increase of 18,547 cars above the corresponding
index unchanged.
responsible for an
upturn in the index representing the prices of miscellaneous commodities.
Fractional Increases also occurred in the farm
machinery and fertilizer
material indexes.
The metal price
average dropped to a new low for the
reflecting
reported;
Miscellaneous freight loading totaled 266,447 cars, an increase
Four weeks of February
another increase in the general level of whole¬
commodity prices last week, according to the price
index compiled by the National Fertilizer Association. This
index in the week ended April 20 was 77.7, compared with
77.3 in the preceding week, 76.4 a month ago, and 72.3 a
year ago, based on the 1926-28 average as 100.
The present
year,
freight for the week ended April 20
Four weeks of January
sale
ary.
revenue
Ended
on
Fer¬
tilizer Association
There
—
cars or
Wholesale Commodity Prices Further Advanced During
Week Ended April 20, Reaching Highest Point
January,
—
totaled 628,342 cars, the Association of American Railroads
in
Last
—
Car Loadings During Week
April 20 Total 628,342 Cars
announced
increases
Since
follows;
as
159.4
163.1 Two weeks ago, April 12.
162.8 Month ago, March 26--—
-156.1
163.0 Year ago, April 26---139.3
172.8
163.5 1939 High-—Sept. 22
Low—Aug. 15-.-138.4
163.9
—169.4
163.5 1940 High—Jan. 2-—
Low—April 6
154.8
163.3
Freight
Fri.
cars
,
April 27, 1940
(Number of Cars)
Weeks Ended—
Apr. 20, 1940
Chicago Rock Island A Pacific Ry .
Total
Apr. 13,1940
Apr. 22, 1939
22,111
28,196
12,010
21,911
22,148
28,537
28,759
62,317
-
12,032
11,780
62,840
62,687
91.9
1
In the following we
undertake to show also the loadings
ended April 13,
increases when
compared with the same week last year.
for separate roads and systems for the week
1940.
During this period 83 roads showed
Volume
The Commercial & Financial Chronicle
150
REVENUE
FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1940
1939
Ann Arbor..
Bangor A Aroostook
601
538
1,150
1,631
6,414
1,455
222
189
9,866
1,961
9,859
1,791
26
40
52
Chicago Indianapolis A Loulsv.
Central Indiana
1,140
2,074
7,526
1,646
23
15
Central Vermont
1,285
4,4o3
8,482
10,141
T__
Delaware A Hudson
Delaware Lackawanna A West.
971
575
.
1,904
6,619
...
Southern District—{Concl.)
Mobile A Ohio
from Connections
1939
1940
13
Total Loads Received
Freight Loaded
1939
1940
1938
Total Revenue
Railroads
Eastern District-
Boston A Maine
2637
(NUMBER OF CARS)—WEEK ENDED APRIL
1938
1939
1940
Nashville Chattanooga A St. L_
1,740
3,161
2,846
Norfolk Southern
1,253
1,384
1.665
2.666
1,356
Piedmont Northern
395
424
347
1,264
904
319
354
322
4,485
9,410
...
...
...
1,945
2,114
2,620
2,052
2,647
877
965
1,184
1,914
1,783
4,697
9,538
1,212
5,521
Richmond Fred. A Potomac
Seaboard Air Line
7,044
6,553
5,901
9,411
21,250
18,918
9,230
17,944
4,708
14,721
4,442
3,806
12,096
Tennessee Central..
399
385
356
654
689
Winston-Salem Southbound...
135
134
153
748
613
100,329
89,753
88,275
68,219
59,187
12,903
2,367
17,679
3,228
12,262
2,352
16,340
9,007
2,642
2,926
9,036
2,562
6,930
3,241
744
581
124
6,800
Southern System
.....
242
265
315
92
118
2,504
2,286
1,480
1,480
994
314
271
170
2,938
1,927
10,696
4,728
11,778
4,293
10,968
3,627
10,855
7,383
9,099
259
286
256
1,394
2,385
1,814
Chicago A North Western
13,965
9,244
6,042
Chicago Great Western
2,475
2,223
2,812
2,988
190
2,784
190
170
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
2,484
17,982
Monongahela
7,007
2,300
4,837
1,814
7,038
1,722
1,137
6,224
Montour
1,458
95
38
29
37,350
8,758
1,075
33,090
1,290
30,524
35,617
25,458
Duluth South Shore A Atlantic.
10,854
9,088
11,284
Elgin Joliet A Eastern
1,492
4,876
4,702
1,348
3,988
1,714
9,057
11,752
1,859
392
430
5,654
3,853
~~3~, 198
1,445
4,718
6,171
5.C55
4,635
5,340
7,994
1,444
1,711
4,174
Pittsburgh A Shawmut
Pittsburgh Shawmut A NorthPittsburgh A West Virginia
760
93
277
81
39
389
175
277
251
109
909
237
738
1,382
1,317
Rutland
609
546
530
887
915
Wabash
4,954
3,294
5,044
2,284
4,695
2,386
7,983
2,935
7,367
2,310
135,447
130,133
118,132
146,562
124,040
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western...
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
Maine Central
New York Central Lines
N. Y. N. H. A Hartford
...
New York Ontario A Western.
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
Pere Marquette
-
Wheeling A Lake Erie...
...
Total.
5,817
1,494
Northwestern District—
3,191
1,001
Duluth Mlssabe A I. R
513
28,715
373
668
573
20,989
12,242
972
23,062
1,263
13,667
2,243
Bessemer A Lake Erie
424
1,268
868
325
283
318
3
4
375
340
436
321
6,659
4,378
5,349
4,337
494
475
423
200
211
9,286
8,920
7,456
2,724
2,861
497
...
531
477
609
Green Bay A Western
Lake Superior A Ishpemlng
Minn. St. Paul A S. S. M
Northern Pacific
Spokane International
160
294
56
68
1,675
4,473
9,208
...
1,537
1,509
4,313
7,792
1,824
2,030
1,545
127
277
307
1,644
1,405
1,250
73,265
70,343
63,214
40,115
38,994
17,679
2,521
19,558
18,371
2,549
5,440
1,890
6,733
2,602
559
337
373
109
66
13,804
1,932
10,312
"13,721
7,232
6,665
1,780
12,411
1,338
610
626
10,056
2,493
10,799
2,116
688
752
702
7,706
2,331
1,337
8,499
2,486
1,964
1,734
1,838
2,750
347
337
350
7
870
966
1,086
836
972
1,617
1,878
1,612
1,314
1,194
341
330
Bingham A Garfield
Chicago Burlington A Qulncy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
969
10
2
11,166
9,522
Cornwall
627
473
418
45
32
Denver A Rio Grande Western
Cumberland A Pennsylvania..
211
39
164
37
32
Denver A Salt Lake
94
19
76
29
20
Fort Worth A Denver City
536
650
611
2,790
2,614
1,324
29,637
12,229
1,314
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
1,038
Unioa (Pittsburgh)
Western Maryland
921
1,488
46,284
12,976
47,461
11,253
36,660
16,178
10,283
1,686
1,098
55,148
12,555
13,850
3,178
5,434
2,875
1,974
6,391
4,251
Colorado A
Southern
»
Illinois Terminal
Missouri-Illinois
Nevada
126,405
102,832
92,375
101,105
74,663
22,543
Norfolk A Western
17,690
3,679
Virginian
6,813
5,826
14,551
3,732
710
5,901
3,749
1,153
9,984
4,215
1,237
16,136
1,220
2,429
•
37
872
387
1,767
1,338
127
104
678
646
420
388
372
8
21
38
0
0
22,891
21,569
19,281
4,683
295
277
350
1,164
4,341
1,249
6,999
Peoria A Pekln Union
Southern Pacific
(Pacific)
Union Pacific System.
13,109
13,468
227
Western Pacific
Chesapeake A Ohio
2,190
768
Utah
Pocahontas District—
1,883
1,955
Northern
North Western Pacific
Toledo Peoria A Western
Total.
3,312
107
1,807
Central Western District—
5,921
........
8,397
2,222
3,513
81
Total.
2
Llgonler Valley
Long Island
4,454
1,634
...
Spokane Portland A Seattle...
6,679
of.New Jersey...
556
365
Minneapolis A St. Louis
1,330
.....
176
454
Ft. Dodge Dea Moines A South.
Great Northern
5,982
Central RR.
6,928
3,050
6,475
Atch. Top. A Santa Fe System
Alton
i
Alleghany District—
Akron Canton A Youngs town.
Baltimore A Ohio
Buffalo Creek A Gauley
Cambria A Indiana
Total.
Total.
11,740
-
196
-
7,186
96,269
191
*5
4
1,530
1,278
2,014
1,894
96,560
1,559
88,568
47,470
46,806
Southwestern District—
Total.
13,349
43,912
34,419
15,436
10,803
140
115
174
"2",857
"3" 166
3,437
1,542
1,903
1,916
Burllngton-Rock Island
Fort Smith A Western.*
Southern District—
Alabama Tennessee A Northern
250
217
235
217
168
International-Great Northern.
Atl. A W. P.—W. RR. of Ala.
761
747
711
1,403
1,235
Kansas Oklahoma A Gulf....
Atlanta Birmingham A Coast.
Atlantic Coast Line
598
579
562
924
805
10,069
10,261
3,898
9,794
3,541
4,910
3,188
Central of Georgia
Charleston A Western Carolina
3,865
399
439
350
1,342
Olnchfleld
1,239
1,056
1,092
2,321
4,289
2,646
1,061
1,355
Columbus A
192
231
1,264
2,286
1.324
125
Gulf Coast Lines
2.325
246
299
192
626
889
1,786
1,487
1,800
1,547
1,660
1,257
1,611
Louisiana A Arkansas
1,950
1,816
Litchfield A Madison
374
337
191
747
701
Midland Valley
484
463
396
228
438
Missouri A Arkansas
139
152
125
289
235
3,489
11,832
3,832
11,634
3,670
2,570
11,548
8,167
2,787
7,660
70
86
92
126
106
4,405
2,281
4,077
Kansas City Southern
1,307
249
294
333
Missouri-Kansas-Texas Lines.
160
134
163
386
527
Missouri Pacific
1,339
1,281
2,138
777
734
Quanah Acme A Pacific
St. Louis-San Francisco
6,293
6,018
6,048
Louis Southwestern
2,133
2,127
6,120
3,559
6,626
3,948
2,271
6,431
3,623
3,424
2,229
3,103
3,387
131
191
172
70
60
8
39
17
27
67
44,209
43,872
32,371
32,607
Greenville
361
344
Durham A Southern
Florida East Coast
GainsvHle Midland
36
Georgia
34
Georgia A Florida
33
136
99
865
848
1,619
1,394
,
1,029
297
265
287
534
1,685
18,998
20,943
1,574
1,518
18,662
13,329
16,696
15,770
1,268
10,281
5,478
1,022
€.290
4,903
Macon Dublin A Savannah
126
115
125
618
128
136
124
244
300
Texas A New Orleans
629
Mississippi Central
St.
....
Gulf Mobile A Northern.......
Illinois Central System.....
Louisville A Nashville
Note—Previous vear's figures revised.
* Previous figures.
*
471
Commodity Prices Again Advanced During
"Annalist"
Commodity
"Annalist"
prices
index
advanced
again
81.9
closing at
last
week
with
the
April 20, the highest
since the final week in January and a gain of 0.3 of a point
as compared with the preceding period.
The "Annalist" on
April 22 also reported:
for
was
the year.
Livestock
Textiles
tin, rubber and
prices
were
on
strong, rising to the highest level since 1937.
suit
was
were
gains and silk suffering
as
Wetherford M. W. A N. W...
Total
43,183
cocoa
a
in
WEEKLY
with
Corn and oats
hogs reaching
a
new
high
irregular, with cotton and wool showing small
sharp decline.
Certain speculative items, such
were
strong.
unexpectedly cut $4
"ANNALIST"
demand,
a
A weak spot
was
steel sheets, where
ton.
-
INDEX OF WHOLESALE
miscellaneous commodities
metal products.
The raw materials group index advanced 1.3
Food products
71.4
71.3
for the increase.
during the week.
nonagricultural commodities advanced slightly according to the index
for
"all commodities
index for "all commodities other than farm
products and foods," registered a minor decline.
The announcement of the Labor
68.2
were
corn,
oranges,
Metals
95.6
97.9
96.5
Building materials
72.9
72.4
70.6
Chemicals
86.7
Miscellaneous
81.6
85.6
68.4
81.6
77.7
Quotations were higher for barley,
oats, rye, wheat, cattle, hogs, sheep, poultry, cotton, eggs, lemons,
60.1
82.0
86.7
Prices were lower for apples, hay, hops, milk
peanuts and onions.
(Chicago), flaxseed, beans, potatoes and wool.
Average wholesale prices
reached this year.
and cereal
for
cheese
fresh
and
of foods advanced 1.6%
Commodity Prices Advanced 0.6% During
April 20 According to Bureau of
Labor
Statistics'
Index
products contributed largely to the advance.
(New York), flour,
cured
pork,
veal,
corn
Further advances in market
prices for farm products and
sale
commodity prices to rise 0.6% during the week ended
April 20, Commissioner Lubin reported on April 25. "The
increase brought the all-commodity index to the highest point
reached in the past eight weeks, 78.5% of the 1926 average,"
Mr. Lubin said.
The Commissioner added:
Prices were higher
dried apricots,
meal,
dressed
poultry,
Prices
glucose,
were
beef, mutton,
lard,
raw
sugar,
lower for butter, most
dried fruits, and pepper.
Advancing prices
for hides, skins, and
leather products group index up
foods caused the Bureau of Labor Statistics' index of whole¬
to the highest point
Sharp increases in prices for meats, fruits and vegetables,
edible tallow, and most vegetable oils.
Ended
high point
Marked advances in prices for grains and livestock and poultry
mainly responsible for the increase.
68.1
80.8
Department also had the
say:
The farm products group index rose 2.4% to.equal the year's
73.5
86.6
Week
Industrial commodity
than farm products."
other
prices, as measured by the
66.9
Wholesale
Average wholesale prices
for
86.2
81.9
% to the highest point since
The indexes for semimanufactured commodities and man¬
ufactured products rose 0.4%
Fuels
All commodities....,
and metals and
hemp, crude rubber, copra, cocoa beans and scrap steel largely accounted
Textile products
•
Minor decreases were
Rising prices for agricultural commodities, hides, skins,
February.
late
of Jan. 6.
78.4
also advanced.
The building materials and housefurnishing goods groups
remain unchanged at last week's level.
COMMODITY PRICES
April 20, 1940 Avril 13, 1940 Avril 22, 1939
80.4
groups
recorded for textile products, fuel and lighting materials,
following to
.
approximately 2H% for farm products and
1)4% for foods, the hides and leather products, chemicals and drugs, and
(1926=100)
Farm products_
2,752
Discontinued Janr 24.1939
Week Ended April 20, According to
Wheat
Wichita Falls A Southern
In addition to increases of
Wholesale
followed
Texas A Pacific
0.4%.
leather
brought the hides and
Prices for leather manufactures
such as shoes, gloves, harness, and luggage were steady.
The textile products group index fell
to the lowest level reached since
mid-September because of weakening prices for cotton yarns, tire fabric,
hosiery, raw silk and silk yarns.
burlap.
Prices were higher for manila hemp and
Lower prices for anthracite coal caused the decline in the fuel and
lighting materials group index.
Marked declines in prices for steel sheets and strips were responsible for
the
fractional
decrease
in
the metals
and
metal
products
group
index.
The Commercial & Financial Chronicle
2638
and nonferrous metals such as pig lead, pig tin, quick¬
Prices for scrap steel
silver, lead pipe, and solder
building
materials
group
for
prices
Lower
average.
following tables show (1) index numbers for the main groups of com¬
The
and the percentage
Feb.
10
2,522,514
Feb.
17—1-
2,475,574
24..
2,455,285
2,479,036
2,463,999
2,460,317
2,424,350
2,422,287
2,381,456
Mar.
2
Mar.
9
Mar. 16
Mar. 23
Mar. 30
6
Apr.
Apr. 13
Apr. 20
April 20, 1940.
2,417.994
#*>
2,421,576
Apr. 27
13,
20,
1940
1940
1940
Percentage Changes to
Apr. April 20, 1940 from,—
Apr. Mar.
6.
23,
Apr.
Apr.
Commodity Groups
1940
78.5
77.6
78.0
Apr. 13 Mar. 23 Apr. 22
1939
77.9
1940
+0.6
76.0
+0.8
+3.3
69.6
68.0
67.0
67.5
63.9
69.7
69.9
68.7
+2.4
+ 1.6
+3.1
70.8
+2.9
+ 4.7
91.3
+0.4
+0.4
+ 12.3
...
+ 8.9
66.7
—0.4
—1.5
+ 7.3
Fuel and lighting materials.
72.4
72.6
72.5
72.6
73.7
—0.3
—0.3
—1.8
Metals and metal products.
95.3
95.4
95.4
95.4
94.1
—0.1
—0.1
+ 1.3
_
1,587,817
1,726,161
2,211,818
1,545,459
1,718.304
+ 10.3
2,207,285
2,199,976
1,512,158
1,699,250
1,519,679
1,706,719
2,212,897
2,211,052
1,538,452
1,537,747
1,514,553
1,702,570
1,687,229
1,683,262
1,679,589
+ 10.5
+ 10.6
+ 9.6
2,200,143
2,146,959
+ 9.6
2,176,368
+11.4
2,173,223
+ 10.1
2,188,124
+ 10.3
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
2,193,779
2,176,363
1,429,032
1,663,291
1,696,543
1,709,331
1,699,822
1,688.434
According to Horwath
March Sales Increased 4% Over
Ago
Horwath & Horwath, in their monthly survey of the
71.9
Farm products
Year
1939
2,199,860
+ 10.1
Hotels,
in
Business
of
& Horwath—Total
Hides and leather products. 102.5 102.1 101.6 102.1
71.9
71.9
72.7
Textile products
71.6
Foods
...
Trend
22,
1940
All commodities
4
May
(1926=100)
2,201,057
+ 11.2
+ 10.1
1,588,853
1,728.203
+ 11.1
2,287,248
2,268,387
2,248,767
2,225,690
2,244,014
2,237,935
2,225,486
2,198,681
2,209,971
2,173,510
2,170,671
2,199,002
2,182,727
2,163,538
2,541,358
3..
Feb.
three weeks, for March 23, 1940, and April 22, 1939,
(2) important percentage changes in subgroup indexes from April 13
and
1939
changes from a week ago, a month ago, and a year ago;
modities for the past
to
crude rubber rose 2% and paper
Cattle feed prices declined 0.3% during the week.
1929
1932
from
Feb,
level.
1937
1940
1939
1940
Week Ended
pine flooring,
In the miscellaneous commodities group
0.3%.
Change
index remained at 92.8%
yellow
It remained unchanged at last week's
and pulp advanced
1940
KILOWATT-HOURS)
OF
advanced.
of the 1926
chinawood oil, rosin,
shellac and turpentine were counterbalanced by higher prices for yellow
pine lath and timbers and carbon black.
Advancing prices for fats, oils
and tankage brought the chemicals and drugs group index up 0.7%.
Higher
prices for cutlery did not affect the house-furnishing goods group index.
The
April 27,
(THOUSANDS
WEEKS
RECENT
FOR
DATA
Building materials
92.8
92.8
93.2
93.3
89.8
0
-—0.5
+3.3
Chemicals and drugs
77.4
76.9
76.9
77.3
75.8
+0.7
+0.1
89.7
89.7
89.4
89.5
86.5
0
+0.2
76.6
corresponding month of last
The increase for the month was-the same as that for
the first quarter—4%.
The occupancy was up 1 point over
last March and the average rate was up 1%.
The firm's
year.
announcement
+3.7
Miscellaneous
trend
that hotel business in March
state
continued slightly ahead of the
+ 2.1
Housefurnlshlng goods.....
of business in hotels,
All groups were
continued:
ahead of last year except Cleveland, which city lacked the
it
Washington had an unusually
76.6
76.5
74.2
+0.3
+0.4
+3.5
convention
72.9
72.0
71.1
71.5
68.3
+ 1.3
+2.0
+ 6.7
79.5
79.2
79.1
79.4
74.4
+0.4
+0.1
+ 6.9
good month with a 14% increase in business, and Texas showed signs of a
revival with a 6% increase in total sales, only the second in two years and
commodities.
Manufactured products....
commodities other than
81.6
£1.2
80.9
81.2
80.4
+0.4
+0.4
80.5
80.3
80.0
80.2
78.7
+0.2
+0.4
+ 2.3
82.6
82.7
82.7
82.9
80.7
—0.1
—0.4
*—2.4
+ 1.4
All
All
~Y'
t
farm products
commodities other than
farm products and foods.
APRIL
13
TO
APRIL
Increases
1.2
l.i
Other foods
Cereal products
.
_,
Paper and pulp
1.2
-
Other farm products
1.6
.
„
Leather..
2.0
i
a
and there was a country-wide increase of 6% in the former
compared with one of only 2% in the latter.
For the first quarter also the
makes the better showing, of the two divisions of restaurant
Furnishings
sales, beverages recorded a larger gain over a year ago
The average occupancy
average
Nonferrous metals
0.1
that for the first quarter and one
Paint and paint
0.1
0.1
1939, recorded a rise of two points over
materials
....
The increase over a year ago was less than
in pre-depression years.
pint less than that in February; March,
the year before.
This is the first month of this year to
l.o
_
Decreases
Decreases
3.9
...—
3.4
Cattle feed.......
0.8
Cotton goods....
Iron and steel.,
0.4
an
0.3
Lumber
....
...
an
0.1
...
effort to spur up business.
there is no reason for pessimism.
1940, COMPARED WITH
TREND OF BUSINESS IN HOTELS IN MARCH,
MARCH,
March Chain Store Sales in New York Reserve District
Were
Federal
15]^% Above Last Year
Reserve
Bank
New
of
1939
Sales —Percentage of Increase (
York
and as long as it
The hotel business seems to be drifting along quietly
0.1
continues above a yeat ago.
The
increase in rates over a
0.3
Hosiery and underwear
Anthracite
show
and such variations as there were from last year in the different
localities did not indicate cutting or downward revision of rate schedules in
year ago,
(Concluded)
Dairy products
than food.
for March—65%—is three points below the March
0.3
0.3
...
announced
Room
+)
Occupancy
Decrease (—)
or
April 26 that March total sales of the reporting chain store
systems in the Second
Same
the largest increase in
year,
^
+2
New York
The
influence
of
the
earlier
Easter
trade
this
year
particularly
was
chains, which
were
chains
grocery
substantially higher than in March, 1939.
continued
larger
than
last
year,
although
Sales of the
the
indicated
There
was
a
net reduction
grocery and
of about
the reporting
7 K % respectively.
+7
Sales
per store of all chains
combined in March
62
62
+1
—3
51
48
+2
-f-16
+ 18
73
69
+7
—5
—5
70
71
—5
1
+2
62
57
—3
Year
+8
+ 12
+ 16
—7
—5
+3
+5
+ 1
+3
—1
+6
—
Dec. (—)
—4
0
+6
+6
64
65
Texas
+6
+8
+4
+ 5
—3
71
67
+2
All others
+4
+2
+6
+5
+8
66
65
+ 1
+ 4
+2
+6
+5
+7
65
64
+ 1
+4
+4
+5
+ 6
+ 5
66
64
0
Pacific
First quarter..
Bank
Percentage Change March, 1940, Compared
Debits
Debits
to
with March, 1939
for
Ended
Week
Grocery
Total Sales
Sale/s per Store
—10.0
+ 7.5
+ 19.4
+0.4
+ 17.3
+ 16.9
Ten-cent and variety
Shoe
+ 2.3
+9.5
+ 89.8
+ 104.7
—3.6
+ 15.3
+ 19.6
April
17,
aggregated
or
a
Year
$9,004,000,000.
Total
debits
during
year ago.
figures
are
as
reported on April 22, 1940, by the
System.
Board of Governors of the Federal Reserve
SUMMARY BY
a
12.1%
(except interbank accounts),
deposit accounts
FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
Electric Output for Week Ended April 20, 1940,
10.1%
Above
1940,
13 weeks ended April 17 amounted to $107,858,000,000,
5% above the total reported for the corresponding period
These
All types
17,
the
+7.0
—7.3
Candy
April
Year Ago
a
reported by banks in leading cities for the week ended
as
No. of Stores
Week Ended
Ago
13 Weeks Ended
Federal Reserve District
Edison
Electric
Institute, in its current weekly
Apr. 17,
Apr. 19,
Apr. 17,
Apr. 19,
1940
re¬
1939
1940
1939
port, estimated that production of electricity by the electric
April 20, 1940,
was
2,421,576,000 kwh.
The current
week's output is
week
of
10.1% above the output of the correspond¬
1939, when production totaled 2,199,002,000
kwh.
The output for the week
estimated to be 2,417,994,000
ended
kwh.,
the like week
a
year
April 13, 1940,
an
increase
of
was
11.4%
ago.
Regions
New England
Middle Atlantic
Central Industrial
West Central
$404
3,932
3,552
$5,871
46,388
430
399
5,579
5,190
594
496
6,960
6,140
Richmond....
329
291
3,875
Boston
New York
Philadelphia..
Week Ended
Week Ended
Week Ended
April 6, 1940
Week Ended
Mar. 30,
1940
6.4
2.8
4.3
8.6
10.4 /
6.5
249
3,383
3,054
1,089
16,022
14,075
269
244
3,118
2,864
St. Louis
Minneapolis.
.
Kansas City
Dallas
New York City *
140 Other leading cities*
14.5'
13.0
159
191
1,755
3,295
3,121
216
2,690
2,501
'
227
1,997
273
286
722
656
8,679
8,085
$9,004
$8,029
$107,858
$102,467
3,640
3,270
42,440
42,931
4,622
4,091
56,616
51,448
742
668
8,802
8,087
6.2
12.9
3,515
270
1.252
133 Other centers
8.2
$5,597
46,570
Chicago
Total, 274 reporting centers..
April 20, 1940 April 13, 1940
•
Atlanta
San Francisco.
PERCENTAGE INCREASE FROM PREVIOUS YEAR
Major Geographic
$501
Cleveland
light and power industry of the United States for the week
over
+6
0
or
were
year.
Type of Chain
ing
+8
1
—
Above
ended
61
Last
candy chains reduced the number of stores operated by 10 and
approximately 19 H% higher than last
The
63
—6
Detroit
Total..
as
+ 10
+3
33^% in the total number of chain
March, 1939 and March, 1940,
+3
+ 14
Cleveland
increase was the smallest since last
July.
stores in operation between
+5
1
+ 1
+4
Chicago
Washington.
reflected in the March sales of the ten cent and variety, shoe, and candy
Month
'
Philadelphia
added:
—
of
(+)
This
ages
rant
a
number of months.
At least part of this advance, however,
was due to the earlier date of Easter this
year.
The Bank
Month Inc.
Bever¬
Rooms Restau¬
Total
Rale
age
Food
Total
(New York) District were approxi¬
mately 15h£% above last
In
the improvement in restaurant sales exceeded that
restaurant
0.5
...
divided.
2% decline with increases and decreases about equally
six of the nine localities,
0.9
.
Fertilizer materials
3.4
Fruits and vegetables.
Other textile products
had
improvement]!n
of them contributing to it; the transients
0.6
>
3.9
Crude rubber.
Silk
(Concluded)
Chemicals
6.7
..
:
Hides and £kins
the residential hotels recorded a 7%
In New York City,
in room sales,
1940
20,
Increases
Livestock and poultry
Meats
ago.
the larger of the two.
total sales with the large majority
.
IMPORTANT PERCENTAGE CHANGES IN SUB-GROUP INDEXES FROM
Grains
business
had a year
76.8
Raw materials
Semi-manufactured articles.
11.8
7.5
8.0
5.1
Southern States
12.7
12.8
10.3
8.0
Rocky Mountain
14.4
14.2
18.4
20.9
0.7
2.0
6.2
*
Centers lor which bank debit figures are available back to 1919.
9.0
Pacific Coast
6.8
Analysis of Imports and Exports of the United States
in March and Three
The
Total United States.
10.1
11.4
9.6
9.6
Months Ended March
Department of Commerce's report of the character of
the country's foreign trade reduces the export and import
Volume
The Commercial & Financial Chronicle
150
figures into five separate groups, ranging from crude materials
to the finished manufactures, in each of which the
agricul¬
tural and non-agricultural totals are shown
separately. This
tabulation, which reveals that in the first three months of
1940, 22.8% of domestic exports and 52.4% of imports for
consumption were agricultural products, we present below
in the usual
manner.
2639
Month of March
1939
Finished Manufactures—Concluded—
Gasoline and other motor fuel
Lubricating oil
7,952
5,827
of
the figures given out by the
Department shows the value of each of the chief items of the
export and import trade arranged according to economic
arrangement
groups, and since a special
at this time because of the
alos.
Both tabulations
are
MONTH
THE
MARCH
OF
1940 AND
AND
THREE MONTHS
Electrical machinery and apparatus
9,590
10,335
1,004
1,035
2,180
1,789
29,337
4,177
12,401
3,003
2,285
37,560
68,009
789
__
Household refrigerators......
Radio apparatus.
Industrial machinery
Well and refinery machinery
Metal-working machinery...
Office appliances
Per
Value
Cent
3 Months Ended March
<
Per
Value
4,540
864
824
2,128
2,148
1,781
1,590
1,516
Cent
14.9
46,752
13.6
112,213
16.3
190,058
18.2
10.6
34,549
10.0
77,121
11.2
3.5
35,092
5.1
4.7
12,204
8,026
2.3
40,182
5.8
154,335
35,723
24,035
14.8
4.3
12,146
4.6
7,945
2.3
39,727
5.8
23,836
2.3
141
.1
80
455
.1
199
5.9
17,855
5.2
45,431
6.6
60,773
5.8
5.3
16,607
4.8
41,128
4,303
116,006
6.0
55,300
5.3
.
Mfd. foodstuffs & bev.
15,673
.
14,073
Agricultural
*
1,600
.6
1,248
.4
Semi-manufactures... "45,694
17.3
73,508
21.3
Non-agricultural...
.1
17.2
3.4
2.3
•.
—
.6
5,473
.5
16.8
220,236
21.1
420
.1
.1
1-,261
.1
73,089
21.2
115,347
16.7
218,975
21.0
Finished manufactures 151,004
57.2 198,418
57.6
376,614
54.6
548,334
52.5
635
Agricultural
Non-agrlcultural... 150,369
1,025
.3
3,340
.3
57.3
1,774
374,840
.3
57.0 197,392
54.3
544,993
52.3
Agricultural
Non-agricultural...
260
,
45,434
.2
659
Total exports of U. S.
263,995 100.0 344,559 100.0
merchandise
54,996
Agricultural
Non-agricultural... 208,999
60,546
17.6
690,446 100.0 1,043,436 100.0
23.2
22.8
160,409
238,072
79.2 284,013
82.4
530,037
20.8
76.8
77.2
805,364
2,811
51,970
263,995
344,559
690,446
4,178
12,729
9,001
39,629
2,266
4,101
5,397
23,318
4,799
2,567
3,150
2,600
Imports for Consumption
Crude Materials—
Hides and skins
Undressed furs
4,141
Crude rubber
15,790
Oilseeds
3,754
Flaxseed
...
Tobacco, unmanufactured
Cotton, unmanufactured.
59,544
31.1
77.880
37.7
161,619
31.5
244,023
38.7
Agricultural
44,204
23.1
58,951
28.5
121,771
23.7
15,339
8.0
18,929
9.2
7.8
28,205
14.7
12.4
27,178
1,027
14.2
12.0
74,724
14.6
74,268
71,334
11.8
Agricultural
Non-agricultural
25,636
24,815
39,848
77,925
188,424
55,599
29.8
Non-agricultural
.5
822
.4
2,933
.5
26,295
13.7
22,812
11.0
3,202
61,568
.6
Mfd. foodstuffs & bev
12.0
69,266
11.0
Agricultural
20,984
11.0
18,847
9.1
47,034
9.2
8.6
Non-agricultural...
5,311
38,822
2.8
3,965
1.9
14,535
2.8
22.7
Crude foodstuffs
15.2
8.8
11.3
20.3
46,596
22.5
109,947
21.4
54,337
14,929
143,188
3,547
1.9
4,556
2.2
15,181
2.4
Non-agricultural...
18.4
42,041
20.3
10,444
99,503
2.0
35,275
19.4
128,007
20.2
Finished manufactures
38,403
20.1
33,794
16.3
19.9
100,440
15.9
Semi-manufactures
Agricultural
626
.3
559
19.8
33,235
102,140
1,389
100,751
.3
37,778
16.1
Agricultural...
Non-agricultural...
2.4
.3
1,672
943
64
492
731
4,947
Wool, unmanufactured
Silk, raw
9,614
6,903
1,790
12,574
19,830
6,285
1,143
Other textile fibers_c
98,769
15.6
191,269 100.0 206,719 100.0
513,199 100.0
Agricultural
96,539
50.5 107,728
52.1
255,362
49.8
631,185 100.0
52.4
330,948
Non-agricultural...
94,730
49.5
47.9
257,837
50.2
300,238
....
3,429
266
310
878
2,164
3,606
703
Crude petroleum
753
1,738
Diamonds, rough, uncut
Diamonds for Industrial
475
581
1,215
953
2,658
11,543
10,904
2,513
31,382
1.088
1,032
5,317
use
Manganese, chrome, and other ferro-alloying ores
All other crude materials
Crude Foodstuffs—
Cattle, except for breeding
...
412
569
1,114
Bananas
...
1,452
2,531
2,419
2,309
6,182
1,438
681
367
3,931
14,071
1,645
8,596
13,303
38,959
5,168
7,652
Nuts
Cocoa
or cocoa
beans
Coffee
All other crude foodstuffs
...
1,950
2,539
2,171
2,525
Tea
1,517
2,788
2,082
Manufactured Foodstuffs—
1.089
&c.).
937
6,670
2,920
973
5,145
683
Fish andshellfl8h (canned, prepared,
1,657
964
1,283
5,446
Meat products
Cheese
678
3,031
1,840
3,395
10,369
9,217
Fodders and feeds, except hay—
Vegetable oils, edible
Cai e sugar—From Philippine Islands
From foreign countries
5,404
Whisky and other spirits..
3,586
7,851
2.963
650
543
1,711
3,972
3,355
10,9^0
Wines
All other manufactured foodstuffs
Total Imports for con¬
1,053
1,187
Pulp wood
.3
19.6
553
524
11,023
7,128
8,623
1,665
441
Jute and Jute butts
Flax and hemp, unmanufactured
Vegetables, fresh and dried
Crude materials
sumption
30,097
Wheat for milling and export
Imports for
Consumption—
4,713
1,156
19,646
Total domestic exports.
Per
Value
Cent
12,287
Agricultural..
Non-agricultural..
20,558
798
Scientific and professional instruments
27,883
11,454
Crude foodstuffs
2,311
13,966
75,196
19,714
29,982
2,722
0
Agricultural
10,117
27,215
7,516
925
All other finished manufactures
39,337
Non-agricultural...
13,744
6,646
20,736
11,163
8,887
1,908
4,628
Soap and toilet preparations
Photographic and projection goods
1940
1939
Cent
8,805
2,023
11,879
Paints and varnishes
Per
Value
__
Medicinal and pharmaceutical preparations
■
materials
646
29,326
7,801
Passengers cars (new)
Aircraft, including parts, &c
Domestic Exports—
Crude
893
Automobiles, incl. parts and accessories
(Value In 1.000 Dollars)
1940
2,656
19,170
2,379
6,571
28,502
Printing and bookbinding machinery
Agricultural machinery and implements.
ENDING
Motor trucks and buses (new)
1939
10,071
23,425
5,599
1939
Class
16,381
4,092
Analysis by Economic Groups
Month of March
20,874
4,852
interest attaches to these figures
war in
Europe, we append them
given below:
MARCH
5,323
Steel-mill manufactures_
Iron and steel advanced manufactures
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR
1939
10,902
1,101
10,156
_
Glass and glass products
_
Another
3 Mos. Ended March
1940
9,371
Semi-Manufactures—
47.6
Analysis by Leading Commodities in Each Economic Group
815
538
2,723
3,413
4,535
Wool semi-manufactures
592
355
9,873
2,201
Rayon filaments, short and tops.
98,991
740
265
1,930
1,415
5,399
2,621
1,378
3,659
16,484
6,800
Leather
Expressed oils, Inedible.d
Sawed boards, sidings and
(Value In 1,000 Dollars)
Woodpulp
?
Month of March
1939
lumber (except
railroad ties)
1940
3
Mos.
End.
March
1939
1940
Diamonds, cut but not set
Iron and steel semi-manufactures
Cop per _e
Nickel and alloys
Tin (bare, blocks, pigs).
Domestic Exports
Coal-tar products_d
Crude Materials—
—
Industrial chemicals.d_.
16,958
26,583
45,665
130,750
9,686
2,730
6,203
28,340
15,467
3,827
7,909
10,725
6,258
1,131
5,331
18,401
15,539
1,860
5,.500
6,167
Soy beans
127
41
229
2,921
Phosphate rock
504
183
1,251
395
1,943
2,724
4,918
8,094
Cotton, unmanufactured
Tobacco, unmanufactured
Coal
Crude petroleum
All other crude materials
......
Fertillzer.d...
—...
All other semi-manufactures...
244
766
3,544
1,842
5,237
1,122
1,459
3,291
7,049
4,259
8,757
1,998
5,576
14,240
Cotton cloth
3,246
16,631
2,270
1,345
1,270
8,484
8,847
4,040
Newsprint
1,677
246
5,878
786
1,502
799
3,288
2,039
545
304
1,425
1,070
Other fresh fruit
9,299
19,524
480
2,971
9,587
557
2,492
3,896
2,028
1,379
3,895
1,978
1,652
and ramie
4,360
Shingles
1,920
Oranges
3,725
8,956
964
—...
Manufactures of flax, hemp
4,671
Apples, fresh
674
668
Silk manufactures
787
....
Other paper and
—
575
8,102
7,953
816
2,556
2,307
1,732
11,911
Lard, Including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, &c
1,680
1,392
7,412
5,772
1,010
1,378
3,622
1,735
2,506
5,382
949
2,360
1,830
2,348
22,415
659
2,806
646
935
484
1,385
-2,991
3,215
4,322
24,338
6,364
1,241
1,553
922
Ail other finished manufactures
9,506
2,298
8,463
1,939
191,269
206,719
6,407
779
7,615
6,305
-1,719
1,326
Wheat flour
2,259
565
981
manufactures
Pottery—
Steel-mill manufactures.......
Works of art..
838
2,923
4,733
1,108
850
Burlaps....
Corn
4,946
1,114
3,598
3,500
—.........
Cotton manufactures
Wool manufactures
784
10,247
Finished Manufactures—
Leather manufactures
Crude Foodstuffs—
Wheat..
Vegetables, fresh and dried-
3,502
4,166
283
All other crude foodstuffs..
Manufactured Foodstuffs—
Meat products
-
576
Oilcake and oilcake meal..
453
Vegetables, canned and prepared
-----
1,035
Non-commercial imports
4,822
Total imports for
a
2,605
1,296
3,119
1,376
Dried and evaporated fruits
Canned fruits
623
4,947
Machinery
927
4,570
3,732
1,885
1,784
5,401
6,252
2,940
5,897
8,238
1,087
1,593
2,786
4,111
Naval stores, gums and resins.a
consumption
Includes a small item which Is not a
scrap
and waste—waste tin plate,
603
c Includes
513,199
b Includes tin plate
semi-manufacture,
sisal, manlla, kapok, New Zealand
d Includes a few items which are not semi-manufactures,
unrefined copper for refining and export.
f Chiefly merchandise returned.
fiber, crin vegetal, Etc.
e
Chiefly
15,259
Leather.
f
All other manufactured foodstuffs
Semi-Manufactures—
1,185
1,143
2,634
3,930
Cotton semi-manufactures..
961
1,916
2,478
630
364
1,352
Insurance Sales in First Quarter Totaled
$1,500,000,000
New Ordinary
5,018
Sawed timber
1,245
2,697
Boards, planks, &c
267
Wood pulp
5,436
Gas and fuel oil
1,775
7,400
781
3,781
12,565
8,985
756
420
1,887
12,349
27,042
31,991
Iron and steel scrap _b
4,641
3,387
11,338
2,269
78,494
11,092
Tinplate and taggers' tin
Ferro-alloys
1,755
1,321
5,404
4,311
19,872
2,362
4,352
Crude sulphur
Iron and steel semi-manufactures
During the first quarter of 1940 over
5,421
1,600
3,636
"
Copper (Ingots, plates, rods)
Coal-tar products
5,531
1,101
1,739
8,350
961
2,540
Industrial chemicals
2,261
4,467
5,830
5,836
33,264
7,856
13,401
Pigments
1,144
1,827
3,0.56
4,761
All other semi-manufactures
8,420
13,995
20,965
870
2,478
2,586
2,826
2,769
7,227
8,894
1,259
1,094
3.479
1,196
1,117
3,682
3,803
3,495
17,106
11,142
688
Aluminum semi-manufactures
2,055
15,011
2,853
/
Finished Manufactures—
Leather manufactures
Rubber manufactures
Automobile casings
Tobacco manufactures
—
5,235
6,194
12,604
3,360
3,998
Rayon manufactures
1,543
1,881
8,223
3,860
Paper and manufactures
2,413
5,172
6.244
Cotton manufactures
-
Cotton cloth, duck and tire fabric
4,898
13,956
new
$1,500,000,000 worth
placed
ordinary insurance, exclusive of group, was
in force in the United
States, according to figures released
Research Bureau,
53
companies, represent an estimated total for all companies
operating in the United States.
During the month of
15
April
by
March
Although
same
enced
in
Sales
sales
amounted
to
approximately
The Bureau further said:
sales
period
Insurance
These figures, based on the reports of
ordinary
new
$568,000,000.
the
Life
the
Hartford, Conn.
37,512
1,216
of
for
a
the
year
January due
first
ago,
to the
a
three
months
aye
14%
behind
those
for
large portion of the decrease was experi¬
fact that
an
unusual volume of business was
paid for in January, 1939, just prior to rate increases in many companies.
Sales
The
is
the
in
March
this
2% below those for March, 1939.
section of the country showing the best experience for the month
East North Central Section
(Ohio, Indiana, Illinois, Michigan and
year
Wisconsin), where sales
were
were
1% ahead of last
year.
The following States,
The Commercial & Financial Chronicle
2640
in
order
of
increase, showed better experience than
of
amount
last
at
plus 3%, Indiana; plus 2%, Idaho, Illinois, Maine, Minnesota, New Jersey,
Ohio, West Virginia and Wisconsin.
The volume of sales and the comparison with last year for the month
and year
to date periods are given below by sections.
The sales represent
exclusive of group
the United States
insurance, increases, revivals, and dividend additions:
total
ordinary
new
insurance
in
Sales
Comparison
Sales
Volume
1940 to '39
Volume
Country's Foreign Trade in March—-Imports and
Exports
The Bureau of Statistics of the
Washington
at
Department of Commerce
April 26 issued its statement on the
on
foreign trade of the United States for March and the three
ended with March, with comparisons by months
back to 1935.
The report follows;
months
First Three Months
March
high, exceeding March a year ago by 10%.
all-time
new
a
output of Western electric power production in March was
rate of
The
year:
22%, New Mexico; plus 18%, North Dakota; plus 12%, Virginia;
plus 8%, South Carolina; plus 5%, Alabama, New Hampshire and Utah;
Plus
April 27, 1940
Comparison
1940 to '39
Foreign trade returns of the United States in March show that the high.
maintained, but they do not indicate an
volume of recent months has been
New England
Middle Atlantic
$43,000,000
159,000,000
99
Eafit North Central
133,000,000
$124,000,000
101
53,000,000
......
East South Central.....
West South Central.....
98
95
93
Mountain..............
15,000,000
47,000,000
97
United States total....
92
totals and in the increase over the preactivity
79
far behind exports both in aggregate
September figures—reflect the higher volume of domestic business
81
than
82
prevailed
a year ago.
Imports during the first quarter of 1940 have not extended the steady and
The slackening in domestic
85
substantial rise of the second half of 1939.
79
manufacturing activity during this year has no doubt adversely influenced
80%
the demands for
imported materials but there has been some irregular move¬
ments of individual commodities not
of demand.
Hotel
Operations in 1939 Were Disappointing,
According to Study by Horwath & Horwath
&
Horwath
specialists
Horwath,
in
hotel
from
accounting,
1939, based on figures of 100 hotels scattered all over
the country.
Regarding the annual study, the firm in its
disclosed
Whereas many
in sales and
this
by
study
are-
rather
disappointing.
other industries had substantial
profits
over
increases
1938, hotels in general recorded
non-European areas
as
well
as
from Europe.
feature of imports
Slightly weakening
a
decrease in the earnings available for return on the invest¬
has not influenced the value of imports received
demands, though this
Pulp imports—directly affected by the spread of the war
through March.
Scandinavis—had
to
already considerably reduced in
March dropped to 74,000 tons
February and in
valued at $3,500,000- This amount repre¬
United States for any
sented the smallest imports of wood pulp into the
month since April, 1933.
monthly bulletin for April states that "the results for 1939
as
directly related to domestic conditions
This irregularity of movement has been a
price tendencies of the first quarter are indicative of some slackening in
recently made public its annual report on hotel operations
in
Exports were,
general, held at a comparatively high level, while imports—though lagging
in
89
$1,592,000,000
98%
$508,000,000
extension of the rise which featured the final months of 1939.
87
117,000,000
40,000,000
127,000,000
95
Pacific
84%
455,000,000
375,000,000
147,000,000
149,000,000
58,000,000
95
53,000,000
22,000,000
43,000,000
West North Central.....
South Atlantic
90%
Total imports, including both
direct imports and goods moving into ware¬
in the
houses, amounted to $217 million in March-—$17 million more than
short month of February but $27 million less
than the peak imports of
December and January last Thus, the daily average totals were about the
in
same
February and March, but definitely less than in the final month
of 1939 and the
opening month of 1940.
Imports for consumption showed an identical increase—$17 million—from
ment,
room
Of
500
by
despite some improvement in sales, occupancy and
rates."
Further details were given as follows;
the three groups of hotels
rooms
made the
average room rate,
500
over
rooms
showing both in point of earnings as measured
and of gain in business over 1938; the transients
In earnings and as usual the residential hotels
next
come
last.
were
The
a
from
causes
of the less favorable results this year in the face
were
a
higher total payroll ratio—34%, which
rise of four points since 1930—lower restaurant profit, and less income
miscellaneous departments.
The
actual
decreases
from
1938
however, not large, and
if the
old rule that the hotel business trails general business
by several months
holds this time, then with the continued improvement in general economic
conditions which seems likely, 1940 should be a better year for this
industry and hotels should show more return on the investment.
It is
interesting to note that in four of the past eight years hotel earnings,
after
payment of taxes, were not
other four years the largest return
valuation
As in the immediately preceding months withdrawals for con¬
imports.
sumption from bonded warehouses were smaller in value than arrivals of
goods for Warehousing.
The export trade, valued at $352 million in
was
were,
sufficient
on
for depreciation, and in the
as based on assessed
the investment
March, though showing
sustained high value as compared with a year ago, declined by $16
from the
principal
of somewhat better business
is
in the study, the transients of less than
best
February to March, but totaled $207 million—or $10 million less than general
million,
average
of the December-January totals.
The increase of $5
2%, over the February total was less than that which usually
or
in March; and the daily average
occurs
a
million
March than in February.
However,
of export shipments was lower in
in other recent months, normal
as
seasonal influences in trade movements during March continued to be
sub¬
merged by other factors, mainly those growing out of the war in Europe.
The March merchandise export balance
million—although this represented
a
continued extremely large—$136
slight decline
as
compared with Feb¬
During the first quarter of 1940, the value of exports exceeded the
ruary.
value of imports by $410 million.
This figure compares with export balances
of $173 million and $319 million in the first
respectively, and with
quarters of 1939 and 1938,
import balance of $113 million in the first quarter
an
of 1937.
2.33% in 1937.
Changes in United Stales Foreign Trade Since the Outbreak of War in Europe
Since the
California
Business
Year
Activity in March Far
Ago, Reports Wells Fargo Bank
March business activity in California, although
Above
war
in
Europe has Imparted a stimulus to the foreign trade of
the United States, the following comparative
statistics are of Interest. These
show the relative increases in the value of United States exports and imports
dropping
since last September over the corresponding
periods of the two preceding
years.
slightly under February,
substantially above March,
was
1939, according to the current "Business Outlook" just
Francisco.
The Wells
Percentage Change in—
1
from February
March
to
production),
were
registered
while department store
1939—September
4-17
October...
4-18
—
November
and
—
4-15
—
.......
December.
Levels
Business
Far
Year
Ago,
Reports Bank of
a
year ago,
although still
showing declines from the three preceding months, accord¬
ing to the "Business Review" published by the Bank of
of California.
The
clined to 76.6% of normal
79.3%
as
in January,
bank's
index
for
March
At this level, however,
same
month
a
the
year ago,
and, with the exception of March, 1937, is the highest index
number for any similar month since 1931.
The bank goes
to state;
adjustment, building, department store sales and electric
production proved to be exceptions to the March
decline, the Teview
1938
1939
1938
4-26
4-57
4-31
4-31
4-39
4-24
4-22
4-27
4-
8
4-19
Total January-March
Total September-March..
4-51
4-33
4-28
4-11
4-23
4-28
4-24
4-
department store sales have averaged
4% above the comparable period of 1939.
By similar comparison, bank
debits increased about 8%.
.
Western residential
construction
for
March
is
the highest for that
during the past decade.
It maintained its lead over the same
sixth consecutive month, the
report says.
shown in March permits issued for non-resi¬
year earlier lor the
A
decline, however, was
dential buildings over the same
period a year ago, despite the fact that
gam of nearly 60% over February was indicated.
Far
Western
4-44
8
The statistics reveal larger percentage increases in exports than in imports
during both the first quarter of 1940 and the seven months period September,
1939—March, 1940,
but that the percentage increase over
over a year ago,
two years earlier has not deviated much as between exports and imports.
Exports of merchandise have been consistently much larger in value than
our
imports of merchandise since the fall of 1937•
In terms of quanity, exports in the
were
about 25% larger than in the
period September, 1939-March, 1940,
corresponding period of 1938-39, while
the import volume showed an increase of 15%.
In the period since last
September, prices of both export and import commodities have averaged
from 7%
to 8% higher than in the corresponding period of 1938-39, and
just slightly lower than two years, earlier.
and of total
in
imports
the period
was
The quantity of total exports
approximately 12% and 10% larger, respectively,
September,
1939-March,
1940, than in the
corres
ending
Shifts in Export Commodities
The changes in the commodity
of 1940
For the first quarter of this
year
a
1
period of 1937-38.
points out
month
4-14
—
4-71
After seasonal
month
4-41
.........
de¬
compared with 78.7 in Febru¬
March index is 6% higher than the
Far
4-
4-12
Activity in March Continued
Above
itself at levels well over that of
power
9
4-25
February
March...........
Business activity in the Far West continued to maintain
on
—15
4-16
sales rose
America
and
4-15
2
1939
Western
ary
3
8
4-34
.
......
America
2 Years Ago
1937
Ago
1937
1938
1940—January
at
Year Ago
1938
2 Years
Year Ago
somewhat.
Far
Imports for Consumption
from
Exports (U. S. Mdse.)
from
De¬
by three
(bank debits, car loadings,
-
1
preliminary March level of 109 as
of the four index factors
industrial
'
Fargo index (using the 1923-25 aver¬
a
against 110.3 in February and 96.4 in March, 1939.
clines
'
Fargo Bank & Union Trust Co., San
100) stood at
age as
re¬
\
leased by the Wells
car
loadings,
a
although 9% above the same month last
year, were lower than in February, the
seasonally adjusted index declining
from 89.0 in February to 85.3 in March.
lii*
as
trade during March and the first quarter
compared with the corresponding periods of 1939 shown on page
5-8, inclusive, of this report are indicative of the shifts during the period
since the beginning of the war in Europe.
ments of cotton and various
These include increased ship¬
manufactured articles, including iron and steel
products, non-ferrous metals, lubricants, metal-working machinery, aircraft,
trucks, tractors, and chemical products, but declines
motor
in tobacco,
grain, fruit, gasoline and passenger automobiles.
As
compared with February, exports of the majority of commodities
increased in value during March, but
only a few showed substantial gains.
Metal-working machinery exports reached $19 million in March and motor
truck exports
million
over
$13,700,000, each figure representing a gain of nearly $5
the value in the preceding month.
tractors and construction
Other exports, including
machinery, also increased by relatively large per-
The Commercial & Financial Chronicle
Volume 150
centages la March though by more moderate dollar amounts than those
items
first mentioned.
A number of commodities, namely, iron and steel
products, non-ferrous metals, chemicals and aircraft, continued to represent
in March, as in other recent
months, a more important proportion of total
export trade than a year ago.
These items showed, however, relatively
moderate changes in value during March.
Exports. Imports and Net Balance
in the
as
million
were up
sharply during the final quarter of 1939, and continued
economic groups of imports—crude foodstuffs, semimanufactures
some
decline in the first quarter.
—56
459,845
745,160
897,733
+ 152,574
365,384
459,827
745,011
897,641
1,923
7,207
657
5,724
5,647
27,463
1,407
15,594
5,284
5,067
21,816
14,186
Exports..
Imports.
and fin¬
Import balance..
Month
—4,240
—11,869
than in the opening quarter of 1939, notwithstanding that total imports
Crude materials and semimanufactures comprised 61 % of total imports
The
increases of $82 million in the value of crude material imports—from $162
million in the first quarter of 1939 to $244 million in the first quarter of
Silm
or
Period
1937
1938
1939
1940
1937
1038
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
1,000
DoUars
Dollars
1,000
Dollars
It is of interest
for consumption were up more than a fifth in value.
Exports—
JanuaryFebruary
Dollars
11
5,067
81
15
Dollars
22
174
53
18
Dollars Dollars
365
4
212
36
81
131
19
2,112
1,811
1,546
1,668
1,841
1,144
254
65
9
214
193
17
13
278
401
937
1,463
1,259
1,292
1,773
—
„
39
20
53
April
May.....
13
145
231
June....
million—is chiefly the result of larger purchases of such commodities
September
250
1,671
2,054
1,923
2,054
317
611
233
191
Higher prices of import commodities generally
contributed to the value changes.
129
11
15
285
232
16
15
380
November..
30,084
14
10
527
823
15,052
16
11
236
1,344
298
657
487
December..
as
452
640
169
—
March
1940—and of $33 million in semimanufactures—from $110 million to $143
DoUars
303
206
m
July
August
rubber, tin, copper and wool.
1,000
DoUars
Gold
that imports of finished manufactures were lower in the first quarter of this
quarter, compared with 53% in the first quarter of 1939.
1,000
Dollars
but
The manufactured foodstuffs
third quarter of 1939 and some reduction in the next two.
in the first
93
1,000
Dollars
•
Silver—
group—influenced mainly by sugar movements—showed a large rise in the
year
149
Three of the other four
ished manufactures—advanced markedly in the late months of 1939,
experienced
18
365,436
Import balance--....
In the import trade, increases in value since last September have been
rose
1,000
DoUars
52
Imports..
during the initial three months of 1940.
Increased)
Decreased-)
1940
1,000
Exports
registered mainly in crude materials and semimanufactures (metals, e.g.).
Crude materials
1939
DoUars
Gold—
preceding month, while petroleum and products at $30'
Import Rise Mainly in Crude and Semimanufactured Materials
to increase
1940
1939
Aircraft exports were valued at
slightly.
3 Months Ended March
March
Exports and Imports
$20 million and heavy steel exports at $37 million, approximately the same
values
2641
GOLD AND SILVER BY MONTHS
887
.
October
Exports, Including Re-exports, General Imports, and Balance of Trade
3 mos. end
'
March
March
3 Months Ended March
Increased)
9
1089
1940
1939
1940
1,000
1,000
1,000
1,000
DoUars
Dollars
Dollars
Dollars
Exports...
267,781
Imports.—
190,481
352,272
216,732
50
149
.51,133
<N 00 00
46,020
5,889
508
121,336
March
12
5,262
1,161
120,326
154,371
215,825
155,366
262,103
175,624
105,013
145,623
7,155
8,211
62,947
71,236
62,987
65,438
63,880
165,990
520,907
156,427
223,296
365,436
90,709
52,194
33,033
177,782
240.542
429,440
240,450
278,645
250,934
326,089
69,740
167,991
451,183
68.313
745,160
.
77,300
135,540
DoUars
.
+ 369,365
1,068,773
658,424
172,610
+ 131.626
410,349
1935
Period
or
1936
1938
1937
January
February
June
1939
1940
July——
August....
September
Exports Including
1,000
1,000
1,000
1,000
1,000
1,000
Re-exports—
Dollars
Dollars
Dollars
DoUars
Dollars
DoUars
January.—;
176,223
163,007
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
—
February..
March
April
———
May—
...
June--.---
July-----August..
September
October,
—
-
-
November.
-
December..
3
ended March.
198,564
222,665
233,125
256,566
268,945
289,922
265,341
268,184
277.031
182,024
195,113
192,795
200,772
185,693
180,390
178,976
220,539
264,949
226,364
229,800
289,071
261,935
275,308
274,472
257,276
232,726
227,535
230,790
246,335
277,668
252,381
296,579
332,710
314,697
323,403
268,943
212,911
218,715
267,781
369,506
346,995
352,272
230,974
249,466
236,164
229,631
250,102
288,379
331,978
292,453
367,819
166,832
187,482
240,444
152,491
177.356
170,500
192,774
198,701
202,779
191,697
191,077
195,056
193,073
215,701
212,692
196,400
245,161
277,709
307,474
286,837
284,735
286.224
265,214
...
March...-....April......
May
170,533
156,754
176,631
169,030
161,647
189.357
169,385
186,968
———
July.....—.......
August..
September..
...
October
November.
December.
.
....
....... ..
3 mos.endedMarch.
9
496,679
170,689
162,951
173,372
159,827
148,248
145,869
140,809
165,516
167,592
178,024
176,187
171,347
245,668
233,142
224,299
223,090
208,833
178,246
158,072
100,481
186,296
202,493
241,897
199,794
216,732
2,846
14,080
5,589
2,821
3,165
6,025
4,476
4,664
8,427
5,701
10,633
23,151
28,708
15,488
14,440
10,328
5,799
9,927
4,070
7,207
7,143
6,152
5,724
22,515
58,636
459,845
606,027
562,382
15,757
17,952
19,186
18,326
4,986
24,098
25,072
24,987
21,533
14,770
5,531
4,365
4,639
7.268
4,183
3,795
3 mos. end.
March
306,033
897,733
670,509 2476,643 2451,315
■
■
27,463
15,594
87,737 115,988 146.462
45,374
'j
■
91,877 230,531
85,307
Lumber production during the
week ended April 13, 1940,
2% greater than in the previous week; shipments were
5% greater ; new business,'3% greater, according to reports
to the National Lumber Manufacturers Association from
was
regional associations covering the operations of representa¬
and softwood mills.
Shipments were 5%
production; new orders, 7% above production. Com¬
pared with the corresponding week of 1939, production was
6% greater; shipments, 4% greater, and new business, 6%
greater. The industry stood at 66% of the seasonal weekly
average of 1929 production and 72% of average 1929 ship¬
hardwood
tive
above
168,910
175,614
181,536
215,289
235,458
The Association further stated:
ments.
246,807
'
Year-to-Date Comparisons
578,957
825,626
507,011
526,798
658,424
1,882,047
2,047,485 2,422,592 3,083,668 1,960,428 2,318,076
Exports of United States Merchandise and Imports for Consumption
Reported production for the 15 weeks of 1940 to date was
3 Months Ended March
Exports and Imports
1940
1939
11% above
corresponding weeks of 1939; shipments were 6% above the shipments, and
new orders
were 9%
above the orders of the 1939 period.
For the 15
weeks of
ments
March
1939
14,630
Report of Lumber Movement, Week Ended April 13, 1940
178,866
ended March. 1,287,891 1,631,975 2,083,708 1,907,257 1,626,272
mos.
12 mos. ended Dec
7,082
236,413
201,475
December 1631,523 1979,458 3574,659
General Imports—
June...
October
December..
March... 1003,459
12 mos. end.
..
January....-
-
November..
524.256
February
1,407
7,422
9 mos. end.
575,700
712,355
699,408 1,068,773
826,315
9 mos.ended March. 1,621,004 1,834,463 2,013,371 2,638,919 2,203,060 2,829,134
12 mos. ended Dec.
2,282,874 2,455,978 3,349,167 3,094,440 3,176,372
mos.
5,647
11,129
Imports—
April
May
MERCHANDISE TRADE BY MONTHS
Month
779
2,69J)
1,000
March
Merchandise export bal.
5,468
11,068
12,042
'
end.
mos.
December
699,408
526,798
93
166
end.
mos.
Decreased—)
Exports and Imports
1940 to date
were
increased-)
Deerease {—)
new
business
was
9% above production, and ship¬
6% above production.
Supply and Demand Comparisons
1940
The ratio of unfilled orders to gross stocks was
1,000
1,000
1,000
1,000
1,000
DoUars
Dollars
Dollars
DoUars
Dollars
Exports (U. S. mdse.)..
263,995
1,043,436
513,199
631,185
+ 117,986
Unfilled orders
2% less.
22%
April 13, 1940,
28% heavier than
on
+352,990
191,269
344,559
206,719
690,446
Imports for consumption
compared with 17% a year
Month or Period
Merchandise—
...
.... ......
March-....—
April........
May...
—
June
July
August.-
September
October
1936
1937
1938
1939
1940
1,000
Exports—U. S.
January.....
February
1935
......
November
December.
3 mos. ended March
9 mos. ended March
12 mos. ended Dec..
1,000
1,000
1,000
1,000
1,000
DoUars
DoUars
DoUars
Dollars
DoUars
Dollars
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
195,689
179,381
192,405
189,574
197,020
181,386
177,006
175,825
217,925
262,173
223,920
226,666
219,063
229,671
252,443
264,627
285,081
256,481
264,613
273,581
293,374
329,373
311,212
319,431
285,772
259,160
270,429
271,508
253,713
229,554
224,866
228,312
243,595
274,059
249,844
266.358
210,260
216,157
263,995
227,624
246,119
233/65
226,740
247,412
283,815
323/«77
286,761
357,231
360,021
338,855
344,559
...... ......
March...
........
April
May
June...—..........
July...August
152,246
175,485
166,070
166,756
155,313
173,096
180,381
168,683
189,806
162,828
December—-.—.
179,760
September
...
186,377
189,590
194,296
199,776
189,008
194,311
197,458
200,783
218,425
213,419
200,304
240,230
228,680
260,047
295,705
280,899
278,118
278,300
262,910
248,730
233,959
226,470
212,382
203,644
163,312
165,923
173,196
155,118
147,123
147,779
147,767
171,023
172,909
178,447
171,668
165,359
9 mos.
12 mos.
496,213
ended March. 1,301,016
ended Dee... 2,038,905
were
were
Softwoods and Hardwoods
booked orders of 232,500,000 feet.
Mills,
were:
'
.....
.'
512;
Revised figures for the preceding week
pr/oduction, 213,826,000 feet; shipments, 218*312,000
orders, 225,870,000 feet.
orders reported for the week ended April 13/ 1940, by 418
mills totaled 221,977,000 feet, or 6% above the production of
the same mills.
Shipments as reported for the same week were 220,525,000
feet;
Lumber
softwood
or
6% above production.
Production was 208,781,000 feet.
Reports
mill3 give new business as 10,523,000 feet, or 15%
Shipments as reported for the same week were 9,352,000
2% above production. Production was 9,134,000 feet.
hardwood
102
production.
feet, or
Identical Mill Comparisons
Production during week ended
169,353
234,634
152,577
191,260
185,916
194,185
178,373
189,833
206,719
170,430
180,225
199,404
207.131
214,502
232,736
mills
631,185
784,431
492,431
513,199
670,263
,624.817 2,055,049 1,880.535 1,620,373 1.835,612
,423,977 3,009,852 1,940,62412,276.099
was
April 13,. 1940, of 392 identical softwood
205,387,000 feet, and
a year ago it was 193,247,000 feet; ship¬
respectively, 217,046,000 feet and 207,142,000 feet, and orders
received, 218,599,000 feet and 206,340,000 feet.
In the case of hardwoods,
86 identical mills reported production this year and a year
ago 7,640,000
feet and 7,423,000 feet; shipments, 8,011,000 feet and 8,279,000 feet, and
ments were,
orders, 8,910,000 feet and 7,869,000 feet.
Weekly Statistics of Paperboard Industry
We give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to
activity in the paperboard industry.
The
total
3 mos. ended March.
stocks
_
ago.
During the week ended April 13, 1940, 503 mills produced 217,915,000
feet of softwoods and hardwoods combined; shipped
229,877,000 feet;
feet,
567,475
701,177
815,360
690,446 1,043,436
1,597,513 1,807,435 1,984,692 2,606,924 2,177,480 2,768,471
2,243,081 2,418,969 3,298.929 3,057,169 3,122,689
November——.—.
October
...
515,540
168,482
gross
above
Consumption—
February.-..—...
year ago;
from
Imports for
January
a
members of this Association represent 93% of the
industry, and its program includes a statement each
week from each member of the orders and production,
also a figure which indicates the
and
activity of the mill based
The Commercial & Financial Chronicle
2642
on
the time operated.
100%,
These figures are advanced to equal
that they represent the total industry.
so
ployment
The
STATISTICAL REPORTS—ORDER8, PRODUCTION, MILL ACTIVITY
Production
rather backward
is
spring
Tons
Tons
Tons
the
districts
Orders
farmers
87,746
13
110,169
Jan.
20
Jan.
27
105,945
120,791
116,419
121,696
115,988
196,174
187,002
183,699
176,308
167,240
72
114,463
115,189
159,216
145,706
71
70
71
for
114,156
142,554
137,631
69
71
69
71
138,446
69
71
Canadian
132,455
130,871
70
71
higher
Feb.
3
Feb.
10
Feb.
17
111,332
111,964
106,964
106,292
101,097
Feb. 24
108,784
Mar.
2
104,466
113,710
Mar.
9..
111,714
Mar. 16--
107,024
108,134
112,855
114,958
113,555
Mar. 23
74
69
72
70
70
70
passenger
were
1940
for
manufacturers in
are
cars
shown
number shown as
tractors,
based
making
as
and
70
stuffs
data
on
cars
The figures for
road
from
72
in
and
passenger
the
road
or
cars
in¬
The figures for commercial cars,
tractors
include
those
for
is
amublances,
small, hence a
the figures may
neglible factor in any analysis for
be used.
Canadian production fig¬
ures are supplied by the Dominion Bureau of
Statistics.
Figures of automobile production in February, 1940, 1939
very
and 1938 appeared in the March 23 issue of the
"Chronicle,"
1846.
page
spring
been
(INCLUDING CHASSIS)
descended
from
aridity
is needed.
But
the
of
which
weather,
clothing.
variable.
which
snowstorms
territory suffering
In
the
has
operated
manufacturing
field
to
con¬
Companies engaged in the production of food¬
busy.
Production
Sugar
Current
in
Previous
Season
36.8%
Period
Sugar production in Belgium during the current 1939-40
totaled 260,000 long tons, raw value, as contrasted
season
with
190,000 tons in the previous season, an increase of
or 36.8%, according to Lamborn & Co.
The
current output is the largest since 1935, when 264,000 tons
70,000 tons,
The firm went
manufactured.
were
Sugar consumption in Belgium last
all-time
of
high,
13,000
as
tons,
When
1934,
it
ending
year
while
its
from
and
then
Aug.
Sweden
1939,
Brazil, and
in
the
has
been
Tising
each
importations
150,000
in
Its
Last
to
191,000
importations,
the
in
of refined.
During the
sugar.
amounted
tons.
principally
are
form
since
year
^
international trade in
the
Java,
the
countries
Produced
in
say:
277,000 long tons, an
previous year, an increase
tons.
approximated
various
tons
to
on
reached
year
Consumption
important
31,
reexported
to
264,000
4.9%.
an
exports
Cuba,
destined
againct
or
totaled 229,000
Belgium enjoys
form
year
of
its
tons,
mainly
raw
sugar
exports
were
Europe and Africa.
306,000
Tons
of
Sugar
Last
Year
Sweden, last Fall, produced 306,000 metric tons of sugar,
about 1% of the world's production, and nearly sufficient
for home consumption which runs close to 350,000 tons an¬
nually, the New York Coffee & Sugar Exchange revealed on
April 25.
Although accurate statistics have not yet been
released, it is assumed that Sweden has now planted and
growing enough beets to produce
supply of
sugar next
Fall.
a
similar
slightly larger
or
The Exchange further explained:
The per
in the
States
capita consumption of the Swedish people is one of the highest
world, nearly 120 pounds annually against 104 pounds in the United
in
plan.
1939
Sugar
regarding the
ments
NUMBER OF VEHICLES
The
had been causing anxiety
of satisfactory volume and the sales of
10% greater than in February and 9%
since April began retail trade has
was
Above
received
passenger
have
Belgian
and
heavy
the
in
were
1939.
inclemency
of
70
funeral cars, fire apparatus, street sweepers, station
wagons
and buses, but the number of such special purpose vehicles
which
the
from
purchases
72
making commercial cars, trucks,
respectively.
clude those for taxicabs.
trucks,
March,
in
66
noted that those making both passenger cars and com¬
mercial cars, trucks, or road tractors have been included in
number
department stores
than
ditions have been
States, 22 making passenger
cars and 61 making commercial cars, trucks, or road trac¬
tors (11 of the 22 passenger car manufacturers also making
commercial cars, trucks, or road tractors).
It should be
the
enough moisture
scarcely
suffered
United
the
which
satisfactory seed-bed and a good rainfall
a
check
March
by
improved
was
70
70
70,826 were com¬
mercial cars, trucks, or road tractors, as compared with
403,627 vehicles in February, 1940 ; 371,946 vehicles in
March, 1939, and 221,645 vehicles in March, 1938.
These
statistics, comprising^ data for the entire industry, were
released today by Director William L. Austin, Bureau of
the Census, Department of Commerce.
Statistics
still
area,
During March retail trade
for March, 1940, consisted of 423,299 vehicles, of
352,473
few'more favored districts.
a
respect to moisture reserves,
large part of the prairie country at the end of March, but there
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from parts made in
the .United
States
and
reported as complete units or
which
begun in
In
better
In the
a
67
Automobile Output in
in
is
68
117,388
land.
spring
upon
129,466
105,929
the
of
to
71
71
123,255
147,254
175,162
146,057
through
71
75
107,853
-
vehicles)
has already
cultivation
livestock has wintered well.
wide
111,431
129,869
Apr. 20
has
crop
a
102,462
-
in
with
come
busy
now
over
106,140
Mar. 30---
Apr.
6
Apr. 13
situation
in
in any recent year, and
cultivation
West
65
6
Jan.
Jan.
are
wheat
Cumulative
condition than
to say:
on
Eastern Canada and in the upland
had not disappeared at the middle of April, but in many
winter
the
Ontario
Current
The review goes
close.
a
regions the snow
Percent of A ctlvUy
Unfilled
Orders
Received
Week Ended
features of the business situation as April
are
draws to
April 27, 1940
abroad
and about
75
pounds in Britain
traders
throughout
fate of
Europe's
have
the
world
growing beet
naturally broadened
the
under the latest rationing
watching
are
crop
and
interest
for
all
the latest
in
news
develop¬
Sweden's
role
in
the world sugar market.
♦
United States (Factory Sales)
Year and
Month
Canada (Production)
Total
Pas¬
IAll
Passenger
Trucks,
Vehicles)
Cars
&c.
Total
Petroleum
Cars
Trucks
432,101
March
.
362,736
69,365
17,213
12,579
403,627
423,299
337,372
66,255
18,193
12,779
5,414
352,473
70,826
16,612
12,025
4,687
206,446
52,018
37,383
14,635
4,634
M
I
Tot. 3
mos.
end. Mar.
1,259,027
1,052,581
342,168
303,220
281,465
60,703
14,794
February
243,000
60,220
14,300
11,404
10,914
March
3,386
371,946
299,703
72,243
17,549
12,689
4,860
1,017,334
824,168
193,166
46,643
35,007
11,636
r
1939—
January
Tot. 3
mos.
end. Mar.
3,390
209,328
155,505
186,531
139,380
47,151
16,066
11,753
March
221,645
174,065
47,580
16,802
12,276
4,526
617,504
468,950
148,554
50,492
37,414
13,078
mos.
end. Mar.
Car-Makers
There
was an
53,823
17,624
13,385
Group Estimates March Sales
439,100 Units
4,239
4,313
at
increase of 4.1 % in motor vehicle
shipments
February, according to the
preliminary estimate of the industry's operations contained
in the
April, 1940, issue of "Automobile Facts," publication
March
as
compared with
of the Automobile Manufacturers'
Association.
The Asso¬
ciation estimated the industry's March volume at
439,100
units.
_
On the basis of this estimate the industry's
tions in
March
opera¬
13% higher than the corresponding
month of last year.
Sales for the first quarter of 1940,
showed an increase of 23% over last
year's first quarter, with
factory sales of automobiles and trucks totaling 1,310,234
were
in the first three months of this
year.
(number of units) of output
report:
Mar. 1940
Feb.
Jan.
are
The following figures
taken from the Association's
439,100(March, 1939
1940—
421,820
1940
Three months 1940
months 1939
449,314| Three
389.495
1,310,234
1,063,977
Export Trade Advance and Steady Increase in Indus¬
trial Activity Feature Canadian Business Situation
Says Bank of Montreal
The
Texas
to
Have
14
in
The
February Lower
Railroad Commission this week ordered 14
shutdown days for the East Texas field during May, against
12 shutdown days during the current month,
explaining that
the move was necessary because of a sharp pressure
drop in
the
Texas
30-day period ended April 8.
With the field's basic
daily
will be cut to 385,000 barrels.
daily average allowable in the East
Texas field will check the decline, and hold the pressure at
levels that are essential to the flowing life of the oil deposits.
Last month saw a decline of 5.56 pounds to 1,059.95 pounds
average, it was disclosed.
During April, the 12-day shut¬
down total cut production to 414,197 barrels daily.
average
The reduction in the
January
February
in
Products—East
allowance of 690,000 barrels continued, this means the
1938—
Tot. 3
its
May—Texas Production Off 10%—
Arkansas Oil Law Upheld—Daily Average Crude
Production
Rises—Crude
Oil
Stocks
Higher—
Mexico Plans Reply to U. S.—World Crude
Output
dk
1940—
January.*
February...
and
Shutdowns in
Comm'l
Cars
senger
Bank
of
Montreal, in its April 23 "Business Sum¬
mary," reports that expansion in export trade, steady in¬
crease in many lines of industrial
activity, marked improve¬
ment in railway earnings, and a downward trend in unem¬
The Commission also announced that there will be a
horizontal reduction of 10% in current production, to become
effective May 1.
This, with the elimination of the 3%
underproduction, would indicate a Texas total of 1,346,286
barrels, or approximately the same level as suggested for the
Lone Star State
during May by the Bureau of Mines.
It
pointed out that marginal wells will not be affected by
the horizontal duty, because of the provisions of the marginal
was
well law.
The Central Committee of California Oil Producers set the
May allowable for the State at 592,000 barrels daily, the
same level vras in effect
during April. In order to keep the
California quota at the April figure, it was disclosed, the
Committee found it necessary to cut the top quota for any
1 well—this time from 178 barrels daily-to 174 barrels daily.
The proration orders issued during the week by the
Louisiana Conservation Commission disclosed that again
Louisiana has ignored the recommendations of the United
States Bureau of Mines in setting its allowables.
The May
allowable for Louisiana was fixed at 293,080 barrels daily,
which is nearly 9,000 barrels daily better than the current
quota and 28,580 barrels above the figure suggested by the
Bureau.
An unanimous decision of the Arkansas Supreme
Court,
handed down this week, upheld the authority of the Ar¬
kansas Oil and Gas Commission to halt production in the
State's
regulated oil fields in emergencies without
a
hearing.
Volume
The
ISO
Commercial & Financial Chronicle
Associate Justice E. L. McHaney, who wrote the opinion,
held that whether an emergency existed was for the Com¬
mission and not for the ^courts to determine, unless fraud
was shown.
Loser in the suit, which came about from the
Commission's orders to halt production for 10 days in pro¬
rated fields last summer, was the Lion Oil Refining Co.
A
gain of 4,750 barrels in daily average production of
crude oil during the week ended April 20 liftea the Nation's
total to 3,858,550 barrels, reports compiled by the American
Petroleum Institute disclosed.
The figure was more than
300,000 barrels above the April market demand recommenda¬
tions of the U. S. Bureau of Mines, which set the total at
3,550,000 barrels daily.
Sharpest expansion, as usual, was shown in Texas where
operators lifted their production 15,900 barrels to a daily
figure of 1,510,400 barrels.
Illinois riveted its third-place
position more securely with a gain of 11,300 barrels, which
put the daily average at 433,050 barrels.
A gain of 7,200
barrels for Oklahoma lifted the daily figure to 408,050.
Louisiana was up 1,050 to a daily figure of 287,800 barrels.
A decline of 23,700 barrels for California pared the West
Coast total to 607,500 barrels while Kansas was off 15,500
barrels to 160,900 barrels.
An increase of 372,000 barrels in stocks of domestic and
foreign crude oil held in the United States during the week
ended April 13 was reported by the U.S. Bureau of Mines,
the total rising to 252,269,000 barrels.
Inventories of
domestic crude oil rose 704,000 barrels but a decline of
332,000 barrels in stocks of foreign crude pared the net gain.
Heavy crude oil stocks in California, riot included in the
''refiriable" crude stocks were up 6,000 barrels to 13,340,000
barrels.
At
week-end, the Cardenas Administration had made no
answer to U. S. Secretary of State Hull's
April 3 demand for
immediate arbitration of the United States oil industry's
claims against Mexico as a result of the expropriation of
some $500,000,000 of American and British oil
properties
two years ago.
However, it was understood that the
Administration would answer shortly.
In the meantime,
President Cardenas is encountering resistance from the oil
worker's union on his 14-point
reorganization plan for the
Mexican oil
industry.
February production of crude oil throughout the world was
seven
months, and around 7,000,000 barrels
less than in January, last,
indicating that there has been
no great "war" demand for crude
oil in the major production
centers.
The "World Petroleum" survey put total output
for February at
172,412,000 barrels.
There were no crude oil price changes posted.
the lowest in
Prices of
Typical Crude
per
are
.31.03
1.10
...
Illinois
95-1.05
Darst Creek
....
1.03
Western Kentucky..
.90 Michigan? rude..
.76-1.03
Mld-Cont't, Okla., 40 and above.. 1.03 Sunburst, Mont....
.90
Rodessa, Ark., 40 and above...... 1.25 Huntington, Calif., 30 and over... 1.15
Bmackover, Ark., 24 and over
1.38
fij.73 Kettleman Hills, 39 and over
.....
REFINED
FUEL
t
PRODUCTS—CONTRA-SEASONAL
STOCKS—PERSISTENT
MAND—FUEL
OIL
(Bayonne)
N. Y. (Harbor)
Bunkder C
New Orleans O
$1.00
31.00-1.25 Phlla., Bunker C..._ 1.50
2.10-2.20
Gas Oil, F.O.B. Refinery or
N.
Terminal
plus'D
I California, 24
31.50
Diesel
| New Orleans.05X-.05
| Tulsa
.04 -.04)4
$.04
.03)4-.05
| North Texas
Los Angeles..
.001
$
Fuel Oil, F.O.B. Refinery or
Bayonne)—
..3 04
Terminal
l Chicago—
27 plus..
I
3.053
.
Gasoline. Service Station, Tax
z
New York........3.17
I Newark
z
Brooklyn.
I
Not
z
.17
...
Boston
J.02)4-.03
| Tulsa
28.30 D
f
Included
3-1601 Buffalo
>•
3.17
385»Chicago............ .17
...
including 2% city sales tax.
Daily Average Crude Oil Production for Week Ended
April 20, 1940, Up 4,750 Barrels
The
American
Institute
Petroleum
estimates
that
the
daily average gross crude production for the week ended
April 20, 1940, was 3,858,550 barrels.
This was a gain
of 4,750 barrels from the output of the previous week, and
the current week's figures were above the 3,550,000 barrels
calculated by the United States
Department of the Interior
by the various
oil-producing States during April,
Daily average produc¬
tion for the four weeks ended April 20, 1940, is estimated
at 3,824,650 barrels.
The daily average output for the
week ended April 22, 1939, totaled 3,526,700 barrels.
Fur¬
ther details, as reported by the Institute, follow:
be the total
to
of the restrictions imposed
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports for the week ended April 20 totaled 1,600,000
barrels,
228,571 barrels, compared with a daily average of
144,000 barrels for the week ended April 13, and 190,250 barrels daily for
daily
a
the
of
average
weeks
four
whether
ended
bonded
or-
April 20.
for
domestic
These figures
but
use,
it
include all
is impossible
imported,
make the
oil
to
separation in weekly statistics.
Receipts of California oil at Atlantic Coast ports were 274,000 barrels,
daily
a
at
of 39,143 barrels, of which 101,000 barrels were gasoline
Philadelphia; 72,000 barrels of crude oil received
101,000 barrels of other petroleum products received
average
received at
the port of
Savannah,
and
Baltimore.
at
Reports received from Tefining companies owning 84.9% of the 4,424,000
barrel
estimated
indicate that the
basis,
daily potential refining capacity of the United States
industry as a whole ran to stills, on a Bureau of Mines
3,535,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and
in
pipe lines as of the end'of the week, 102,817,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,412,000 barrels during the week.
CRUDE
STILLS AND PRODUCTION OF GASOLINE,
ENDED APRIL 20, 1940
(figures in thousands of barrels of 42 gallons each)
RUNS TO
Crude Runs
Daily Refining
Capacity
Gasoline
Production
to Stills
at
District
Potential
Percent
Rate
Reporting
WEEK
Refineries
Percent
Inc. Naturae
Operated
Dally
Average
Blendea
East Coast.*..............
not shown)
12.75 Eldoraro. Ark., 40
1.02 Rusk, Texas, 40 and over
Corning, Pa
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
2643
RAIN
INVENTORIES
GAIN
IN
MOTOR
DOMESTIC
DE-
GAIN—REFINERY
OP¬
CUTS
643
578
89.9
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
156
91.0
117
82.4
452
634
88.5
514
91.0
2,075
420
70.9
207
82.7
z903
280
59.6
114
68.3
501
85.3
849
92.9
2,489
164
...
Louisiana Gulf.......
1,485
1,071
97.0
130
33
81.3
305
Inland Texas.........—.
Texas Gulf......
100.0
-
51.5
•
03.5
North Louisiana & Arkansas
101
Rocky Mountain
California,-
119
55.5
45
68.2
185
830
87.3
525
71.9
1,382
84.9
3,172
84.4
363
9,871
1,541
3,535
3,570
11,630
x3,310
yll,066
Reported
Estimated unreported
94
ERATIONS STEADY—GASOLINE MARKETS QUIET
*
A
sharp contra-seasonal rise in stocks of finished and un¬
finished gasoline during the third week of April lifted stocks
nearly 1,000,000 barrels to a record high of 102,817,000
barrels.
The American Petroleum Institute report pointed
out that this was some 15,000,000 barrels above the ab¬
normally high stocks held at this time a year ago.
Domestic demand for gasoline was hit badly by the
persistent rainy weather, with its accompanying floods in
many major consuming areas of the nation.
The East and
mid-west were badly hit
by the rains, with the Pittsburgh
April 20, 1940—
I.
April 13, 1940-..-.—.-
4,424
4,424
♦U.S.B.of M. Apr. 20, 1939
11,412
April, 1939, daily average, y This, is a
week's production based on the U. S. B. of M. April, 1939 dally average, z 12% re¬
porting capacity did not report gasoline production.
Estimated Bureau of Mines' basis,
♦
x
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
!
,
B.
Four
of M.
Change
Weeks
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
Apr. 20,
Previous
Apr. 20,
ments
.
i
ables
1940
Week
Apr. 22,
1939
,
the high inventories and
refinery operations held at their
abnormally high. During the April 20 week, refinery opera¬
tions were off only 0.9 points to 84.4% of capacity.
Daily
average runs of crude oil to stills were off 35,000 barrels to
3,535,000 barrels.
Prices of motor fuel throughout the country as a whole
remained fairly steady.
There were sectional readjustments
but no general price movement of any consequence.
Kero¬
sene and fuel oils were hit by some seasonal easiness.
Despite the general
concern over
New York—
Std.OH N.J-3.06X-.07
Socony-Vac. .06H-.07
.08K-.08 X
.08K-.08J4
Warner-Qu. .07>£-.08
T.Wat. Ofl
New York
I.07X-.08
Gulf
.08K-.08 H
Shell East'n .07H-.08
Texas
Rich Oil (Cal)
Other Cities—
Chicago.....3.05
-.05H
New Orleans. .06J4--07
Gulf ports...
-05)4
Tulsa........ .04J4-.05X
1940
(April)
413,000
151,000
Oklahoma—
Kansas
413,000 b408,050
151,000 bl60,900
+ 7,200
—15,500
406,050
173,250
—4,600
+9,060
80,160
102,100
33,700
271,000
87,000
396,850
255,300
251,450
76,800
100,300
33,900
280,800
86,750
396,700
268,150
201,000
Panhandle Texas
North Texas...
West Central Texas..
West Texas
East Central Texas. _
East Texas
Southwest Texas....
Coastal Texas..—.
1,332,000 C1443773 1,510,400
Total Texas
North Louisiana
'
Coastal Louisiana...
Total Louisiana—
Arkansas
Mississippi
...—
Illinois .............
Indiana.........—
—400
—1,300
—1,200
—250
+ 13,800
+700
and Indiana)......
Michigan...........
Wyoming...........
Montana...........
Colorado
New Mexico
Total east of Calif.
.........
74,100
84,460
31,300
229,650
104,750
446,650
256,650
226,600
—250
09,100
218,700
+ 1,300
68,800
215,950
75,300
193,500
268,800
257,000
284,133
287,800
+ 1,050
284,750
64.500
3,900
380,000
7,800
70,000
70,250
b6,250
433,050
b9,500
+ 1,350
—1,400
+ 11,300
+ 1,150
69,350
7,550
426,900
9,000
100,200
62,400
69,050
17,500
3,850
111,850
+ 3,050
+250
97,600
63,050
+4,850
65,900
""—50
17,400
3,900
112,400
*
52,650
17+500
98,750
101,500
63,000
66,000
16,800
3,500
100,000
114,000
—700
61,100
67,450
14,350
3,550
108,100
3,251,050
2,960,000
607,500
590,000 <1592,000
+28,450 3,214,650 2,916,000
610,000
610,700
—23,700
3,858,550
+4,750 3,824,650 3,526.700
Total United States 3,550,000
•
171,000
+ 15,900 1,477,550 1.454,150
Eastern (not lncl. 111.
CAlifnrpla.
451,600
b.._.._
Nebraska
American Petroleum Institute's report.
the lack of export increases,
Week
.Week
laled
Calcur-
and much land in Ohio and
■
adjoining States suffering
flood conditions from rising rivers.
Export demand continues to be lacking from the market,
as far as any apparent indications are concerned.
Apparently
the warring European nations are purchasing elsewhere or
else the heavy purchases of American motor fuel and crude
oil last year were stocked away and are now being used.
Germany, the one nation which needs oil most, is prevented
from getting much from the United States because of the
British Navy's blockade.
In addition to rising stocks of gasoline, the normal seasonal
trend in stocks of light and heavy fuel oil has been accelerated
and inventories of these refined products are moving sharply
higher.
Stocks during the week under review were up
1,272,000 barrels, according to the figures contained in the
area
Estimated total U. S.:
These are Bureau of Mines' calculations of the requirements
oil based upon certain premises outlined in its detailed forecast
of domestic crude
for tbe month of
The Commercial & Financial Chronicle
2644
April.
As requirements may be supplied either from stocks, or from new
pro¬
duction, contemplated withdrawals from crude oil Inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new
crude
to be produced.
b
7
Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures
a.m.
April
are for week ended
PRODUCTION
ESTIMATED
April 17.
This is the net basic allowable as of the first of
April.
Past experience Indicates
it will increase as new wells are completed and If
any upward revisions are made.
It includes a net figure of approximately 414,000 barrels for East Texas
after deduc¬
FINISHED AND
FUEL OIL,
UNFINISHED
WEEK ENDED APRIL 20,
Week Ended
Stocks of Gas Oil
and Distillates
Finished &
Unfinished Gasoline
Total
Finished
Daily average..-
Finished
At
and
Refineries
East Coast
Appalachian
22,607
3,661
...
Ind., 111., Ky
Okla., Kan., Mo
17,511
7,988
At Terms,
At
and in
Refineries
in
Pipe Lines
Transit
and in
Pipe Lines
23,386
1,939
4,214
18,231
289
129
239
951
22
3,153
1,854
3,701
3,442
4,875
271
15,590
2,635
*445
4,845
311
2,584
...
8,576
2,033
2,990
805
31
703
324
Louisiana Gulf
No. La. & Arkansas
625
652
1,368
181
424
1,737
144
18,278
7,589
1,985
55,287
Reported
89,180
7,030
95,687
17,042
6,562
28,980
7,130
665
510
72,173
1,965
25,200
3,600
580,100
4,200
600
6,446
29,185
28,565
467
23",443
228,800
1,799,500
2,542j
19,994
and dredge coal, and coal shipped by truck from authorized
Adjusted to make comparable the number
c
Tin
Exports from Malaya and Congo
Malaya and 470 long tons from The Congo,
a cable received April 23 by the American
to
Institute from the Statistical
Steel
and
Office of the
Tin Research and Development Council,
International
The
Exports from the other signatory coun¬
appeared in our issue of April 20, page 2490.
Hague, Holland,
unreported..
•Eetd. total
*■
96,210
102,817
17,707
April 13, 1940...
95,313
101,837
17,052
7,072
7,185
74,138
74,030
87,394
18^37
7,343
79,094
B.
tries
205
U. S.:
April 20, 1940...
S.
according
Iron
10
1,659
16,820
Mountain..
c
During March a total of 10,174 long tons of tin was ex¬
ported from
California
1929
c
in the three years.
March
"27
1,746
13,979
Inland Texas
Texas Gulf
of
Non-Ferrous
11
Mines
Metals—Domestic^ Copper
Declines to*
Basis—Lead and
Zinc
Unchanged—Tin
}/ic.
Steady
♦April 20, 1939-.
*
26,100
operations. ' b Excludes colliery fuel,
of working days
630
2,238
1939
4,350
Includes washery
a
in Transit
1940
Comm'l production-b. 826,000 655,000 1,151,000 13,776,000 14,149,000 19,443,000
Beehive Coke—
United States total—
Fuel Oil
At Terms,
Unfln'd
U.
1939
Dally average.
Total
Estd.
1940
869,000 689,000 1,212,000 14,499,000 14,894,000 20,951,000
202,000
144,800 137,800
165,700
170,200
239,400
liery fuel.a
District
Rocky
Apr. 15
col¬
including
Total,
Slocks ef Residual
Calendar Year to Date
Apr. 6
1940
(Figures In thousands of Barrels of 42 Gallons Each)
Stocks of
AND
Penn. Anthracite—
GAS AND
1940
ANTHRACITE
COKE
Apr. 13
any estimate of any oil which
GASOLINE AND
PENNSYLVANIA
(In Net Tons)
tions for 12 shutdown days, namely, April 1, 6, 9, 10, 13, 16,
17, 20, 23, 24, 27
and 30.
For all other areas a shutdown was ordered for April 1 only.
d Recommendation of Central Committee of California Oil
Producers.
Note—The figures Indicated above do not Include
might have been surreptitiously produced.
OF
BEEHIVE
c
STOCKS OF
1940
27
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook 1938, page 702.)
c April 1, "Eight
Hour Day" weighted as 0.1 of a working day.
d Sum of 15 full weeks ended April 13
and corresponding 15 weeks In 1939 and 1929.
pound of coal.
81,478
....■■"
'
30,055
"Metal
Estimated Bureau of Mines' basis.
Mineral
and
:.;V,:
Markets," in its issue of April 25,
reported that except for an easier situation in cox>per, the
market for major non-ferrous metals was an
Weekly Coal Production Statistics
affair during
The current coal report of the Bituminous Coal
U. S. Dept. of the Interior, showed that the total
Division,
production
of soft coal in
the week ended April 13 is estimated at
7,700,000 net tons. This is an increase of 650,000 tons, or
9.2% over the output in the preceding week, when working
time was curtailed by the
holiday observance of "Eight
Hour Day."
When compared with last week in March, a
decrease of 9.1% is indicated.
The
U.
S.
Bureau
of
Mines
reported
that anthracite
production in Pennsylvania, as estimated for the week ended
April 13, showed a recovery from the loss of tonnage in the
preceding week.
The output was 869,000 tons.
Compared
with 689,000 tons this was an increase of
26%, but was 28%
less than the 1,212,000 tons
reported for the corresponding
week in 1939.
trict and State
Tin hardly moved in
in London.
sources or
X
,
week,
ning of the
offered
in
and the
both
at
booked
was
ness
in
Apr. 8
Apr. 9
Apr. 6
1940
1939
1938
1929
Avge.
1923
e
1
3
3
307
26
203
Arkansas and Oklahoma...
12
32
13
14
Colorado
Georgia and North Carolina
81
90
80
119
1
1
1
1
654
965
615
712
779
280
363
214
and
market
was
to
...
Indiana
f
f
343
412
39
70
126
f
184
difficult for sellers
to
do
to
American
of
content
copper
allowing
for
Bureau
of
February
.......
May
June......
258
237
514
53
57
100
102
78
138
596
750
48
457
640
620
5.10c,, New York, which
120
175
188
ican
28
129
194
21
39
6
12
22
49
55
34
44
New
38
22
19
20
45
Mexico
North and South Dakota
Pennsylvania
Tennessee
59
41
bituminous
47
22
24
f23
fl6
341
406
21
331
314
766
1,875
Ohio...
2,090
60
1,188
2,292
3.531
92
The
F.
H.
96
120
25
75
15
17
18
20
Utah
21
33
37
32
50
76
70
228
274
37
182
205
Virginia
Washington
West
20
25
25
30
24
39
35
1,525
1,790
17
1,111
1,425
1,256
520
565
22
378
579
778
82
106
76
88
84
116
1
f4
8,470
1,654
5,614
7,781
10,836
689
901
984
851
1,280
1,974
Wyoming
Other Western States.c
Total bituminous coal
Pennsylvania anthracite-d
Total, all coal
*
2
7,739
9,371
2,638
9,061
12,810
ESTIMATED
UNITED STATES PRODUCTION OF
SOFT COAL WITH
COMPARABLE DATA ON PRODUCTION OF
CRUDE PETROLEUM
kinds
all
was
than
and
ex
according
scrap,
to
1939
74,000
August...
September..,
68,000
October
1940
63,000
73,000
........
84,000
November
82,000
.......
December
71,000
.....
Total
..759,000
.
stockholders
depressing,
adding
which such
in
comment
that
than
April
on
condition
a
much less
are
preceding week.
The price was steady at
also the contract settling basis of the Amer¬
was
lead
23
the
on
Chairman of the American
lead
outlook
the
only
non-ferrous
by
He
the
perhaps
is
prevails.
foreign
Smelting & Refining Co.
foreign lead situation
that
was
metal
in
Great Britain's needs for lead apparently
With respect to Mexican lead, he
first anticipated.
at
said
that the world competitive position was severe.
Scandinavian markets
been cut off and Japan has been taking lead at a reduced rate.
The March refined lead statistics showed that stocks increased moder¬
have
ately to
the
in
74,692
tons,
of
average
the two
the
gain
a
first
two
of
2,034 tons.
months,
Shipments
totaling
were
46,353
well
tons.
above
Shipments
first-quarter periods:
—Jan-March—
1939
Cable
To—
1939
1940
Sundries..
8,979
6,729
Jobbers
2,225
1,554
3,989
Unclassified,
67,783
64,316
115,481
125,404
20,277
5,779
4,357
14,559
17,203
700
890
Ammunition
Batteries
—Jan-March—
1940
11,099
.»
FoU.
6,465
Includes operations on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. &
G.,
and on the B. & O. in
Kanawha, Mason and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker
counties,
c
In¬
cludes Arizona, California, Idaho, Nevada and
Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau
of Mines,
e Average
weekly rate
for entire month,
f Alaska, Georgia, North
Carolina and South Dakota, included
with "Other Western States."
* Less than 1.000 tons.
of
processing
more
follows:
65,000
interested
was
To—
a
hardly
were
the
tons in
f6
7,050
......
Virginia—Southern.a
Northern, b
trade
informed
249
....
it
grades of lead during the last week totaled 3,459
common
Brownell,
121
•
Texas
prices
at
forward
Smelting & Refining Co., and at 4,95c., St. JLouis.
42
21
Sales of the
tons, against 6,003
52
1
sold
May
Lead
57
2
nearby
on
mills
ex
of
Statistics,
54,000
87
94
and
but
55,000
July..
60
8
copper
19 wit¬
with sellers at that level
1940
58,500
53,500
58,000
53,000
54,000
128
33
Spot
f.a.s.,
return
Metal
1939
January...
47
8
begin¬
18
April
By April 22, however, busi¬
ll^c.,
shipments
normal
95
Maryland
Michigan
Valley,
the
April
11.375c.
at
business, and quotations
f
Montana
increased at
11.25c.
11.20c.
at
Iowa
Western..
at
unsettled.
nominal
Kansas and Missouri
Kentucky—Eastern
11.375c.
11.50c.,
1,471
Illinois
V
11.50c.,
quote
producers
Domestic sales for the week amounted to 7,740
11.375c.
April
2
276
Alabama
to
consumers
directions
from
March......
Alaska
and small
11.25c.
foreign
April
Mar.30
1940
>'•,,/:.r ///,;.../;■■/
■
bringing the total for the month to date to 31,131 tons.
tons,
the
Apr. 6
production
as
price structure suffered. /On
several
to the close April 24.
up
Coast
continued
operators
mine
quantity to domestic
nessed business
Estimated
State
Copper
'•
large
offerings by custom smelters
was
Pacific
the
on
The publication further stated:
\.v
the
Though
foundries,
Week Ended—
New York and remained about steady
was available at lower levels, with
increasing
offerings
of final annual returns from the
operators.)
(In Thousands of Net Tons)
Domes¬
Quicksilver
tends to rise.
ranging
(The current weekly estimates are based on railroad
carloadlngs and river ship¬
ments and are subject to revision on
receipt of monthly tonnage reports from dis¬
uninteresting
Buying was inactive.
tic copper sold down to 11.25c., Valley, with several sellers
at this level.
Both lead and zinc prices were unchanged.
The
ESTIMATED WEEKLY PRODUCTION OF
COAL, BY STATES
the last week.
Brass-making
a
Totals
a Includes
pigments, solder, babbitt, lead for tempering
going Into ammunition not credited to that classification.
gasoline,
10,446
and
Zinc
Buying
of
zinc
has
decreased
some
'
sharply,
sales
,
by
the
Prime
Western
division for the week ended
April 20 amounting to only 1,479 tons, against
21,466 tons in the preceding week.
Demand in the first three days of the
current week was
at about
the same slow
rate
as
last week.
The undertone
remained
Week Ended
Calendar Year to Date d
St.
steady in all directions, with the quotation unchanged at 5.75c.,
Louis, for Prime Western.
Tin
Apr. 13
Apr. 15
1940
Bituminous Coal
Apr. 6
1940
1939
1940
Demand
1939
1929
a—
Total, Including mine fuel
Dally average
7,700
7,050
1,283
cl,382
6,173
5,998
1,908 134,195 109,015 158,508
318
1,523
1,235
1,781
5,598
89,527
80,222
63,730
Includes for purposes of historical
comparison and statistical convenience the
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
a
production
firm,
tin
was
prices
moderate
here
spot and forward tin
Crude Petroleum b—
Coal equivalent of weekly output.
rather
for
in
during the last
showed
little
London
continued,
change.
week,
The
hut,
wide
with
spread
London
between
though it is believed that the
shortage in nearby metal in that market will soon be relieved.
Tin-plate
operations in the United States held at between 62% and 64% of capacity.
The
International
Tin
Research
and
Development
Council
reports
that
Malaya exported
Straits tin
June
at
10,174 long tons of tin daring March.
for April delivery settled at 47.250c., with
47.000c., and July at 46.875c.
May at 47.125c.,
Volume
Chinese
April
tin,
19,
99%,
45.375c.;
45.325c.; April
24,
DAILY
'
:'
The Commercial & Financial Chronicle
ISO
was
nominally as
20, 45.125c.;
April
45.375c.
PRICES OF
follows.:
April
45.500c.;
April 23,
18,
April
45.125c.;
22,
AGE"
April 23. 1940, 2.211e.
Electrolytic Copper
("E. & M
Steel
Lb.
) Based on steel bars, beams, tank plates,
2.261c.
|
wire, rails, black pipe, sheets, and het
2.261c. I
rolled strips.
These products represent
One month ago-.Oae year ago—
Zinc
Lead
a
One week ago....
J." QUOTATIONS)
Straits Tin
COMPOSITE PRICES
Finished
*
METALS
*
'
2645
THE "IRON
2.286c.J
85% of the United States output.
High
Dom.,Refy
Exp., Refy
New York
New York
St. Louis
St. Louis
Low
1940
2.261c.
Jan.
2
2.2110.
1939
2.286c.
Jan.
3
2.236c.
May
17
2.21 lo.
April 16
May 16
Apr. 18
11.150
11.350
47.500
5.10
4.95
5.75
Apr. 19
1938
11.100
11.350
47.375
4.95
5.75
2.512c.
5.10
Oct.
8
Apr. 20
1937
11.100
11.325
47.125
Mar.
9
4.95
5.75
2.512c.
5.10
2.249c.
Mar.
2
Apr. 22
Apr. 23
1936
11.025
11.325
47.125
5.10
5.75
2.249c.
4.95
Dec. 28
2.016c.
Mar. 16
1935
11.025
11.275
47.325
5.10
2.062c.
4.95
5.76
Oct.
2.056c.
Jan.
8
1934
Apr. 24
11.025
11.250
47.375
5.10
5.75
2.118c.
4.95
Apr. 24
1.945o.
Jan.
2
1933
1.953c.
Oct.
3
1.792c.
May
2
1932
1,915c.
Sept.
6
1.870c.
Mar. 16
Average
_
11.071
-
11.313
47.304
5.10
,.
5.75
4.95
Average prices for calendar week ended April 20 are:
Domestic copper, f.o.b.
refinery, 11.196c.; export copper, f.o.b. refinery, 11.346c.; Straits tin, 47.208c.;
New York lead, 6.100c.; St. Louis
lead, 4.950c.; St. Louis zinc, 5.760c.; and
silver, 34.760c.
The above quotations are "M. & M. M.'s"
appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic
copper prices are quoted on a delivered basis; that is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantlo seaboard.
Delivered
prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board. On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this
change
in
method
of
(lighterage, Ac.) to arrive
Due to the
prices
doing
business.
deduct
We
.05c.
from
European
a
Gross Ton
Prices
22.61
One year ago
Philadelphia,
20.61
Southern iron at Cincinnati.
-
tin,
Buffalo,
Valley,
High
and
Low
1940.
Jan.
2
$22.61
1939
Sept. 19
20.61
Sept. 12
1938
June
21
19 01
July
6
1937
Mar.
9
20.25
Feb.
16
1936
Nov. 24
lh.73
Aug. 11
1935
Jan.
2
5
17 83
May
14
May
1
16.90
Jan.
27
1933
Dec.
5
13.56
Jan,
3
1832
Jan.
6
13.66
Dec.
6
Nov.
1934
Steel
standard
on
Based on average for basic Iron at Valley
furnace and foundry Iron at Chloago,
$22.61
basis
f.a.s.
the usual table of daily London
war
r
Pig Iron
April 23. 1940. $22.61
One week ago
One month ago
at the f.o.b. refinery quotation.
is not available.
1
only
the
prices
given, however, are as follows:
April "18, spot,£255M>, three months, £249%; April 19, spot, £254, three
months, £248April 22, spot, £252%, three months, £247;
April 23, spot, £253%, three months, £249, and April 24,
spot, £254%, three months, £249%.
April 23, 1940, $16.13
a
Scrap
Gross Ton
One week ago
One month ago-.
Based
$16.08
One year ago
on
1
No.
heavy
melting
quotations at Pittsburgh,
16.29
and
steel
Philadelphia,
Chicago.
14.33
.....
High
Low
1940
$17.67
Jan.
2
$10.04
1939
Apr.
9
22.50
Oct.
3
14.08
May 16
1938
15.00
Nov. 22
11.00
June
1937
21.92
Mar. 30
12.91
Nov. 10
1936
17.75
Dec. 21
12.07
June
9
Apr.
29
7
1935
Steel Sheet and
Strip Prices Not Likely
Immediately Withdrawn
Dec.
10
10.33
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
8
6.75
Jan.
3
1932
to Be
13.42
1934
♦
,
8.50
12
6.43
July
6
The American Iron and
The
April 25 issue of the "Iron Age" reported that no
immediate withdrawal of the lower
prices on sheets and strip
seems
to be in prospect,
although some steel companies
drummed up a moderate volume of
on the strength of statements to
imminent.
What is likely to happen is
ment
new
wholly
was
continuance of present quotations for ship¬
a
through the second quarter until the time
third quarter prices.
drawn
business last week
buyers that such action
The "Iron Age" further stated:
for announcement of
comes
Whether the recent concessions will then
be with¬
in part probably will depend upon business conditions in
late May or early June.
While
some
of
sheets
and
opportunity to make commitments
strip
have
the
at
availed
themselves
lower prices
of the
for shipment by
June 30, there has been nothing
resembling the pell-meU rush to cover that
occurred when sheet and strip prices declined
sharply in May of last year.
If a price advance is put into effect for
third quarter, specifications may
be
fairly heavy late in this quarter and probably would be reflected in steel
operations in June,
/
/
standing the expectation among
a
good many buyers that the price weakness
might spread.
Reports of concessions greater than $4 a ton on sheets have
generally been traced to the fact that the $2 a ton differential heretofore
granted by operators of hand mills has been extended in the
present situation.
Other
elements
of
price weakness are traceable largely to secondary
markets, products affected being, as heretofore, fabricated structural
steel,
reinforcing bars, pipe and merchant wire products. A late
spring and heavy
stocks in
mill
distributors' warehouses have contributed to this
situation.
price change is the waiving of
an extra
of 10
a ton on
Lake Superior ore would result in
a
corresponding
no
pig iron business is only
are more promising.
Great Britain,
Yugoslavia have sought iron here, and some orders have
Among recent inquiries are lots of 10,000 to 15,000 tons.
Belgium, and
holding their
own.
losses
in
seems
-
to point to the expectation of some
No.
town
some
districts
The ingot rate for the industry
%, unchanged from last week.
and
gains in others.
At last
There have been
the
scrap
market
improvement in steel production.
1 heavy melting steel Is 50c. a ton higher at Cleveland and
Youngsand 25c. a Buffalo and St. Louis, while a
raises
Chicago gain of 12J^c.
"Iron
the
advance in two
Age"
weeks
scrap
composite
5c.
to
$16.13,
following months of decline.
the
second
tonnage
continues
be
substantial
a
factor
in
current
mill
While the export trade outlook is less promising for the im¬
mediate future, steel companies have backlogs of
unshipped orders.
The
.
on
the side of
restricted
or
Germany,
course
shipment to Mediterranean
stopped entirely.
siderations, while
some
been cut off, and, if
Japan's purchases
South American countries
A longer-range view is that
Norway will
siderable tonnages if the Germans
steel companies have the
are
Italy enters the
are
countries
might be
fairly well stocked.
driven out.
Meanwhile, American
was on
ships
shipbuilding industry here is experiencing
a war
boom.
In addition
already large number of ships previously contracted for, a number of
orders have been placed.
The Matson Navigation Co., San Francisco,
has ordered two
ships from Federal Shipbuilding & Dry Dock Co. and two
from Newport News Shipbuilding & Dry Dock Co., which will take about
20,000 tons of steel, and the Maritime Commission has placed three ships,
requiring 12,420 tons of steel, with the Bethlehem Steel Co. for the Missis¬
sippi Shipping Co., New Orleans, and two tankers requiring 10,280 tons of
steel, with the Sun Shipbuilding Co. for the Keystone Tankship Corp. Phila¬
delphia.
The Sinclair Refining Co. is taking bids
on
10 tankers and other
oil companies are expected to buy a considerable number of oil
ships.
expansion in domestic laying of oil pipe lines is aiding pipe business.
Dec.
4
Dec.
11
Dec.
18
Dec.
25
Mar.
Jan.
15
Jan.
22
Jan.
29
62.4%
Mar. 25
60.7%
01.7%
61.3%
60.9%
60 .0%
Apr.
1
Apr.
8
Apr. 15
April 22
85.7%
86.1%
84.8%
82.2%
77.3%
8
Jan.
64.7%
Mar. 18
1940—
1
64.6%
4
Mar. 11
April 22, stated:
on
V
r
buyers placing blanket orders covering needs through remainder of the
However,
quarter.
volume
far
was
Absence
inventories
of
below
the
heavy
An
bought
tonnage
buying rush is attributed partly to the fact consumers'
a
relatively large and partly
are
because buyers
to
expect
be
accorded protection on this quarter's requirements at present prices even
should former quotations be restored.
is
A move to reinstate the old schedules
thought likely for third quarter but is not
immediate develop¬
seen as an
ment.
r
a
Business in other products has recovered from most of the lag experienced
when sheet and strip prices were lowered.
Buying still is con¬
week ago
servative, but fears that price weakness might spread to
gradually is disappearing.
sheet and
products
strip quotations to reflect revisions by mills.
Meanwhile,
itional
other
Warehouses in several districts have reduced
steel
average
10 points
ingot
production
of 61M% being
higher than
a
continues fairly steady, last week's
gain of 3^-point
a
year
the previous week
over
The upturn
ago.
cipMiy-bytbe three leading districts, Pittsburgh being
furnished prin-
was
up
2 points to 55%,
Chicago rising 2 M points to 61H and Youngstown expanding 1 point to 43.
New England had a 5 point rise to 60.
Lower schedules prevailed in four districts, reductions
to 56 in eastern
Cincinnati
and
including 1 point
Pennsylvania, 2 points to 42 at Buffalo, 6 points to 50 at
5 points to 72 at
Detroit.
Unchanged
were
Wheeling at
73, Cleveland at 65, Birmingham at 81 and St. Louis at 45.
Major
steel
consuming
outlets
mobile assemblies last week were
maintaining
are
operations.
a
was
of only a few thousand
Output
units.
a
year
ago
Despite sustained assemblies, operations of some parts makers
Tin
plate specificatiins
are
Auto¬
practically unchanged at 103,725 units,
marking nine consecutive weeks in which production has shown
increasing more
period, but production continues to gain.
are
maximum
90,280.
reeceding.
slowly than usual for this
Last week operations
were
2 points to 62%.
include 500 box
cars
up
k
Activity in railroad equipment markets is only moderate.
New inquiries
for the Denver & Rio Grande, 75 hopper cars for the
Cincinnati, New Orleans & Texas Pacific, 50 hopper cars for the Santa Fe
and 30 box
cars
and 20 flat
cars
for the Panama Canal Commission.
Export business in iron and steel products continues active despite the
loss of trade with Scandinavian countries.
An order for 25,000 tons of pig
iron for European shipment has been placed,
with several other large in¬
quiries pending.
Steel orders in the aggregate are running about 10 to 25% ahead of the
March volume.
That steel business is not much better than it is is due
in
largely to a definite lag in building construction and railroad requirements.
lately but generally in vole small lots.
Nov. 27
71.7%
68.8%
67.1%
05.9%
during the price war laist May.
to the
new
Nov. 20
Feb.
5
Feb. 12
Feb. 19
Feb. 20
variation
or on
docks when Denmark and Norway were invaded.
The
of
come to the United States for con¬
problem of storing steel that
Nov. 13
91.0%
92.5%
93.5%
93.9%
94.4%
92.8%
91.2%
90.0%
73.7%
0
reduced levels instituted recently.
war
limited by credit con¬
are
2
30
Price weakness in sheets and strip appears to have been checked at the
are
operations.
Scandinavian market has of
59.3%
60.1%
62.1%
62.2%
63.0%
68.6%
70.2%
79.3%
83.8%
87.5%
88.6%
90.3%
90.2%
9
54.3% Oct.
38.5% Oct. 16
49.7% Oct. 23
markets,
ahd
to
-55.0% Oct.
3
10
Nov.
Jan.
I
|
Oct.
"Steel," of Cleveland, in its summary of the iron and steel
small
Foundry grades
also stronger in some districts.
Export
19
June 26
July
July
1939
56.4%
60.6%
17
24
31
7
14
21
28
4
52.2% Sept. 11
54.2% 8ept. 18
53.1% Sept. 26
12
June
50.9% July
48.6% Aug.
47.8% Aug.
47.0% Aug.
.45.4% Aug.
48.6% Sept.
5
June
indication
moderately active, export prospects
Steel operations are
1939—
54.7% July
52.1% July
considered helped to stimulate demand for flat-rolled products, a number
decline of $1 a ton on pig iron, but thus far there has
been
that such would be the result.
While domestic
this week is estimated at 62
1939—
Apr.
3
Apr. 10
Apr. 17
Apr. 24
May
1
May
8
May 15
May 22
May 29
Reports last week that early withdrawal of the lower prices was being
lengths.
Pig iron buyers have been sounding the market to determine whether the
resulted.
telegraphic reports which it had received indi¬
operating rate of steel companies having 97%
capacity of the industry will be 60.0% of capacity
for the week beginning April 22, compared with
60.9% one
week ago, 60.7% one month ago, and 48.6% one
year ago.
This represents a decrease of 0.9 point, or 1.5% from the
estimate for the week ended April 15, 1940.
Weekly indi¬
cated rates of steel operations since April 3, 1939, follow:
that
A
bars in certain specified
reduction of 50c.
an¬
lb. for merchant
100
c. a
April 22
on
of the steel
June
Satisfaction is expressed by steel
companies that the cuts have gone no
deeper and that other products have not been
seriously affected, notwith¬
Institute
nounced that
cated
or
users
Steel
Aug.
Jan.
Slowness with which
heavy building construction is increasing is reflected
the lag in structural shape awards.
Orders have been
Reinforcing bars
are
more
numerous
relatively
more
The Commercial & Financial Chronicle
2646
active than shapes,
but bookings to date this year
Concrete bar prices are a trifle
volume.
Recent orders for
8t. Louis gas holder.
Head¬
for army housing at the Panama Canal.
Angeles aqueduct and 2,000 tons of plates for a
ing concrete bar awards is 4,500 tons
Reduction of 50 cents a ton in Lake
restores the market to
season
of pig
of
iron ore consumption declined slightly in March.
Stocks
grades are
Steelmaking
unchanged at principal consuming centers, however, thereby
pricd^bmposite at $15.96.
production for week ended April 22 is placed at
approximately 61 % of capacity, unchanged from the previous
week, according to the "Wall Street Journal" of April 25.
Two weeks ago the industry was at 62%.
The "Journal"
Steel ingot
The
Week
with
the
Federal
Reserve
Banks
During the week ended April 24 member bank reserve
balances increased $126,000,000. Additions to member bank
reserves arose from
decreases of $43,000,000 in Treasury
deposits with Federal Reserve banks, $16,000,000 in money
in circulation, and $8,000,000 in Treasury cash, and in¬
creases
of $77,000,000 in gold stock and $5,000,000 in
Treasury currency, offset in part by a decrease of $13,000,000
in Reserve bank credit and an increase of $10,000,000 in
nonmember deposits and other Federal Reserve accounts.
Excess reserves of member banks on April 24 were estimated
to be approximately $6,120,000,000, an increase of $70,000,000 for the week.
The statement in full for the week ended
April 24 will be
2674 and 2675.
Changes in member bank reserve balances and related
items during the week and the year ended April 24, 1940,
were as
pages
follows:
Increase
'■
■
-'...i'''-'..v.
.
(+)
"■
(—)
or Decrease
Since
April 24, 1940 April 17, 1940
April 26, 1939
$
Bills discounted
Bills
2,000,000
bought
U. 8.
—1,000,000
...
2,467,000,000
—97,000,000
10,000,000
22,000,000
—3,000,000
advances
(not Including
$9,000,000 commitments—Apr .24)
bank credit
-13,000,000
+ 23,000,000
—13,000,000
+77,000,000
2,501,000,000
...18,708,000,000
2,997,000,000
...
Gold stock
Treasury
currency
Member bank
—79,000,000
+ 2,994,000,000
+148,000,000
balances.
12,883,000,000
Money In circulation
Treasury cash
470,000,000
+126,000,000
-16,000,000
—8,000,000
—43,000,000
+ 2,980,000,000
+ 660,000,000
—388,000,000
—443,000,000
1,029,000,000
+ 10,000,000
+ 257,000.000
7,520,000,000
2,305,000,000
Treasury deposits with F.R. banks..
Nonmember deposits and other Fed¬
eral Reserve accounts
Returns
of
+ 5,000,000
...
reserve
....
Member
Banks
New
in
York
City and
Chicago—Broker's Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent
week, issued in advance of full statements of the member
banks which will not be available until the coming Monday,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
Chicago
$$$*$?
Industrial
agricultural loans
9,159
9,165
8,059
1,941
2,967
2,777
2,247
582
2,244
2,961
575
532
and
1,689
1,691
1,376
405
400
358
Open market paper
109
110
117
18
18
15
Loans to brokers and dealers..
Other loans for purchasing or
480
479
547
32
30
31
carrying securities
159
Loans to banks...
Other loans
64
64
68
111
14
14
13
37
44
387
49
49
165
181
290
300
64
892
727
160
160
211
2,520
by
42
367
163
921
2,562
2,101
715
713
660
1,278
„
United States bonds
guaranteed
195
119
368
Treasury bills
Treasury notes
Obligations
159
119
Real estate loans
United States Government...
Reserve with Fed. Res. banks..
Cash In vault
142
142
127
358
354
347
1,023
1,316
Balances with domestic banks..
Other assets—net
.
1,258
1,321
6,335
6,246
1,044
1,229
4,831
77
81
59
81
83
342
996
29
886
73
31
262
240
70**
46
55
+2
42
1933-.-
28**
48**
77**
+4
24
+2
50
—1
80
—1
349
382
46
46
50
Demand deposits—adjusted
9,121
9,106
7,428
1,818
1,746
1,554
666
664
624
504
503
75 0
1930
483
Foreign banks
Borrowings
Other liabilities
Capital account
44
45
3,711
3,680
672
655
106
84
84
925
945
723
560
8
8
12
282
279
358
~~18
"l7
""l6
1,498
1,495
1,484
252
252
259
1928...
64
**
41**
**
**
—
—
-1**
49**
66
—2
+4**
+3
+3
99
75
80
90
82
+4
32
—2
103
+3
85
1927
89**
No available
taneously with the figures of the Reserve banks themselves
the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.;
In the following will be found the comments of the Board
and covering
.
of Governors of the Federal Reserve
System respecting the
body of reporting member banks of the
Federal Reserve System for that week ended with the close
returns of the entire
of business
The
April 17:
condition
statement of
weekly reporting member banks in 101 lead¬
the following principal changes for the week ended
Increases of $37,000,000 in commercial, industrial and agricul¬
tural loans, $118,000,000 in reserve balances with Federal Reserve banks,
ing
shows
cities
April 17:
$190,000,000
credited to
demand
in
deposits—adjusted, and
$136,000,000
in
deposits
domestic banks.
Commercial,
industrial and
agricultural
loans
increased
$21,000,000 in
New York City and $37,000,000 at all reporting member banks.
Loans to
brokers and
dealers
Chicago
of United
district
decreased
in
securities decreased $10,000,000 in New York City.
States Treasury bills increased $19,000,000 in the
$21,000,000 at all reporting member banks, and
$10,000,000 in New York City.
Holdings of Treasury notes
$19,000,000 in New York City.
Holdings of United States
Holdings
and
Government bonds
increased $36,000,000 in New York
City and $25,000,000
Holdings of obligations guaranteed by the
reporting member banks.
United States Government increased $24,000,000 in
ings
of ''other securities"
increased
$10,000,000
New York City.
at
all
Hold¬
reporting member
banks.
deposits—adjusted
increased
trict, $39,000,000 in New York City,
outside
New
York
$190,000,000
City,
all
at
$49,000,000
in New
$111,000,000 in the Chicago dis¬
$24,000,000 in the New York district
$16,000,000
reporting
York
in
member
City and
the
San
banks.
Francisco
Time
-
district,
deposits
$48,000,000 at all
banks.
and
decreased
reporting member
1
Deposits credited to domestic banks increased $85,000,000 in New York
City, $15,000,000 in the Cleveland district, and $136,000,000 at all report¬
ing member banks, and decreased $21,000,000 in the
Chicago district.
Deposits credited to foreign banks decreased $5,000,000 in New York
City.
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended April
17, 1940, follows;
Increase
.
...
AvT'
.
Loans and investments—total
+1,781?000,000
+123,000,000
+ 22,000,000
4,430,000,000
331,000,000
-
paper
.
for
+ 37,000,000
—8,000,000
+ 572,000,000
—11,000,000
—71,000,000
and dealers in
purchasing
+ 529,000,000
+ 26,000,000
'
or
carrying securities
474,000,000
1.183,000,000
47,000,000
1.569,000,000
Real estate loans
Loans to banks
Other loans
Treasury bills
608,000,000
1,840,000,000
6,554,000,000
bopds...
Obligations guaranteed by United
States Government
2,406,000,000
Other securities.#.
3,528,000,000
Reserve with Fed. Res.
banks....10,729,000,000
Cash In vault
462,000,000
—63 000 000
+4,000,000
—2,000,000
+ 2,000,000
+ 21,000,000
+18,000,000
+ 25,000,000
+ 27,000,000
+38,000',000
—24,000,000
+ 51,000,000
+ 251,000,000
—175,000,000
+ 653,000,000
3,239,000,000
Time deposits
United States Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
+ 376,000,000
+147,000,000
+ 2,629,000.000
+45,000,000
+ 654,000,000
+190,000,000
+ 3,036,000,000
5,312,000.000
577,000,000
—48,000,000
+2,000,000
—51.000 000
8,464,000,000
717,000,000
1,000,000
deposits—adjusted
+10,000,000
+118,000,000
—11,000,000
+ 54,000,000
19,655,000,000
domestic banks
Demand
(—)
AvT-19' 1939
619,000,000
cultural loans
Open market
United States
Decrease
or
St™
Y' 1940 Apr' 10' 1940
Commercial, Industrial and agri-
loans
(+)
.
23,589,000,000
8,653,000,000
Loans—total.
+136,000,000
+1,888,000,000
—5,000,000
+47,000.000
+ 99,000,000
+1,000,000
♦
Neutrality Act Extended to Norway Although War
Not Formally Declared—Must
P^y Cash for Any
Purchases in United States
recognition was given by President Roosevelt
April 25 to the existence of a state of war between Norway
and Germany, with the issuance of three
proclamations and
an executive
order, under the provisions of the Neutrality
Act.
Returns of Member Banks of the Federal
Reserve System for the
Preceding Week
As explained above, the statements of the New
York and
are
**
Formal
.
Complete
Chicago member banks
+
101
1929
83
2,844
**
—
28
$
given out
on
Thursday, simul¬
**
47**
1931
87
+
225
Liabilities—
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
—1
+1
1935.--
47
the
Other securities
—1
1936.--
Other
Apr. 24 Apr. 17 Apr. 26 Apr. 24 Apr. 17 Apr. 26
1940
1940
1939
1940
1940
1939
Commercial,
—
95**
75**
92
30**
**
securities.
New York City
Assets—
52
34
—1**
+1
+ 1**
1937...
Loans to brokers
(In Millions of Dollars)
Loans and Investments—total..
Loans—total
63
47
—1
60
32
Demand
Total Reserve bank credit....
Independents
58
1939...
at all
Industrial
reserve
immediately preceding:
U. S. Steel
JnduslTV
increased
—1,000,000
Government securities, direct
and guaranteed
Other
of previous years, together with the
61
1940...
1932-.-
further stated:
on
table gives a comparison of the percentage of production
The following
approximate changes, in points, from the week
1934...
tone in several districts.
have a stronger
prices
continuing the
found
weeks ago.
with the nearest corresponding week
1938-.-
April 1 were about 4,000,000 tons less than a year ago.
Scrap
credited
63%. unchanged from the week before and comparing with 65% two
by 10 cents a ton.
Lake Superior
as
are
as
with
Leading vessel interests have reduced ore carrying charges on
iron.
the Great Lakes
Leading independents
the two preceding weeks.
in
rate
This cut brings ore in closer relationship with the price
prior to 1937.
years
Superior iron ore prices for the 1940
approximately the level prevailing for eight
which is about the same
S. Steel is estimated at a shade over 58%,
U.
have trailed the 1939
steadier but still highly irregular.
fabricated steel include 2,100 tons of plates for a Los
April 27, 1940
No
mention was made of Denmark which is
occupied
by German troops. The action was taken without a declara¬
tion of war having been made by either side.
In previous
instances
President
where such
has
neutrality law.
formal
refrained
from
declaration
was
lacking, the
invoking provisions of
the
Volume
The Commercial & Financial Chronicle
ISO
The effect of the President's action is to extend "cash and
carry" regulations to Norway and bar the use of American
ports or territorial waters to any of her submarines. Action
previously taken by Mr. Roosevelt extended the "combat
zone" to Norwegian waters and restricted transactions in
funds of Norway and her nationals, held in the United
States.
(Reported in our issue of April 13, pages 2339,
2343).
United Press dispatches of April 25 from Warm Springs,
Ga., where the President is-staying, said in part:
After reciting the legal authority for today's
I,
Franklin D.
An additional
plementing
States of America, acting under and by virtue of the
on
me
to protect
the security and
the peace of the
preserve
The dreaded
Sir John
Because
of the
proclamations and
would remain
of war
1.
2.
-
or
new
will be determined
or
her home
Neutrality law today In three
partment.
and territorial
latter date
more
neutral
Scandinavia, forwarded here from the State De¬
The match tax
of this country re¬
There
the
White
consumption, but are lent to the State
unnecessary
other safeguards
to
provide bulwarks against
possibility of an international incident in which
.
One method which has been
.
.
"I
far from convinced that such a scheme has all the merits claimed.
am
having lost faith in the willingness of all the people to help, we are
advanced for such a huge war budget was that Britain
The only reason
the
antagonist who is not underestimated.
is preparing for a long war against an
United States interests
In this connection
recently calcu¬
the weekly magazine the "Economist"
lated that the national income of greater Germany is now
the
Largest British Budget (£2,667,000,000) Is Presented to
House of
Commons by Sir John Simon—Chan¬
cellor of Exchequer Includes Proposals for Many
New Taxes —Keynes Plan for Enforced Savings
,
;
.
The highest budget in
House of Commons
British history was announced to
April 23 by Sir John Simon,
Chancellor of the Exechequer, who estimated that during
the coming year Government expenses would be £2,667,000,000 (more than $10,700,000,000 at the official rate of ex¬
change). Sir John estimated that £2,000,000,000 of the total
would be expended on account of the war.- He said he ex¬
pected to raise at least £1,234,000,000 of the proposed ex¬
penditures through taxes and £1,433,000,000 by borrowing.
He asked the public to accept a number of new taxes "for the
sake of victory." These levies included a wholesale sales tax
and increased postage rates.
Sir John told the House that
Britain faced the task of "transforming the whole economy"
the
because of the
on
£3,600,000,000.
United Press London advices of April 23 gave the following
additional details of the latest proposals:
The budget calls for a war
the ordinary costs
expenditure of $14,583 a minute,
New tax
direct to indirect taxation,
John's speech plainly
The inevitable repercussions upon
about
take about 44% of Britain's estimated
measures
announced indicated
The budget tops
a
big shift from
which will hit the average Briton hard.
"We
such
much
as
possible.
approaching
a
planned economy.
that of any year during the World War.
The steps by which
Sir John said
for the first full
year
of the
he proposed to meet these staggering expenses follow:
1. A "purchase" or sales tax—the
We must be quite sure of what we are aiming at in
Tonight Sir John, in a radio broadcast, attempted to
his staggering
"We
all times," he said. "The
half million sterling made it necessary to reduce
outlay of five and a
immense
explain and justify
budget to the man-in-the-street "victims."
engaged in the most expensive war of
are
The various taxes are spread over the whole
private spending.
fairly and justly as can be contrived."
population as
Hf
"think before you spend" and then gave three
He advised the public to
suggestions:
only make it if
hesitating whether to make a purchase,
"When you are
you
feel pretty sure you ought to have it.
"Take care whether the article comes
great strain on shipping.
v
from overseas on account of the
,
"Decide how much income you can put
aside each week."
+
the Nation's economy on winning
This will
expenditures by the public and prevent inflation.
wholesalers.
Rumania reached a
beer, spirits and matches.
Sharp increases in the duties on tobacco,
3.
Substantial increase in postage, telephone
and telegraph charges—all
Government monopolies in Britain.
the
minimum of incomes subject to
$8,000) to £1,500 (about $6,000).
634% surtax from
trade understanding with Ger¬
new
April 22 containing a Rumanian promise to con¬
many
on
tinue
selling
but,
130,000 tons of oil monthly,
Reich
the
rejecting German demands for an increased oil quota, ac¬
cording to United Press Bucharest advices of April 22,
which went on
as
new
a
addition
refused
to
by
to the contro¬
Dr.
for revaluation of the German reichsmark in
rela¬
the Germans an added
Rumanian leu, which would have given
to the
annex
Helmuth Wohlthat on March 23, 1939,
pact, it was explained in authoritative quarters.
rejecting Germany's demands for more oil, Rumania
Nazi request
a
is regarded as an
late today,
treaty negotiated
and not
In
to say:
accord, signed
versial
advantage and enabled them to make larger purchases.
gained
Germany
understood,
from
but
not
easier
met
in
the
arms
German
recent
new
has
methods
of
effort
and
the text of
that
protectorate
of
at
Rumania
later
is was explained that Rumania
date
to
satisfy
German
requests
German quarters said the volume of supplies
materials.
wheat
other
payment would
Although
announced
extra
raw
Rumanian
Berlin
accord, negotiated on behalf of Germany by Dr. Carl
a
regard to
in
and military equipment made in the Reich.
for more Rumanian raw materials were
However,
of
agreement, it was
would not be
this
debit account
demands
would
an
new
that
important
an
Clodius, Nazi economic expert.
make
the
pointed out
quarters
Rumania
in
terms
payment
Rumanian
because
large purchases of
Several
in
2.
New Trade Agreement with Germany
Rumania Signs
first in British history—designed not
only to raise revenue but to concentrate
£2,000 (about
who said:
The planned economy
.
economy."
detrimental,
Lowering
.
Nazism and Fascism have built up is for war, but you can have one
as
this planned
tion
conflict.
4.
are
which is built for peace.
for Britain are now running $6,000,000,000 a year, but are
be collected from
This feeling was summed up
by Major Clement Attlee, leader of the opposition Labor Party,
Sir
showed that the Government, fearful of inflation, is
increasing and are likely to run $8,000,000,000
the war, check
British life of all the punitive prices
and taxes left the House of Commons gasping.
The
determined to curb popular expenditures as
expenses
approximately
£55,000,000 (about
namely,
Kingdom,
$220,000,000) monthly.
of government.
The stupendous war budget will
national income.
or
Total expenditures will run $20,277 a minute, including
$21,000,000 a day.
of which are
United
of
tended that
war
of the
that
as
war.
the Chancellor's proposed expenditures con¬
they were not great enough. One conservative
claimed that Germany is spending at the rate of about
£3,200,000,000 a year and said Britain should aim at
Critics
same
confident
be greater than ever."
that the response will
would be involved vitally.
Rejected
Far from
The first effect of compulsion is to kill the voluntary system.
after
Aside from cash and carry regula¬
Europe went to war last September.
up
people," Sir John said regarding this scheme, "and if these sums are
put forward is compulsory loans to the Government from incomes.
tions the action placed severe restrictions on travel of Americans in Scan¬
and sets
proportion.
they would constitute a steadily increasing fund of general savings from
whichjvere
House shortly
(about 4c.)
Postcards and foreign mail
(about 234c.).
great relief that the Government had turned down the Keynes
was
squandered upon
not
un¬
Today's action placed Norway In the same restrictive category as Ger-
dinavia
Letter postage will be raised to 234d.
which essential needs might be met.
from
an ounce.
"Our immense expenditure is putting increasing sums into the hands of all
sorts of
'
issued
(5c.)
plan.
state of war existed, and the
France, England, Canada, South Africa and Australia,
(1 2-3c.) a pint, effective to¬
penny
increased to about 83 cents per gross on boxes con¬
was
rates will be raised in
Similarly, Mr. Roosevelt never has recognized formally that a state of war
proclamations
boosted 3d.
are
from the present rate of 134d.
war
policy was not imposed on either of the belligerents.
declared conflict has raged.
a
Sir John announced that telephone rates will be boosted 15% and domestic
Despite the vigor with which the conflict was waged between Finland and
which their
$7,267,492,000
increase of $3.400,508,000.B
year, an
telegraph rates 25%.
China and Japan, despite bitterness with
the rate of slightly
was at
taining between 20 and 50 matches.
immediately
the
31. He said the debt on the
This increase
beer will be boosted
on
Tobacco duties
a
message.
The spirits tax will be increased by about 36c. a standard bottle.
morrow.
Russia, the President did not proclaim that
budget
a
than $1,000,000,000 a month or $12,000,000,000 a year.
The tax
quired full use of his authorizations to maintain neutrality.
by
$35,724,000,000.
Roosevelt carefully studied
prepared after Mr.
for
The $10,668,000,000 1940 budget submitted compares to
United States
Mr. Roosevelt's action appeared to indicate his conviction that
covered
was
during the past fiscal
had moved irrevocably into Norway and that welfare
many,
taxed.
in the three months from Jan. 1, 1940, to March
by acting Presidential secretary William D. Hassett.
between
sales tax and has
He revealed that the British national debt had increased $3,072,000,000
Norway and Germany.
White House shortly after noon, and his action was announced
exists
a
John said, will not apply to food, drink and articles of human
animal consumption already heavily
twice the time he usually takes
Mr. Roosevelt signed the order and proclamations at the little
"cash-and-carry"
Germany also has imposed
cellor of the Exchequer said during his speech of two hours and 10 minutes,
United States recog¬
German submarines.
were
events in
by Parliament, is very similar to sales taxes imposed in
"The country will readily accept for the sake of victory heavy burdens
neutrality in the Norwegian-German war.
on
calcu¬
The unofficial "free" pound rate quoted in New York
American States.
The tax, Sir
extension of the European war.
The State papers
was
The official London rate for
limited dividends.
These were:
An executive order prescribing regulations to enforce
summaries
budget, Sir John said the first seven months of the
the rate of $4 to the pound sterling.
on
many
By the same
A proclamation declaring to the world that the United States is
in the
4.
executive order.
state of war exists between
by Norwegian
unchanged.
the pound is $4.03.
"cash on the barrel head"
A proclamation regulating the use of American ports
waters
3.
a
use
fluctuates from day to day and is quoted currently at about $3.53.)
credit of $10,000,000
A proclamation declaring to the world that the
nizes that
of each worker's pay for
And he said the income tax base of 3734%
over.
if it is satisfied that every effort is being made to reduce waste," the Chan¬
Roosevelt invoked full powers of the
an
was
had cost Britain $3,620,000,000.
lated
ports in non-American boats.
Mr.
mixture of stoicism and
a
The new' 'purchase'' tax, the rate of which as well as the date of imposition
for all materials purchased in this country and transport them to
proclamations and
received with
message,
(The dollar equivalent of all budget figures in this dispatch
rigid regulations governing floating of securities by Norway were
called into effect, and Norway will have to pay
war
In presenting the
war
United States and
it previously extended to Norway for non-military purposes.
order,
sup¬
rejected the Keynes plan of compulsory savings-lending by which
until after the
accompanying executive order,
an
budget
the Government would have withheld a part
the lives of citizens of the United States."
the Export-Import Bank may have to re-examine the
the limiting of dividends,
was
already in force to limit war profits, and a ban on the
patriotic self-sacriifce by the British people, contained two bright spots.
unhappily exists between Germany and Norway, and that it is necessary
to promote
announced
measure
measures
war.
authority conferred
by the said joint resolution, do hereby proclaim that a state
of about $4,936,000,000, leaving $5,736,-
revenue
issuance of bonus stock shares by public companies for the duration of the
of the United
President
total
a
000,000 to be borrowed, at interest rates not exceeding 3%.
proclamation Mr. Roosevelt
Roosevelt,
for
new revenue
said:
"Now, therefore,
2647
These tax increases, he estimated, would bring in about $404,000,000 of
be
cereals
fixed
the trade
had
to
be
sold
to
Germany
and
the
later.
treaty
annex
was
not
divulged,
it
was
agreed to the incorporation of the German
in the sphere of Germany's trade rela-
Bohemia-Moravia
The Commercial & Financial Chronicle
2648
the
with
tions
Bucharest
Government,
subject
to
the
customs
same
April 27,
and
°
exchange arrangements.
Exchange
,
Under
the
Wohl[that treaty, which continues in operations, German
capital and technicians have the right to develop Rumanian
culture, transportation, electric power and many branches
and
to
forests,
Total number Gf reports received
agri-
2. Reports showing other transactions Initiated
■
oil
to
Germany after the outbreak of the
asked
asKea
errmrmt
errment
the
in
included
them
rnern
to
10
pay
pay
their
uieir
taxes
monthly quota of
in
w
oil,
««,
130,000
war,
and
»
"tax u
oil"
"
will
wm
other hand,
Pay 43% of Coupons on 40-Year
7% and 6% Gold Bonds from April 1 to End of War
Government 40-year 7%
Greek
secured
the face value of the coupons
of
ers
heC*™° * S'ng'e ^
'n™re!Ts^k
on
the
new
^
york
stockex-
week Ended Apm 6.1940
Totaifor
Per
week
cent
200,320
shortsxies......
ee"
—-—I—
Touiaaiea.
-
the National City Bank Of New York, sole fiscal
agent for these loans.
Payment will be made at the rates
of $15.05 for each $35 coupon, $7,525 for each $17.50
coupon,
$12.90 for each $30 coupon, and $6.45 for each $15 coupon.
Coupons to
a
/
a. Total round-iot sales:
due from April 1, 1940, until
was
sai.es
(shares)
members ♦
of
war
The agreement referred to above
dealers
change and round-lot stock transactions for account
will be paid by the Greek State.
Holdbonds are invited to present, when due, the
dollar
by
result, the round-lot transactions of
a
The number of reports in the various classifications may total more than
«»
sink-
ing fund gold bonds. Refugee Loan of 1924, and 40-year 6%
seeured sinking fund gold bonds, Stabilization and Refugee
Loan of 1928, are being notified that following the under-'
standing and agreement between the Greek Government,
the Council of Bondholders in London, and the Loans Committee of the League of Nations, a percentage of 43% of
the end of the
As
specialists In stocks in which they are registered are not directly comparable on the
two exchangee,
•
Greek Government to
Holders of
,
146
537
all but a fraction of the odd-lot transactions are effected
engaged solely In the odd-lot business.
,
™
.
440
transactions^
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
Bpectallsts' other round-lot trades.
On the New York Stock Exchange, on the
be
for Germany.
tons
3°°
321
■
*
no
111
jyofc—On the New York Curb Exchange, odd-lot transactions are handled solely
the Rumanian Gov-
this
'
j^SS^SSSS^SSSSiwaSSrfitK
Boporti shoiHng
floor
foreign~controlle<J oil companies in Rumania—British and French
interests control more than 60% of Rumania's oil output—refused to sell
834
the
^
When
their
on
4#
muuamg oO*
Exchange
1,061
197
Reports showing transactions as specialists
of
industry,
the shipment of vast quantities ot products to Germany,
oversee
1940
8,027,590
Round-lot transactions for account of members, except for
the odd-iot accounts of odd-lot dealers and specialists:
** TraiSS<i04Si jjShaaes?-
:*
-5.~!
788,610
——
mentioned in these
ShersSeJ'b
columns of Feb. 3, page 763.
I
I
en.'ioo
""""""
•-.-r-
"
;—
•
SEC Reports Market Value of March Sales
2" Other tractions
National
on
Exchanges
2'
758,220
on thefloor-Total purchases
Other sales.b
The
Were 7% Above February, but 40.6%
March, 1939
Securities
and
Exchange
Commission
April 2o that the market value Of total sales
announced
all
on
tered securities exchanges in
March, 1940, amounted to
$734,949,427, an increase of 7.0% over the market value of
sales in February, and a decrease of
40.6% from March,
1939.
Stock
market
sales,
excluding
rights and
warrants,
had
value
of $631,841,998,
an
increase of 8.5%
Bond sales were valued at $102,857,535,
of 0.5% from February.
Sales of rights and
February.
crease
rants in March totaled
The
volume
28,438,768
principal
of
sales
shares,
amount
in
stocks,
increase
an
bonds
of
$249,894.
February.
sold
13.9%
rights
and
'
298,990
Total s&ies
a
319,940
-
4. Total—Toui purchases
de-
warrants,
over
,
—;
1,733,538
short sales
war-
February's total.
$163,222,450, an increase of
was
^
141070
1,576',865
other
Total sales.™.........
" ""
was
Total
264,793
oth?r
The SEC also reported:
excluding
of
■
8-22
639,775
.
3. other transactions Initiated off the floor-Total purchases
over
a
33,700
609,075
—
Total sales
regis-
9.63
680,138
short sales
Below
over
-I.-
Total sales i-
^
♦
TOTAL
ROUND-LOT
""
STOCK
"" "
SALES
21.49
1,717,935
""
ON
'
THE
new
york
—
CURB
EX-
CHANGE AND STOCK TRANSACTIONS FOR ACCOUNT'OF MEM-
6.3%
BERS *
'
(SHARES)
The two leading New York
exchanges accounted for 93.3% of the market
of all sales, 92.3% of the market
value of stock sales, and
99.8%
of the market value of bond sales on
all
Week Ended ADrU 6- 1940
value
Total
1940,
registered securities exchanges.
market
value
$673,434,
was
of
sales
on
exempt
securities
exchanges
decrease of 2.2% from February.
a
in
T°wedT
.
_
.
.
Cent*.
nn(Unt«#i«i'
shortSdes'.
March,
Other
23,945
1,522', 150
-
salesIbllllllZIIIZIZIZIIII HI IIIIZII Hill HI
_
^
Total sales...........
Chicago Stock Exchange
Stimulate
Its
Study Factors Tending
to
Growth, Says A. M.
to
B.
Betts
R0„nd.l0{ transition, tor the aeeount of members:
1. Transactions of specialists In stocks In which they are
Arthur M. Betts, Chairman of the Board of
Governors of
the Chicago Stock
Exchange, announced to members in a
letter April 24 that broad
exploratory studies of factors
that tend to stimulate or retard the
Exchange's growth
The
f
time
k0 Un^er^aken* ^r* Betts
opportune
substantial
very
expansion
and
is
of
and
adverse
business
to
to
consider
investors
new
plans
for
the
future
because
ions
who
and
with
the
Exchange's
progress
Exchange's
and
of
other sales, d
difficult
whose
„
expenses for
the
commission.
these
Trading
,
,
|
on
the
j
published weekly by the,
shown
figures.
the Stock ExchanPP
separately from other
wooL-
transactions
pnmnoroo
for fhft
annmni- Gf Tv,omhnM
1
on
the
•nn'+L
TV?
7p 30 ?
oJ?
of
March
Exchange of
4.
j-
8 027 590
j
sharps
SQares.
This
lUlS
^4 in^ during the previous week
1,117,155 shares, or 22.66% of total
1
trading of 5,269,840 shares. On the New
York Curb
Exchange member trading during the week endpd Anril fi
amounted to 354,770
on
that
sharfs,
or
20.62%Tthe
total
vo^uLe
Exchange of 1,546,095 shares;
during the preceding
trading for the account of Curb members
of 278 800
s™ was
21.77% of total trading of 1,319,315 shares.'
The Commission made
available the
following data for the
week ended April 6:
'
week
The data published are
based upon weekly
reports filed with the New
York Stock Exchange and the New
York Curb
Exchange by their respective
members.
These reports are classified as
follows:
109 680
—
Total sales......................................
78,332
♦The term "members" Includes all Exchange members, their firms and
partners, including special partners.
a
1
totaled
ended
are
as
109,580
Total purcha8es
April 6, continuing
j
*
f? /•
account Of members
ended April O (in round-lot transactions)
1,717,935 shares, which amount was 21 49% of
tntnl
dnrmcr
:sb
Customers* other sales.c
Stock Exchange and
week ended
22,250
332,520
....
account of all members
exchanges in the
Commi^s^n^U^lmr+^«alIeS
bhort sales
Sales in
~
*—■
total
vi0tvt0iCkoSaluSr?n7th6 N?w York
Exchange for the
■
4.25
80,000
4. Total—Total purchases
I""
26)
4,800
75,200
Total sales
Exchange Commission made public
figures showing the volume of
™
4.61
===T7=7^
51,485
..!
Short sales
New York Curb
these
v
.
Other sales.b
M*m&
or
"""""""
_
v
71,925
Other sales.b
-»
^
the
og,u 0
Short sales
_.
vJte^S
yesterday (April
11.76
70,575
-
3* 0ther transactions Initiated ott the floor-Total purchases
opin-
since
_
the floor-Total purchases
Total sales
..
,
on
a
W1%sinw removal to 2?* had he„en reducedint0 the
iiff the present quarters
1928
lowest level
lowest
202,845
possible by
suggestions would be sought in the studies.
Mr. Betts reported that the
!—
Total sales
conditions.
concerned
are
,H'on9
1 er8aes
Departures from firmly entrenched customs and
inflexible practices will
require fresh thinking and courage on the
part of members, bankers and
others
__mM0
...
2. Other transactions Initiated
Exchange, is
corporations in spite
and
regi«ered-To.ni purchase
short sales..
said:
independent growth of the
services
1,546,095
......
Shares in members' transactions
as
per cent
the
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
Of members' transactions Includes both purchases and sales, while the Exchange
volume includes only sales.
b Round-lot ^ort sales which are exempted from restriction by the Commission
rules are included with "other sales."
cSales marked "short exempt" are Included with "other sales."
»
.
Odd-Lot Trading
on
.
~
New York Stock Exchange During
Week Ended April 20
The Securities and Exchange Commission made public
on
April 26 a summary for the week ended April 20 of complete figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock Exchange, continu*ng a series
Current figures being published by the Commission.
Figures for the previous Week ended April 13 Were
reported in our issue of April 20, page 2501.
The figures are
Volume
The Commercial & Financial Chronicle
150
based upon reports filed with the Commission
lot dealers and specialists.
stock
transactions
dealers and
for
the
odd-lot
specialists on
accohnt
york
new
by the odd-
stock
odd-lot
of
exchange
week Ended April 20,1940
\.'
2649
.
President Roosevelt
to Return to Washington Tomorrow—Ends Brief Vacation in Warm Springs, Ga.
At his press conference in Warm Springs, Ga., yesterday
(April 26), President Roosevelt announced that he would
return to Washington tomorrow morning (April 28).
The
-
fw°wlek
Odd-lot Ml- br dealers (customers' purchases):
Number of orders
30,825
President plans to end his vacation at the little White House
f^^ime todays and entrain for Washington. Mr. Roosevelt -,
lett the Nation
Capital
April 20,
860.423
Number of shares
30-828,958
Doitar«i,.
president
revealed that he
29,994
Curtomers' total sales
and possibly Alaska,
'
hares*
13,031
795,830
saleslVrrrilZIIIIIIIIIIIIIIIIIIIIIIIIIIIIiri
~
Customers'total sales
'
808,861
——-
============
Baits-V:::::::::::::::::::::::::::::::::::::::::::::::
.Totalsales
146,950
1
"short exempt" are reported with "other sales."
♦
long position
other sales.
—
V
.
,
,
,
e
®tor»
A total of
rnf
rvr^
j
.
$182,526,000
was
1 nn4.
:
.
tendered to the offering last
adjournment to visit North
California, Washington and per-
Texas,
Next,
he said,
he
his
long-deferred
Park.
visit to the
north
Golden
WaBhington
to
dedication,
After that
to -dedicate
State
the Secretary
s
Sf; *
.
|
.o1w
.
.
.
nnn
r
.
^ ■
enlarged
his
and
Olympic
when
"conservation" and laughed
He
reported asked "conservation
a
"Mr* Roosevelt added that the trip may include a cruise to Juneau,
Alaska, which he planned for last summer, but was forced to defer because
of outbreak of the European war.
If he should make such a trip, he
would
travel
the
on
Tuscaloosa,
cruiser
on
•
which
he
visited
1
.
♦
Roosevelt
President
Children's
Indorses
Crusade
for
Children—Says It Will Make American Children
Feel
Consequences of Breakdown of Tolerance
an(j pair pjay
ftr Chlldren> which opened a nine.day campalg„ ln Amer-can scll00jg on April 22, as offering "an excellent means for
.)
New Offering of
°2"
To Be Dated
Treasury Bills
a
tradition
Q1
non
n*v
o40
ay 1,
play."
letter to Mrs. Dorothy Canfield Fisher, national ChairInan> made pub)ic April 20, the President referred to the
crusade as a "magnificent gesture in keeping with the high
♦
r^cr
pay
of what?"
In
nn. „
n
99.999; equivalent rate approximately 0 004%.
E(63% of the amount bid for at the low price was accep
.T
will
Francisco,
consequences of the breakdown of tolerance and- fair
equivalent rate approximately 0.008%.
nnftnn
.
Average price,
the
:
making American children not only understand but feel the
99:998;
m
he
San
President Roosevelt has indorsed the Children's Crusade
announ^ment.
Total accepted, $100,043,000.
Range of accepted bids:
-
said,
at
He was asked about the subject of his speeches during the tour.
replied
Reference to the offering appeared in our issue or
applied for, $182,526,000.
a
Natchez,
to
Park.
Panama and Cocos Island last February.
Total
he
Gate exposition
probably
from
bids to the offering is from
it with
open
down
to dedicate the Kings
then head for California
Elliott, and
National
April 24 and maturing July 24, 1940, Secretary
Morgenthau announced April 22.
Of this amount $100,043,000 was accepted at an average rate of 0.004%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST),
April 22.
to swing
speech.
a
son
Week of $100,000,000, or thereabouts, or 91-day -Treasury
bills dated
and formally
plans
After that address he said he plans to head for Fort Worth, Tex., to
visit
4aa
m
Offering of $100 ,-
j
United Press advices
after congressional
Mississippi,
North Carolina-Tennessee border,
the
on
National
000,000 of .91-Day
Treasury
Bills—$100,013,000
Accepted at Average Rate of 0.004%
\
a press conference on April 22,
speaking trip to the West Coast,
in June, said
week
a
Tennessee,
dedicatory speech.
swir.g
,
•.
Tenders of $182,526,000 Received to
a
taI» ('»skami*. Roosevelt said he expects to go. first to the Great smoky National
Canyon
b Salea to offset customer* odd-lot orders, and sales to liquidate a
with
plans
Barring unforeseen events, Mr. Roosevelt said, he expects to leave for a
21-day tour about
187,670
======
whlob la 1«m than . round lot are reported
of
trip would be political, but admitted he planned several speeches
Miss., for
Round-lot purchases by dealers:
Sales marked
Tour
route.
Park
146,990
—
^Number of shares
a
tiiat
en
Carolina,
..40
-
for
He told a press conference that his plans would depend on European
developments and the adjournment of Congress by early June.
He denied
25,877,414
Dollar value
Round-lot sales by dealers:
i oth«
m our issue
from Warm Springs, Ga., which added, in part:
Customers' stmrt sales
v
Plans
Announces
President Roosevelt, at
439
29,555
customers-other sales.a
Customers'other
reported
United States in June
c*to«?Ir*^h?rt sales
t
as
♦
Roosevelt
Odd-lot purchases by dealers (customers' sales):
N
Number
April 18,
on
2513.
page
of
democracy," and asserted that there was
our
"need in this country for a genuine concern for our freedoms which will parallel and transcend the fanaticism being
aroused
among
young
people in behalf of tyranny."
The
announced April 2b
that tenders are invited to a new offering of 91-day Treasury bill* to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve banks and the
branche* thereof up to 2 p. m. (EST), April 29, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated May 1, 1940 and will mature
on July 31, 1940, and on the maturity date the face amount
in these times than to make vivid to the children of America the plight
There is a
and suffering of children of many races and religions in various parts of
Secretary of the Treasury Morgenthau
Of
be payable without
bills Will
the
interest.
maturity Of a similar issue Of Treasury bills on. May 1, in
amount of $100,044,000.
In his announcement of the offer*
' T.w ir
'
4-v„,,
nlt<„
^-,1
ing, Secretary Morgenthau also said.
.
c,
objectives of the crusade are to help make American school
children more aware of the advantages of the democratic
way
0f ufe> an(j
jennies
sa(je
I
think of
can
tender
pressed
an
in
amount
multiples
less
$1,000 will
than
$1,000.
of
The
Each
be considered.
price offered must be
ex-
the basis of 100, with not more than three decimal places, e. g.,
on
will
Tenders
trust
Every child in America ought to feel vividly the suffering and lonelieXperienC€(j by the children who are victims of a racial and religious
an(j
movements
incorporatcd
the closing hour will be opened and public announcement of
29,
the
right to reject;sny ox all tend™ or part, of tend™ and to alW to.
than the amount applied for, and his action in any such respect shall be
Those
submitting tenders will be advised
thereof.
jection
be made at
available
funds
of the acceptance
or
re-
Payment at the price offered for Treasury bills allotted
the Federal Reserve Banks in cash or other immediately
on
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes.
(Attention is invited to
4550, ruling that Treasury bills are not exempt
from the gift
No loss from the sale or other disposition of the Treasury bills shall
a deduction, or otherwise recognized, for the purposes of any
be allowed as
now
hearts of
or
hereafter
imposed
by
the
United
States
or
any
of its
and
this
pos-
sessions.
Treasury
children understand this and be
our
of children
seeking to
divide
frighten and
us,
is the symbol of lost
on
guard against
to arouse
men
hatred and
suspicions, and to undermine the fair rules of our American democracy.
,
f
Department
to
Treasury—Views of Senator Byrd
President Roosevelt, in a letter to Vice-President Garner
April 21, outlined a tentative program to recapture $700,000,000 of excess capital funds from Government COrporations.
The letter was in response to a Senate resolution
requesting the Director Of the Budget to submit a list of
Government Credit corporations whose Capital is to be redueed $700;ooo,000 as suggested In President Roosevelt's
.
.
,
_
'
budget message.
nn,„
.
Circular
No.
418,
as
amended,
notice"
patch to the New York "Times"
investments in
savings
and
on
was
loan
April 22 said, in part:
to reclaim $35,000,000 from
associations,
$40,000,000
from
Federal intermediate credit banks, $60,000,000 from banks for cooperatives,
$15,000,000 from production credit corporations, $200,000,000 from Federal
land banks, $50,000,000 from the Public Works Administration, and
$300,000,000 from the Reconstruction Finance Corporation,
"The amounts are tentative and are not to be taken as final," the
letter continued.
"I am now having the proposals carefully reviewed and
may recommend legislation to Congress.
For example, the capital stock
of the Federal Farm Mortgage Corporation might be reduced by $100,-
000,000, in which
issue.
eral land banks might be $100,000,000.'
,,
A special Washington dlS-
columns April lo, page 2345.
Treasury
.
The Senates action wasnoted in these
prescribe the terms of the Treasury bills and govern the conditions of their
•
this generation
frightened orphan
The tentative plan* the President said,
May 1, 1940.
Treasury bills will be exempt, as to principal and interest, and any
Treasury
the
the sanity of goodwill against the onslaughts of
insecure,
Whose Capital Could Be Reduced to Supply Funds
the
tax
Let
freedoms.
feeling in
homeless,
President Roosevelt Gives List of Government Agencies
acceptable prices will follow as soon as possible thereafter, probably on
the following morning.
The Secretary of the Treasury expressly reserves
tax.)
A
a
to preserve
Tenders from others must be accompanied by a deposit of
Immediately after the closing hour for receipt of tenders on April
The
mucb
companies and from responsible and recognized dealers in invest-
1940, all tenders received at the Federal Reserve Banks or branches thereof
must
Such
intolerance.
from incorporated banks
tankTK1°'
final.
greater service that could be rendered by our schools
ne88
10% of the face amount of Treasury bills applied for, unless the tenders
to
cent"
^
be accepted without cash deposit
ment securities.
up
no
Fractions must not be used.
99.125.
and
for
be
must
a
Plans for the cru-
the world where the principles of fair play set forth in our Bill of Rights
bigotry.
No
anything down to
are ruthlessly disregarded.
(maturity value).
tender
or
mentioned in our issue of March 23, page 1869.
Were
wjjj
<
old,
^e President's letter said:
(the bills) will be issued in bearer form only, and in amounts or
denominations
of $1,000,
$10,000, $100,000, $500,000, and $1,000,000
^
them to contribute "as many
encourage
are years
to relieve war-stricken children abroad.
.
They
they
as
case
the reduction of the capital structure of the Fed-
I
The Commercial & Financial Chronicle
2650
"The
Home
in
RFC
Loan
which
banks,
$175,000,000.
credit
to
there
distribution
Criticism
funds
accomplish
to
the
of
Federal
to $125,000,000*
similar
a
purpose
be
may
re¬
bills now pending in Congress
certain
are
which
agencies
the
stock
funds from that corporation might be
of other corporations.
case
"Moreover,
the
purchase
to
held by the Treasury, amounting
now
Legislation
quested in the
to
permitted
the return of capital
case
as
be
could
would affect the final
enacted
if
between
pertaining
determination
agencies."
for action
session of
He said they were de¬
signed only to postpone, for political reasons, examination
Of the question of raising the national debt limit.
Senate amendments.
Congress passed
The House at the last
$83,848,100 rivers and harbors
bill but the Senate Commerce Committee made large in¬
creases in the measure and later shelved it
(noted in our
issue if July 29, 1939, page 663).
Regarding the main items in the bill, Washington Asso¬
ciated Press advices of April 25 said:
leveled at the proposed recapture of agency
was
by Senator Byrd April 23.
on
April 27, 1940
The largest project in the
bill
a
approved consists of work
as
$25,900,000
for the Mississippi
on
the East
Other large authorizations include
River, New York, to cost $34,509,000.
River,
the Ohio
between
and
Missouri
Rivers; $6,000,000 for the Missouri River and $6,750,000 for work on the
Tombigbee and Warrior Rivers.
President
First
Proclaims
Roosevelt
National
■
President: Roosevelt
Week
in
May
as
April 19 issued a proclamation
designating the first week in May as National Employment
Week.
The President urged all citizens to observe that
"to
week
end
the
on
in
interest
that
welfare
the
of
all
the
and especially the worker over 40, may be
stimulated and employment be extended to them."
The
text of the proclamation, which was issued
through the
Federal Security Agency, follows:
unemployed,
Both
■
the
State
Federal
and
Governments
have been
especially concerned
with the problems of older workers, many thousands of
signed on April 24 a bill providing for
automatic reapportionment of the 435 seats in the House on
the basis of the 1940 census.
The reapportionment will be
effective in 1942.
Population changes since the last census
in 1930 will cause some States to gain and others to lose
seats in the House.
Passage of the bill by Congress was
mentioned in our issue of April 13, page 2344.
President Roosevelt
Senate
Votes
Extend
whom, despite their
persistent
efforts,
considerable
number
of age
years
of
sense
Our
and
lack
of
place
a
in
industry.
World
War
veterans,
I
who,
have
a
feel,
Among
who
men
particular
responsibility.
jointly
these
now
appeal
to
are
by
the
State
and
Federal
national
of
1,600
offices
governments—has
made
special efforts in behalf of workers past 40
know
We
in-
from
middle
the
life
years of age, including veterans.
gathered by this agency that men and women
abilities and skills which would fit them for em¬
possess
ployment in nearly every line of work.
We know further that these older
when- given an opportunity, demonstrate a seasoned experience
and a mature application to their tasks which in
many callings outweigh
physical advantages of youth.
A year
a
employment week,
and
ticular
active
employment.
a
third
of
a
the
previous
and
a
attention
the
to
these
Moreover, placements proceeded at
ing the
week
aside.
set
many
public-spirited
land,
thousands
of
grateful
am
President
as
this
I
workers
the
for
desire
problem
older
of
an
placements
workers
were
in
witness
whereof,
United
States
to
response
continued
a
first
appeal; and
nation-wide interest in
my
I
of
have
hereunto set my
America
to
be
hand and
bill
was
had
reached
The
mayor
April
12
an
caused
the seal
to
the
our
President
agreement
House
on
the measure
accepted
bills
on
March
15.
was
settled
on
a
It had previously declined to
vote any funds
Passage of the bill by the House was re¬
issue of Jan. 20, page 361.
Roosevelt Signs
ments for
President Roosevelt
Relating
1941 Inauguration
on
to
Arrange¬
and karbors
subcommittee of eight members had
a
been appointed with instructions to
full committee as soon as possible
Provisions of the Social Security Act,
1.
assistance
and
Federal
old-age and
study and report to the
with
as
survivors
respect to:
amended, relating to old-age
insurance
benefits,
Senate passed by
a
and
2.
-the
Any bills relating to
Seventy-sixth
3.
to
such matters referred to the committee during
Congress.
-
Any proposals dealing with related subjects which
during the course of its study.
,,
be submitted
may
the subcommittee
are Senators Connally, Byrd, Herring, John¬
Colorado, LaFollette, Vandenberg and Townsend.
of
♦'
House and Senate Conferees Agree on Omnibus Trans¬
Bill—Rail
portation
Consolidation
Provision
De¬
disagreement, the House and Senate
con¬
leted
After months of
ferees
reached
an
Wheeler-Lea
transport co-ordination
agreement whereby all provisions regarding
were left out of the measure.
The bill, which was
passed by the Senate last June and by the House in July,
brings all forms of commercial transportation except avia¬
tion under jurisdiction of the Interstate Commerce Commis¬
The main result of the agreement is to
bring trans¬
portation on inland waterways under the jurisdiction of the
Interstate Commerce Commission, together with
sion.
railways,
In reporting the agreement, Wash¬
ington advices to the New York "Herald Tribune" of April
The
uniform
before
never
from
farm
inland
would
vote
surveys
in
regulation
been
groups,
waterways,
he
The
raised
conference
of 40 to 29
a
connection
with
the
£e mea1sure which originally called for
$231,090,500 had been reduced by
$89,700,000 on April 24
a
proposed $66,000,000 water¬
j
of
all
done.
The
which
foresaw
interstate
proposal
that
carriers,
aroused
the
rates
air
6ave
opposition
for
lines,
carriage of crops
the House.
The Senate bill rewrote and codified the entire Inter¬
Commerce Act, while the House bill
merely amended the Act.
Under it "short hauls" must be shown
to the satisfaction of the ICO
be
more
efficient, more economical and more
longer route offered by the originating
the
intervene
After
the
Democrat
in
of
favor
of
wants
his
the
"short
haul."
in
the
carrier,
The
public
before
shipper
Tennessee Rivers and
a
*
ICC
also
goods shipped by the short route.
agreement had been completed Senator Burton K.
Wheeler,
Montana, Chairman of the Senate Interstate Commerce Com¬
"We
things
have
on
agreed upon the conference
which we are still drafting the
report
save
for
two
or
three
language.
"We have taken out of the bill all
provisions with regard to consolida¬
tions, leaving the law as it is with reference to that matter.
We tried for
days
to
work
out
provisions
protecting labor
in
the
event
that
and
ana
interest
the
must
mittee, made this statement:
way to connect the
Tombigbee
on
in the Mississippi-Missouri Rivers system,
consequently add to the costs of marketing.
agreement, in form, is a recession by the Senate in
would
state
solidation
projected dam at Umatilla, Ore., estimated cost of
which
$23,700,000. The bill now goes back to the House
has
particularly
particularly
and
favor of
when the Senate struck out
bill
con¬
solidations
designate that he
bill
Department
the
on
will
Harbors
authorizing $150,000,000 for 146
navigation projects throughout the
country.
The bill au¬
thorizes $144,595,450 for
projects and the remainder to
would be
the
and
Federal Insurance Contributions Act.
than
$160,000,000 Rivers
Authorization Bill
On April 24 the
Committee
on
April 16 adopted a
existing and proposed social
security provisions in Federal legislation.
Chairman Har¬
to
Senate Passes
War
Finance
20 said:
One bill authorizes a
$25,000 appropriation for the
protection of life and
property at the inaugural ceremonies and
parade.
The other provides for
the erection of stands and
platforms for the thousands of
spectators who are
expected, and for decorations and
first-aid facilities.
make
Senate
The
resolution ordering a study of
April 22 signed
Springs, Ga., said:
.
■'■
motor buses and trucks.
Bills
several bills, in¬
cluding two to permit arrangements for the next
Presidential
inauguration, on Jan. 20, 1941.
Regarding the inauguration
bills Associated Press advices
from Warm
rivers
all
to
♦
Appointed to Study Social
Security Laws
y.v-.
Independent
agency.
ported in
and the pro¬
satisfactory
ing with him
Senate amendment
restoring $710,000 to finance the National Resources Plan¬
ning Board.
be
The subcommittee is headed by Senator George, and serv¬
ROOSEVELT.
$20,000,000 under the figure ap¬
on Feb. 8, and about
$19,500,000 above
by the House on Jan. 18.
The conferees
the
would
about
disagreement in the two
when
left out.
were
paying less
consumer
better price, and I think
a
hides
abnormal price situa¬
very
Senate Subcommittee
proved by the Senate
the amount voted
receiving
—
son
Roosevelt Signs $1,120,243,628
Offices Bill
The
It would result in the
regulation.
ducer
a
concerned.
affixed.
President Roosevelt on April 18
signed the $1,120,243,528
Independent Offices Appropriation bill for the fiscal year
1941.
put under regulation
into law, would subject hides to the same type
rison announced that
FRANKLIN D.
President
The. bill, if enacted
private industry.
Employment Week, to the end that interest in the welfare
of all the
unemployed, and especially the workers over 40, may be stimu¬
lated and employment be extended to them.
the
of
National
as
were
tion.
the concerted efforts of government,
and particularly of employers throughout the
past 40, among them veterans, shared bene¬
encourage
other commodities
When
lack
Now, therefore, I, Franklin D. Roosevelt, President of the United States
America, do hereby declare the week beginning May 1, 1940, as National
Employment Week, and Sunday, May 5, 1940, as National Employment
Sunday.
I urge all churches, civic organizations, Chambers of Commerce,
Boards of Trade, veterans'
organizations, industry, labor, public-spirited
citizens, radio and the press throughout the United States to observe that
of
Government pertaining to that problem.
In his ex¬
planation of the bill, which is endorsed by the Acting Secre¬
tary of Agriculture and all Government authorities con¬
who
of
In
of the
accelerated rate in the month follow¬
wholehearted
to
commodities under the
Department of Agriculture and other agencies
Speculation developed in hides which caused
persistent problem.
week
in force with respect to other
now
par¬
ficially in this fine result.
I
is
control of the
Because of
groups,
extend its
provisions to hides.
The legislation, sponsored by Senator
Lodge, Republican of Massachusetts, subjects hides to the
same regulation with respect to the commodity markets that
national
During the month in which the special week occurred, over
jobs—a third more than during the same month of
year—were filled
through the public employment offices,
of
April 22 passed and sent to the House the
amending the Commodity Exchange Act to
give
million
quarter of a million
on
Act
Exchange
Commodity
Hides
cerned, Senator Lodge stated:
with these considerations in mind, I designated
during which I asked that all our citizens
ago,
bill
facts
workers,
the
The Senate
47
average
our
to
to
a
,
public employment service—a nation-wide network
operated
now
still
Bill
President Roosevelt Signs House Reapportionment
Employment Week
provisions
the
con¬
were left in, but we were unable
to agree upon them
therefore decided to take out all references to
consolidations.
'
I think we have a
very good bill.
Its provisions will be very fair to
water carriers because the
conference has leaned over backward to
protect
their interests.
The same is true of the truck
and
bus
people.
Volume
Eastman
"Mr.
if
that
what
this
(Joseph
Eastman,
B.
Chairman
to
Supreme Court said had to be done under the
only the interests of the railways."
Senator Wheeler added that he would
of the ICC)
has said
do
the
1920 Act—that is, promote
introduce a
bill at some future
laid off through a substitution
some
other form of transportation, such as bus lines.
The consolidation
provisions, which have now been left out of
time
to
employees
railway
protect
of
the
the law
and pro¬
consolidation plans.
It would leave the carriers of various types
propose consolidations and to effect them with the approval of the
would have repealed the existing provisions of
require the Commission to take the initiative in drawing
proposed
which
posing
free to
Act,
Commission.
AwareTthat members
for
rule
a
of
Indorsement
the
by President
bill
ported in our issue of March 9, page
Roosevelt was re¬
preparing to'voteldownfthe formal resolution
were
reported last August,
of procedure
would be to vote down this rule."
,
The three bills from which the House may
for altering the wage-hour law are the
All three carry the so-called
be expected to find a formula
Barden, Norton and Ramspeck
"white collar" amendment
bills.
exempting from the
the minimum wage.
The
Barden bill exempts all persons receiving $150 a month or more, and the
Norton and Barden bills exempt those receiving $200.
The Barden amendments also exempt processors of agricultural products,
hours
provision
by
persons
earning more than
affect about 1,000,000
officials say, would cripple in¬
six-month statute of limitations which
Wage-Hour Administration to
the
Also, the Barden bill, wage-hour
workers.
junctive enforcement and establish a
1525.
Representative Eugene El
member of the Rules Committee,
hit on the all-inclusive compromise.
The temper of the House on the Rules
Committee's original proposal was made evident when Representative
Bruce Barton, Republican, of New York, said, "The proper procedure
Cox, Democrat, of Georgia, high-ranking
estimated
*
2651
Commercial & Financial Chronicle
passed the Commission would feel bound to
promote each form of travel instead of doing what
legislation
could
it
The
150
would weaken administration.
agricultural amendments are carried
No
House Overrides Veto
on
Benefits to Spanish-American
War Men
The House
a
to
officers and
15,000
some
In disapproving
travel pay
ington, provided for
Roosevelt in the
Mr.
ficiaries.
others he previously vetoed,
"gratuity" since
insurance
It is
compensation.
that the Government had long
of April 19 said :
still was in an experi¬
and, therefore, should not be extended to other crops, the
the legislation by an overwhelming majority.
Overriding objections that the insurance program
mental
House
stage
passed
The
and
of Wash¬
and allowance for subsistence to its bene¬
past has vetoed two similar bills, holding
now
the Federal crop
to cotton, starting with the 1941 crop.
limited to wheat.
In reporting this action, Wash¬
program
ington Associated Press advices
by Representative Smith, Democrat,
The measure, sponsored
all
Rico and the Virgin
Insurance to 1941 Cotton Harvest
April 19 voted to extend
The House on
would constitute an inadvisable
already had received just
those affected
House Extends Crop
men
the measure, similar to two
the President said that it
in the Ramspeck bill, but
exemptions for workers in Puerto
override Presi¬
bill to grant an estimated $7,000,-
who were held in
Philippine Island service after the Spanish-American war
ended.
A two-thirds majority was required.
The bill now
goes to the Senate where a similar majority is necessary for
the measure to become law.
Associated Press Washington
advices of April 25 had the following to report:
000
measures carry
Islands j
April 25 voted 274 to 82, to
on
dent Roosevelt's veto of
three
it must
As
voted
House,
the
by
Senate measure,
back to the Senate for approval.
go
the bill would authorize insurance of cotton
to 75% of their crop.
Premiums and
against loss of from 50%
farmers
would
losses
now
for a somewhat similar
its bill
substituted
House
be
in cotton.
paid
,
'
;
'
since fully met its obligation to the veterans
affected.
Bill for Automatic
Passes
House
yesterday (April 26) to override Presi¬
dent Roosevelt's veto of a bill granting increased pensions
to 362 widows of civil war veterans.
The vote was 217 to
override the veto and 143 to sustain it, falling short of the
necessary two-thirds majority.
This measure was one of
three bills vetoed by Mr. Roosevelt April 26. Regarding the
other bills Washington United Press advices of April 26 said:
The House refused
President vetoed* a
The
Senate bill providing for payments
of rental
The House on April
The
with
of
would
measure
23
increase
and
colonels—by
have
officers
^
»
.
Hour
velt's
Opposition
The
Votes to
House acted
on
April 25 to consider changes pro¬
posed to the Fair Labor Standards Act. After bitter debate,
in which the Administration intervened on the side which
sought to prevent consideration of amendments to the law,
the House voted to consider the three bills proposed and
also
adopted legislative procedure which permits members
opportunity to offer amendments from the floor
unrestricted
to the three
General
bills.
debate
on
Representative Harden.
the floor in defense of
his
Later in the day Mr. Barden took
measure.
of April 25 from
Washington to the New York
"Herald-Tribune," said in part, with respect to the House's
action to consider the legislation:
The decision was
reached when the House, after a five-hour quarrel over
procedure, voted, 233 to
order.
As
a
result,
some
present wage-hour law is
141, to make virtually the "whole works" in
kind of bill embodying major changes in the
slated for a vote early next week. House leaders,
repetition of the personalities and acrimony
apparently anxious to avoid a
wjiich marked today's session,
taken
should
be
debate
after
decreed that adjournment until Monday
completion of several hours of so-called general
tomorrow,
-
today when Repre¬
sentative Mary T. Norton, Democrat, of New Jersey, Chairman of the
House Labor Committee, made public a statement from the President
forwarded to the Capitol by Stephen T. Early, White House secretary.
Not only did Mr. Roosevelt suggest that the entire project for amending
the act be deferred until next year, but he expressed specific opposition
to the Barden amendments, designed to exempt some sixteen farm pro¬
cessing operations from the wage and hour provisions of the law.
In his
statement, as made public by Mrs. Norton, the President said:
"The wages and hours act is in an evolutionary stage where we are
learning by practical experience in the field as to whether and how it
should be amended.
It is too early to form definite conclusions except
to note that on the whole the principle and objective are excellent and
have done much to stabilize wages and hours and to bring wages up for
Mr. Roosevelt's
the
intervention was made known early
lowest-paid workers.
"It is being
administered with discretion, and no
substantial groups of
employers have been damaged.
"Farm labor is not affected by the act.
Irr view of all the circumstances,
I think it would be a great mistake to adopt the Barden amendments. By
another year we shall know a great deal more about the subject."
On the whole the row in the House today turned on the current con¬
troversy between the Labor Committee and the Rules Committee, but
demonstrated an inclination to take matters
Committee fought for its own
bill and no other and the Rules Committee proposed to "gag" the House
in voting up or down the Barden bill, the House forced the latter Committee
to offer a method by which all proposal (could oe considered.
before it was over
into their
own
members
hands.
Where the Labor
1,350,
have been
substantial
savings.
the promotion list by the
on the list except those
and 5% of the number of
colonels who may be retained by the Secretary of War in his discretion
for an additional two years, of service," the committee said.
Existing law
"This
at
60
vitalization
provides
legislation
retirement
of
years
age
of
all
of
officers
holding the temporary grade of general officer
makes
retirement mandatory
for officers reaching the age of 64.
the 10,930 officers on the promotion 'list
vacancies occurred except that second lieutenants
were
promoted to first lieutenants at the end of three years and first
lieutenants to captains after 10 years' total service.
'
/
the
Under
moved
existing
when
only
up
system
♦
Court Inv&lidates Anti-Picketing Statutes—Nullifies Laws of Alabama and Cali¬
fornia County—Justice McReynolds Dissents
United States Supreme
the changes in the law was opened
April 26 by Representative Mary Norton, author of one of
the bills, who opposed passage of the one introduced by
Advices
almost entirely through promotion of captains
in the grade.
Under the existing system
limited to the filling of vacancies.
Proponents of the bill asserted that while it would add $1,100,000 to
the cost of the army during the first four years, ultimately it would result
in
Consider Proposed Changes in WageLaw— Not Influenced by President Roose¬
House
A limit
"stagnated"
been
promotions
active duty after their retirement.
with 28 years.
would be imposed.
Military
who
vetoed would increase the retirement pay of army
promotion—now limited to first
17 years' total service, majors
Committee 6aid the initial effect would be to
the number of so-called field officers—majors, lieutenant-colonels
House
under jurisdiction of the Panama Cana
The third bill
with
service, and lieutenant-colonels
years'
705 colonels
The
and marine corps who occupied quarters
who were recalled to
accord automatic
lieutenants—to captains
second
and
belonging to the government and
1935-36.
23 approved and sent to the Senate a
provide for the automatic promotion of army officers
after specified years of service.
An Associated Press dis¬
patch from Washington, April 23, added:
bill to
allowances to officers of the navy
Zone during
Promotion of Army
Officers
for Civil War Widows—
President Roosevelt Disapproves Two Others
House Sustains Pension Veto
The
United States Supreme Court, in two
opinions by
Justice Murphy on April 22, declared that free discussion
of labor disputes was "indispensable" to popular govern¬
ment, and held that the anti-picketing laws of Alabam and
a
county in California were unconstitutional
[In each
case
Justice McReynolds
dissented from the majority
opinion, which contended that "dissemination
of information
concerning the facts of a labor union dispute must be regarded
as within that area of free discussion that is guaranteed by
the
Constitution."
In summarizing the Court rulings,
Associated Press Washington advices of April 22 said, in
part:
■
"It is recognized now
have an
a
bargaining position which makes these possible
less than the interests of those In the
The opinlou said:
health of the present generation and of those as yet unborn may
importance which is not
business or
"The
that satisfactory hours and wages and working con¬
and
ditions in industry
industry directly concerned.
depend on these matters,
and the practices In a single factory may have
whole region and affect widespread systems
economic repercussions upon a
of marketing.
"Free
causes
.
.
.
the industry and the
indispensable to the effective and
of the processes of a popular government to shape the destiny
discussion
concerning the conditions in
of labor disputes appear to us
intelligent use
of modern
industrial society."
•
made it a misdemeanor to picket "for the purpose
hindering, delaying, or interfering with or injuring any lawful business"
The Alabama statute
of
and to "go near
to or loiter about the premises" to restrain others
dealing with or being
"It is
from
employed by the company.
apparent," the Court said, "that one or the other
of the offenses
method whereby the facts of a labor dispute
vicinity of the place of business of an employer."
The other anti-picketing statute, an ordinance of Shasta County, Calif.,
made it unlawful to loiter or picket or display "any banner, transparency,
comprehends every practicable
may
be publicized in the
badge or sign" near a place of business to influence persons not to trade or
The Court commented in this case that "the carrying of signs
work there.
and banners, no less than the
means
raising of a flag, Is a natural and appropriate
whether by pamphlet, by word of mouth or by banner,"
decision continued, "must now be regarded as within that liberty of
priate means,
the
of public concern..
in a peaceful way through appro¬
of conveying Information on matters
"Publicizing the facts of£ labor dispute
The Commercial & Financial Chronicle
2652
communication which is secured to every person by the Fourteenth Amend¬
ment
against abridgement by
The Alabama statute
in
Tuscaloosa
County
its legality.
State."
a
tested in the
was
of
case
Byron Thornhill, convicted
of persuading an employee
of the Brown
strike, not to return to work.
convicted
"This
reading,
of 29 men
as one
job
is
In the California
John Carlson
case
picketing the Delta Tunnel project with
unfair
Congress for
to
Industrial
was
sign
a
Ills
conviction
County.
sentenced
was
upheld
was
Mr. Thornhill
by the California Superior Court for Shasta
was
fined $100.
His conviction
was sustained
by
the Alabama Court of Appeals.
New
1932
applied to shares purchased
as
before
Act
the
became
Justice Reed delivered the unanimous decision that affirmed
by the
effective.
ruling by the
a
New Jersey Court of Errors and Appeals sustaining the legislation against
attack
an
by Harry Veix of Newark.
"Certainly,"
associations
Justice
Reed said,
the
against
of building
of excessive
withdrawal
and
is,
loan
today,
within legislative power."
1928 the State
He added that in
amended to provide that withdrawaing members should
was
be placed on a list and each one would be entitled to $500 each month if
funds
available and all matured shares paid in full.
were
After the
1932
law became effective, Mr. Veix sought payment in full on his 8,500 shares
In the Sixth Ward
Building and Loan Association of Newark.
Payment
In
Gave the Government
Francisco
generated
transfers
the
at
Hetchy
Hetch
attorney said the decision,
Hetch
requirement that
an
agreement by which
private power corporation electrical energy
a
Hydroelectric
Project.
Government
by Justice Black, which upheld
Hetchy
permit San Francisco to acquire
power
"statutory
a
be publicly distributed,"
would
municipal distribution system, or arrange
a
for private distribution under municipal control.
Held
constitutional
1938
a
Virginia
which
statute
prohibited
out-of-
State insurance companies licensed to do business in the State from insuring
persons or property
a
located in Virginia unless the transaction
were
through
resident agent who received "the usual and customary" commission.
Declared constitutional
1932 New Jersey statute providing for delay
a
in the withdrawal of shares from
to shares
building and loan associations,
the
of water
amount
Colorado
applied
'
divert
a
During time of war or during any other period of national emergency
declared by the President, the President may, through any
agency that he
designate,
or
otherwise, investigate, regulate,
by or to banking institutions
Bank & Trust Co. of Yonkers.
and
rency,
any
transfer, withdrawal
evidence of Indebtedness
or a
The House
Study Interstate Migration
Citizens—LaFolIette Group to Begin
Inquiry
April 22 approved
on
a
five-member House Committee to
Congress ought to know what is causing the present
migration
of
agricultural families
and
what
are
wave
the
of unprecedented
that
reasons
they
remain cut off from the land.
Congress ought to know what is the best and the
most
practical way to
anchor families to the soil in the light of
existing conditions and also how
to stabilise industrial
employment
over a greater number of months in each
year.
our
sources
of and the ultimate destination of
great uncontrolled population movement.
Congress ought to have
education,
national
health
resettlement
of
non-resident
families
in
a
Congress
ought
know
to
when
the
destitute
condition
of
American
families is the result of circumstances beyond their control.
made
available
opporuntities for
our
by the great
western
reclamation
families In the greatest need;
provide self-supporting status for families
now
on
irrigated
projects will be
if these projects will
almost
permanent
public
charges, and thus decrease public relief expenditures.
legislative authority to coordinate their programs.
LaFolIette, Progressive of Wisconsin, Chairman
problem.
The committee plans to question experts
on
the problem.
Bill
Authorizing
Balances of
President
Invaded
to
Freeze
United
States
Countries Approved by
Con¬
An administration bill
specifically authorizing the President
to impound funds and securities held in the United States
by
nationals of countries invaded
by a foreign power was acted
upon favorably April 24 by the Banking Committees of the
The
primary purpose of the bill is said to
by President Roose¬
Norwegian funds held here.
(Reported in our issue of April 13, page 2339.)
Washington advices of April 24 to the New York " Times"
be to regularize the action
already taken
velt with respect to Danish and
said:
Secretary of the Treasury Morgenthau appeared before
ing of the Senate committee
cur¬
any
political subdivision thereof,
or
person
as
or
defined by the
within the United States
may
to any property
or
any
require any
to any transac¬
in which any foreign
or
Senator Wagner, chairman of the committee, in
reporting the bill to the
Senate this afternoon, did not go into the arguments for the
owing views, however:
printing, expressed the fol-
'
''Under the original provisions there is no doubt that the President was
authorized to regulate transactions in stock and other
securities, etc. Not¬
withstanding
this
intention of the Congress,
apparent
a
few lawyers for
banking institutions have expressed doubts as to whether the President is
authorized to regulate transactions in foreign-owned stock and
securities.
"The committee is convinced that the matter is of such
great importance
that doubts of this character should
immediately be removed
by
a
clarifying
amendment.
Not only is authority to regulate transactions in stock
and
essential to the system of control
already in force, but It
may be of even greater importance if it becomes
necessary to extend such
other securities
control to property of other countries which
to
an
even
greater extent is
in the form of stock and securities.
"Such
an
amendment will also serve to protect Americans
complying with
The banks, in particular, would favor such a
clarifying amend¬
ment."
.
./■
;;
v
Temporary National Economic Committee Hears Testi¬
mony
on
Technological Advances in Farming,
Social
Industry—Need for Greater
Security Stressed by Some Witnesses
Technological advances in
the
textile,
agricultural and
studied this week by the
Temporary
National Economic Committee.
Previous hearings before
were
this group were reported in our issue of
April 20, pages 251213.
Carl Taylor, head of the Division of Farm
Population
Department of Agriculture,
April 23 that technological improvements in
agriculture have made it possible for a decreasing number of
farm producers to supply
necessary products to an increas¬
ing number of non-agricultural people. A Washington dis¬
patch of April 23 to the New York "Journal of Commerce"
outlined testimony of that day as follows:
and
Rural
testified
Welfare
of
the
on
Appearing as the first of a series of witnesses to be presented
by the
Agriculture Department to testify concerning the impact of
technology and
the effects of the machine age upon the
agricultural economy of this country,
Mr. Taylor stated that since the earliest settlement of this
country there
been
a
steadily diminishing percentage of the gainfully employed in
agriculture,
to
\
.
fifty
themselves
support
years ago
and
it required 19 people living
on the land
one
person in town," Mr. Taylor declared.
"Today, under greatly commercialized and industrialized conditions, one
person on the land supports himself, three people in town and contributes
to
the support
"Since
of another person overseas."
1930," he explained, "persons available for employment in
agri¬
by about 4,000,000.
As the development of the
nation
has
has
needed
progressed,
however,
the
economic
enterprise
a
steadily diminishing percentage of the
fully employed persons."
Growth of farm tenancy
was
of
agriculture
nation's total
gain¬
and the accompanying decrease in the proportion
traced for the committee by William T.
Ham, of the
farm labor section of the department.
He pointed out that in
1880 owners were 42% of all those engaged in
By 1935, he said, this figure had decreased to 31.8%.
During
period the percentage of tenants increased from 14.4% to
23.1%.
the same
"A part of the growth of
tenancy in the United States since 1880," Mr.
Ham stated, "has consisted of movement from the status of
laborer to that
of cropper, which in many cases means little or no advance
up
an
executive meet¬
to explain the reasons for the original action
the agricul¬
tural ladder, due to the fact that the status of Southern
croppers is more
like that of laborers than like that of tenants elsewhere."
Discussing the per capita farm and non-agricultural income available for
living, Dr. Louis H. Bean of the Bureau of Agricultural Economics told the
Committee that the
ments and
gressional Committees
House and Senate.
or
dealing in,
agriculture.
of the Senate Civil Liberties
Committee, announced April 23
that his committee will begin hearings next week on the farm
labor
export",
bullion
or
or
nection therewith in the custody or control of such
person, either before
after such transaction is completed.
-4
of farm owners
Congress ought to know why 24 separate Federal agencies are attempting
with problems of migration and what are the needs for additional
to cope
Senator
silver coin
culture have increased
Congress ought to know if the opportunities for resettlement
land
or
exporattion of,
furnish under oath complete information relative
"One hundred and
full knowledge of the provisions for relief,
and
or
evidence of ownership of property in which
any
tion referred to in this subdivision
,
State, and the Federal relief allocation should be made in conformity
program which would be integrated with State and local aid.
every
with
housing,
a
defined by the President, and
State, national or political subdivision has any interest, including the
prom
duction of any books of account, contracts, letters or other
papers, in con!
has
Congress ought to know the
prohibit, under such
licenses
Railroads and Textile
resolution authorizing
inquire into the inter¬
state migration of destitute citizens.
In pointing out the
objects of the investigation, Representative Tolan, Demo¬
crat of California, who sponsored the
resolution, said:
a
or
President, has any Interest, by any
/
House Creates Committee to
Labor
or
means of
place subject to the jurisdiction thereol; and the President
railroad industries
Farm
as
hoarding, melting, or earmarking of gold
decision by the Federal Circuit Court at New York directing
Destitute
by
or otherwise,
transactions in foreign exchange, transfers of credit between or pay¬
any
ments
Yonkers, N. Y., to return $189,510 to the receiver of the First National
of
to
annually from the Laramie
State highways if they carry other vehicles over the head of the driver.
Sustained
President
•
•
as applied to
a company engaged in Interstate
Pennsylvania law barring the operation of motor vehicles on
a
the
foreign
the order.
constitutional,
Commerce,
for
powers
to read
con¬
decree limiting to 39,750 acre feet
a
could
River.
Held
as
petition by Wyoming seeking to have Colorado held in
a
tempt of court for alleged violation of
emergency
regulate
purchased before the Act became effective.
Denied
addition,
The committee's report, which was filed for
victory by outlawing
a
to
persons not entitled to them, in
follows:
as
Among other actions today the Court:
San
from falling into hands of
legislation.
refused and he lost in New Jersey courts.
was
-
asked, according to members who
opposition to the proposed legislation.
Government, would be specifically "approved
and confirmed" by the proposed legislation.
person to
Veix contended that when he bought his shares in
Mr.
law permitted withdrawal upon giving 30 days' notice.
1932 the law
were
no
the. view of the United States
foreign State
"the protection
catastrophe
few questions
rules and regulations as he may prescribe,
Jersey statute providing for delay in the withdrawal of
shares from building and loan associations was held constitutional
Court
to prevent them
may
Justice McReynolds dissented in both cases but wrote no opinion.
A
a
®xchange transactions, under the Act of 1917, would be broadened
12 days In Jail or pay a $25 fine.
to serve
1940
The executive order of April 10. impounding the Scandinavian balances
Organizations."
No breach of peace was charged In either case.
Mr. Carlson
Only
attended, and there seemed to be
Wood
Preserving Co., where the American Federation of Labor Union had called
a
April 27,
and the desirability of additional legislation to clear away any doubts as to
larger share of farm income
now
spent for farm imple¬
machinery and for their operation contributes
to
the
disparity
between farm income and parity income.
In
1939, he explained, parity income, measured by per
capita income
payments to all non-farm individuals, was about 55% of 1910-14
average.
"With
farm
income
available for living (after deducting business ex¬
penses) amounting to something over $5,000,000,000 in 1939," he
stated,
"the attainment of parity income would
require an additional income of
somewhere around $1,500,000,000."
Emil
Reeve,
^
President of the Textile Workers Union,
affiliated with the Congress of Industrial
Organizations,
told the subcommittee on April 22 that social
security laws
should be liberalized to provide for workers
displaced by new
machines and new methods.
Other testimony was described
as follows in Associated Press
Washington advices of April 22:
Volume
G.
R.
The Commercial & Financial Chronicle
150
Conze,
President
of the
Susquehanna
of New York
Silk Mills
of Credit
City, and President of the National Federation of Textiles, testified that
there
two
were
schools of thought
silk
among
and
One favored elimination of the so-called night
shifti
facturing and wholesaling members.
to give the industry
ditions; the other contended that if free competition
then continued operation of the newest type of automatic
Congress which will be held in Toronto, Can., May 19-23,
under the joint sponsorship of the Canadian Credit Men's
machinery was
necessary to give the public lowest costs.
"There
advocates
are
divergent views
depends
on
is of the
can
new or
of
both
policies,
with
be reconciled," Conze said.
old
Trust Association
that their
indication
no
"At the present time
much
whether the machinery owned by the proponent of either
Men
side
tion which would
(United
consolida¬
alone,
railroad
responsible
industry alone."
Whitney denounced the dismissal
and
wage
encourage
as
a
features of
for
away
today
a
As
A committee member
replied.
can
problem which exists in most parts of the country."
Mr. Taylor said rapid mechanization of farming
"social problems" in the Pacific northwest, in
belt and in the fruit and vegetable areas.
corn
of farm families
in all parts of the country,
by
accompanied
"bitter
strife"
that
realistic
belt, wheat
belt,
The uprooting of thousands
was
serious
cause
likely to be
economic
and
of International Harvester Co., who said that recent developments in
farm
that
various
labor-saving
release of farm residents the United States could not have
developed
faced
with
the
"We can't
let
There is
them
a
he said.
Stunners
17-year monopoly to
to those
that
an
through
inventor "who gets up
offered
Government
some
machines that will add
produced
-
to
employment opportunities
a
$10,000,000,000 increase
great national resources, skill, machinery and man power we
challenged the assertion of other witnesses that technological
for
a
time,
ultimately
employment by lowering the price of the product and thus widening
the market for it.
♦
solved, he said, but only by increasing workers' real
in proportion to the increase in the nation's
mittee
productive ability.
and War Entry Oppo¬
H. Heimann as Developments
Important to 1940 Business
of Business Optimism
sition
The
Noted by H.
beginning of a more conservative trend in our public
affairs, together with a further
against
United
gullibility
ments
of
Heimann,
as to
recent
crystallization of sentiment
States entry into tl^e war and much less
propaganda, are the outstanding develop¬
weeks
in
the American
scene,
Henry H.
Executive Manager of the National Association
Federal
the
System
Reserve
for
as
an
would
emergency
non-member
a
bank
member of the Federal
a
Act,
required
was
to
to
partici¬
non-
measure,
retain
Reserve
its
System
has
undoubtedly
in
has
which
not
in
are
delude
not
strengthened
members
ourselves
of
into
of
the
the
on
great
the
supervision
examination
the
that
problem
banks
now
in
in
of
banking
and supervision
Federal
belief
benefit
part of small
Reserve
it
has
System.
cured
all
banking system.
our
the situation
Banking and Currency in
on
been
banking system
our
further
described by the Senate Comits report on the Agricultural Credits
of 1923, following the deflation and
epidemic of bank failures
hit the country in the
early '20s.
The Senate committee said :
"The committee is
impressed with the fact that the most
which
important
confronting the banking system of the United States is the
Federal Reserve
System of the large number of State
the
which
not
are
members.
now
The
Federal Reserve System was
for the benefit of all sections of the United
States, and of all types of commercial, industrial and
agricultural activity.
It has appeared,
however, from testimony before this
committee, that
especially in the agricultural sections a great
majority of the State banks
are not
members of the
System, and hence are unable to take
advantage
of the
rediscount facilities which
the
System affords.
In
part, this
situation is due to the
capital limitations in the present Federal
Reserve
Act, and the committee believes that these
limitations can safely be modi-
by
Congress
? *£ i? abT?t lt remains
which are
9,640
have
a fact' however, that no less than
eligible for membership under present law,
State banks,
failed
to
avail
?•' i?n2
which
,US
Congress has
No
themselves
of
the
dePrive<1 communities
facilities
of
which they
the
serve
Federal
Reserve
of the facilities
mcuiwes
provided."
effective
banks
Growth
order
Act
future," said the A. F. of. L. head.
wages
to
Reserve
permitted to insure the deposits of
was
in
still confronted with
are
this has held true in the past there
in this formula and it is unlikely that it will hold true in the
The problem can be
Federal
temporary period and
a
that,
it
banks
established
000,000 or $125,000,000,000," he said.
improvements, although they may displace labor
Also
defects
inclusion
ought to look to an income not merely of $80,000,000,000 but of $100,000,-
"It is important to realize that while
amendment
an
the
to
should
we
the
We
dispatches continued:
King, Acting Chairman, held that
is no magic
only for
provided
and
insured
But
of
in the National income was too low a goal.
increase
insured
as
July
of
national basis with participation of representative groups."
Mr. Green
by
of
\in the United States by providing for Federal
•
technological improvements.
our
banks
depositors.
Increasing the National income by $10,000,000,000.
"With
bank
The
insurance of deposits
creating increased confidence
employment, wages,
on
Development of methods to assure productive workers their share of the
Senator
provide
so
.
Further shortening of the work week.
same
its
to
non-member
comply with all of the laws applicable to insured banks,
whether they desire deposit insurance or
not; but insured State banks are
not required to be members of the Federal
Reserve System or to comply
with those provisions of law which
Congress has deemed necessary to safe¬
guard the business of member banks.
hours, labor costs and productivity.
a
created
was
member
was
insured
Obtaining of more complete and detailed facts
The
1933
of
William Green. President of the American Federation of
on
subject to
not
were
all
this requirement was
postponed from time to time, and it was finally
repealed entirely by the Act of June 20, 1939,
Thus, at present, all member banks are required to have their deposits
Ohio, in the potato fields of southern New Jersey, the
giving of "exhaustive consideration
required
1, 1934.
Many people considered this requirement one of the
important and constructive provisions of the Banking Act of 1933,
they thought it would bring most, if not all, of the State banks
into the Federal Reserve
System, thus giving them the protection which
membership in the Federal Reserve System affords and
enlarging the
System's opportunities for public service.
However, the effective date
Labor, appearing before the Committee April 25, said labor
calls upon industry and the public for joint consideration
of the unemployment problem.
He offered five specific
suggestions for meeting the problem which were summarized
in Washington advices of April 25, to the New York "Times"
The
and agri¬
because
fields of Idaho, the cotton fields of Arizona, the orchards of Yakima
returns from
Congress
its
it
by
a
already out of work."
follows:
policy emphasizes sound¬
most
the
patents
Valley, Washington."
as
broader
possibly disappear, Walter
System and, therefore,
deposits,
doposit insurance, it must become
strife in the "Arkansas delta and the Missouri boot heel, in the onion fields
pea
FDIO
member
"It's against the law to shoot
Mr. Taylor testified that the workers' migrations already had
of Hardin County,
Reserve
of
Originally the Corporation
problem of
question in my mind about the Government bidding for
added
opportunities for
deposits, thus making certain that enough banks
pate in the plan to make it workable.
all these labor-saving devices with patents."
Mr.
of
In amending the Federal Reserve Act in
every
and
starve,"
themselves
submit
to
insure
what to do with these people.
them.
Decreasing
the
insurance
The
Representative Hatton W. Sumners, Democrat of Texas, Vice-Chairman
was
the
and
as a
great industrial nation.
Committee, said the Government
Predicts
Credit Agencies—Walter
to examination and supervision by the Federal
Deposit
Corporation; and this has extended Federal supervision of
banking to all but about a thousand of the non-member State banks.
had dis¬
devices
Cougisel
Insurance
placed thousands of farm workers in the past, but added that without this
of the
fre¬
business
liquidity, and declared that "this more
practicable attitude on the part of Congress
Federal
the
banks
on
smaller "family-sized farms."
conceded
1933
provisions.
for
machinery tended to shorten the hours and lighten the work of farmers
'
of
out
McCormick
was
of
provisions of the Federal Reserve Act, designed to pro¬
vide for a better supervision of
banking, were largely ineffective as to
small State banks,
for the simple reason that most of them remained
testimony contrasted with that of Fowl erMcCormick, Vice-President
Mr.
United
the
stock
future
bank
supervisory authorities should encourage
adapt their lending and investment functions to
to
Until
political changes.
His
common
the
present-day requirements of commerce, industry
culture."
His speech continued, in part:
producing serious
he asserted,
might
its
in
than
and
the
banks
,
was
the cotton
Board
Government
avail
rather
and
dramatic aspects of a similar
most
Reserve
banks
ness
certainly answer 'yes,'" Mr. Taylor
"We have had the acute and
on
faith
that the present bank examination
portrayed in the book
"If you are asking me if we have a serious and critical
problem among
migratory workers in California, I
of
to furnish credit will decline and
true.
were
dividend
a
evidence
of
Wyatt, General Counsel of the Federal Reserve Board, said
on April 20 in an address before
Group Four of the Virginia
Bankers Association at LynchburgJ Va.
Mr. Wyatt said
study of agricultural unemployment
unemployment.
among migrants, as
"Grapes of Wrath," by John Steinbeck,
declaring
another
as
factor, "were
a
service, the pressure for additional governmental agencies
Memphis. In quoting Mr. Taylor, Associated Press Wash¬
ington advices of April 24 said in part:
technological
in
feeling.
Wyatt Tells Virginia Bankers
Group
Greater
Activity by Banks Will Lessen Need for Federal
Help
Arkansas into the "towns of the Delta" and the "slums" of
to
better
Demand for
Taylor, Professor of Economics at the University
of California, testified on April 24 that the farm tractor is
a
labor-displacing machine which has forced thousands of
cotton workers from the "rich lands" of Mississippi and
Taylor if conditions
Corp.
cited
Federal
Paul S.
relation
the
great consequence when considered
constituting quite
The courageous action
power
from them."
bondholders and the shareholders in the railroad industry."
its
is reported by Mr. Heimann.
"relic of the dark ages,"
Sumner T. Pike, Commerce Department representative on the Commit¬
asked Mr.
for
Credit
of
optimistic feeling
the part of our business men
on
cumulative
Association
more
1940.
tee, observed that "this technological change is not to the profit of the
The Committee concluded
their
in
Steel
quently
consolidations.
saying capital proposed to pay men "to take their jobs
and
but
States
the Wheeler-Lee transportation bill, now before Congress.it opposed stren¬
to facilitate
A slightly
Here again certain events, not of such
completely satisfy the ambitions of railroad bankers were
uously provisions designed
National
the
than existed earlier in the year
He pointed out:
put into force, at least a quarter of a million men would be eliminated in the
The witness said that, while his organization favored many
and
States).
about business conditions
type."
Byrl A. Whitney, Director of education and research of the Brotherhood
of Railroad Trainmen, Cleveland, testified that "if a widespread
the Asso¬
ciation for the first international and 45th N. A. C. M. Credit
to be maintained,
was
Coincidental with its
release he issues the annual "convention call" of
regularity of production and workers better social and health con¬
more
Men, declares in his "Monthly Business Review"
released April 22 to the Association's 20,000 banking, manu¬
manufacturers;
rayon
2653
steps were taken to correct that
situation; and many
out of the
System when they were not subject to
any
because they felt that
they did not need its services.
As a result,
remamed
strain,
Country, wf8 J*am confronted by financial difficulties in the
30s, many banks found themselves in such
weakened condition that
they could not get into the System when
they needed it.
This reminds
one
of the man who
never
repaired his roof, because he couldn't do
it
early
when
n
it
its
Reserve
problems
was
raining and when
twenty-fifth
annual
System submitted
in
the
banking
introductory statement:
to
it
not raining the roof did not
leak.
the Board of Governors of the Federal
Congress in 1939 an analysis of the major
was
report
field.
This
report
began
with
the
following
The Commercial & Financial Chronicle
2654
ment."
to present
would be derelict in* the discharge
responsibilities if it failed to call to the attention of Congress such
The Board is convinced that it
today.
of its
defects
in
within
in
step
the
Congress may
as
better
withstand
to
future
the
it has been
as
it may be subjected
to which
strains
and
stresses
Results
in
obtain a reprint of it simply
by officials of these States to the National Association of
and
broad
Currency
problems with
In
Robert
by
M.
make
to
comprehensive
a
study
these
of
bankers,
the
he
President of
was
consideration
serious
should
we
Property Tax Prior
assume
of
American
banker:
every
constructive
more
a
the
closer
to
in
supervision
from those that
protected
that well-managed
order
banks
may
Ohio
as
advance
in
the
relative
importance
of
be
New
York
and
made
This
States
seven
property is 40%.
on
prior
limitation
to
'property
taxes
$558,000,000.
were
im~.
The
explain:
handling of the Nation's foreign trade.
through the Port of New York in 1939
$1,294,013,000.
This
by the Department of Commerce.
Real Estate Taxation of the National Association of
on
It is
which
archaic
our
is
tax
responsible in
national
our
and
continued:
system which has put the brakes on
Land
life.
distribution, which
is the evidence of growth
Home ownership has been falling
today only 40% of our citizens own
property.
We have permitted taxes to be levied on property in a cumu¬
lative manner without regard to income or value and without serious
effort
amounted
the
also
in
1936.
While
Whole,
export
showed
an
The
United
most
figures
increase
which
war
in
in
was
of
the
which
of
year
there
export
increasing
an
was
demand
a
1939
that
of
New
York's
war
share
;
.
for
as
than
v
country
1937,
as
New
having
handled,
with
the
the
Not
only
well
as
as
there
was
foreign trade each
from 34.6% of the Nation's
to
also
war
such
the
as
had
only factor,
trade
export
the
cotton
was
effect
of
the
the Port has picked
up
Port
and
ports
to
is shown by the fact
as
high
import center of
of
the
year,
demand
quantities
In
or
total
to
1938,
the
United
than
more
to
materially.
In 1932 and
manufactured
this
1933
the
States,
which
42%
of
it
have
is
been
learn
that
and
importance
exports
of
through
in
such
large
clear
that
the
of
situation
inquiry
losing industrial
the Port
other
of
John
New
to
in
New
learn
President
or
industrially is such
not
the
city
may
establishments, it is extremely gratifying to
is
maintaining its relative position as a
York
shipping
center, both for outgoing and
incoming merchandise.
That is
undoubtedly because New York has continued to
provide the best and the
fastest foreign service
that can be found in
any
cities
have
similar
a
example,
which
paying taxes
were
situation.
port
The
We must pull the key-log of the
by increased
the
of
While
conditions,
the
rentals
selling prices were
1937, 83%; in 1938,
in
sales
Manhattan
have
the
are
real
on
In
values
because
decreased,
municipalities
today
time.
this
at
than
more
income
by
in
valuation
50%
ancHnet
the
of
1935
Cash
taxes—imposgd
78.6%
but
were
year
assessed
about
are
year
79%;
1936,
75^%.
of
assessments
properties.
In
in
1939,
65%
to
this
the
prices
sold.
value;
year,
the
economic
*
assessed
60%
words,
sales
properties
last
only
of
February
estate
increased.
With
change
much
from
comeback
from
real
the
for
urban
estate
real
way
those
under
heavy
estate
central
is
districts
debt
mortgage
taxed
of
there
if
American
there
is
cities
are
a
real
any
suffering
decentralization.
primarily
poses
be
must
be
to
that
Discussing the plan of valuating property for tax
Lowry,
York
whether
we
the
the
and
Port.
careful
a
of
79^%,
the
Association, said:
warrant
86.6%
have
flow
Other
prices of
for
properties,
State in the Union.
jam if
averaged
it
of the Nation's total due to the
products
of these properties
owners
Sales
1939,
the
are
felt by every person in the community when real
delinquencies mount as they have been doing in virtually every
January
through the Port ranging
40.7%, and the imports amounting
making these figures public,
the
While
as
for
through
in
of
want to permit a better flow of business
in the early months
exports
dropped to approximately 30%
lessened
wealth.
Boston
values
low
end
decreasing
other
from
about half of the Nation's total
year in and year out.
The figures show
clearly that since 1932 the relative
the
in
tax
Discussing the failure of tax assessment methods to fol¬
changing economic conditions and property values,
Robert H. Armstrong, M.A.I., New York City, Chairman of
the Manhattan Chapter of the National Association of Real
Estate Boards, in an address before the conference on
April 26, cited as an example the Borough of Manhattan,
New York City.
He said:
the relative
near
to ship manufactured articles for
belligerent countries, through the Port
exception
Nation's
made
existing
building.
1937.
during the last four months of 1939 is
the
not
export
other forms of
to
estate
the
effects
tax
assessments
an
real
of
economic
a
York
analysis prepared by the Merchants' Association shows that
during
the last five years the Port of New York
has continued to hold its rela¬
as
of
49%
subdivision of every
the
in
the year.
importance
unjust burdens
sales
only
economic
estate
The
tive
until
simply this, that the
51% fictitious valuation.
on
tendency
in
was
of
•
raising the value
York, but the outbreak of
shipments of certain raw products
But the
;
well
over
trade.
New
Germany.
'
'
as
smaller
were
existence
the Port's
of
1939
factor in
a
900
increase,
means
$1,149,185,000, was
$1,479,000,000 for imports, and
■
ports,
exports in
believed to have been
proportion
States
for
shift
to
first
averaged
amounting to
of
' '
•
for
population
a
New York's import volume of
1939,
eclipsed in 1937 with a total valuation
and
progress
small degree for much of the economic distress
no
has been slowing down.
progress,
behind
larger value of exports than has been
reached in any year since 1930, when
goods to the value of $1,384,000,000
were exported
through the Port of New York.
was
figures
the latter figure,
ago
Real Estate Boards,
in
The value of the exports
These
the property tax has been stable for many years.
.
to
In
all
include
he said, was estimated a few
Mr. Cooper,
former Governor of Ohio, who is Chairman of the Commit¬
000,000;
Combining these two figures, it means that the Port of New York
handled, in 1939, 44.8% of the foreign trade of the United States in
terms of value.
A comparison with previous
years back to 1929 shows
no other
year in which New York has predominated to such an extent in
the
$926,800,000.
was
000,000 gross annual income of privately-owned real estate
in the United States, local real estate taxes take $4,500,-
tee
to
are
Myers Y. Cooper, presiding officer of the conference, told
opening session on April 25 that "the key-log of our
economic jam" is the fact that out of an estimated $7,000,-
1939 New York also handled 50.5% of the
on
-
available the total
The total property tax
statistics
comparable
States
seven
49%
the
before that.
Association went
43%
b Not avaUable.
which
on
Rhode Island, where
analysis of the export
ports than has been handled in any year since 1935.
26,000,000
.
1936, at which time the effects of limitation had become apparent in
New
greater percentage of
States
these
in
years
a
50,600,666
of the annual taxes
decrease
greater percentage than it has handled in any year going
back as far as 1929 and probably for a considerable
period
States,
42,100,000
b
seven
levies
import figures of the Port in 1939 shows that during
that year the Port handled 40.7% of the exports (including
re-exports) of the United States (on the basis of value), a
In
47,700,000
a
Stable at 527,500,000.
In
and
imports of the United
53,700,000
73",400",000
West Virginia
public April 20 by John Lowry,
President of the Association.
5%
32%
12%
Nevada
by the Foreign Trade Bureau of the Merchants' Association
of
196,700,000
-
Oklahoma
point of export is indicated by figures prepared
a
39%
1,900,000
Washington--
Maintaining Its Relative Position
Shipping Centerfir According to Analysis Prepared by Merchants' Association
marked
149,000,000
Rhode Island
as
A
$93,100,000
248,800,000
2,000,000
281.400,000
New Mexico
would not otherwise regulate themselves,"
33 1-3%
$140,000,000
Michigan.,
toward
Port of New York Is
York
Decrease
Indiana
attitude
a
\
Percent
1936
Bankers
banking legislation and governmental regulation of the banking business.
Whether we like it or not, under the system of deposit insurance we have
become our brother's keeper.
Therefore, we must be willing to subject
ourselves
Property Tax
to Limitation
following paragraph from a speech delivered
when
Hanes
deserves
Association
"As
authority
The record shows:
view of recommending any needed legislation.
a
circumstances the
theae
Estate Boards.
Real
resolution granting its Committee on Banking
a
on
Chicago, Secretary of the conference, as reported
Holmes,
for bankers.
adopted
limitation
10 years of over-all
the last
over
general property tax rate which has been adopted by
nine States were given at the conference by Lawrence G.
the
by asking the Board or any Federal Reserve bank for it.
The important
part .covers only 22 pages, and it makes very interesting reading, especially
The Senate has
laws with respect to taxation, the study and examination of
budgets for expenditures to provide the essential public services,
assisting officials to see that the tax burden is equitably shared.
and in
the past."
in
Anyone who has not read that report can
These are the officials to whom we look in our
work with them in establishing new and
must
improved
proper
ground for such further improvements,
our State and national banking systems,
deem advisable in order to enable the banking mechanism
preparing the
general framework of
first
and
State Legislatures
problem of
primarily a
is
own
visory point of view, as still exist, notwithstanding the important improve¬
ments that have been made by Congress in recent years.
This is a neces¬
sary
taxation
estate
Real
municipal governments.
communities.
We
credit, and super¬
banking machinery, from the monetary,
our
in this adjust¬
bearing in relief costs must be considered
Mr. Farr continued, in part:
when our banking system is under no stress, is an appro¬
to Congress a picture of the banking problems of
"The present,
priate time
April 27, 1940
pur¬
the basis of its earning power, Ivan A.
on
Thorson, M.A.I., Los Angeles, in an address before the con¬
ference, April 26, pointed out that in the lower income
groups local taxes are far greater than Federal taxes and
that an ad valorem tax is a
capital tax.
Mr. Thorson, who
is Vice-Chairman of the Committee on Real
Estate Taxa¬
tion of the National Association of Real Estate
Boards and
Chairman of the Tax Procedure Committee of the American
Institute of Real Estate Appraisers, said:
Importance
Taxes
of
Our
Social
Stressed
Security Programs in Property
by
Speaker
at
Conference
of
National Real Estate
Delegates—Other Addresses
at
Washington Meeting
Social security programs add
tion of
C.
of
adjusting the
a
new
element to the ques¬
?lari* °S, Chicago, President of the National
Real
Estate
organization
on
problem
Boards,
s^ real estate tax
April 25.
must
meanwhile
told
be
"the
Mr.
more
share
income
the
Association
opening session of the
conference at Washington,
the
Farr said that the
unemployment
adequately solved, and that in the
which the general
property tax is
valorem
from
same
$2.50.
face
tax load borne by real
estate, Newton
ad
difference whether
its
on
far
rate
The
value
every
it.
is
of
first
a
tax
20
income.
of
tax,
on
times
and
face
on
tax
on
taxation
is
tax
a
pay
(ad valorem),
other
out
tax
we
The
on
the
face
the
the
in
value.
It
the face of
5%
of
the
note
income
makes
a
tremendous
$1,000 note
a
would
from
the
latter.
Real
property
addition
pays
a
State
be
note
is
and
or
$50,
a
5%
while
would
taxed
on
Federal
be
its
tax
The home
owner and the
farmer, besides participating in
including State and Federal taxes, pay a capital tax so
proportion
to taxes paid by other forms of wealth, and 6o
flagrantly inequitable in character as to jeopardize their very economic
existence, amply evidenced by the staggering and
ever-increasing amount
of defaulted
properties.
A proper tax, far from
a
powerful
the
most
stimulant
effective
to
way
being merely
employment
to
lighten
a
and
negative influence,
production
the tax load.
which,
can
in
be made
turn,
is
Volume
The Commercial & Financial Chronicle
150
Long Period of
International
Post War Restoration
for
Peace Seen
Needed
as
of Economic Stability—
W. F. Gephart Addresses Bankers Association
Dr.
for
Foreign Trade at Indiana Meeting
/
World co-operation will be needed for successful reconstruc¬
European war, Dr. W. F. Gephart, President
of the Foreign Bankers Association and Vice-President of
the First National Bank in St. Louis, said on April 25 in an
address before the annual meeting of the Bankers Associa¬
tion for Foreign Trade at French Lick, Ind.
Dr. Gephart
said that in order to restore world economic stability we
must have a period of world peace that will continue for
generations, as well as "a liberalized commercial policy by
all the Nations which will permit a free flow of goods in
international trade."
The
industry in
one
the result of World
the civilization of the future.
politicians
others
our own country
and
There
farm.
Between
who conceived
and
1914
the population of the
relatively high birth rate and immigration, afforded
for American
farm products.
about
40
million
situation
the
additional
number
of
acres
of farms
we
land.
increased
further
or
a
with it
large number of imports, thus making it
nations
impoverished by the
factured products.
of
war to
We thus forced
self-sufficiency
or
or
we
difficult
more
buy
we
even
or
our exports
of
aj|d manu¬
to obtain their necessary imports on a more
times
we
creased somewhat
World War II is
our
to
for
tremendously
a
are
complicated
problem
will
faith in
How
now
are
supplies to be replaced ?
in
out
Much of it
war
supplies.
How
and
men
producing
war
Much of it is lost forever.
because
of its
success
a normal peace time
a
industry,
v
a
mercial
If these,
results
Second,
policy by all the nations which will permit
international
a
a
a
perhaps, Utopian conditions
can
prevail
a
■
'
■
Federal Reserve District
Chairman of the Securities and Exchange
Government and the public
proposed that the
persons in the district."
Mr. Frank said in part:
private
this will permit two
give promise of gradually restoring our shattered civiliza¬
resumption of human progress and
♦
Frank
gested the creation of a speculative finance company in each
Federal Reserve district, "with the common stock owned by
liberalized com¬
free flow of goods in
trade.
which
tion and
It will demand
period of world peace and security
which must continue for several generations.
This
"frankly speculative" regional investment com¬
panies to lend financial encouragement to "prosperous small
business enterprises." This proposal, Mr. Frank said, would
be "a step in the direction of filling a gap in our underwriting
machinery which presently makes it too difficult for small
and medium-sized companies to obtain capital."
He sug¬
long period of world co-operation, the
First,
It is time to restore
potentially supreme greatness.
our
establish
"
.
like of which has probably not been known for centuries.
essential characteristics:
N.
April 25,
replacement fund.
highly specialized character cannot be used to
only if there is
and
senile,
Commission, addressing the Kiwanis Club of Cleveland on
Machines and tools are
no
It is time to return
hardly have faith in its government
can
has lost faith in the nation.
actual greatness
our
Each
This staggering task can be undertaken with any promise of a reasonable
two
The nation
Jerome N. Frank,
How are
used in producing war
now
It is time to test those who want our votes on
Suggests Creation of Speculative
Investment Companies by Government and Public
—SEC Head Proposes One Such Organization in
supplies to find work in peace
the millions of capital
just published at Government expense of the
has
'-v\.
these millions to be
are
producing munitions and have earned
produce products of
degree of
C.
country cannot be halted, unless it loses faith in itself.
when
presented
be
Millions of other
arms.
industry, to economic and social production?
of others
time activity?
worn
under
engaged in producing
returned to peaceful
the millions
E.
when that government
women
men
He, ap¬
private life those who believe that this country is economically
All will
are now
N.
the T.
Jerome
lose.
was
did not seek
read the book
that the
World War II ends regardless of how long it lasts or who wins.
Coward,
plays, and Shakespeare, at least,
I think it is time to stop the retreat—and if you will
prevailing there is little opportunity to improve our market
Millions of
own
Even the Founder of Christianity
minor roles'.
matured, washed-up.
negotiate commercial treaties which in¬
market for American farm products but now
their
million mechanics operate
the basis of their belief in the destiny of this country.
Under the Reciprocity Trade policies up
able to
were
in
act
a
Shakespeare and Noel
playwrights, except
why that sentence is true.
advan¬
for American farm products in this manner.
What
to
Edison invents;
hearings of last May on savings and investment, you will find the reason
In 1933, we spent 84 millions for farm relief but in 1939 this
had increased to 1,205 millions.
recent
that
system of barter or otherwise.
a
This has been attempted to be counteracted in part by the expenditures
to
So
impossible
raw
Beethoven writes the music; Toscannini plays it—
parently, had faith in His creation.
encouraged them to adopt the policy
tageous basis from other nations through
farm relief.
desired
Congress makes the laws; an independent
common sense.
Few
of
of life is an
the permanent administration of the church that He established.
have
should
"No group can successfully
say,
The division of labor that exists in every phase
machines.
have
I
And to claim that law-giving carries
They do claim it.
executive enforces them.
content with
liberal commercial policy
Bbt, more important, no group can successfully
without great loss of values.
the
intend that.
A new administration
specific commitment to the objectives of
a
inalienable right to law-administration is to deny the dictates
expression of that
policy has been responsible in part for the decrease in
Just when
for
monopoly."
common sense.
enacted higher duties on a
more
after
monopoly of virtuous purposes.
an
You have heard
No opposition candidate whom I have read
Conceivably, new hands might find better ways of
of these laws.
a
claim
6,-
adopted
a
into power only
come
realizing such objectives.
the
the markets for American farm commodities.
remedial laws of the past
and will, if vested
New Deal leaders say that
branch.
heard has said that, and I don't think any of them
many
812,000 in 1935.
Our commercial
that the Administration group, and only the
Obviously, the basic assumption here is absurd.
will
due to a
1930 to
in
This is to say
that said, and that is not true.
the
complicate
6,288,000
the months ahead is that those
their opponents will repeal all the restrictions on business.
brought into cultivation
To
from
our
laws, since 1933 or so, should be kept in office to ad¬
with power extirpate them root and
When World War I began, It enormously
increased the demand for farm products and
few
about
few years; that all others are enemies of their purposes
increasing market
an
cynical
admiration. What the American people will consider
Administration group, are in sympathy with the
United States in¬
creased almost 22 million and this rapid increase in population,
our
minister them.
claim
1900
foreigners
Our
are
culture, nevertheless view our productive
our
The other argument that we shall hear in
has been agriculture,
about 32 million people in the United States who live on
are
a covetous
Even
ignorance.
But there
office has given that genius full opportunity to operate.
leading industry.
our
history of the world.
they look toward the campaign of 1940 is whether the Administration in
as
which has been most depressed as
post war conditions
their
diplomacy, contemptuous of
An abstract of the address said in part:
War I
share
It is unique in the
know its strength or its significance.
may not
who
genius with
tion after the
2655
I do not
restored higher standard of
deny that it costs the underwriter a great deal to
known
enterprises and that
market securities
I am not#
his risks may be high.
living; first, it will permit the peoples of each nation to re-engage in peace¬
of little
ful
therefore, blaming him for charging a large price
enterprise, rebuild their disorganized industrial system,
productively their savings and wealth under
a
for his services.
But I feel that money which costs that much is too expensive for most
American business.
And for that matter, the underwriting charges for
and reutilize
regime of security for all.
Second, this condition will also not only permit but encourage nations with
The alternative to all this is
for
a
a
larger than
continued period of war and preparation
war—military and commercial—a
capital and labor resulting in
waste
and
an
uneconomic
use
placed
of
It is
a
savage
challenge to the intellectual leadership of the world; it is
has
man
become
a
really rational being
or
a
test of
whether the
gerous
New York
The
Members of the Administration and their journalistic stooges now tell us
transcends
war
One of the boys is
held
was
sensible
in
domestic considerations
quoted
Scandinavia
as
in
this
campaign
early this month—a pretty epigram.
Kansas,
Iowa—I'm going through the list because I have been
there—Missouri, Illinois, Indiana, Ohio and Pennsylvania during
two
months don't happen to believe in
to
But the
people with whom I've been talking in California, New Mexico,
Arizona,
seem
year.
having said that the Democratic convention
want
whatever
to place this country
eventuality may come.
the past
making decisions by epigram.
They
in the strongest possible position for
And they're thoroughly aware of the fact
that that means an industrial system hitting on
all cylinders.
There is one
mobilized. That
power is the capacity of the American industrial system to produce. Given
an opportunity to approach its potentialities, it is the force that will shape
power
in this world greater than all the armed forces now
„
plan
each
be set up,
with the common stock owned by private persons in the district.
In order
to stimulate private investment in
the stock of these institutions, the
Government would invest in their preferred stocks, carefully safeguarded
so as to have little if any voting power.
But, the privately owned common
stock would control the institution and elect the officers and directors.
Each institution would, in turn, buy the stocks of deserving and growing
local business enterprises, in good financial condition, which needed money
brutal
productive capacity of the American industrial system
is a greater world force than all the mobilized armies, Ray
mond Moley, former adviser to President Roosevelt, said
on April 24 in an address before the Bond Club of New York.
Mr. Moley declared that "it is time to return to private life
those who believe this country is economically senile, ma
tured and washed up."
He said that natiors in which the
government approaches a maximum of power are dangerous
to peace, and he cited Europe as a victim of "the disease of
super government."
Mr. Moley asserted that the Securities
Act of 1933 and the Public Holding Company Act of 1935
were written with too little cooperation from those familiar
with the problems involved in the fields of investment bank¬
ing and utilities.
We quote, in part, from the address:
Nation's business.
proposed the creatioif of these regional institutions. The
detail, but roughly it is as follows: In
of the Federal
Moley Declares Super-Government Is Dan¬
to
Peace—Former Adviser to President
Roosevelt Addresses Bond Club of
preferred stock issues are also so very
for big business that little and medium
has not been worked out as to
traits of the animal still dominate his thinking and his conduct.
the
a
So I have
Raymond
that
at
share of the
lower standard of living for the people of
all the world.
whether
much
sized businesses are
terrific competitive handicap in their race for their proper
small bond issues and small
surplus capital to loan and invest it in foreign countries.
for
capital expansion.
loans.
■
Reserve
Districts, a financial institution would
Generally speaking, the institutions would not
equity capital instead of debt.
make
They would supply
of speculative
finance company or investment trust.
I want to emphasize that I believe
they should not be eleemosynary institutions.
They should be run for a
profit. We all know that there are hundreds of persons in every community
who think they ought to get capital for everything from making gasoline
out of salt water to operating a rocket service to Mars.
But we also know
there are plenty of good promising businesses which, with a little additional
capital, can prosper.
And you business men in the community know those
situations better than anybody else.
That is the principal reason why I
believe so firmly in localized control of the proposed financing companies.
An investment committee made up of local business men can judge better
than anybody else which are the deserving situations and which are not.
They can also judge the likelihood of success of a given venture in their
particular community.
They can know, for example, that a giant market
might succeed in one neighborhood because of competitive conditions, while
it would have very little chance in another.
Those are judgments that
In other words,
each of those institutions would be a sort
cannot, nearly as well, be made from a distance.
Those regional finance companies, as
I envision them, would not
themselves invest in the securities of prosperous
merely
small business enterprises,
would also, in appropriate cir¬
underwriters in the distribution of the
deserving the opportunity to expand, but
cumstances,
securities
participate
of such
with
businesses.
Naturally, it would be too much to expect that all the
the finance companies
would succeed.
that, from time to time, it would be
ment
of them would.
often found that some expert manage¬
advice, such as could be supplied by the
business,
the red.
in which it had invested,
investments of
But
And I believe
Some, of course, would not.
I believe that, with a wise selection, most
institution, would pull a
into the black when it had gone
into
The Commercial & Financial Chronicle
2656
That at least has been the experience of private groups which,
own
initiative, have attempted that kind of project
long ago, I
what
talking to
was
on
their
on a small scale.
Not
result," damaging the reputation of firms under investigation,
I believe these institutions could do.
He takes
be necessary—a month
He supplies that management service at no charge.
from
in the affairs of the company.
a
His only profit
improvement in the value of his stock through
an
He tells
that, of
me
six months.
or
He
incidentally, that he has put
says,
on
makes
of
matter
a
fact,
the investment trust
bill
before
now
the
Senate
for this type of company—frankly speculative—frankly
I believe that finance companies of this nature will
provision
had been
for special situations.
aid
materially in filling the
gap,
but
I doubt whether such
By and
large, I think they will have to place their funds with companies
a
larger than those I have in mind.
But size is
no
A small business venture, in many industries, has
of success
believe
as
large
a
that.
I
relatively
as much
think
it
requires
a
knowledge of local
our
as
an
sized companies
to obtain capital.
alternative to, but rather
as
I want, once more, because it is
of
regionalization.
Regionalization,
to
be
of
to
as
security issues for capital expansion,
general, for assistance
For
not
by
forcing
unless
carriers
trust
and
legislation.
their
"much
affiliated
exempted.
were
,
there
"far
industry needs regulation and
"
,
nothing in the proposed
was
which
measure
those evils which have occurred"
cure
workable statute if you do give a sub¬
stantial amount of discretion to the SEC."
Robert
H.
a
more
Loomis, President of Loomis Sayles
&
Co., and James N.
White, partner in Scudder, Stevens & Clark, protested the proposed regu¬
not
lation of investment advisers.
reputable
business
They contended that the bill would injure
organizations in
effort
an
to
restrict
the
activities
of
"tipster minority."
On April 24, David Schenker, an
attorney for the SEC,
appeared before the sub-eommittee to reply to some of the
criticism of the bill made by members of the
industry. It
was he who declared that regulation was
necessary to public
confidence. Associated Press Washington advices of
April 24
reporting on the proceedings of that day, said in part:
locality,
seems
clients
filed with the committee that
arise
"the racketeering fringe" and the
to me
only is there need,
the growing small business
enterprise,
to
might
"goes farther than is reasonably to
govern-
best known to those in the
considerable importance.
very
statement
a
and said there would be
no
are
and
by SEC proponents of the investment
He contended that
Important, to stress the desirability
Greater regional autonomy is
important because, I
repeat, in many areas, local needs
upon
confusion"
needs Federal regulation,"
supplemental to, the plans
sponsored by Senator Mead of New York, which would
provide
mentally aided credit facilities for small business.
counsel
"It is clear to me," he declared, "that the
not
conditions
Second, I do
between
was
necessary to
prevent "abuses" which he said had occurred in the industry.
chance
I merely regard it as a step in the direction of
filling the gap
underwriting machinery which presently makes it too difficult for
suggest it
and
Racey & McKay, Inc., also
told the committee that regulation of investment trusts
in panaceas.
in
York
Previously Professor E. Merrick Dodd Jr. of the Harvard Law School
little
adequately to know the prospects of the local industry.
There are two things I want to say about
my proposal.
First, I do not
regard it as a panacea; I am not a perfectionist and therefore do not believe
small and medium
agreed
and
companies
potentiality.
I would be worried about America if I did
one.
And
measure of
relationship
Mr. Fletcher said in
conflict
companies,
managed from New York, can get down into the local situations.
of New
R. V. Fletcher, general counsel of the association, was assured
by Senator
"Wagner of New York, Chairman of the Senate Banking sub-committee,
that an amendment to exempt the carriers and their subsidiaries
virtually
Long
Island, New Jersey, Connecticut, etc.
As
President of Standish,
Co.
^
none of his
in New York City—all in small business
Sinsabaugh &
Spokesmen for the Association of American Railroads on
April 23 asked the sub-committee that the carriers be exempt
from proposals in the bill. We quote from Associated Press
Washington advices of April 23:
course, he turns away
great many unworthy applications; but he also has to turn away
many
He is an enthusiastic supporter of the regional
money into enterprises
Clark,
disclosure of the latter's affairs.
very promising situations.
finance company idea.
confidential
down
comes
improvement
an
Standish,
of
expressed fear that investigative powers of the SEC might result in damage
to the reputation of the profession, even though no cause
existed, or break
give
management advice for as long as may
O'Hearn
M.
Alexander
small business which appears promising at a prise agreed upon as
fair,,
He then sends one of his own men out tp study the business and
a
though
even
proved.
were
Charles
stock interest in
a
guilt
no
in New York who does almost exactly
a man
April 27, 1940
in
but there
is
specific need for stimulating business activities in the several
regions of
our
country where today there is too little such
activity.
Discounted prices of investment trust shares, Mr. Schenker
said, reflected
the public attitude.
Senator Taft of Ohio, a member of the
Representatives
Additional
of
Industry and the SEC ' Present
Testimony at Senate Sub-committee
Hearings on Bill to Regulate Investment Trusts—
SEC Willing to Meet Some of
Industry's Objections
Additional members of the investment trust
industry, as
as members
of the investment
counseling profession,
appeared in the early part of this week before the Senate
sub-committee holding hearings on the
Wagner-Lea bill to
regulate the two groups. On April 24 representatives of the
SEC started to offer rebuttal
testimony to criticisms made
by members of the industry during the course of the
well
inquiry.
They indicated some willigness to compromise their
original
proposals, to meet some of the objections made, but said
regulation was essential in order for the
public to have con¬
fidence in the investment trust
industry.
Bradley Dewey, President of the Dewey & Almy Chemical
Co. of Boston, Mass., told the committee
April 19 that two
of the most valuable directors of
his company were invest¬
men who, under the terms
of the bill would be
forced to resign from the
company board simply because
their trusts had small
holdings of his company's securities.
Their financial advice and their
ment trust
personal financial support
had been of inestimable
A summary of his remarks also said:
during the early days of the
value, he stated.
"We
are not
company
bankers," he said.
"We
to obtain competent advice on
the
If small
companies in
his
field
are
technical
men.
financial phases of
are
our
Where
are we
business*"
guidance in this way, he said, inventors and
laboratory men will be driven
to the larger
companies.
Hence the bill, he stated, will tend to
increase the
power of big companies and weaken the
position of the
Mr.
of whether
they be allowed to
perfect self-regulation, rather than be
regulated by law.
Washington Associated Press advices of April 22 said in
part:
Dwight O. Rose of New York, President
of the
association, told the com¬
impose "uncertain and indefinite
inquisi¬
would
"The number
of people
presently engaged in the giving of investment
lawyers, is not an extensive
"The strictly professional section of
such advisers is
with some success.
undertaking self-regulation
"The various States
against fraud which
as
well
as
the Federal Government
have laws
now
cover any
serious abuses which may arise.
Therefore,
until further development of the
profession has taken place, we believe that
regulation could most
effectively be left to the profession and to existing
laws against fraud."
Douglas
T.
Vice-President,
and
Rudolf
P.
Berle,
general
counsel of the
association, also expressed opposition to the measure.
Berle said he questioned
"seriously whether
Government
in
America
has
reached
or
the
should
conception
reach
personal professional
relationships should be made the
a
of
point
concern
supervision."
tax
Federal
in
this
was
Mr.
the
SEO
to
of Federal
similar steps into the field of
personal
conduct
investigations
of
advisers, Mr. Berle asserted, might result In "a
savage and
was
,
"no reason" to
the basis
on
right to redeem his shares.
a
assets
Schenker said.
at any
Under
not the case in ail
asserted
"mutuality" existed, adding that
"open-end" companies.
that
Arthur
own
Bunker
company,
of the investment trust
creme
time, is given preferential
He contended the preferential treat¬
be given only when actual
Schenker
"creme de la
of the Lehman
Corp., in
had attempted to offer the
industry"
as a
sample.
"If they were all like Lehman Brothers
Mr.
we wouldn't need to be
here,"
Nevertheless, he said, part of the record of the
Schenker remarked.
Lehman Corp. was made possible
by a $6,000,000 "profit" resulting from
purchase of the corporation's shares below their asset value.
Raymond W. Goldsmith, a statistician for the SEC, took issue with
testimony by Mr. Bunker that the commission's calculations of investment
losses from
trust
1929
1935 involved
to
testified that the commission staff had
rather
understated
losses at about
Mr.
than
"statistical monstrosity."
a
"leaned
the
overstated
over
situation
He
backward" and had
when
it
placed capital
$3,000,000,000.
Schenker
appeared before the sub-committee again
April 25, with Robert E. Healy, member of the SEC.
They conceded that parts of the bill, objectionable to the
industry, might be rewritten but asserted that criticism that
on
the bill gave
the SEC too broad exercise of its discretion,
groundless. Associated Press advices from Washington
April 25 added:
of
They also said that principles incorporated in the
to prevent
measure were
essential
abuses and should be retained.
The Commission's witnesses
began a
-
section-by-section discussion of the
measure,
replying in detail to points on which objections had been raised.
By the end of the day they had completed only the first few
pages of the
bill, and there was no indication as to how extensive might be the Com¬
mission's willingness to compromise with the
industry.
Healy said he would
the Commission
blanket
willingness to revise
information
that
be "most willing" to rewrite
power
to
make exemptions.
*
"We
were
not
section
a
section giving the Commission power
a
could
be
required
from
registered
trying to regiment anybody,"
giving
He also expressed
officials.
to designate
investment-trusty
he said.
"We
not
were
laying any plots to find out about the private affairs of the investmenttrust industry, which we conceded is none of
our business."
Mr. Schenker
tions
on
emphasized, however, what he said
was a
need for restric¬
interlocking relationships between officers and directors
of invest¬
banks, brokers, underwriters and other companies.
"No longer," he
declared, "should an investment trust be an adjunct to
somebody's else's business."
Earlier in the session, Baldwin Bane, head of the
registration section of
the SEC, testified that "as
fluctuations,
prevent
no
investment
most
unjust
a
precautions
"dilution"
general rule,
are
even in
periods of violent market
taken" by open-end investment trusts to
of shareholders'
assets.
•
Mr. Bane asserted that,
the
contrary to earlier testimony by witnesses for
"dilution" under a "two-price system" of selling open-end
industry,
widespread and in its "cumulative" effect
time constituted
a
Open-end trusts
over a
period of
substantial amount.
are
those in which shares
are
redeemable at their
asset
value at any given time.
Information obtained
Bane
testified,
showed
through
that
on
a
questionnaire sent
Sept.
5,
1939,
to
11 and 19 of 1939
were
diluted
more
78
trusts,
Mr.
approximately 60 trusts,
"were diluted to the extent of $1,585,000, and on the three
days of Sept. 5,
than $1,750,000."
"The fact is," he said of the Sept. 5 selling, "that, instead of
making an
effort to protect the interests of their shareholders, whom
they
to
of
shareholder had
presenting the record of his
which
of
policy involved in taking other
relationships."
power
a
treatment, Mr.
ment should
Mr.
"If the step is taken
across the line with reference to
investment counsel,"
he said, "the taking of that
step may fairly be regarded as determinative
the
Proposed
not
or
trust shares was
Johnston,
down than up.
go
ment trusts and those of
advice for remuneration, exclusive of
banks and
enterprise," he said.
the part of the public that
present law "open-end" trusts in which the shareholder
may withdraw his
proportionate share of the trust's
Mr.
Representatives of the Investment Counsel Association of
America testified against the measure on
April 22. A pro¬
vision of the proposed bill
requires registration of investment
advisers.
The counselors urged that
that the proposal
on
likely to
distinguish between investment trusts for purposes of taxation
Dewey also told
tion and regulation."
sub-committee, asked if it wasn't
feeling
Later Mr. Schenker expressed the opinion that there
ones.
the committee that if the
proposed size limitation
is imposed on investment
companies, the 15% of the funds allowed under
the bill for "special situations" of
a promotional
character, will not be large
enough to enable them to furnish
any substantial amount of financial
assistance to growing businesses.
mittee
a
stocks owned by the trusts were more
was
dfeprived of financial backing and
smaller
probable the prices reflected
more
represent
indulged in
in
an
a
fiduciary capacity,
orgy of selling with full
the detriment of their shareholders."
were
these fiduciaries and
knowledge that it
supposed
underwriters
was
working to
.
Volume
The Commercial & Financial Chronicle
150
"If
Merchants*
Association of New York Urges Senate to
Walter-Logan Bill Providing Court Review of
Decisions of Government Agencies
Association of New York sent
a
that the
letter
by the Government through postoffices, Mr. Zimmerman said:
only
Lower
The Association's letter follows:
result of careful study, The Merchants' Association
a
the
of New York
than private companies."
Taxes
Corporations and Individuals Urged
on
Recovery—William S. Knudsen
Aid to Business
Publishers Association
expeditious settlement of disputes with the United States, and for
more
"There is
Makes Plea in Address Before American Newspaper
S. 915, which provides "for
supports the Walter-Logan Bill, H. R. 6324,
doubtfu|
why the Government should enter this field, and that is
one reason
if they could sell these services more cheaply
as
As
said, "it is
unparalleled safety record of the companies could be continued.'*
Referring to Senator Robert F. Wagner's proposal for the sale of annuities
April 24 to members of the Senate Judiciary Committee
urging that the Senate adopt the Walter-Logan Bill, for the
better control of Government bureaus.
Passage of the bill
by the House was mentioned in our issue of April 20, page
2505.
handling—-life
recommend
handle—or
to
were
insurance investments in this fashion," Mr. Zimmerman
Pass
The Merchants'
Government
the
2657
The
other purposes."
excessive taxes on private and
policy of imposing
HkWith the growth in the number of administrative organizations and the
corporate
delegation of quasi-legislative and quasi-judicial functions to these Govern¬
industry to make an impressive advance by William S.
Knudsen, President of the General Motors Corp.,. who ad¬
ment
bodies, business
and individuals
concerns
extent never before experienced
have been affected to an
The multiplicity of these organ¬
by them.
izations undoubtedly has increased the difficulties of business generally,
has led to confusion
on
the part of employers in dealing with
dressed the American Newspaper Publishers
and
April 25.
them and in
changes
needed and necessary to eliminate,
are
fusion which has been created by the
as
far
as
possible, the con¬
multiplicity of Government bureaus
and the frequently overlapping and anomalous nature of their procedures
Representatives.
lem
of
involved,
haven't got
with
administrative agencies and would tend to in¬
as a means
of
of assuring prompt passage, that-you use your
your best endeavor
to promote the adoption
is
course,
a
Parkinson
large,
can
ment
the
Thomas
Easy Money Policy of
Parkinson, President of the Equitable Life
speaking on April 23 before a luncheon
meeting of the Insurance Brokers' Association of New York
Government.
attacked the
easy money
tution
who had
professors and former professors of that
"contributed
much to the
so
"You
and
continue
be
to
utterly
foolish
and
who
us
joy and relief of the
affect
be,
after
whole
the
part whether
are
like it
we
the
With
declared,
is
world
and
a
which
in
In Europe they
not.
or
people
common
war.
no
peace
and
I
As the family
daughters.
grew
American
give
was
tries.
then
It
was
the
was
a
boys,
you
The
more
or
towards
measure
less
killing
cost
idea
American
and
don't
help
you
after the
of
of
some
a
man
in
was
newspaper
agreed that
and
sense
be
on
the
dollar
is
sym¬
conditions
world
Europe
men,
question of
a
in
neutral
cost
coun¬
the basis of experience in
somewhere around $6,000.
was
killing beyond
putting
getting
war
people will have to be killed
many
The last time I
discussed with
estimated
war.
full
place.
the cost of
war
goods
It is regrettable that
take
can
killing people
the last
He then said to the girls,
and
man,
confidence that America's practical
every
will
again.
before this
a
get married."
have
heart
into order
in
and six
and the six boys on the other.
needs
world
pathetic
"the
sons
in danger of
out and get yourself
go
dumb enough to
over
instl-
property
damage
This
involved
the killing
of a man
sounded awfully attractive to the journalists until I pointed out that with
an average wage of 50c.
per hour it really didn't cost $6,000, it cost 12,000
hours of labor.
policy does
unreasonable,"
Any of
that there would be
there will
will
who had six
was
room
girls,
The
theory and practice of in¬
have done to date we can still do if government
we
become
farmer
side of the
*
who flocked to the District of Columbia."
"What
idea.
being overmanned and the old man solved
problem by calling the children in and lined up the six girls on one
the
surance," and said he differentiated them from the "assistant professors
not
This,
in
No profits, however
lot of money out of it.
a
in Europe during the Munich, crisis
was
the
see
came
size,
any
which
period
the farm
up,
deliberate" low interest rates fostered by the Federal Govern¬
ment.
The New York "Times" of April 24 gave other parts
of Mr. Parkinson's talk as follows:
presence at the luncheon of
to
I
over.
the word
going
war
make
erroneous
to be on a war basis.
means
is
occasion to
had
and
Danish
a
Mr. Parkinson claimed that the easy money
Mr. Parkinson, who formerly taught at Columbia University, noted
lot of well-meaning but
call
isolationists
"Nationalists"
and
in
discussing the question with a
diplomat I ventured to suggest that the Nationalist policy reminded me of
policy of the
policy had cost policy-holders of the Equitable $24,000,000
in 1939 if the yield on the company's investments were
compared with their yield in 1934 and said that there are
no possible
economies that the management of insurance
companies can institute to counteract the "artificial and
a
industry for the losses which follow in .the readjust¬
America will have to take
I.
Assurance Society,
at the Hotel As tor,
both sides when
readjustment
Government
have declared
Recently the big powers
war so we can
war
1938
present
of it up—mostly on small nations who
shameful and
recompense
period after
in
Attacks
tax
material and when the inventory gets
war
use some
anything like that happens
very
on
I.
the
if
people begin to clamor that industry in America will try to
Industry know what it
'h-
by
the Senate of the Walter Bill, H. R. 6324.
Thomas
lot of
a
much power.
as
as
soon
get this country into
The Merchants' Association of New York urges that you support such
good offices and exercise
quite
as
misinformed
business confidence generally.
legislation and,
and
war
would improve conditions under which business groups
and individuals deal
crease
collected
Europe they have the habit of solving the unemployment prob¬
in
by manufacturing
big enough they have to
The Association believes that similar legislation, adopted
by the Senate, would extensively contribute toward the removal of diffi¬
culties
revenue
more
on
Over
and requirements.
The Walter Bill, H. R. 6324, has already been passed by the House
and
started
Association on
"more enterprise
that
predicted
corporations were limited to 12y2% and that of
individual to 40%."
Discussing the attitude of American
industry toward the war in Europe, Mr. Knudsen said:
limits
months that
during recent
men
Knudsen
Mr.
be
would
complying with their extensive practices and regulations.
|felt has been the opinion of business
incomes was blamed as one cause of failure of
is
lie
on
nut shell is the result of war.
a
Everything that
killed and destroyed must be paid back in hours of labor and this illus¬
trates,
in
satisfy
declared.
There in
a
some
a
the terrific waste which has to be endured in order
way,
to
•
Justifying the salesmanship used in the insurance business, Mr. Parkinson
asked "where would
things of modern
our
life,
things, he said, but it
"When I
*t looked
as
was
standard of living,
without
where would be all the
salesmanship."
was necessary
The inventor
go<Td
invented
To
"I answer, 'So what?'
on.
a
portion of their funds in riskless investment ?
about the 'equity side.'
sum
not
so
He said something
But this does encourage the adventurer
on
the
country,
amount
J.
Used
in
Expresses
Disapproval
of
Study of Life Insurance
TNEC
Companies
Charles J. Zimmerman, President of the National Assn.
of Life Underwriters, speaking before a luncheon meeting
of the
York
Life Underwriters
the
in
Association
of
the
National Economic Committee and
times seemed to be
as
the Securities and Ex¬
a
hostile attitude toward the institution
whole have all been evidenced at
a
one
time
or
another
Committee's deliverations."
The New York
"Herald-Tribune" of April 26 reported on the remarks of
the
during
by
the
Mr. Zimmerman
as
follows:
These factors persisted in spite of the fact that life insurance was most
the parties
involved
Zimmerman
encroach
on
the field of private life insurance by taking over the supervisory
authority now delegated to the states
or
surance
agents.
He cited
as
"an interesting example of what government might do to life
the T. N.
farm
on
the day
E. C. heard constructive testimony of life insurance actions on
mortgages,
the
Treasury
Department
reported
to
Congress
that
borrowers from 31 major government corporations and lending agencies had
there
is
generally
if
on
there
one
right
way
of
doing
Policy Commission Reports that Industry Faces
Expansion—Group Denies Claims that
Savings Are Outgrowing Business
P
The Economic Policy
Association, in
Commission of the American Bankers
report presented April 24 at
a
the annual
spring meeting of the Association's Executive Council at
Hot Springs, Va., denied the arguments that thrift is the
cause of economic stagnation and that American
corporations
no
longer need to finance expansion by selling securities.
The Commission, in its report, foresaw a potential market
for "enormous" expansion of industry in the United States,
and said that this country needs "great expansion of in¬
dustrial output whether we have new expanding industries
or not."
The report continued in part:
"There has recently been
basis
for
use
this
developing in this country
has but little
now
it still has is
belief has
use
a
widespread belief
for the savings of our people,
rapidly diminishing," the report stated.
largely
grown
out of testimony presented
before the Temporary National Economic Committee which is also known
as
the Monopoly Committee.
"The argument is that we have
that
during recent
years
no
great new expanding industries, and
corporations have largely financed their own re¬
to
raise
new
capital for plants,
It is claimed that the
reason
equipment,
for this
new
betterments and expansions.
condition is that American business
enterprise has passed through the formative stage of rapid expansion and
that ours has become
"There
are
a
matured economy.
proponents
of this doctrine who
defaulted to the extent of more than $1,090,000,000 in principal and interest
Americans still retain habits of thrift.
payments.
oarded and funis kept idle because they
see
quirements without needing to float many new security issues with which
*
Insurance companies if it gained control of them" the fact that
us
"Enormous"
by selling "cut-rate" annuities
through postoffices will be resisted by a united front of America's life in¬
manager—let
A. B. A.
"The
promised that efforts of the Federal Government to
a
♦
and that what little
Mr.
or
-
that American business
business during a period of unparalleled growth."
plea to everybody who works, be he
office
fellows throwing sand in the gears, and let us agree that who¬
its attention
faults and weaknesses which might have crept into the
a
an
way
cooperative with the monopoly committee, he added.
"It recognized that
it had not attained perfection, and that a fair objective study could focus
on any
in
the
job.
City of New
change Commission in their study of life insurance com¬
panies held recently in Washington.
Mr. Zimmerman said
that "incomplete comparisons of company actions, mis¬
interpretation of life insurance motives and what has some¬
a
consent,
to redesign this great instrument of
good spends a reasonable
apprenticeship to get the proper understanding of the machine
itself, before we listen to the new scheme.
We all love our country, and
the differences which appear at times are mostly based on different
ap¬
proaches to the problem.
But with a clear understanding of these prob¬
Hotel
Pennsylvania on April 25, expressed
strong disapproval of many of the methods of the Temporary
by
of
lems
Zimmerman
Methods
discipline
to
wants
time
Charles
stool,
a
political
forward
can
rather than
ever
equity side to take the risks of business."
on
and
looked
I
whereby the proper understanding can be given to all of
industrial machine, which all have helped to create in our
be kept running smoothly, efficiently and with the minimum
of shutdown for repairs.
Let us have the proper number of oilers,
some
that
greater right toa
economic
or
ambition.
in totalitarian States.
as
I want to make
up,
machine,
is
us
Who has
mortgage on America than the millions of policy-holders who have chosen
to put some
the
by force
collective
or
Democracy,
for
rather than
for the salesman to sell them.
testifying in Washington, Leon Henderson remarked that
if the insurance companies had a mortgage on America," Mr.
Parkinson went
victory
individual
go
on
to
point
out
that
They hold that savings are being
cannot be absorbed by invest-
this that the Federal
public works.
totalitarian views have recently been plausibly
"These coUectivist and
in our more serious reviews and magazines," it
accorded increasing acceptance.
the new economic doctrines to portray
stagnation and of unemploy¬
essential ingredient of progress as we have hereto¬
added, "and they are being
"Now come the proponents of
thrift
instead of being an
ment
to these claims are to be found in
abroad who regard them as
continues. "They point out that during
this past decade, which has been for us a period of industrial stagnation
and arrested development, the much more mature economies of such
countries as the United Kingdom, Sweden, and Denmark have experienced
expansions of industry and of new construction that have been of almost
boom proportions.
In fact, during the 10 years prior to the outbreak of
this war most of the industrial nations of the world have done better than
we have in their recoveries from the Great Depression.
Many of those
nations have more mature economies than we have, while many others have
problems mentioned by Mr. Draper might well be
Senate Banking and Currency Committee,
preparing for an investigation of the whole mone¬
tary and credit situation.
Mr. Morgenthau said the prob¬
lem of idle bank funds and its potential effects were being
that the
able economists both here and
studied
being wholly unsound," the report
but
from their
for
The seamen's strike which
board.
made by investors
Disputes Investigation Act. Two members of the concilia¬
tion board to mediate the dispute were named on April 21.
Frank Wilkinson, K.C., Toronto, will represent the shipping
companies,
also the production of useful goods and services.
increase also the total of production, we enlarge the size
of the share of each of us when the total is divided up among us.
The
small
but
will
to
meet
genthau Comments
Draper
A
used by itself to measure
Construction
A strike of
Mr. Draper said that while
the Economic Club of Detroit.
riers
business activity
said.
Com¬
of change in general
the public mind, he
is difficult to overcome in
menting on the exorbitant excess reserves held by the
member banks, Mr. Draper said that the present monetary
40
the
45
or
billion
could support.
The production index is useful, he said, as
of
industrial
the
most
production.
The
as
Nation
a
and
the
like
we
duction
much
In
the
indices
produced
and
kind
the
of
by
in
national
estimate
of
the
solely to either
the
to
staff
developments
estimating
of
study
any
What
has
current
is
one
industrial
paid out,
we
any
to
secure
can
activity than
those
So
done
thus
that
far
by
developments
yet finished.
and
production
figures,
will
have
More
be
of improving
been
partly
prepared
the
in
not
but also
past
the understanding
experimental,
information is needed
better
occurred
way
has
only
for
for
that
the
and
the
Federal
problems
so
similar
the
new
problems
undoubtedly confront it in the future.
much
for
the
brighter side of the picture.
I think you will agree
with me that this brief, factual
presentation displays the Federal Reserve
System as a mighty weapon of strength for the United States in these
days of trouble and confusion abroad.
Let
us
look
now
at
the
other
side
candid with you if I did not state
the
I
System is
refer
time
powerless
the
to
in
the
to cope
possibility—and
future,
harmful
a
of
frankly
under
it
is
the
picture.
the existing
only
a
speculative
I
would
not
ever
of
ployed,
price
or
Federal
Reserve
possibility—that,
inflationary
at
boom
days
Act.
some
micht
,
do
not
such
how
rise
forces.
m
be
potential danger with which
one
develop.
Please
violation
a
a
is
misunderstand
boom.
But
we
like
In
it possible
without
such
There
me.
fact, with
to generate
a
rise
being
more
than
With
excess
definite
signs
eight million
whatso¬
men
unem¬
continuous, general and injurious
nipped in the bud by competitive
all realize that conditions have
these.
no
a
reserves
ot^40,000,00o!o00redit C0Uld ^ raiSed by
are
at
a
way
about
of
a
for
day.
which
they
basic
a
The
did
con¬
not
secured their labor for that
to
details
a
of these two indices.
income
builders
they
were to
keep their
were
no
men
r
at work.
picket lines and
no
extra
police
assigned.
if we
maintaining closer contacts with current business
means of information obtained through
interviews with
been
System
that will
was
with
and eight dollars
seven
The union established
pro¬
is
economic
not
Reserve
this
say
course if
specific
in
of
index
business
of
rate
dividends
If
year.
the
income
state
national
of
one
i.e.,
rents,
others informed on current changes.
This has been
accomplished largely through the Federal Reserve banks, whose personnel
have
first-hand
knowledge of industry and trade
in
their
respective
regions throughout the country and opportunity through their directors,
officers, member banks, and otherwise for close contacts with business.
task
five, six,
underbid those who abided by the contract scale.
The union officials position was that
they had no other re¬
income.
industrial leaders and
of
all
stipulated in the old contract has not been honored.
say that walking delegates of the union
tractors
purchasing power
By national
our
national
our
indices,
two
amount
attention
our
addition
paid out
or
these
accurate
Board's
in
generally the amount of wages, salaries,
compare
more
confine
valuable
is the amount and
mean
we
period
of
approve and allowed those who
of
income
developments.
are
contractors
wage of
in part:
One
80%
have signed individual contracts
Draper continued,
Mr.
that
wage
important guide to the course of economic activity, but
level of business activity we must
ascertain the level of national purchasing power as well
in measuring the general
that
of
demanding higher wages, shorter hours
hiring be done through the unions.
According to both union men and contractors, the $9 basic
and
an
as
New Jersey Building
Laborers
Federation
The strikers
are inadequate to control
credit expansion such reserves
dollar
by
Strike
1,000 members of the International Hod Car¬
Common
tration low-cost housing
Federal Reserve
the
of
and
American
thinking that it can
The error of
suited.
measure
a
Blocked
Union, an affiliate of the
fLabor, to force the signing of a
new contract to replace one which
expired last October, was
called on April 22 in Essex County, N. J. tieing up an esti¬
mated $10,000,000 worth of building construction.
Among
the projects affected were three Federal Housing Adminis¬
the most used
single business statistic, it is often used for purposes for
is probably
index
production
is not
Work
Laborers'
April 22 in an address before
member of the Board, said on
as
previous reference to the Canadian seamen's strike ap¬
our issue of April 20, page 2512.
peared in
business activity, Ernest G. Draper,
the change in general
Board's
wages
prepared'by the Fed¬
production
The index of industrial
to pay
in
arbitration by the federal conciliation board.
Mor-
Remarks
on
eral Reserve Board should not be
powers
chairman satisfactory to both
the returning seamen the $7.50 a month in¬
which the companies proposed during the
week-long negotiations with the union, before submitting to
crease
Reserve
Detroit Economic Club—Secretary
Addresses
it
a
Representatives of the companies indicated that they in¬
Warns Against Indiscriminate Use of Federal
Industrial Production
Index—Ernest G.
be used
upon
If they are unable to agree on a chairman, Labor
Minister Norman McLarty will make the nomination.
tended
which
decide
represent the
Mr. Wilkinson
Cohen and
Mr.
sides.
investments.
the
Union.
Seamens
,
relatively
into new productive
and a vital part of that saving is the
essential portion of it that goes
entirely
L. Cohen, Toronto, will
J.
and
Canadian
In proportion as we
basis of progress is saving,
April 20,
on
off the strike and that a
be set up under the Industrial
would
board
conciliation
transportation and trade.
alf business activity is dependent upon them.
If their
flow is adequate we have progress and full employment.
If it is not ade¬
quate we have stagnation, and arrested development, and idleness.
"Almost in direct proportion as we increase the amount of capital invested
in business, we increase
McLarty, announced
agreed to call
union
the
that
reproduce the equipment and the earning
the long run
In
-
.
Labor Minister Norman
of industry, agriculture, communication,
power
Shipping
companies and the Canadian Seamens Union agreed to have
the
entire dispute considered
by a federal conciliation
sometimes termed reproductive business savings.
are
the savings that go to
are
tied up navigation on the Great
15, was called off on April 20.
Lakes since April
expend for durable goods, either
retained earnings, or from the payment
own
securities,
new
These
Arbitration
investments is vitally necessary.
continuous stream of new business
a
"The amounts which business enterprises
Companies Agree to
Canadian Seamen's Strike Ends,
More than half of
real national savings
by families and individuals and some are made by government,
made
'
•
+
for durable goods which represent our
the expenditures
are
constantly studied by the Treasury.
essential to national progress.
"National savings are
by the
which is
Clearly the argument of maturity is not valid.
less mature economies.
commenting on
conference on April 22, suggested
these remarks at his press
"Perhaps the most impressive answer
the writings of
of the Treasury Morgenthau,
Secretary
assumed it to be.
fore always
solve,
to
future.
of the leading causes of business
as one
power
to state.
prefer not
Congress
products and industries and
presented through articles
form that
what
Just
done.
And, in any event, the problem is one for
since the nature of the difficulty indicates that the
problem is at this stage primarily a legislative and not an administrative
one.
However, let me repeat that this potential danger does exist, and I
feel that not to mention it and not to stress the importance of finding a
solution for it would be an obvious attempt at avoidance of what might
turn out to be a very real and a very serious financial situation in the
would
spend them itself for the development of
for carrying through huge programs of
people through taxation and to
be
should
this
that
to cope
decided
should take I
with such
unemployment.
business activity, and so causes
April 27, 1940
present Federal Reserve monetary powers are not adequate
a contingency.
But they could be made so if Congress
The
flow of spending that we call
They conclude from all
Government must intervene to take the savings of the
that this operates to obstruct the
ments, and
new
Chronicle
The Commercial & Financial
2658
of changing rapidly
$6,000,000 000
our
a" additlonal $35,000,000,000
?;
Teamsters' Strike
at
New York World's Fair Settled
The strike of Local 282, of the International Brotherhood
of Teamsters and Chauffeurs, an affiliate of the American
Federation of Labor, against the New York World's Fair
called
on
April 24,
called because
was
ended
the union
said
on
April 26.
the
Fair
was
The strike
was
abrogating its
agreement with the Building and Construction Trades Coun¬
cil, of which Local 282 is a member, to employ A. F. of L.
members
exclusively within the Fair grounds. The union
objected to the Fair's contract with the Department, of
Sanitation for garbage removal because the
departmental
truck drivers are civil-service men and do not
belong to the
union.
After
conference with
representatives of the World's Fair
union, which called the strike, May<
LaGuardia announced on April 26 that all differences hlL
been settled.
Automatically, the strike which has stopped
the delivery of supplies to the Fair, terminated.
The differences were settled, and city trucks would con¬
tinue to collect garbage, as they did last year, between 11
p. m. and 7 a. m. with the Fair attending to this in the day
time. The union had objected to the use of city trucks for
this purpose, saying that its men ought to be hired to drive
any such vehicles used at the Fair.
In the statement the
Mayor said that the union still contended that garbage col¬
and
the
a
teamsters
lection at the Fair
was
not
not
a proper municipal
function, but
harmony and the success of thp Fair
pressing the point.
was
that in the interests of
Volume
Taxi
The Commercial &
ISO
Drivers
Out
Strike
on
nounced
A strike
called
April 24 by the Transport Workers
Unioo, an affiliate of the Congress of Industrial Organiza¬
tions, against the National Transportation Company, opera¬
tors of the Parmelee System and the Terminal System Inc.,
New York City's two largest taxicab fleets. On the basis of
police reports, it was estimated that about 4,000 of the 6,000
men employed by the two fleets obeyed the union's walkout
command.
The order to strike was issued by Warren G.
Horie, head of the union's taxicab division. Power to call the
strike was vested with the union's executive board last week
was
on
votes.
It
was
these demands which resulted in the collapse of
10%
wage
now
Terminal
now
three-year term to represent
was
rates should be increased to
upon,
42 H%; job security,
N.
a matter
unexpired term
were
of the
late
Minneapolis "Times-Tribune."
American Newspaper
Meeting,
Murphy, publisher of the
Frederick E.
'
Radio—Col.
Frank Knox
in
The
from
a
Publishers Association
was
held in New York City
April 23 to 25, inclusive, with most delegates reporting
said
week and night drivers
J
The annual con-1
elsewhere in this issue of the "Chronicle."
The
State Labor Board held
informal conference
an
petition by the Committee of Terminal Employees.
fixed for Monday.
designated
a
yesterday
vention
the
A formal hearing was
The Labor Board is empowered to hold
collective bargaining agent during
on
1939,
election and
an
Press, at Annual Meeting, Broadens Radio
Policy—Sponsored Programs to Have Use of News
Service—Foreign Correspondents Tell of Experi¬
ences in
Europe
field he said
but
hearing
"If
but
by their staff
war
air raids hit
"I
Born
•
After
Robert McLean of the
He predicted
courage,
with "only
and with
no
a moderate draft on the
increase in assessments.
20,
1940, there were 722
either
The
Associated
newspapers
Press
possible
reserves" held
extending the
Newspapers in
Indies,
or
Guatemala,
"Early this year the board directed that the members be polled to obtain
expression of views
as
the result of the increased use of news In broad¬
or
liberalization; 34 conditioned their replies
of the wishes of the mem¬
bership to make every effort to develop the advances
sively developed already
of this field.
and
The
"The
board wishes to
by the news agencies and only experience can
result.
call attention to an anomalous situation which
not
a
the board at this
meeting."
-
...
The New York "Times"
added:
The committee's report,
presented by its chairman, J. S.
Gray, of the
(Mich.) "Evening News," declared that while radio as a medium
commercial entity, an inevitable gravitation asso¬
ciates it increasingly, and
the evening nor the morning field.
,
April 24 discussed the possibilities^ of
the printimg press, after hearing
had become "a powerful
6 in the afternoon and 9 at night
blank period assigned neither to
;
the American press.
report from the Radio Committee.
Monroe
i
there is
The
board feels that this three-hour period should be divided between morning
and evening members.
A specific recommendation will be submitted by
"This means that between
a
and not
everybody knows it."
of April 25,
The by-laws provide
not receive after 6p.m. and that morning papers
publish before 9 p. m.
opinion.' We
union between the radio and
regulations as to hours of publication.
that evening papers may
may
'fly in the face of public
opinion, as I have indicated, is first
The Association on
fact, however, that the field has been inten¬
determine the addition to revenues which may
exists in the
President of the A. N. P. A.,
perhaps it is not too much to call your group
the departments of
left it to the judgment of the board.
"The board feels that his is a clear expression
of the coming
the most influential of
The A. N. P. A. is interested
not only in your publishing problems as typical problems.
It is heartily
absorbed in your reports and your decisions, because they are fundamental,
"So
Of those replying, 674 unconditionally favored liberaliza¬
board calls attention to the
examples of what will be "dumped into the laps
influence.
The following are the results: 939 members replied; 302 members
tion, 231 unconditionally opposed
exist, and he listed
the maintenance of
crystallized,
not in the capitols, and not in the big cities, but on the plains and through
the farm valleys and in the home towns. There is where you have a singular
advantage and responsibility. It does not take you publishers and editors
long to determine what the people of your communities feel about issues
and ideas; and sometimes you learn this long before these feelings are for¬
mally registered in the halls of government and the metropolitan seats of
China, Japan and France.
failed to reply.
for Heaven
birth."
he said, equally portentous problems
"And the true public
Honduras, Costa Rica, Nicaragua, Panama, Cuba, Dutch West
casting.
the great unknown among the factors of the future,
generally distrust strong characters who show a disposition to form
to hunt out the guiding sentiment of a majority of the people.
The
Venezuela, Colombia, Peru, Bolivia, Chile, Argentina, Paraguay,
Uruguay. Brazil, the Guianas, Ecuador, British West Indies,
an
are
"In the United States we do not
receiving directly a
of Great Britain
Scotland, Eire, Denmark, Australia, Canada, New England, Fiji Islands,
Mexico,
of
"Times" of April 24:
These newspapers are located in England,
Associated Press of New York.
"What else can they be?
dictators, to changes wrought by swift
John 8. McCarrens,
contributing substantially to the expenses of The Assocuated Press.
service from
of tomorrow giants.
during or at the close of the World War, nurtured on the years
delegates, who attended the divisional
despite
nearly rhirty countries outside the United States and its possessions are now
news
. . men har¬
coming
the fittest—
told
meeting of publishers
of newspapers with under 50,000 circulation, which opened
the convention on April 23, that publishers of small news¬
papers are closer to the heart-beat of public opinion, than
those in larger centers.
Mr. McCarrens said that it is the
function of publishers to seek, rather than to form, the
nation's opinions. He also said, according to the New York
the war
The report further
services to press associations and newspapers abroad.
of April
call these publishers
peace as
keen newspaper talent
"There were interesting developments during the year in
"As
.
who will be living specimens of the survival of
men
Nationally,
said:
news
Out of it, I am certain, can come
by the momentous complexities of these and the
generations."
the added expense of war coverage, economies effected had made it
for such purposes,
...
seen."
time when conditions and practices were in a state
unemployment, currency, government regulation and
General
and high devotion to duty" of the entire staff and disclosed that,
to meet the emergency
was a
species of newspaper men—the giants of journalism
"They
the Starlight Roof and asked
The report recited the advance preparations made for covering
paid tribute to the "personal
there
only knows to what modern warfare will give
Manager, read the annual report of the directors.
in Europe,
ever
the pub¬
and he warned them that just across the newspaper
Americans haven't experienced before."
it
Philadephia "Bulletin," President of the
that proxies be filed with the credentials committee, Kent Cooper,
efficiency, and urged them
widespread unemployment,
technological develop¬
ments—what else but giants of spirit, of body, of mind can lead ?"
Reviewing the factors most likely to affect newspaper publishing in the
future, Col. Knox said that out of the present war "will march effects we
It will be hatred of the machinery of war."
Associated Press, had opened the meeting in
He commended the promotion
publishing problems "the like of which have never been
to mad-minded
that if Europe were subjected to the devastation visited upon Finland from
will not be hatred of the enemy.
promotion, a
the "stepchild" of the profession,
great prosperity and great poverty, witnesses to
men.
the air "a great hatred will sweep the civilian population of Europe and
as
who will whip the problems that beset them.
Departing from their long-
everything else before they hit their targets.
longer regarded
their resourcefulness, intelligence and
are
one
years
Wade Werner, chief of the bureau in Copenhagen, declared that bombers
on
no
dened to their tasks
field at their annual luncheon, the editors and publishers listened to first¬
hand accounts of the
on
was
of its most important activities.
of Fux," he said, "that time is today.
distinguished guest speaker from another
some
j
dig deep for facts and authoritative background relating to newspapers
horizon
Publishers and editors composing the membership paused in their delib- '
established custom of
issue of May 6,
our
2682—83.
lishers of tomorrow,
erations to pay signal honor to four Associated Press war correspondents
Europe and the Orient.
described in
Many promotion men, Col. Knox said, are destined to become
reports
vacation from
was
and publishing.
morning and afternoon
received between 6 p. m. and
9 p. m., which are presently not available for distribution
to either during those hours.
The convention also heard
addresses from four foreign correspondents of the Associated
Press, who related their experiences in the war zones.
The New York "Times" of April 23 outlined the Associated
Press meeting, in part, as follows:
on
as one
workers
to
commettee eleven to divide between
home
pages
ago
Col. Knox's address dealt chiefly with practical neswpaper
Delegates to the fortieth annual meeting of the Associated
City on April 22 voted to increase the
organization's policy covering the use of its news services
for sponsored radio programs.
The members also created a
Press in New York
news
year
"Daily News,"
speaking at a forum meeting of the National Newspape.
Promotion Association, held in connection with the A.N.P.A.
convention, told delegates on April 23 that pressure of great
forces in the modern world will produce giant figures in the
publishing field.
The New York "Herald Tribune'V of
April 24, said:
Associated
newspapers
a
Colonel Frank Knox, Editor of the Chicago
strike.
a
of
World—Election
improved business conditions throughout the country. Wen¬
dell L. Willkie, President of the Commonwealth & Southern
Corporation, and William S. Knudsen, Vice-President of
General Motors Corp., were the principal speakers at the
concluding dinner on April 25. Their addresses are reported
sub¬
The reduc¬
Mr. Horie yesterday
Figures
Giant
Predicts
Publishing
fifty-fourth annual convention of the American News¬
for
45% of all bookings during the World's Fair.
earning between $12 and $14
Arise
Officers
Employees of
•
Publishers Association, at Annual
Co-operation of Press with
Considers
Will
it provided that the commission
authorized by the contract.
was
that day drivers
Frank Gannett of the Rochester,
Harry J. Grant of the Milwaukee, Wis., "Journal" was elected to fill
the
of contract with the
stantially, and after its close reduced the commission to 42 H %
from $16 to $18.
Y., "News" was elected New York State
Y., "Times-Union," resigned.
with
The employers claimed, however, that the Fair failed to aid business
tion, they said,
with less than 50,000 circulation.
director to complete the unexpired term of
paper
agreed
papers
E. H. Butler of the Buffalo, N.
policies; the closed shop.
When the last contract
"Con¬
the failure to agree
10c. a week and Parmelee employees 25c. a week
pay
similar period:
"Standard" was re-elected fotf
Houston Harte of the San Angelo, Texas,
a
negotiations with both
union—of death benefit insurance policies for its employees.
such
a
Dealer"; John Oowles of the
"Register"; Clark Howell of the Atlanta, Ga.,
stitution," and J. R. Knowland of the Oakland, Calif., "Tribune."
increase for maintenance employees; assumption
by the companies of the full obligations—as
following were re-elected for
the
and
Des Moines, Iowa,
guaranties of impartial arbitration of discharges and other grievances; vaca¬
tions with pay;
follows:
Paul Bellamy of the Cleveland, Ohio, "Plain
The demands were:
Increase in the basic commission wage,
only one irregular proxy.
Gaylord of the Oklahoma City "Oklahoman" was elected to a
demands it had made upon
the employers for inclusion in a new contract.
companies and precipitated the strike.
K.
three-year term
membership meetings.
.'
1,
In reporting the strike, the New York "Herald Tribune"
of April 25, said:
on
was
credentials committee an¬
of 496 members had been filed representing 4,699
that proxies
There
The balloting for directors resulted as
E.
at
The uhion made public for the first time the
2659
After the nominating committee's report the
York City
New
in
Financial Chronicle
tion."
report
added,
offered
smaller communities.
.
•
in many of its best uses, with newspaper opera¬
The moderate cost of thejiew
the
of stations in
frequency modulation system,
inducement for the establishment
The Commercial & Financial Chronicle
2660
Paul Bellamy, editor of "The Cleveland Plain Dealer," said: "But I
issue the Economist discusses the
am
ready to accept them, the gentlemen of the radio, as partners," when he
presented the report of his committee on cooperation of
press,
old" and says
bar and radio.
theory that the United States "is growing
of
use
"If the United States with its vast areas, its low debt, its inexhaustible
cameras and
It remains to be seen what can be done about that.**
microphones in court.
And
Britain?
yet
to
of the
Gutenberg's movable type and said:
"And it remained the fastest method until the invention of the electrica
of
era
Today it is probably no larger at all.
to have
been
miracles to the printing
our
press."
fortune thus
good
far to marry
':•••'
;
;
The radio report cited an increase
these
s
of fifty in the number of the standard
It noted an increase in the volume of
stations.
new
or
The possibility that 90% of standard stations now licensed might change
frequencies when modulated frequency is put into effect
■'
added:
"Included among the applicants for
"Milwaukee
The
Journal"
is
now
operating under frequency
Otherwise,
much
so
8.
Parks,
Fort
a
have to
confidence from American
managers of the United
Vice-President: elected Nor¬
Directors
Hamilton,
reelected
were
as
follows:
J.
New
D.
it from doing.
This is
Barnum,
You
report
Schools
on
and
The report of
the
Special
Standing Committee disclosed that
At
tie
beginning of this
fications
there
123 agreements,
were
earlier.
bricks."
same
number
taken
effect
a
thine
history of
newspaper wage
relations
"So
far
during
1940 the
The Federal
to the
on
Laws
convention, because while
some
or
Journalism,
as
on
victorious in 1940, President
April 20 in a radio broadcast to nation¬
wide meetings of the Young Democratic Clubs of America.
(1)
its first major activity, had undertaken
character of the
work
done
in
his
But the fact that
tions
have
experience
offering
courses
in
a
1939-1940 there
will indicate
will
more
courses
taught
had
practical
were
magazine or advertising office, and
13,995 college students enrolled in journalism
something of the worth of the
survey
that
of
Denotes
He
"is
All,
Wendell L.
Willkie Tells A.N.P.A.
Convention—Declares Pres¬
ent
Administration
Circumscribes
Liberties
of
People
A 'liberal"
defined
as
one
"who believes in freedom
Southern
Corporation, at a dinner ending the annual con¬
vention of the American
Newspaper Publishers Association.
The true liberal, Mr. Willkie
continued, does not see in the
present Administration any will to leave men
free, but only
"an attempt to increase the
powers of Government."
He
added, in part:
In
a
time of bitter argument,
expert who has
this
a
should
that,
Deal,
an
outside
I
the
he
the
am
speaking to
phere
one
world
try
to
bring about
when the time
affairs,
the
a
better
comes.
Administration
steady hand," and he added
a
"keeping
of
out
the
wars
that are
that
Republican
the
remedy
which,
party
"practically
Civil
for improvement
room
in the
be
cannot
said,
he
had
serious Government
every
War."
gets
from
you
Paralysis, and
better
a
sorts
sense
of
,
the Georgia Warm
of
I
always feel
perspective
on
>
Springs Foundation for
life,
that
a
things—all kinds of things
in
this
better
from
atmos¬
sense
of
peanuts to
politics.
I
understand that these meetings
of Young Democrats in
country
close
Thomas
are
customarily
Jefferson.
the
party
his
to
peace
declared
Infantile
proportion about all
and
a recent
since the
Victims of
magazine The Economist of London belongs in that
category.
In
for the
aspirant
Following is the complete text of the President's address:
the
internationally known
Republican
a
My Friends of the Young Democratic Clubs:
connection with either side of the
controversy and whose
opinion is, therefore, unemotional and unbiased. The
no
nothing
that there is
but
expected from
the
it is often helpful to turn to
do
in
is
country
of
in Europe and Asia."
on
scandal
preachment
cool head and
He conceded
New
for himself and for other
people," in an address on April 25
by Wendell L. Willkie, President of the Commonwealth &
it had in
type of campaign
in effect, that the United States and the people
been responsible for
was
the
order, of world
secure
declared
the
to
you,
States
more
keeping
going
"Freedom" for
subscribe
United
a
that
"Liberalism"
not
the
order,
in
courses,
when it is finished."
do
I
'
never
again faces
country
presidency who tells
in journalism, that 136 of these institu¬
by instructors who have
sweeping victories in 1932 and 1936, and said that
own
ney
elapse before the initial survey will be
than 450 colleges and universities have
newspaper,
to whether or not he him¬
this year, but he recalled
as
candidate
a
Apparently referring to recent remarks of District Attor¬
Thomas E. Dewey of New York on Administration
foreign policies, the President said:
(4) the total student en¬
rollment; and (5) the degree of absorption of the graduates
by newspapers,
magazines and advertising companies."
The report added:
"Probably several months
be
to
those years.
facilities available in the individual
institutions;
been found to be
intended
the
"to
these
institutions; (2) the
academic and professional experience of the
instructors; (3) the laboratory
complete.
Roosevelt gave no hint
self
national
a
on
Mr.
Professional Educa¬
of all American universities and colleges
teaching journalism
determine
pair of candidates" must be nominated by the
Roosevelt said
legislation has been introduced which
directly or indirectly affect newspapers, if enacted, none has reached
the point where the committee felt
justified in taking action.
Mr. Barnum reported that the
survey
Foreign Policy of District Attorney Dewey
Democratic party if it is to be
less passive since its last report
National Council
Plans—By Implication He
Own
Reveal
Not
Does
Attacks
would
tion for
Roosevelt, Addressing Young Democratic
Urges "Liberal Pair" as Party's Nominees
A "liberal
more
fault is in
in 1940—Asks Continuance of New Deal Policies—
trend
There is no justification, in the
Committee reported among other
things: "The Com¬
Federal Laws has been
which is as vital to
And then they have turned
unemployment and
to the making of bricks.
people.
Clubs,
in current business factors, for further
or
The taskmasters in Washington have
year
increases at this time."
mittee
own
President
factors," the report also said.
the tale of
But in the works of the people of old we say: the
depression.
A. N. P. A. member papers continued to rise
during 1939
of proportions which could be
justified by lineage, cost of living or other
business
idle": "Go therefore now, and
are
the leaders of these enterprises and blamed them for
on
on
of the wage rise has leveled off
slightly.
ye
■
of economic enterprise
that freedom
recovery as straw was
in any of the
.
is not different today.
away
In those classi¬
in
idle,
are
.'
-/,
.
The story
A. N.
•
"Wage costs
out
the
employees.
"Ye
But Pharaoh said,
the report disclosed, 121 newspapers had
year,
There is no straw given unto thy servants,
work; for there shall no straw be given you, yet shall ye deliver
several preceding years.
contracts with news or commercial department
out:''wherefor dealest
people."
the fault is in thine own
by strikes during 1939 and that
fewer strikes against newspapers last
year than
were
no
The people
The taskmasters summoned their leaders and
Make brick: and, behold, thy servants are beaten; but
say to us,
<
P. A. member papers had been
suspended
"there
they
them they must make as many
time tell
same
So the taskmasters took away the straw.
thou thus with thy servant?
of
Journalism, submitted by Mr. Barnum.
the
at
The leaders protested to Pharoah, crying
beat them.
by W. F. Wiley of the
the
But
before."
as
and said: "Let us give the people no more straw for
unable to make bricks.
were
approved the report of the Special Standing Com¬
mittee, submitted by its chairman, Eugene MacKinnon of
Chicago; the
Several thousand years
remember the story.
may
when the people of Israel were in bondage in Egypt, Pharoah called his
bricks
The closing session
Cincinnati, Ohio, "Enquirer," chairman; and
"strike" of capital.
It is described in the oldest recorded
technique long in use.
a
their bricks.
York "Herald-
Linwood I. Noyes, Ironwood, (Mich.) "Globe"; James G.
Stahlman, Nash¬
ville, (Tenn.) "Banner"; and S. R. Winch, Portland,
(Ore.; "Journal."
presented
and denounce it for
a
■
,
tyranny of Egypt.
Howe,
report of the Federal Laws Committee,
concerning
campaign for freedom in history—that of the people of Israel against the
Burlington, (Vt.) "Free Press"; F. I. Ker,
"Spectator"; W. E. Macfarlane, "Chicago Tribune";
(Ont.)
It is ironic that in view of these con¬
industry.
Industry is being criticized for being unable to do what government prevents
Easton,(Pa.) "Daily Express,"
"Post-Standard"; Howard Davis,
But first we shall
prosperity to America.
its failure to recover and make wild charges
Norman
David W.
Their
Administration have drained the vitality and
ditions the government should then turn upon industry
taskmasters together
(N. Y.)
triumphant triumvirate
the political restrictions.
remove
ago
Chandler.
before
They are equally important to our future.
The activities of the present
director to succeed Edward H. Butler, Buffalo,
(N. Y.) "Evening News,"
Ted Dealey, Dallas, (Tex.) "Morning News," a director to succeed
Syracuse,
statistically
more-enlightened attitude toward their social responsibilities.
and
Tribune";
In these two categories of
have there been so many business executives who are
and products enough to restore
Chandler, Scripps-IIoward (N. P.) Newspapers, Treasurer.
L. Stackhouse,
industrial
on
activities, if released from government restrictions, can provide jobs enough
"Times," Secretary, succeeding John
"Times Record," and reelected William G.
Smith, (Ark.)
year
a
And there are plenty
Never before in the history of the country has there
of-our economic past.
Chandler, Los Angeles, (Calif.)
The association elected J.
We have always been an inventive
These three types of men have constituted the
States and Canada attending the convention also reelected Walter M. Dear
man
these three categories in America
in
men
only skilled in the technique of running their jobs, but who have a new
and far
concluding session of the
convention, April 25.
The delegates, at the final session,
also elected other officials, and received reports of different
committees.
The day's proceedings were described in the
New York "Times" of April 26, in part, as follows:
as
give him the necessary
business management; but I have this personal conviction: that never
ex¬
President of the A. N. P. A. at the
(N. J.) "Jersey Journal"
are
device
I have no statistical proof for the condition of the third factor of
proved.
John S. McCarrens, Vice-President and General Manager
Manager of the "Cleveland Plain Dealer," * was reelected
of the Jersey City,
more
lying idle in the banks.
money
in American history
business
to
invention and investment, the condition of abundance can be
not
More than 600 publishers, editors and
dream
several hundred million dollars
ploitation of facsimile appears to have further receded during the last year."
:
inventor's
Last year we patented 43,000 inventions.
of potential investors.
be broadcast simul¬
type transmitter.
new
the
have
We spend
nation.
research.
been
taneously with programs from the
confidence in
factors
a new
product; the second is the investor, who has
new
a
today than ever before in our history.
"Facsimile experimenters hope that frequency modulation will open new
can
for
The first is the inventor, who has the idea
method or
new
I believe that we
in the
modulation license.
prospects to that medium inasmuch as facsimile
free flow of
a
organize the business and keep it going.
■
frequency modulation licenses
arrival at 'maturity'
capital to develop it; the third is the administrator or manager, who can
lists published to date are the "Chicago Tribune," the "Detroit News," the
"Worcester Telegram," the "St. Louis Star-Times" and the" Winston-Salem
Journal."
a
sufficient
by the
mentioned in the report, which
was
But the probable explana¬
yV-'.
fundamental.
new
The American economy seems
.
For the development of any economic enterprise three human
spon¬
gratifying and no doubt significant."
Federal Communications Commission
.
capital.";':
described
"most
the average
as on
the existence of institutional obstructions to
but rather in
sored spot news broadcasts and "concurrent rises of newspaper circulations"
as
.
forgotten, for the moment, how to grow.
tion of this economic anemia is to be found not in any
>;
radio stations in the last year, the largest increase since 1937 when there
fifty-three
fast
as
national income of the United States was one-third larger than the British.
devices of communication, such as the telegraph, telephone, radio, facsimile
has
during the
contrived,
Ten years ago the per capital
expansion.
and
It
has
economy
standing still, to go ahead
was
Victorian
great
'decadent'
our
decade when America
television.
what is Great
natural resources, its rising population is a mature economy,
John 8. McCarrens, Vice-President and General Manager of "The Clew
to
The Economist raises
this question:
much everything except the
agree on pretty
can
land Plain Dealer," in his address as president of the publishers, referred
were
1940
that "It is difficult to take this theory seriously—or to know
whether its partisans themselves take it seriously."
He added:
"We
April 27,
past 150 years,
of
While
I
Thomas
opponents,
can
held
there
have
properly
Jefferson
say
was
the Federalists,
to
been
the
birthday
certain
that when
without
our
question
represented
many
parts of
anniversary
debatable
party system
the
conservative
of
exceptions in
liberal
began
party,
thought.
In
:
Volume
Tecent
more
The Commercial & Financial Chronicle
150
times
since
Civil
the
War
it
is
equally
to
that when the
true
support
Democratic
over
position
servatism
party has been victorious it has represented a more liberal
public affairs than the Republican party.
Grover
Cleveland, while not perhaps what we would call today a
fighting liberal, was certainly more of a liberal than James G. Blaine or
Benjamin Harrison.
Woodrow Wilson's eight years in office represented a
on
and
forth
for all of us to suggest that our country has perhaps been fortunate in
having met modern problems of extreme seriousness in the liberal spirit
we
May I quote to
Democratic
On
you
few sentences that
a
position during recent years?
-
their
■
enthusiasm
with
on
dire
it
turn
back.
.
The
.
.
the
fulfillment
of
above all
"Whatever
may
platform,
be the
.
.
government—an issue fraught
1
That, I might add,
whoever
the
with the difficult problem of
more
once
York
the face of an opposition bent
in
facts,
more
The
before the presidential election of 1936.
was
result of
the
election
the
in
was
Republicans had a chance to win—that people
You remember the "Literary Digest"
"do
"striving
was
and
that
have been
profit
tired of liberal govern¬
lind other polls—and most
DAYLIGHT
integrity
(by government)
distorted into attacks
illustrate
to
ownership
of
I
morals
the
of
of
of
worth
illustration,
of
all
"here
tail."
This
paign
the Nation
it did in 1932
as
96-inch
a
faces
and
the Democratic party
nominate
1940,
' i-
securities—and
being
cool head and
ing
a
going
ment
of
that
the
1936.
It
seems
to me very obvious that
It is the
domestic
years
there will be
ment
with
We
enough
problems
with
problems
that
and
that
or
the
past
idealism.
idealism to
seven
National
a
to
we
those
have
met
roughly
into
three
intelligence. V
First, our opponents
people that the
Nation
into
with
years
that
or
is
it
they
years
that it cannot be improved—
if they
assertion
telling
good,
but
which
of
none
inevitably
because,
I
power.
of
many
do
You
war.
aside
from
year
every
the
them
think
of
can
we
fine
and year out,
-v,
past
greater
citizens
who
and they
serious Government scandal since
we
will
that they will perform
you
give everybody
jobs—that
they
will
amazing miracle—that
an
maintain
relief—that they
give work to the unemployed—that
they will meet the needs of the
defense—that they will reduce your taxes—and that with all, the
national
total of the
long experience, when
is the
answer
nerve-racking
the
In
go down so much
in the Treasury. 1 And you and I know, from
ask them how are you going to do it, that their
assertion that they will repeal all of the horrid,
we
vague
restrictions
private
on
business
of
return
the
words,
the
old
families
that
all
days
of
the
of '29
the
land
is
country
social
let
private
being promised
business
and
Speaking
pitched
economic
as
an
fall
the
to
date
is
a
when America went speculation mad, when
were
sucked
into
gambling, while at the very moment
increasing, farm prices were decreasing and we
-
country
American, I
am
had
sorry
ever
that
a
an
orgy
of
of overproduction,
it,
were
unemployment was
riding for the worst
known.
campaign, which should be
level of intelligent argument, has fallen into such low estate
early as this.
Speaking as a partisan. I rejoice because I am confident
as
that
the
the
the
on
a
average
voter
"view-with-alarm"
I
do
old
think
not
think
level
that
we
of
that
just
in
the United States
outcries
the
already somewhat tired of
of the Republican candidates.
campaign
pointing
is
with
of
Democrats
pride.
During
should
these
be
hitched
seven
years
on
I
have accomplished
much, but that a great deal remains to
of accomplishments in relation to existing problems, and
that the next Administration will have to devise
ways and means, in
a
liberal and progressive spirit, to meet difficulties which we
are only just
be
done
by
way
beginning to appreciate and to analyze.
I saj^to you, therefore, that the
young
young
Memphis
It
will
is
has
of
be
Del.,
the Chicago
in
the
in
such
on
HARRISON, President.
New
section
York
announced
States—
large section of
a
of
Middle
the
West,
This year
all of 15 States
Sunday, Sept. 29.
will
added
set
the
for
May
the
reap
the
12
first
No
benefits
of
announcement
time
the
as
time.
new
observed
in
ones
in
four
in
the
with
tentative
date
cities,
communities
metropolitan
the
an¬
for
ending
for
date
the
in
of
area
in
towns
and
Georgia,
Illinois,
in
villages of
including At¬
a
section
which
populous
inclqdes. Hammond, Fort
of
larger
municipalities,
northern
Bend,
all
the
Maine, and in
few communities
a
and
the
on
of
area
Wayne
of
most
the
Upper Peninsula
Michigan.
Pennsylvania
observed
State
and
shows
the
marked
a
in that State
where
by
of
the
been
extended
to
include
most
of
the
cities
villages in the State.
time
will
be
observed
four
also
France
Portugal
Points
Feb.
which
Mountain
places
St.
in
John,
Time
for
British
New
Pacific
Columbia.
Brunswick,
Time,
It
the
will
new
also
Dartmouth
in
be
and
in
many cities and towns in Ontario and
Quebec,
Saskatchewan, and in Newfoundland and Labrador.
large observance in Europe.
Great Britain, Belgium
very
went
on
of
30
and
Scotia,
places in
is
in
Moncton
Nova
There
and
observed
in
Halifax,
in
extension
practice.
It will he
170 cities and villages.
Vermont is another
over
practice has
Through the substitution
on
the
24.
new
The
will
time Feb.
25; Germany on April 1, and
adopt it on May 19,
Daylight Saving Time next fall and winter
Netherlands will
observe
include
the Argentine,
British Honduras and New
Daylight Saving Time will be observed from June 2
'
♦
Zealand.
to
Sept.
In
Cuba,
1.
I
.
.
Captain
Robert
M.
Losey,
United
States
Military
Attache, Killed by Bomb in Norway
The
Department of State
word
at
Washington
on
<
April 22
re¬
that
Captain Robert M. Losey, assistant mili¬
tary attache at Stockholm, was killed in a German
bombing
raid at Dombas. on
April 21.
Regrets and sympathy of
Field
Marshal Hermann Goering, German Air
Minister,
were conveyed to
Secretary of War Woodrin#April 25. An
Associated
Press
also added
the
He
was
started.
Sweden
try.
was
A
the
about
first
American
from
killed
Norway to assist Americans
newspaper
standing in
ment
dispatch
following:
when
100
a
a
at
Gothenburg,
mountain
splinter from
miles
south
and
a
at
bomb
little
land
a
in
of
sidered
decision
during
him
in
it.
as
assembled.
to
Mr.
Hull
said
he
'
heart.
coun¬
said
he
bombard¬
Dombas
is
sorrow
over
action
the
news',
toward
con¬
Germany
was
seeking all information about the
Losey's death and would not make a
surrounding Captain
diplomatic action, if
1
the
death,
aerial
an
Trondheim.
tonight whether to take strong diplomatic
of
23
the
European war
Iowa, had gone from
describing his
Secretary of State Cordell Hull," expressing
because
April
since
native of
Dombas
struck
west
on
getting out of the latter
Sweden,
tunnel
a
Washington
on
Captain Losey, 31 years old and
to
circumstances
people of the United
Democrats and all the others—have another magnificent opportunity
hour
one
operate
are
County,
South
ceived
stock
of
and
rest.
other
half
of
States
expenditures of the Federal Government will
that they will have a surplus
do
in
smaller
of
swallow
War has occurred under a Republican Administration, and that
underlying Republican leadership—the groups and cliques which have
always owned the Republican party are still just as much in the saddle
of ownership as they were in the old
days.
only
16
of
observance
Island.
Indiana
and
>
,
the
with
out
that
millions
in
•-
of
measures
Civil
Finally, they tell
York
yet been fixed.
States where observance is required
Massachusetts and New Hampshire.
The entire State of
on Daylight
Saving Time, which will also be generally
throughout Connecticut and in all cities and most towns of
Castle
lanta,
know
the
they
Rhode
to date, has resolved
appeals greatly to my
carry
not
ticket
quite
acknowledge that practically
will be
will
State and throughout
all
that
the
observed
function
up
drifting into
that they would
in
were
that
you
New
Jersey will be
New
campaign,
.;
are
are
Y.,
bank
GEORGE L.
considerable
a
or
by State law
New
•N;"''■/; "V"' ■
' ixare seeking to
frighten the country—by telling
Administration is deliberately trying to put this
normally vote the Republican
will
part
beginning
imagination
the present machinery
that.
Second,
efficiency
parts,
N.
this
of
Sunday, April 28,
During this period local
1940.
Buffalo,
and
cities
on
observance there has
the machinery
that
say
and
Among the States Tennessee
■
present
war
better'than
the
29,
and
Time,
-
itself
that
Sept.
York
Association
of New York
East
nouncement
many
or
make
On the other side, the pre-convention
must
Merchants'
same
new
not
better.
seven
New
Standard
the
m.
Daylight Saving in 1940.
The Association's
bearing on its survey continued:
Govern¬
meet
do
I
using is perfect
are
need practical
you
of
Eastern
^
Daylight Saving will be observed in part or
which means, when Ohio, with its
year-around substitution
of Eastern Standard Time for Central Time is
added, that
that
wars
During the next four
We need
enough courage
remedies—just as
during
new
tonight.
face.
and
specific
practical
have used
we
but
imagination
were
stress
problems to
concrete,
and
courage
I
TIME
the Second Federal Reserve District
and will remain in effect until
is keep¬
Your Government
keeping out of the
are
the
comes.
which
scene
new
22
observ¬
time.
most
liberal and
a
United
when the time
the
April 21 the completion of its Daylight Saving Survey for
1940.
Daylight Saving will go into effect tomorrow in
cam¬
a
peace
Sunday,
on
cities
of
The
Republican aspirant for the presidency who tells you, in effect,
States and the people of the United States should do
nothing to try to bring about a better order, a more secure order of
world
April
on
;
pair of candidates, running on
steady hand.
a
the
m.
•
four-
a
in Europe and in Asia, but I do not subscribe to the preach¬
on
a.
said, by
I
by
wagged
2
in
local
over
much the same kind of electoral
very
in
dog
control
substantial
forward-looking platform.
I am not speaking tonight of world affairs.
are
to
advance
of
is to defeat the Republican party next November
liberal
a
held
utilities
electric
is
■'v'C;'."'
year
must
securities
utilities
worth
$600,000,000
SAVING
Saving Time" will be effective in
Buffalo, N. Y., during the period from 2 a.
and
power
private
time
time
that
at
out
York
regarding
"Daylight
democracy,
whole system of
our
.
our
concentrated
misuse of
the
on
on
pointed
electric
$13,000,000,000
inch
country, I said that this Administration
our
the
New
of
All Banks and Trust
Companies in
and Others Concerned:
To
and private enterprise."
And
way
in
groups
uphold
to
attacks
Bank
announcement
Daylight Saving Time, which goes into effect at
2 a. m.
tomorrow, Sunday), April 28 (when the clocks will
be turned ahead one hour) :
-v
y■:}£>'
1938, in speaking against the misuse of concentrated power by rela¬
tively small minority
if
Reserve
following
nothing conservatism."
In
we
the
of
ance
remember that only two States out of 48 voted to return to
you
Federal
issued
that the
lap of the gods;
were
ment.
greatly
Secretary of State Cordell Hull, at his press conference
April 19, told reporters that he had no political aspira¬
Daylight Saving Time to Go into Effect Tomorrow—
Announcement
by
New
York
Federal
Reserve
Bank—Survey by Merchants' Association of New
of the
be the nominee
may
During the whole of the spring and early summer of that year you were
that
a
,
hiding and distorting facts."
told
Not
was called
to the fact that Governor Clyde
Hoey of North Carolina yesterday indorsed him for the nomination.
Secretary of State said he had requested persons interested in any
phase of the matter not to say anything or do anything
contrary to the
position he had assumed, which he
previously had described as no political
aspirations and in no sense a candidate.
the basic issue will be the retention of popu¬
.
disseminating facts and yet
on
Is
The
1936, I said:
lar
State Hull Declares He
Presidential Candidate
ideals."
its
On Jan. 8,
Democratic party
sense.
R.
spirit in which youth can find
a
common
He spoke after his attention
.
spirit of America is the spirit of inquiry, of
readjustment, of improvement,
con¬
tions, according to Associated Press advices from Washing¬
April 19, which also said:
prophecy that to change is to destroy.
.
on
'
ton on
I
unwilling to sneer at the vision of youth.
.
But vision does
not belong only to the young.
There are millions of older people who
have vision, just as there are some younger men and women who are ready
to put a weary, selfish or greedy hand upon the clock of progress and
the
am
of
v
am
one,
'< "
year.
to switch
than
founded
possessed of good old-fashioned average American
Secretary
of the
■
/;
■■■': '
,
willing to place my trust in the youth of America.
If
they demand action as well as preachments, I should be ashamed to chill
"I, for
rather
historically
party
a
away
are
Aug. 24, 1935, speaking to the Young Democratic Clubs of America,
I said:
with
glitter of their studied generalities trumpeted
years.
the consistency
prove
election
an
liberal action
proven
chance
people, and all of us for that matter, know what sticky fly¬
looks like.
We will be most careful to keep
our
feet and our
from the fly-paper, all this coming summer and fall, because
heads
do-something-about-it spirit—during the past seven
long
a
matter what the
Young
paper
progressive meeting of difficult problems of his day, and it is not boasting
the
Government of
a
take
no
in
2661
'
any,
until,the
♦
-
information
*
,
had
been
*
'
*
The Commercial & Financial Chronicle
2662
'■
1940
Commodity Year Book to Be Published
Commodity Research Bureau, Inc.
From
the
standpoint
commodity
of
price
by
Industry," $7.50.
of
war
The fate of commodity prices in time
will be analyzed in great detail as part of the con¬
of this
720-page volume.
Conclusions of the editors
by about 200 charts and 025 statistical
tables, according to the advance announcement.
Publica¬
tion will be in the first week of May.
It was further an¬
tents
will
be
supported
nounced:
The
have selected 75 basic commodities for detailed study.
In
analysis of price movements, and statistical developments in
war,
the most modem processing methods for each of the 75
to
of
times
/
editors
addition
is
commodities
The editors
the
that
the
the
they
subject of synthetics and plastics and arrive
not displacing basic raw materials to
are
the extent the general public believes.
near
habits and
Changing
capita consumption shifts also
for careful scrutiny
per
in
come
The
Community Trust Distributed
First Quarter of 1940
$32,727
in
$32,727 in
of 1940, a larger amount than has previ¬
in the corresponding quarter of any
been disbursed
ously
it
year,
announced April 20 by Ralph Hayes, director.
was
initial three months of 1939, $32,246
the
Further details
given
were
Bertel E. Kuniholm, the United
the
capital of Iceland.
Paris, Moscow and Riga.
Iceland is expected to
api>oint a representative to Washington.
The recognition
of Iceland by the United States Government as a political
entity, separate from Denmark, was noted in these columns
April 20, page 2499.
Commerce Department Establishes Committee to Foster
America's Travel
The
Department of Commerce
paid out.
was
Conn., $1,299 ; Brooklyn Visiting Nurse Association, $1,250 ; New
Hospital, $1,250; Westchester .County Children's Association, $1,107,
and Pawling School, Pawling,
Y., $1,000.
York
the United
between
countries.
Prime Minister Mackenzie King
of Canada visited Presi¬
April 23 at Warm Springs, Ga.
President
secretary to say that the visit had
political significance and "no question of American or
Canadian
policy is involved."
Associated Press advices
Springs,
Ga.,
April 23,
on
reported
the
fol¬
lowing:
the
Although
if
strange
tioned
President
with
conference
the
sought
Canadian
matters
some
discourage
to
Prime
international
of
speculation
Minister, reporters
about
his
thought it would
significance
not
were
men¬
by the two.
"The
President
has
authorized
deductions
say,"
asserted,
assumptions
or
to
me
White House Secretary)
Hassett,
clusions,
said
literally
old friends.
very
Mr.
Hassett
"he hoped
would
(William
unwarranted
no
be drawn
King
takes
to
comes
give
from
D.
out
south
in
been
this
be
not
Canadian
for
just
Mr.
King and
other
for
Parliament
and
rest
a
a
30
the President
years.
in
is
adjournment
holiday, and
he
Mr.
always
anything of political significance in the&e visits,
to
the
be
American
position
interviewed
while
for *Mr.
he
is
King
to
purely
a
on
trip.
question of American
P. H. Johnston
or
Canadian policy is involved in this visit."
advices
from
Atlanta
the remarks of the Prime Minister
gave
President Roosevelt
"Since
I
as
on
on
the
same
Percy II.
Johnston,
Commerce
of
W.
naval
aid
Minister
to the
da.v
his way to visit
follows:
in
greeted here by Captain Daniel Q. Callaghan,
President, who accompanied him to Warm Springs.
excellent health."
William S. Gray
Division
Fund,
John
1940
Co.,
in
nominated
as
the
Brown,
York,
and Chairman of the Finance
campaign of the Greater New York
1940
contributions
of $236,207 as of April 16.
President of Socony-Vacuum Oil Co. and
Campaign Chairman, announced
total
a
of
$1,320,400
collected from business firms and
employee groups to date.
Brown made this announcement at the first
Mr.
luncheon
of
1940
the
drive,
attended
by
a
report
500
rally in Madison Square Garden
on
year,
Mr.
State
of
New
York
to
succeed
now
Vice-Presidents
left by the death of Philip A. S. Franklin.
Leon
Fraser, President of the First National Bank, was named
for Treasurer to succeed Mr.
Baker, one of the nominees
for Vice-President, who has served as Treasurer since 1934.
vacancy
William
B.
Scarborough, Assistant Treasurer
for
last
the
13 years, was again renominated.
J.
H.
Moyle
Resigns as Assistant to
Treasury Morgenthau
Secretary
of
Secretary of the Treasury Morgenthau announced April
24 that he had accepted the resignation of James H.
Moyle
as Assistant to the
Secretary, effective
July 19.
Mr. Moyle
letter to Mr. Morgenthau that he had com¬
pleted his study of United States Savings Bonds and that
wife's
a
ill
health and
the requirements
business necessitated his
return to Utah.
of
his
personal
In accepting the
resignation, the Secretary said that Mr. Moyle's "construc¬
tive
contributions
to
the
important work of
the
Treasury
appreciated."
Mr. Moyle served in the Treasury as an
Assistant Secretary in the Wilson Administration and
also
Commissioner
as
of
Customs
during the present adminis¬
'
James
H. R. Cromwell
Brown
contributed
sponding period
in
More
reported.
to
the
1939,
Fund
and
was
the case last
business
than
organized
firms
during
labor
to
Resign
Minister to
as
United States
Canada
James H. R.
Cromwell, United States Minister to Canada,
on April 21 that he would
resign within the next month
Minister to Canada to run for Democratic nomination
for Senate from New
Jersey, said Canadian Press advices
said
as
from
Mr.
Ottawa, April 21, which added:
Cromwell
said
he
/'had
Mr.
Cromwell
projected tour of
resign,"
yesterday
to
enter
regret
expressed
Canada
to
Hull
relinquish his post here
that
with
his
Two SEC Insurance Aids
Associated
the
he
wife,
in
view
that
he
of
primary
would
the
expected
be
on
statement
the
by
Minister
May 21.
unable
to
make
his
the former Doris Duke.
Resign to Accept Posts with
Gas
&
Electric
Co.
Emest J. Howe, chief financial adviser of the life insurance
section of the Securities and
Exchange Commission, has re¬
signed to become economic consultant
to the Associated Gas
and Electric
System, which is in process of reorganization.
Herbert A. Blomquist, SEC insurance aid, has also
resigned
to accept a position with the Associated Gas.
+.
P. P. Cret
Appointed by President Roosevelt
Fine
President Roosevelt
April 1.
Workers for the Fund this year are
meeting a far more
enthusiastic response to the appeal than
already
&
than
more
divisional and section chairmen and workers of
the organiza¬
tion, held at the Hotel Astor.
The campaign was launched
at
Bank
York Clearing House
banker, were
for four-year terms to suc¬
George Doubleday and to fill the
Williams and
Jr., President of Central Hanover Bank
New
reported
A.
the
Secretary of State Cordell
$236,207 Raised by Finance Division in First 14 Days
of Greater New York Fund Drive—Total of
$1,320,409 Collected
Trust
of
ceed Clark
would
&
Chemical
the
meeting on May 2.
John D. Rockefeller Jr., J.
Stewart Baker, Chairman of the Board of The Bank of the
Manhattan Co., and James Speyer, retired
was
Springs April 24 without seeing re¬
porters and went by train to Williamsburg, Va., where he
is expected to remain a few days as guest of John D. Rocke¬
feller Jr.
To reporters at Williamsburg who inquired about
his visit with the President he said only:
"He appeared
be
State
annual
tration.
Mr. King left Warm
to
of
New
the
Lawrence, who is
*
Prime
York
Association, has been nominated for President of the Cham¬
country than my own I feel I should not talk
of subjects on which I might be misconstrued," he said.
"After all, it is
better to let each country take care of its own affairs."/
The
of
New
Commerce
Chairman
and President
Co.
Trust
Head
to
another
in
am
Named
Chamber of
are
Associated Press
with
Its Chair¬
Pan-American Airways.
his
for
cooperation
American Steamship and Tourist Agencies, Inc., and
group,
are
one.
or
in
Steamship Lines, the American Ex¬
Co., Thomas Cook & Son, the A. G. W. I. Steamship
explained in
good
statement
any
vacation
the
Latin-American
the
and
work
con¬
Mackenzie
Mr.
President.
has
isn't
would
"No
the
never
there
"It
when
trip
a
see
"There
nothing.
means
They have known each
spring
"Every
and
it
will
mack and United Fruit
press
King's visit.
"He
the
completing his second
term and is therefore ineligible for reelection, it was an¬
nounced April 23.
The election will take place at the
Minister
no
Warm
20
man
is John W. Chapman, Vice-President of the Grace
Lines, and it includes representatives of the Moore-McCor-
ber
from
States
committee
The
the Bureau of Foreign and Domestic Commerce.
Richard
Visited
by Prime
Mackenzie King of Canada
a
April
follows;
as
Morris,
Roosevelt
announced
formation of a permanent committee to foster and promote
Henry Street Visiting Nurse Service, which
$7,094.
Other recipients included Hebrew University in Pales¬
$5,065; Jesse I. Straus Child Health Station, $3,500; St. Vincent's
Hospital, $2,000; Presbyterian Hospital, $1,500; Museum & Reading Room,
Roosevelt authorized
He has served in the diplomatic
in Lithuania, Es¬
tonia,
The largest allocation went to
on
State De¬
service of the United States since 1924,
tine,
dent Roosevelt
States Consul at Zurich,
partment to be the first American Consul in Iceland.
Mr.
Kuniholm was instructed to open a consulate at Reykjavik,
received
President
to
,
York Community* Trust distributed
New
the first quarter
Consul
Switzerland, was appointed on April 20 by the
travel
York
American
Iceland
consumer
book.
new
New
be
Appointed
detail.
presented in
also discuss
conclusion
anywhere
In
Kuniholm
E.
Bertel
as
in
in
agencies.
movements,
coming 1940 Commodity Year Book, entitled "Commodities
at
health
♦
comiiared with the 1914 World War, according to
Commodity Research Bureau, Inc., publishers of the forth¬
war
behalf of 393 voluntary
supporting the drive in
astically
welfare and
startling similarities have occurred during the present
many
April 27, 1940
the
is
have
corre¬
enthusi¬
Philadelphia architect,
Arts Commission.
Arts
on
as
to
Commission
April 22 appointed Paul P. Cret,
a
member of the National Fine
The Commission is
charged with the
con¬
sideration and approval of plans for public
buildings and is
the official advisory body of the Government on matters of
art.
Volume
W.
J.
W. C. Koplovitz Resign Counsel
Dempsey and
FCC
with
Posts
ments
first
the
in
made
holdings; and it
will
cooperate
April 25 that William J. Dempsey and William C. Koplovitz,
its General Counsel and Assistant General Counsel respec¬
sound
tively, have submitted their resignations for the purpose of
Dividend
practice jointly at Washington,
The resignations are effective at the convenience of
engaging
D. C.
in
private
Commission.
the
Mr.
Dempsey
Mr.
and
Koplovitz have
Before joining
the
FCC
legal
they
staff,
Power Commission
were
counsels
to
the
Federal
and, before that, the Public Works Ad¬
ministration.
■
volume
of
home
recorded in
mortgages
Illinois and Wisconsin is evidenced by the February report
from the Federal Home Loan Bank of Chicago which shows
increases
There
both
over
6,590
were
February of last year.
non-farm homes in February
January,
and
liens on
new
totaling $22,935,000, according to summaries
and Statistics of the Fed¬
to secure loans
Board
eral
of
in
Washington.
effect
percentage
The smallest and
respectively,
distributions
$6,800 and $270,200, respectively.
authorized
dividend
tion
said
which
were
12
final
a
payments
for
were
payments,
for
was
dividend payments, and one
including partial interest.
Dividend
payment
the
during
over
a
before.
year
'
well
„
was
lending their
as
80%
own
they used
than
Of the 20 dividends
were for final
four
payments,
interest
for
were
dividend
authorized
so
dividend
regular
three
ended
month
31,
March
1940,
were
follows:
as
DIVIDEND
BANKS
PAYMENTS
TO
AUTHORIZED
INSOLVENT
OF
CREDITORS
DURING
MONTH
ENDED
NATIONAL
31, 1940
MARCH
Total
of
the bank's
funds last year the
Distribution
Percentage
Amount
Authorized
of Funds by
Authorized
Claims
Dividend
Dividends
Proved
Authorized
Name and Location of Bank
8.45%
an
investors' dollars.
They did 31.4% of
February's mortgage volume as compared with their 29.3% contribu¬
to
last February's
total.
A. R. Gardner, President of the bank,
that advances to member associations were $315,000 in
February,
this
largest individual dividend percentages authorized were
while the smallest and largest receivership
1.06% and 80%,
Date
mortgages represents
new
largest source of mortgage funds in the district was the savings,
building and loan associations, which constitute the bank's outlets for its
as
claims
The Chicago bank's announce¬
The
funds
proved
ment added:
increase over January,
in spite of the shorter month.
The increase over February, 1939, was
35.9%, more than twice the margin which January mortgage recordings
showed
to 57,686 claimants
aggregating $19,812,000, or an
payment of 10.15%.
The announce¬
of $2,011,700,
total distributions
have
April 8 further said:
Volume of
Banks
March
During
Comptroller of the Currency Delano announced April 15
during the month ended March 31, 1940, authoriza¬
tions were issued to receivers for payments of dividends in
20 insolvent National banks.
Dividends so authorized will
made by the Division of Research
ment
Insolvent National
20
in
that
average
The/ mounting
Payments
'
Chicago Home Loan Bank Reports Volume of Home
Mortgages Recorded in February Above Month
and Year Ago
the
fullest
Authorized
who
♦
4,313 loans made in
the
and
1939,
indicative of their desire to increase mort¬
be safely said that the savings banks as a whole
extent in furthering home ownership on a
can
the
to
of
are
basis.
law
"teamed" in Government service since 1933.
half
last
quarter of this year,
gage
announced
Commission
Communications
Federal
The
2663
The Commercial & Financial Chronicle
150
to Date
Plantsville, National Bank, Plants
ville, Conn
50.00
$394,400
First Nat. Bank of Panama City, Fla
3-12-40
6,800
36.06
638,400
Douglass Nat. Bank, Chicago, III
3— 8—40
29,200
46.26
353,700
FlrsWHenry Nat. Bank, Henry, 111--
3-
1-40
71,800
62.00
598,200
First Nat. Bank of Odin, 111
First Nat. Bank of Van Buren, Me..
3- 2-40
15,700
85.00
78,700
3-22-40
26,200
33.55
237,200
85.00
5,403,600
99.47
910,500
3—29-40
$197,200
Peoples-Tlconlc Nat. Bank of Water 3-
ville, Me
1-40
270,200
month.
same
Savings Banks Deposits in New York State Increased
$76,577,214 in
First Quarter of 1940—Gain of
40,448 Depositors Also Shown
City N. B. & Tr. Co. of Nlles, Mich.
First Nat. Bank of Preston, Minn__
3— 6—40
54,400
3-29-40
152,100
First Nat.
more
3-22-40
18,500
110.66
173,800
Ft. Greene N.B.ln New York, N. Y.
Salt Springs N. B. of Syracuse, N. Y.
3-30-40
225,600
65.00
3-18-40
156,600
82.5
1,503,800
3,131,800
First Nat. Bank of Beaver Falls, Pa_
3-14-40
45,400
First Nat. Bank of Birdsboro, Pa
3-22-40
75,200
104.9
3-23-40
40,800
107.92
515,200
3—
5—40
63,900
80.00
1,278,100
Bank^of Pender, Neb
increase and at the end of March stood at 6,046,779, repre¬
gain for the quarter of 40,448 and for the year of
senting
a
79,622
new
accounts.
In
commenting on these figures, Albert S. Embler,
President of the Savings Banks Association and President
of the Walden Savings Bank, Walden, N. Y., said:
It
seems to me
there
are two
points of major significance in the continuing
increase, both in the amount of dollar deposits and number
The first is that the large volume
of
new money
the savings banks creates an investment
of depositors.
being constantly brought to
problem of increasing magnitude.
Although the savings banks in New York State have adhered to the 2%
dividend rate for
a
period of four and
half years, the present investment
a
exceedingly difficult to invest large amounts of
that it is
market is such
funds at rates which will return a net of $2% after modest
new
while
anxious
as
as
ever
to encourage
administra¬
Consequently, the savings banks,
tion charges and provision for reserves.
the real saver, are endeavoring to
Pa
amount which may
The other point is one that should be a source
of
our
evidence that a large part
population recognizes the fundamental necessity
accumulation of a portion of
and
of public gratification, for
recorded by the savings banks is combined with
when the savings increase
the increase in other forms of savings it is strong
well-being.
for the steady
their earnings as the basis for future security
■
+
Mutual
York
New
Mortgage
Savings
Loans
Valued
Made 4,313 New
$41,235,000 in First
Banks
at
3—30—40
104,900
65.00
349,600
3- 4-40
153,600
65.00
1,635,600
3- 7-40
39,600
109.72
407,700
3-28-40
264,000
80.00
330,000
Point Pleasant National Bank, Point
Pleasant, W. Va
At
regular meeting of the Board
the
York
New
Davison
elected
Mutual savings banks in
mortgage
New York State made 4,313 new
York Stock Exchange firm of
a
classifications;
new
mortgages.
Of the
new
loans, 1,747, having a value of $22,-
041,000, were savings bank mortgages; 1,449, having a value
$7,883,000,
were
FHA
insured
loans,
and the
balance
of
1,117, having a value of $11,311,000, were purchase money
mortgages, made in connection with the sale of real estate.
In commenting on these figures, Albert S. Embler, President
of the Savings Banks Association and President of the
Savings Bank, Walden,
Although
their
the
resources,
of Jan.
1,
volume
of
N. Y.. said:
/
134 mutual savings banks in the State had 47%%
or
$3,033,482,000, invested in real estate mortgages
1940, they have available ample funds to finance an enormous
new
construction.
The
$104,000,000 of
new
mortgage
invest¬
Hills, N. J., on
Mr. Newcombe, who was 41 years of age, was
born in New York, the son of the late Charles M. New¬
combe Sr., former Vice-President of the Stock Exchange.
Mr. Newcombe was graduated from Yale University in
3920 and two years later became a member of the New
York Stock Exchange.
For some years he was an inde¬
pendent broker, but in January, 1939, formed, with Herman
A. Dapperman, the firm of C. M. Newcombe & Co.
The
deceased broker had not only been a Governor of the Ex¬
April 22.
change, but was one of the original members of the special
committee formed by the Exchange in January, 1934, to
supervise bond transactions.
V
/
•
O'Meara, President of the New York Chapter
of the American Institute of Banking and Assistant VicePresident of the Public National Bank & Trust Co., New
F.
Daniel
Women's Committee, of the
York, has announced that the
of the American Institute of Banking
will give a Bridge-Tea and Fashion Perfume Show in the
Grand Ballroom of the Hotel Roosevelt today, April 27, at
2
o'clock.
Lentheric, Parfumer, will present six Paris
New
York Chapter
originals
inspired
for
&
Co.
Simon
by
every
six of their leading perfumes,
occasion
,
will
be
shown
by
and
Franklin
,
1
The Board of Governors of the
on
Chicago Stock Exchange
April 24 fixed the dues for the ensuing fiscal year at
$250, unchanged from those of last year.
«
The
proposed consolidation of the Rye National Bank
of Rye, N. Y., and the First National Bank of Harrison,
Harrison, N. Y., under the title of the former (referred to
in our March 16 issue,
page 1704), became effective on
April 22.
On the same day the Federal Deposit Insurance
Corporation announced that it had disbursed approximately
$645,000 to the institutions in order to make the consolida¬
tion possible.
In its account of the matter, the New York
"Times" of April 23 went on to say:
"Over
of
as
•
senior member of the New
C. M. Newcombe & Co., New
heart attack at his home in Far
savings bank mortgages, Federal Hous¬
ing Administration insured mortgages, and purchase money
-
Governor of the Exchange, died sud¬
York, and a former
of 1940, according to an announcement made
April 18 by the Savings Bank Association of the State of
New York.
These new mortgages fall into three main
Walden
trustee.
loans, having a value of $41,235,000, during the
first quarter
of
a
Newcombe,
Manby
Charles
of Trustees of the
New York, held April 23, F. Trubee
Trust Co.,
was
&c.
COMPANIES,
TRUST
BANKS,
ABOUT
ITEMS
costumes
Quarter
908,000
759,400
Nescopeck Nat. Bk.t Nescopeck, PaFirst Nat. Bank of Verona, Pa
the
be deposited.
90.00
National Bank of Bellows Falls, Vt._
■
discourage temporary money by the adoption of stringent limitations on
304,300
First N. B. & Tr. Co. of Frackville,
denly of
4
60.00
First N. B. & Tr. Co. of Fleetwood,
Pa
Savings bank deposits in New York State have again
reached a new all-time high, according to a statement issued
April 12 by the Savings Banks Association of the State of
New York.
The total of deposit liabilities in the 134 mutual
savings banks in this State on March 31 was $5,675,501,790
or
$76,577,214 greater than on Dec. 31, 1939 when the
previous high in savings bank deposits was reached.
The
gain in deposits for the year ended March 31 was $197,394,712, which is a record for a 12 months period.
The
savings deposits in the mutual savings banks in New York
State represent approximately 22% of savings deposits in
all classes of banks throughout the country and 11 % of the
total individual bank deposits of all kinds in the United
States.
The number of savings accounts also showed an
>
a
accumulated
estate
to
period of years," the FDIC said, "the consolidating banks
a large amount of real
estate, substandard securities and real
mortgages
such
an
extent
and
as
undesirable
loans
which
had
depreciated
gradually to exhaust their capital funds.
in
value
The FDIC,
The Commercial & Financial Chronicle
2664
and
"Through
Finance
construction
branch
ized
The
tains
of
will take
Scarsdale
in
Under
dale National Bank.
the
added:
The
of
of
establish
was erected in 1912, and in the same
President, became associated with the
now
succeeded
nearly
23
took
bank's
The
March
last
undivided
Miller
important consolidation
in the
1,
Bank
and
surplus
of $613,263.
both
of
institutions
have
at
Co.,"
Mr.
Hartsdale
Wilson
the
for
said,
approved
"is
glad
the
be
to
terms
greater convenience of
able
The
following
in
regard
our
many
the
make
mately
cash
was
tained
the
these communities.
Bank
will
Trust
Co.
In
expected
number of
to
serve
in
order
directors
members
as
of
the
directors
of
the
Board
keeping with the general
the
that
this
National
Bank
the First &
as
in 1930 to
amount
total
$84,710,270
to
$3,000,000,
$77,212,859.
on
with
for a
way
of
of
an
bank
of
the
Directors of The County
policy of The County Trust Co..
National
Bank
advisory committee for
have
the
benefit
the
of
will
be
office
experience
and
the
affairs
of
defunct
the
taken from
$6,000,000
in
the First
National
Bank-Detroit needs nearly
pay-off to depositors.
Approxi¬
accumulated by the receivership during
10%
a
of 1940, bringing the total
of cash avalaible for pay-off
$20,696,984.
Receiver
Schram
pay-off to 90%,
Since
invited
Hartsdale
their
Schram of
C.
first quarter
to
National
of
the Hartsdale
may
Hartsdale
to
the
said
another
10%
dividend,
which
would
bring
the
liquidation,
not
would require $34,000,000.
receivership
began
in
1933
the
including interest paid for money borrowed to
$12,010,135, Mr. Schram said.
of
expense
pa£
dividends, has amounted
to
^
their
knowledge of
local conditions in the promotion of sound banking
community.
According to figures published March 26, 1940, The County Trust Co.
showed deposits of
$14,239,667; capital, surplus and undivided profits,
$1,701,847; reserve for contingencies, $401,541, making total
capital
funds of $2,103,389.
On the same date deposits of the Hartsdale National'
service
Bank
the
to
amounted
to
At
the
-
,
At
a
''v1'."
,
'■
'■
■
♦
meeting held last week, Benjamin
Fairbanks, Presi¬
of
the
United
elected
Newark
States
member
a
Chamber of
•/v'V
-
Offsetting this expense, the receivership report shows earnings of $37,772,403 from interest and premiums.
The
last
.
dent
dividends.
The latest report of the
'
•
addition to other receivership
expenses,
$6,531,855 has been paid
interest for the money borrowed from the Reconstruction
Finance Corpo¬
ration
and
the
Manufacturers National
Bank of
Detroit
for
previous
prediction of
regular monthly meeting of the Board of
Managers of the Provident Institution for Savings in
Jersey
City, N. J., Willard M. Brown was elected to the office
of Assistant
Secretary of the institution, to take effect
May 1, 1940.
/:•; 1
In
in
$1,343,033.
«
was
Receiver B.
of
that some
become members
a
of
•
"Michigan Investor" of April 20:
can
in
First
First National Bank-Detroit, Detroit, Mich,, is
to
$14,000,000 before he
is
the
75-year history of the
when the
each
Deposits
friends in Hartsdale, the Town of Greenburgh, and the
Scarsdale, and it is our intention to continue the very
friendly relations which the Hartsdale National Bank has always main¬
It
held
Board
President.
as
brought together
$46,644,300
from
grew
Capital
profits
1926,
were
.....
He
the
on
Bank.
resources
26.
March
on
National
1916.
in
position
present
Construction, we are told, already is under
$400,000 addition to the main office.
announcement
and
part
upper
President
as
Mr.
place
National
Merchants
Purcell
taking his
Mr. Harris succeeded
Merchants
the
Mr.
years,
.
Trust
office
an
depositors
Harris,
Perhaps the most
interruption in the
The
Assistant
•
Directors
County
no
bank.
and
<
for
institution
and
deposits of the Harts¬
be
of the
Charles R. Burnett,
Cashier, respec¬
and
today,
Cashier
elected
were
;
the consolidation.
"The
There will
customers
"/
Board
assets and
Chairman
Board
Jr.,
Directors in 1939.
Co.
all of the
Exchange Bank, organ¬
_
the
over
service to
Mamaroneck.
and
proposed arrangement, the County Trust
the
year.
First.
20-story building
Hiter
Miller
Mr.
will
offices
first
institution.
office
shortly become the Hartsdale branch of
The County Trust Co. of White Plains, which also main¬
terms
..
.
1901.
present
II.
year
Raymond, President of the Hartsdale National
Bank of Hartsdale, N. Y., and Andrew Wilson Jr., Presi¬
dent of The County Trust Co. of White Plains, N. Y., jointly
announced on April 25 that, subject to formal approval by
State and Federal banking authorities, the Hartsdale Na¬
Miller
M.
Vice-President,
tively, in
Edward
Bank
the
the
after
shortly
now
as a
♦
tional
of
end
the
at
John
will be operated
A.
^
bank.
the combined
of
Directors
1865.
10 days later.
again
1867 the bank consolidated with the National
In
Corporation."
the First National Bank of Harrison
The office of
was
dividend
to the deposits and other
equal
April 24,
on
was the demand for
funds when the bank opened that its
doubled in July and the bank was able to declare a substantial
great
capital
liabilities of the
banks, and also will have $565,000 of capital funds supplied by the Re¬
the FD1C,
elected than and
So
pro¬
depositors of both institutions, the Rye National Bank will
and other sound assets, including the approximately $645,000
supplied by
stockholders' meeting was held
first
.
^
to the
cash
have
3The
were
^
which affords the greatest possible
reorganization,
this
the First
*
unsatisfactory assets.
_
tection
1940
together with a number of local persons, organized the bank as
has the responsibility for protecting the depositors of these banks,
recognized this hazardous condition and cooperated in the plan for recapi¬
talizing and consolidating the banks and simultaneously eliminating the
which
substandard
April 27,
of
Savings
the
Bank, Newark, N.
Board
of
Directors
of
J.,
the
Commerce.
after
an
receiver's
realization
of creditors'
The
receivership substantiates Mr. Schram's previous
eventually complete pay-off to depositors.
estimate of
the value of
remaining assets is $69,049,433,
$355,283,744 have made possible the payment of 80%
Remaining depositor claims are about $67,000,000.
of
claims.
United
States
National
Bank of Portland, Ore.,
through its President, Paul S. Dick, on April 24 announced
approval by the Comptroller of Currency of the
expansion
of its capital structure
by an additional $1,500,000.
This
will bring the bank's
working capital to a total of approxi¬
mately $12,000,000, and the announcement sent out to share¬
holders
on
April 24 proposes that 50,000 shares be offered
$30 per share, with the privilege
subscribing in proportion to the number of shares already
to present stockholders at
The Pennsylvania Co. for
Insurances
Annuities of
Lives & Granting
on
Philadelphia has announced the election of
John William CI egg Jr. as
Assistant Trust Officer in charge
of Estate Planning.
Mr. Clegg was for several
years with
the Guaranty Trust Co. of
New York, and has
latterly been
in the life
underwriting business.
of
owned.
Recent sales of United States National Bank
stock
in the Portland market have
been reported in excess of
While it
bo
C. A. Griscom
3d, former Vice-President and director
^
of
Cassatt & Co., has been elected an
Assistant Vice-President
of the Land Title Bank &
Trust Co. of
Philadelphia, the
bank announced
on
April 23. Mr. Griscom will assume his
duties on May 1.
A graduate of Yale
University, of
the Class of
1922, Mr. Griscom is a director of the Yale
University Alumni Fund.
new
William
L.
McLean Jr., Treasurer of the
Philadelphia
"Evening Bulletin," was elected a director of the Philadel¬
phia National Bank on April 22.
■*'
,
♦—
•
is
anticipated by the bank's officials that the
largely subscribed
writers
the
has been
distribution
known
for
by
present
formed to take the
of
the
stock.
investment bankers:
The
&. Bush Bank at
Salem,
month
in
deposits
over
the
The United States National
stock
ture,
of
and
to
will
under¬
assist
in
This
group consists of the following wellWitter & Co.; Blyth & Co.,
Inc.; Atkin¬
Gould & Keeler, Inc.; Ferris &
Hardgrove,
,
.
States
which
stock
new
group
Inc.
,
National's deposits are now in
includes not only those of the
recent
United
000,000,
Ladd
a
unsubscribed portion
& Co.;
Blankenship,
Hemphill-Fenton & Campbell,
and
a
stockholders,
proposal,
25.
The
Dean
son-Jones
and
■;
$40
share.
For the purpose of
ratifying this
shareholders' meeting has been called for
May
bank's announcement continued:
per
Ore., but
past
Bank
growth of
a
of
excess
$145,-
purchase
more
than
of
the
$1,000,000
two years.
was
organized in 1891
of
with
capital
a
$250,000, and this marks the twelfth
expansion in capital struc¬
being June 30, 1936, when $500,000 was added to
capital
$250,000 to surplus. It is State-wide in its
the last
Trigg Jr., a partner in the investment
banking
firm of
Davenport & Co. of Richmond, Va., died in that
city
on April 24 after a
week's illness.
He was 54 years old.
Born in
Richmond, he left the University of Virginia in
scope of operation, main¬
taining in addition to the head office
in Portland, Ore., four branches in
city, and other branches
throughout the State as follows:
Albany,
Astoria, Athena, Eugene, Grants
Pass,
Junction
City, Klamath Falls,
LaGrande, McMinnville, Medford, Mt.
Angel, Ontario, Oregon City, Pen¬
dleton, Redmond, Roseburg, Salem, St. Helens and
The Dalles.
house of
worth,
William R.
1906
become associated with the
Richmond brokerage
Davenport & Co., and was made a member of the
firm in 1919.
He became a member in
1914 of the Richmond
Stock Exchange and served as
its President for
to
In 1938 he
was
named
eight
a
a
representation
Southern city. ;
on
evacuated
book is
•
E.
printed
April 21: \
In
few
was
.General
whose signature in the bank's
signature
of the institution's
most treasured
possessions.
below, in part, from
tory,
a
depositors
in
Lee,
one
We quote
One of its early
the
in
•
the
v
"
an
outline of the bank's his¬
Richmond
"Times-Dispatch"
of
bleak days following the
capture of the city by Federal
forces,
capitalists from Washington and Alexandria
came to Richmond
and|
of
Vice-President,
«
R.
of
the
Watson,
the
M.
States
THE
Hak'
CURB
changes,
apparent from time to
of the
on
A*
L-
,
Mills
time,
Ains-
Jr-»
W.
S.
Walton
irregularity
dominating features
Exchange during much
the
Public utilities have been
moderately
.
.
number of substantial gains
including some new
been registered.
Shipbuilding stocks were in
a
have
good demand
week
C.
considerable
were
_
tops
J.
MARKET
with
the New York Curb
of the present week.
active and
are:
President; A. M. Wright,
J. Davis, John N. Edlefsen
Cook, W. L.
Frank
National
Dick,
Vice-Presidents.
price
trading
United
Board; Paul S.
and W.
^le: J' J' Gard'
F.
fc Moderate
Richmond, Va.,
anniversary this
week, the institution having been
organized on April 25,
1865,-three weeks after Richmond had been
Robert
i
and
executives
Chairman
marking the
body was
The First
Civil^ War,
Fust
senior
that
;
& Merchants National Bank of
\ irginia's largest
bank, celebrated its 75th
the
The
member of the Board of
Governors
of the New York Stock
Exchange, his election
first occasion on which
given to
years.
that
at
higher prices during the fore part of the
but declined due to
also
profit-taking.
Paper shares
were
strong at times but lost part of their
gain on Tuesday.
Aircraft issues moved within a
narrow
range, oil stocks were
quiet and aluminum shares were
unsettled.
Irregular price
hour session
on
movements were apparent
Saturday, and while
during the
two-
the public utilities
were
Volume
The Commercial & Financial Chronicle
ISO
moderately higher, the advances and declines among the
were about evenly divided.
The volume,
of transfers climbed up to approximately 177,000 shares,
the highest Saturday
turnover since March 30.
Ship¬
building issues were active with Bath Iron Works moving
into new high ground at its top for the
day followed by New
York Shipbuilding founders' shares which also reached a new
peak at 23%. Aircraft stocks were mixed, minor gains being
registered by Republic, Grumman and Beech, while Bell,
2665
NOTICES
CURRENT
;
industrial stocks
Bellanca and Brewster declined.
Aluminum Co. of America
higher by 4 points, and Babcqck & Wilcox sold at a
top.
Moderate gains were registered in the public
was
new
utility issues.
Curb
"•
.
stocks moved
—The 20th annual field
day of the Bond Club of New York will be held
this year at the Sleepy Hollow Country
Club on Friday, June 7, Francis T.
Ward, President of the Bond Club, announced.
J
,
Frank M. Stanton of The First Boston Corp. has been named Chairman
of the Field
four
He will be assisted by the following
Day Executive Committee.
Vice-Chairmen: Amyas
Ames of Kidder,
Peabody & Co.; Lee M.'
Limbert of Blyth&Co., Inc.; C.Everett Bacon of Spencer Trask& Co.; and
Joseph A. Thomas of Lehman Borthers.
Mr.
.
,
.
Stanton announced the appointment of the following chairmen of
the various committees:
Attendance,
Frank A.
Shields &
McDougald,
Co.;
Golf,
Mason
B.
Starring Jr., Kidder, Peabody & Co.; Bawl Street Journal, A. Glen Acheson,
F. S.
Moseley & Co. (John A. Straley, Editor); Stock Exchange, Nathaniel
Monday but
major price changes in the industrial shares were around a
point. Public utilities were especially active, and while
F.
the gains did not extend to all sections of the group,
Joseph H. King, Union Securities Corp.; Tennis, David Evans, Lehman
moderately higher
on
several
prominent issues worked into new high ground for the year.
These included among others Community Power & Light
1st pref., New York State Electric & Gas $5.50 pref., and
Illinois-Iowa Power pref. Aircraft shares continued irregular,
Grumman, Bellanca and Brewster recording fractional gains,
while Republic, Bell and Beech
sagged. Paper stocks were
moderately higher and shipbuilding issues surged forward
under the
leadership of Todd Shipyards which worked
up
to
a new high with a
gain of 2 points at 75.
*
;
Despite the fact that considerable profit-taking developed
on
Tuesday, moderate gains were in evidence as the session
ended.
The transfers declined to 212,000 against 229,000
on the
preceding day.
Shipbuilding stocks were stronger
and Todd Shipyards again raised its top and closed 1 point
higher at 76. Aircraft shares were irregular with Fairchild
and Republic slightly higher, while Grumman and Beech
were
off on the day.
Paper and cardboard issues were
subject to considerable profit-taking, but this was generally
absorbed and many of the trading favorites finished on the
side of the advance.
Oil shares were quiet, aluminum
stocks moved within a narrow range and the industrial
issues were moderately active,
vg..V;v-V/,--;
Public utilities led the advance on Wednesday, and while
prices in the general list were mixed there were a number of
outstanding changes on the side of the advance.
The volume
of sales climbed up to
232,000 shares against 229,000 on
Tuesday.
In the industrial specialties group Great Atlantic
& Pacific Tea Co. climbed
up
United Chemical $3
3% points to 112%, and
participating pref. reached a new top
165, with a gain or 2 pomts. Aircraft shares continued
unsettled, paper stocks were stronger and shipbuilding issues
declined due to renewed profit-taking.
Prominent among
at
the recessions
American Potash & Chemical, 3 points
were
to
106, and Singer Mfg. Co., 3 points to 135.
The gains
others Virginia Public Service pref., 3 points
to 80; and Mead Johnson, 3
points to 165.
On Thursday major price changes on the side of the ad¬
vance were confined
largely to the public utility preferred
stocks and the industrial specialties.
There were small
gains in other sections of the list,
especially in the aluminum
shares and the paper and cardboard issues, but the oil stocks
and mining and metal shares were comparatively quiet.
Standard Steel Spring was one of the outstanding strong
issues as it forged ahead 2% points to 37.
Aircraft stocks
were
irregular, Bell and Bellanca registering minor ad¬
vances, while Grumman was off on the day.
Declining prices due to realizing was the feature of the
trading on Friday.
The recessions were not particularly
noteworthy, and while they were well scattered through the
list, they were largely in minor fractions. In the group of
public utility preferred stocks a number of the more active
issues moved against the trend.
These included among
included among
others Alabama Power
pref., 1 point to 107%; Bell Tel. of
Pa.,ml % points to 116% and United Gas 7 pref., 1% points
106%. Aircraft shares were down and industrial special¬
to
ties
were
lower.
As
compared with Friday of last week prices
were higher, Aluminum Co. of America
closing last night at
190 against 184 on Friday a week ago; Babcock & Wilcox
at 29% against 28; Glen Alden Coal Co. at 8%
against 7%;
Fairchild Aviation at 10% against 10%; Gulf Oil Corp. at
38% against 37; Humble Oil (new) at 60% against 59%;
ScoviHe Manufacturing Co. at
31% against 30; Standard
Oil of Kentucky at 20% against 20%; Technicolor at 14%
against 14 and United Shoe Machinery at 73 % against 72%.
DAILT
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
Glidden, Glidden, Morris & Co.; Entertainment, Frahklin Field, J. E.
Swan
&
Co.; Fishing Follies,
Publicity, William H.
John E. Arrowsmith, Arrowsmith & Co.;
Jr., Doremus
Long
quarters in the
corner space on
Clark & Adams Sts. about
the second floor of the Field Building at
May
Robert Carpenter,
1.
of the new offices will be modern,
of
Shore*)
Saturday..
Monday.
— ......
.......
Tuesday.—
Wednesday
Thursday
Friday--.....
-..
_
_
_ ..
-Total.—....
•.
176,620
228,660
212,245
232,260
197,190
243,955
Foreign
Domestic
Government
$443,000
1,086,000
1,463,000
1,287,000
1,062,000
1,119,000
1,290,930' $6,460,0001
Week Ended AprU 26
Sales at
$5,000
7,000
12,000
14,000
14,000
9,000
$61,000
Total
$31,000
37,000
71,000
28,000
47,000
23,000
$237,000'
$479,000
1,130,000
1,546,000
1,329,000
1,123,000
1,151,000
$6,758,000
Jan. 1 to April 26
New York Curb
Exchange
1940
Stocks—No. of shares.
Bonds
Domestic
...
....
building.
New Lighting System
A built-in flourescent lighting system of high efficiency is being used in
all offices and the board room.
material to reduce noise.
model
Ceilings are bing treated with acoustical
The customers' room will be
1940
1939
about 95 persons.
manager of
He has been on La Salle St. for 29 years, having started
—Rawson Lizars &
Co.
of
Chicago, members of the Chicago Stock
Exchange and associate members of the New York Curb Exchange, have
been
admitted
announced.
Charles
■Mr.
to
membership in the New York Stock Exchange, it was
include Rawson G. Lizars, Thomas Cerny Jr. and
Partners
T.
Jawetz.
Jawetz will represent the
firm,
He
formerly
was
a
of
partner
Bacon
of
San
Francisco and Los
Chicago offices of the firm, which
was
established in 1931,
are
main¬
—Fred W. Fairman & Co., brokers and investment dealers, announces
that John J. Foley has become associated with them.
Mr. Foley has been
identified with the securities business in Chicago and New York for many
years.
V,.
!''V-'.A'V..-';
w:V
•'
/
-
'A'-
—Neuhut, Plohn & Co., members of the New York Stock Exchange, 60
Broad Street, New York City, have prepared for distribution a five page
circular
American Potash & Chemical Corporation.
on
—Charles H. Wisner, a member of the New York Stock Exchange, has
been
admitted to
partnership in the New York Stock Exchange firm of
W. Wallace Lyon & Co., it was announced.
—A review of the
operating record of National City Lines, Inc. has been
published by Reynolds & Co., members of the New York Stock Exchange.
—J.
B.
Hanover &
Co.
are
now
occupying their
quarters in the
new
Raymond-Commerce Building, at 1130 Raymond Boulevard, Newark, N. J.
—Mackubin, Legg & Co. have sold a block of 6,000 shares common stock
of Merchants Assurance
—Allen & Co., 30
Corp. of New York.
Broad St., New York City, have prepared
of the Great Lakes Steamship
Co.
COURSE OF
an
analysis
•
BANK
CLEARINGS
Bank clearings this week show a
decrease compared with
year ago. Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, April 27)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 1.7 % below those
for the corresponding week last year.
Our preliminary
total stands at $5,557,481,388 against $5,651,673,302 for the
a
same
At this center there is
week in 1939.
week ended
a
Our comparative
Friday of 8.5%.
loss for the
for
summary
the week follows;
Per
Clearings—Returns by Telegraph
Week Ending AprU 27
New York
1940
——_
...
Philadelphia.. .........
Boston.
Kansas
-
City--....-—-
St. Louis.
.
.........
San Francisco
...
Cent
—8.5
+16.6
+ 10.3
+17.3
+ 13.5
+ 13.4
116,754,000
84,450,605
83,957,471
70,574,952
+ 12.0
50,494,099
102,714,912
87,283,770
76,184,773
60,144,980
Pittsburgh.———————-———.
+ 19.1
+21.6
+ 4.0
+7.9
$3,833,194,605
798,039,885
...
—1.7
693.178,525
+ 15.1
$4,591,035,245
1,060.638,057
+0.9
—12,7
$4,557,481,388
Total all cities, five days..—
All cities, one day———...———
$3,897,856,720
$4,631,234,490
926,246,898
Other cities, five days————.
Total all cities for week—
$2,691,213,588
221,003,595
282,000,000
161.251,415
71,256,095
64,900,000
73,600,000
130,713,000
.. ......... ...-
Detroit..—.
1939
$2,463,766,811
257,758,192
311,000,000
189,128,048
80,900,119
-
Chicago--
$5,651,673,302
—1.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however,
$6,567,000
61,000
237,000
52,000
$116,004,000
821,000
2,548.000
$160,094,000
1,808,000
2,340,000
results for the week
$119,373,000
$164,242,000
of
Co.
tained at 135 South La Salle Street.
$6,460,000
$6,805,000'
&
Angeles, members of the Los Angeles and San Francisco Stock Exchanges.
From 1928 to 1930 he represented the firm on the floor of the Los Angeles
Stock Exchange.
15,116,199
$6,758,000*
the floor of the New York Stock
on
Exchange and will have offices with F. S. Moseley & Co. at 14 Wall Street.
16,295,944
186,000
the Chicago office, which employs
He has been with Bache for the last seven years.
as a runner.
643,845
Foreign corporate.
equipped with latest
electrically operated quotation boards,
Henry Stefany is resident
1,290,930
Foreign government...
Total
1939
The furnishings
harmonizing with the architecture of the
Eleven cities, five days..—.....—..
Foreign
Corporate
of the
manager
Field Building, negotiated the lease for the Field estate.
(Number
Week Ended
AprU 26 1940
»
....
—The Chicago office of J. S. Bache & Co. will occupy its newly leased
Baltimore..
Bond* (for Value)
and Dinner,
Corporation; Trophies, George J. Leness, The First Boston Corp.
Cleveland-...-----——-.—.—
Stocks
Co.; Lunch
&
present further below we are able to give final
which
we
and complete
previous—the week ended April 20.
an increase of 9.8%, the aggregate
clearings for the. whole country Raving amounted to
For that week there was
.
The Commercial & Financial Chronicle
2666
$6,050,382,180, against $5,508,592,160 in the same week in
1939.
Outside of this city there was an increase of 14.9%,
the bank clearings at this center having recorded a gain of
5.9%. We group the cities according to the Federal Re¬
April 27,
Week Ended April 20
Clearings at—
Inc.
1939
1940
appears
they are located, and from this it
that in the New York Reserve District (including
1938
1937
%
F' Seventh Feder al Reserve D istrict—Chic ago—
Grand
Lansing—...
ind.-HFt. Wayne
In the Cleveland Reserve District the
expansion of 20.3 %, in the Richmond Reserve
District of 25.2% and in the Atlanta Reserve District of
12.3%. In the Chicago Reserve District the totals are
larger by 17.4%, in the St. Louis Reserve District by 11.2%
ana in the Minneapolis Reserve District by
25.7%. In the
Kansas City Reserve District the totals register an increase of
13.2%, in the Dallas Reserve District of 30.5% and in the
San Francisco Reserve District of 6.7%.
In the following we furnish a summary by Federal Reserve
District of 11.6%.
an
Indianapolis.
,
South Bend.
Terre Haute—
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines...
Sioux City...
HIBloomington
Chicago
Decatur
—
Peoria
Rockford-
—
Springfield..
470,027
328,043
+43.3
313,574
326,073
90,693,349
2,616,425
1,675,140
1,007,338
16,917,000
1,844,826
5,154,082
18,381,791
957,637
8,602,181
3,556,980
326,459
280.169,332
844,866
3,822,626
1,248,504
1,187,530
+22.0
78,895,902
+26.4
2,402.725
+9.7
+4.5
1,730,225
854,790
16,469.000
1,438.606
4.302.099
17.935,109
1,242.630
7,333,095
3,452,978
306,028
270.463.294
854,468
3,285,312
1,077,253
1,092,763
121,977,599
3,040,796
1,430,438
1,110,620
18,177,000
1,619,775
328,222,923
865,081
4,882,516
1,257,107
1,256,203
515,962,371
Rapids.
110,632,137
3,308,410
1,837,421
1,996,479
19,431,000
2,237,759
6.138,749
22,447,331
1,036,876
v
10,653,712
3.693,086
357,481
323,575,029
4,571,098
1,381,939
1,241,140
Mich.—AnnArbor
Detroit
totals show
or
Dec.
districts in which
serve
1940
439,334,109
+ 17.4
413,449,851
523.810,599
952,697
+98.2
+14.9
+21.3
+19.1
+22
+8.3
+23.8
+3.8
+9.5
+ 15.5
+12.8
+ 19.6
+10.7
5,068.146
21,377,154
1,042,892
8.444,937
3,172,125
539,214
districts:
Total (18eities)
SUMMARY OF BANK CLEARINGS
Ine.or
Week End. April 20,1940
1940
1939
Federal Reserve Diets.
*
S
1938
Dee.
1937
Eighth Federa 1 Reserve Dis trict—St. Lo
91,000,000
98,700,000
34,128,115
37,510,344
17,835,562
22,780,435
1st
Boston.... 12cities
258,437,613
237,224,539
4-6.2
3,203,598,909
377,911,847 +11.6
2d
New York..13
"
3,400,668,901
3d
PhliadelphlalO
"
421,698,305
4th
Cleveland.. 7
"
326,065,377
271,042,698
5th
Richmond.. 6
"
166,068,584
132,687,454
189.526,008
+10.3
+17.4
+11.2
+25.7
125,265,515 +13.2
65,936,291 +30.5
Atlanta....10
"
7th
Chicago
18
4
Minneapolis 7
"
616,962,371
8th
St. Loula
*'
**
159,527,779
10th Kansas City 10
"
141,822,638
11th Dallas.
6
"
86,049,448
12thSan Fran... 10
"
284,282,354
6th
9th
I
78,000,000
06,000,000
28,838,508
35,721,122
17,717,671
19,253,790
503,000
+6.8
474,000
702,000
143,466,677
+11.2
125,030,179
151,676,912
Reserve Dis trict—Minne apolis2,898,975 +28.7
3,730,334
62,164,716 +29.0
80,174,777
+20.7
24,076,836
29,051.281
+15.3
2,368,477
2,731,287
794,965
+2.0
810,932
772,378 + 12.6
869,533
2,589,368 +13.0
2.924,758
2,365.295
67,613,889
25,692,392
2,432,763
712,016
3,414,458
71,780,000
25,286,386
1,598,739
788,310
227,910.070
254,286,304
Ky.—Louisville
Tenn.—Memphis
3,586.928,306
3,372,092,879
111.—Jacksonville
383,172,696
418,840,137
Quincy—.——
537,000
262,487,915
342,530,416
123,353,482
134,703,995
Total (4 cities).
159.527,779
+20,3
+25.2
168,754,447
120,292,902
247,703,961
167,653,937
148.341,491
439,334,109
143,466,677
95,665,715
uls—
+8.5
+9.9
+27.7
Mo.—St. Louis..
%
+8.9
413,449,851
623,810,599
125,030,179
151,676,912
101,543,042
106,304,080
Ninth Federal
118,370,694
162,395,813
Minn.—Duluth—
60,677,636
77,137,140
Minneapolis...
234,691,660
278,861.999
,
+6 7
St. Paul
113 cities
6,050,382,180
6,506,592,160
+9.8
6,785,957,022
5,990,284,011
N. D.—Fargo...
8. D.—Aberdeen.
Outside N. Y. City.....
2,760,345,946
2,402,384,935 +14.9
2,302.209,060
2,736,404,643
Mont.—Billings
Canada........32 cities
325,109,924
274,767,075
404,636,118
Total
.
Helena..
339,614,169
Total (7 cities) .
We
add
now
our
120,292,902
Tenth Federal
Neb.—Fremont-
Clearings at—
1940
1939
Lincoln..—..
or
Dec.
1938
1937
2.855,552
30.465,837
2,026,025
3,315,998
98,548.988
3,318.930
523,981
531,956
Omaha......
Kan.—Topeka.
S
Reserve Dlst rlct-
Me,—Bangor....
388,151
Portland......
Mass.—-Boston-
1,669,156
222,486,976
River...
567,453
Lowell
New Bedford—
394,665
556,807
Springfield....
3,080,560
■Boston
387,218
1,827,181
202,874,411
675,338
400,994
Conn.—Hartford
1,715,103
10,864,322
New Haven—
4,428,304
K.I.—Providence
NJEIv—Manches'r
11,771,400
624,616
691,710
2,894,453
1,598,634
10,872.571
4,163,832
10,307,100
531,097
Total (12 cities)
258,437,513
237,224,539
Worcester.
....
106,304,080
+26.2
80,279
+20.0
97,322
1,885,185
23,847.515
2,424,371
81,233
116,646
2,329,987
31.612.203
S
_%
+0.2
408,450
—14.1
1,369,694
195,044,458
610,975
+ 9.7
—16.0
—1.6
348,374
851.156
—19.5
+6.4
+7.3
3,049,004
1,494,706
—0.2
10,467,707
+6.4
4,556,735
+ 14.2
+ 17.6
9,215,600
493.211
+ 8.9
227,910,070
Wichita
Mo.—Kan. City
St. Joseph
546,787
1,821,503
218,687,995
608,242
360,014
696,512
2,751,107
1,970,692
11,798,625
4,335,450
10,352,400
Reserve Dis trict—Kans as
116,035
119,336
Hastings......
Inc.
Fall
101,543,042
+25.7
years:
Week Ended April 20
Federal
668,332
2,767,855
detailed statement showing last week's
figures for each city separately for the four
First
95,665,715
618.619
2,108,068
Colo.—Sol. Spgs
Pueblo
Total (10 cities)
141,822,638
Eleventh Fede ral Reserve
Texas—Austin...
91,916
99,408
2,247,363
24,292,380
2,051,595
2,639,195
90,062,370
2,763,963
City
+27.1
+25.4
—1.2
502,487
+ 4.3
514,838
+3.3
628.253
504,713
2,120,044
3,119,602
118,824,289
3,013,662
697,819
580,128
125,265,515
+ 13.2
118,370,694
162,395,613
+25.6
2,592,897
+ 9.4
83,560,028
2.750,131
+20.1
District—Da Uas—
1.799.257
1,698,626
+5.9
1,129,070
1,400,800
51,145,521
+36.6
47,338,075
6,820,389
+ 5.1
876,297
+31.0
5,401,375
1,887,000
1,111,675
La.—Shreveport.
69,868,561
7,168,005
2,234,000
1,147,710
3,831,915
3,396,458
+12.8
3,810,441
49,516,314
19,404,070
1,994,000
1,054.854
3,767,102
Total (deities).
86,049,448
65,936,291
+30.5
60,677,636
77,137,140
Dallas...
457.077
Fort Worth
Galveston
Second
Feder al Reserve D istrict—New
N. Y.—Albany..
Blnghamton
Buffalo....
Elmira.
Jamestown....
5,736,170
1,659,808
35,300,000
444,241
780,922
New York.... 3,290,036,234
Rochester.....
7,919,078
Syracuse.—.
N. J.—Montclalr
4,805,963
4,399,421
4,543,549
483,739
Newark.......
Northern N. J.
18,240,821
26,308,955
Westchester Co
Conn.—Stamford
6,765,876
1,187,370
32,300,000
381,907
684,990
3,106,207,225
7,312.879
3,890,378
3,648,126
4,410,636
363,094
16,086,295
20,360,234
Wichita Falls..
254,286,304
1,999,000
York
—15.2
+39.8
+ 9.3
+ 16.3
+ 14.0
+5.9
+8i3
+23.6
+20.6
+3.0
7,978,864
7,774,610
1,162,386
1,174,764
29,700,000
38,100,000
642,558
408,691
788,426.
582,930
,483,747,962 3,253,879,368
6,778,242
7,826,150
4,206,421
3,801,659
3,672,368
2,962,105
4,407,063
3,969,947
479,002
507,111
18,072,721
17,612,874
31,779,691
27,005,372
Twelfth Feder al Reserve D Istrict—San
Wash.—Seattle..
39,256,996
Yakima.......
Ore.—Portland..
932.073
35,023,877
Utah—S. L. City
16.451,687
35,708.641
812,908
31,563,567
17,205,559
+33.2
+ 13.4
+29.2
436,509
360,143
1,087,270
370,000,000
1,123,129
+ 10.9
409.000,000
363,000,000
1,411,990
+30.0
1,598,342
+8.0
2,238,203
978,066
1,454,415
Wilkes-Barre..
York.,
N. J.—Trenton..
Total (10 cities)
421.698,305
...
Fourth
401,448
1,245,966
1,835,535
2,396,642
1,090,029
1,177,910
3,481,100
+ 12.7
2,219,541
811,406
1,094,217
+34.3
6,785,300
—48.7
377,911,847
+ 11.6
+7.6
Feder al Reserve D istrict—Clev eland
Ohio—Canton.
.
Cincinnati....
Cleveland.....
Columbus
Mansfield.....
Youngstown—.
2,195,317
70,120,338
117,499,253
11,033,900
2,153,572
2,707,742
2,088,423
57,190,799
89,756,375
10,022,400
2,099,942
2.281,035
'
3,878,017
4,494.166
—13.7
3,470,230
—10.8
Santa Barbara.
529,504
383,965
2.918.720
2,052,873
2,796,881
3,892,172
147,159,000
2,795,541
1,812,065
2,260,342
264,282.354
247,703.961
Grand
4,618,300
383,172,696
2,172,606
50,911,974
88,860,004
2,613,756
+22.6
+30.9
+ 10.1
+2.6
+ 18.7
8,441,800
1,541,390
120,345,255
107,603,722
+ 11.8
271,042,696
+20.3
262,487,915
Richmond....
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (0 cities).
Sixth Federal
Tenn.—Knoxville
Nashville.....
Ga.—Atlanta...
Augusta
Macon
Fla.—Jacks'nvllle
Ala.—Birm'ham.
MobUe
Miss.—Jackson..
575,683
3,365.000
46,836,297
1,237,284
84,409.447
29,644,873
166.068,584
68.423,650
103,631,683
12,581,500
2,564,248
3,139,593
149,575,986
342.530,416
132,687,454
+29.7
+25.2
327,668
2,285,000
+ 18.7
32,759,881
1,183,767
63,646,292
23,150,874
+ 18.8
+26.7
+32.0
372,955
2,781,000
39,426.680
1,180,035
66,124,516
24,818,809
x
4,333,393
17,884,624
62,700,000
1,197,199
928,368
19,871,000
23,984,398
1,715,105
123,353,482
134,703,995
a+14.0
+16.5
+8.3
+ 13.9
+4.5
+0.2
+14.2
+42.3
x
4,397,013
18,797,936
51,700,000
1,015,846
765,737
17,260,000
19,536.507
1,396,341
x
3,828,514
20,110,844
59,300,000
1,351,698
943,795
19,297,000
23,755,420
1,723,440
x
Vicksburg
La.—NewOrieans
128,299
112,043
+*4.5
106,152
43,645,997
36,028,317
+21.1
33,365,959
127,718
37,215,508
Total (10 cities)
189,526,008
168,754,447
+12.3
148,341,491
+6.7
234,691,660
278.851.999
3,993.848
143.095,000
6.050,382,180 5,508,592,160
+9.8 5,785.957,022 5,990,284,011
+ 14.9 2,302,209,060 2,736.404.643
Week Ended April 18
Ine.or
1940
1939
Canada—
Dec.
109,719,195
124,639,824
—12.0
Montreal
105,163,844
28,010,316
16.253,381
106,713,174
27,386,732
17,312,707
18,644,637
—1.5
Winnipeg-.-—.
Vancouver
Ottawa
—
Quebec
Halifax.—..-.
Hamilton
Calgary——
St. John—..
Victoria..—
Reglna
20.311.322
4,722,621
3,026,919
6,653,068
4,066,168
2,264,948
1,764,435
2,547,493
-
.....
Lethbridge
Saskatoon
289,423
482.315
—6.1
+8.9
+2.2
2,420,086
4,894,946
5,569,934
2,117,916
+25.1
+35.9
1,909,462
2,433,858
4,042,410
3,472,555
312,244
456,631
1,214.898
3,701,051
3,211,434
+2.3
|4,622,318
1,319,557
Edmonton.
Brandon.
1938
1937
%
—27.0
+6.9
—7.6
+4.7
—8.4
—7.5
—13,
+5.6]
86,120,828
74,424,312
43,856,481
12,809,072
14,945,031
4,022,314
2,087,143
4,727,288
4,424,413
1,854,720
1.359.167
2.135.168
3,760,096
5,465.102
371,152
372,263
+8.6
1,215,729
142.944,854
111,287,827
61,441,763
19,298,850
22.213,822
4,719,714
2.206,205
4,261,284
5,972,757
1,981,861
1,879,554
3,247.645
4,215,672
3,760,610
302,744
506,414
1,470,884
718,483
Moose Jaw
558,096
,615,695
—9.4
633.926
Brantford
856.520
898,041
—4.6
1,113,755
Fort William-
614,015
+2.9
New Westminster
575,012
271,388
588,530
733,185
596,906
566,149
230,857
Peterborough...-.
Sherbrooke
Kitchener
1,056,902
Windsor
2,752,571
Prince Albert
314.316
824,294
567,594
617,777
420,130
852,104
Moncton—
Kingston
Chatham..
Sarnia—
583,535
+0.9
676,709
1,010,486
+8.3
+4.6
803,682
582,209
501,497
211,400
560,636
679,006
962,846
2,901,913
289,135
702,286
—5.1
2,644,547
+8.7
+ 17.4
284,762
Sudbury
Total (32
*
cities)
Estimated,
x
325.109.924
+1.6
+ 17.6
771,807
651,661
234,043
660,689
723,551
1,128,331
834,876
+2.1
491,463
434,109
822,831
3,230,477
348,507
734,546
558,464
641,414
583,746
824,184
339,614,169
—4j.3
274,767.975
404,636,118
532,670
554,863
455,716
167,653,937
+13.3
+23.7
4,424,609
168,226,000
3,172,268
1,616,814
2,269,756
+4.4
Medicine Hat...
+25.2
Reserve Dlst rlct—Atlant
4,941,821
20,844,146
67,900,000
1,363,283
970,102
19,908,000
27,384,011
2,440,349
999,957
(113
London
Richm ond—
443,811
2,688,000
39,452,674
1,041,682
66,599,245
22,462,042
13,206,243
4.689.282
43,386,714
32,746,735
17,230,133
4,779,013
2,531,056
1,726,527
1.960.283
+7.0
Toronto
326,055,377
Va.—Norfolk
33,587,146
812,918
29,089,357
Clearings at—
-
+5.1
Total (7 cities).
W.Va.—Hunt'ton
total
cities).
418,840,137
Pa.—Pittsburgh.
Reserve Dlst rlct
SCO
Outside New York 2,760,345,946 2,402,384.935
304,805
1,338,610
406,000.000
1,451,287
2,330,572
1,036,108
1,672,286
3,793,000
1,751,413
108,808,728
Fifth Federal
—4.4
157,501,000
San Jose.
.
.
+ 11.0
.Pasadena.....
San Francisco.
Total (10 cities)
Third Federal Reserve Dist rlct—Philad elphia
607,994
578,931 —12.3
r
Bethlehem
536,698
+8.1
496,254
Chester
426,431
+9.0
391,079
Philadelphia...
Reading......
Scr&nton—
+9.9
+ 14.7
+6.2 3,586,928,306 3,372,092,879
Pa.—Altoona
Lancaster.*
Franci
Calif.—L'g Beach
Stockton
Total (13 cities) 3,400,658,901 3,203,598,909
+ 11.8
No figures available.
+6.6
+11.3
—7.8
735,181
469,601
Volume
The Commercial & Financial Chronicle
150
TREASURY CASH AND CURRENT LIABILITIES
The cash
Mar. 30,
taken
are
States
holdings of the Government
1940,
as
UNITED
the items stood
the following.
set out in
are
The
The figures
the
Treasury Mar. 30, 1940.
ASSETS
Assets—
AND
LIABILITIES
GOLD
3% Panama Canal loan of 1961....
3% Conversion bonds of 1946-47
518,432,773.101.19
Total
as
reserve
1,800,000,000.00
...
334% bonds of 1943-45....
334% bonds of 1944-46
3% bonds of 1946-48
3 4% bonds of 1949-52
2H% bonds of 1955-60
2)4% bonds of 1945-47
254% bonds of 1948-51
254% bonds of 1951-54
254% bonds of 1956-59
$142,689,009.54
190,285,659.81
332,974,669.35
Total
$18,432,773,101.19
.
•
Assets—
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518.737,650.00
1,035,874,400.00
491,375,100.00
2,611,093,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,827,050.00
3bonds of 1941
$18,099,798,431.84
In working balance
SILVER
,
(os.l,028,085,993.3)
2
$1,329,242,496.40
498,747,009.00
Silver dollars (os. 385,749 639 8)
Total
$1,827,989,505.40
Liabilities—>
.
....
Treasury notes of 1890 outstanding
Silver in general fund
$1,771,550,028.00
1,163,472.00
55,276,005.40
-
.
Total
'
GENERAL
W7g bonds of 1949-53
1,786,140,650.00
234% bonds of 1945..
234% bonds of 1948
254% bonds of 1958-63
2)$% bonds of 1950-52
254% bonds Of 1900-65
2% bonds of 1947
2% bonds of 1948-50
2)4% bonds of 1951-53
•
571,431.150.00
1,118,051,100.00
Series A 1935
$332,974,669.35
........
...
Minor coin
notes......
notes
...............
...
Series D-1939..
Series D 1940.
3,043,858.86
.
Reserve
Series C-l938..
489,703.71
631,527,520.26
.
....
Series C-1937..
7,276,262.80
....
$175,116,313.75
320,418,582.25
418,374,963.25
504,878,104.75
838,503,088.00
308,169,937.50
141,120,702.73
Series B-1936..
55,276,005.40
Subsidiary coin (oz. 5,263 466 6)
Bullion—At recoinage value (oz. 354 239.4)
At cost value (oz. 1,252,260,5'i4.5)_a
Unclassified sales
2,376,446.00
...
Adjusted service bonds of 1945..
772,494.00
$267,987,218.50
170,242.00
National bank notes
Special de positarles account of sales of Government securities..
National and other
Adjusted service bonds:
(Government life insurance fund series)
15,888,790.21
733,858,310.45
.....
Deposits in—Federal Reserve banks
To credit of Treasurer United States
Total bonds
45,014,725.11
;
To credit of other Government officers
To credit of other Government officers
1)4%
1)4%
1 )4%
1 H%
1)4%
154%
2%
154%
1)4%
1)4%
54%
1%
296,280.71
Total
1,707,004.99
$2,695,771,242.55
Liabilities—
.
Treas
rer's checks outstanding
Deposits of Government officers—Post Office Department..
$5,128,595.42
4,244,422.70
£m
lawful money
reserve,
59,300,000.00
29,564,212.08
72,837,693.76
11,028,422.86
Other deposits
Uncollected items, exchanges, Ac
series B-1940,
series C-1940,
series A-1941,
series B-1941,
series C-1941,
series A-1942,
maturing June 15? 1940..
maturing Dec. 15,1940..
maturing Mar. 15, 1941..
20,414,414 01
737,161,600.00
maturing June 15, 1941..
503,877,500.00
maturing Dec. 15,1941..
maturing Mar. 15, 1942..
204,425,400.00
426,349,600.00
342,143,300.00
232,375,200.00
629,116,900.00
420,973,000.00
415,519,500.00
670,707.600.00
series B-1942, maturing Sept. 15, 1942..
series C-1942, maturing Deo. 15,1942..
series A-l943, maturing June
series B-1943, maturing Dec.
series A-1944, maturing June
series B-1944, maturing Mar.
1%
series C-l944, maturing Sept.
J4% series A-1945.maturing Mar.
Board of trustees, Postal Savings System:
Postmasters, clerks of courts, disbursing officers, Ac
...$30,578,813,087.13
-
Treasury Notes—
37,601,286.20
'
Philippine treasury—To credit of Treasurer United States
500,157,956.40
768,145,174.90
814,481,000.00
bank depositaries:
"Foreign depositaries—
15,1943..
15,1943..
15,1944..
15, 1944..
283.006,000.00
fund notes:
;
\.-i
2,513,667,895.73
The weight of this item of silver bullion is computed on the basis of the average
cost per ounce at the close of the month of
February, 1940.
ance
,
:
,
1,429,200,000.00
trust fund series, maturing June 30
1944
i,
Railroad retirement account series,
turing June 30, 1942 to 1944
seigniorage represents the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver cer¬
tificates issued on account of silver acquired under the Silver Purchase Act of 1934
-
•
«
...
141,000,000.00
3%
Note I.—This item of
ma¬
77,200,000.00
4% Civil service retirement fund, series 1940
and under the President's proclamation dated Aug. 9, 1934.
to 1944
Note 2—The amount to the credit of disbursing officers and certain agencies today
was
,
3% old-age reserve account series, maturing
2)4% Federal old-age and survivors lnsur-
June 30, 1941 to 1944
a
;
\
$2,695,771,242.55
Total..
V
.
Federal old-age and survivors insurance trust
576,961,324.64
1,794,017,561.55
/
718,014,200.00
$6,125,294,800.00
$142,689,009.54
Seigniorage (silver) (see Note 1)
Working balance
,
'
515,210.900.00
15. 1944..
15,1945..
$182,103,346.82
Balance today—Increment on gold (as above)
v
•
2.706,581,762.23
13,016,642.50
.....
Federal Reserve bank notes..
Unclassified—Collections, Ac
C
26,907,804,900.00
—
U. S. Savings bonds (current redemp. value):
FUND
Gold (as above")
Silver—At monetary value (as above)
United States
540,843,550.00
450,978,400.00
918,780,600.00
1,185,8 1,700.00
1,485,385,100.00
701,074,900.00
......
$1,827,989,505.40
.
Assets—
'
*
...
Silver certificates outstanding
the
$758,945,800.00
3H% bonds of 1940-43
3H% bonds of 1941-43
3H7o bonds of 1946-49
3% bonds of 1951-55..
by sliver dollars In Treasury.
Balance of increment resulting from reduc¬
tion in the weight of the gold dollar
of
$196,281,260.00
Gold in general fund:
5%
debt
made up on the basis of
$49,800,000.00
28,894,500.00
117,586,760.00
...
Postal savings bonds (19th to 49th ser.)
,
Exchange stabilization fund
;
1940
public
as follows:
4M% bonds of 1947-52
4% bonds of 1944-54
354% bonds of 1946-56
3H% bonds of 1943-47
8,238,860.27
156,039,430.93
:
ury notes of 1890 are also secured
THE
Treasury bonds:
$2,883,343,959.00
13,252,176,181.64
Note—Reserve against $346,681,016 of United States notes
and $1,163,472 of Treasury notes of 1890 outstanding.
Treas¬
Federal
the
of
OF
$18,432,773,101.19
Liabilities—
Gold certificates—Outstanding (outside of Treasury)
Gold certificate fund—Board of Governors, Fed. Res. System.
Redemption fund—Federal Reserve notes
r
STATES, MARCH 31,
preliminary statement
daily Treasury statement, is
2)i%
Silver
STATEMENT
Bonds—
Gold (oz. 526.65J.660 0)
Gold
DEBT
United States MaMi 31, 1940,
entirely from the daily statement of the United
CURRENT
2667
PRELIMINARY
4%
534,500,000.00
Foreign
Service retirement fund, series
1940 to 1944.
$2,455,023,888.37.
3,776,000.00
4% Canal Zone retirement fund, series 1940
COMPARATIVE PUBLIC
to
DEBT STATEMENT
(On the basis of daily Treasury statements)
/
Aug
31, 1919,
Dec. 31, 1930,
When War Debt
Lowest Post-War
Was at Its Peak
Debt
Computed
per
of
rate
annum
on
-
738,000.00
maturing
71,500,000.00
Government
life
insurance
fund series,
Deposit
Federal
Insurance
3,259,000.00
......
Corporation
,
71,000,000.00
series, maturing Dec. 1, 1943 A 1944.......
16,026.087,087.07
12.36
250 18
2.395
4.196
3.750
8,461,643,800.00
129.66
Certificates of Indebtedness—
interest
interest-
bearing public debt (%)
2%
2%
1,282,044,346.28 26,596,701.648.01
Gross public debt per capita
Savings System series,
Postal
June 30. 1942 to 1944
maturing June 30, 1943 and 1944
%
Gross public debt...;
4,176,000.00
4% Alaska Railroad retirement fund series,
maturing June 30, 1941 to 1944
2%
Mar. 31, 1917,
Pre-War Debt
1944..
4%
.
Obligations of governmental
Adjusted service certificate fund series,
maturing Jan. 1, 1941
2H%
$12,300,000.00
1,622,000,000.00
the United States:
Matured
1,634,300,000.00
1,308,557,000.00
Treasury bills (maturity value)
Unmatured
principal-a..
prin. A int. for
Total interest-bearing debt outstanding...
which cash has been de¬
-
Unemployment trust fund series, ma¬
turing June 30, 1940
agencies guaranteed by
$41,983,313,887.13
posited with or held by
Matured Debt on Which Interest Has Ceased—
Treasurer of the U. 8. b
General fund balance.c
74.216.460.05
1,118,109.534.76
306.803,319.55
Feb. 29. 1940.
Last Month
Mar. 31, 1940
matured—issued prior to April
(excluding Postal Savings bonds)
Old debt
1917
Mar. 31, 1939,
A Year Ago
bonds of
Gross public debt
39,985,224,003.07 42,365,353,180.07 42,540,013,233.04
Gross public debt per capita
Computed
rate
per annum on
of
2.603
2.608
2.597
Treasury notes, at various rates of interest..
Ctfs. of Indebtedness, at various Interest rates
Treasury bills
Treasury savings certificates
5,410,011,360.32
5,621,328,848.07
164,780,815.26
Debt Bearing No Interest—
United States notes...
held by
4,151,845.83
3,389,478,830.64
50,480,040.04
42.752,259.87
2,349,700,330.13
2,513,667,895.73
Less gold reserve...
346,681,016.00
156,039,430.93
.......
"
190,641,685.07
r
a Does not include obligations owned by the Treasury as follows: Mar. 31, 1939,
$389,828,378.43; Feb. 29, 1940, $68,272,500; Mar. 31, 1940, $70,272,500.
b Amounts are Included In the general
fund balances shown herein,
on
and after
Sept. 30, 1939.
c
1,198,500.00
1,916,900.00
15,611,800.00
593,000.00
47,424,400.00
3,985,200.00
78,271,000.00
209,125.00
5,623,816,130.28
which cash has been de¬
or
Second Liberty Loan bonds
4)4% Third Liberty Loan bonds of 1928
4)4% Fourth Liberty Loan bonds of 1933-38.
354% and 454% Victory notes of 1922-23...
the United States:
posited with
and 4)4%
of 1927-42
322.54
int.-bearing
Treasurer of the U. S.b
4%
35,440.00
11,654,750.00
321.41
public debt (per cent)..
Obligations of governmental
agencies guaranteed by
General fund balance.c
$3,880,700.28
1932-47
305.39
interest
Unmatured principal, a
Matured prin. A int. for
1,
2)$% Postal Savings bonds
8)4%, 4%, and 4)4% First Liberty Loan
Deposits for retirement of National bank and
Federal Reserve bank notes
195,471,618.50
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassi¬
fied sales, Ac.
Includes amounts held by the Treasurer of the United States, as shown above,
2,029,340.83
3,775,986.25
*
391,918,530.65
for the payment of the
principal of and interest on matured obligations guaranteed
by the United States, on and after Sept. 30, 1939.
/
Total gross debt
$42,540,013,233.04
The Commercial & Financial Chronicle
2668
April 27, 1940
COMMON CAPITAL
RATES
EXCHANGE
FOREIGN
STOCK
REDUCED
Amt. of
Pursuant to the
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
cable transfers in the different countries of the world.
give below
a
RATES
BY
CERTIFIED
15—Valley 8tream National Bank &
Stream, N.Y.
From $150,000 to $100,000
COMMON
1940, TO APRIL 26,
20,
1940,
STOCK
Reduction
Valley
$50,000
Co.,
INCREASED
Amt. of Increase
April 16—The Citizens National Bank of Lansford, Lansford, Pa.
From $90,000 to $100,000
$10,000
FEDERAL
RESERVE
REDEMPTION
BANK TO TREASURY UNDER TARIFF ACT OF 1930
APRIL
CAPITAL
Trust
—
record for the week just passed:
EXCHANGE
FOREIGN
We
April
CALLS
AND
SINKING
FUND
NOTICES
INCLUSIVE
Below will be found
Noon Buying Rate for Cable Transfers in New York
Value In United Stales Money
Country and Monetary
a list of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks
Unit
Apr. 20
Apr. 22
Apr. 23
Apr. 24
Apr. 25
Europe—
%
%
$
$
$
%
Belgium, belga
.167718
.167694
.168088
.168405
.168661
.168766
a
a
a
a
a
a
a
a
a
a
a
a
Bulgaria,
lev
Czecboslov'la, koruna
Denmark,
krone
a
a
a
a
Apr. 26
a
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free..
3.525694
3.632777
3.524166
3.494305
3.508760
3.510138
Finland, markka
.017666
.017666
.017833
.017500
.017833
.018500
France, franc
Germany, relchsmark
.019980
.020018
.019972
.019797
.019890
.019891
.401133*
.401050*
.401133*
.401250*
.401133*
.401133*
Greece, drachma
.006531*
.006607*
.006631*
.006518*
.006518*
.006518*
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone.....
Poland, zloty
Portugal, escudo...
.175787*
.176830*
.176830*
.175787*
.175830*
.175830*.
.050450
.050457
.050425
.050443
.050444
.050433
.530755
.530783
.530788
.530794
.530833
.530961
a
a
a
a
a
a
.033950
.033950
.034025
.034100
.034000
.033921
b
b
b
b
b
b
a
.091304*
.091304*
.091304*
.091300*
.091300*
Sweden, krona
.236700
.236500*
.236840
.235083*
.235100*
.235000
Switzerland, franc...
Yugoslavia, dinar...
.224150
.224172
.224161
.224127
.224172
.224194
.022435*
.022415*
.022435*
.022435*
.022435*
.022440*
...
.091300*
Asia—
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
a
a
.059925*
.059687*
.059637*
.059075*
.069487*
.059325*
Hongkong,, dollar.
.218362
.218587
.218556
.216593
.216968
.217043
India (British) rupee.
.301921
.301736
.301979
.301665
.301825
.301704
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
Straits Settlem'ts, dol
Australasia—
.471356
.471356
.471356
.471356
.471356
.471356
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Australia, poundFree
2.810000 2.814375 2.807916
3.784166 2.795416
2.796666
New Zealand, pound. 2.821250* 2.826250* 2.819375* 3.795416* 3.806666*
2.807916
Africa—
South Africa, pound
North America-
3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
Canada, dollar.909090
.909090
.909090
.909090
.848359
.848281
;846250
.837578
.843984
.848671
.166450*
.166575*
.166575*
.166512*
.166637*
.166637*
peso
Newfoundl'd, dollar.
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.845625
.845626
.843750
.835312
.841093
.846406
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050000*
.050333*
.050333*
.050000*
.050333*
.050333*
Official
.051650*
.051650*
.051650*
.051650*
.051650*
Export..........
.051616*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
South America—
Argentina, peso.....
Brazil, mllreis—
Official
Free
Chile,
.......
peso-
Colombia, peso
Uruguay, peso—
.569850*
.569850*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.391000*
.391000*
.391000*
.391000*
.391000*
.391000*
a
No rates available,
ENGLISH
b
FINANCIAL
Temporarily omitted.
MARKET—PER
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Apr. 20
Silver, per oz__ Closed
Gold, p. fine oz.
168s.
Consols, 2^%. Closed
British 3%%
1960-90
The
States
Mon.,
5s
„
Elgin Joliet & Eastern Ry. 4%% bonds
Equitable Office Building Corp. 5% debentures
the
£109%
same
34%
(newly mined) 71.11
Fairbanks, Morse & Co. 4% debentures
Freuhauf Trailer Co. 4%% notes
Gar lock Packing Co. 4%% notes
Inland Steel Co. 1st mtge. 3%b
International Agriculture Corp. 1st mtge. 5s
*
Kanawha
Kansas Gas & Electric Co. 1st mtge. bonds
Kansas Oklahoma & Gulf Ry. serial notes
*
Bridge & Terminal Co. bonds
June
May 25
June
1
£9QH
£109%
per
£110%
£99 %
£110%
we
£110%
days have been:
34%
34%
34%
71.11
71.11
71.11
'
34%
34%
71.11
following securities
were
on
Wednesday
we
show
the
National
Press
common and one
Share
47W
$25
48
I
I
Building 3-5s,
share preferred
21V.
1%
~V
$2,000 Chicago North Shore & Milwaukee RR.
1st <fc ref. 6s, Jan. 1,
series A
•
$1,000
ver
Bank, Boston, par $12%
78 Union Theatre, Inc.,
preferred
Bonds—
April
15,
Then
we
follow with
a
second table in which
are:
2
Percent
1955
G,
f,
t
19~50, reg"" with "one" share
73^- & infc
Alberta Wood Preserving Co. preferred
(quar.)
Algoma Steel Corp. 5% preferred
(quar.)
Payable in U. S. funds.
American Arch Co
American Forging & Socket Co
American Home Products Corp
American Locomotive preferred
American Metal Co., Ltd
NATIONAL BANKS'
following information regarding National banks is
the office of the
Comptroller of the Currency, Treasury
Department:
CAPITAL STOCK PAID
April 13—City National Bank of Fairmont,
Fairmont, W. Va
PREFERRED STOCK "A" DECREASED
April IS—Valley Stream National Bank &
Stream, N. Y.
From $275,000 to
$137,500
Trust
^$8?891
Co./vaiteyDecrease
.$137,500
PREFERRED STOCK "B"
DECREASED
April 15—Valley Stream National Bank &
Trust Co
Valley
Stream, N. Y.
From $100,000 to
$50,000
July
2 June 26
May 15 May
1
June
5 May 20
June
1 May 15
25c
June
12%c
June
20c
June
$1
25c
June
50c
American
50c
May
May
May
American Steel Foundries
American Tobacco Co. com. and com. B (qu.)
Animal Trap Co. of America preferred (quar.).
2nd preferred
Bankers & Shippers Insurance Co. (N. Y.)
Berland Shoe Stores, Inc. (quar.)
7%
preferred (quar.)
Bethlehem Steel Co
7% preferred (quar.)
Corp., Ltd., 5% pref. (quar.)
Blue Ribbon
Bonwit Teller 6% preferred (quar.)
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light Co. (quar.)
Brink'8, Inc
Burlington Mills Corp
25c
June
June
$1%
June
87 %c
20
20
14*
15
7
21
21
4
19
3
60c
Argo Oil Co
Corp. 7% pref. (quar.)
Armstrong Cork Co. (interim)
Preferred (quar.)
Associated Dry Goods 1st pref. (quar.)_
May
June
Smelting & Refining
,
50.000
Holders
Preferred (quar.)
American News Co. (bi-monthly)
American Paper Goods
Barber Asphalt Corp
Barasdall Oil Co
IN
$15*
$1%
t$15*
$1%
When
Payable of Record
May
May
May
May
May
May
May
Apr.
May
Artloom
The
Per
Share
May
May
Apr.
$1%
June
25c
June
May 10
Apr. 20
Apr. 26
Apr. 26
May 15
May
6
$1
June
June
$15*
til 5*
$15*
June
May 10
June
15c
Arkansas Natural Gas preferred
from
2592
1789
2441
2747
2596
2130
2423
2278
2131
2131
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.
Preferred
®
par
2592
2592
2268
1455
dividends
Aluminium, Ltd
Stocks
Light Co.,
1453
grouped in two separate tables.
In the
bring together all the dividends announced the
Name of Company
sold at auction
2 Sierra Pacific Power Co.
common, par $15..
65 Union Theatre, Inc., common..
1289
2112
2738
Volume 149.
The dividends announced this week
By R. L. Day & Co., Boston:
18 Royal Worcester Corset Co
2 Fltchburg Gas & Electric
2586
2263
2109
2111
1608
2590
71.11
of the current week:
100 First National
2731
843
2106
2584
2261
2431
2108
2261
2108
2586
are
current week.
(in cents) in the United
ounce
Dividends
first
£74%
£99 9-16
x
2730
2730
2258
DIVIDENDS
168s.
£74%
£100K
Announcements this week,
Fri.,
20 13-16d.
168s.
£74
*
.
Shares
1
2088
2089
x3713
275
x3714
x3714
2252
2252
2724
2424
2098
2425
2729
2257
2730
Kresge Foundation 10-year notes
June
1
*
Liquid Carbonic Corp. 10-year 4% debs
June 15
Louisville & Nashville RR., unified 50-year 4s
July
1
Mead Corp. 6% bonds
May
1
Micromatic Hone Co. preferred stock
June 15
Miehle Printing Press Sc Manufacturing series A debs
May
1
Missoula Gas & Coke Co. 1st 7s, 1944
May
1
Montana-Dakota Utilities Co. 4%% bonds
May
1
Mortbon Corp. of N. Y. series A bonds
June
1
National Dairy Products Corp. 354% debentures
May
1
New England Power Co. 1st mtge. 3 %b
May 15
New Jersey Water Co. 1st mtge. 5s
June 18
New Orleans Public Service, Inc. gen. lien bonds.
Apr. 30
Newport Water Co. 5% gold bonds
May
1
Northern Indiana Gas & Electric Co. 1st mtge. 6s
May
1
Northwestern Electric Co., 1st mtge. bonds
May
1
Ogden Corp. 5-year debentures
...May 18
Ohio Electric Power Co. 1st mtge. 5s__l
June
1
Pacific Atlantic Steamship Corp.—
•
Marine equipment bonds
May
1
*
Paris-Orleans RR. 6% bonds
June
1
Richmond-Washington Co. 4% bonds
June
1
St. Louis Public Service Co. 1st mtge. 5s
May
9
Safeway Stores, Inc., preferred stock
July
1
San Jose Water Works 1st mtge. 3%s
June
1
Skelly Oil Co. 6% preferred stock
May
1
Swift & Co. 1st mtge. 3%b
May 15
Telephone Securities. Ltd. 5%% notes
..May 15
Thompson Products, Inc., conv. pref. stock
May 11
*
Toledo Edison Co. 4% debentures
May 23
United Biscuit Co. of America 5% debentures
May 13
United Wall Paper Factories, Inc., 1st mtge. 6s
..May
1
West Indies Sugar Corp. 1st mtge. 6s
June 7
Wheeling Electric Co 1st mtge. 5s
May
1
Wisconsin Telephone Co. 7% pref. stock
Apr.
30
Youngstown Sheet & Tube Co. 1st mtge. bonds
May
1
AUCTION SALES
The
June
1
May
1
June
1
May
7
May 31
May 10
June 20
May
1
«.
*
Apr. 26
20 15-16d.
168s.
£72 %
£99 13-16
Thurs.,
Apt. 25
21d.
168s.
£72^
Closed
Wed.,
Apr. 24
Apr. 23
20 15-16d.
168s.
Closed
on
Tues.,
Apr. 22
21%d.
price of silver
BarN.Y. (for.)
U. S. Treasury
mortgage
...
•Nominal rate,
War Loan...
British 4%
1st
Colgate-Palmolive-Peet Co. 6% preferred stock
Colorado Power Co. 1st mtge. 5s
Consumers Power Co. 1st mtge. 3 %s
Denver Gas & Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds
...
Controlled
as
.
Brooklyn Borough Gas Co., 5% bonds
*
Chicago Daily News, Inc. 5% debentures
*
Cincinnati Gas & Electric Co. 1st mtge. 3%b
Clear Spring Water Service Co. $6 preferred stock
_
Official
Free
Mexico,
2717
2718
2088
Baiaban <fc Katy Corp. 7% pref. stock
Bedford Pulp & Paper Co., Inc. 1st mtge. 6%s
Bethlehem Steel Corp. consol. mtges. 45*s
*
Tientsin (yuan) dol.
Official
May 25
June
1
May 27
May 27
May 21
May
1
May
1
May
1
-—May
1
Anaconda Copper Mining Co. 4%% debentures
Anchor Hocking Glass Corp. $6.50 pref. stock
*
a
Shanghai (yuan) dol
Page
2406
2245
2409
2247
2248
2248
2248
1928
(Walter E.) Heller & Co. 4% notes
a
a
Date
Sept. 1
May
3
May 15
Apr. 30
May 31
June
1
July
1
May 15
Allied Owners Corp. 1st lien bonds
Official
Spain, peseta
Company and Issue—
Alabama Power Co. 1st mtge. 5s
Engl'd, pound eterl'g
Rumania, leu
of
...
1
15c
June
125*c
$15*
$15*
$15*
625*c
May
May
May 10
May
6
May
7
May 20
Apr. 20
Apr. 20
June
May 10
June
15c
July
May
May
25c
May
May
7
Apr. 20
Apr. 25
15c
June
June
1
50c
June
June
14
$15*
Apr.
May
Apr. 20
May
4
25c
Volume
The Commercial & Financial Chronicle
ISO
Per
Name of Company
Share
Butler Manufacturing Co
50c
Buckeye Pipe Line Co
$1
25c
Byron Jackson Co
Callaway Mills
Canada Malting Co., Ltd. (quar.).
15Hc
50c
Canada Wire 3c Cable class B.
6H % preferred (quar.).
_
25c
$1H
_
Canadian Exploration (s.-a.)_
10c
Carman & Co., Inc., class A (quar.).
Catelli Food Products-
50c
Preferred
25c
38c
(s.-a.K
Central Vermont Public Service $6 pref. (quar.)_
Chain Belt Co
$1H
25c
Chile Copper Co
50c
Cleveland & Pittsburgh RR. 4% gtd. (quar.)...
7% guaranteed (quar.)
Colgate-Palmolive-Peet Co. pref. (initial)
50c
Apr. 25 Apr. 22
June 15 May 24
May 15 Apr. 30
Apr. 20 Apr. 10
June 15 May 31
June 15 May 31
June 15 May 31
Apr. 15
May
June
May 15
May 31 May 21
May 31 May 21
May 15 Apr. 30
Apr. 25 Apr. 10
May 28 May 10
June
May 10
June
May 10
_
_
Consolidated Diversified Standard Securities—
June
.
8
I
1
Petrolite
Peerless Woolen Mills 6 H % pref.
Piedmont & Northern Ry
50c
15
15
June
May
May
May
May
May
June
June
June
June
Dec.
May
May
July
May
May
May
May
May
Huston (Tom)
Peanut Co. (quar.),
7% preferred (s.-a.)
Idaho-Maryland Mines (monthly).
Illuminating Sc Power Securities Corp. (quar.)..
7% preferred (quar.)
Indiana Associated Telephone $6 pref. (qu.)_.
$5 preferred (quar.)
Ingersoll-Rand Co
International Ry. of Central America—
5% cumul. preferred
Kable Bros., preferred (quar.)
Kansas City Stock Yards (quar.)
Preferred (quar.)
Kansas Power & Light 7% preferred.
6% preferred
Kayser (Julius) & Co.
K W Battery
Life Savers Corp. (quar.).
Lindsay Light & Chemical.
Loblaw Groceterias A & B (quar.).
Class A & B (extra)
Lock Joint Pipe (monthly),
Monthly
Monthly
Preferred (quar.).
Lord & Taylor 1st pref. (quar.).
Luzerne County Gas & Electric—
p.).
7% preferred (quar.
'•)■
-
June
t$l H
S1H
|i g
$1H
25c
5c
40c
15c
25c
12
%
(quar.).
$5 preferred (quar.).
$1
June
$2
$1H
July
$1H
$1X
May
May
May
May
May
May
May
May
35c
40c
(quar.).
10c
Manhattan Shirt Co
Marine Bancorporation, fully partic. (quar.)
Initial stock (quar.)
25c
30c
30c
Mayfair Investment Co. (quar.).
75c
Midland Steel Products.
50c
$2 dividend shares.
June
$1
$1H
50c
15
15
May 16
June
15
15
15
15
29
4
June 20
May 10
Apr. 30
Apr.
May
30
1
Apr. 20
May
6
May 10
Apr. 20
May 21
27c
$3
25c
40c
National Biscuit Co.."
$1*4
(quar.)
National Credit Co. (Bait., Md.), cl. A (quar.)..
New York Stocks, Inc. (special stocks)-
Agricultural industry series
Alcohol and dist. industry series.
Automobile industry series.
Aviation industry series.
Bank stock series.
"
IHc
June
...
Preferred (quar.)
Tide Water Assoc. Oil Co.
25c
$1H
37 He
56c
Co. (quar.)
*18
(quar.)
——i-
.•
Bank & Trust Co. (Phila.)
United Engineering Sc Foundry
Preferred (quar.)_._.
10c
$1
$1H
$1H
t75c
50c
Co. (quar.)
%IH
$2 A
United Gas Corp. $7 preferred
United Gas Improvement (quar.)—
Preferred (quar.)
.....
— .
25c
S1H
50c
United States Playing Card Co
25c
Co. (quar.)
(quar.)
$1H
t62Hc
Universal Winding, 7% pref.
Walker & Co. class A
Foundry & Pipe
50c
±
Wentworth Mfg. Co., preferred (guar.)
Westchester Fire Insurance (N. Y.) (quar.)
...
25c
30c
10c
Extra
Westinghouse Electric & Mfg
Participating preferred
Weymouth Light & Power Co..
Whitaker Paper Co
Preferred (quar.)
;
White (S. S.) Dental Mfg. (quar.)
Below
we
87Hc
87 He
—
...
—_
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
19
Per
Name
Apr. 30
30
4
10
8
3
10
19
19
20
1 June
Share
of Company
Adams (J. D.) Mfg. Co.
15
1
May
May
May
July
July
July
1
1
1
10
1
1
1 June
14
May 28 May 15
1 Apr. 18
May
1 June 25
July
May 31 May 18
Apr. 30 Apr. 19
July 15 June 14
May 31 May 14
May 15 Apr. 30
25 May
25 May
25 May
15 June
1
1
Apr.
Apr.
8
19
--
1
1 Apr. 22
June 30 June 15
May
Aloe
(A. S.) Co. (quar.)--_,_.
Aluminum Mfg.. Inc. (quar.).
Quarterly.
Quarterly.
Sept. 30 Sept. 15
Dec.
31 Dec.
June 30 June
31 Dec. 15
1 Apr. 16
May
Apr. 30 Apr. 15
15 Apr. 25*
May
Dec.
Amalgamated Sugar Co., 5% pref. (quar.).
Amerada Corp. (quar.)
American Can Co. (quar.)
June
Preferred
15 June
15 June
4
May
1 Apr.
11
June
American Chain & Cable
(quar.)
Light $3 class A (qu.)_
1-32 sh. of cl. B stk., or, at holders' opt,, cash.
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
--t
American Factors, Ltd. (monthly)
American & Foreign Power Co., Inc., $6 pref--.
$7 preferred
American General Corp., $3 conv. pf. (quar.)-$2H conv. preferred (quar.)
$2 conv. preferred (quar.)...
American Cities Power &
American Home Products Corp
Traction (quar.).
(quar.)
American Light &
25 May
American Paper Goods Co.
25 May
25 May
7% preferred (quar.).
7% preferred (quar.).
Amer."Rad. & Standard Sanitary, pref. (quar.)..
American Smelting & Refining, 7% pref. (qu.)>.
Apr. 30 Apr.
American Stove Co
May
25 May
25 May
25 May
Preferred
—
Machine & Foundry Co..
American Meter Co., Inc
7% pref. (quar.)
American Thermos Bottle class A—
American Zinc Lead &
Sept. 16 Sept.
5
Dec.
—
$1X
3lHc
16 Dec.
5
June
Smelting, prior pref
Anchor Hocking Glass
;
Anglo-Canadian Telep. Co. 5H % Pref. (quar.)..
Appleton Co. (quar.)
Preferred (quar.)
Associated Telephone Co., Ltd., pref. (qu.)____
4
1 May 25
June
Sept. 1 Aug. 25
May 10 Apr. 30
June 15 May 25
June 15 May 25
June
1 May 15
1 May 15
June
1 May 15
June
1 Apr. 15*
May
1 Apr. 16
May
1 Apr. 16
May
1 Apr. 15
May
June 15 May 29
5
June 15 June
American
25 May
25 May
15
15
Sept. 30 Sept. 15
25 May
25 May
25 May
25 May
25 May
25 May
1
1 Apr.
May
May
—
25 May
25 May
25 May
15
19
June 25 June
(quar.).
(quar.)
Alabama Power Co., $5 pref.
14
1 June
Alaska Juneau Gold Mining
1 Apr.
June
Adams-Millis Corp
Aetna Ball Bearing Mfg,.*
Alpha Portland Cement
Holders
When
Payable of Record
May
May
(quar.).
14
21
15
3
15
15
and not yet paid.
The
nounced this week, these
May 17
Apr.
May
May
May
May
May
May
May
Apr.
Apr.
Apr.
June
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
--
-
$1H
June 21
1 May 20
Mutual Investment Fund
Preferred (quar.)
Swan-Finch Oil, preferred (quar.)
Universal Insurance
60c
10c
Straits Manufacturing
Warren
June
40c
40c
—
United Chemicals, Inc
Apr.
May
June
Metropolitan Storage Warehouse (quar.).
Midland Grocery 6% preferred (s.-a.)
Motor Finance Corp. (quar.).
25c
(quar.),
Standard Oil of Kansas
Tradesmens National
10 May 25
10 May 25
30c
50c
Tobacco & Allied Stocks, Inc......
— .
Towne Securities Corp. 7% cum. preferred___.
$1
(quar.).
50c
$1H
Tampa Electric
25c
Extra
75c
(quar.)
Sierra Pacific Power, preferred (quar.)
Simms Petroleum Co. (liquidating)
Sioux City Gas & Electric, preferred (quar.)
South Bend Lathe Works (quar.)
Spokane Portland Cement
Extra.
20c
35c
$1K
Preferred
June
May 15
May 31
May 17
-
25c
Sherwin-Williams Co
Stromberg-Carlson Telephone Mfg., pref (qu.)__
Sun Oil Co. (quar.)
June
Monroe Auto Equipment Co.
^
May
2
May
1
May
1
May 17
$2
50c
8% preferred.
Minneapolis-Honeywell Regulator (quar.).
8/
Stamford Water
14
50c
68 He
50c
50c
May 20
May
6
May
6
May 15 May
8
May 15|Apr. 15
I
May
May
1
July
1
July
May
May
4
May
6
May
June
May
1
May
3
May
June
May 10
Apr.
May
50c
25c
Lynch Corp
Apr.
Apr.
10c
25c
t$2H
$1H
25c
1 May
May" 14
40c
25c
Servel, Inc
iJune
Common.
Hearn Dept. Stores, preferred
$1%
1
May
July
Sept.
Tobacco industry series.
(s.-a.)
1
June
24
Apr. 30 Apr. 25
Apr. 30 Apr. 25
June
1 May 14
Apr. 26 Apr. 25
May
1 Apr. 20
June
1 May 15
Apr. 20 Apr.
5
May 27 May 14
May 20 May
1
June 15 May 31
May
1 Apr, 24
May
1 Apr. 25
June 13 May 23
May 15 May
4
May 15 May
6
May 20 May 13
May 15 May
8
Apr. 30 Apr. 23
May
1 Apr. 25
Apr. 30 Apr. 20
Apr. 30 Apr. 20
May 15 May
2
May
1 Apr. 19
June
1 May 16
May 15 Apr. 30
June
1 May 15
May
1 Apr. 25
May 15 May
3
May 10 Apr. 30
June
1 May 15
Apr. 15
May 15 May
4
May
4 Apr. 29
Apr. 29 Apr. 24
June
1 May 15
June 15 May 25
June
1 May 10
June
1 May 15
May 15 Apr. 30
May 15 Apr. 30
June
1 May
8
June
1 May
8
May 15 May
6*
May
4 Apr. 26
May
1 Apr. 23
June
1 May 10
May 14 May
3
May 14 May
3
June
1 May 10
June 29 May 31
June 29 May 31
July
1 June 15
June
1 May 15
May
1 Apr. 22
June
1 May 20
June
1 May 15
May 15 May
1
May
1 Apr 20
May
1 Apr. 20
May 29 May
7
May 29 May
7
Apr. 30 Apr. 18
July
1 June 15
July
1 June 15
May 14 Apr. 29
30c
Corp., Ltd. (Del.)__
10 June
May
May
17
24
June
10c
10 June
1 May
1 May
1 May
15
20
20
20
20
June
$1J4
t$lH
Sagamore M fg. (quar.)
St. Louis Car 7% pref. (quar.)
;
St. Louis Refrigerating & Cold Storage Co
6% partic. pref.^semi-annual)._
San Carlos Milling Co. (monthly)
Security Insurance Co. (N. H., Conn.), (qu.)
June
May 25 May
June
1 May
June
1 May
June
1 May
June
1 May
July
1 June
June 20 May
June 20 May
May 11 May
50c
June
June
19
25c
1
May 11
Apr. 26
1 Apr.
6c
Risdon Mfg
Saco-Lowell Shops, Inc
A conv. pref. (quar.)
June
series.
Pacific Fire Insurance (quar.)
Pamour Porcupine Mines, Ltd
Parker Pen Co_
June
common.
Railroad equipment industry
Steel industry series.
$1H
$1H
15
(quar.).
Oil industry series.
Public utility industry series.
Railroad series.
i
87 He
20c
(quar.)
June
Co.,
Metals series.
Otis Elevator Co
June
Common.
Common.
Machinery industry series.
Merchandising series.
preferred (quar.).
Pillsbury Flour Mills Co. (quar.)
Pitney-Bowes Postage Meter Co. (quar.)
Quaker State Oil Refining Corp
:
Quincy Market Cold Storage & Whse., 5% pref_
Railway & Light Securities Co., 6% pref. (quar.)
Reading Co.. 1st preferred (quar.)„_
Republic Petroleum 5H % pref. A
June
Co.
Insurance stock series.
,
30
8
31
26
5
15
15
about May 7.
Building supply industry series.
Business equipment industry series.
Chemical industry series.
Electrical equipment industry series
Food industry series.
|l %
\lH
6% preferred (quar.)
Norwalk Tire & Rubber Co
Apr.
May
May
Apr.
May
May
May
June
(quar.)
Ford Motor Co., Ltd. (final).
Freeport Sulphur Co. (quar.K,
Froedtert Grain 3c Malting Co.
Preferred (quar.)
General Cigar Co. 7% pref. (quar.)
Globe-Democratic Publishers 7% pref. (quar.)..
Graton 3c Knight Co. prior pref. (s-a).
7% preferred
Great Lakec Dredge Sc. Dock Co. (quar.).
Greenfield Tap 3c Die $6 preferred
Gurd (Chas.) 3c Co., Ltd. pref. (quar.).
Hackensack Water Co. (semi-ann.).
Preferred A (quar.)
Hale Bros. Stores (quar.).
Preferred
10c
7% preferred (quar.)
6% preferred
20
May
May
preferred
Preferred
$2H
til H
6
10
May
June 10 May 20
May 15 May
6
May 15 May
6
May 15 May
3
June 15 May 20
June 19 May 31
S1H
12Hc
-
Apr.
May
May
Madison Square Garden
Manufacturers Casualty Insurance
Extra
6% preferred (quar.)
Parker (S. C.) & Co., Inc., A (quar.)
40c. preferred (quar.)
Park-Wilshire Co. common voting trust ctfs
Pea body Coal Co., preferred
17
June
1 May 17
1
May 15 May
50c
1900 Corp. class B_.
Noranda Mines Ltd. (interim)
Norfolk Sc Western Ry. Co. (quar.)
Northwest Bancorporation
Northwestern Public Service 7 % preferred
Preferred
Holders
When
Payable of Record
20c
June
June
Florida Power Corp. 7% preferred A (quar.)...
MacMillan Co.
$1H
New Mexico Gas Co
June
June
First Securities Corp. A and B (s.-a.)
Class A and B (extra)
Preferred
$2
May
Apr.
Apr.
May
May
July
Fall River Gas Works..;..
Farr Alpaca Co., liquidating
Hanners Oil
$1H
Neptune Meter Co., preferred (quar.)__
New England Water, Light & Power Assoc.,Preferred (quar.)
New Jersey Zinc
May
May
May
July
May
May
Container Corp. of America.
Copperweld Steel Co.
Preferred (quar.)
Cosmos Imperial Mills (quar.)
Crown Cork & Seal, Ltd. (quar.).
Crown Drug Co. pref. (quar.),
Curtis Publishing Co., preferred
Diamond Ice & Coal Co. 7% pref. (quar.).
Dodge Mfg. Corp
Dominion 3c Anglo Investment Corp. (initial)
5% preferred (quar.).
Dominion Coal Co.. Li'
Ltd. pref. (quar.).
Elgin National Watch
Ever Ready Trust Co., Ltd., ord. stk. (final)
Deferred shares (final)
Fairbanks, Morse & Co. (quar.)..
Hamilton Watch
National Gypsum Co., preferred (quar.)
June
Continental Diamond Fibre Co.
7%
31
15
Share
Company
June
(semi-annual)
Consumers Finance, Ltd., conv. pref. (s.-a.)
Continental American Life Insurance (quar.)
on or
Name of
Apr.
Apr.
May
May
1st preferred
Payable
Per
I Holders
When
Payable of Record
87Hc
5
$1.2514 June 30 June
June
May 15
62Hc
40c
Apr. 20
May
Connecticut Power Co. (quar.)
Consolidated Amusement (quar.)
2669
1 May
24
5
18
20
15
25
15
18
18
15
May
May
May
May
May
May
May
1
Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
The Commercial & Financial Chronicle
2670
Per
Share
Name of Company
Atlantic City Electric Co. pref. (quar.)
Atlantic Coast Line preferred
---
---
11H
>2H
Atlantic Rayon Corp. $2H prior pref. (quar.)-Atlantic Refining Co., preferred (quar.)
62 He
Atlas Plywood
37Hc
Corp
Preferred (quar.)
Atlas Powder Co. 5% pref. (quar.)
Ault A Wiborg Properties preferred (quar.)
Babcock A Wilcox Co
31c
$1H
$1 H
20c
—
Badger Paper Mills 6% pref. (quar.)
Bala ban A Katz preferred (final)
75c
--
$1.17
Bangor Hydro-Electric
—
Bank of America
(guar.)
Bathurst Power A Paper class A
— -
Corp
—---
Bensonburst Nat'l Bank (Bklyn., N.Y.) (qu.)..
Extra
.
...
...
.......—...
4
1 Apr.
May 10 Apr. 23
May
1 Apr. 26
May
1 Apr.
6
May
1 Apr. 19
May
1 Apr. 19
May
1 Apr. 19
May
1 Apr. 15
Apr. 30 Apr. 15
May
1 Apr. 20
May 31
May
1 Apr"." 10
June 29 June 15
May
1 Apr, 17
May
1 Apr. 15
May
1 Apr. 30
May 15 May
1
June
1 May 10
$1H
75c
20c
50c
75c
25c
40c
87 He
Birmingham Gas Co. prior pref. (quar.)
Birtman Electric Co. (quar.)
Preferred (quar.)
Blauner's (Phlla.) preferred (quar.)
Blue Ridge Corp. $3 pref. (quar.)
Optional dlv. 1-32 sh. of common or cash.
Bon Ami class A (quar.)
Class B (quar.)
Borden Co. (interim)
Boston Edison Co. (quar.)
Bourjois. Inc., preferred (quar.)...
Bourne Mills
|May
60c
Beatty Bros., Ltd., 1st preferred (quar.)-Apartments, Inc., $3 prior pf. (qu.)
Belding Heminway Co. (quar.)
Best A Co
Holders
25c
$1H
75c
75c
—
$1
62 He
30c
—
$2
68Hc
(quar.)
20c
Bower Roller Bearing Co
75c
Boyd-Richardson Co., 8% 1st pref
Brentano's Book Stores, Inc., $1.60 cl. A (quar.)
Brewer (C.) A Co. (monthly)
Brewers A Distillers of Vancouver
Extra
-J
British Columbia Telephone Co. 6% pf.
(qu.)'—
Broadway Dept. Stores. 6% pref. (quar.)...—
Brooklyn Teleg. A Messenger Co. (quar.)...
Brooklyn Union Gas Co
Brown Oil Corp. preferred (quar.)
Buck Hill Falls Co. (quar.)..
$2
40c
50c
50c
26c
t$lH
$1H
$1H
25c
S1H
12Hc
Buckeye Steel Castings, 6% pref. (quar.)
Buffalo Insurance Co. (quar.)
Buffalo Niagara A Eastern Power, 1st pref
.(qu.)
Bullock Fund, Ltd
$1H
10c
Bullock's, Inc., pref. (quar.)
Burroughs Adding Machine Co
Per
PayableI of Record
25c
Beaux Arts
Bendix Aviation
30c
When
April 27,
June 29 June 29
June 29 June 29
May 15 Apr. 25
1 May 20
May
1 Apr. 15
May
1 Apr. 15
May 15 May
1
June
1 May
6
Share
Name of Company
Cresson Consol. Gold Mining & Milling (qu.) —
Crum & Forster 8% pref. (quar.)
Cumberland County Power & Light 6% pf. (qu.)
5H% Preferred (quar.)
Cuneo Press, Inc.
Preferred
June 20 June
June 15
Detroit-Hillsdale & Southwestern
15c
3c
$2
75c
30c
$2
$2
25c
(s.-a.)
Semi-annually
Diamond Match Co. (quar.)
-
50c
25c
10
Class A (quarA-.
Doctor Pepper Co. (quar.)
pper
62&c
$1H
$1H
lHc
30c
Quarterly
Quarterly
Extra.
Dominion Oil Fields (monthly)
Dominion Tar & Chemical, pref. (quar.)_
Dow Chemical Co. common (quar.)
——
— -__
(quar.)
Dunlop Rubber Ltd. Am. dep. rec. (ann.)
Bonus
—
———«...
.
Duquesne Brewing Co. (Pittsburgh) (quar.)—
Canada Wire A Cable, class A
(quar.)
Class A (quar.).
Class A
25c
$1
50c
$1
l\
(quar
Canadian Bronze Co., Ltd.
Preferred
50c
J37HC
jsih
%75c
(quar.)
Canadian Fairbanks-Morse (interim)
Canadian Foreign Investments
(interim).
Canadian Industries, Ltd., class A
15
May 31
Sept.15 Aug. 31
June
15
Dec.
15 Nov. 30
May
May
1 Apr.
1 Apr.
19
19
110c
May 15 Apr. 30
May
1 Apr. 15
Apr. 30 [Mar. 30
Apr. 30 Mar. 30
May
1 Apr. 18
U%
June
170c
Iih
Class B (quar.).
$1h
Canadian Investors Corp.
(quar.).
Canadian Marconi Co
po (initial)..
Canadian Oil Cos. (quar.)
Extra
Castle (A. M.) Co. (quar.)
1
.Apr.
l
12Hc
|May 15 [May
12 He
May 15 May
1
May 10 Apr. 30
May 15 Apr. 30
25c
Cedar Rapids Mfg. A Power Co.
(quar.)
Celanese Corp. of America—
--
75c
Stock dividend (1 sh. for each 40
held)——-—
7% 1st preferred
7% prior preferred (quar.)
Celluloid Corp. 1st pref.
participating stock
Celotex Corp., pref. (quar.)
Central Arizona Light A
Power, $7 pref. (qu.)—
$6 preferred (quar.)
Central Hudson Gas A El.
Corp., com. (quar.).
Central New York Power Corp.
5% pref. (quar.)
Central Power A Light Co.
7% cum. pref...—
6% cumulative preferred
May
Mar.;15
June 30 June
June
July
Apr.
May
May
May
May
May
May
May
1
14
14
30 Apr.
16
Apr. 26
Apr. 18
Apr. 18
Mar. 30
Apr.
Apr.
10
15
Apr. 15
Century Ribbon Mills preferred
(quar.)
Cerro de Pasco Copper
Corp
June
May 20
Chain Store Investment
Corp. $6H pref. (quar.)
Chartered Investors, $5 pref.
(quar.)
Chicago Yellow Cab Co
May
May
Apr.
June
May
1
May 20
Apr. 30 Apr. 25
Apr. 30 Apr. 25
June 19
July
Oct.
Sept. 18
May
Apr. 12
May 15
June 20
July
Apr. 30 Apr. 20
May
Apr. 15
May 15 Apr. 20
May 15 Apr. 20
[May 15 Apr. 20
May 15 Apr. 20
May 15 May
1
Cherry-Burr ell Corp
pref. (qu.).
Clearfield A Mahoning
Ry. (s.-a.K
Cleve. Cine. Chicago A St. Louis
Coast Breweries, Ltd.
(quar.)
Columbia Gas A Electric
.
pref. (quar.).
Corp
6 % cumulative preferred series A
5% cumulative preferred (quar.)
(quar.)
5% cumulative preference (quar.)
Columbia Pictures
Corp. $2H conv. pref. (qu.).
Columbus A Southern Ohio Electric
6 H % preferred
Commercial Alcohols. Ltd. (interim)
Commodity Public Service Co..
Stock dividend
N. Y. Curb Exch. rules stk.
div. not "ex'
Apr. 15
June
Preferred (quar.)
Cincinnati Union Terminal,
5% pref. (quar.)-.*
5% preferred (quar.)
City Water Co. of Chattanooga 6%
Clear Springs Water
Service, pref. (final)
16
$1.63
10c
65c
30%
May
Apr. 15
May
Apr. 15
May 15 Apr. 27
May 31 Apr. 27
until June 3.
Commonwealth Edison Co
Commonwealth International
(quar.)
Commonwealth Investment Co. (quar.)
Concord Gas, 7% preferred
Connecticut Light A Power preferred
(quar.).
Connecticut River Power (quar.)
Consolidated Chemical Industries class A
Consolidated Cigar Corp. 7%
pref. (quar.)
Prior preferred
(quar.)
Consolidated Edison (N. Y.), pref.
(quar.)—
Consolidated Laundries, pref.
(quar.)
Consolidated Lobster Co. (quar.)
Extra
Consolidated Oil (quar.)
Consolidated Paper Co
Consolidated Retail Stores 8% pref.
(quar.)
8% preferred (quar.)
Continental Can Co., Inc. (quar.,
interim)
Coon (W. B.) (quar.)
7% preferred (quar.)
$6 preferred (quar.)
Electric Bond & Share Co. $6 pref. (quar.)
Cooper-Bessemer, $3 prior preferred
Corduroy Rubber $3 non-cum. prior pref
Exchange Bank Trust (quar.)
Corn
Corporate Investors class A (quar.)
Coty, Inc
—
(qu.).-.
—
4H% preferred (quar.)
4H% preferred (quar.)
Equity Corp., $3 conv. pref. (quar.)
Eureka Pipe Line Co
Extra
-
50c
30c
25c
8%
4%
15c
$1H
$1H
$1.14
$1
25c
$3H
56Hc
56 He
56 He
-—-———-
Faber, Coe & Gregg pref. (quar.)
Falstaff Brewing Co. (quar.)
Fansteel Metallurgical Corp., preferred (quar.)_
Preferred (quar.)
—
(quar.)
-
Farmers & Traders Life Insurance (quar.)
Juarterly
uarterly
eral Bake Shops.
$1H
Federated Department Stores
15c
Fidelity & Deposit (Md.) (quar.)
Fidelity Fund, Inc. (quar.)
Fiduciary Corp. (quar.)_
Fire Association of Philadelphia (s.-a.)
Firemen's Insurance Co. (Newark, N. J.) (s.-a.)
First National Bank of J..C. (quar.)
Fort Wayne & Jackson RR.. 5H% pref. (s.-a.)—
FranklinTelephone 2H % gtd. (s.-a.)--—
Froedtert Grain & Malting
Preferred (quar.)
Fuller Brush, class A (quar.)
Fulton Industrial Securities Corp., pref. (quar.)_
Fyr-Fyter Co. class A
Gardner-Denver Co, pref. (quar.)
General Box Co. (semi-annual)
General Foods Corp. (quar.)
!
$4H pref. (quar.)
General Mills, Inc
Additional dividend
General Motors Corp., $5 preferred (quar.)
General Outdoor Advertising Co., class A
Preferred (quar.)
-—
General Shoe Corp
Georgia Railroad & Banking Co. (quar.)
Gillette Safety Razor, preferred (quar.)
Globe & Republic Insurance Co. of America (qu.)
Gold & Stock Telegraph Co. (quar.)
Gorham Mfg. Co
$1H
$1H
$2H
$2H
$2H
July
M
15c
$1
$1
20c
1%
$2H
$1H
20c
30c
12Hc
87Hcc
75c
2c
50c
$1H
$1
37Hc
$1H
$1
1H%
30c
$2H
$1H
12Hc
$1H
to approval by Can. For. Exch.
Control Bd.
Payable in U. S. currency.
Great Lakes Engineering Works (quar.)
Oct.
Sept.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
15 Apr.
May
May
Apr.
15
14
25
13
13
26
20
19
29
22
,
15
Sept. 30 Sept. 16
Dec.
Oct.
18 Dec.
14
1 June 10
1 Sept. 10
Jan.
2 Dec. 11
June 29 June 15
June 29 June 15
Apr. 30 Apr. 20
June 25 June
10
May
1 Apr. 15
Apr. 30 Apr. 15
May
1 Apr. 20
May
1 Apr. 10
May 15 Apr. 19
May 15 Apr. 20
June 29 June 22
Sept. 3 Aug.
Apr.
May
May
Apr/
Apr.
May
Apr.
May
Apr.
May
June
July
Apr.
May
July
1 June
May 15jApr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May 15 May
May 15 May
Apr. 30 Apr.
July 15 July
May
1 Apr.
Apr. 30 Apr.
July
1 June
20
15
15
15
22
15
21
20
10
26
10
10*
10*
8
6
6
16
1
1
20
29
June
15 June
1
June
1 May
17
15c
50c
May
Green (H. L.) (quar.)
GriesecUeck-Western Brewery Co.—
5H % preferred (quar.)
34 He
Habison-Walker Refractories
Preferred (quar.)
1H%
25c
Halle Bros. Co
Hall nor Mines, Ltd
Hammermill Paper Co
Hancock Oil of Calif, cl. A & B (quar.)
Class A & B (extra)
25c
J15c
25c
50c
75c
Hanna (M. A.) Co. $5 cumtil. pref. (quar.)
Harris (A.) & Co., 7% preferred (quar.)
Hartford Electric Light
$1H
$1H
25c
15c
Apr. 15
May 21
15*
15*
20
15 I
25c
Hawaiian Pineapple (quar.)
Hecker Products Corp. (quar.).
June
7
21
Subject
10c
50c
June
16
22
50c
Granby Consol. Mining, Smelting & Power
Hawaiian Agricultural Co. (monthly)
Hawaiian Commercial & Sugar Co. (quar.)
July
Apr.
Apr.
Apr.,
May
June 30 June
25c
25c
Ferro Enamel Corp
FIbreboard Products, Inc., 6% prior pref. (qu.).
20
21
1- 2-41 Dec. 21
1 May 15
$1H
25c
75c
Preferred (s.-a.)
10
10
10
10
June
May 15
6
6
May
May
Apr.
May
Apr.
May
May
Apr.
June
May
Apr. 30 Apr.
Sept. 21 Sept.
July
1 June
Oct.
1 Sept.
May
1
May
1
May
1
May 29
June
Mar. 29
15
Apr. 22
June
June
50c
25c
Hat Corp. of America preferred (quar.)..
Havana Electric & Utilities Co. 6% pref
Apr.
Apr.
Apr.
May
May
May
May
75c
Apr. 30
May
May
May
Apr.
May
1 Apr. 15
May 15 Apr. 25
July
I June 10
June
1 May 18
Sept. 3 Aug. 17
May
May 15
Apr. 15
May 15
Apr. 15
3 Aug. 12
3-1-41
2-10-41
June
1 May 20
May
1 Apr. 15
*m May
June
May
Jan. 1*41 Dec. 20
June
1 May 10
2 Nov. 16
Apr. 15
Apr. 15
Apr. 15
June
20
20 June 29
15 Apr. 30
1 Apr. 24
30 Apr. 16
30 Apr. 16
30 Apr. 17
1 Apr. 15
15 May
1
15 May
1
14 Apr. 12
14 Apr. 12
118
$5 preferred (quar.)
Preferred
1 May 15
5 June 20
July
Dec.
May
May
May
May
[Apr.
May
—
_
East Shore Public Service Co., $6H Pref. (quar.)
Apr.
25c
1
June
July
May
May
Apr.
Apr.
Apr.
J30c
1 H%
Preferred
May
$1H
May
June
t50c
10c
——
Byers (A. M.) Co. preferred
$2,166
Represents dlv. due Aug. 1, 1935, and Int.
thereon to May 1, 1940.
Calgary Power Co., Ltd., pref. (quar.)
$1h
62 He
1-2-41 Dec. 23
30c
Dome Mines, Ltd
—
Dominion Bridge Co., Ltd. (quar.)_
Domestic Finance preferred (quar.)__
Dominion Oilcloth & Linoleum Co. (quar.)-—
Empire & Bay State Telep. Co. 4% gtd.
Employers' Group Associates (quar.)—
Emporium Capwell 7% pref. (s.-a.)
4H% preferred (quar.)
Packing Corp
2 June 21
July
May 28 May 14
2
Apr. 30 Apr.
May
1 Apr. 20
2 Nov. 12
75c
Elmira & Williams port RR. (s.-a.)
5% pref. (quar.)
California Water Service, pref. (quar.)
California-Western States Life Insurance (s.-a.)
Calumet A Heel a Consl. Copper Co
Cambria iron semi-annual..
Camden Fire Insurance Assoc.
(s.-a.)
1
3 Aug. 12
Dixie-Vortex Co. (interim)
15
30
30
30
31
22
14
Apr. 17
Apr. 17
Apr. 12
Apr. 18
Dec.
Dividend Shares
Apr. 27
May
1 Apr.
May 15 Apr.
May 16 I Apr.
May 15 Apr.
Sept.15 Aug.
Apr. 30 Apr.
Oct.
1 Sept.
[May 1 Apr.
June
May
May
May
May
Sept.
15
8
5
June
Sept.
15
1
1
75c
15
15
7
Apr. 30
25c
Quarterly
Preferred
May
California
50c
$2H
$2H
(semi-annual)
Preferred (semi-annual)
Decca Records, Inc. (guar.)
Delnlte Mines (initial)
Dennison Mfg. Co., debenture (quar.)
Dentists' Supply (N. Y.) (quar.)
Detroit Gasket & Mfg. Co. pref. (quar.)
(semi-ann.)
Preferred (semi-ann.)
Di-Noc Mfg. Co. 6% preferred (quar.).
Distillers Corp-Seagrams pref. (quar.).
Payable in U. S. currency.
May
1 Apr". 15"
May 25 May 20
May 20 Apr. 27
May 20 .Apr. 27
May
1 I Apr. 16
May
1 Apr. 19
June
1 May 21
June
1 May
7
May 20 May
3
May 15 May
1
May
1 Apr. 22
May 29 Mar. 22
Apr. 15
May
.Apr. 15
May
Apr. 11
May
June
June
Apr. 20
Apr. 20
Apr. 20
$1H
Preferred
June
....
June
Debenture & Securities Corp.
37Hc
Butler Bros, preferred (quar.)
May
May
May
May
flH
June
Apr. 30 Apr.
Apr. 30 Apr.
June
1 May
May
1
Apr.
May 15 May
May
1 Apr.
2c
$1H
$1 H
Davenport Water Co. 6% preferred (quar.)
Dayton Rubber Mfg. class A (quar.)
(Canada)—
Holders
Payable of Record
S1H
3SrlU
(quar.)
(guar.)
Dallas Power k Light 7% preferred (quar.).
$6 preferred (quar.)
When
1940
Hartford Times, Inc., 5H% preferred (quar.)--
68 He
68 He
$1 %
t75c
—
Hedley Mascot Gold Mines, Ltd
Hercules Powder Co., pref. (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, 8pencer, Bartlett & Co. (mo.)
Monthly
Hilton-Davis Chemical (quar.)
Hires (Chas. E.) Co. (quar.)
Holly Sugar Corp.. 7% pref. (quar.)
Borders, Inc. (quar.)
Hormel (Geo. A.) & Co
Preferred A (quar.)
Horn (A. C.) Co.—
7 % non-cum. prior partic. pref. (quar.).
6% non-cum. 2d partic. pref. (quar.)__.
Horn & Hardart Co. (N. Y.) (quar.)
—
-
2c
$1H
75c
$1
15c
15c
20c
30c
$1H
25c
50c
$1H
Apr. 24
Apr. 15
May
June
1 May
June
1 May
July 20 July
Apr. 30 Apr.
June
1 May
Apr. 30 Apr.
|June
May
June
May
June
May
May
Apr.
Apr.
|May
May
Apr.
Apr.
May
May 15 Apr.
May 20 May
May 15; May
Apr. 30 Apr.
May
1 Apr.
May 15 [Apr.
May 15 May
May 15 Apr.
May 15 Apr.
May 31 May
_
18
10
6
25
15
16
15
15
15
25
15
15
18
30
10
4
20
10
24
3
25
25
21
June 28 June
18
Apr.
May
Apr.
Apr.
Apr.
Apr.
20
15
Apr. 30
[June
1
May
1
May
1
May 15
May 15
8 He
45c
June
50c
15
20
27
27
15
June
1 May
1 May
May
1 Apr.
11
15
volume
The Commercial &
ISO
Payable of Record
Share
Company
May
July
15c
10c
He
2H%
40c
__
81H
50c
Preferred class A (quar.)
May
....
International Nickel of Can., pref. (quar.)
8
$1
May
May
May
May
May
56
83H prior preferred (quar.)
May
Interstate Dept. Stores pref. (quar.)
Interstate Hosiery Mills
June
Dec.
May
May
Ironrite Ironer
Preferred
(quar.)
—
Jantzen Knitting Mills, 5% pref. (quar.)
_
Jewel Tea Co., Inc. (quar.).,—
Johnson Ranch Royalties Co., Inc. (s.-a.)-----Kalamazoo Stove & Furnace
Kaufmann Dept. Stores
—
Kellogg Switchboard & Supply
Preferred (quar.)
June
7% preferred (quar.)
7% preferred (quar.)
6
Dec.
«-
Mar. 30
Mar. 30
June 20
Apr. 20
May
May 20 Apr. 30
May
1 Apr. 19
June 13 May 31
Apr.
May
May
June
July
Aug.
May
-
June
------
Apr.
_
1
May
1 June
1
1
July
Apr.
1 May
1 May
June
Preferred
(quar.)
—-
Sept. 16
Preferred
(quar.)
—
19
19
10
17
20
19
15
15
June
Landis Machine
Lane Bryant, Inc., 7% pref. (quar.)
Lansing Co. (quar.)
Leath & Co. preferred (quar.)
Lebanon Valley Gas (quar.)
—
6271?
-
Lehigh Portland Cement
Preferred (quar.)
Leitch Gold Mines, Ltd. (quar.)
Lerner Stores pref. (quar.)—
—
Libbey-Owens-Ford Glass
Liggett & Myers Tobacco (quar.)
Common class B (quar.)
Lincoln National Life Insurance Co. (quar.)
Dec.
81H
1 H%
25c
37 He
51
t2c
$1H
50c
81
81
June
1 May
May
Aug.
1 Apr.
1 July
30c
luarterly
Lincoln Printing Co., preferred (quar.)Link-Belt Co. (quar.)
Preferred (quar.)—
Lionel Corp. (quar.)
Little Long Lac Gold Mines
--Little Miami RR. Co., original capital (quar.)—
30c
Nov.
1 Oct.
S7Hc
|May
1 Apr.
25c
June
Original capital (quar.)
Original capital (quar.)
25c
1 July
July
(quar.)
|Aug.
1 June
Oct.
1
May 15 Apr.
(quar.)
Preferred
1 Apr. 20
30
1 Apr. 19
25c
Quarterly
Preferred
May
51H
Loew's, Inc., S6H cumulative pref. (quar.)
Loose-Wiles Biscuit Co. (quar.)- — -_
—
82
Lord & Taylor 2nd pref. (quar.)
Louisiana Power &
Light 56 preferred (quar.)—-
Lumbermen's Insurance (s.-a.)
Lunkenheimer Co. 6H% preferred
—
(quar.)
6H % preferred (quar.)
6H% preferred (quar.)
Lynchburg & Abingdon Tel eg. Co
Lyon Metal Products, pref. (quar.)
McCall Corp. (quar.)
McCrory Stores 6% pref. (quar.)
——
—
81H
$1H
51H
81H
51H
83
51H
1
May
1
May
.May 15
July
1
Oct.
.
1
1-2-41
[July
18
18
Sept. 18
Apr. 17
Apr. 17
Apr. 19
June 21
Sept. 21
Dec. 23
1 June 15
1 Apr. 15
25c
15c
McGraw-Hill Publishing Co., Inc
(quar.)
Quarterly
McLellan Stores Co. 6% pref. (quar.)
(quar.)-(interim)
^5c
10c
sm
75c
37&
15c
50c
51H
15
1 Apr. 20
1 Apr. 15
I Apr.
1 Apr.
1
—„
—
i
(quar.)—
11
Apr.
May 10
4
May 15 May
5
Aug. 15 Aug.
June
1
5
Nov. 15 Nov.
1
15 May
Apr. 30 Apr. 15
May
6 Apr. 26
May
1 Apr. 16
May
1 Apr. 16
May 15 Apr. 16
May
1 Apr. 16
May 15 May
1
May
1 Apr. 19
May
1 Apr. 19
May
25c
June
June
25c
Sept.
Sept.
25c
Merchants & Manufacturers Insurance
Messenger Corp.
1
|May
5% preferred (quar.)
5% preferred (quar.)
6% preferred (quar.)-
(quar.)—
16
1
50c
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
—
Managed Investment, Inc. (quar.)
Marshall Field & Co., common (quar.)
Massachusetts Bonding & Insurance Co. (quar.)
Maytag Co. $6 1st preferred (quar.)
S3 preferred (quar.)
——
Meadville Telephone Co. (quar.)
6% preferred (s.-a.)
Meier & Frank, Inc. (quar.)
Melville Shoe (quar.)
;
$5 preferred (quar.)
Mercantile Acceptance Corp.—
5% preferred (quar.)
—
6% preferred
May
3 Aug.
—
Macy (R. H.) & Co
6% preferred
1
Sent.
35c
51H
McGraw Electric Co. (quar.)
Mclntyre Porcupine Mines
June
50c
-
May
May
May
May
May
50c
-
Dec.
Dec.
30c
30c
June
June
Class A (quar.)
Sept.
May
May
May
May
Apr.
Apr.
June
-
June
June
-
May
May
May
—
Apr. 18
June
—
-
June
May
May
May
May
—-—
May
May
June
$1 H
May
15c
June
(quar.)—
•
National Savings & Trust Co. (Wash., D.
Nelsner Bros., Inc., 4H% pref. (quar.)-Nelman-Marcus Co., 7% preferred
Neon Products of Western Canada,
C,)_—
Ltd.—
lj!8
May
May
May
June
May
Apr.
Apr.
Apr.
Apr.
Apr.
15i May
1 Apr.
1 Apr.
Apr.
Apr.
1 Apr.
1 May
81H
lH
—
■,
June
May
May
8C
t50c
81H
—
preferred—-—
Brake Co
(quar.)New York Merchandise Co, (quar.)
New York Mutual Telephone (s.-a.)
Niagara Hudsoil Power 1st pref. (quar.)—
2ndpreferred A & B (quar.)
1900 Corp., class A (quar.)
Class A (quar.)
—
May
[Apr. 30 Apr. 12
May 15 May
May
.
50c
15c
75c
—
$1 H
$1H
50c
50c
50c
—
81
(quar.)—
Consol. (quar.)----
25c
25c
North River Insurance
Shoe Co
-----.
Nunn-Bush Shoe Co., 5% pref. (quar.)—
Oahu Railway & Land Co. (monthly)
Monthly
O'Brien Gold Mines
Occidental Insurance (quar.)
----Ohio Public Service Co. 5H% pref. (quar.)
Nunn-Bush
(monthly)
(monthly)
(monthly)
—
———
Preferred (quar.)
(quar.)_
(monthly)--Ontario & Quebec Ry. (s.-a.)
Debenture stock (s.-a.)
Orange Crush Ltd. conv. preference
—
—--
—>
(s.-a.)----
Electric Co. (quar.)-(quar.)--—
Electric Ry. (quar.)
—
Orange & Rockland
Oswego Falls Corp.
Quarterly
Quarterly
Outboard Marine & Mfg. Co
Outlet Co. (quar.)
50c
412-3c
50 c
June
15
15
17
11
15
June 15
Apr. 27
Apr. 15
Apr. 15
May 11
June 12
1 Apr.
1 Apr.
1 May
Apr. 30 Apr.
May
1 Apr.
-
July
May
1
1
-
Apr. 30
Apr. 30
May 15
June
15
May 10 Aprl 25
May 15 May
6
May
1 Apr. 15
May
1 Apr. 15
1 Apr. 15
May
1 Apr. 15
May
__
May
Apr. 16
June
May 16
50c
May
10c
83
Apr. 15
May 10
(June
82 H
June
35c
10c
15c
30c
30c
May
May
May
Dec.
-
81H
51H
preferred (quar.)
preferred (quar.)—--
Owens-Illinois Glass
Preferred A (quar.)
Pacific Finance Corp. (Calif.) pref.
Preferred C (quar.)
—
*1#
50c
Co. (quar.)
June
16Hc
81H
May
May
May
May
6% preferred (quar.)
Pacific Public Service, pref. (quar.)
Park Utah Consol. mines (special)Passaic & Delaware Extension RR. (s.-a.)
Pearson Co., Inc., 5% pref A (quar.)
Peerless Casualty Co. (semi-annual)
Peninsular Grinding Wheel Co
Peninsular Telephone (quar.)
-
-
Apr.
May
10c
June
May
May
52
May
c
Apr.
Apr.
Apr.
Apr.
16
25
19
19
19
Apr. 29
1 May 15
1 Apr. 15
1 Apr. 15
1 Apr. 15
15 Apr. 30
15 Apr. 30
15 Apr. 20
29 Apr. 18
1 Apr. 20
1 Apr.
20
1 Apr. 15
7 May 17
1
1
1
5
1
Apr.
Apr.
Apr.
Apr.
June
19
20
20
25
15
5c
May
May
May
50c
—-—
—
May
51
81X
S1H
32 He
Pacific Portland Cement preferred
Pacific Power & Light. 7% pref. (quar.)
Sept. 16
30 Dec.
May 10
May
1
May
1
May
1
May 15
May
75c
June 15
Oct.
20c
34Hc
May
1
May
1
Apr. 15
Apr. 25
Apr. 20
July
37 He
A (quar.)-
pref. (quar.)
-
May 20
51H
5H% preferred (quar.)
Preferred A (quar.)
58$l-6c
,
— -
Onomea Sugar
Preferred A (quar.)
Preferred A (quar.)
Preferred A (quar.)
5c
30c
1;
30c
40c
75c
Okonite Co———————
Sept.
10c
10c
18
18
6 Apr. 25
10 May 24
June
41
29
_
pviay
May
Wc
(s.-a.)
Noyes (Chas F.) Co., 6% pref. (quar.)
i
6
6
19
20
12
23
20
1
Aug. 15 Aug.
1
Nov.15 Nov.
Apr. 30
May 18
40c
——i..
Northwestern Telegraph Co.
Dec.
Apr.
[May 15 [May
_
[May
Northwest Engineering
Dec.
May
25c
Co-RR. (N. H.) (quar.)
Sept.
May
May
May
37Hc
Northern Pipe Line
Apr. 30 Apr. 20
May 15 May
1
Apr.
Apr.
Apr.
[Apr. 30 Apr.
Aprl
May
June
July
Apr.
May
i 20C
:
Norfolk & Western Ry. pref.
5% preferred (quar.)
Pacific Gas & Electric, 6%
[May 15
t75c
—
New York Air
Oliver United Filters class A
15
20
16
Apr. 16
Apr. 16
Apr. 18
50c
New York Fire Insurance Co.
5% preferred
19 ♦
31
19
22
1
22
May
20c
Preferred (quar.)
15
15
20
Apr. 15
May
$1 H
—
-—-—
Class A (quar.)
1
1
15
,
6% preferred (s.-a.)Newberry (J. J.) 5% preferred A (quar.)
Newberry Realty preferred A (quar.)-Preferred B (quar.)
New England Fund-New England Gas & Elec. Assoc. 55 H pref
New Mexico Gas Co., pref. (semi-ann.)
Pacific Lighting
Apr. 24
May 17
May
Corp. class A (s.-a.)-—
7% preferred
6% preferred
15
15
15
20
13
15
June
—
—
National Power & Light Co.
Preferred (quar.)
10c
.
Aug. 23
Nov. 22
June
—
National Food Products
Quarterly
Quarterly
Apr. 19
May 24
—
National Lead Co., pref. A (quar.)--Preferred B (quar.)
—
1st
May 15
May
—
Co. (guar.)
30c
25c
June
June
National Distillers Products (quar.)
National Electric Welding Machine Co. (quar.)-
2d
1
1
1 July
1
1 Oct.
1-2-41 Dec. 31
—
(s.-a.)
National City Lines pref., (quar.)—
Ottawa
15[ May
Oct.
Northern Illinois Finance Corp
May
10c
51.10
5110
81.10
50c
50c
Loew's Boston Theatres (quar.)
May
Corp. (s.-a.)
———
certificates
7% preferred (quar.)
Northern
1 May
July
-
Co. (quar.)
Nation-Wide Securities Co., B
National Battery Co
26
26
22
10
15
11
15c
—
Nashua & Lowell RR.
14
25
50c
———
1
9
10
May
1 Apr. 11
May 10 Apr. 30
Apr. 30 Mar. 30
——,
North American Oil
1 May
1 June
July
May 31 May
Apr. 29 Apr. 18
June 10 May 24
Sept. 10 Aug. 24
Dec. 10 Nov. 25
June 10 May 24
Sept. 10 Aug. 24
Dec. 10 Nov. 25
81H
12 He
1 May
June
New River Co., 6%
16
1 Apr. 15
May 20 May 20
July
1 June 15
May
1 Apr. 15
May
1 Apr. 13
July
1 June 14
May 15 Apr. 30
May
1 Apr. 19
June 15 May 31
June
1 May 14
May
15| May
June
-
New Process Co
30c
—
May
Common
15
20
Dec. 20
Jan.
National Casket Co.
May
May
——
Sept. 20
Dec.
Quarterly
Quarterly
Mt. Diablo Oil, Mining & Devel.
Mountain Fuel Supply
National Brush
_
—
June 20
Oct.
(s.-a.)-
Morris & Essex Extension RR. Co. guar,
Morris Plan Insurance Society (quar.)
1 May
10
June
1 May 10
1
May 20 May
June 14
July
Apr. 13
May
Apr. 25
May
-—
Dec.
July
5H % cumulative preferred (quar.).---5H% cumulative preferred (quar.)
5H% cumulative preferred (quar.)
Monmouth Consol. Water Co. $7 pref. (qu.)
Monroe Loan Society, 5H% pref. (quar.)
Monsanto Chemical Co. pref. A and B (s.-a.)
Montana Power Co. $6 pref. (quar )
Montgomery & Erie Ry. Co. (s.-a.)
Montreal Light, Heat & Power Consol. (quar.)
Moody's Investors Service part. pref. (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)Quarterly
Quarterly
Morris (Philip) & Co.. Ltd., Inc.—
5% conv cum. preferred (quar.)
Aug. 20
2 Nov. 20
(quar.)
—
preferred (quar.)
Preferred
Jan.
;
.
June 20
Jan.;
-
-
1
Apr.
Oct.
-----
National Bearing Metals Corp--
June
-
-
—
—-
May 20
_
Milling
Sept. 20
Sept. 20
Dec. 20
—
Muskogee Co., pref. (quar.)
Muskegon Motor Specialties cl. A (quar.)_
Sept.
Knickerbocker Fund (quar.)
Kokomo Water Works 6% preferred (quar.)
Kresge (8. S.) Co. (quar.)
Kress (S. H.) & Co
Lake-of-the-Woods
Oct.
—
-
Apr. 20
Apr. 20
Apr. 10
Apr.
9
Apr.
9
July
Special preferred (quar.)_
15
[June 20
June
—
Kroger Grocery & Baking
6% preferred (quar.)---
[Apr. 20
—-
1
1
Apr. 29
Apr. 30
Apr. 30
May
May
Extra
Klein (D. Emil) Co. (quar.)
Preferred (quar.)-
.May
Extra
1
June 20 June
-
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Special preferred (quar.)
Kendall Co. $6 part, pref A (quar.)
$6 part. pref. A (partic.)
Kentucky Utilities, prior pref. (quar.)
Keith-Albee-Orpheum 7% preferred
King Oil Co. (quar.)
Kings County Trust Co. (quar.)
Kirkland Lake Gold Mining (s.-a.)
_
15 June 11
May
July
July
Quarterly
May 10
Aug. 10
Nov.
9
Apr. 15
Apr. 15
May 25
Sept.
(quar.)
Common v. t. c.
.
June
June
Petroleum
Quarterly.-
15
15 June
June
May
May
Extra
—
(quar.)—__
Iron Fireman Mfg. common v. t. c.
Common v. t. c. (quar.)
May
-
Extra
Apr. 23
Apr. 15
June
20
20
15
15
15
15
Mississippi Power & Light, 86 pref
Modern Containers;Ltd. (quar.)-—--
June 29
May
13
Apr.
Apr.
Apr.
Apr.
(Apr.
Apr.
May
May
May
May
Mid-West Rubber Reclaiming Co
dian non-residence tax.
July
July
Dec. 23 Dec.
prior lien.-
Mid-Continent
Payable in United States funds less Cana
International Ocean Telegraph Co. (quar.)
International Telegraph Co. (Me.) (s.-a.)
International Utilities Corp.—
—
-
Michigan Public Service, 7% pref
6% preferred
Micromatic Hone Corp. pref. (quar.)
Apr. 20
Apr. 20
Apr. lo
May
3
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr.
1
May
May
May
[June 20
Sept. 30 Sept. 20
June 29
(quar.)
(quar.)
Michigan Bakeries, Inc. 87 pref. (quar.)
51 non-cum. prior preferred (quar.)
Michigan Gas & Electric 7 % prior lien
July
8 Apr. 25
4
Apr. 30 Apr.
May 15 Apr. 26
June 1
May 30
May
1 Mar. 30
June
Preferred class A
20
Ap.r 15
»»-
tS6
51H
Preferred
Apr. 20
Apr. 15
Apr. 15
May
5%
—__
May 20
May
May
25c
$1H
81H
June
June
Houston Lighting & Power $6 pref. (quar.)
7% preferred (quar.).
Hudson Bay Co. 5% p referred (s.-a.)
p
Metal & Thermit, preferred
Preferred (quar.)
-
Apr. 23
Apr. 15
Apr. 15
May
May
51H
Home (Joseph) Co. 6% preferred (quar.)
(Final)..
Humberstone Shoe Co., Ltd. (quar.)
Hussman-Ligonier (quar.)
Idaho Power Co. 7% pref. (quar.)
$6 preferred (quar.).Imperial Chemical Industries—
American deposit receipts (final)
Incorporated Investors
Indiana Pipe Line Co..
Ingle wood Gasoline Co
Institutional Securities Ltd. (Ins. Gp. Shs,)
Payable in stock.
Interchemical Corp
Preferred (quar.)_
International Cigar Machinery Co
International Harvester preferred (quar.)
International Metal Industries, Ltd., pref
Preferred (quar.)
Holders
When
Per
Name of
2671
Financial Chronicle
July
50c
1 Sept. 14
14
15 May
4
Aug. 15 Aug.
5
Nov. 15 Nov.
4
2-15-41
2-4-41
50c
35c
35c
35c
35c
Oct.
1-1-41 Dec.
May
The Commercial & Financial Chronicle
2672
Per
Name of Company
When
Share
Pender (D.) Grocery, class B
Class A (quar.)
50c
Holders
Preferred
June
S7m
—
(quar.)
*ih
Pennsylvania Power Co., $5 pref. (quar.)..—.
Pfeiffer Brewing Co. (quar.)
*!£
.....
Philadelphia Co. $6 pref. (s.-a.)
Philadelphia Electric Co. (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Philippine Long Distance Telep.Co...—
Phoenix Acceptance Corp., class A (quar.).....
Pinchin Johnson & Co.. Ltd., Am. she. (final)..
Plper Aircraft Corp., pref. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
6% pr. (s.-a.)
-
sih
42c
12 He
6%
1
June
1 May 20
—
un
5c
...
7 % preferred
(quar.)
—
Potomac Edison Co. 7% pref.
(quar.)
6% preferred (quar.)
Powdrell & Alexander. Inc
June
May
May
May
May
July
May
5c
50c
Extra...
50c
Prosperity Co., 5% preferred (quar.)
Public Electric Light Co.
(quar.)
Public Investing Co. (semi-ann.)
Payable on both orlg. & cashable stock.
Public Service of Colorado,
7% pref. (mo.)....
6% preferred (monthly)
$1H
--
—
.
6% preferred (monthly)
Public Service or N. J., $5
pref. (quar.)
25c
9c
.
58 l-3c
15 June
1
10
15
15
15
1
May
May
May
1
June
$1H
Apr.
Apr.
Apr.
Apr.
July
Apr.
1
20
25
25
25
5
18
15
Apr. 20
20
Apr. 20
Manufacturing Co
Republic Investors Fund, pref. A & B (quar.)
6% preferred (monthly)..
6% preferred (monthly)..
....—
Tombill Gold Mines Ltd
...
Trade Bank of New York (quar.)
Trane Co.
.........—....
Preferred
(quar.).... —
Triumph Explosives, Inc. (quar.)...—
Extra
Truax-Traer Coal Co...
6% pref. (quar.)
5H% preferred (quar.)
A (interim)
Tung-Sol Lamp Works pref. (quar.)
Union Electric Co. (Mo.) pref. (quar.)
Union Oil Co. of California (quar.)
United Biscuit Co. of America
Preferred
—
(quar.)
Quarterly
United Corp., Ltd., $1H class A (quar.)
—
United Drill & Tool Corp., class A
May 15
Class A
(quar.)
-
15 May
7% preferred (monthly)
7% preferred (monthly)
May
May
May
May
May
May
May
May
May
May
May
Aug.
May
May
May
May
May
May
15
6.36% preferred (monthly)...
10c
50c
25c
tic2
15c
—
15c
t$6
50c
50c
60c
$1
May
May
May
May
July
May
July
$3$!
—
15c
75c
...
$1K
......
Wc
Quarterly...
Quarterly
June
10c
Dec.
37 He
Rochester Button Co. pref.
(quar.)
Rockland Light & Power
Holland Paper Co., Ltd.
(quar.)
Voting trust certificates (quar.)
Preferred (quar.)
Oct.
10c
l\U
(quar.)..
1
1 Apr.
15
15 Apr. 22
9 May
2
1 Apr.
20
1 Apr. 20
1 Apr. 20
9 Apr. 11
1 Apr. 20
1 Apr. 20
1 July 15
1 Apr.
1 Apr.
12
15 Apr.
15 Apr.
25
25
1 Apr.
1 Apr.
15
15
15
1
Apr. 30
1 Apr. 30
1 Apr.
1 Apr.
10
20c
United Molasses Ltd. Am. dep. rets.
United New Jersey RR. & Canal (quar.)
20
15
3
3
15
15
20
common—
Si
30c
25c
June
$2
7% preferred (quar.)
Safeway Stores, Inc., 7% pref. (final)...
18
Saguenay Power, Ltd.. preferred (quar.)
S1H
*1H
6% preferred (final)
St. Lawrence Flour Mills
(quar.)
►-'Preferred (quar.)
25c
St. Louis Bridge Co. 1st
preferred (s.-a.)..
3% 2nd preferred (s.-a.)
County Water $0 preferred (quar.)....
Paper Co., $4.50 preferred (quar.)..—.
S4 preferred
(quar.)
Scotten, Dillon Co
Seaboard Oil Co. (Del.),
(quar.).
Seaboard Surety Co
Secord (Laura)
Candy
m
.)
15 June
40c
Sharp & Dohme, Inc., pref. A (quar.)
Shattuck-Denn Mining
Shawlnigan Water & Power (quar.)
Signode Steel Strapping Co
>
$2H preferred (quart)
June
11X
S1H
87 He
—-
May 15
20c
Shops (quar.)
May
May
May
May
May
May
May
May
May
May
May
10c
22c
-—
25c
62 He
30c
5c
Silex Co.
(quar.)
Extra
Simpson (R.) Co. (s.-a.)
Simpson's, Ltd., 6 H % preferred
Skefly Oil Co. preferred (quar.)
S3
S1H
S1H
If SEC approves
proposed financing plan of
company, pref. stock will be retired as of
May
1
Apr. 30
United States Pipe & Foundry Co.
(quar.)
Apr.
10 Apr.
10 Apr.
1 Apr.
1 Apr. 20
1 Feb.
20
May 1.
«.
12Hc
Chemical Co. (quar.)
6% preferred
(quar.)
South American Gold &
Platinum Co
Southeastern Greyhound Lines
(quar.)
25c
S1H
10c
37Hc
Southern California
Edison, orlg. pref. (quar.)..
Southern Canada Power
Co., Ltd. (quar.)
Grocery 8tores, Inc.—Preferred &
participating isemi-ann.)
Southern Ind. Gas & Elec. Co.
4.8% pref. (qu.).
Sovereign Investors (quar.)
Spiegel, Inc
$4H preferred (quar.)
Standard Brands, Inc.
$4H pref .(quar.)
Standard Products Co
Standard Silica Corp
Stand. Wholesale
Phosphate & Acid Wks. (qu.)
Extra
37 He
t20c
Southern
20
20
30
lc
15c
S1H
SI H
25c
May
May
May
May
preferred (quar.)
Commodity (monthly)
June
June
June
June
1
1
------
...
6% preferred (s.-a.)
Welch Grape Juice Co., preferred
Preferred (quar.)
West Michigan Steel
(quar.)
5% conv. preferred (quar.)
Wheeling & Lake Erie Ry., prior lien (quar.)
5H% preferred (quar.)
White Sewing Machine, prior
preferred
Payment of div. is subject to final court
—
Quarterly
W J R the Goodwill Station
(quar.)
WInsted Hosiery Co. (quar.)
Quarterly
Sept.
Sept.14
Monthly
Monthly
Monthly
Monthly
Monthly
%
5c
37 He
62Hc
56 He
S1H
20c
37 He
tic
■
5c
25c
May
May
June
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
May
I Apr.
May
May
1
22
Yuba Consol. Gold Fields
22
20
20
15
Zeller's,Ltd.. 6% preferred (quar.)
Zion's Co-operative Mercantile Institution
Quarterly
Quarterly
15
15
20
1
10
June
10 June
1
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-9-41
3-1-41
June 15
July
May
Aug.
Apr. 20
July 20
June 20 June
10
Sept. 20 Sept. 10
July 20 July
Oct.
June
June
19 Oct.
15 May
10
10
24
15jMay 24
May
1 Apr. 15
May
1 Apr. 15
May 10 Apr. 30
June
1 May 15
June
1 May 15
May 31 May 15
Aug. 31 Aug. 15
1 Apr.
1
May
May
May
May
July
15
15
15
20
15
16
May 15
Apr.
Apr.
May
Apr.
19
19
1
30
June 29
May 15
1 Apr.
15
Oct.
15
May
May
May
May
May
May
Apr, 15
Apr. 10
Apr. 10
Apr. 20
Apr. 20
Apr. 29
May 15 May
May
1 Apr.
July
1 June
Oct.
1 Sept.
Apr. 30 Apr.
May
May
Aug.
Aug.
Nov.
Apr.
Apr.
July
July
Oct.
Oct.
1
24
15
14
22
15
15
15
15
15
15
15
July
July
May
June
5
1-1-41 Dec. 30
May
Apr. 19
Apr. 27 Apr. 20
Wright-Hargreaves Mines, Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrigley (Wm.) Jr. (monthly)
SI H
S1H
5
1
Apr. 30 Apr.
Apr. 30 Apr. 20
Apr. 30 Apr. 19
1
June 15
Apr.
May
15
5
July 15 July
Apr. 27 Apr. 10
1 Apr. 18
May
June 29
July
Oct.
Sept. 28
Extra..
Wisconsin Electric Power Co.
6% pref. (quar.).
Wisconsin Telephone Co. 7% pref. (quar.)
Woodall Industries
Woolworth (F. W.) Co. (quar.)
Apr.
Dec. 14
15
HAP1R{ati
Co.' $6 preferred....
Wilson-Jones Co. (interim)
Wilsil Ltd. (quar.)
Wilson &
May
Apr.
20 Nov. 30*
Nov.
...
30c
Dec.
5
Apr.
May
Semi-annual
Weston (Geo.). Ltd., pref. (quar.)
Weetvaco Chlorine Products
(quar.)—
June
May
May
May
May
May
19
15 Dec.
June 15
....
|May
$1H
Apr.
June
(s.-a.)
Westing ho use Air Brake
Westminster Paper Co., Ltd. (s.-a.)
June
5
20
Apr. 20
5
May
6% preferred (quar.).
May
May
Apr. 22
6
June
1
Foundry—
Prior preferred (quar.)
10c
|43Hc
—
Telegraph (ann.)
Virginian Ry. Co. 6% preferred (quar.).
6% preferred (quaf.)
Vulcan Detinning (quar.)
Quarterly
7% preferred (quar.)...
7% preferred (quar.).-.Walker (H.) Gooderham & Worts
(quar.)
Preferred (quar.)...
Walton (Chas.) & Co., 8% pref.
(quar.)
Washington Gas Light
Washington Gas Light preferred (quar.)
Washington Railway & Electric 5% pref.(quar.)
20c
preferred (quar.)
_
(quar.)..
(Apr.
15
Apr. 15
Apr. 30
Apr. 15
11
11
June 29 June
June 15 June
Universal Leaf Tobacco (quar.)..
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
6% preferred (quar.)
Utica, Chenango & Susquehanna Valley RR—
Vagabond Coach Mfg. Co
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.).
7% preferred (quar.).
7tfo preferred (quar.).
18
20
20
29
2
Apr.
Apr.
May
Extra
60c
1.2%
Stecher-Traung Litbograp 6% pref. (quar.)__
i
5%
5% preferred (quar.)
Steel Co. of Canada
(quar.)
Preferred (quar.)
Stein (A.) & Co.
(quar.)
Sterling, Inc. (quar.)
$1H cumul. conv. pref. (quar.)
Stouffer Corp., class B
Class A (quar.)
Strawbridge & Clothier, prior pref. A
(quar.)
Sun Ray Drug Co
Preferred (quar.)
Sundance Royalties, Ltd
Sim ray Oil
Corp
Superior Oil Co. of Calif., common..
Apr. 30 Apr.
May
1 Apr.
May
1 Apr,
May 16 Apr.
Apr. 30 Apr.
May 15 Apr.
May 15 Apr.
10
15 June
16 Dec.
5
Dec
Playing Card (extra)
United States Potash Co
West Virginia Pulp & Paper Co.,
6% pf. (quar.).
Western Cartridge, 6% pref. (quar.)
Western Pipe & Steel 7% preferred
29
29
30
30
20
15
June 20 May 31*
aai
1
3 Apr.
15
15
15
15
15
15
Sept. 20 Aug. 31*
uarterly
Conv. preferred (quar.)..
West Penn Electric. 7%
pref. (quar.)——
Apr. 16
30
30
20
20
15
June 15 June
1 May 15
1 Apr. 23
1 Apr. 23
31 May 10
15 Apr. 24
June
16
16
30
Dec.
Vermont & Boston
1 Apr. 15
May
J.une 15 June
5
May 20 May 10
1 June 20
July
1
July
1
July
May
Apr. 15
May
Apr. 20
May
Apr. 20
June 15
July
June 15
July
May
Apr. 20
May
Apr. 20
1
May
Apr. 20
May 15 May
6
25c
Sabln Robbing Paper Co
5
5
Sept. 15 Sept.
Universal
5
16
30
19
19
30
10
May
Quarterly
Quarterly
6%
17
11
16
May
1 Apr.
May
1 Apr.
May 15 Apr.
May 10 Apr.
June
1 May
May
1 Apr.
July 15 June
Oct. 15 Sept.
May 15 Apr.
Apr.
May
Apr.
May
Apr.
May
June
May
June
July
Apr.
May
June
May
June
July
Apr.
May
June
May
June
July
,May
5H% conv. preferred (quar.)
United States Petroleum Co. (quar.)
ted States
15
May 22 Apr. 22
May 22 Apr. 22
May
I Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May 7 Apr. 15
May
1 Apr. 19
1
May 15 May
June
1 May 25
May
1 Apr. 20
May
1 Apr. 20
May
2 Apr. 22
May
May
July
United 8tates Fire Insurance Co
United States Hoffman Machinery Corp.-
1 Apr. 15
1 June 20
Sept. 20
(final)
Bonus
Juarterly
19
Apr.
May
May
Apr.
Apr.
Apr.
May
June 15
28
June 15 June 11
Dec.
United States Sugar pref
1
—
Semi-annual
20
15 Dec.
.;
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly).,
6% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufacturers, Inc.—
1 June 21
1 May
1
May
Apr.
May 15 May
May 15 May
June
1 May
1 Apr.
May
1 Apr.
May
15c
Roos Bros., inc. (Del.)
pref. (quar.)
Rose's 5,10 & 25c. Stores, Inc.
31 May
June
17c
15c
United Light & Railways, 7% pref. (mo.)
Apr. 15
1
Apr.
Mar; 18
June 15 June
June 15 June
Tubize Chatillon,
15 May 15
15 May 15
25c
Preferred A and B (quar.)
►
-----------
preferred (monthly)
June
20c
Republic Steel Corp.. 6% 6% conv. pref.
Reynolds (R. J.) Tobacco Co. (quar.
interim)-.
Common B (quar. interim)
Rhode Island Public Service Co.
$2 pref. (qu.)..
Class A (quar.)
Richmond
Fredericksburg & Potomac RR.—
7% guaranteed (semi-annual)
6% guaranteed (semi-annual)
Richmond Insurance Co. (N.
Y.) (quar.)
Rich's. Inc. (quar.)
Risdon Mfg. Co. 7%
pref. (quar.)
Riverside Cement, preferred
(quar.)
Roberts' Public Markets
(quar.)
Extra
Toledo Edison Co. 7%
June
$1H
Reliance
Skilsaw
Inc
Smith Agricultural
Tilo Roofing Co...—Stock div. of H sh. of com. for each sh. held..
To burn Gold Mines Ltd. (quar.)
--
1
1
1
June 15
May
1
May
1
May 15
$6 preferred (quar.)
Thatcher Mfg. Co. pref. (quar.)
50c
—
Securities Corp. general
$7 preferred 0
$6 preferred (quar.)
June
Texas Power & Light 7% preferred (quar.)
50c
15
Holders
Payable of Record
Texas Gulf Producing Corp—_
Texas Pacific Coal & Oil (quar.).
.
1 Apr.
1
When
Share
May
May
May
$1H
$2
Quebec Power Co, (quar.)
Kainier Brewing Co., partic.
pref. A & B (mo,).
Randall Co., class A
(quar.).
Rath Packing Co.
5% pref. (seml-ann.)
Raymond Concrete Pile $3 preferred (quar.)—
Reading Co. (quar.)
Reed (C. A.) Co
Scott
Apr. 20
1 Apr. 20
Company
Syracuse, Binghamton & New York RR. (qu.)__
Tacony-Palmyra Bridge pref. (quar.)
Telautograph Corp. (interim)
June 15 May 31
50c
412-3c
—
6% preferred
(monthly)
7% preferred (quar.)
8% preferred (quar.)
6% pref. (monthly)
Quaker Oats Co., pnferrod
(quar.)
Quarterly Income Shares (quar.)..
St. Louis
4
Name of
United Bond & Share. Ltd. (quar.)
'
Rubenstein (Helena), Inc.,
(25c. and 25c. special)...
RuudMfg. Co. quar.)
May
9
20
14
15
20*
15
15 June 15
May
May
$1
—
15
Sept. 15 Sept. 15
Dec.
Dec. 15
10c
...
Princeton Water Co. (N.J.) (quar.)....
Privateer Mines Ltd.
(quar.)
Procter & Gamble Co. (quar.).
)
May
June
$1H
$1H
%1H
$1H
$1H
—
May 15 May
6
1 Apr. 22
May
1 Apr. 15
May
June":io May 20
i Apr.
May
1
i Apr. 10
May
i Apr. 10
May
A Dr. 30 Apr. 20
June
75c
PIttsDurgh Coke & Iron Co., $5 pref. (quar.)—
Pleasant Valley Wine
Pollock Paper & Box 7%
preferred (quar.)
7% preferred (quar.)
May 20
May 10 Apr.
1 May
Oct.
1 Sept.
June
1 May
June
1 May
1 Apr.
May
15c
Per
Payable of Record
'
Penman's, Ltd. (quar.)
April 27, 1940
*
Nov.
June
June
July
Aug.
Sept.
Oct.
May
May
June 15
Apr. 22
May 22
May 22
Apr. 20
May 20
June 20
July
Aug.
Sept.
Apr.
20
20
20
10
Apr. 15
May
Sept. 15 .Sept.
Dec. 15 [Dec.
5
5
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
i Payable in Canadian funds, and in the case of non-residentr of
Canada
a tax of
5% of the amount of such dividend will be made.
deduction of
Volume
The Commercial & Financial Chronicle
150
Condition of the Federal Reserve Bank of
New
The
in
The
following shows the condition of the Federal Reserve
24, 1940,
j
,
V,
weekly
issued by the New York
statement
Clearing House
comparison with the previous week and the corresponding
date last year:
Weekly Return of the New York City
Clearing House
\
York
Bank of New York at the close of business April
2673
City
Friday afternoon is given in full below:
on
CLEARING HOUSE
STATEMENT OF MEMBERS OF THE NEW YORK
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY. APR. 25. 1940
■■■
Time
Deposits,
Deposits,
Profits
Clearing House
Net Demand
Undivided
•
Apr. 24, 1940 Apr. 17,1940 Apr. 26, 1939
Average
Average
Surplus and
Capital
Members
Assets—
Gold certificates on hand and due from
8,167,190,000 8,078,757.000 6,254,011,000
1,273,000
1,678,000
1,569,000
99,812,000
106,700.000
112,808,000
United States Treasury_x
Redemption fund—F. R. notes..
Other cash
Total
t
reserves
.....
...
Bank of New York.....
Bank of Manhattan Co.
Secured
U.
by
Govt,
S.
Total
bills
discounted
bought In
577,000
Industrial advances..
2,040,666
2,030,000
..............
Chase National Bank
3,460,000
400.969,000
256,538,000
338,532,000
400,969,000
338,532,000
Title Guar & Trust Co..
...
331,160,000
6.000,000
"
Marine Midland Tr Co..
New York Trust Co
134,259,000
"Total
bills and securities..
Due from foreign banks
...
Federal Reserve notes of other banks...
Uncollected items
...
Bank premises
.........
Other assets
739,501.000
742,105,000
17,000
742,118.000
726,261,000
17,000
......
F. R. notes In actual circulation
Deposits—Member bank
reserve acc't..
U.S. Treasurer—General account
Foreign bank
Other deposits
.......
7,000,000
1,319,000
3,773,000
195,229,000
9,840,000
16.696,000
*
139,939,000
As
official reports:
per
Includes
8,988,000
National,
deposits
in
foreign
branches
...
LONDON
THE
1,278,131,000 1,287,810,000 1,087,383,000
7,073,238,000 7,013,375,000 5,390,755,000
222,070,000
120,396,000
150,837,000
81,119,000
137,541,000
131,853,000
213,008,000
288,397,000
309,630,000
...
Other capital accounts..
Total liabilities and capital accounts..
Ratio
F.
of
R.
total
deposit
to
reserve
each day
to
Central Mln& Invest..
52,463,000
Distillers Co
Ford Ltd
Imp Tob of O B & I_. >
London Mid Ry
92.6%
-
92.5%
853,000
Metal Box
90.9%
Rand Mines
ad¬
RioTinto
'
vances
2,296,000
*
;•
Rolls Royce
Royal Dutch Co
Federal
t "Other cash" does not Include Federal Reserve notes or a bank's own
Reserve bank notes..» y;
Closed
HudsonsBayCo
and
industrial
*
Electric & Musical Ind
8,131,000
';:
Shell Transport
;
Swedish Match B..
These 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
Vlckers
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
;;
>
.
United Molasses
over
West
Apr. 24
Apr. 26
39/7H
105/'
£57)4
105/7)4
£67)4
£13
;
£13
49/4)4
49/4)4
48/9
37/6
38/1)4
38/£7%
£8)4
£8)4
£8
67/67/67/67/8/9
9/3
9/3
9/3 '
17/9
17/10)4
17/9
18/18/23/9
23/9
22/9
21/3
21/3
113/9
115/115/116/10)4 116/3
£21)4
£22)4
£23)4
£24)4
£22)4
79/79/76/10)4
76/10)4
76/10)4
£7)4
£7)4
£7)4
£7)4
£7)4
£14
£14
£14
£14)4
£14(
91/3
91/3
91/10)4 85/85/£28 £28
£28)4
£28)4
£28)4
72 /6
73 /I )4
75/76 /3
76/3
11/11/11/- 11/10/26/3
26/6 V
26/3
26/3
26/4)4
17/10)4
17/10)4
17/10)4
18 - '
17/10)4
48/1)4
De Beers
7,457,000
Apr. 23
Pri.,
Apr. 25
39/10H
Wed.,
48/9
37/6
£8
67/8/9
37/3
Courtaulds S & Co
50,890,000
53,326,000
7.109,COO
10,567,000
Thurs.,
Tues.,
43 /1J$
41/10)$
39/4)4
103/9
104/434
105-/
£57%
<£57)4
£67)4
£14
£14
£14)4
Cable & Word
!
-u
„
Apr. 22
Apr. 20
.
,
Mon.,
British Amer Tobacco.
9,203,518,000 9,152,354.000 7,248,476,000
combined
make
EXCHANGE
STOCK
of the past week:
Boots Pure Drugs
51,075,000
852,000!
note liabilities
Commitments
■
Quotations of representative stocks as received by cable
9,081,395,000 9,030,277,000 7,129,535,000
51,068,000
53,326,000
7,109,000
10,620,000
....
5253,723,000;
(Mar. 30) $67,861,000; e (Apr. 17)
-'M
Cons Goldfields of S A.
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)_.
1940;
9,203,518,000 9,152,354,000 7,248,476, C
T'V
Capital Accounts—
25)
follows: a (Mar.
as
$20,981,000.
Sat.,
...
678,724,000
1940; State, March 30,
March 30,
6 (Apr. 16) $73,752,000; c (Apr. 25) $2,686,000; d
*14,359,000
.
Total liabilities..
2,349,000
2.947,000
30,091,000
2,033,000
51,889,000
tru8t companies, March 30, 1940.
7,665,558,000 7,559,709.000 5,906,952,000
133,580,000
Deferred availability Items
181,710,000
136,492,000
1,620,000
1,048,000
Other liabilities, lncl. accrued dividends.
,1,214,000
Total deposits
3,483,000
36.458.000
931,357,000 14,204,464.000
518,887,000
v,i':' O'■
Liabilities—
5.000,000
Totals
L.
Total assets.............
7,000,000
60,000
1,810,000
151,152,000
9,840,000
17,037,000
685.806,000
721,957,(
739,501,000
direct and guaranteed....
12,500,000
Public Nat Bk & Tr Co.
Total U. S. Government securities,
99,217.000
56,312,000
28.191,000
633,000
4,601,000
1,497.000
45,324,000
672,062.000
67,973,000
4,430,300
136,486.900 d2,860.706.000
52,925.000
4,244,300
81,598,600 el,095,118,000
17,659.000
2,471,100
128.306,000
9,411,300
418,159,000
27,984,400
112,129,000
8,570,600
92,746,000
10,066,100
100,270,000
500,000
25,000.000
Fifth Avenue Bank
4.695,000
82.000,000
73,015,100 Cl.084,261.000
297,212.000
19.663,500
108,555,000
53,240,100
4,000,000
Bankers Trust Co
Bills
*
50,000.000
Comm'l Nat Bk & Tr Co
Notes
'
10.000,000
Continental Bk & Tr Co.
U. S. Govt, securities, direct and guar¬
anteed:
Bonds..
15,000.000
Irving Trust Co...
626,000
218,000
market..
open
21.000.000
Corn Excb Bank Tr Co.
137,000
42,117.000
Cent Hanover Bk&Tr Co
489,000
574,000
........
55,000
522,000
172,661,000
717,648.000
57,040,300
185,154,500 62.188,561,000
681,609,000
40,151,100
20,000,000
90,000,000.
First National Bank
65,000
509,000
direct and guaranteed
; Other bills discounted......
Bills
77,500,000
Manufacturers Trust Co
obligations
26.615,500
20,000,000
Guaranty Trust Co
8,281,557,000 8.187.135,000 6,355,096,000
Bills discounted:
14,505,000
39,838.000
203,745,000
559,518,000
a2,268,321,000
68,734,200,
13,924,100
6,000,000
,
National City Bank
Cbem Bank & Trust Co.
Witwatersrand
£3)4
£3 H
£3J4
£3)4
£3)4
Areas....
:
1934.
Weekly Return of the Member Banks of the
Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
items of the
These
figures
are
always
a
week behind those for the Reserve banks themselves.
The comments of the Board of Governors
of
week appear in our department of "Current Events and Discussions,1*
also give the figures of New York and Chicago reporting member banks for a week later.
May 19, 1937, various changes were made in the breakdown of loans as reported In this statement, which were
the Federal Reserve System upon the figures for the latest
immediately preceding which
we
Commencing with the statement of
described in an announcement|of the Federal Reserve
follows:
This classification has been
Bank of New York of April 20. 1937. as
«.
changed primarily to show the
purchasing or carrying
securities.
The revised form also eliminates the distinction between loans
City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
_
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans"
The changes in the report
amounts of
form
confined to the classification of loans and discounts
are
(other than to brokers and dealers) for the purpose of
to brokers and dealers in securities located in New York
(1) commercial, industrial and agricultural loans, and (2) loans
<
would each be segregated as "on
A mere detailed
securities" and "otherwise secured and unsecured."
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
Federal
29. 1937. Issue of the
explanation of the revisions was published In the May
New York
$
$
"Chronicle," page 3590.
...
Loans—total
San Fran.
Dallas
%
%
$
684
634
3,369
741
525
2,225
1,162
1,934
692
1,194
10,002
427
23,589
271
307
936
329
194
959
708
265
3,311
1,805
441
306
626
160
562
189
102
181
176
337
277
124
4
23
2
15
1
4
3
12
10
13
43
212
Commercial, Indus, and agrlcul. loans
4,430
305
68
117
28
9
11
4
39
Open market paper
...
Loans to brokers and dealers In secure.
331
11
619
22
484
25
21
3
5
35
4
Other loans lor purchasing or carrying
.................
Real estate loans..................
Loans to banks
...............
474
19
211
31
26
15
11
75
13
7
173
41
31
114
53
22
383
196
50
29
81
10
1,183
42
1
2
"70
"59
"169
94
200
"49
456
14
,_21
19
156
137
35
290
32
31
64
41
31
£
116
1,047
152
115
97
91
697
647
153
66
50
47
"131
...
1,569
608
14
175
1,840
38
928
...
Other loans
6,554
2,406
340
3,528
10,729
127
516
Treaury bills
Treasury notes
United States bonds
...
Obligations guar, by U. 8. Govt
Other securities.........
Reserve with Federal Reserve Bank..
49
"77
314
1,336
1,467
6,432
275
"ill
300
58
51
187
126
101
510
95
1
11
£,785
1
1
-
54
69
276
70
22
286
69
106
520
107
51
138
59
323
1,318
181
91
192
133
421
610
185
140
Balances with domestic banks...
Other assets—net
...w<
20
21
13
61
11
6
21
99
44
10
141
15
462
Cash in vault
226
216
332
265
238
550
191
320
306
177
87
3,239
1,180
[331
84
35
50
79
22
15
242
76
97
29
427
24
9,740
1,000
1,349
499
413
2,609
476
281
478
1,064
1,218
538
19,655
5,312
1,042
266
747
201
191
964
191
118
146
137
237
1,072
69
54
47
34
44
135
17
2
30
14
24
577
3,776
437
478
322
318
1,245
360
159
266
■329
346
428
8,464
717
21
657
5
1
2
9
3
4
1311
104
87
347
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
-
...
Foreign banks...................
Borrowings
Other liabilities
(In Millions of Dollars)
St. Louis Minneap. Kan. Citv
Chicago
Atlanta
8,653
Loans and Investments—total
securities.
f«
CITIES BY DISTRICTS ON APR. 17,1940
Cleveland Richmond
PhUa.
S
%
ASSETS
BANKS IN 101 LEADING
Boston
Total
Reserve Districts—
;;
>
..............
.........
Capital accounts...
.20
1
....
1
1
739
20
"285
""15
16
3,734
247
1,617
215
379
37
97'
".13
""22
94
393
58
The Commercial & Financial Chronicle
2674
i
April 27, 1940
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
ihowing the condition of the 12 Reserve banks at the close of business
Wednesday.
on
Thursday afternoon, April 25,
on
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the
resources and liabilities separately for each of the 12 banks.
The Federal
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 wpon the
returns for the latest week appear in our department of "Current Events and Discussions."
Reserve note statement (third table
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS APRIL 24,
Apr. 24,
Apr. 17,
1940
Three Ciphers (000) Omitted
1940
S
April
1940
1940
1940
1940
Feb. 28.
1940
$
$
1940
Afar. 20,
1940
Mar. 13.
1940
S
*
$
$
S
S
10,
Mar.
April 3,
27,
Afar.
6,
Apr. 16,
1939
%
ASSETS
Gold ctfs.
on
16,378,477
9,140
389,625
8. Treas.*.
Redemption fund (Federal Reserve notes)....
Other oash
*
Total reserves
16,288,976
9.275
387,927
16,777,242
hand and due from U
16,686,178
16,161,074
16,101,619
16,047.618
15,997,622
8,672
8,123
385,310
375,463
8,239
372,262
8,334
361,786
16,555,056
16,485,205
16,428,119
16,367,742
15,932,621
9,360
15.868,621
9,572
362,538
356.186
15,793,621
9,574
367,455
16,304,519
16,234,379
16,170,650
13,030,716
8,346
13,420,955
381,893
Bills discounted:
Secured
by U. 8.
Government obligations,
direct and fully guaranteed
Other bills discounted
443
632
366
334
369
470
512
1,410
1,831
1,727
1,076
1,675
478
1,929
1,612
1,632
2,620
2.507
6,167
1,628
2,372
2,463
2,093
2,751
2,090
1,966
2,989
2,977
6,679
3,038
9^918
~~9~ 852
"V, 875
1*0",138
lb",483
"l"0",498
"10,423
10,404
10,704
13,291
1,337,495
1,337,495
l;129i225
1,337,495
1,129,225
1,337,495
1,129,225
1,342,045
1,133,225
1,342,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,176,109
—
...
—
Total bills discounted....................
Bills bought In open market.........
Industrial advances
562
....
.....
....
United States Government securities, direct and
guaranteed:
Bonds
'
'
Notes
1,^29,225
.&»„——.......——
Bills
»
»
911,090
476,816
Total
U. 8. Govt, securities, direct and
guarantAAri.........
2,466,720
2,466,720
2,466,720
2,479,010
,,
2,479,035
2,478,688
2,466,720
2,475,270
2,475,270
2,477,270
2,477,270
2,477,270
2,564,015
2,479,609
2,487,843
2,487,734
2,490,682
2.490,651
2.494.653
2,580,906
Other securities
Foreign loans
gold
on
Total bills and
.
------
securities......i.ii..........
Gold held abroad
47
Bank premises
...
47
""r~47
47
""*47
47
47
22,113
59,145
19,461
763,669
41,625
58,082
22,146
592,220
41,612
59,572
17,998
636,668
41,612
58,257
19,691
743,276
41,671
58,005
17,604
721.035
41,689
57,081
18,484
712,167
41,703
69,540
20,017,899
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items..........
20,048,097
19,749,341
19,719,396
19,778,652
19,692,932
19,637,142
...
'
638,721
41,621
.............
Other assets
Total assets
—
47
160
47
19.935
21,682
20,976
638.754
580,517
41,703
41.741
42,599
65,695
64,759
50,398
19,471,590
19,432.186
16,696,511
:
619,180
LIABILITIES
Federal Reserve notes In actual circulation....
4,918,503
4,931,115
4,923,425
4,934,636
4,899,117
4.895.048
4,881,754
4.889,287
12,883,034
12,757,391
United States Treasurer—General account..
469,974
512,521
384,229
377,569
12,294,002
699,877
395,073
412,821
12,256,250
707,493
390,780
399,786
12,367,086
526,387
535,988
376,402
396,295
12,395,460
692,077
384,335
352,536
12,438,580
Foreign banks
Other deposits
12,574,727
590,460
372,802
364,406
389,876
353,533
377.032
13,754,309
t688,636
t3,334
13,719,249
678,445
6,452
19,426,814 tl9,341,327
4,858.677
4,433,389
12,317,794
561.406
380,844
9,902,809
363,381
289,458
13,633,639
594,538
3,098
13,623,425
596,109
3,140
11,332,133
19,285,900
19.120.562
19,081,351
16,352,155
136,074
136,081
151,720
149,152
•
Deposits—Member banks'
reserve account...
Total deposits
14,125,705
616,461
4,566
14,031,710
19,665,235
360,319
13,898,308
570,810
s
Total liabilities
13,801,773
604,541
3,568
721,553
4,371
19,695,584
19,396,958
19,367,153
136,132
151,720
26,839
37,822
136,127
151,720
26,839
136,132
151,720
26,839
37,147
136,107
151,720
26,839
t36,939
136,102
151,720
26,839
36,581
151,720
26,839
37,697
136,145
151,720
26,839
37,539
20,017,899
20,048,097
19,749,341
19,719,396
19.778,652
19.692,932
88.1%
88.0%
8,725
.............
13,824,408
4,415
136,125
151,720
26,839
37,980
Deferred availability Items
Other liabilities, lncl. accrued dividends
8,805
88.0%
8,790
87.9%
8,350
87.8%
8,224
87.8%
9,080
600
645
412
728,857
3,902
912,910
226,956
582,059
4,574
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts
Ratio of total
reserves
to
deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances....
<
134,972
26,839
27,264
36,395
36,195
32,968
19,637,142
19.471,590
19.432,186
16,696,511
87.7%
9,080
87.6%
87.6%
85.1%
9,126
8,966
11,749
1,349
1.468
1,916
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
707
Total bills discounted
1-15 days bills bought In
16-80 days bills bought In
31-60 days bills bought in
1-90 days bills bought In
523
105
233
773
21
125
1,198
....
858
51
16-30 days bills discounted
31-60 days bills discounted
61-00 days bills discounted
Over 90 days bills discounted
1,139
928
1,130
140
161
142
229
100
1,123
1,108
161
.....
176
45
3,995
1,191
155
181
226
382
1,116
>
1,126
1,119
280
138
255
v
219
180
148
161
160
193
157
148
322
2,372
2,463
2,093
2,751
2,090
1,966
2,989
2,977
6,679
3,038
open market...
203
open market—.....
206
open market
■■
47
open market
Over 90 days bills bought in open market.....
...
106
Total bills bought In open
market.........
1-15 days Industrial
advances.—.......
16-30 days industrial advances
31-60 days Industrial advances..............
61-90 days Industrial advances
Over 90 days Industrial advances
"
562
"
"
"
"l",447
1,426
"l~242
"l",247
1*574
~l",592
l",587
61
"l",453
"V.493
84
227
196
121
130
381
415
59
...........
286
j-':
Total industrial advances
U, 8. Govt, securities, direct and
guaranteed:
1-15 days
..
.
271
188
149
294
249
353
339
781
793
273
299
181
157
283
7,405
7,437
7,753
8,221
8,228
8,055
8,000
8,284
9,852
9,875
10,138
10,483
10.498
10.423
10,404
10,704
104
491
689
9,918
■
........
629
7,472
........
1,908
..
i
246
'
715
10,318
13,291
82,185
16-30 days
83,440
......
31-60 days
61-90 days
2
Over 90 days
146,043
127,630
2,466",720
2,466", 720
2,466",720
2,466,720
2,475" 270
2,475,270
2,477,270
2,477*270
2,466,720
2,466,720
2,466,720
2,466,720
2.475.270
2,475.270
2,477.270
2.477,270
2.477~270
2,124,717
2.477.270
2,564,015
Total U. 8. Government
securities, direct
and guaranteed
.
Total other securities
—.—
...—
......
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F
Held by Federal Reserve Bank
In actual
R. Agent
......
Collateral Held by Aoent as Security Tor
Notes Issued to Bank—
Gold ctte. on hand and due from U. 8.
Treas..
By eligible paper
United States Government securities
Total collateral-.
•
"Other cash"
does not
Include
Federal
^An*jf <3?^T,arQi°etno!iCa^f ?,veaJ& tl10
provisions of the
5,239,294
308,179
5,251,464
328,039
5,251,335
316,699
5.237.827
338,710
5.227.268
332,220
5,216,078
334,324
5,210.592
321,305
5.180.520
321,843
4,740,896
307,507
4,918,503
4,931,115
4,923,425
4,934,636
4,899,117
4,895,048
4,881,754
4,889.287
4,858.677
4,433,389
5,375,500
5,375,500
5,368,500
5,363,500
5.343,500
5,333,500
5.328.500
5.323.500
5.313.500
4,872,500
719
794
471
540
671
493
543
615
723
2,893
5,376,219
circulation
5,245.738
327,235
5,376,294
5,368,971
5.364,040
5,344.171
5,333.993
5.329.043
5.324.115
5.314,223
4,875,393
Reserve notes,
f Revised figures.
State3 Treasury for
the gold taken
over
from the Reserve banks when the dollar
Gold'R^rve6Aot of6!934 *** WOrtb le88 t0 the exteQt of the difference,
was devalued
from 100 cents to 59.06
the difference Itself have been appropriated as profit by the Treasury under
Volume
of the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF RESOURCES AND
Three Ciphers (000) Omitted
Federal Reserve Agent at—
band
on
and
Chicago
%
%
*
380
1,559
870
601
31,273
112,808
29,759
25,876
935,865 1,044,833
437,216
'
950,220
234,103
356,193
246,568
367,819
316,893 2,517,492
413,621
1,192
22,403
916,439 8,281,557
16,777,242
...
905,236 1,018,356
884,786 8.167,190
389,625
...
%
$
$
%
J
San Fran.
Dallas
St. Louis Minneap. Kan. City
'
16,378,477
9,140
from United States Treasury
Otber cash *
reserves
$
Atlanta
du
Redemption fund—Ped. Res. notes..
Total
$
I
%
$
'
certificates
New York
Cleveland Richmond
Phila.
OF BUSINESS APR. 24, 1940
12 FEDERAL RESERVE BANKS AT CLOSE
LIABILITIES OF EACH OF THE
Boston
Total
ASSETS
Gold
2675
The Commercial & Financial Chronicle
]l
ISO
574
771
568
616
280
248
1,481
20,008
50,456
17,330
10,085
17,850
16,785
34,992
337,475 2,568,719
385,717
257,269
374,323
251,136
986,693
Bills discounted:
Secured by U. 8. Govt, obligations,
.....
...
2,372
69
128
90
137
153
203
170
197
90
2,731
364
915
802
339
61
1,337,495
1,129,225
Govt,
97,529
82,343
400,969
106,802
90,170
136,778
115,478
68,248
56,495
Total bills and securities
146,385
123,590
61,325
51,775
2,466,720
179,872
739,501
196,972
252,256
125,870
104,195
269,975
113,100
742,105
199,840
252,773
126,988
105,167
270,511
113,251
181,168
2,479,010
....
Due from foreign banks
261
310
158
112
482
677
51,517
109,438
92,397
40,271
338,532
securities,
direct and guaranteed........
275
52
574
47
3
589
57,022
47,700
,
'■'f
176
v
43,495
74,271
113,861
95,012
201,835
74,499
114,234
95,804
202,670
See
1
4
2
2
6
1,509
5,175
2,567
24,421
2,730
2,287
433
1,411
83,676
27,793
34,229
530,003
.
4
1
1
a
5
1,810
135
,
61,738
52,123
34,000
963
18
22,113
.....
Fed. Res. notes of other banks......
;
23
'
"""261
22
2,030
direct & guar
Notes.
8.
36
134
67
Industrial advances
U. S. Govt, securities,
Bonds
U.
90
113
9,918 "1,229
Total bills discounted
Total
;
35
30
23
132
V
509
1,929
130
5
65
67
443
direct and guaranteed
Other bills discounted
/
680
1,899
32,210
3,197
1,159
32,591
2,929
2,608
2,469
5,206
638,721
62,972
41,621
2,875
9,840
44,342
4,541
75,782
Bank premises
5,498 V
2,526
2,022
3,373
2,272
Other assets
59,145
3,977
17,036
4,890
6,592
3,438
2,437
6,118
2,562
17,896
1,389
1,812
20,017,899 1,108,023 9,203,518 1,190,446 1,387,051
627,002
474,091 2,935,133
533,883
353,298
451,407
218,105
159,278 1,083,799
192,143
141,524
181,754
79,15*
383,078
233.681 1,623,077
46,457
23,339
254,187
142,135
31,625
:
8,342
265,028
212,604
714,492
26,033
32,479
30,069
10,997
11,376
27,743
21,075
Uncollected Items...
Total assets
151,152
51,657
liabilities
345,268
404,864 1,278,131
4,918,503
V. R. notes In actual circulation....
Deposits:
Foreign banks
Other deposits.................
Total deposits.
754,668
295,758
26,973
,23,875
37,162
28,903
35,266
309,630
15,905
8,848
6,230
13,272
7,853
16,306
30,248
11,376
45,504
s
6,897
4,979
2*153
2,103
278,145 1,718,732
304,211
258,562
793,379
}
3,694
770.056
827,685
342,169
302,708
187,081
136,492
41,683
74,305
51,257
23,678
87,146
27,994
15,355
33,345
34,342
29,946
60,918
483
141
171
537
129
167
265
271
1,214
641
165
382
522,974
344,127
519,575
616,461
4,566
19,665,235 1,143,583 9,081,395 1,157,648 1,353,880
Total liabilities..
C
677,419 7,665,558
14,125,705
Deferred availability Items
.......
Other liabilities, lncl. accrued dlvs
;
19,136
27,205
6,928
376,402
396,295
.....
690,016
*150,83.7
%31,853
624,150 7,073,238
12,883,034
409,974
Member bank reserve account...
U. 8. Treasurer—General account.
^
383,459 1,231,992
461,272 2,890,214
611,672
372,221 1,206,674
>■'
S
CAPITAL ACCOUNTS
Capital paid In
9,335
2,874
-
14,011
14,323
11,911
14,198
4,393
2,296
53,326
7,109
1,826
151,720
20,839
51,068
10,405
136,125
....
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts.......
10,620
4,632
13,624
4,121
2,955
4,377
5,725
22,824
4,709
3,152
3,613
3,974
713
1,429
538
1,142
1,266
10,707
10,224
2,121
1,749
5,276
6,247 ;
1,007
1,890
2,206
:
3,830
7,042
1,541
474,091 2,935,133
533,883
353,298
530,003
18
120
59
468
1,561
Total liabilities and capital accounts 20,017,899 1,168,023 9,203,518 1,190,446 1,387,051
627,002
37,980
♦
1,290
383,459 1,231,992
3,81
Less than $500.
a
"Other cash" does not Include Federal Reserve notes.
16
717
1,181
1,146
852
330
8,725
Commitments to make Indus, advs..
4,108
:
1,001
2,063
3,246
FEDERAL RESERVE NOTE STATEMENT
'
v
Three Ciphers (000) Omitted
^
on
16,609
24,045
16,653
10,327
145,773
4,249
8,426
7,711
441,844
58,766
110,835
173,942 1,126,072
42,273
14,664
451,407
218,105
159,278 1,083,799
192,143
141,524
181,754
383,078
345,268
79,152
404,864 1,278.131
479,000
250,000
180,000 1,140,000
209,000
147,500
195,000
464,000
375,000
91,000
440,000 1,405,000
39
50
30
226
147
209,050
147,530
91,000
464,000
375,039
195,226
440,067 1,405,147
12,677
.
•""■■V;/*
r,V:'
1 1940
8 1940
361,877
475,452
234,758
202,470
;
....
May 15 1940
May 29 1940
5 1940
June 12 1940
■
479,000
180,000 1,140,000
250,160
Quotations of representative
Asked
June 28 1940.
3
10
July 17
July 24
July
July
1940.
1940.
1940.
1940.
Francs
Banque de France
Bank de Parte et Des Pays Bas
Rale
Maturity
■
Asked
Mar. 15 1942...
Sept. 15 1942...
2%
Dec.
15 1940...
Mar. 15 1941...
15 1941...
Dee. 15 1941...
101.15
*10l"l7
101.24
32ds of
Courrieres
France...
Credit Commercial de
15 1943
1X%
1X%
15 1943...
Dec.
101.26
101.25
101.27
Asked
Bid
—
102.3
June
103.8
103.10
Sept.15 1944...
104.19
104.21
104.10
L'AIr
102.16
102 18
102.22
16,240
670
660
064
1,042
1,596
1,005
""800
101.31
Orleans Ry
Mar. 15 1945...
(6%)
758
330
295
295
575
:
760
325
290
590
578
"""589
100.29
1,686
1,730
1,708
1,715
""650
"-"655
"""650
658
937
950
938
950
1,840
1,930
322
994
1,950
1,004
1,045
1,050
1,932
1,003
1,062
907
967
973
36
36
2*042
2,045
2,055
74.05
74.20
74.25
85.00
86.70
86.50
80.70
115.30
115.50
115.40
115.60
2,880
2,900
2,890
1,745
1,780
1,750
2,895
1,750
70
74
74
74
1,250
Pathe Capital
102.3
Pechiney
100.16
100.18
Rentes, Perpetual
—..
3%.
4^%
5%. 1920
-
C
Schneider <fe Cle—-—........
Soclete Generale Fonclere
Soclete Lyonnatee
.........
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
the
compiled by Dow, Jones & Co.:
Ly-.''.":
V
Soclete Marseillaise..—......
Tublze Artificial
Silk pref
Union d'ElectrlcIte
Wagon-Llts
...
...
2,011
73.85
85.40
114.90
2,822
1,735
72
1,221
701
81
467
44
1,262
1,262
1,255
703
704
705
701
1,004
1.060
2,050
74.40
84
85
85
80
465
473
471
485
44
46
46
46
Bonds
Stocks
THE
10
10
20
15
Total
10
First
Second
10
Indus¬
Rail¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
BERLIN
STOCK EXCHANGE
Total
Utili¬
,
30
.*
Closing prices of representative
of the past week:
each day
Apr. 28.
147.73
30.68
24.85
49.49
106.98
109.18
148.56
30.97
24.76
49.75
106.97
92.76
47.95
108.90
24.75
106.83
92.64
48.00
108.75
Apr.
20
89.14
49.74
stocks
Apr.
89.17
Apr. 25.
22
as
received by cable
Apr.
89.05
Apr. 24.
148.45
Apr. 23.
148.93
31.00
92.80
47.74
24.66
49.75
106.74
92.46
47.86
108.79
88.96
Apr. 22.
148-01
30.63
24.65
49.50
106.75
92.55
47.64
108.95
88.98
147.67
30.60
24.63
49.40
106.79
92.50
47.40
108.93
88.90
Apr. 20.
30.75
"
Securities on the New
Stock Exchange—See following page.
States
Government
23
■Percent
Apr.
24
of
Apr.
25
Allegemeine Elektrizltaet8-Gesellschaft(6%)
180
Berliner Kraft u. Llcht (8%)
112
Cornmerz und Prlvat-Bank A. G. (0%)
140
140
142
179
I79
180
180
112
112
114
115
123
123
123
124
of 7%). 131
131
130
130
129
111
111
112
113
115
183
183
183
183
Deutsche Relchsbahn (German Rys.
Dresdner Bank (0%)
Farbenindustrle I. G.
(7%)
—...
125
185
Relchabank (new shares)....
Transactions
the
at
Daily, Weekly and
New
York Stock
Yearly—See page 2691.
Exchange.
Apr.
26
Par——
138
138
Deutsche Bank (6%)
United
York
290
,
1-040
966
101.27
757
762
,
102.1
""780 ,""775
312
"
x%
1%
H%
15 1 944...
1,078
1,087
1,645
""758
1.780
992
Lyon (P L M)
NordRy
Stock and Bond Averages
Date
16,050
t>
314
650 Closed
927
Littoral—
Saint Gobam C &
are
540
16,125
649
^
Llqulde
104.8
101.29
Mar. 15 1944...
102.1
539
15,905
f'l
504
1-675
Nord
Energle Electrlque du
Energle Electrlque du
102.20
15 1942...
June
100.6
8,145
550
754
314
d'Escompte
8,220
8,340
1,091
530
.
Kuhlmann
1M%
1 H%
1X%
1H%
1H%
1H%
June 15 1940...
Thurs.
Francs
8,200
1,068
533
Comptolt Natlonale
Coty 8 A
Francs
Francs
Francs
1,052
15,715
Cle Dtetr d'ElectrlcIte...——650
Cie General d'ElectrlcIte.......
1,575
Cle Generale Transantlique. ..
45
Citroen B
754
Credit Lyonnato
Bid
Francs
-
Int.
Rale
Wed.,
Tues.,
Mon.,
8,020
Banque de l'Unlon Partelenne...
Canal de Suez cap
Notes—Friday,
Int.
Maturity
stocks as received by cable
Sat.,
Apr. 24 Apr. 26
AVT- 19 ^pr. 20 Apr. 22 Apr. 23
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
June 19 1940.
Figures after decimal point represent one or more
point.
as
;
of the past week:
each day
Fri.t
Quotations for United States Treasury
April 26
Below
86,863
190,180
PARIS BOURSE
THE
'
Bid
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
May 22 1940
160
Bills—Friday, April 26
for discount at purchase.
Bid
....
67
719
United States Treasury
June
$
%
$
-
417,541 1,388,966
5,376,219
Rates quoted are
Deo.
:
$
%
5,245,738
327,235
.........
Total collateral
a
$
San Fran.
Dallas
St. Louis Minneap. Kan. City
Chicago
$
hand and due
Eligible paper...
June
Atlanta
%
Issued to banks:
from United States Treasury
May
%
v,
Agent as security
by
Gold certificates
May
1
5,375,500
In actual circulation
for notes
$
Cleveland Richmond
Phila.
$
4,918,503
Bank by F. R. Agent
Held by Federal Reserve Bank....
Collateral held
New York
$ ft
$
Federal Reserve notes:
Issued to F. R
Boston
Total
Federal Reserve Bank of—
114
112
113
113
113
Siemens & Hateke (8%)
233
232
235
235
237
Verelnlgte Stahlwerke (0%)
112
112
113
113
114
—...
2676
April 27, 1940
Stock and Bond Sales
New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded tn the
day's range, unless they are the only transactions of the day.
computing the range for the year.
•
No
account Is taken of such sales in
United States Government Securities
Below
we
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
-''''/-'■v
a
Apr. 20 Apr. 22 Apr. 23 Apr. 24 Apr. 25 Apr. 26
Treasury
4Mb, 1947-52
120.10
(Hlghl
{ Low.
120.14
120.10
120.9
120.10
120.10
120.10
120.10
120.13
8
2
Treasury
120.13
120.9
15
Total tales in $1,000 units...
5
m
m
(High
1
Low.
I Close
Total sales in $1,000 units...
| Low.
3M8, 1946-66
m
2Mb, 1948
Total sales in
$1,000 units-.
'
(High
m
-
^
^
Total sales in
mm mm
2
.
r.
mm
Total sales in
....
....
mm mm
mmrnm
mm
""
..
109.22
109.20
109.19
109.18
109.20
109.22
109.20
109.18
109 T 9
m
m
m
110.12
110.10
110.11
110.10
110.9
110.10
110.10
110.10
110.9
110.11
110.10
110.10
*4
(High
13
m
110.10
110.10
2
5
2
*1
111.17
111.17
111.19
111.21
m
25
-ite m
106.8
106.1
m
mm
106.4
106.1
-rnmmm
.
103.18
106.4
2
76
103.23
■•-'••-J.
^
m m
103.27
103.18
103.18
5
(High
104.29
104.31
105
{Low.
104.29
104.31
[close
104.29
104.31
■
1
103.27
103.18
{Low.
103.18
103.18
1
1
■
■
mmmrn
mmmrn
105
105.8
mm-m.rn
105
105
105.8
mmmrn
105
105
105.8
rnmmm
6
rnmmm
Total tales in $1,000 units...
103.23
2
""
103.23
103.27
rnmmm
1
(High
(Close
-.mmmrn
111.17
111.19
111.21
111.21
mmm
111.17
111.17
111.19
111.21
2
1
rnmmm
rnmmm
rnmmm
mmmrn
■
rnmmm
2
1
1
1
2
3Ms, 1944-64
1
'
107.30
107.26
107.30
$1,000 units...
7
6
(H,*h
(High
----
mmm
mm
mm.
3s, 1942-47
110.27
Total sales in $1,000 units..
■
111.2
{Low.
—
110.19
m
mm
2
(Close
110.19
m
m
m
rnmmm
Total tales in $1,000 units..
(High
rnmmm
6
mmm
108.1
108.1
108.3
108.4
107.26
107.29
107.30
108
108
108.1
107.30
108.2
108.4
IHlgh
Low.
5
109.10
109.9
Close
109.9
$1,000 units...
1
109.9
m
m-mm m
109.10
1
18
3
11
13
109.12
109.13
-mm
mm
109.13
109.12
109.13
109.15
4
107.16
(High
Low.
{Low.
107.24
107.24
mm
2
mm
'm
106.30
(High
Low.
,
Close
'■
«,.#
m
m
m
mm
mm
rnmmm
mm mm
*
m
$1,000 units...
107.25
m
■mm'mi*
108*1'
107.26
mm
1
*
*
107*26
107.23
rnmmm
'
'
mmmm
107.26
m
mm
m
9
106.30
106.31
mmrnm
rnmmm
14 Treas.
107
106.31
10
3
106.20
106.21
106.20
106.17
106.21
106.20,
1
9
4!
(Close
Total tales in $1,000
units...
mm
m
106.17
106.17
mmm
mm
107.20
+ mmm
mm mm-
m mm
10*4.5
107.23
mm
*6
m
104.5
m
mmm
mmmrn
m mmm
■rnmmm
rnmmm-
104.9
rn'mmm
*1
■mm mm
1
■rnmmm
'm'mmm
101.27
.mmmrn
'rnmmm
rnmmm
■"mrnmm
■
m
'
'
'
'm
m m
'
mmmm
mmmrn
mmm.
-
■rnmmm
101.26
101.24
/101
101.26
26
101.26
101.27
101.26
101.26
4
1»
2
mm-m
t Deferred delivery sale,
1
104*9*
104.9
rnmmm
104.5
(High
107.23
107.20
■mmmrn
rnmmm
r
107.23
107.20
mmmrn
t Cash sale.
above table includes only
Transactions in registered bonds
of
sales
coupon
were:
v
2Ms, 1955-60
107.5
106.23
-
(High
{Low.
-
f
mmm m
■
rnmmm
Close
$1,000 units...
Odd lot sales,
bonds.
107.5
106.30
—
1 1 Il
Note—'The
108.1
5
106.31
1
'.mm-mm
Total sales in
107.23
Close
i,000 unUs...
It
*
1
mmmrn
J Close
Total sales in $1,000 units...
-
107*24
;
....
107.16
(High
$1,000 units...
107.23
rnmmm
104.20
1
Low.
-
rnmmm
104.20
1
*1
Low.
-
1
»
*
5
-
t
t
Total sales in $1,000 units...
2MB, 1942-44
109.15
1!
Close
104*20
rnmmm
T*--
1
107.16
15
109.10
I High
^m mm
1
(Close
109.10
rnmmm
I
1
»
{Low.
3s, series A, 1944-52
■
'
mmm
1
(High
108.4
3
■
rnmmm
.
$1,000 units...
Home Owners' Loan
10
108
109.9
-mm mm
'
mm-mrn
rnmmm.
110.29
m
107.25
(Close
mmmrn
rnmmm
Close
Total sales in
110.29
110.21
107.25
Total tales in $1,000 units...
rnmmm
f .,jmmmm-
'
1
m
rnmmm
1
107.26
{Low
mm
rnmmm
(High
110*30
110.21,
m
mm
107.30
m
.
"rnmmm
Low.
110*24
110.19
m
mmmm
rnmmm-
******
(High
107.30
'
[ close
Total sales in $1,000 units...
mmmm'
111.2
'rnmmm
107*30
rnmmm
rnmmm
{Low.
111*2*
110.27
rnmmm
—-
107*30
107.26
(Close
-
rnmmm
r*mm
rnmmm
....
10*7*26
{Low.
.
3s, 1944-49
——
mmmm
{Low.
I
Total sales in
110*27
m
QjQgg
Total sales in $1,000 units...
«
s.
'm'aem'm
(High
111.25
rnmmm
Federal Farm Mortgage
111.25
111.17
(Close
total sales in
.
■mmmrn
25
Total sales in $1,000 units...
110.11
mmm
«.
(High
{Low.
2Mb. 1958-63
....
103.18
1
m
+ mmm
■'m
QJogg
Total tales in $1,000 units...
in
106.3
rnmmm
106.1
103.18
(High
t otal sales
103.18
{Low.
28, 1948-50
110.11
2
{Low.
IClose
total sales in
1
....
110.11
110.12
Total tales in $1,000 units..
t otal tales in
105.29
5
105.20
28, 1947
109.19
m
1
I
2MB. 1955-60
105.25
1
109.19
rnmmm
■
16
{Low.
3s, 1951-65
106.3
[dose
109*19
109.18
109.19
$1,000 units...
(High
3s, 1946-48
105.29
;
2Mb, 1951-53...
....
mm
(Close
8Mb. 1949-52
105.25
....
105.19
106.3
....
105.20
'T-'
•
..
(High
3 Mb, 1946-49
J
105.19
105.20'
"
■{Low.
...
108.8
105*29
105.20
rnmmm
2
.
105*28
{low.
jStV
mm.m.-m
108.8
mmmrn
■
105.20
V'--
Close
Total tales in
•
——
105*19
1
'
104.10
109.20
'rnmmm
mm*tm
Total sales in $1,000 units...
"
.v"'
104.10
104.10
....
....
105.20
....
....
Low.
8Mb, 1944-46
/.
104 TO
104.10
....
Total sales in $1,000 units...
*v
'
$1,000 units...
,+mmm
10*8*8"
(High
.
Total tales in $1,000 units...
Total tales in
106.31
'
•
(High
106.22
....
(Close
»-
....
104J0
(close
61
$1,000 units...
2Mb. 1950-52
"fill
109.11
| Low.
*:
Total tales in
103.12
109.11
....
$1,000 units...
(High
3MB. 1941
14
[Close
*1
i
109.11
-{Low.
t
4
{low.
....
mm
....
(High
1 Close
5
(High
2Mb, 1949-63
103.12
....
$1,000 units...
"7
3 Ms. 1943-47
13
{Low.
101.8
103.12
...
....
....
^
Close
'
'
....
rnmmm
.
.
101.8
101.5
'rnmmm
■
-
-
•'*
me
mmmm
Low.
101*8*
101.5
_
^'mmm
,
102
'■
I Close
Total sales in $1,000 units...
....
IClose
106.31
J
m mm
loi'i"
{ Low.
106.20
106.22
106.22
(High
(High
3Ms. 1940-43..
106.18
106.22
106.21
Total sales in $1,000 units..
m-m m m
(Close
$1,000 units...
Total tales in
106.20
106.21
106.20
{Low.
----
-
106.21
106.20
(High
2Mb, 1945
kit tilt til lift
(High
106.14
100.15
Total tales in $1,000 units...
mmmm
•
1
106.17
106.15
(Close
m
(High
4s, 1944-64
'
{Low.
2Mb. 1960-65
rnmmm-
m
Mortgage
Apr. 20 Apr. 22 Am. 23 Apr. 24 Avr. 25 Apr. 26
120.13
mmmrn
mmmm
[Close
Farm
11
rnmmm
rnmmm
m
rn-m'
United States Treasury Bills—See
rnmmm--
—
107.25 to 108.25
United States
-J
previous
page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Apr. 20
Wednesday
Thursday
Friday
Avr. 22
Apr. 23
Apr. 24
Apr. 25
Apr. 26
Ranot Since Jan.
On Basis of
Week
$ per share
♦6734
*136
$ per share
69i2
*68i2
145
*43
142
473s
*485$
7l2
*2384
*165f$
*43
50
*48l2
7M
7%
2434
25
17i2
*1612
*48«4
*34
49i2
7g
63g
63g
*4
®4
1278
1178
10
8is
*55
*18's
71t4
1078
4984
*
4812
*s4
49
614
6is
34
6i4
12ig
1078
*16i4
2334
*7412
123«
1078
1U4
178l2
12S4
1414
1638
177
13
1284
14i4
83S
8>s
814
*70is
7078
335s
7U2
3478
1484
3378
*14i4
1478
2i8
2l8
•
2i4
1114
84
1534
2484
1114
1781?
127g
1684
81S
8M
*70i8
3478
711?
3514
141?
14l2
2M
23«
16
8
10
17
Air Reduction Ine
No par
Air Way EI Appliance..No
48
6i4
'»!«
2,900
Alaska Juneau Gold MIn
2,000
12i4
6,700
lll2
11
11
Allegheny Corp
6M % Dt A with $30
6M% pf A without
1,700
1,100
29,900
11»4 "l"l"l4
11'4
12i4
178i2 179
*1775g 179
*12
127g
12l2
16
163s
15l2
16'8
*12
814
8
8M
*2*200
1,400
300
34,000
6,300
7H2
3484
72
7178
73
35
34
34i4
13M
13i4
1384
1334
700
23s
2l4
*17i2
23s
*2l4
*10l2
5534
56
56
*55
23g
1778
5612
2,300
18
183s
18
18
*17i2
183s
1,100
2l4
551?
18
181?
*18
71l2
lll2
4984
731?
71
11 *8
113s
49i2
*17
5534
this day.
19
600
5.900
500
$2.60 pnor
conv
10
No par
war.
100
war.
100
pref. N» par
Algkny Lud 8tf Corp. .No par
AllegA West Ry 6% gtd.,100
Allen Industries Inc
1
Allied Chemical A Dye.No
par
Allied Kid Co..
Allied Mills Co Inc
No par
Allied Stores
No par
Corp
5
1134 Apr 4
13i2 Jan 15
Jan
27i2 Apr
19i2 Jan
68ig Jan
78 Mar 11
7
Jan
8
Us Jan
145$ Jan
8
3
1212 Jan
4
17M Apr 8
25U Apr 24
73i2Mar 21
1234 Apr 16
182
14
Apr
9
Jan 25
1634 Apr 23
93s Jan 2
73
Apr 26
417« Jan 4
19
share
Sept
Sept
No.
Oct
Sept
Sept
1578 Sept
25
Mar
27M
45U
Apr
68
Jan
Sept
»4
Jan
6M Dec
5s July
5<4 Aug
4i2 Sept
8
June
14
Apr
62
May
63|
Apr
15112 Apr
10
Apr
9i2 Apr
6
li4 Sept
10
Jan
2
Sept
20i2 Sept
18
Sept
2312 8ept
28U Jan
69
Sept
U7S Oct
200ij Sept
147$ Sept
15M Sept
5
16
4134 Jan 12
978 Mar 18
75
Apr 15
26
June
47
10
1234 Apr
9
Jan
46
60
3
9'4 Sept
46M Dec
1734
50
60
Jan
7034
72i4
9,200
IH4
*485s
1138
3,400
American Bank Note
4934
180
x
Mar
Jan
Apr
Apr
Feb
16
22
33i2 Apr
3Uf Mar
6i2 Aug
per
7li2
I49i2
49i2
56i2
lli2
4
lll2
Cash sale,
2
9
Apr
Apr
Jan
72l2
r
Feb
46i2 Apr
5212 Apr
53
120
58*2 Apr
49i2
New stock,
Feb 19
9i$ Jan 23
171
8
Highest
1
21
1112
n
18
19
15
Feb
share
Apr 23
7H4
Def. delivery,
72
7
5
30
70i4 Feb 14
147
per
Mar 18
49
a
Mar
1
18
50
7214
m2
t In receivership.
6
share
53
1
49i2
6% preferred..
Apr 19
Apr 16
7
58 Feb
per
28
Maris
par
Amerada Corp
..No par
Am Agrtc Chem (Del)..No par
Am Airlines Inc
......10
800
Jaa 16
s4Mar
1034 Jan
9i2 Jan
1334 Jan
18M Jan
Year 1934
Lowest
734
6334
33U
1314
15,
14i4
5% preferred
100
AUis-Chalmere Mfg....No par
Alpha Portland Cem_.No
Amalgam Leather Co Ino
6% conv preferred..
Feb
7i8 Maris
par
12
14M
55l2
on
6*8
Corp..
13
7H2
3538
5514
18i2
727«
1158
4984
Address-Muitgr
34
8
21
500
14
55
Bid and asked prices; no sales
I
6
1,100
78
6M
*70i8
3434
18
49S4
1612
45
8,000
1584
13
25
...
3
78
2378
in4
Acme Steel Co
Adams Express
41i4 Feb
17M
16
179
Mar 19
4834
25
m4
Mar 21
141
48M
*»4
16
179
67
100
....No par
Adams-Mill Us ........No par
....
*12
No par
No par
400
2414
6
17m
$
4M% conv pref...
Abraham A Straus
3,400
4978
share
per
778
16M
25l4
1534
24l2
18i#
$
243g
1134
*1678
4858
10
Par
Range for Precious
Highest
Abbott Laboratories
778
11
17l4
500
*2334
17M
1212
lll2
18
11
778
25
Lowest
Shares
"""406
49
7g
614
»i«
13i4
18
49l2
49
49l2
17i2
1812
7H4
778
*24
50
*58
614
34
1214
*74
12i2
1578
178
758
243j,
50
*1678
48^8
7«
1212
lli8
177
1712
5634
1812
73i2
107g
4934
17
34
50
7l2
243g
25
1658
24i4
15
2314
*49
8
712
17
10«4
16
*111*4 "lll4
50
25
1012
23
7078
33l2
*14i4
2i8
*16i4
75„
h
12
22
177
50
1714
4958
h
6is
*15l2
*1134
14i4
60
69i8
25
49
103s
$ per share
$ per share
$ per share
$ per share
69ig
69
*6834 6914
69m
6834
6834
142
♦1423s 145
*142i2 145
*142i2 145
*14212 145
♦43
473g
*43
473g
*43
473s
*43
4738
473g
69l2
1
100-Stars Lot*
19
25
Jaa 22
Ex-div.
y
16
Jan
9
2>s Jan
18
Ex-right,
0
Apr 22
Jan
f
Apr
113s
54i2 Apr
71
28
483$
Apr
Jan
Aug
Jan
12*4 Apr
li4 June
197$ Jan
33$ 8ept
12
Aug
21
50
Apr
Sept
741$ Sept
Apr
241$ Sept
Called for redemption.
Dec
Volume
New York Stock
ISO
Record—Continued—Page 2
AND
HIGH
SALE
PRICES—PER
SHARE,
Apr. 20
Apr. 22
Apr. 23
Apr. 24
% per share
$ per share
$ per share
$ per share
7%
40
77|
8*4
40l2
7%
4H2
.
401e
8I4
40
Wednesday
8ig
♦39%
8*8
4H4
7
♦6
7
*6
7
*6
7
1^8
1*4
♦1*8
2
*1%
2
25%
25%
1*4
25*8
25i2
25i2
514
514
*514
255S
51*
26
5%
5*8
5l2
21*4
21*8
21*4
4414
43
6
45
63s
215s
44?4
211*
46*8
6U
2H2
43i2
6*8
6I4
*37
3814
38
38
*37*4
6%
38
647g
314
31*4
65
3*8
32ig
65
65
*5i8
*42%
65i8
312
33i2
5i2
65i8
31*
33i2
5i2
*4314
44
541*
44
44
54
64l2
551s
♦2H4
44
6%
3U
32*4
♦53s
*42*4
*5314
3*8
3314
5*4
44
54l2
8*4
12,800
40*2
1,600
77g
40
70
132
114*2 115*4
2,300
29,100
3,500
Am Chain & Cable fnc.No
par
118*2 *110
120
200
140*8 *137
140*8
*8
20
6% Jan 15
*88
90
30
6% 1st preferred
..100
American Encaustic Tiling.
1
800
234
234
600
25*8
25*2
5*4
2,000
*5*8
600
17 2d preferred A.. .No par
213g
213g
21
21*8
1,700
4414
4212
6*8
44*4
6*4
42*4
61*
44
6
24,300
10,600
16 preferred
No par
Amer Hawaiian SS Co
10
American Hide 4 1 eather_._l
36
100
63*4
3*8
63*4
31*
33
33
514
*35
3*8
31*2
33
5*2
45
53s
5*4
American Home Products
1,600
800
1,100
21
20l8
21
19*4
20*4
20
6078
13*8
*278
62i2
62
63
61
61%J
61
61
5,500
2,200
13*4
3
13*4
1334
3
13*2
13*4
1,800
221*
*27g
3
*278
2178
217g
22U
2214
22i2
*110
124*8
124*8 *110
124lg *110
1241* *110
*25*2
26
♦25*8
26
25*4 25*4
*2514
26
3*2 7 3*2
35g
3%
312
358j
35g
358
56
56*4
56**
56*2
553s 5512
56%
56%
47%
47l2
46*4 47*4
465g 465s
47*4
47*4
8
8-'
8%
8%
8*4
8%
81*
85g
♦155
157
*149
157
155
156*4 156*4 155
15*2
1578
15*4
15*4
15U
15i2
15%
16
400
22
13*4 ' 137g
27g
27g
21*4
22
j
8l2
26
55*g
35g
56l4
46%
46
-
124l8
46*8
46*4
81*
157
*155
81*
.*155
151*'
15
88s
157
151*
155g
*21*4
55
45
45
*56*4
55
300
800
68
*67
68
68
*12
12ig
1178
*10*8
12
11
115*
3612
37
IOI4
35*4
50
51
67
67*8
66*2
*11*4
♦10%
35*4
1178
11
36l4
1178
*10%
50i4
i
68
11*4
IOI4
36i4
117g| *117g
*971*
lllg
507g
714
*151
28
*137g
*1514
2H*
*871*
*16i4
173
88
901*
♦1485s
4*4
10
7*g •'
744
44
*40
31*g
*36
377*
*191* 20
♦110*4 1111*
305g
111
111
44
7*8
45%
3H4
37
20
mi4 IHI4
111
68
*68
41
341*
♦1091* 110
7
? 71*
62
*10*g
8
10%
4112
♦10*8
*77g
♦102
*7*8
7*4
7l2
*751*
80
761*
♦751*
*74
38
38is
30*8
*37*2
*19%
193s
19%
111
*74
43
45
97*2
41%
10*2
*734
41*4
105s
8%
110
*102
41%
10*2
8%
110
7%
758
97*2
4134
10%
4134
10*4
*734
8*s
784
8
9
477*
*73i2
48
75
123
*120
*65*
158
*4
*2518
7*4
7
1*8
4lg
29
8
16
15
9
9i8
48
48
*73l2
75
121*2
*6%
7
1*2
1%
*120
*4
*25*4
7*4
15%
4%
5
5
6i8
6*2
*714
*7*8
10*2
41
15*2
7*2
*28i2
lli2
29
lll2
*28*2
11*4
29
11*2
3434
*111*4 1151*
30l2 3012
122
*118
*912
*65
337g
2214
*51*4
♦37ig
9*4
69
3478
2214
55*4
38
78
81
*123
124
2514
19*4
9*4
*20*4
♦145s
*65
25ig
*
35*4
35*4
1141*
34*4
34*2
112% 112*8
30*2
30*2
114l2 *114
2514
19*4
10
2H2
15l2
69
251*
*118
*9l2
*65
123
3478
22*4
*491* 55%
37%
37*8
801*
81*4
124
124*4
25% 25*2
*20
9%
*20*2
*14%
66*4
25%
7
778
1%
134
4%
*25
20%
10%
21%
15%
66*4
257g
2 7~ 3 00
$6 1st preferred .....No par
American Woolen.....No par
8,700
3,500
1,100
19%
1,000
111*4
490
15
100
1,000
40
378
~
48%
75
47%
4%
*25
29
29
97*2
100
1,700
10%
7*2
v
700
500
110
734
"~3~3(j6
784
78
*76
48
48*8
74*2
76
121% 121%
20
4
7%
7%
16%
16%
5
5
5
6*2
6%
6*8
II,700
2,800
4%
*1%
;
1,300
-
28*2
■
7%
17*2
5%
6*4
10%
10%
11*4
11%
12
12
41
41%
41
43*2
44%
45
15%
15%
15*2
7*2
1534
16
*7%
7%
7%
*7
*7%
•
2,300
20
100
t
*30
33
*30
33
*30
33
30
30
121
121
121
121
*120
124
*120
40
124
9%
34
22%
*50
9%
9%
66
66
34%
34%
22%
22*4
*36*2
3734
81
84*2
83%
124*4 124*4
123l2
25%
257*
25%
20
20
20%
97g
15%
22%
54
54
9%
*65
*36*2
100
11,900
34*4
36%
22%
3,000
53%
21%
*53
37%
934
69
33*2
100
36*2
84
400
123*4 123*4
25*2
25%
123
25*2
25*2
85,700
1,200
1,000
20*4
20
20*2
600
83
20*4
85
82*8
124%
10
10*4
10
10%
10
3,600
21
21
*20*4
21
400
15%
21%
15%
*20
*14%
*14%
15%
151*
on
15%
*65
65
25%
934
-69
34%
22%
3384
10
65
sale
37%
84%
124
/ 25%
20%
*9%
*65
21
24*2
Bid and asked prices: no
22*2
54%
*51
55
3734
21
9%
69
347g
200
1,000
24%
this day.
9%
68
65
65
*62
25
24%
25
24
t In receivership,
a
72
24%
80
j
50
7,600
Def. delivery,
4*8 8ept
8% Apr
78
3%
Apr
28%
Apr
15% Sept
64% Sep
12
48
Sept
Sept
40
Sept
22% Mar
114
13%
Jan 10
111
5478
.35
8
Apr
15% Apr 12
4% Apr 10
351* Feb 27
Jan
Apr
1%
Apr
4
Deo
Apr
37
Sept
May
100
7% Apr 22
64*4 Apr 22
3% Aug
3334 Apr
60
68
50
110
97
Feb 29
Mar
65
4
31«4 Sept
68
Jan
4
13
Mar
9% Jan
4
7*2 Sept
5% Apr
73
Jan
10178 Apr 18
9
Jan 11
78
5%
70
Jan 11
Apr
Jaa
Oct
90
Jan
100
June
Mar 16
Feb
1
Mar 20
Jan 15
Apr 26
8% Jan 12
47
Apr 15
100% Mar
8
3
21
71
Apr
30*8 Jan
2684 Sept
534
Aug
9*2 Aug
18% Sept
104% Apr
Jan 24
110
Deo
15
22% Apr 20
22% Apr 20
23% Apr 19
Sept
z4934
7
978Marl9
Apr
51
Feb 14
76
Apr 26
50
Aug
124% Jan 10
116
June
43% Apr
5% Mar
4
Ne par
......100
25
.No par
50
Beech-Nut Packing Co
20
Beldlng-Hemlnway—.No par
Belgian Nat Rye part pref
<5 preferred w w
Beech Creek RR
l%Mar
1% Feb
2
7
16% Jan 19
5
Bendix Aviation
49
16% Apr
10% Aag
6
Apr
26% Feb
8
29% Mar
1034 Mar
1
15
19
16
10
13% Jan
25% Jan
113% Mar
26% Mar
109% Jan
...No par
Bliss 4 Laughlln Ino
5
36% Apr 17
115% Mar 12
35% Apr 16
112% Apr 22
127
Jan 15
63% Feb 27
26% Jan 15
Apr 25
Blaw-Knox Co
Jan
8% Jan
120% Apr 19
9
35% Mar 23,
70% Jan 22
115
Jan
2
25*8 Apr 19
19% Apr 17
9% Mar 26
18
Feb 29
3
6% Jan
8
32
51
7% preferred...
100
Bigelow-Sanf Corp Inc.Ne par,
Black 4 Decker Mfg CoNe par
Jan
18
Apr 26
pfd$2.50dlv ser*38No par
Bethlehem Steel (Del)-No par
Apr 11
•
97g
67*2
36%
22%
56%
39
Jan 24
Apr
9
Apr 2
Apr 9
Mar 13
Jan 18
Jan
3
17
Apr
98
Apr
27«4 Sept
1047* sept
7%
52
Apr
Nov
16%
Apr
1778
Apr
Apr
Sept
48%
32
22
Dec
13%
Dec
Apr
55% Jan
80
Mar
Boeing Airplane Co
19% Mar 18
* Ex^dlv.
24% Apr
11% Aug
15% Apr
109% Oct
14
A Or
r Cash sale,
Dec
22% Apr
11% Jan
23% Jan
16
n New stock,
Aug
Aug
Sept
Dec
60% June
99% Apr
157j Apr
Apr 25
124% Apr 15
34*2 Jan
6
1378Mar 23
4
,
85
Bloomlngdale Brothers. No par
Blumenthal 4 Co pref
100
.5
Aug
147g Jan
Marl6
Jan 15
No par
Apr
Nov
52*2 Jan
14
21
Beet 4 Co
2
16
38% Apr 5
13% Jan 18
7
Apr 19
Jan 15
Beneficial Indus Loan..N# par
Pr
32% Mar 4
8% Apr 16
Apr
3%
9%
3%
434
11%
6
30
Oct
June
1% July
preferred
78*4
81
38
4
1st
Jan
Apr
2% Jan
Bayuk Cigars Inc
Oct
Deo
10»8
Apr
4%
Beatrice Creamery....
10*2
100
41
No par
X Auburn Automobile ..No par
5H% preferred...—50
Barnsdal) Oil Co—...
5
Jan
30
4
Ne par
Sept
Apr
Apr 20
8% Mar
Brothers
Deo
884 Sept
11
Jan 29
Conv 5% preferred.....100
Barber Asphalt Corp...
10
Sept
43s4 Apr
6
4% preferred
21
884
21
Jan 15
Bangor 4 Aroostook.......60
Jaa
27% Aug
114% June
Apr 20
111
Mar 26
No par
Aug
Apr
63
$5 prior A....
Jan.
96
117
Austin Nichols.....—No par
Jan
8%
14%
Apr
100
6% conv preferred
Atlas Tack Corp
Barker
3,200
153*4 May
Apr
Jan 16
....100
2,400
Oct
Sept
73
75%
No par
Atlas Powder
97% Sept
18*2 Jan
171% Deo
87*2 Jan
89«4 Jan
Apr
Mar 26
534 Mar 18
10
Apr 1
10
Dec
45
434 Mar 23
7*2
14*2 July
Oct
34
Sept
18*4
85
Baltimore 4 Ohio..——100
2,300
Jan
Apr
Feb 10
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c—13
880
29
29
*28*2
29% *28% 29%
*28*2 29
11*4
11*4
11*4
11%
11%
11%
11*8
11%
36
3434
36%
36%
35% 35%
35% 35%
114% 114% *111% 114% *111% 114% 113% 113%
34
33%
33%
3234
33*2
34%
34% 34%
115% *111
115%
*11134 115% *111S4 115% *111
*65
80
1
Aug
Apr
25% Jan
107
Nov
July
132
57*2 Apr 24
23*2 Jan 3
1
144
20®4
50% Feb 24
....25
4% conv pref series A... 100
Atlas Corp
5
6% preferred...——-.50
Sept
24
21% Mar 19
5% preferred........—100
63
45% Apr 22
32
Apr 9
41% Apr 8
100
16%
13%
1334
201*
Jan
46*4 Sept
Aug
Fe—100
Atlantic Coast Line RR—100
20
4
6% preferrred...—...100
6% preferred
Atch Topeka 4 Santa
Jan
80*4 Sept
15% Mar
8% Apr 10
36% Jan 12
97*2 Jan 3
3,600
1,700
2,800
16
*7
70
23,700
49,100
12%
45*2
15%
45
16%
6%
500
,
7%
134
7*2
106*2 Jan 2
5*8 Jaa 2S
..100
7% 2d preferred
23%
6,900
4,300
9
Jan 27
2*8 Mar 29
31*2 Jan 12
Assoc Investments Co. No par
AUG 4 W1 8S Lines...
0
Mar 21
11034 Apr
11
3
>
Atlantic Refining..
Q
Feb
No par V 46*4 Jan 2*
58*2 Jan 4
7% preferred...
100
37
Jaa 15
Armstrong Cork Co
No par
10
Jan 15
Arnold Constable Corp
5
8
Apr 19
Artloom Corp........No par
96*2 Jan 12
7% preferred..........100
Associated Dry Goods
7% Mar 16
1
7434 Apr 1
6% 1st preferred....
100
3,700
3,600
500
Mar 19
$6 conv arior pref
8,100
107
27%
7%
16%
5*4
6%
300
107
7%
5%
110
Archer Daniels Mldl'd.No par
20
1634
7%
16
""360
76%
43
23%
75
19
Armour4Co(Del)pf7% gtdlOO
2884
27
..20
5
2
Jan
41
1378
Apr 23
Jan
Jan
22>4
Aug
148
62% Apr 23
35
Armour 4 Co of Illinois.....6
42%
12
Mar 16
26% Jan *2
..No par
3,300
47%
121% *120*2 121%
734
8
7%
7%
1%
1*2
1%
1*2
4%
4*4
4*4
*4%
$5 dlv pref
Mar 18
39
AncborHockGlass Corp No par
16.50 conv preferred. No par
77,300
9%
*74*2
7
25
18%
162
69
Apr
15% Apr
75% Mar
101% Apr 16
534 Jan 30
Feb
Nov
8%
4
39
Anaconda Copper Mining..50
Anaconda W 4 Cable._No par
Andes Copper Mining
A P W Paper Co Inc .
12% Jan
Jan M
1
55 prior conv pref
Apr 16
Apr 9
Jan 24
Apr 8
95
100
7%
19%
9
Preferred.........
Amer Zinc Lead 4 Smelt
62%
5*8
6%
10*2
9*4
69
34*8
22%
Q
*74
*6*4
6*4
834 Mar 18
33,300
1038
7%
*120
778
*10*8
40*4
48
75
120
16*4
6%
34
48%
120
7%
10*8
35
477*
*74
1534
5*8
41
15
71*
35
Q
9
5*4
*40I4
1478
*114
■
8
16%
*10
15
9
4*8
27*2
Am Water Wks 4 Elec.No par
30*4
3634
41%
2
2
4,900
7%
*65
Jan
I,100
20
2034
85
8634 Jan
25
.....25
1<4% Mar 18
484 Apr 19
*19
21**
Common class B
100
10
20*2
21%
23%
107%
••
10*4
100
10%
48%
American Tobacco.......
6% preferred
Am Type Founders Ino
200
2034
23%
23%
23%
23%
23%
23*2
10734 10734 *105% 108*2 *106% 108*2
22*4
9
Mar 12
2,500
3,100
49
153
9
Mar 13
2
7
687* Nov
Oct
59% Apr
140
Feb 23
18
175%
89*2
9134
150*2
684
'V,700
89
90*4
150*2
4*4
*102
9
25% Aug
35*2 Apr
127i2 Sept
23% Feb 21
93
20
2134
*106
18% Jan 23
81
rl434 Feb 29
167% Jan 15
Jan
Dec
Sept
5% Sept
40% Jan
124% Mar
*26
.Jan
20%
Preferred.....
100
Am Sumatra Tobacco..No par
Amer Telep 4 Teleg Co... 100
17%
20%
22*4
1
Apr
10'4
9
American Sugar Refining.. 100
1634
22
Feb
2,800
17*4
21**
70
162% Apr 15
i; : 300
17%
21*4
25
887g
8,700
1,700
5,400
221*
1234 Mar
11% Feb *3
14% Apr 12
17% Jan
22%
67*4
167g
20%
2
Feb 24
22*8
*56%
17
60
Jan
Feb
*98*2 100*2
17
70
15
23%
57
17*8
2
12
5634
17
8*2 Sept
Sept
1178 June
No par
22%
1714
22**
17*2 Jan
64*4 Feb
11*4 Jan
prof ........100
10% Jan
163
Mar
No par
23%
57%
1734
21%
2034
17%
21%
21*4
140
8
Jan
American Stores
260
98%
Apr 26
Apr
Apr
13% Mar 16
American Rolling Mill.....25
American Stove Co
76
57
155
28
33% Jan
*42%
22%
8
100
Oct
32
25»4 Mar *6
76%
*98%
par
Jan
112
Jan
Amer Steel Foundries..No par
43*2
98*2
23%
67
54
Apr 15
43%
22*2
56%
6
147
*75*2
98*2
5
Mar
43.
Feb 28
*76
22*4
57*8
x61%Mar
Jan
1534
21% 8ept
3% Apr
63*2 Apr 18
149*4 Jan 18
78
99*8
Mar 19
Mar
142
76*2
43%
9834
57
26
Jan
79%
22% Deo
5% Jan
63% Jan
par
:
778
121
..100
*76
22*2
par
Apr 20
23®4 Jan 30
3
Kfar 18
21*4
62
78
116
30%
Apr
Apr
2%
Mar 20
6% preferred..........100
*42*2
99%
108
784
25
3% Aug
Aug
Aug
11
3
4
April
1727*
Sept
13
Apr 24
147g Jan
3% Jan
54
16*2
9
41
-
37% Apr 16
200
Aug
63
Mar 18
Jan 22
1,200
25
Apr 26
46
16
Jan
384 Sept
6
Jan
55% Apr 24
22% Jan 3
13
Deo
1%
45
2% Mar 15
100
Preferred
60
6OS4 Feb 16
18% Feb 1
51% Feb 1«
21% Apr 18
400
10%
110
6% Jan
Apr
40** Jan 24
50
"""400
42%
Mar 25
43% Sept
14*2
Mar 29
9% Jan 16
29% Apr 3
*75*4
22*4
108
*10%
*102
5
Apr
41«l
par
75
57
23*4
4184
35
34*2
10934 10984
97%
*65
Sept
Dec
25%
3
1
par
45
7
Sept
8
12,400
34*2
7%
33
Smelting 4 Refg.No
14
*3%
62
Apr
^g Mar
Ship Building Co.No
78
99*4
231*
7%
62
12
6 % Apr 23
38
Apr 22
4
American Snuff......
29%
*13
109% 109%
25*8 Nov
45% Apr 20
Amer
75
*43
57
231*
34%
Apr
2
20
111
378
34%
Apr
Amer
400
Jan
Apr
100
64*4
5%
5
650
145*4
Feb
117s Sept
18% Sept
86*2 Sept
10
178
5.500
800
8%
12%
33% Feb 1 »
66*4 Jan 13
American News Co....No par
Amer Power 4 Light... No par
conv
Aug
17*2 8ept
8
3
...
132
4
2% Jan
....No
$5 preferred
...No
Am Rad 4 Stand San'y.No
Preferred
Oct
25*2 Oct
115% Mar
7% Jan
24*4 Jan
16 preferred
Oct
64
24% Jan
100
preferred
Feb
2% Sept
484 May
July
40%
4% Mar 18
Amer Mach 4 Metals..No par
Amer Metal Co Ltd
No par
conv
61
179
1
66% Apr
378 Apr
....
Apr
116*2 8ept
Mar
No par
pref
6%
Jan
Aug
287g Jan
American Locomotive..No par
Preferred...
100
Amer Mach A Fd) Co.No par
6%
5
American Safety Rator._l8.50
American Seating Co..No par
;
.
*76
79
*"
76%
43
221*
*981*
*3*4
ro«v
Apr
Dec
Aug
6% Sept
8
5784 Sept
140
6*4 Sept
3% Jan
30% Nov
934 Jan
18
Amer Internat Corp
No par
Amer Invest Co of 111..No par
5%
.
5
3% Mar 8
\ 6% Apr 16
2% Jan 8
28% Jan 8
4
21% Mar 26
434 Mar 1
1
pref
n»n cum
500
19%
8
110
*102
90
6,900
2934
3684
15
♦13
'*■
26,200
*111
*111
*65
44*4
98*2
43
1,500
10*8
36
4934
*43
3078
3834
19%
111
111
*111
*65
85
7%
7%
45
,45
31%
15
14% *13
*3
4
4
341* *34*8 35
10912 109*2 *10912 110
7*4; : 7*2
7*4
75g
63i4
637g
621* 64
*35g
81*
110
♦102
7i*
45
*1314
*3%
34l2
68
*34
714
45
30%
111
111
*110*4
*13
41
17*
31%
37%
195g
♦111
61
14U
712
45%
3034
36%
19%
75s
45i2
30*4
*3614
*1912
1414
4
*34
3412
109*8 1093s
7*8
75g
6314
6414
UI4
*31*
1,000
12
7*8
61
♦1465s 1481*
♦631*
641*
501*
,
67
67
66*2
...
10%
*10*4
35*4
35*4*
34
50
503s! 49
501*
50i8 61%
146
*145
146 ,*145
14612 14612 146
146l2 *145
*63l2 64% *64
*6312
6414) *631*
64i4
64*4! *64
*151
*152
»*152
151% 151% *152
28*8
28*4
28*g
29%
2914
287g
29*21
28%
28l2 29ig
14
14
14
14
14
14
14
14
1414
14
*1514
16
*1514
16
*1514
16
15*4
15*4 *15*8
16
22
22
21%
22
21*2
22ig
22%
2212
225g
221*
88
*897g
90*4
89*2
89*2
*887g
9012 *89% 91
91
*16ig
17
*16%
16% *16*8
16** *16*8
*16% 17
17
173
174
172*4 172*4 172*2
173*4 17214 17314
1731* 174U
88*4
881*
88%
881*
88*4
88*4
89*41
88*4
88I4 881*
90*4
90*2
90*4
901*
90*4
90%
9034
90%
90*4
901*
1501* ♦1485s 15012 ♦1485* 150% 150% 150% 150*2 150*2 *149*2
478
*47g
5
4*4
547g
47g
47g
434
4*4
10
10
10
10%
97g
10
978
1014
10%
1018
*97%
♦97% 100
*97i2 100
*9712 100
*97l2 100
100
934
1034
11
11*8
H78
11%
12
107g
11*4
117I
49
52
4734
48%
49%
50i2
52
505s 5212
52*g
10*4
37
36
100
250
2,900
'
*67
•10*8
1,300
6%
Jan
May
9
4
15*4 Apr 18
91% Mar 25
1% Feb 28
..50
American Ice
20*8
*44l2
6% conv preferred
1,200
64*2
3*81
31*2
5*4
64*8
3%
3*4
•
534
64*2
6412
*32
5*8
5*4
1312
3
3%
*5512
6
lSg
60
*2514
.
European 8eca
1%
2012
,*110
.
Amer
7
*6
Feb 23
934 Apr
8*4 Jan
10% Jan 26
81*4 Jan 2
2** Jan 17
7
38
109%
Feb 1
13
American Crystal Sugar....10
Corp
3
138
3
Am Comm'l Alcohol
Apr
Sept
16% Aug
30% Aug
13% Apr
100
2
1,100
234
♦36
Feb
3,100
13l2
2%
25%!
3%j
6
Apr
112% Apr 22
Jan 15
10*4 Mar
17g
2534
5*2
38
5
Apr
83%
2
23*2 Jan
8
19*4
116
133
10
2178
*35
Mar
Jan
Aug
150
2
5134
14
734
88*2
116% Jan 29
176% Jan 16
Highest
share S per share
per
3*2
3134
125
3
Apr
32*2 Jan
14
8*4
14
60
31*
55*8
106
No par
Amer & For'n Power...No par
$7 preferred
...No par
26
5
Mar 19
6
38*2 Mar 16
19% Mar 18
>8
100
conv preferred
American Colortypt Co
13%
25
6%
Feb
Lowest
!
8% Apr 22
45% Jan 3
•./:<% Mar
American Chide......No par
Am Coal Co of AUegh Co NJ25
13
8*2
*9*2
13
8*2
60
116
American Can
133
22
21*2
19
21*8
...100
7,000
13l2
*27g
;
5*4 Jsd 13
38% Mar 16
130% Jan 6
...1
pre!
169
60
2U*
conv
112
57
2038
3
6%%
$ per share
25
300
5*g
44
64
197g
♦53ig
American Bosch Corn
Am Brake Shoe <fe Fdy. No par
-
Year 1939
Highest
g per share
Par
Preferred
...100
American Car 6c Fdy—No par
Preferred
100
2278
Ranoe for Previous
100-Share Lou
Lowest
115
*158
25*4
*5
Week
176*2 *175*8 17638
28
295g
29*4
48*2
50*4
49*4
*6
1%
Ranoe Since Jan. 1
On Basis of
Shares
132
,
'
♦6
Apr. 26
132
131l2 13112 ♦IS!!* 13212 1311* 13H2 *131
115l2 115
115i2 *114*4 115*8 11414
115% 115% 115
176
176
•173lg 176
17378 17378 *173l2 17612 *175
28
27*8 28i2
271*
28*8
24*4
26
2614
27%
43
45
46®4
46*4
467S
4678
47*8
*4214
43<hj
22
22
22*8
22*8
■,22l4
2214
22*4
21*4
2214
*110
120
116
*110
♦110
116
111*4 11212 ♦110
♦137
140% ♦137
140% ♦137U 13812 *137
14018 *137
*9*2
*912
13
*9i2
13
*91*
13
♦91*
13
*8
*8
*8
8l2
81*
8i2
*7%
8I4
*77g
*7
7*8
7%
*67g
7
7ig
67g
67g
75g
14
14
14%
14*8
14*4
1478
1414
14*4
14*4
*8812
90
88*2
8812
88i2
*88i2
90
*88%
90
2*4
278
278
278
2*4
2*4
2*4
2*4
2*4
♦1311* 1321*
2677
EXCHANGE
$ per share
81*
40
77$
391*
8*s
40
NEW YORK STOCK
Friday
$ per share
Tuesday
the
NOT PER CENT
Thursday
Apr. 25
Monday
8TOCKS
for
LOW
Saturday
Sales
28% Apr 15
v Ex-rlghta.
8%
36
Apr
Apr
I684 Aug
4278
26
24%
Jan
Mar
Sept
Oct
110*a June
9% July
48% Aug
71
Sept
127
Jan
8
Sept
5% Sept
378 Jan
30*2 Jan
9% Nov
21% Sept
8% Jan
11*4 Sept
30** Jan
87% Jan
21%
Jan
13
Jan
33
Feb
19*2 Jan
26% Nov
115% Nov
28
July
107% Nov
32
Nov
128% Aug
9% Oct
73% Jan
33% Oct
22*2 Deo
66
Deo
57% Mar
Sept
100
120% Sept
32'4 Oct
24*2 Oct
17% Jan
36% Oct
23% Mar
67
34%
Called for redemption.
Deo
Jan
New York Stock Record—Continued—Page 3
2678
AND
Apr. 20
*25*4
|
26*2
26%
119*2 *117
|
Avr. 24
$ per share
66*4
66
Range Since Jan. 1
*26a4
27
27*2
23*4
223s
23*4
22*2
23
235g
22*4
27*4
23*2
22%
2
*3412
6*4
1112
35
36
6%
35
6%
lllg
11*2
11%
22
22%
39*4
*38%
39*4
6234
3i8
53
63*2
2234
*387g
52%
3*4
23%
39*4
62%
3%
11*2
3*g
3*g
*19
19
19
19
19
2234
2278
22%
23
22%
98
98*2
617g
2078
21
*98
*615s
21
100
6214
6l7g
21
2078
3634
3714
*36%
2614
2634
39
26*4
26*4
9*8
9
9
109*4 109*4
6*8
6*4
110
110
9
5*4
5%
4078
412
4%
10*2
10*2
11%
41*2
57g
30
29%
1934
10*2
514
13*2
*634
7
634
634
40
41
534
678
2912
678
3034
2878
19*4
2878
19*4
1012
293g
1934
10*2
4
*2234
37g
1134
29*2
10*4
23
10%
434
12*2
25%
52
75s
7%
19
I93g
1834
19
2034
21
42
21
21%
42
5%
39*2
1%
*39*2
5*a
39*2
5%
514
39
65a
1%
7%
89
28%
29%
23*2
23
2%
28%
29%
23%
8,000
23
2234
10,900
2%
3584
500
6*2
6%
6*2
6%
12
23*2
39%
1234
22
22%
39%
*51
52*4
*51
12%
23%
39%
61*2
12%
*38%
12%
2234
*38%
II84
26
*25
3
234
234
3%
19
*68*2
2512
278
*111*2
*4i2
1034
■
*5
*95
37*4
638
6%
6%
30
*20
21
*110%
5%
5%
42
42%
♦110*2
5*4
5*4
42
42%
5%
6
30%
30*2
30
2934
20
20%
10*2
10%
104*4 10414
29*2 2934
*2358 25
*4l2
434
39*2 397g
*9414
96
2*4
*1*2
I5g
1*2
29
2934
*24*2
*4*2
434
5%
12%
6%
23%
39*2
*94*4
*1%
*1*2
**g
31«
h»
*'l#
30
21
20
10%
10%
4%
2234
*3%
11%
2234
37g
12
1,700
12%
70
*66*2
14
14*4
24%
*51%
1%
7%
1834
734
19
20«4
*39*2
6%
*39%
5*4
21
278
14%
24%
54
1%
24%
*51*2
1%
7*2
7*2
18%
21
42
20%
20%
*39%
20%
42
5
3934
5*2
20%
*39*2
5*2
♦39%
*5*4
534
*39%
*5%
40
5%
88*2
*88%
88*2
89
89
26
26»4
27
27%
*39%
278
68
70
26*8
27g
112% 112%
7134
34*8
35%
*68
70
2534
*234
26%
2%
111% 111%
5
*4%
5
1034
*5%
1034
6
102
*95
37*2
7
33%
3
27
1%
*1%
1%
10
10
*%
26
*24
40
40*8
*94%
*1*2
1*2
984
3,.
95%
.
2%
1*2
10
10*2
15i2
*934
I33g
133g
15*4
534
*32%
86*2
13*2
96*4
96*4
*96
86
*45
3*8
38*4
534
34l2
87*4
10%
15*4
534
34%
87%
13%
97%
*45
....
3%
39%
*%
*16
500
*1%
1*2
**2
%
*2
*2
%
%
300
%
*2
%
*%
*2
500
*1034
14%
*578
11%
14%
6
700
*31
34%
8634
11
14%
14%
6
6
6
34*2
8884
13%
*32%
87%
13%
13%
32%
87%
13%
9634
97
97
96%
32%
8834
13%
96*2
*3
39%
*45
3*8
39*2
900
300
1034
1434
*45
*3
39
3*g
385g
100
ht
6
3%
39
*45
3%
39
3%
39
857g
*13%
13%
97
97
300
1,700
400
10
22,100
1,100
120
*45
...
4
37g
39
38*2
4%
39*2
"5",700
1,400
*61
*112
39*4
*77
113
112*2 112%
39*4
40
40*4
79»4
*78
79%
*48
*48 '
78
39"
39
41
40*2 4I84
41%
*13414 140
*134% 140
126
*126*2 127*4 126
140
3884
*60*2
17
62
17
2012
19%
19%
5
*3*2
*4l4
434
*3%
4*2
24%
24%
24%
6*2
89*2
434
*37g
24%
24%
6%
24%
24%
24%
6%
89*2
5
41%
112
41
41
79*2
40%
*78
5,000
10
90
89
90
*76
82
*93
95
*93
95
*76*2
94*2
7
634
*684
82
77
77
94%
634
93*2
93%
634
*89
77*4
*93
21%
21
21
600
100
16,000
900
20
2,500
5
4%
434
*3*4
4%
4%
60
4%
37g
24%
37g
20
24%
24%
6*2
1,600
13,500
24%
24%
6*2
90*2
24
6%
89
89
77%
77*2
77%
94
93
93
2,000
500
60
300
634
1,300
*2034 21*4
20% 21%
22
20% 20% *2034 21*2 *21
*2034 22
45% 45%
45% 45%
45*2 45%
45% 46
4534 46
45% 45%
106% 106% *106
107
*105
107*2 *106
107
107
106*2 106% *105
53
53*2
53% 53%
53
53% 53%
53% 53%
52%
53%
53%
no
110% 110% *106
*106
110
*106
110
*106
110
110
110
15%
15%
15%
15%
15% 15%
15%
15% 15%
15%
1478
15%
1%
1%
1%
1%
1*8
1*4
1%
1%
1*4
1%
1%
1*4
65
65
66
65%
66
65% 65*4
65%
66% 66% *65% 66%
32% 32%
32% 32%
32% 32%
32%
3284
32% 3234
32% 3284
400
*
684
Bid and asked prices; no sales on this day.
*634
1
5% Feb 26
92% Jan 31
18% Feb 13
Cham Pap A
Common
Fib Co 6% pf.100
102
7
t In receivership,
684
a
Chesapeake & Ohio Ry
Preferred series A
100
tChic & East 111 Ry 6% pf.100
JChlc Great West 4% pf—100
Chicago Mail Order Co
6
JChic Mil St P & Pac_.No par
55 preferred...
Jan
2,300
200
3,200
200
19,900
11,100
1,200
38,500
Def. delivery.
4% Jan
3884 Mar
94
Mar
9
934 Jan 29
par
53 conv preferred
No par
Pr pf (52.50) cum dlv No par
tChlc Rock Isl A Pacific
7% preferred
6% preferred
Chicago Yellow Cab
Chlckasha Cotton Oil
13% Jan
106% Aug
4
Apr
29% Apr
3
Apr
1
Apr
7
6% Mar
57s Apr
13*2 Apr 22
4
23% Apr
1878
3
4i8 Jan
Jan
3
3
3
4
9
Jan
Jan
7
% Feb
47g Aug
9%
12
3
Jan
Apr
6
Mar
Sept
9% Jan
2334 Mar
6*4 Sept
I63g Nov
J847g Nov
1778
Sept
63
July
3% Sept
Apr
203g
July
Apr
x43
Sept
85% July
Sept
3
4
Sept
4
63% Aug
94% Mar
110
Apr
Apr
Apr
122% Mar
64% Sept
13%
84
Apr
1C978 Aug
19% Jan
3812
8
778 Aug
58
30*4 Dec
Oct
72% Mar
18% Apr
23s Apr
103*2 Sept
3
3084 Sept
5% Jan
384 June
3*2 Apr
3*2 Apr
85% June
7
Apr 16
32
June
113% Aug
12% Sept
1434 sept
67g
96
527g
Jan
13
Jan
Sept
47*2
Jan
18
Sept
22% Sept
5% Aug
98
*
Apr
17
Aug
6% Apr
z3% Dec
27
Apr
8584
Oct
I3g Sept
1% Aug
9%
Apr
% Apr
*2 June
%
Dec
%
3g Jan
Dec
105
Dec
30
Jan
21%
Oct
29*2 Sept
47% Sept
95% June
4
Sept
43g Sept
14
Oct
78 Sept
1% Sept
I3g Sept
Apr
3% Sept
20% Jan
30% Aug
39% Sept
44
50% Nov
7g Sept
10
Mar
8% Mar 5
11% Jan 16
4% Feb 8
11% Mar 28
Aug
*4 June
%Mar 12
34 Apr 3
% Jan 3
*2 Aug
*2 Aug
7%
10
Apr
178 Jan
1% Sept
9% Mar
15% Sept
Apr
41
943g
9
Apr
Apr
93
Mar 13
98
79
Jan
z60
Jan 30
*60
..5
30
111
Cluett Peabody A Co.-No par
Preferred
100
Coca-Cola Co (The)...No par
Class A
No par
par
Mar 12
278Mar 19
28
65
Jan 17
Mar
6
Feb 27
2
7634 Feb 14
35% Jan
48
Mar 26
35% Jan
3578 Jan
9
2
Feb
6
Jan 30
418 Apr 26
40% Apr 18
65
Mar
6
114% Jan 10
43% Mar 8
46*2 Sept
2% Apr
Oct
69
Feb
1067g Sept
20% Apr
115
Feb
Sept
Jan
34% June
39
Oct
78
Mar
45% May
60% Jan
Apr
38
Dec
Feb 29
142
Feb 14
125
Sept
135
Mar
118
Jan
2
131
Mar 30
105
Sept
133
6034 Apr 16
63
Feb 27
58
Jan
1534 Apr 25
20
Feb 21
11*2 Apr
20% Apr
45% Apr
Feb 28
35*2 Apr 8
112% Feb 10
17
Mar 18
21% Apr 11
Mar 18
3
Jan 19
100
4%
Jan 19
100
3% Mar 12
Jan 13
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
23
Columbia Gas A Elec_.No par
53g Mar 26
86
Mar 20
2234 Jan 13
72
Mar 15
86
Mat 21
434
684
4%
263s
Apr
AIM:
4
4
Jan 12
Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
79
Jan 26
21%
247, Sept
284 Aug
8% Sept
984 sept
8% Sept
378 Sept
3% Aug
14
Apr
14
Apr
258g Dec
25% Dec
5%
74%
Apr
Jan
9
Feb
91
Mar
62%
Jan
83
Feb
Apr
96
Oct
Dec
15% Jan
30*2 Mar
No par
684 Jan
9
9884 Apr 4
8% Mar 15
73
No par
19% Jan
2
23% Jan 29
15% Dec
45
104
Mar 20
Jan
6
51% Jan 15
110
Apr 25
Commercial Solvents.-No par
Commonw'lth A Sou..No par
13
Mar
2
1
Mar
1
56 preferred series...No par
Commonwealth Edison Co..25
62*g Mar 12
3078 Jan 15
Ex-div.
y
48
Jan
3
108% Feb 21
56
113
Apr
Mar
16% Apr
1*2 Apr
73% Jan
33
Ex-rights,
Apr
8
Dec
37% Oct
111% Dec
c
10
18
Apr
11%
v t c
100
Jan
6212 Dec
Apr
100
preferred. No par
r
Oct
136
28
r Cash sale,
Mar
Feb
42
110
Comm'l Invest Trust..No par
54.25 conv pf ser '35.No par
58
68
69
100
Commercial Credit
Oct
147g May
97% June
48g
34%
Mar 26
1
4
Jan
Sept
Apr
Mar 28
41% Apr
13%
15
48
.No par
6% preferred series A...100
5% preferred
100
Apr
4% Dec
80
Colo Fuel A Iron Corp. No par
Colorado A Southern
100
4%; % conv preferred
Oct
Sept
22
100
4% 1st preferred
4% 2d preferred
Jan
Sept
33
8
% Apr 26
%Mar 19
Clark Equipment..
No par
CCC A St Louis Ry 5% pf.100
5% conv preferred
June
8
53%
No par
Collins A Aikman
Jan
41% Sept
6%
79% Jan 15
12% Jan 15
5
....
Colgate-Palmolive-Peet No
Jan
30
25
25
Chrysler Corp
City Ice A Fuel
6H% preferred
City Investing Co.
City Stores
n New stock,
734 Sept
20
16% Apr 15
6% Mar 25
33% Apr 3
91% Apr 8
14% Jan 26
10
..No par
Columbian Carbon
Columbia Pict v t
203g Dec
1884 Jan
47
1% Jan
50
34% Mar
I37g Apr
23g July
41% Jan 10
8% Feb 15
36% Feb 15
x2l
Apr 9
105% Feb 20
3034 Apr 18
29% Mar 23
478 Apr 3
4238 Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
% Jan
Jan
Jan
10% Sept
1734 Jan
35
114% Mar 9
57g Apr 6
11% Apr 18
100
30
Apr
77
12% Feb 15
7134 Apr 3
26% Apr 22
3% Jan
Jan
6% Nov
29% Sept
4% May
11884 Jan 5
56% Jan 4
35% Apr 25
119
8
6512
36*2 Dec
3*8 Sept
fO
Apr 5
28% Apr 11
3% Jan
Api
25% Apr
11% Aug
13% Apr
48% Mar
Apr 17
75
Apr
2% June
6% Mar
1434 Jan
357g Jan
100
Chile Copper Co
conv
25*4 Nov
Apr
100
Chllds Co
52.75
Apr
June
I334
81%
15%
267g
Sep|
Apr
11
10% Mar 18
3334 Jan 19
Jan 12
41
7
3
6% Apr 22
7% Jan
Dec
30% Aug
Jan
12*2 Jan
Mar
50
Apr
21% Jan 10
% Feb 28
% Jan 13
% Apr 13
100
No par
9%
1384 Dec
15% Dec
5078 Dec
9434
% Jan
46
Jan
Jan
Nov
34 Jan
100
Feb
15% Aug
21% Apr
11% Apr
% Feb 28
100
Chicago Pneumat Tool.No
9
1% Mar 15
JChlcago A North West'n.100
Preferred
2
6
1% Mar 25
100
Special gtd 4% stock
50
Climax Molybdenum..No par
"2" 900
90
82
111% Apr 18
4% Mar 6
No par
Clev A Pitts RR Co 7 % gtd.60
39
*4%
*3%
24*2
24%
6%
2% Mar 18
3684 Apr 19
6% Jan 22
27<4 Jan 26
1
6 % prior preferred
10
42
*3%
21«4 Jan 22
100
Cerro de Pasco Copper.No par
Certain-teed Products
1,500
385g
21
100
.
41*2
*48
4134
21*4
4i2
43g
4%
24%
24%
6%
Jan 12
62
684 Feb
79%
180
*
*78
^Central RR of New Jersey 100
Central Vloleta Sugar Co
Clev El Ilium 54.50 pf.No par
Clev Graph Bronze Co (The).l
113
*110
*134% 140
20%
*3%
4%
*3%
24%
24%
6%
*77
'
39
41%
140
20*2
5
4%
4%
2438
24%
6%
*89%
7
*48
...
20%
*3%
*4%
*3%
24%
24%
6%
6%
91
678
112
38 ~
37*2
38% 38%
40% 4184
41% 42
*134% 140
*134% 140
125
126
126
125%
127*2 127*2
*125% 127
*60*2 62
*60*2 62
*60*2 62
61% 61% *60*2 62
16% 16%
16% 17
1534 16
16% I684
1534 16%
33
33
33
33
*32
32*2
33
3234
31% 32
112
112
111% 111% *111% 112
*111% 112
*111% 112
39
3884
*31*2 33
111% 111*2
*1984
*3*2
*414
78
*48
112% 112%
40% 41
*7734 79*2
*48
11234 11234
4012 40*2
100
5% preferred
Central Agulrre Assoc .No par
Central Foundry Co
1
Central 111 Lt 4)4% pref..100
107*2 Jan 12
97g Jan 22
""766
934
1034
14%
Feb 14
47*4 Feb 26
26% Jan 18
95%
1034
6
34%
88%
111
6,600
95%
2
1*2
10
1034
15
Jan 30
784
Aug
39
6% Jan
4
2% Jan 24
Oct
Sept
27
29% Apr
10% Feb
110% Apr 16
3734 Mar
4
6
3484
Apr
Apr
13%
31%
478 Sept
Apr
Apr
Nov
73s
6
106
Apr 25
63% Apr 8
25% Jan 4
37% Apr 20
6
40i2 Jan 3
6
Apr 4
44
Apr 16
..100
....
Jan
11
24% Apr
23% Apr
39%
1%
10*4
14%
Preferred
Aug
2
40
66
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
Celotex Corp
No par
Aug
53
5
100
I) Co
41
Apr
Apr
2
38%
2
*5%
*32*4
8634
13*8
9684
Case (J
Apr
Mar
Jan 18
Jan
16% Apr
434 Jan
23
Aug
32
41®4
1%
16% Jan 15
38% Jan
85% Mar
Dec
22
31
5334 Apr 5
334 Apr 11
19% Apr 8
36
Feb 27
24
Jan
8
1
39% Feb
17g Feb 21
8% Feb 21
19% Apr 18
6
Jan
Apr
2334 Apr
1% Jan 23
6% Jan 15
13% Jan 18
No par
25
*1%
%
..1
10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
-.6
Carriers & Geheral Corp
1
Jan
63*2 Dec
1578
3178
Mar 15
Feb
52% Mar 13
Jan
Jan
4
7
2
61
tChesapeake Corp
*4%
11
No par
6434Mar 19
13% Feb 7
21% Apr 9
100
484
40*8
94%
200
%
%
Canada Dry Ginger Ale
6
Canada Sou Ry Co
...100
Canadian Pacific Ry
-.25
3
2
Mar 26
434
*4*2
3934
*94%
*1*2
*16
*12
1
Callahan Zinc Lead
Jan
3% Apr
11
Jan 18
48%
47*2
*%
pref erred...
Mar 19
**4
47*2
»ie
con v
15
*16
48*2
»ie
5%
Butte Copper & Zinc
Byers Co (A M)
18
18
26
25
21
»ie
*48%
10
4
Apr
Mar
Mar
Apr
6
*33*2
483g
34
dep7%pf-100
Mar
No par
1,500
34
Bush Term Bldg
Butler Bros
51
share
per
28i2
121% Dec
12 34 Apr
33
18
10%
3%
8%
6*2
2034
Sept
100*2 Sept
12%
16%
1834
1%
19%
5%
734
Jan 12
28 84
Highest
share I
per
16
28
Apr 8
123*2 Jan '5
70% Mar 20
29% Apr 25
24% Mar 27
257g Jan 3
234 Jan 4
3584 Jan 4
Jan 19
20
S
4434 Jan
6*4 Feb 17
31% Apr 24
Checker Cab Mfg
1,700
12%
34
34
534
*3214
""76
1134
34
1
Bush Terminal
21% Jan 15
884 Jan 15
101% Jan 15
434 Mar 16
37% Apr 19
434 Jan 18
400
25
12%
33%
48*2
34
48*2
*4
%
Bulova Watch
3
Jan
Chain Belt Co
1,500
3,300
2,820
12%
33%
*47*2
*%
12%
*984
6*2
31*2 32
*20%
21
105% 105%
1,700
12%
No par
100
No par
No par
No par
Preferred
28*2
*10
5
100
Century Ribbon Mills.No par
6
102
4,800
1234
15%
100
200
%
1234
'%
3,200
*4
I27g
,12
II284
5
10*2
*16
12%
12
2,100
%
1234
*3g
3,700
234
*%
12i2
**2
120
2534
25
*4
*4
*%
*8
670
*%
%
U16
**2
4,300
%
%
*4
118%
10*2
50
5,700
*4
%
%
*47*2
1,200
2,400
*4
*13
*4
%
*16
30
2,500
43,800
37
6%
Bruns-Balke-Collender.No par
Cannon Mills..,.
58
*%
*4
5g
48*2
37
Jan 15
Capital Admin class A
53 preferred A
1
71*2
11734
51%
3478
70
35
300
*4
*4
*4
**4
2734
Jan 15
Marl6
Bucyrus-Erle Co
7% preferred..
Budd (E G) Mfg
7% preferred
Year 1939
Lowest
t per share
3
Jan
10% Jan 15
19% Jan 23
38
Apr 5
60% Apr 26
1% Jan 5
12% Jan 30
13% Jan 30
48
300
*4
*4
*47
7,400
22*866
Jan 17
2
20
Calumet & Hecla Cons Cop..6
Campbell W & C Fdy_.No par
900
*4
*33*2
89
28
*16
*8
5%
40
5*2
25
25
434
*4%
20%
Jan
49
Ctfs of deposit
5,400
2,100
6,100
42
3
69
71%
114% 11434 *11434
50%
51% 51%
3378
3334
35*4
118
118% 118
10%
1034
1034
*67
- 70
*66*2
*25%
2534 25%
2%
2%
234
112
112% 11234
*4%
5
*4%
10
10*4
1034
*5*8
*5*8
6
*96
*96
102
70%
37
*8
34
*88*2
27*8
37
37
37%
7
6%
7
7%
32% 33%
32% 33%
*20%
21
*20*8 21
*20% 21
105*4 105*4 *10434 105% *105% 105%
2834 2884
29% 29%
28% 28%
684
7%
18%
700
3,500
22
preferred series A .No par
No par
56
100
10
Jan 1
Brooklyn Union Gas—No par
Brown Shoe Co
No par
30
5
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing....No par
5% preferred
60
*44
...
3
3
c9
11
6
102
6%
3934
*5%
*44
*43%
26
14
2578
54
1*2
18%
1*2
hi
*3312
14
25*4
19
7%
400
600
69
*51%
1%
7*8
18*2
5%
69
*6%
*14
*60
69
42
5%
3934
5*4
2534
234
*4*2
1034
*66
5
Burlington Mills Corp
1
Burroughs Add Mach..No par
22%
22%
334
No par
7,400
650
62
6
Bridgeport Brass Co—No par
Brlggs Manufacturing.No par
Bullard Co—
18,700
Mar
5
4,900
1,000
4,500
share
21*2 Jan 1
117
3
Brewing Corp of America
Budd Wheel
1,600
334
734
990
6%
12%
25%
64
6,800
per
31% Jan 15
7,800
6%
3%
25%
64
1*2
400
5
2l3g Jan L
2134Mar 26
56 pref ctfs of dep...No par
Bklyn-Manh Transit..No par
684
12%
69
14%
Range for Previous
Lots
Highest
15
5
100
1,900
15,600
1,100
2,100
1,900
11*2
11
1
Bond Stores Inc
Borden Co (The)
Borg-Warner Corp
Boston <fc Maine RR
Bower Roller Bearing Co
Brooklyn & Queens Tr.No par
6*2
..
No par
Class B,
10,900
11%
4%
334
14
5%
43%
634
31
29%
20*2
10*2
484
12%
5
No par
Bristol-Myers Co
3*10*4
434
12*4
96
2*4
'l«
30
30%
29%
*22%
4%
39%
95%
2%
10*8
10
10*8
31
684
20
30
20*2
1034
5
42
Bohn Aluminum & Brass
Bon Ami class A
""560
50
2634
Par
Brlggs & Stratton
2,500
2,400
9
5*8
12
4*2
39*2
*94%
*1*2
484
40
30
31%
2,400
1,300
11,200
8,600
9
26%
42*2
5%
2234
334
26
26
5%
6
39
6,600
*11034 113
^
9%
12
31
*19«4 21
104% 104%
2634
9
9%
2234
334
37
6%
31
30
26%
26*2
61%
21
39
6%
*95
38
38
37*4
30
*10
102
*95
02
61*4
21%
106
*36%
39
118% 118%
10% 10%
118% 118%
10%
10*4
69
68% 68*2
26
25% 26*4
278
234
27g
*112
11234
113
4%
434
5*4
1034 U*4
11
6
*5%
6
10*4
61%
20*2
*36%
6134
2034
118% 118%
10% 1078
119
19
23%
61%
114% 114%
51*2 61%
10*4
19
21%
110
3%
22%
100
100
9
334
51
19%
61%
26%
*38%
50*4
3%
6%
2334
21*8
*36%
35
23
22%
100
22%
*1%
*19
19
22%
23
3534
3*2
3*2
11734 *114% 11734
*11412 11734 *116
51
51
51%
5134
50*2 51
34
32
35%
33%
34%
33*2
*118
3534
12%
67
68
*67
68
,
*1%
67g
25
26
23
22%
67g
*43%
88%
*87%
26
26%
9%
1834
*43
...
*87*8
6178
21%
39
230
23*4
23%
2%
3534
5%
13
25%
*51%
1*2
14
*234
20
*66
52
*67
2934
12%
25%
*43
30
70
14
*63s
5%
40*2
534
12*8
3%
6212
1«8
39
110
70
3%
25*4
6
9%
12%
26
*39*2
26%
23
*5112
1*2
73s
*1334
*36%
23
37g
70
14
*63
99
6I84
19%
2234
100
10
6%
1134
22>8
117
35%
35%
6*2
22
2,300
117
28%
23
22%
2
*38l2
62a4
3*8
Week
66
28
2
35%
6*2
6*4
27*4
On Basis of 100-Share
Lowest
Shares
66
66*4
'
2
27
1940
EXCHANGE
67
28*4
23*8
23*8
2
22%
2
per share
STOCKS
NEW YORK STOCK
66
66
66*4
*178
Apr. 26
5
9 per share
27% 27%
2784
27%
26«4 2734
26*2
*117
120
120
119*2 *117
119*2 *117
*6684
Friday
,
Apr. 25
3 per sfmre
Apr. 23
66*2
27
*6634
Thursday
Wednesday
Tuesday
$ per share
$ per share
♦117
,
the
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
Monday
Apr. 22
Sales
for
LOW
Saturday
April 27,
6*8
3884
9812
Apr
Oct
42
Apr
103% Sept
8% Aug
1% Dec
4584 Jan
z25% Apr
57
Jan
109% Aug
60
Jan
110% June
16
Sept
2% Feb
7212 Aug
32% Dec
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 4
ISO
AND
HIGH
SALE PRICES—PER
Friday
Apr. 22
Apr. 24
Apr. 25
Apr. 26
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
5%
*434
1134
22
11%
Si8
22
12ig
*434
21s4
5ig
22
*12
1178
29
5%
22i8
11%
10
29lg
14
14
5is
2134
115s
*
*8
10
*8
10
8
8
30
30i2
297g
30ig
2914
133s
1334
14
14is
14
3014
14l4
3134
13X2
315,,
315g
32
1073s 108
*«!•
1
3178
108
93g
*334
73g
*134
2««
*17g
2%
4
7l2
87g
31%
32
3178
1083s
*9%
17g
*334
17g
4X4
*16
18
*1658
1834
18%
*16l2
1834
*102
10238
1023s *102
1023s *102
1023s ♦102
18«4
19i2
18%
1834
I8S4
19%
177g
1812
4
1234
46i8
46i2
*11434 11534 *11434
46i2
8Js
40i2
40i2
334
243g
3%
23i2
31
25ig
69
6978
54l2
54I2
60
29U
63s
29U
6%
3412
*43i2
34%
4412
*40
43
*41 ig
6«4
Ik
1934
6%
1%
191g
*98
9934
19
1912
19l8
94
9412
94
43
1958
947g
40
4U2
917g
334
41
42
92
*42
94
90l2
0334
83s
*35g
4258
41I2
94
94
*358
412
4X2
8%
88i2
88
88
86
89
155g
17
16X2
2678
35g
4234
17
16%
167g
267g
384
107g
29ig
11%
2938
o81®
27
334
8I4
784
8%
94X2
*3%
86
2634
2634
3%
427g
10X2
287g
384
43
43
*89
95
|*89
95
*89
95
*89
95
*58
68
*58
68
*58
68
*58
68
*58
*20X2
21
21
*4X2
*1514
-5
17
5
2012
5
17
7U
201$
*4i2
*15i4
7U
22%
2258
27h
43
21%
21I2
*458
5
107g
293g
2178
5lg
17i2
27h
28
18
*«!•
X2
h
**!•
98
90%
88i2
*161
170
8
8
7%
40%
176
347g
163s
*x»
'•
3514
*16i4
1%
:
,
*45
111
9I2
4038
18
40lg
17%
II4
55g
32X2
28i4
3214
U4
U4
534
33
2884
32X4
1%
32i2
28%
32X2
IX4
36
U4
5%
QIa
9i2
80
*78ig
*82
84X2
*83i2
84
84
*90
94
*90
94
*90
2%
1%
*67
.
37g
Ik
2%
1%
1%
*76
334
3078
30i2
7g
*laxe
84
7l2
6i2
4634
4634
3034
3OI4
.
16%
31%
xa„
7X2
47
47X2
2934
3014
16%
16
*9884 101
*99
101
*23
*23
24
24
4
*84
23X2
4
39
*1814
*
6
5%
33X4
29
32X2
33lg
34
29
2934
36i2
3234
29%
32%
*Ug
35%
45
45
45
111
111
*107
92X2
I7I4
23
*89X4
*16l2
39
39%
23
*18l2
,
*334
31
1%
6
*32%
♦Ug
1
1%
32%
1%
35X2
45%
111
934
9%
9%
*78lg
8OI4
84
*90
94
*90
2ig
1%
*66
%
334
334
30ig
714
47
47I2
28%
16%
28%
16I2
4
4
34
84
*22i2
23
101
101
*2334
3%
*»4
23
24I4
3%
iax»
23
*89
9214
91
91
1634
39%
23
1634
39X2
*18%
1634
3984
23
this day.
34
80l2
84'2
94
*90
3%
*84
*89%
16%
39i2
*18%
200
3,600
_
9,100
44,900
900
800
120
8,600
~
1*000
500
1%
*1%
1%
500
2
2Xg
*1%
2Xg
900
1%
100
*66
80
334
11%
*384
3%
"""400
10ig
10%
3134
«4
31
33
9,100
10,400
*84
300
1
360
7%
47
1,400
6,300
500
,
30
Jan
36'4 Sept
5Xg Aug
13»4 Sept
66
8584 Apr
1458 Apr
Sept
9«4 May
Feb 29
30
Mar
Apr
75
Jan 15
94% Apr 15
No par
No par
142
Dresser Mfg Co..
8%
$4.50
Apr 24
6
Mar
10
Mar 30
6
Dec
10
Apr
171
Jan
175
Jan 15
122
Co—20
No par
Apr
9
1334 Jan 18
11618 Apr 24
100
preferred
Apr
30
5ig Feb
1234 Feb
No par
preferred.:
Du P de Nem (E I) A
10U2
1434 Jan 12
Dunhili International
Jan
2
120
Jan 17
126%
126
4
112
Mar
II484 Apr 11
11884 Jan 19
26i2 Jan 22
4% Mar 26
4418 Apr 15
6ig Jan 3
Eastern
145% Feb 26
168% Mar 26
27% Jan 15
6% cum preferred
—100
Eaton Manufacturing Co
4
Edison Bros Stores Inc
2
Eltlngon Schlld—
No par
Electric Auto-Lite (The).*—6
—3
&|Mus Ind Am shares...
Electric Boat
Elec
...
$7 preferred
$6
par
par
3
50
Natural Gas
Endlcott-Johnson Corp
El Paso
5%
par
par
—100
preferred
Engineers Public Service.... 1
$5 conv preferred...-No par
$5H preferred—.—.No par
$6 preferred
No par
Equitable Office
Bldg—No par
JErle Railroad
——100
4% 1st preferred.....—100
4% 2d preferred..... —100
Erie & Pitts RR Co
50
Eureka Vacuum Cleaner
5
Co.————5
3
Exchange BuffetlCorp. No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co.No par
Fajardo Sug Co of Pr Rico—20
Federal Light A Traction... 16
$6 preferred
•
Federal Mln A Smelt Co
2
Evans Products
Ex-CeU-O Corp
500
39
39%
3,600
100
4H% preferred..
oorp...——..1
Y_$2.50
Filene's (Win) Sons Co.No par
Ferro Enamel
Fidel Phen Fire Ins N
n New
stock,
r Caah
sale.
I6684 Jan
178
Jan
37
Apr
15% Mar 28
1
34% Jan 16
4184 Apr 16
12% Mar 16
II4 Apr 6
4% Mar 2
26%Mar 15
18% Apr 20
1'4 Jan 4
8I4 Jan
36i4 Jan
31«4 Jan
8
8
8
3234 Apr 17
Apr 26
42
Jan 12
46
3
112
Apr
Mar 19
Aug
2214 Apr
8i2 Apr
llg Sept
6I4 Apr
20i2 Apr
I884 Apr
23i2 Apr
%
I84 Jan JO
41% Jan 3
Apr 13
35
109X2 Jan
3«4 July
138ig Apr
155X2 Sept
15i2 Sept
114 Jan
22i2Mar 15
28x2 Jan 23
Ug Jan 27
Apr
Sept
HUg Sept
12% Apr
15'4
17ig Jan
ig Mar 28
■
Apr
8
lst|pf.100
Inc.....—1
Eastern Airlines
108
189% Apr
Rolling Mills—....5
Eastman Kodak (N J).No par
Duquesne Light 5%
Federated Dept Stores. No par
Def. delivery,
43% Feb
10ig Feb 21
No par
Douglas Aircraft
Dow Chemical Co
500
a
36% Apr 10
Apr
Apr
11% Apr
1214 Aug
3% Sept
% Dec
103
Apr
18
Sept
28
Apr
10
200
t In receivership,
84 Jan
23
Apr
Sept
20X4 Sept
55
Aug
4
"1,
23
5% Jan
125Xg Jan
23% Jan 10
1584
23% Jan 10
23i2
91%
16%
*18%
23% Jan
4%
103
24% Apr 23
*34
200
Apr
3i2 Aug
Apr 20
Co No par
*22%
91%
16%
*3%
_
38
Jan
Apr
13%
18
Doehler Die Casting
Federal Motor Truck..No par
Federal Water Serr A.No par
•
Feb 27
76
11% Jan 31
34% Jan 15
16% Jan 16
Apr
46
14i4 Sept
16% Mar
8% Apr
113% Apr 12
23% Apr
27% Apr 25
20
Apr
1914
7314
Dome Mines Ltd....—No par
~i~500
3%
*31#
Jan 15
18% Jan 15
No par
No
preferred....——No
Elec Storage Battery..No
Elk Horn Coal Corp.—No
700
38i2Mar
No par
Co
Electric Power A Light-No par
94
23%
93
16%
39%
23
4l2 Apr 19
8
21% Apr 24
6i2Mar
19% Apr
18% Apr 17
3318 Jan
7,500
3,700
1,500
2,000
Jan
A..No par
Devoe & Raynolds
5,300
**18
7%
8
46% 46%
28
28%
27lg 28%
*16
16%
*16%
16%
100% 1G0% *100% 101
*23
*23
24X2
24X2
7%
47
*22%
*1634
39I2
*18X4
Bid and asked prices; no sales on
10%
%
7
47X2
30
16%
*78lg
*83%
80
10%
31%
3,600
*44% 45%
11034 111
9%
10
1%
80
334
IOX4
30%
*34
*16
40ig
17%
_
84X2
T
10
1%
5%
34%
30%
32X2
1%
35X2
35
*»x»
*%
*lig
2'g
*1%
17
23
29%
80i2
84%
3%
10%
31%
1%
534
33%
2984
32%
♦Us
1%
6
2,600
16%
39i2
1634
3334
9%
92
3984
1%
700
•
35
k
*78ls
84%
7X2
♦.16
34
23
3234
.
36
8OI4
*34
*7
47I2
29ig
34%
*16%
17%
*99X2 101
*2334
24X2
4X8
84
Mi,
*22i2
*88X4
*16x2
10
14,100
Jan 19
l4 Apr
118% Apr 25
Duplan Silk
8,500
1,600
Jan 12
16%Mar 19
11,400
40
Mar 29
53
tDenv & R G West 6% pf. 100
Detroit Edison
100
89X2
200
92
Jan 12
Feb 26
38
414 Aug
ll38Mar
Jan 12
1984 Feb
2534 Jan
10
100
Western..50
18%
3,700
32% Mar 14
Delaware & Hudson
87%
24,200
Dec
3i2 Sept
4i2 Jan
4712 Apr 25
Diesel-Wemmer-Gllbert
970
28%
9%
13%
Aug
16
13,400
1,800
171
Aug
9
26
6i2 Jan 22
24%
1834
2734
8%
*12%
48
29% Feb 24
16
20
Delaware Lack &
Apr
2% Aug
3
Apr
Feb 14
100 zlll
Preferred
Apr
June
884 Apr 18
9ix2 Feb 24
17
Apr 22
1
Jan 12
18i2 Jan 30
4i2 Jan
No par
Deere & Co
4X4 Jan
82
(The)
Dayton Pow & Lt 4\i % pf.
Class A
4034
17
preferred
Davison Chemical Co
Dixie-Vortex
*168
62
53
5
25
Davega Stores Corp..
200
7,100
2412
Apr 25
9
2758Mar 29
No par
Inc
Cutler-Hammer
300
13%
3634
23X2
Jan
95
Apr
76
4034Mar 21
9% Jan 15
100
No par
13l2
36%
*81
43
3% Apr 19
1
A
88
300
1,500
8l2
19%
Apr
Apr
26
5
DlamondfMatch
No par
6% partic preferred
25
Diamond T MotoiCar CoDistil Corp-Seagr's Ltd.No par
5% pref with warrants.. 100
•u
40ig
1734
1%
80
934
934
30l4
4
14
40%
k
lk
2%
1%
1%
2
"•*"384
35%
16%
17%
"x«
lk
80
*16%
40
*u
*»x«
»i«
2
*lk
80
*3%
95g
*16
'is
3434
16i2
94
*78
%
1%
29%
8%
84
8OI4
%
1%
2%
*1%
8
4012
18
U4
6
36
*9x4
170
28l2
35%
35X4
*16%
U4
36X2
45% 45%
45X2
45%
45%
*111
111
11U2 *111
11U2
36
18%
89i2
1,300
41
8%
19%
*12X2
13i2 *12X2
13l2
116% 116% *11312 117
*113% 117
1871* 188%
187% 188
187% 188
125
125
12434 124%
124% 125
35%
16i2
•i«
5i«
395s
17I2
32I2
27X2 I
3234
U4
18
88%
170
30
734
13i2
3434
34i2
*40%
11514 *115
115% *115
115% *115
115%
40
4OI4
41%
4U2
41%,
39% 41%
5
5
*434
5
4%
5
*4%
5
156
156
165
155*2 156
15512
155% 15534
*170
174
*173
*170
174
174
174
176
35X2
I6I4
18%
88
660
40X2
36
*
17%
1812
90X2
170
28%
2914
*81
19%
19
*115
115
4OI4
4034
4%
5
156i4 157
3334
347g
*16l4
1634
14.
sx«
*Ug
*35X2
19%
19%
24%
*170
176
*3214
41
8%
834
37%
15618
2714
20
34l2
24
18%
X2
118% *118% 119X2 """166
24I2
*12i2
13X2
13%
*12l2
1312 *12X2
*116X4 118
*11614 11712 *116X4 117l2
187
1877S
187X2 188X2
186X2 187l4
*1247g 12514 124% 124%
1247g 125
*114
512
3H2
118%
19%
34i2
*40%
4,200
2,700
|
4%,
**18
X2
24
8l2
600
1834
13i2
37%
5
700
4%
13%
37
115
11,900
27%
17l2
88
*1147g 115
397g
4034
23I2
27%
18«4
*13I2
3634
*8
40
22%
,
5
*81
8l4
"""966
Sept
28
6ig Feb
Curt iss-Wrlg lit
Conv 6%
17l2
7%
7%
11112 11134
18%j
1334
37
24%
18%
I8X4
91
*16
1834
4%
88
I8I4
100
18
5%
*81
8934
"2",266
5
33
12x8 Feb 20
Curtis Pub Co (The)..-No par
Preferred
No par
Class
2014
Feb 26
*79
30
Cuneot Press Inc
8
45
4314 Apr 4
19% Apr 22
94% Apr 22
34% Jan 22
78X4 Jan 22
3x2 Jan 16
100
10
100
$8 preferred
21%
38% Apr
2
Jan 15
Sugar
26% Jan
6% Aug
9
Feb 20
Preferred
93
6
2
9
15
Cudahy Packing Co..
6
Jan
89
Cuban-American
Sept
Apr
Jan
Jan
5
preferred
16
37i2 Jan
conv
Cuba RR 6%
Sept
% Sept
3
3234 Feb
784 Jan
105
Feb 28
pref erred. ..No par
Crucible Steel of America.. 100
Preferred
100
$5
Apr
Sept
3
8
Jan
Jan
54%
27
No par
Crown Zellerbach Corp
49
150
37
pref w w..No par
conv
24% Jan
28% Mar 15
6I4 Apr 18
Cushman's Sons 7% pref..
*18%
*167
*162X2 170
28
275g
28X4
170
40
5
17l2
99,800
14,000
95
21%
*4%
21%
*4i2
*13X2
3634
23%
18l2
2378
156
21%
1378
37
*170
68
88
23%
5
*58
*81
37
8
1034
28%
*13I2
2414
I8I4
907g
27%
10%
28l2
*89i2
1834
47g
*118% H9l2 ♦1183s 119I2 *118% 119X2 *118% 119i2
19
19%
19X2
19l2
1878
187g
185s
19
*34i2
35%
3434
35%
3434
35l2 *3412 3518
*40
41
40X2
40X2 *40%
403s
40%
40%
8%
87g
8%
8%
8%
*884
87g
85s
19
19X2
1984
1914
19X2
193g
1914
19i2
*163
47l2
18%
l2
18
46
7,700
4,000
18
*sx«
89
4i8
68
.
26%
18%
x2
37
230
4,000
4
47g
*81«
23
10,100
500
1778
434
I8I4
177g
434
♦183s
1734
434
37
50
19
18
1734
45s
83
1,600
4i2
7%
87
1534
434
175s
1734
83
93i2
1734
17%
*13l2 ,13%
11,400
*26
*16
*16
*16
17X2
*73g
784
73g
7%
7X4
714
7%
7*4
*11U2 112
11134 11134 *11U2 112
*llli2 112
23
233s
227g
2334
227g
23X4
23Xg
23%
*27i2
27%
27%
27%
2734
27i2
27i2
27%
112
*111
11%
* 2934
$2.25
Pref ex-warrants
1034
28%
95
10l2
28l2
*89l2
107g
29
98
100
Cream ofJWbeatfCorp (The).2
No par
41 «4
3U2 Jan
3218 Sept
*U2 Apr .5
19% Apr 19
~
No par
380
19% Aug
1618 Apr
Jan 11
712 Apr
2
% Jan 10
1
5% conv preferred..
177
Mar 15
4% Jan
1
Crown|Cork|& Seal
47i2
*4214
10l2
2834
43
*42
58i2 Mar 26
25
Co
CrosleyiCorpv(The)
*8U2
*15l2
I6I4
2634
4%
35g
4334
1034
29
Crane
Mar 26
53
170
...ICO
400
*3%
7%
77g
784
Preferred
5,800
93i2
4l2
I6I4
*26i4
3%
52% Mar 19
25
634
35%
40%
95
86
60
preL 5% series
44
23" 900
6i2 Nov
8
*6l2
3434
43X2
94
Apr
6
1,200
19%
1%
Jan
29%
18%
40% Deo
Apr 20
Apr 20
Jan 3
Jan 4
conv.
May
103g
Apr
Apr
Corn Exch Bank Trust Co.20
116
Apr
25%
69%
6D2
65%
29
94
Sept
5
33
Corn|Productc%Reflning
5U4 Sept
Apr
29Xg
25
Jan 22
Jan
Mar
22i8 Mar
5
2
25
15% Mar 16
2
100
*106
22% Mar 26
5
Cotyjnternat Corp
43
9
Jan 26
Apr 9
Mar
434 Feb
Dec
32i2
Apr
5
Coty Inc
*42
Jan 19
Apr
1
par
Copperweld Steel Co..
3,700
7,000
90
Feb 29
6% Jan 13
38
$2.50
34
Sept
101% Dec
17% Deo
lli2
ContinentalJOil of Del
Continental Steel Corp.No
4,000
200
113
4914
116i2
914
40%
9% Sept
6% Sept
9
Sept
*87x2 Sept
3i8 Jan 22
634
99
41% Jan 19
Aug
Sept
9X8 June
..1
1%
20
43
1914
94
42%
41X2
340
Apr 19
Feb
108i2 Aug
2i8 Jan
12i8 Mar
7% Mar
Apr
88
15% Jan 10
Feb
Dec
8I4
Feb
1912 Apr 24
Continental Motors
6%
36
44i2
94
88t2
334
6i2
20
No par
1%
19%
*98
3514
44i2
94
2,400
104
1% Apr 4
97i2 Jan 10
86
Continental Diamond Fibre. 5
300
29%
6I2
41%
1,000
18i2 Mar
28
24
18
7
1
100
Continental Insurance
734 Sept
12% Mar 19
No par
8% preferred
ContlnentaUCan Ino
17834
99
1834
15l2
27
99
29l2
937S
87
3i2
Continental Bak Co cl A No par
4,000
20i2
19i2
1514
27
IX4
94
87
*2634
Container Corp of America. 20
2,900
l%Mar
3% Mar
14X2 Feb
IOOS4 Jan
14% Mar
5% preferred v t e
100
Consumers P CoJ4.60 pfNo par
60l2
678
U4
*6%
20
19
412
8*8
85s
200
*177
177
177
93X2
*35g
1'4
7
19,400
60
60%
94l2
4234
19X4
*93I2
4% Mar
300
*42x4
43
*42
4234
1958
19
Consol Coal Co (Del) v t C..25
29,300
Jan
Dec
6i2 Aug
1
July
2,100
16,500
II,300
Mar
Apr
84
214 Jan
4%
$4.50* preferred
35
27
101'4
20
43g
3,600
Sept
384
200
"2~500
Aug
11
8ig Apr
1%
4,000
91
4% Apr
1%
Class B
85
Apr
7ig Nov
I0i2 Apr
2
700
Apr
79x2
Jan 31
$2 partlc pref
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Jan
32»4 Nov
9% Oct
8i2 Jan 31
334 Feb 77
13,300
2,000
8
Apr
% Jan 19
712
share
Feb
73
8
9
Apr 5
9% Feb 21
32% Apr 5
110% Mar 25
Us Jan 5
Jan 18
Sept
484
8%
30% Jan
9% Deo
15i2 Aug
5% Apr
95
30i4 Jan 15
7%
60
Apr
Apr
1
9X2
*334
600
92
Feb 23
107
No par
7l2
2,100
Feb 10
per
Apr
5
4
Apr
734 Jan 30
3%
17i2
18
1712
17X2
102%
102X2 1027S *102
18%
19%
18%
19
23'2
2934
24l2
68i2
54l2
60%
605s
6OI4
6012
6OI4
605s
177
*175% 177
17214 17512 ►175
658
7
658
634
634
634
IX4
H4
13s
U4
1% ,
*U4
20
20
203g
20%
205s
203s
*98
*98
9934
9934
9934
9934
29
29i2
293g
2934
*29X2 30
*63g
65g
63g
6%
*612
678
35
35i2
35i2 36
3412
35
45
*4312
44l2
4412
44i2 *44
175
4
$5 preferred
Consol Film Industries
16
86
9%
12%
12%
12%
12%
13
125s
12% *1234
Us
U8
1%
1%
Us
1'8
1%
90
*89
89% 90 ~
8914
8914
*8912
90
47
45% 4684
4714
47%
46i2
463s
47l4 z47
115i2
115i2 *115
115X2 *115
115i2 *115
11538 *115
834
9%
8X2
8X2
87g
9
83s'
*8%
8%
40
40%
40%
4012
405s
40X2
405g
40ig 40i2
3%
3%
35g
3«4
3%
334
378
35g
334
23l2 23%
233s
23U
23%
2334
2312
23%
23%
2934 30
30l2 30X2
30i2
31
*30i4
31
30i4
24
24%
24%
25
2414
24%
2478
24i2
25
67
6734
6734
69
68%
69
68ig
68%
68l2
54l2
5412
54% 54X2
54X2
547g
54X2
5418 5484
Ug
♦883a
8%
300
x*
13
1%
90
12l2
Ug
88
4is
31%
"x«
9l2 Apr
79
Consol Coppermines Corp
5
Consol Edison of N Y__ No par
5
19
31% Apr 15
7% Jan 29
4
7i2
2
3H2
5% Jan 13
25ig Jan 15
Highest
share
per
1314 Feb 29
Jan 15
8
tConn Ry & Ltg 4^ % pref 100
Aircraft Corp
1
Consolidated Cigar..
No par
7% preferred
..100
6H % prior pref..
.100
Consol
share
per
614 Jan 3
24% Feb 17
Marl6
5
7l4
*134
334
73g
20
150
13,500
14,300
I,200
8%
$
share
per
Year 1939
Lowest
Highest
2134 Apr 23
9%
*334
93g
334
712
20
IO8I4 108%
1
1
400
834
9
32
IO8I4 108i2
1
1
378
*178
*334
*165s
4
9
*108
*9i8
*170
94
9334
378
5934
86
90
*92
9ig
*384
7%
23i8
*297g
86
*92
*86
94
7h
334
2,400
91
9%
3%
40
13%
94
73s
8
13%
*86
9<g
3%
*1
13l2
9
1
12i2
5,600
94
*»»
88
10
29
91
1
4
10%
*7l2
28%
834
108
108% 108U
*»i»
1178
10
2914
*9i2
*7i2
28i2
9334
834
Congoleum-Nalrn Inc.-No par
Congress Cigar
No par
117g
9
$
Conde Nast Pub Inc.—No par
22
94
*88
400
1,100
5i2
22x8
91
8%
.
5'2
22i8
*5%
5X2
94
94'g
914
32
9
*7l2
Par
Range for Previou
lOO-Share Lots
Lowest
22%
*88
91
94 *8
Range Since Jan. 1
On Basis of
Week
22i2
*88
EXCHANGE
Thursday
$ :per share
11*4
STOCK8
NEW YORK 8TOCK
the
CENT
Wednesday
Apr. 20
*434
NOT PER
Tuesday
Apr. 23
Monday
*22
SHARE,
Sales
for
LOW
Saturday
2679
Apr
Jan
28
32x4 Aug
*103Xg Mar
1
12% Jan
7
Apr
72% Mar
4
83
Jan
6212
80
Mar
4
89
Jan
65%
Apr
Apr
84
Mar
4
97
Jan
69
8
Mar
•11 Apr 15
U4Mar 8
2
Apr 18
1% Feb 20
384 Apr 18
8ig Jan 16
20i2 Jan 15
34 Mar 20
484 Jan 9
34i2 Jan 15
25
Mar 26
15
Mar
1
z96
Feb 16
23
Mar 29
384 Mar 18
% Mar 1
21% Jan 23
86% Jan 12
16% Apr 18
3734 Jan 18
19% Apr
* Ex-div.
6
8
1
1% Apr
Feb
1
11% Apr 25
Apr 26
33
Jan
1
Aug
1% Sept
lig Apr
66X4 Sept
3% Jan
5
Apr
84 Aug
% Jan
I84 Jan
3
8% Mar 11
3% Sept
6
Apr
14X4 Apr
% Deo
2>4 Apr
49X4 Apr 8
3U2 Apr 18
24
Apr
20
Apr
3
11
Mar 27
81
Jan
3
29
Dec
18% Apr
102
28X2 Jan
4% Jan
Jan
9
25
Jan
3
95
Apr
Jan
3
2Xg
84
I884
8234
17%
40% Feb 14
22x2 Jan 5
16ig
Apr
1
20
y Ex-rights.
Aug
May
Apr
Sept
Nov
2784 Apr
Sept,
5 Called for redemption.
New York Stock Record—Continued—Page 5
2680
SHARE. NOT PER CENT
AND
SALE PRICES—PER
HIGH
,
Monday
\
Apr. 20
j
Apr. 22
I
Wednesday
Apr. 24
Tuesday
Apr. 23
Thursday
Apr. 25
Friday
Apr. 26
Range Since Jan. 1
9 per share 1 9 per share
9 per share
9 per share 9 per share
19
19%
19
19
18%
19%
19%
19%
19
19
105
•105% 106
105% *104% 105%
*105% 106
106
*10512 106
44
44%
44?8
43%
44%
44% 44%
'44%
44U *435s 44
18%
18%
187,
187#
18%
19
18%
18%
19%
18% 19%
36%
36%
36
36% 36%
36%
36% 36%
36%
36% 36%
24
24
24%
24%
*237g 24%
*23% 24%
24% *23
24
2*4
2%
2%
2%
*2%
2%
*2%
2%
2%,
2%
2%
*29
30
29% 30
28%
28%
27% 27%
27%
27
27
*106
108
*106
107
108
107% ♦106
107 I 107
107
% per share
19%
19*8
*10512
*4314
19%
36%
*23%
2%
27%
♦106%
18%'
19
79%'
*75%
19%
7978
6%
6
6
*30
33
6%
33
♦30
35%
36%
36
2
2
*2
♦102
2.000
400
1,500
3.500
2,500
400
700
4%
17
18
103%
6%
6%
*13%
50
19%
18%
*75%
19%
797«
8.400
I
*6
6%
797„
578
5%
5%
"i'ooo
I
30
*29
17%
17%
17%
4%
102
*48
*16%
102
*102
6%
6%
13%
14
*48
18%
*75%
578
6%
13%
50
14
|
50
*29
30
36*4
5
*17
102
102
6%
6%
6%
14%
14%
50%
14%
50 1
50%
5
478
18
19%
17
102
103
Gannet Co conv S8 pref No par
Gar Wood Industries Inc
14%
2,400
Gaylord
300
17
14%
5
18%
18%
17%
*17
102
j*100
6%'
6%
♦51
4%
19
1734
6
14%.
54
14
i
*51
40
12,700
5,300
54
634
634' *6%
6%
7 I
*678
7%
67g
678
634
7
103% *101
103% *101
103% *101
103% *101
103%
103% ♦101
62
52
62%
62% 5212
62% 53
6178
517«
5134 52%
7
*7
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
135% 133% 133%
135% 135
135
*133
135% *133
135% 135% *135
*3
3
*3
3%
3
3
3%
*3%
3%
3%
3%
8
6%
7%
8%
8%
8%
7%
7%
8%',
6*4
8
23
22
23% *23% 25
22% 25%
22%
21% 22
*22% 23
76
74
77
78
79
74
74
80%
87
79
81%
82
19
19
19
19
19
19
19%' 19
19
19%
*19%
19%
*6%
200
400
.
52
117
117
117
117
116% 116*4 116% 116*4 *116*4 119
37% 377g
37% 37%
37% 38
37%
37%
37%
37%
48%
49
48%
49%
48% 49
£48%
48%
48%
48%
*116*4 118 ; *11678 118
*116% 118
*116% 118
*116% 118
%
%
%
*z
%
h
%
%
h
*2
*29
44
*30
44
*34
44
38
38% *35
3834
*98
99%
98% 98%
98% 99
97% 99
*96% 98%
127
127
*126% 128 1 128
128%
128% 128«4 *127
128%
63
53% 54 I
53% 54%
63% 63%
53%
5384
53%
*125% 126
125% 125% *125% 126
125% 125%
125% 125%
♦52
53
63
*52
63% *62
53% *52
53%
63%
48%
48%
*116% 117%
% "
%
44
*29
98
98
*126
127
53%
53%
♦125% 126
*52
53%
*6
6
6%
I
6
6
6%
6%
6%
6%
9
9
*9
9
9
9%' *9
9%
*108% 10978 *108% 10978 *108% 109% *108% 109% *108% 109%
1
%
%
*%
1
%
*7S
*84
1
18
18
18
17%
18
17%
17%
17% 18%
*17%
96
66
♦96
*96
97%
97% *96
97%
97»z
97%
6%
♦87g
6%
9%
%
*18%
29%
*14%
28%
22%
11%
18%
%
%
18%; *18%
30%
30%
14%!
14*4
28
28%
22%
22%;
12
11%
18%' 18%
18%
31
14%
*18%
2812
28
22%
22%
11%
*100
105
*100
18%
6
48%
7%
*54%
17%
*42
18H1
6%
48%
7%,
2%
3%
17%
8
I
I
13%
9%j
15%'
♦34%
35
*23
23%!
18%
105
♦100
12
12
18%
20%
105
*100
1778
2%
18
*48
18%
6%
48
44%
4%'
2%!
85
I
18%'
65%
22%
94%
3%
50
*2%
*13%
9%
15
34%
*23%
14%
14%
26%
27
26%
28
9%
1378
6
6%
48
44%
4
6%
*44
37a
3
48
7%
55%
18
4478
4
278
278
85
86
86
17%
*64%
21%
*92
18
17%
1778
22%
94
*3%
3%
*48
*64
65
*48
%
9
8%
884
13%
9%
15
8%
13%
9%
9%
9%
*14%
35
35
2334
23%
23%
14%
14%
14%
14%
27%
28%
27
27%
27%
28%
28
*27%
28
2784
138
138
*137
139
*137
*40
54
*40
64
*40
54
33
33
11
,3,«
30
*3%
3%
SO
3%
*16
18
*33%
3%
30
*3%
*16
15%
11%
338
30%
3%
3234
15%
11%
3%
15%
*11%
3%
'
17%
34%
35%
3%
30
*3%
*16
34%
34%
17%
34%
*33%
35
35
35
*35
16%
17
17
17%
17
17%
*16%
17-17
33%
3%
30
35
-
3234
15%
11%
30
*3%
*16
*33%
*35
1734|
17%
*14%
*1»
1,000
II84
3%
3%
2%
17%
21%
93
3%
*48
3%
15%
*11%
10
10
1484
51
|
*3
16
34%'
*33%
4
34%
35%
*35
3512
30
3%
16
17%.
--
8,500
*11%
2%
*28%
*3%
*15%
*33%
*35
12
3
3,500
30
20
16%
17
3,700
*1634
17
200
*163
164
1034
18%
97
18%
*163
20
164
21%
9634
4%
20%
97
97
96%
13378 *132
13378 *132
66%
*65
66
66%
*132
*65
104
164
21%
97%
13378
66
20%
97%
132
*64%
164
*164
21%
97%
20%
*96%
132
132
67%
*64%
166
20%
98
132
66
200
*164
166
19%
97
203s
97
*132
*64%
133%
66
*112% 113% *110
11334 *110
11334 *111% 114
*111
114
111
114
18
*17%
*17%
18% *17%
18%
18%
18%
*17%
18%
*17%
18
33%
33% *33%
33
33%
33% 3378
33
33
33%
32% 33
*6%
7%
6%
6%
*6%
7%
*6%
7%
*6%
7%
6%
6%
16
16%,
1534
1584
15%
15% *15%
15%
15%
15%
*14%
15%
*103
*104%
*103
*104%
*103
*103
55%
55%
55% 55%
54% 55
54% 54%
54% 54%
53%
54
38
*37%
*37% 3784 *37% 3734 *37% 3734
*37% 3734
3734 3784
15%
15
15%
15%
15%
15%
15% 15%
14%
15%
1484
14%
*69
71
*69
71
71
71%
71
71%
71
71%
70%
70%
*109% 112
110% 110% *109% 110% 109% 190% *107%
110% *109% 110%
6%
5%
5%
5%
5%
534
534
5%
5%
6
584
584
44
45
44
44
44
44
*43% 45
43
43%
*42% 44
*1%
1%
1%
•1%
1%
1%
*1%
1%
*1%
1%
1%
1%
♦4%
5%
*4%
5%
*4%
5%
434
484
4%
5%
*484
5%
20
20
1934
20
1984
1934
19%
1984
20
19% 19%
20%
5%
5%
5%
5%
5%
534
5%
5%
5%
5%
5%
5%
%
%
84
84
"1.
h
"it
"it
"it
"it
%
84
11
11
1078
11%
11%
11%
11%
1134
11%
11%
10%
10%
21
21
21%
22
21% *21
22
22%
21% 21%
*21% 21%
*40
41
40
40
*39% 41
40% 40%
*39% 41
40% 40%
4%
4%
*484
5%
*484
5%
*434
5%
*4%
5%
*4%
5%
t In receivership,
a
Jan 2
Apr 25
1,800
"moo
80
8,200
300
5,900
100
17,500
800
1,400
200
1,300
100
600
Jaa 11
4
"i« Apr
5
Mar
Apr
% June
12% Sept
85% Aug
2
18% Apr
33% Jan
7
105
% June
14
Sept
4
15% Jan 11
19% Apr
12% Aug
30% Apr 26
2484 Mar 7
16
13% Jan
4
23% Apr 26
101% Apr 3
97% Nev
6*4 Mar 6
61% Mar 14
6%
43%
Apr
S
58% Apr
2
1»%
28
Jan
92%
Apr
1%
20%
Jan
Jan
41
Jan
15%
201# Nov
15% Jan
* ug
Apr
Jaa
Jan
Apr
8% Sept
10%
15%
9
Jan
111% Nov
1% Sept
Oct
43% Sept
4
233s Jan
Feb
67#
107#
Apr
15
.
38
Oct
6% Aug
18
Nov
99% Feb
27% Mar
8%
54
Jan
Mar
137#
1
Co 100
No par
No par
2% Jan 22
80>8 Feb 28
16% Jan 15
63% Apr 18
21% Apr 26
91 % Jan 23
3
Mar 23
No par
47% Mar 30
84 Jan 2
100
w
Mar 18
Mar 21
50
2
Mar 19
—100
20
Feb 13
3% Jan 27
24%
Jan
14%
12
3
10
Apr
Apr
3% Apr 18
30% Apr 18
Jan
4
Jan
Aug
6
Sept
Sept
9
% Apr
Apr
4
3
Apr
6% Sept
22% Sept
36
18
Oct
99
Apr
May
17
Apr
123
Sept
-47# Feb
105
Oct
96
103% Nov
33% Sept
3
3
Jan
Mar 23
3
Apr 12
9% Jan 10
Jan
-
Jan
8
106% Jan 12
105% Mar 30
28% JaD
138
4
Apr 12
9% Apr
5
32% May
144
10%
Nov
May
Oct
9
71
Jan
92
4% Apr 16
113% Jan 2*
11% Apr 8
2
Apr
93
Apr
4% Nov
12% Dec
104
Apr
Nov
13% May
8% Apr
100
Sept
117
Mar
Mar 20
148
Oct
167
June
2
21% Apr 22
10
Apr
87% Jan 10
100% Apr 9
133% Jan 30
63
Apr
5
18% Nov
101% Sept
1351# Mar
Jan 15
67% Apr 16
54
Jan
9
100
Sept
100
1
110
Jan 12
146
Feb
131
61
Jan
No par
112% Jan 16
Co—10
16% Apr 5
30% Mar 2
5% Jan 18
12% Feb 1
10
5
No par
preferred
100
12.60
Mining
Houdallle-Hershey cl A. No par
Homestake
No par
Household Finance....No par
100
Houston Oil of Texas v t c._25
5
108
Mar 28
52
Mar 11
33% Jan 30
11% Feb 2
67
Mar 16
108% Mar
6
5% Mar
8
3,000
5% preferred
100
Hud Bay Min A Sm LtdNo par
1,400
Hudson Motor Car
5,700
4,100
Hupp Motor Car Corp
1
Illinois Central RR Co
100
Apr 15
41
>4 Jan
100
3
Jan 11
3
1938 Apr 18
5%
No par
Jan 19
% Apr 26
6% preferred series A... 100
70
Leased lines
10
RR Sec ctfs series A... 1000
100
z
May
5
4
Aug
22% Sept
33% Sept
37% Sept
141% July
63% Dec
35% July
21% Mar
12% June
18% Dec
No par
sale,
42
35% Apr
17% Jan
35
25
Apr
7% Jan
Hercules Powder......No par
r Cash
24% Jan
2278 Jan
12% Apr
16% Apr
23% Aug
129% Sept
Dec
Dec
Sept
15
14
4%
Apr
-17
Motors......No par
Hudson A Manhattan
Dec
Feb 21
155
700
6
Jan 29
9%
10
Nov
Sept
38
100
preferred
Feb
55
14% Dec
Mar
It#
1078
15%
10%
22%
Apr
107% Mar
Class B
142
Apr
8
105
Holly Sugar Corp
287# Apr 24
29% Jan 2
4%
5% Sept
80
20% Feb 19
1
25
Hollander A Sons (A)
8
Dec
% Aug
Jan
25
Holland Furnace (Del)
67
Apr
Hecker Products Corp
Hlnde A Dauch Paper
27# June
May
Hazel-Atlas Glass Co
6% cum preferred
183s Jan
3
Apr
Nov
Jan
Nov
24% Jan
74% Mar
38% Jan
109% Jan
11
91
Hershey Chocolate
Jan
Apr
87
27#
86
32
1
100
2
Preferred
53
21%
1% Jan 30
10
Jaa
29
6
104% Jan 25
.100
H el me (G W)
Apr
13% Apr
9
7
Jan
Hanna (M A) Co 35 pf.No par zlOl
Feb 14
Harbison-Walk Refrac.No par
23% Mar 18
Apr 15
6% preferred
100 136
6)4% preferred
Hayes Mfg Corp
178
70
Jan
Mar
3% Mar
18
Apr 8
34% Apr 22
Feb
16
Hamilton Watch Co.—No par
Corp of Amer class A
Jan
37
15
—25
10
preferred
2%
34% Jan 17
16
Apr 16
30'4
100
.....25
Water
8
1634 Apr 8
3434 Apr 8
24% Feb 21
6
Feb
No par
preferred
Jaa
9% Apr 10
147t Jan 4
27
10
7% preferred class A
Hall Printing Co
3% Apr 11
88
20% Apr 4
69% Mar 7
2478 Apr 4
97% Feb 21
4% Feb 8
71% Jaa 9
13
100
preferred
Jaa
7% Feb 6
13% Mar 16
9% Mar 8
dlv ctfs.No par
No par
preferred
New stock,
126% June
Apr
3% Sept
47
Guantanamo Sugar
rt
Sept
28
24%
Howe Sound Co
Def. delivery,
1%
19% Jan
99% Feb 21
July
Dec
Oct
112
8
3
99
128%
56%
May
15% Apr 17
11
Apr 19
700
Jaa
118% July
1% Jan
65% July
125% Dec
36% Apr
Jan 10
110
Jan
■
34
30% Jan 12
5%
72%
Jan
•
_
127% Mar 23
56% Mar g
10
-
4% Apr 22
800
500
9
1
500
2,900
Feb
Greyhound Corp (The).No par
3,100
39
44% Mar 26
7%
"2",000
Apr
7% Apr
Dec
%
Jan
101
Jan
36%
107% Sept
2% Jaa 29
34 conv preferred
""2OO
Jan 15
13384 Jan 15
20
100
1
Green Bay A West RR
Green (H L) Co Inc
Hercules
44
56% Apr
Great Western Sugar..No par
Preferred
100
20
49% Apr 15
6
% Jan
130% Jan
11% Jan »0
22% Mar 16
Hat
2
118% Jan
Jan 15
3134 Jan 26
23% Apr 17
6%
Jan
—1
'
Bid and asked prices: no galea on this
day,
Feb 10
20
20
140
....
♦
Jan
41
9
preferred.....60
—
6%
Mar
July
5% Sept
2% Apr
Jan
66% Mar
preferred
Hackensack
11
149
8ept
44% Jan
477# Aug
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
""166
Sept
Sept
Gulf Mobile A Northern... 100
35%
65
7% Dec
128
Jan
Jan
1031# Mar
Sept
Without dlv ctfs
8%
Apr
8% Jan
145
9
Jan
40
Jan
14
Granite City Steel...—No par
Grant (W T) Co
10
5)4%
96
3
Jan
Jan
Jan
43
Preferred
5%
Mar 20
57%
7%
18%
52
*9% 8ept
45% Aug
5% May
4
Graham-Paige Motors......1
Granby Consol MSA P
5
Grand Union
104
15% Sept
104% Dec
Apr
Apr
Jaa 13
Gold A Stock Telegraph
130
3%
17
34%
Apr
3%
1634 Mar 16
38% Jan 2
No par
No par
Goodrich Co (B F)
300
164
*107
*8%
*100%
20
15%
*163
37#
*135%
80
33%
*1067#
1078
109%
*135%
8%
*100%
25
17
47,700
1,900
July
94
31
47%
preferred
Goebel Brewing Co
100
2,500
*108%
25
*104% 140%
*16%
900
3,600
15%
3%
*3%
61
100
33%
33%
15%
12
51
400
9
Mar 27
Apr 22
July
7% Aug
Jan
36
Glldden Co (The).
1,300
*14%
2
130% Mar
Apr 26
Gotham Silk Hose
10
Apr 24
Apr 24
5
Mar
Oct
Mar 20
200
15
5%
19%
18%
105%
6%
Sept
3% Sept
578 Sept
18% Oct
106
7
5% preferred
Goodyear Tire A Rubb. No par
35 conv preferred
No par
3,100
Jan
36
Apr
117% Mar 29
46
4)4 % conv
Gobel (Adolf)
55
Apr
18%
1%
9
Jan
$5 conv preferred
No par
Brothers......No par
Glmbel
100
8%
14%
30
17
100
7,600
*8%
14%
3%
1734
17%
20
14,600
35
3434 35%
*23
2384
2334
14%
14%
14% 1434
2784
28%
2634
28
27%
27%
2784
28
137% 137% *13714 139
33
1,300
2% Jan
25%
1734 Apr 25
6
Apr 17
Gillette 8afety Razor..No par
Sept
27
Jan t5
38% Apr 15
Dec
98
5
Jan
Jan
97# sept
Apr
16
19% Jan 2
IIS4 Apr 19
1584 Feb t
.100
General Tire A Rubber Co
500
7,200
pref..No par
Corp
20
preferred—
6%
78
*105% 106
104%
104
104
*103% 104%
25% *24%
2534
25%
26
25%
26
150
*135% 150
*135% 150
*135% 150
8%
8%
8%
8%
8%
8%
8%
99
102% 100% 101
99% *99% 101
4
4
4
4%
4%
3%
4
109
*106% 109
*106% 108% 106% 106%
107#
10% 1034
10%
10%
10%
10%
110
109% *105
*107
110
*105
110
*105%
*104%
*16%
Gen Time Instru Corp.No par
100
3 '%
1%
Jan
24
General Telephone
10
61
*16%
106
*105% 106
104% *104% 104%
25%
25
25%
147 1*135% 147
8%'
8%
8%
10234 *100% 102%
4
4
4
109
108% 109
1078
1034
1078
109% *109
109%
17
2,800
17.700
6% Apr 18
18
6
16% Mar 19
27% Mar 19
14% Jan 13
Gen Theatre Eq Corp..No par
"11
%
884
14
30
17«s|
1,280
1,100
2,200
Jan
29%
90%
Aug
75
% Feb
1
108%
14
66% Aug
Apr
35
8% Apr 2
108% Apr 26
84 Feb 20
15% Mar 18
86% Jan 15
6% preferred
.....100
Gen Realty & Utilities
...1
Gen Steel Cast $6
1,500
103% Apr
20% Jan
76
Apr
4
No par
Sept
37% Sept
Apr
Mar
121% Mar
No par
"2,455
107% Apr
86% Jan 16
Apr 16
1
No par
Oct
5
1% Apr
21
Jan
Jan
17*4 Apr
3
preferred
25
43
Jan
$6
May
Aug
July
Apr 24
19% Apr 16
Jan
Gen Public Service
200
17
31%
87
48a
General Printing Ink
38
29% Apr
37%
10
Apr
Feb 5
Feb 6
Jan 15
Jan 2
Apr 19
Jan 12
No par
Gen Railway Signal
*23
*40
33%
15%
200
Apr
Sept
2% Jan
11% Jan
%
No par
preferred
90
35
139
54
15
Common
200
65
21%
51
"i«
139
15%
*11%
*92
167#
Apr 26
51
15
Mar 19
Apr 24
Gen Outdoor Adv A ...No par
900
1,200
90
*64
21%
93
49
*40
33%
15%
11%
65
it
*13%
2%
*86
21%
15%
35
100
preferred
5%
General Motors Corp
300
65%
2%
Mar 26
51
*54%
17%
7
133%
2%
6%
18%
48%
17%
113%
36%
45%
126
2,900
90
Jan 15
10
260
4,800
17%
Mar
61
...100
600
32,000
2,100
384
11
38
7%
54%
18
44%
3%
4
9
Feb 13
116
preferred
General Shoe Corp....
44
Jan
4% Mar 19
36 conv pref series A.No par
General Mills
......No par
6
u
corp.—No par
No par
Foods
S6 preferred
No par
General Refractories...No par
44
13
60
47%
49
1378
14 .60
1,700
18
2«4 Mar 18
12% Mar 20
Gen Gas & Electric A..No par
3,000
65
9%
General
18%
18
Jan 15
'
14%
30%
22%
11%
23%
7%
54%
17%
*43%
*92%
*3%
*14%
3434
*23%
8,200
Electric Co.—No par
31
6
Mar ?7
1% Mar 26
"3,700
46
9278
3%
9%
General
18%
7%
2%
No par
100
14%
105
3%
100
preferred
7%
24,300
4734
6
Cable Corp.—No par
No par
A
7% cum preferred
Genera) Cigar Inc
180
47%
7%
22
15
34%
23%
14%
Class
18
6%
lsi«
8%
*13%
General
2,400
18
1734
Baking
J8 preferred
Bronze Corp
105
*86
65
General
30
30%
22%
11%
23%
29
31%
35
share
105% June
25
4
101% Apr 10
11,900
18
9278
*3%
50
•l»
8
25% Apr
3% Jan
per
25% Sept
Jan
38%
2
No par
5
5
No par
5
preferred
Gen Am Transportation
General
*100
2134
*137
33%
15%
30
*100
18%
86
1
9
18%
22%
12%
21%
105
18
17%
14%
28%
1178
18%
**u
3% Feb
Jan
21% Apr
5
38% Mar 26
14% Apr 24
Container Corp...-5
97%
97%
6
17% Apr
99%
50% Apr 24
734 Apr 4
40
1,600
8
Feb
46
Highest
share 3
per
3
4
400
3,000
Feb
16% Apr 19
70
101
3
17%
*17%
3084
22%
12
23
55%
»i«!
*14
28%
29%
22%
11%
22%
55%
17%
*43%
3%
3%
9%
*9%
30
*87g
108% 108%
*34
1
1884
30%
14%
65%
17%
*92
3%
50
*13%
1434
4778
7%
*64%
94%
9
*18%
14%
7%
65% *64
22 I. 21%
h
18%
31%
"
7%
*92
*48
18%
31
14% *14%
28%'
29
22%
22%
7%
*64%
21%
*3%
18%
31
7%
*81
17%'
31
*14%
18%
6%
48
17%
*42
3%
85
♦81
%
%
18%
6%
47%
55
55
17%
44%
3%
*%
%
%|
6%
9
1,700
1< 5
S
Jan 24
48% Apr 8
6% Jan 24
$6
~1~400
Jan 25
21% Jan
106
6)4 % conv pref erred.... .50
Gen Amer Investors..-No par
*101
116*4 116%
37
37%
100
40
8,700
2%
33
Jan 18
2384 Jan 23
2% Jan 10
27
Apr 22
6,500
37%
*17g
43%
par
6
36*4
2
Feb 28
18% Apr 26
102
29
*
3734
2
18'4 Apr 24
104
32
30
29
37
2%
5%
I per share
share
per
par
.....-10
preferred....No par
Francisco Sugar Co
No par
F'k'nSlmonACo Inc 7% pf-100
Free port Sulphur Co..—---10
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
$3 preferred
10
Gamewell Co (The)
No par
33
18%
par
3
Year 1939
Lowest
Highest
par
17 conv
37%
*2
100
t Follansbee Brothers..No par
Machinery Corp.... .10
4H% conv pref—
Foster-Wheeler
19%
797s
36*4
2
5
18%
17%
6% preferred series A...
First National Stores..-No
Flintkote Co (The)
No
Florence Stove Co
No
Florsheim Shoe class A .No
120
19
*75
36
2%2
4%
4%
17%
17%
Firestone Tire & Rubber—10
Food
19%
36%'
Par
600
79?#
100-SAarc Lois
Lowest
Shares
19
6
On Basis of
Week
*74
*5%
Range for Previous
EXCHANGE
....
17
4%
STOCKS
NEW YORK STOCK
the
~
*75
16%
*17%
Sales
for
LOW
Saturday
April 27, 1940
934
2034
38%
434
Ex-dlv.
Mar
Apr
Jan
Apr
v
18
18
25
20
Jan
115% Jan
18% Jan
8
4
35% Apr 4
7% Mar 4
16% Apr 18
110
Mar 30
66% Jan 12
Apr 13
16% Apr 15
38
71%
111%
678
50%
Apr 25
Jan 10
Jan 3
Feb 21
1% Feb 20
7% Feb 20
27
Jan
6
6% Feb 17
128% Apr
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
27
8%
Apr
Apr
60% Oct
102
Sept
4% Sept
40
%
27#
21%
4%
%
Apr
Dec
Sept
Sept
July
Aug
65% Aug
115
July
19
Jan
51
Jan
11% Mar
21% Sept
110
Oct
66% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
57
1%
5%
Sept
Jan
Jan
35*4 Sept
87#
Jan
1
Jan
133s
24%
43%
6%
Jan
9
Aug
2%
203#
Jan
Jan
Jan
16%
Apr
35
Jan
Apr
38% Sept
49
Mar
Jan
43# Sept
Ex-rights,
K
2
11%
f Called for redemption.
Jan
Volume
LOW
AND
New York Stock Record—Continued—Page 6
ISO
HIGH
SALE
PRICES—PER
NOT PER CENT
SHARE,
Sales
8TOCK8
for
Saturday
Apr. 20
Monday
<8%
25i8
8%
25
Apr. 23
|
$ per share
$ per share
•
Apt. 22
|
Tuesday
$ per share
110
*108
158
158
158
89It
1434
6i2
3%
1078
3%
3
41I2
111
43s
1U4
2
2
*2%
*40%
*110%
♦4
'
34
33s
*2i2
40i4
1105s
*164
Week
$ per share
$ per share
% per share
Shares
8i4
2434
110
9i4
2,400
25i4
3,600
700
110
6% preferred
Inland Steel Co
4,300
100
1,700
180
100
2ig
*4
4%
1078
11%
2
2
*
4%
11%
1078
*2
2%
*4
1078
4%
11
*2
500
6
3i2
8l4
27%
485g
68
90
KV8
: *8
8%
27%
27
27
130
14
485,
68
*13'4
*86
*127
27%
130
*127
90
8
8%
.
14%
*49
68
62
147,1
*62
63
147,
*1201,
*1412
*120i2
7%
*6%
612
20
*18
*12«4
97
*12
*1712
12*4
133,
*88
13
12*8
130
90
*8
12%
109
17%
9i8
27%
*26%
14%
130
9*4
158
Apr 16
90
157g Apr 11
6% Feb 14
5% Feb 28
40
108
100
3% Apr 16
8% Mar 18
1% Jan 19
32% Feb 1
Inter Paper & Power Co
5%
conv
pref
15
...—100
Internat Rys of Cent Am
5%
*
preferred
100
International Salt
1025, 1025s
*12
*103
17
9%
97
*88
125s
108%
17%
978
1025, 1025g
12
12
*11%
108
108
938
103
3678
14
137s
1378
44
44%
44%
44%
44
*2%
2%
25%
2%
30%
255s
*3*s
45
2t2
31
255,
4
3%
3%
*281,
28*4
3334
3414
28*4
34U
*714
29
34l2
7%
103
137,
43%
*6l4
18
*157,
16
V.
*301,
*215,
6
31
22
114
*110
*14
17
36%
36%
35%
30
30%
30
2578
25%
*3%
28%
34%
*6%
4
♦14
28%
34%
7%
17
*3%
*28%
34%
*7%
157s
1578
1578
1578
15%
5%
30%
*215s
5%
3114
22
*5
5%
30%
22
5
*110
114
30%
*21%
♦111
114
3%
3%
3
1
1
H4
4%
1%
4
31
4
23*,
*13U
241,
135,
27*4
49U
24%
13%
28
24%
13%
27%
24%
13%
27%
49%
50
50%
9%
44%
8%
*43%
87g
44%
27*4
487,
85s
914
*44
45
*108
109
108*, 108*,
184
*177
*20*4
25i2
*381,
*1284
16*4
39*,
341,
*109
22
26
39
127,
17
407s
34*4
24%
*13%
*27%
49
87g
44
*107% 108% *107% 108%
108
108%
108% 108%
*178
35
43%
*3%
4
181
*20%
26%
38%
1278
16%
39%
34%
109% *109
33%
43%
>
34%
43%
3%
*175,
177, *17%
*107%
*107%
24 J
237, ^ 24
159% 159% *159%
19
*19
19%
*54%
*32%
55%
33%
138
*135
25*4
29%
*11%
*34%
■*%
*6%
25%
30%
11%
35%
45s
67,
*5438
*33
*135
38%
127s
16%
40%
3478
32
32
*31%
.16%
1634
14%
27%
130
*177
*20%
26
*37%
13
181
13%
*27%
5012
8%
445,
108
*102
T.eoo
900
1,800
142
534 Apr 24
29% Apr 26
129% Apr 22
10% Mar 18
5034 Jan 18
3% Mar 19
7
51
Jan
30
30
30
*3%
26
4
2578
*3%
28%
28%
34
3438
*7%
*14
73s
17
*31
*21%
32
217g
113
3
3
1%
*1
4
3%
24%
13%
13%
27%
4934
8%
27%
50%
834
108
108% 108%
*20%
26%
21%
26%'
*38
39%'
16%
13%
167g
13%
16%
39
40%
38%
I67g'
39%!
35
35%
35%
353s
13%'
108
45
45
108
*107
108
21%
26%
11%
261s
29%
11%
*35
4%
4%
678
*6%
32
321,
16%
16%
14%
*31%
*31%
16%
16%
15
*135
138
26%
2978
11%
35%
4%
67g
32
32
16%
16%
15
"
26
29%
11%
*35
4
*6%
*31%
31%
16%
16%
*14%
138
26%
2978
Lane Bryant
I^erner Stores
14,800
Corp
5
Liggett A Myers Tobacco..25
200
34%
34%
2934
12
12
34%
4%
67g
32
31%
16%
16%
15%
4
4%
6%
6%
2,100
1,400
31%
31%
31%
16%
16%
32
*14%
16%
16%
15%
preferred....-No par
1
800
900
Loose Wiles Biscuit
Louisville Gas A El A..No par
Louisville A
6%
"2-366
1,300
300
(R H) Co Inc
No par
Madison Sq Garden—.No par
Magma Copper
——10
Manati Sugar Co
30
31
31
930
100
Ctfs of deposit
100
Modified 5% guar
Ctfs of deposit..—..
6,000
25
Manhattan Shirt
300
Maracalbo Oil Exploratlon..l
1%
500
4,500
470
15
14%
15
15%
147,
15%
14%
I47g
13,100
Marshall Field A Co...No par
46
13%
45
4334
1234
45%
43'%
44
43
44
13
15%
45%
13%
13
12%
12%
1234
15,600
6,400
Martin-Parry Corp....No par
33
33%
*327,
33%
32
32%
13
3278
31%
1,900
2,600
Mathieson Alkali Wks.No par
51
*35,
4
29
51
37g
*28
51%
51%
51%
51%
37,
*3%
3%
3%
29
*28
29
28
51%
3%
28
51%
*3%
*27%
32%
31%
51%
5134
334
*3%
15
*104% 108
15%
15%
104% 104%
15
15
*15
Bid and asked price : no sales on this day.
X In receivership,
100
a
110
500
3,200
2
2\ Mar 27
1678 Jan 20
106
Mar
7
Apr 19
Jan 12
Mar 16
Jan 15
Apr 18
Jan 19
Feb 5
6% Feb 28
23%
2778
11%
33%
2%
Apr 15
Apr 16
109% Apr
6
Apr 18
23
36%
4%
33
95
Apr
Sept
Apr
Apr
Apr
Apr
Bept
Sept
95% Sept
162
Sept
Apr
Apr
14% Apr 26
18% Mar 27
417g Apr 15
37% Mar 15
109%
39%
46%
4%
101% Sept
38% Sept
5
25% Apr
2
Apr 17
6
2
Mar
Aug
16% Sept
105
Jan
19% Apr
138
Sept
16%
Jan
36%
Apr
3
28
Apr
Apr 11
124
Feb
18
Aug
21% Jan
2834 Jan
4
8
31
Apr 15
1234 Jan 4
38
Dec
30% 8ept
8
8
Apr
Jan
136
Aug
Jan 2
Apr 1®
Apr
18 a4 Jan 11
109
10
13% June
29%
Mar
8
25% 8ept
11% sept
25% Apr
4% Apr 18
1
Apr
Apr
Jan
3
778 Mar 11
35% Feb 28
5
27
9
Apr
Jan
6
32% Apr 16
27
Nov
14% Jan 2
14% Jan 3
14% Feb 16
5
Apr
1678 Apr 8
16% Jan 17
1
Mar 20
37, Jan 31
Co..
1
No par
No par
1
6% conv preferred.
100
n New stock,
3
42% Mar 11
4% Apr 20
McCall Corp...
McCrory Stores Corp
Pef delivery,
Jan
18% Jan
106
6
7% preferred
100
May Department Stores—10
Maytag Co
No par
S3 preferred
....No par
$6 1st cum pref
No par
200
.
pr
Masonite Corp
T,200
29
*27
102
102
102
103% 104% 102
15
15
15
15
15%
16
16%
16%
16%
1634
16%
16%
16%
16%
16% *16%
*16%
*107% 109% *108% 110% *108% 111% *108% 111% *108% 111% *108% 111%
*104% 108
Market St Ry 6%
Martin (Glenn L)
Jan
pref. 100
Marine Midland Corp
*170
51%
334
29
9% Apr 20
9%
28
X Manhattan Ry 7 % guar.
1,000
16%
16%
15%
1
No par
Mandel Bros
100
7%
51
2
133
..No par
M acy
4,400
32
30%
Jan 11
100
preferred.......
Mack Trucks Inc
3,200
*31
32%
29
109
Apr
De#
% May
Feb 19
180
Jan
17
1%
14
45
Apr
112
20
24% Apr
53% Jan
Jan
3%
2% Sept
Jan
434
327g
Jan
1% Jan
4% Jan
Jan2»
7
31%
,4
35
1%
4%
*170
Feb 20
8
60
1%
32
Jan
64% Apr 19
7%
31%
115
33
434
*169
12
25
10
Nashville....100
Mac Andrews A Forbes
600
1%
33
12% Sept
6% Apr 5
3534 Jan 4
23% Jan 10
160
484
7%
32
6
6
23%Aprr 19
1%
...
23% S«P»
20% Apr
7
Apr
9% Jan
30% Apr 22
51% Feb J1
108% Apr 13
Dec
3
9
16% Jan 11
149% Mar 20
l«% Feb 10
7%
32
1834 Jan
Apr
Apr
3%
1.
10
434
33
Jan 19
67g Apr 16
Mar 12
—100
-
7% preferred
1,100
1,300
11%
25
...100
preferred
Lorlllard (P) Co
6%
7%
*169
28%
29% Jan
34% Apr
127,
20
Apr
Apr
Apr
33% Jan 16
4%
*169
Feb 26
1%
No par
Inc
*1%
34
8
Feb 16
8%
15% Jan 2
27% Mar 18
1%
32%
Apr
20
15
4%
7%
32%
28
31% Apr
434
7%
33
3
9
387s Jan
14% Feb
20% Aug
*1%
*168
June
4
1%
12%
Apr
79
6
478
7%
45%
13%
Apr
3
S6.60
60
Oct
12% Apr
85
41
Lone Star Cement Corp
2,900
Mar
18
Apr
29% Jan
Loft Inc
50
Jan
32% Sept
125
Aug
4
12% Jan 12
26% Jan 18
48% Jan 15
6% Jan 12
41% Feb 14
105% Jan 15
Jan
10%
Sept
5
20
Jan 16
Feb
June
Apr
8%
7%
Feb 27
21
11
90
23% Apr
1%
44%
13%
5
8
25
3
14%
87
Jan
117% Jan
5% Apr
4
458
*7%
1434
4434
Jan
Feb 23
3134 Apr
% Apr 17
2% Feb 19
9%
97,
Sept
Apr
4
46% Apr 18
234 Jan 24
14
38
Apr
13
19
1%
*14
35
•
Feb 26
4%
7%
14%
_
122
9
15% Jan 8
Apr 18
17% Apr 23
978 Apr 23
103% Apr 16
Mar 21
45,
.
7
Apr 4
Maris
109
2% Jan 15
25% Jan 15
24 % Jan 16
3% Apr 10
105
*1%
7%
59
15% Jan
9
171
No par
Long Bell Lumber A ...No par
3534
4
67,
16%
16%
*14%
4
Apr
97
Jan
4% Feb
Sept
Mar
20
10% Jan 31
57, Feb
15% Feb
13
3
24% Mar 18
36% Jan 18
11% Jan 2
Loews
2,300
2578
2934
37,
*6%
Jan
Jan
'
Mar 27
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
500
138
*35
Sept
Lion Oil Refining Co...No par
3,200
34%
Sept
778 Aug
Lima Locomotive Wks.No par
Link Belt Co
...No par
46,600
29%
9
4
76
Lily Tulip Cup Corp..No par
*2,660
39%
1178
Jan
7% Apr
11% Apr 26
25
i
Preferred
200
16%
29%
1134
Jan
Jan
Apr 10
16
8
100
Series B
2,400
21%
25%
5
Life Savers
700
108
1
Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeil A Llbby
7
4,400
14
35%
5
500
3,600
6.200
38
*135
......No par
Lehigh Portland Cement...25
4% conv preferred
..100
XLehigh Valley RR
..—50
Lehigh Valley Coal
No par
6% conv preferred
...50
"i"666
14
16%
26
1
Lee Rubber A Tire..
100
39%
34%
138
10
preferred........-.100
Lambert Co (The)....No par
1,500
16%
26
par
5%
38
34%
*135
1
Laclede Gas Lt Co St Louis 100
—_
*135
par
No par
Kroger Grocery A Bak.No par
100
30%
1
Kress (8 H) & Co
99,800
138
Feb
95
Class B
8,900
178
378 Sept
69
34% Mar 18
13% Mar
35
Jan 15
26%
37%
14%
16%
38%
17
.....6
Kelth-Albee-Orpheum pf..100
Kelse> Hayes Wh'l conv cl A.l
700
45
Jan
130
Fab 23
400
*?0%
25%
37%
26%
38%
13%
Dec
29
Sept
Aug
Mar 28
Lehman Corp (The).—*
Lehn A Fink Prod Corp
*20 %
107
17
6% Jan 22
97
100
108% 108%
178
Jan
8%
122% Jan 19
55% Jan 16
12
9,500
108%
177% 177%
84
90
Apr 19
..100
5% conv preferred
Kayser (J) & Co
13%
2734
50%
8%
*13%
27%
4934
8%
par
4% preferred..
...100
Kaufmann Dept Stores..
1
1%
37s
24%
24
Oct
Apr
Jan
121
113
3
33
8
200
1%
Apr
Feb
City Southern.No
Kimberly-Clark.......No
Kinney (G R) Co
$5 prior preferred—.No
Kresge (S S) Co
Kresge Dept Stores......
5
31 *31%
21% 21%
3
19
120
5,600
*4%
*3%
Jan
7
1,000
*111
40% Sept
28
102%
484
478
10%
24
26
18
16
13
Jan 18
Kennecott Copper
No par
Keystone Steel A W Co.No par
1534
Jan
Jan
14% Jan
57% Dec
6% May
60% June
31% May
Mar
18
1534
1%
13%
*44%
*6%
37S
24%
28
50%
9
44%
3334
*14
3%
Sept
May
36% Jan
13
Kansas
Jan
39% Jan
10
160
26
4
28%
34%
7%
*28
100
Kalamazoo Stove & Furn
1,600
30
2578
25% Aug
77% Jan
Jones & Laughlln St'l pref. 100
55%
138
Aug
67
700
'
Jan 24
Oct
Feb 6
37% Apr 12
Apr
Apr
Apr
Feb
Apr
90
2%
Apr 26
6%
Johns-Manvllle
123
8%
Dec
Sept
62
2,400
*2%
35
123
13% Apr 19
45% Mar 5
20,900
2%
4
Jan 11
Apr 23
Oct
5% Apr
387g Jan
Jewel Tea Co. Inc.....No par
..No par
378
41
195% Mar
71% Sept
16634 Aug
10
119% Sept
1
578 Sept
1678 Sept
17% Sept
Mar 18
1
109% Dec
Apr
3
20%
7234
5%
56%
Sept
2% Aug
Jan
133
!
Kendall Co $6 pt pf A ..No par
36%
14
Sept
3%
538 Jan
14% Apr 20
2
60
44%
Jan 23
4578 Sept
Mar 13
22,300
1334
Jan
28
: 40
35%
23g
5
127
$6 preferred
Jar vis (W B) Co
22,700
103
Apr
Apr
2% Apr
7% Aug
1% Apr
Jan 12
No par
...1
Island Creek Coal
"-366
44
*111
24%
1678
9%
36%
14%
3%
I"
100
200
45
5
32
103
T, 000
1378
357,
*4%
217g
11%
4
Kan City P & L pf ser B No par
300
105
15%
858
6
7% Nov
18
Apr
97
11%
*103
lntertype Corp
Dec
171
3%
3%
8%
82%
7%
24%
Preferred
"1-366
44
1578
*177% 180
22
26%
39%
934
103%
157g
114
3%
24
938
*88
1093s *109
109%
109% 109% *109
1093s *109
34
35%
32% 34%
327g
337g
35%
36%
4334
44%
43%
44
43% 43%
43% 43%
3%
3%
3%
3%
*3%
334
3%
3%
1734
18
17%
17% 17%
'17% 17%
1778
1778
107
*107%
107% *106%
*106%
24
24
24%
24%
24% 24%
'24%
243g 24%
160
160
163
*159% 163
159% 159%
*159% 163
19
19
.19
19
19
19%
19% 19%
19%
56
56
55%
55%
57
56%
57
5534 *55
*33
33%
33%
33%
33%
33%
33%
33% 33%
35%
4%
*6%
*27
*127
"-eoo
5' 200
35%
43%
334
3534
32
8
7%
109%
26%
32
167,
16%
14%
22
26%
26%
2984
11%
32
*165,
16%
14%
3%
17%
5
*21%
1%
4
12%
105
16
*111
37,
3l8
h
7%
17
*14
3*4
*3
2%
30%
2578
4
29
34%
97
16%
36%
137g
4484
2%
255«
103
17%
9%
16%
135,
*14
27%
130
*88
3658
251,
8%
*27
*127
97
135,
*295,
"
57g Dec
9% Mar
3% Dec
46% Oct
Sept
157% Mar 12
3% Mar 20
8% Jan 15
5
97% Jan 15
par
21
Apr
Apr
100
100
98% Sept
Apr
Sept
par
par
Jan
38
23% Apr 23
Preferred..
90
*87
Apr
9%
4%
2%
2%
17%
16
50
7% preferred
Inter Telep Sc Teleg...No
Foreign share ctfs...No
Interstate Dept Stores.No
Aug
90
2% Apr
34% Mar 25
31% Mar 26
International Silver
157
145
No par
No par
International Shoe
Sept
147% May
3
53% Mar
...100
8
Mar 28
1278 Jan
Apr 17
Jan
131
191% Mar 12
6284 Jan 4
Internat'l Mining Corp
...1
Int Nickel of Canada.-No par
Preferred
Jan
5
Jan
9% Sept
29%
Apr
67
4
47% Mar 20
113
Preferred...
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
100
4,800
Jan
3
Jan 15
3
77,200
9,000
49
367,
*2%
*29*4
90
14%
49i2
68%
36*,
*2i4
*8
8%
*127
*131,
'
*87
14% 14% *14% 1478 *14% 1478|
14%
14%
*120% 122
*120% 121% *120% 121%
*120% 122
6%
6%
*6%
678
6l2
*6%
7
6%
6%
*18
19%
19%
1978 *17% 19% *17% 19
20
*12%
13
1278 127g *12%
1234
13
*12% 13
16U
103
103
14%
4912
68%
*88
109
109i2
16*t
87,'
9U
16*,
•
86
174
15
4 cu
*108
*265,
*127
*87
14
14
14
14%
14%
49
49
49%
49% 49%
71
68
70
68%
68%
69%
6934
12634
12634 *126
126% *126
126% *126
126%, *126
„
64%' 64% 64%
64% 66 *
63% 65
65% 65%
14%
49%
12634 *126
*126
15
4% Apr
16% Apr
■
1,800
26,300
6
*85
90
*28
:
Jan
'
*86
*5
Prior preferred
Jan
Int. Business Macblnes.No par
lnternat'1 Harvester...No par
534
578
*534
63s
534
5%
57,
57g
30
29% 30%
30i2
3178
30%
30%
30%
30%
307s
200
*129
133
*129
133
133
*129
133
I29i4 129i4 *129
19
20% 129,100
195s 20i4
20%
20%
18%
1978
19% 20%
6984
7234 44,700
71U
723s
68% 71
6978
7158
70%
72%
100
4
*3%
334
*3%
378
*3%
3%
3%
*3%
334
300
52
52
5178
52
51% 52% *51% 52% *51% 52
700
36 34
*361, 37
*36%
3678
3634
36% *36%
37
36 84
700
*34%
34%
3334 34
*34%
34%
34%
34%
33»4 *33% 34
100
24
23% 23% *23% 24% *23% 24% *23%
25i2 *23% 25
300
*100
104
*100
104
ion
101%
100% 100%
101% 101% *100
•v,; 3%
3%
33s
3% 21,000
3i2 ■i 1 3%
3%
312
3%
3%
3%
1,800
3%
35,
3%
3%
*3%
334
3%
3%
*3%
3%
*3%
1,200
8%
8%
8i2
8%
8%
8i2
85S
8%
8'4
834
8%
3i2
:
Interchemlcal Corp....AT© par
6% preferred
100
r 400
6
*2312
*100
*8
X Interboro Rap Transit... 100
Certificates of deposit..
35
35
*34%
35%
35i2
36
34% 34% *34%
*175
176
174
174
177
177
17434 175
17934
58
56%
58%
56i2
5734
5712 58 i8
59%
58%
59%
164
*162
164% *163
164%
16412 164% *162
164% *162
35s
35s!
3i2
334
3%
3%
378
378
4
384
13
I334' 12% 13%
1334 1412
133s 14
13% 13%
*2
IH4
*4
3l3g
33»4
1
Internat Agricultural..No par
1078
4U
29
11% Jan 22
5% Jan 17
3% Jan 15
234 Jan 15
20
Insuranshares Ctfs Lac
9s4 Apr
Highest
share 3 per share
per
118
150
800
2
*4
*129% 133
19'4
203s
69%
707s
*3%
4
52152i2
*36S4
37
;
Inspiration Cons Copper
\
80% Jan 22
No par
600
Lowest
Apr 20
Jan 3
108
40
6,800
$ per share
5% Jan 31
2434 Apr 23
10
No par
Ingersoll Rand...
; 1,800
*34i4
14%
57g
Indian Refining
Industrial Rayon
Year 1939
Highest
f per share
Par
m.No par
100
*178
16412
30%
Lowest
2%
Ui8
2
35s
13«4
Apr. 26
8,700
4I8
1078
56l2
563g
Apr. 25
|
Apr. 24
Range for PreHoue
EXCHANGE
i
Intercont'l Rubber....No par
Interlace Iron
No par
4i8
34
178
*174
110
89i4
145s
*6U
89%
1478
*6%
the
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
Friday
Thursday
q
Q
8
8%
8%
87S
*25
25
2434
25%
25%
25%
*109% 110% *109% 110% 110% 110%
158
*154% 158
*154i2 158
*154% 158
*154% 158
89
89%
90
89l4
89%
89%
90
89%
90
14%
14%
15i8
14l2 1478
14%
14%
1438
1434
*6%
6%
6i2
614
6i4
6%
6%
*6%
6%
3%
384
338
3%
334
3%
334
3%
334
3
3
*234
3
3
*234
3
*2%
3
42
42
42
42%
42% 4234
41
4H4 4U2
11034 110i4 110i2 *110% 111
11034 11034 *110% 111
8U
25i4
*734
25
108
Wednesday.
2681
r Cash sale.
13
Jan 31
35% Jan 15
7% Jan 15
31% Apr 19
25% Mar 14
161% Jan 6
50
Mar 18
y3% Jan 22
26
Feb
98
Jan 11
2
14% Jan 13
147, Jan 31
108
Feb
* Ex-dlv,
6
y
17
Feb 28
1% April
5% Jaa 5
8% Mar 29
15% Fsb 21
47% Apr 16
1484 Apr 15
1
32% Apr 15
407, jan
170
Mar
2
53% Jan 4
4% Feb 23
30% Apr
10 5
Apr
1
Apr
4% Apr
37, Aug
9%
Apr
26% Aug
2
May
30
Sept
20% Aug
155
40%
Nov
Apr
3% Sept
24% Dec
93
Jan
8
107,
Apr
9%
Jan
Feb 24
Es-rlghta.
Oct
10
8
Mar 29
16% Jan
177S Apr
111
3
12%
88
Jan
1 Called for redemption.
New York Stock Record—Continued—Page 7
2682
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER CENT
April 27, 1940
Wednesday.
Monday
Tuesday
Apt.20
Apr. 22
Apr. 23
Apr. 24
$ per eftare
$ per share
$ per share
S per share
20
26%
8I2
26
*37U
38
812
10
3812
10
10
6
6i«
6%
25%
26
2534
2634
8'2
3812
27
27is
2634
9
9
3714
3738
10i8
6%
10i8
6I2
IOI4
7
2712
28i«
28%
80
84
*78
81
80
72
*79
*69
72
*6978
71
34
3312
34
5
5
478
2112
5i8
22
5
5
*21
22
2112
22
Apr. 26
Week
$ per share
Shares
$ per share
2078
9%
27%!
38
9«4
38
*79%
34
5%
21%
19
2034
20%
29%
20i8
2912
2078
29%
2934
*2934
30
30
Ills
1134
III4
1034
11%
15j2
15%
163s
15%
38
377g
38
38
15%
38%
1034
15%
37'2
1514
1512
*3714
38
1197s 120
IH4
15%
120
6312'
107% *105
*105
378
43
10%
37S
41%
» it
334
*40%
10%
*%
120
120
52%
53
53
107% *105% 107%
5234
105
105
53%'
%
3
10%
3
3%
**I«
%
378
41%
10%
!
3
4«
*1«
120
52%
43s
43% 44%
10%
10%
*%
%
3%
3%
**it
%
43s
378
45
113
113
16%
17%
| 113
16%
113
*16%
*
3%
11334
114%!
*52
19%
20%
30%
4,490
Merch & M'n Trans Co.No par
1,100
Mesta Machine Co
1034
3,100
4,400
Miami Copper
5
8% Jan 27
Mid-Continent Petroleum..10
1334Mar 23
16% Jan
2
1,600
Midland Steel Prod
No par
33
40% Aim*
8
8% cum 1st pref
15%
53%
107%
53%
105
4%
105
4%
it
*'1
%
sie
sie
115
*105
6%
18%
19%
15%
24%
168
*18%
*97
,
*1934
13%
12%
18%
1834
99%
2034
13%
12%
18%
111
112
*109% 111
♦534
578
*634
*25%
*11%
*534
7%
25%
10
*634
25%
*11%
13
10%
*88%
10%
*88%
90
*
20%
*165
2034
2034
167
168
578
7%
25%
13
10%
90
2034'
8
65
05
♦8
65%
90
21%
584
*634
25%
*12%
22
25%
578
7%
25%
%
*S|
8%
65%
7% preferred series A... 100
{Missouri Pacific RR
100
100
25%
12%
25%
*8884
89%'
2178
22%
21%
2134t
*168
173
*138
143
25%
25%
8
8
2578
8%
20
1234
10
1
160
200
10,700
10,200
40
40%
*35%
41%
778
10%
10
10
*10
10%
*22
23
*22
23
*86
90
*86
90
*88
*47
53
*50
53
*50
52
50
50
112
*109
112
71
*69
*10
8
10%
*10
*23
24
*80
90
*47
52
3934
7%
22%
23
*86
90
*46
*108% 112
*69%
71
53
*108% 112
*69%
784
*108% 109%
70%
71
*70
12%
47%
12%
12%
12%
*46
*46%
4784
4734
16
16%
16%
16%
1578
18%
19
19
31%
31%
3234
*18%
33
19%
33
*31%
3134
31%
7%
8
734
8%
97j,
11%
11%
12%
112
*111% 11434 +110
*54% 55% *52
55%
%
%|
®16
*%
25%
*119
7gl
2634i
*%
2534
119
84
71#
2678
119
*33% 34%;
3334
3334
216% 216%' 216% 216%
*111% 112 1*111% 112
2184 22
2178
22%
*58
6884' 5834 5834
56%
56% *56%
57
2378
112
24%!
2384
*89%
90
8%'
24%
8%
8%
112% *109
*34
40
378
*38
378
3934
7%
*20%
13%
*109
77ft
15%
10%
13%
*109
5%
*4%
15%
15%
rl37%
36
31%
*36%
*30%
*52
65
*50%
1034
17
8%
5%
584
18
9%
9
14
1784
9
12
47%
1678
16
12%
47%
16%
I884
3234
*31%
I884
3378
18%
32%
31%
3178
12%
40%
800
157s
30,500
33%
33%
*18%
32%
3134
187g
33%
3134
19
*6%
8
*7
734
*7%
11%
77„
11%
11%
11
11%
1034
*110
112
112
*110
111% *110
734
11
55%
%
%«
%
%
%
%
ul»
78
7l«
2634
78
*%
7g
Ti»
7«
%
78
lsi«
7g
*38
26
119
%
*3g
111% 112%
22
58%
5634
23%
54
57
2378
119
*89%
90
*89% 90
*89% 90
9
8%
8%
8%
87g
834
*109
112% *109
112% *110
110%
35%
35%
*35
36
36
*35%
1
..No par
New York Central
No par
*89%
90
8%
878
110% 110%
*35%
36
3%
334
*38
39%
Jan 26
Jan 16
70
Apr 17
No par
3% Jan 12
No par
5% preferred-
6% Jan 31
110
Jan 9
10
N Y & Harlem RR Co
N Y Lack & West Ry Co.. 100
4,300
2,200
INYNH4 Hartford
100
Conv preferred
100
{N Y Ontario & Western.. 100
50
N Y Sblpbldg
Corp part stk..l
7% preferred
100
Noblltt-Sparks Indus Inc....5
52% Jan
5
% Apr 12
% Apr 12
% Apr 4
13% Jan 15
92
Jan 30
28% Jan 15
Norfolk & Western Ry
100
208
Adjust 4% preferred
100
110% Feb 26
North American Co
Jan 22
9%
578
1778
9%
1378
33%
44%
33%
44%
1478
15
15
135
132
133
*148% 152
*148
*51
55
55
*52
55
125
120
120
834
*5%
17
*9
13%
978
9%
534
6
6
6
17%
9%
*12%
31%
17%
17
9%
*9
17%
9%
13%
13
13
33%
4484
*5%
6234
98
3134
133
63%
9%
44%
15%
15184 *150
578
55
*118
*115% 125
63%
63%
63
1
Co..h50
1578
133
31%
3134
44%
44%
15%
16
*132% 138
15134 *100
578
-
534
151%
584
Bid and asked prices; no sales on this day.
44%
*15
31
100
*52
55
6%
18%
934
13%
3178
44%
15%
5%
63
10%
6%
17%
9%
17
9
9
*12%
31%
44%
15%
$5.50
No par
1st pref..No par
Outboard Marine & Mfg
5
conv
Outlet Co
35
Apr 17
Apr 20
Apr 23
Mar 16
Mar 19
26% Jan 19
Feb 20
Pacific Coast Co
106
Nov
47
3
July
% Dec
Jan
4
1% Dec
Jan
3
113% Mar 27
No par
9
Apr 20
Apr 12
11
Jan 15
9,500
1,500
1,300
Pacific Mills
*150
152%
50
5%
800
60
No par
31% Apr 25
42% Apr 19
No par
Corp
13
Pacific Telep & Teleg
100
6% preferred
100
Pacific Tin Consol'd Corp
1
Def. delivery,
n
New stock,
17
r
Cash sale,
Jan 23
8% June
70
Apr
31% Dec
168
Mar
17s Sept
6% Sept
1*4 Sept
17
Sept
94% Dec
33t2 Dec
Nov
113
June
50% Sept
12% Apr
59
26*s
Feb
597j Aug
Aug
29% Nov
Jan
June
Mar 2r>
100
35% Apr 23
29
Sept
Sept
5% Jan 3
42% Jan 12
Apr
6% Nov
32% Apr
44*4 Aug
113
8
2*4
6
Apr
4
23% Apr
14% Mar
4
14% Sept
4
12
112
Mar 28
57g Apr
18% Jan
144
12% Jan
41
4
4
Feb 19
3
Jan 11
32*4 Apr
4
Aug
Sept
100% Sept
434 Aug
15% Sept
128
Oct
7% Apr
July
10% Apr
40% Jan
114% Jan
33
89
14*4
Nov
Jan
113
Dec
40
Oct
101% Sept
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
16
Sept
55% Sept
26% Dec
54
Dec
120
Dec
70
Jan
6
50
Apr
10% Apr 26
6*4 Jan 6
2334 Feb 13
1212 Jan 4
14
Apr 15
3
Aug
7% Sept
Apr
778 Nov
64% Jan
34% Apr 15
Jan
3
16% Jan
4
50
2%
11% June
25
334 June
9*4 Apr
27% Apr
15% Sept
12*4 Mar
41
Apr
9% Apr
114
Apr
150
154
Jan 24
128
Sept
y
02
217
Mar 12
x Ex-div.
Feb
1034 Sept
15% Sept
118% Mar
Jan
139
Apr 19
17*4 Sept
Sept
02
103% Sept
18% Apr
5238 8ept
130% Jan 16
5% Apr 13
July
7
Jan 17
No par
42
82
Jan 22
1st preferred
Pacifio Ltg
3
55
2d preferred
% May
% Jan 11
207g Apr 22
Apr 13
357g Apr 6
121
120
10
1*4 May
47g July
% Jan
Jan 22
5% Feb 29
5% Feb 24
Apr
87% Aug
112%June
43%
8% Apr 22
12% Apr 22
115% Mar 11
Feb 23
5
8% Apr
5%
11% Feb
29% June
Apr
55
Pacifio Amer Fisheries Inc
Apr
Jan
Apr
Oct
Apr
119
59% Jan 15
Mar
105% Sept
Jan
Jan
59%
50%
Apr
100
Glass Co. 12.50
Apr
15%
20
18%
No par
Preferred
Owens-Illlnols
Feb
10%
90% Feb 20
9% Jan 3
47g
15%
138%
9%
145
30
26*4 Jan
5
Jan
Jan
27% Jan
173% Aug
4
88
7% Mar
110% Apr
33% Jan
3% Apr
Jan
Mar
9
Jan
20% Mar 18
Pacific Finance Corp (Cal).lO
Pacific Gas <fc Electric
25
400
44%
a
100
Otis Steel Co
700
150
{ In receivership,
No par
6% preferred
290
3178
5%
No par
Otis Elevator
200
13%
15%
Corp (The)
8% preferred A
Oppenhelm Collins
10
133% 133%
5%
...
40
134
150
Norwalk Tire & Rubber No par
Preferred
50
4,700
33,700
*132
5%
North States Pow $5 pf No par
Northwestern Telegraph...50
600
6234
21% Jan
219
167s
23% Sept
25% Sept
45*4 Sept
8
Northern Central Ry
Northern Pacific Ry
32
Apr
Sept
11% Sept
Jan 10
North Amer Aviation
Dec
2%
8%
18%
73%
27
Jan
14,800
Apr
3
58
13~ 900
July
3
59
30
*115% 120
6
4
5
800
63%
934
Jan
6
7,500
55
Feb 14
Mar
38%
Sept
Oct
18%
100
Sept
Mar
11%'
*36%
Feb
Jan
82
55
"5". 600
28%
5% Aug
10
Jan
56
16,300
Sept
8ept
Sept
8ept
52
Jan
50
10
Oct
0%
Jan
2
Mar
8%
187s Jan
50
114
Jan
Jan
50
70
10%
87
18% Aug
117% Jan
Aug
53% Apr
110
Jan
17% Nov
95% May
2334 Sept
26% Jan
18
Sept
10
5H % pref series
1,600
152
Nov
Apr
177g June
132
15
28% Mar
175-
35% Sept
6% preferred series
40
Sept
Jan
Dec
9% Jan
2078 Nov
18*4 Sept
Jan
600
300
Oct
Apr
Sept
9%
52
14% Apr
684 Apr
900
140%)
5%
16%
4
3
140
734
Jan
23s4 Jan
103% Jan 22
7%
27
5
100
13%
83
Jan 31
20% Mar
100
734
378
39%
96
207g Apr
157s Jan
10
109%'
7%
21%
384
*38
12% Jan
4%
4%
20%
10%
8%
7% Mar 14
New York Dock
18% Jan 20
13
Apr 15
734
21%
21%
*13%
384
6% Apr
1,400
120
87
107
33% Mar
1,000
1477g
10%
"
Jan
39
13,400
21% Sept
3
18% Apr 17
15
400
Aug
77g Aug
7% Sept
114
29% Mar 16
150
14
116% Jan
31
41,000
43% Sept
5% Sept
17% Apr
14% Dec
18% July
12% Jan
110
Sept
16% Jan
13% Mar 12
N Y Chic & St Louis Co.—100
No par
6
39%
1984
16%
24%
170%
6% preferred series A... 100
NYC Omnibus Corp ..No par
No par
384
| *38
Aug
800
Oliver Farm Equip
378|
38
7%
111% Nov
8% Feb 16
Apr
7% Feb 15
22% Jan
63
1,300
Ohio Oil Co
378
38
Apr
Sept
4
50
Apr 19
Jan
50
11% Jan 18
Mar 18
7%
105
41
Jan 22
Jan
Mar 29
75% Mar 9
14% Feb 20
14% Mar 16
19
Mar 14
4,300
600
2678
*115
34%
34%
216% 216%
58
*50
25
24%
26%
25%
*117% 119
*117% 119
*34% 35%
34% 34%
34%
34%
217
216% 216% 217
21678 218
♦112
112
112
113% *112
113%
22
22
22
22%
22%
22%
58
58
58
*57l2
577s
5778
57%
57%
57% 57%
5734
5784
23
23%
24
23% 2334
23%
257ft
119
2134
54
N Y Air Brake
10
111%
*52%
%
54
Newport Industries
2,900
55%
*53
"2" 500
1134
15%
10
83
40
Oct
83
41
107% Mar 12
122% May
111
43% Apr
8% Apr
10% Apr 11
25% Mar 13
Newmont Mining Corp
45
Apr
33% July
22% Apr 26
May
57*4
4334 Apr
40% Feb 10
3% Jan
.9% Jan 10
121
47
Sept
37% Mai
Sept
Apr
Jan
No par
1
Oct
114*4 Sept
Apr
39
...No par
1% Sept
2% Sept
21
Aug
100
100
454 % conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A...
100
70%
Sept
Apr 20
Omnibus
137s
5%
12%
47
16
Nelsner Bros Inc
90
40%
31%
22%
9%
12
25
1,400
33%
5%
12
47
*88
112
...40
Natomas Co
400
Jan
878
7384
934
137g
5H % prior preferred
6% prior preferred
National Tea Co
984
44% Mar
14*4 Sept
70% Dec
148% Jan 29
400
Jan
2% Aug
% July
% Dec
103s Apr
8534 Apr
110
Sept
Apr
9
"4", 100
Jan
2%
Sept
8
preferred
Mar
1478
Aug
9
Apr
conv
54
Jan
30
Mar
National Supply (The) Pa.. 10
Jan
July
6%
Feb 28
140
$2
Sept
884 Aug
114
1584 Mar 20
39
165
National Steel Corp
3,900
10,600
1,500
1,200
36
Dec
85%
Oct
100
21% Mar 18
7% Mar 6
03% Jan 22
7% Apr 19
2% Sept
40
120% Nov
Jan
5% Feb 16
100
7
Apr
44% Sept
103% Sept
177g
7% preferred A
19% Feb
2,600
44
*
*69%
90
12% Apr 25
9% Apr 25
Apr 16
90
101
Dec
0% Jan
28% Jan
21% Sept
39% Jan
1678 Sept
18
Sept
30
6% preferred B
10
Nat Mall & St'l Cast Co No par
National Pow & Lt
No par
7%
22%
Jan 15
21% f
1334-
13%
1478
5%
23
2
Jan
7%
21
43
*132
*22%
Apr 24
109% Jan 30
5% Mar 9
Apr
30%
16% Apr
378 Aug
22% Apr I
173% Jan 31
10%
22%
7%
♦10
110
1
21%
13%
109%
*4%
16%
778
*118% 125
*115% 125
62% 62%
62%
63
1
738
10
4
7%
34
4
*30%
*13%
33%
112
7Q34
7%
10
41
43%
Jan
Apr
6%
11% Apr
18% Apr
10
20% Jan
16
2
Jan 24
2I84
21% 22%
13%
13%
13%
137,5
110
*109
110
*109% 110
"109% 110
5%
*4%
5%
*4%
5%
*4% , 5%
15%
16
15%
17
1584
16%
16%
137%
138% 138% *138% 140
"138% 140
11%
11
11%
11%
11%
11%
11%
*36% 37%
37%
37% 38
*36% 3978
31% *31
31%
30%
31
30% 30%
112
40
7%
11%
37%
9%
5%
11
734
40%
*35%
1
preferred.No par
Apr 18
92«4 Jan 17
2234 Jan
165
16
26
30
26
38
Apr 23
6% Feb 24
*38
21
140
90
4
13%
110
*
34
21
*4%
*7%
43%
*69%
12%
48%
16%
1834
3234
3178
%
%
120
*8834
8%
3234
*31%
%
*i«
734
41%
*40
conv
16
Apr 10
Apr 15
Jan 24
Mar 6
19
Apr 1
99% Apr 17
23
National Lead Co
10
*39
6
13% Jan 13
11% Mar 18
No par
Nat Enam & Stamping No par
""206
108% 108% *109
41%
Apr 26
17% Mar
6
Nat Gypsum Co
30
3934
41%
4078
884
5% Jan 13
49% Mar 26
10
Nat Distillers Prod
3,000
13
No par
preferred
$4.50
1278
*35%
778
12
6%
200
66
834
No par
.100
....100
Nat Dept Stores
5.600
8
No par
7% pref class A
7% pref class B
180
1278
Register
Nat Dairy Products
280
100
66
Feb 13
I884 Feb
2,600
8%
67% Jan 23
13% Apr 16
10% Jan 30
16% Jan 15
143%
24%
13
100
3
Nat Bond & Share Corp No par
173
65
10
100
Jan 30
Nat Cash
7,100
13%
42%
4338
18% Apr
2678 Jan
National Cylinder Gas Co...l
8,100
66%
884
Jan 20
1,800
*143
8%
3078 Feb
3,200
*170
13
1
5
Nat Bond & Invest Co.No par
"300
143
66%
Apr 26
Jan 12
109
5% pref series A
8%
8
Jan
Feb
Jan 22
Corp-
121% Jan 30
45
Feb
National Acme Co
8
Jan
50
21% Apr 23
0
3
11534 Apr 24
118
11% Sept
;
484 Jan
Apr 19
Apr 8
10
7% cum pref
400
1278
13
41%
Mar 26
30
National Biscuit Co
100
8
60%
50%
40%
20%
10%
15%
No par
No par
No par
Nat Aviation
.
5,400
11,900
*12
8%
1278
41%
*35%
7%
118
8
4
Nashv Chatt & St Louis...100
250
8,300
978
90 -
8
Jan 15
116% Mar
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bros
No par
Nash-Kelvlnator Corp
5
100
MOO
100
z8
104
1
B
$7 preferred
Munslngwear Inc
Murphy Co (G C)
500
8%
1
Mulllns Mfg Co class
290
173
8
50
Essex
Mueller Brass Co
500
21%!
24%
10
Motor Products Corp ..No par
Motor Wheel Corp.*
5
1,500
2,100
Apr
1% Jan
% Jan
Morris <fc
1,900
Jan 20
7s Jan
1938 Jan
820
3,000
234 Mar 16
5
434 Apr 24
48
Apr 25
% Jan 18
Montg Ward & Co. Inc.No par
Morrell (J) & Co
No par
143
25%
Marl6
»u Jan 26
200
*168
*24%
25
Jan 15
16% Apr 26
$4.50 preferred
No par
Preferred series B...No par
15,500
8
*39%
6584
934
21% Apr 24
327g Apr 8
12% Apr 10
7
13% Mar
28
20
Monsanto Chemical Co
2,300
684
21
13
Aug
100
5% conv preferred
Mohawk Carpet Mills
600
7%
25%
1234
534
*078
10%
90
10
'
173
65%
7
*88%
13
10%
143
8
534
7
14
11
1,600
10%
16%
114% 115%
2478
*11%
934
*8884
143
25
534
Feb 21
9% Mar 11
% Apr 16
12
734
12
-
*
534
7%
*168
167
*142% 143% *142% 143
24
24
24%
24%
8
584
*634
25%
*11%
10%
*88%
26
Mar 19
110
•
6%
18%
1834
1434
24%
21
Apr 17
334 Jan 29
37% Jan 10
2,600
56
Nov
104
No par
10
Aug
July
4% conv pref series B...100
Minn Mollne Power Impt.—l
No par
3%
1
Apr
$6.50 preferred
10% Oct
101% Nov
14% Sept
Jan
6
3
Mar
Mission Corp
6% Aug
88
Nov
54
Mo-Kan-Texas RR
18% Sept
63
120
1,400
Apr
73
Jan 25
1,800
1,100
8*4
July
Feb 29
10%
Dec
397g Aug
28% Dec
47
49
%
*u
Mar
111
♦10
16%
16%
10%
_
11534' 115
115%
*16
80
100
8,400
25%
10*4 Jan
59% June
71% Apr 25
34% Mar 6
6% Jan 5
Minn-Honeywell Regu.No par
200
*46%
13i«
3
6
Feb
Apr
6% Sept
Sept
53% Feb 6
29% Jan 30
4% Apr 1
1,300
10%
3%
64
200
53%
4%
5
:
48
♦ 1
2
Jan
9% Mar 23
10«4
20
300
10
%
3%
99
1
1
9% Jan 4
107
Apr 15
14% Apr 23
15%
39
884 Apr
32% Apr
*30%
11
*109% 111% *109% 111% *109% 111% *109% 111% *109% 111%
7
7%
7%
7%
7%
7%
7%
7%
7%
7%
53
53
53
53
*52
*52
53
*52
53
53%
6
0%
0%
6%
6%
6%
6%
6%
6%
6%
*18
18
18
18
18%
18
18
*1734
18% *1734
19
1934
19%
19%
I884
19%
19%
19%
18%
19
15
H84
15
14%
1434
15
15%
14%
14%
1434
24
23
24%
24%
24%
23%
24
23%
2278
23%
*164
168
166
*105
166
*164
166
160
*166% 168
*18
18%
18%
18%
18
18%
18%
1734
*18%
18%
*97
*97
*97
99
99
98% *97
*97
99
99%
*20
20% 20% *20
*1934
2034
20%
2034
20%
20%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
12
*12
II84
12%
11%
1134
1134
11?8
*11%
12
18
18
18
18%
18%
18%
18%
18%
17%
18
110
11034 111%
110% 111
110% 111%
111%
110% 111%
110
110
*110
111
110% 110
110
110
110
110
53
1
100
McLellan Stores
29
Apr 3
9% Apr 25
47% Jan 3
12% Jan 9
290
„
71
Co
6% conv preferred
Mead Corp
300
6,500
Highest
$ per share $ per share
22
*117% 118 1*117% 118 1*117% 118
118
*117% 118
118
121% *120
119% 1,19% *120
121% *120
12034
12034 12034 *120% 121%
50% 45L%j ■ 51
513s
51% 5178
513s
5178
51%
50%
5178
5134
42
44
42% *42
437s
*41% 44
*4134 44
*4134
*4134
44
27
27
207s
27
26% 2634
27%;
2034 2634
26%
26%
2678
1534
16
15%
1534
15%
16
15%
15%
1578
15%
15%
15%
17
17
17
17
*1078
17%
17%
17%
17%
17% *17%
17%
22
22
21% 22%
22%
22%
2278
2234
2234
2278
22%
22%
*4
4
4
4
4%
4%
4%
4%
4%
4%
4%
4%
32
33
31%
33
33
33
*32
31%
*31% 33
33%
35%
14
14
*13%
13%
13%
13%
13%
*13%
14
137sj 13% 13%
*78% 79% *787s
79% *78'4
79%' *7884
79%
79%
7934
79% *7834
7
10
*22% Jan 15
7% Jan 17
37
Apr 15
9% Apr 18
6
Apr 19
25% Apr 19
778 Apr 18
share
22
*117% 118
iod%
13 series conv pref...No par
McKeesport Tin Plate
48
"it
33s
*'it
,
McKesson & Robblns, Inc—5
5,200
103s
"it
*%
17
..
4%
2,200
18,000
47
10
*i#
*16%
*105
434
Mclntyre Porcupine Mines. .5
per
1,700
15%
1534
38
38%
3834
3834
119% 119% *119% 120
53%
McGraw-Hill Pub Co..No par
$
share
5
22%
2034
30%
2134
20%
1
McGraw Elec Co
1,400
1,100
per
5
5
22
2,000
$
Lowest
1,900
5
5%
22%
Par
Year 1939
Highest
34
3334
1834
*6134
9%
38%
10%
67S
28
Lowest
Range for Previous
-No par
$0 preferred series A.No par
$5.50 pref ser B w w.No par
Melville Shoe Corp
—1
Mengel Co (The)
1
5% conv 1st pref
50
34%
29%
1134
*1196s 11978
27
87g
*37%
3378
11
1712
2912
27
9%
10
10
9%
7
7%
6%
2778
28%
2734
*8%
8%
8%
8%
108
*106% 108
*106% 108
13%
13%!
1378
1278
13%
80
79%
79%
*78
79%
70
71%
71%
71
71
34
3334
|
7%
70
34
3334
Apr. 25
|
29%
8%
8's
8l8
*8i8
8'2
*87«
8I4
*10612 108
*106%
*10612 108
*10012 108
1312 14%
1334
1334
14'8
1334
14%
*6912
Fridav
10%
7
Ranoe Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
,
38
10
2612
STOCKS
NEW YORK STOCK
the
Thursday
27
*9%
38
Sales
for
LOW
Saturday
7% Jan
Ex-rights.
4
6%
Dec
Nov
34*4 Mar
52
Oct
21% Sept
132
June
156% July
7% Dec
1 Called for redemption.
New York Stock
Volume 150
LOW
AND HIGH
8ALP PRICES—PER
Record-Continued—Page
Sales
NOT PER CENT
SHARE,
for
Saturday
Apr. 20
Monday
|
Apr. 22
$ per share
7%
7%
Tuesday
Apr. 23
$ per share ) $ per
share
Wednesday
Thursday
Apr. 24
Apr. 25
$ per share
$ per share
*0%
3%
7%
7%
7%
7%
7%
7%
7%
3%
3%
3%
3%
3%
3%
3%
22%
21% 22%
21%
217g
21% 217g
85s
*738
*8
8%
*7% > 8%
*8
8%
8%
*16,1
7g
7g
%
7g
7g
151#
1
*40% 42% *41% 427g *42
42% *42%
42%
42% 42%
*100
101l2*100
101% *100
101% *100
101% *100
101%
7%
7%|
7
7%
7%
7%
7%
7%
7%
*88
90
88
90
90
*88
88
88
89% *88
■'
9
*9
9
9
9
9%
9%
9%
9%
9%
*18
19
I *18
19
19
19
*18
18
*18
18
2%
2%
2%
2%
2%
2%
2%
2%
2T%
2%
44
44
44
44
43%
44
43% 43%
43% 43%
21
21
21%
21%
21% 21%
20% 207g *20% 21%
1%
1%
1%
1%
1%
1%
*1%
1%
*1%
1%
3%
22%
•75s
3%
22%
21%
*
10%
10%
10%
10%
11
11%
8
8%
94%
94
11%
778
59
94%
3
3%
*3
3%
*3
3%
3
3%!
3%
3%
*3%
3%
3%
3%
20%
*12
8%
59
94%
8
94%
3
3%
20%
59
59
59
94%
94%
*20
13%
,*121
21%
*19%
22
197g
34%
2%
*11
36%
25
*22%
7%
22%
20
*33%
*2%
*10%
34%
2%
12%
*36
37
24%
26
23
*22%
7%
8%
7%
8%
37%
37%
*45
*%
90%
96%
*137
147
,*137
6%'
*5%
46%
38%
5%
*37%
38%
*53
4% I
59 I
*4
'
*73
80
| *74
j *174%
7%!
9%
9%
30%
*45
86
*81
7u
96%
*138
148
5%
5%
40%
*37%
!
13
*144%
*%
17% *17
34 | *31V
13%
13%
*144%
1%
1%
*13%
10%
*1
i
16
I
"it
*16
12%
*12%
12%
*37%
70%
13
39%
70%
115
*114
41%
114
41%
114
114
128
128
*142% 146
103% 163%
*114% 118
24%
25%
10%
11%
95%
*85%
14%
*13%
6%
*75
95%
86%
14%
14%
6%
100
67%
1
67%
1%
21
24%
25%
33
34%
15%
15%
20%
*26
20%
*3%
*39%
*10%
*7%
*12
9%
*55
*65%
1%
20%
85
07%
1%
*21
20%
3%
46%
12
7%
12%
9%
55%
70
1%
21%
25
34%
15%
*26
21%
*3%
*39%
*11
67g
*12
9%
*54
*65%
1%
21%
84
85
*19%
19%
%
38%
*%
3ie
*7x«
3
*4%
50%
—
50%
108%
108
26%
*
26%
*139
5%
578
38%
39%
*37%
38%
40%
39%
4
4
4
58
53
53
*75
80
*150
*75
-*150
16
%
12%
*38%
71
70%
100
*80
68
67%
1%
21%
117g
11%
11%
11%
1 >
%
13%
13%
40
71%
114
42
114
127
13*
1
*16
1%
*%
1278
*13%
13%
13%
40
37%
37%
x713s
71%
113% 113%
4I84 42%
V
1%
*21
100
*80
67%
100
3,200
""506
"4~600
67%
3384
34%
*7
*12
9
56
u*53%
07
*65%
1%
1%
2184
207g
15
15%
26%
15%
26%
21%
*20
21%
3%
4678
12
7%
12%
9%
55%
67
1%
*21
*3%
*39%
*1034
*7
*12
*55
12%
9%
55%
*66
70
0%
1%
22%
85%
74
13%
28%
2I84
21%
86
80%
75%
13841
73
73
13%
28%
1384
28%
85%
73%
13%
28%
13%
97
*83
57
13%
*88
94
07
43%
*5312
*53%
7
*6%
*83
57%
13%
55
7%
6%
94
57%
13%
*88
57%
"
13%
*0%
10%
43
55
7%
6%
7
|
*83
57%
13%
*88
97
10%
42%
*53%
29
85%
29
6%
7%
19%
1%
39%
%
12
19%
19%
1%
19%
19%
*1
3984
39
1%
39%
*7x«
*4
4%
*4%
51%
108%
27% 28
50%
108
Bid and asked prices: no sales on
*%
lZ
16
4
*4%
50%
108
27%
4
%
%
*716
*3%
4
#45®
61%
108%
28%
this day.
50%
108
28%
32,700
200
53,300
30%
Jan 22
45
Apr 18
Jan 29
Feb
171
3,100
""2OO
%
%6
716
4
136
21
Apr
13% Sept
17
Jan
0'4 Sept
684 Apr
28% Apr
75
Jan 23
Apr
Jan
74
124
4
% July
Sept
Sept
2% July
25
Apr
31% Apr
5
0
2
8
30
Jan
6
Aug
23
Apr
110
7
Feb
Mar 12
27% Jan
9% Apr
80
86% Apr 24
1934 Apr 8
34
Feb
10% Apr
Aug
35% Mar
""2%
8
Jan
12% Jan
14
June
6
%
17%
6%
7%
%
Feb 20
128
Jan
Feb
Jan 9
Apr 19
Feb
145
Mar 29
Feb
90
1
Mar 11
8
15% Mar 16
27
Jan 13
165
Sept
Aug
Apr
Sept
Apr
Aug
Aug
118
Aug
Apr
60% Apr
112
Mar
31% Apr
101% Sept
112
Sept
Apr
Sept
Sept
222% Aug
6% Aug
70
Sept
63'4 Aug
IO84 Jan
11
Aug
129
147
111
Apr
Jan
32% Jan
11% Apr 16
90
Apr 24
87% Apr 20
15% Feb 9
15% Feb 3
7% Apr 3
90
Apr 15
69
Apr 8
1% Jan 29
23
Apr 4
2034
3534
17%
26%
Apr 26
Apr 26
Apr 8
Apr 10
Jan 3
4% Feb 8
23
5
Aug
85% June
53% Apr
1% Dec
10% Apr
6% June
12% June
10% Apr
20% Sept
800
"4,000
100
16
July
2% Dec
700
1,000
2,800
8% Apr 25
49% Feb 6
10% Jan
67% Apr
50
Dec
64
Jan
60
Apr
Class A.——.
700
""170
4,500
7,800
9,000
7% preferred—......—100
5H% preferred—.——100
Reynolds Metals Co—No par
5X % conv preferred—..100
Reynolds Spring..—.....1
Reynolds (R J) Tob class B-10
Common.
"7",200
300
100
800
500
2,600
600
200
510
"¥, 300
108%
1,060
31%
17,400
10
.........10
Richfield Oil Corp .....No par
Ritter Dental Mfg.—No par
Roan Antelope Copper Mines.
Ruberold Co (The)..—No par
fRutland RR 7% pref....100
........10
}8t Louis-San Francisco... 100
6% preferred..........100
JSt Louis Southwestern... 100
5% preferred—....
.100
St Joseph Lead..
Safeway
Stores—.....No par
5% preferred—...—
100
Savage Arms Corp
No par
a Def. delivery.
n New stock.
r Cash sale,
Mar
Jan
69
9
Jan 23
6% Jan 18
39% Jan 2
52% Jan 29
634Mar 19
0% Apr 17
9% Apr 10
18% Jan 15
s4 Apr 19
30% Feb 7
% Apr 19
%» Apr 18
9% Dec
Sept
Dec
,
166
June
117%
41%
II84
90%
81%
18%
Dec
Sept
Sept
10
Nov
19
10%
43%
53%
8%
7%
Apr 22
Apr 18
Apr
8
3
3
52
12
Feb 27
10
Jan
Jan
35
6%
Apr
6% May
Sept
22% Apr
1% Feb
4
9
15% Sept
42
27% Apr
% June
Jan
3
% Jan
2
7g Jan
3
Apr 22
Jan
53
0
Mar 14
111% Mar 28
31% Apr 26
Ex-rights.
%
Apr
Dec
28% Dee
2284 Sept
28% Oct
27
Sept
6% Sept
10
Mar
Oct
Nov
14% Sept
17% Jan
75% Mar
75
Nov
2% Nov
28% Sept
9584 Dec
87
Apr
Sept
July
Mar
Jan
July
8% Jan
85% June
67% Jan
2% Jan
23% Sept
84
4
y
49
06
119% Feb
4I84 Aug
114% Aug
128% Aug
143
Aug
Aug
6%
Jan
84
16% Sept
16% Sept
63
4
x Ex-dlv.
17
Sept
16% Sept
2% Jan
37% July
7% June
78«4 Jan
9
2
Sept
92
Apr 17
61% Apr 8
15% Feb 20
90% Apr 8
14% Jan
Jan
Jan
Dec
2% Sept
24
89%
20%
40%
Apr
79% Apr
Jan 30
19% Jan 15
149
30% Apr
95
2
44% Jan 15
11% Sept
16% Sept
48% Oct
25% Oct
40% Sept
20% Sept
% July
12% Apr
43
Apr
42
Apr
9% Apr
21% July
Apr
237g Jan
4
104
0%
9
2
11% Feb 6
22% Feb 6
70% Feb 16
45% Feb 28
97g Jan 3
87% Mar 12
Sept
32% Sept
14% Sept
10%
Remington-Rand ——1
Preferred with warrants..25
Rensselaer A Sara RR Co. .100
65
12
54
13% Feb
18% Jan 22
79% Jan 23
3% Sept
45% Mar
9% Oct
31% Sept
61
Sept
Apr
Apr
Apr
11% Jan 19
4
Jan
July
46% Sept
Dec
8
1% Jan
Mar
7
35
7
13
07gApr22
1
154
Jan 12
10% Apr 26
6
Aug
40
Reis (Robt) A Co 1st pref—100
Reliable Stores Corp—.No par
Mar
91
17s Sept
103% Mar
4
65
40
684 Sept
19% Sept
Sept
40
Sept
25
Sept
10% Sept
8% Mar
47% Sept
48% Aug
45
% May
18
Jan
Apr 16
Jan
Apr 8
Jan 11
Apr 20
Mar 28
Dec
Mar
Aug
6% Sept
77% Feb 13
Mar
124
Sept
0
85
5% Sept
17
95
1434 Jan
141%
160%
117%
24%
8%
484 Sept
33
175
% Feb 27
14% Jan "
124
Feb
July
Mar
Deo
Aug
Apr
23
15
15
18
110s4 Feb 21
2%
13%
11%
59%
9484
Sept
4% Aug
6% Apr
22
Apr
12% Aug
2% Feb 27
42
Jan
Apr
Apr
18
Apr
1% Mar 12
22% Feb
71%
118%
43%
115%
Jan
.
4% Sept
47
Sept
21
Sept
Mar
7s Jan 12
16
18
26
12
142
% Apr
11% Jan
ll%Mar
33% Mar
05% Jan
112% Feb
39% Jan
13%
60
158
Apr
Apr
15
Jan.
107% Jan
4
4
8% Jan
11
Jan
12
Mar 18
Jan
Feb
14%
Jan 17
Jan 18
% Feb 14
Sept
"45" ""Oct
36
Mar 25
2
104
30% Apr
2
May
7% Apr
1
Apr 24
7% Apr
40
884 Sept
60%
27% Sept
58Mar
97
484 Jan
19% Dec
Aug
Reliance Mfg Co——10
240
■
50%
15
Jan
4
Apr
Jan 31
Preferred ..——.—..100
Republic Steel Corp—.No par
6% conv preferred—....100
•6% conv prior pref ser A. 100
Revere Copper A Brass...—5
1%
3834
4
2
%
Apr
Dec
Apr
Apr
2% Aug
17% Aug
11% Sept
120% June
2
Jan 11
Mar 18
14% Jan 16
Company....
50|
25
Mar 16
4% 1st preferred—..—50
4%?2d preferred.—..—50 *2034 Mar 20
Real Silk Hosiery...——.—6
8% Jan 15
53,300
7%
6%
10%
19%
*1
4
40% Jan
16
Reading
55
38%
%
9
Apr 25
8% Apr
10% Feb
24
19% Feb
... .....
JReo Motors vtc
10
43%
19%
Apr
4% Jan
13% Apr
175
Jan
14% Mar 11
6% Jan 6
Apr 15
60% Jan 3
"3",800
29
*10
J In receivership,
26
7
Apr
Aug
6% Feb
107% Feb 10
4% Feb 27
21
Apr
11%
1%
584
*5%
41% Jan
36% Mar
0% preferred......100
6% conv preferred—....100
Purity Bakeries.......No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—.No par
$5 preferred B
.—No par
83.50 conv 1st pref—No par
Rayonler Ino.
1
82 preferred—........—25
77
13%
*6%
29%
Pullman Inc..........No par
Pure Oil (The)........No par
tRadlo-Keith-Orpheum No par
Raybestos Manhattan. No par
85
*53%
7%
49%
.
21%
9%
42%
108
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J—No par
15 preferred.—.
.No par
6% preferred—........100
7% preferred——.——.100
8% preferred.
..—100
Pub Ser El A Gas pf 15. No par
7%
12%
8%
55%
70
1%
13%
*4%
50%
108%
1
5% conv 1st pref.........6
5% conv 2d pref..——60
Procter A Gamble..—.No par
600
2,200
97
*19%
*1
18",500
B—No par
Pressed Steel Car Co Ino
26,200
3,600
*88
6%
10%
......5
"i",66o
14%
10
39%
%
""I26
400
97
10
1%
800
400
94
1084
39%
*%
3,500
1,300
59
14%
*10
*10
200
1,900
*83
55
Class
800
240
*57%
13%
43
*53%
7%
,
6,700
94
42%
Jan 10
10
57%
10%
Jan 23
4% Jan 31
30
fPorto Rio-Am Tob cl ANo par
46%
10%
*28
10
136
Pond Creek Pocahontas No par
384
85
24*4 Jan
85
Poor A Co class B.....N0 par
15
•75%
5
5
4
17
3
9
8
9
47
2,600
*3%
*39%
10%
75%
13%
Plymouth Oil Co
26%
3584
8%
21%
85%
73%
13%
Pittsburgh Coal of Pa—...100
6% preferred—.—.100
67%
1%
21%
*52%
*65%
1%
2O84
1%
22%
6
"3",200
21%
9
16% Jan
Jan 20
20% Jan
12% Jan 13
6%
*12
3
74% Jan 26
%Mar20
88«4 Jan 15
1,100
15
*7
Jan
24
""966
270
26%
70
Philip Morris A Co Ltd....10
5% conv pref series A
100
Phillips Jones Corp ....No par
7% preferred..........100
Phillips Petroleum——No par
25
21
40
30
74
Feb 17
4
3934 Apr
29% Apr
3434 Feb
% Apr
Sept
92
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
48
9% Mar 19
30% Feb
21% Mar 18
6% Jan 11
June
35
2
21
Jan 24
5
5
38% Jan
7% Mar 20
Apr
97g Sept
8
19% Apr 22
Apr 18
2% Apr 15
3
Jan
33
Pitts Y'n A Ash Ry 7% pf.100
Plttston Co (The).—No par
*20%
55
8%
Brewing Co—No par
Phelps-Dodge Corp
..25
Philadelphia Co 6% pref—.50
$6.preferred...—No par
Phlla & Reading O A I.No par
21% Jan 15
4
18
Highest
$ per share % per share
7
Deo
11% Jan
4% Jan
118% Jan
280
*26
55
Pfeiffer
118% Jan
Mar 19
330
100
15
15
26%
*20% 21%
*3% " 384
*39% 46%
*10% 13
*7
7%
*12
12%
100
..100
Pet Milk Co..........No par
Petroleum Corp of Amer
.5
Mar 20
28
280
14%
*1
*65%
1%
1%
84
I
3%
46%
13
7%
15
*20
5% prior preferred
6% preferred—
13
Mar 18
30
94%
34
34%
12%
9%
000
1,000
87%
67%
33%
34
Peoria A Eastern Ry Co...100
Pere Marquette Ry Co..—100
Apr 16
9
25%
1034
25%
34%
7
"lAOO
118
6%
25%
Peoples Drug Stores Inc.—..5
Peoples Q L A C < (Chic)—100
20
Pittsburgh Steel Co....No par
7% pref class B——.... 100
6% pref class A
.—100
5H % 1st ser conv pr pf.100
Pittsburgh A West Va....100
42%
*14
24%
preferred....No par
Pennsylvania RR
..60
3% Apr 19
0% Feb 19
114
24%
10%
94%
87%
25%
34%
ccnv
Pillsbury Flour Mills..—..25
71
21%
25%
Penn-Dixie Cement—No par
%7 conv pref ser A ...No par
Penn G] Sand Corp v t c No par
709% Feb 16
40
*115
1
95
Pirelli Co of Italy "Am shares'
Pitt C C A St L RR Co..— 100
114
*80
0784
6
2
Pitts Screw A Bolt—... No par
%
114
21
5
Feb
2% Jan
1%
4184
1
*
Mar
88
20
16
70%
21
1
55
Jan 15
1% Feb 28
9% Jan 11
6% Jan 13
11%
114
21
-
Penlck A Ford........No par
Penney (J C) Co......No par
PennCoa A Coke Corp.... 10
600
3,700
1,200
*%
1
18
42% Feb 24
21
IO84
1%
21
257g
15%
*26
*20%
334'
*3%
407g *39%
11%
11%
6734
67%
0%
Parker Rust Proof Co
2.50
Parmelee Transporta'n.No par
Pathe Film Corp
1
Patlno Mines A Enterprises. 10
9% Apr 24)
287g Apr 26
49% Jan 6
—...
*14
15
0
12
9
16
12
Pitts Coke A Iron Corp No par
$5 conv preferred
No par
Pitts Ft W A Cb 7% gtd pf 100
126% *120
126%
145% *143
145%
102% 162%
164
100
Feb
2% Apr
44% Apr
22% Apr
2%Mar
12% Mar
884 Apr
62% Jan
1
13%
1%
25%
15%
26%
21%
*80
18
7
66
100
87%
14%
9
Jan
9,900
95
Jan
1% Feb
Jan
12%
26%
11
2
Jan
13%
118
17
Jan
8% Jan 18
2
8
12%
*3784
114
Park A Tilford Inc.........1
Park Utah Consol Mines....1
Parke Davis A Co.....No par
85.
Jan
3
13
42%
Jan 15
1
45% Apr 5
101% Jan 25
8% Apr 4
94
Apr 35
10% Apr 6
44
13%
40
7
4% Mar 11
25% Apr 4
8% Apr 8
Hosiery...........5
13%
71
71%
113% 113%
Jan 18
'
Preferred..... .........100
Pierce Oil'8% conv pref—.100
32%
*14
%
100
% per share
8% Jan 4
Phoenix
18%
34%
13%
18
*%
20%
11%
1%
6% Apr 17
3% Jan 12
1/15% Feb 15
6% Jan 16
% Feb 13
41% Jan 12
preferred......100
Paramount Pictures Ino—... 1
6% 1st preferred.....
100
0% 2d preferred.....
.10
conv
Lowest
Highest
share
per
130
2,000
7%
10
34
*150
8
Range for Previous
Year 1939
300
4%
53
*9%
32%
21%
25%
50%
108%
*26% 27%
4%
53
....
*14
*14
10
:
43
108
400
149
578
16
40
7i
900
46%
21
114% *113%
4
%
96%
*139
200
578
*37%
5%
46%
39%
21
55
7i«
149
700
1,700
2,100
7,000
80
*7i#
97
1,390
.
37%
45%
96
21
43
3%
*4%
50%
7it
400
7?s
9:«
80
20%
43
*i«
'it
3
86
207g
*13
%
7%
45%
1
13%
13%
19%
1%
3934
24
1
10%
*97g
19%
1%
24
1
*1
1%
7%
6%
10%
"""430
7s
10%
7
36%
25%
1%
10%'
39%
%
—
10%
*0%
36%
24%
12%
,
11%
11%
57%'
6%
10%
100
4
80
*14
16
94
7%
1,100
2%
12%
207g
*83
0%
*9%
35%
*2%
*10%
77
21
*56%
7
21
35
*7g
94
43
55
21
35
18,300
175
14
58
13%
95
42%
*53%
21
7
32
*83
10%: io%
22%
175
17%
*30%
*56%
13%
22
*75
*9%
28%
*88
22%
2%
4%
$7
79%
1%
*28
13%
13
400
*121
*53
4%
60
800
*174% 175
*174% 175
7%
7%
7%
7%
10
9%
10
10%
0%
33
35% 36% I 33% 34%
18
19
19
19%
17%
36
36
32% 33
34
14
14
14%
14% *13
*150
29%
13%
149
3%
22%
7
7
13%
*26%
*88
*139
5%'
534
46%: *37%
39%
38%
*74
31
13%
13
*3%
*20%
*12
21
800
*174% 175
17%
35%
*71
3,800
3%
37%
96%
500
95
45
97
1,400
58% *58%
94%
94%
3%«
3%
'
9%
74%
13%
*72
96%
700
3,900
1,200
700
9%
38
7i«
800
2%
43%
21
1%
8%
37%
45%
7i#
400
18
2%
43%
20%
1%
11,200
9,200
25%
24
7%
42
41% 41%|
41%
114
114
114
113% 113%;*113%
126
126
*126% 128% *125%
120%
*144
*142% 145% *142% 146
*142% 140
165
165
165
164
164% *102%
rl05
*115
118
118
*115
*114%
*114% 118
25
25%
25%
25
25% 26%
25%
11%
107g
10%
11
107g
11
1034
90
97
90
a95
97% *93
*93
87
87
87
86% 87
*86
81%
14
*14
14%
14%
14% 14%
14%
15
*14
14% : 14%
*14
14% *14
7
67g
6%
7
6%
684
6%
*80
21
7i#
18
20
7,500
38
*80
Parafflne Co Inc......No par
8
25%
23%
7%
*8%
86
300
11%
37
38
45%
"2",300
1
41%
101% 101%
7
7%
*87%
88%
9%
9%
41%
9%
9%
9%
9%
9%
9%
9%
*27% 28% *27% 28%
28% 28%
287g
287g
45
45
*37% 45
*37% 44% *37%
44%
*
109
*— 109 ,*
107% *100
109
*6
6%
0%
5% • 6%
5%
57g
6%
*23
25
*23
25
25
25%
23% 24%
*8%
8%
8%
81
8%
8%
8%
8%
7
*l« ;■'?
12%
*13
*38%
70%
148
v
Pacific Western Oil Corp... 10
Packard Motor Car....No par
Pan Amer Airways Corp
5
Pan-Amer Petrol & Transp—5
Panhandle Prod & Ref
1
9%
80
*13%
10%
1%
10%
1%
*81
96%
*53
175
21
37%
*45
7i«
*4
4%
56
—
21
21
39
*10
12%
38
26%
23%
9
80
i
37%
7,«
*30%
30%
*17
*23
34%
*2%
7%
45%
6%
9%
*30%
23
*10%
37%
24%
*20
»
3
*2%
9%
38
45%
38
*4
7
35%
9
9%
9%
27%
27% *27% 28%
*37%
46 f *37% 45
*
107% *
107%
6
6
I
6%
5%
*23
247g! 24% 24%
8%
*8%
8%'
*8%
*174% 175
21
*34%
*7%
9
39
22%
23
>
7%
9%'
38
22%
24%
23
*53
*9
*37%
22%
22%
1,200
59
3%
Par
14,500
23,500
8%
11
Ranoe Since Jan. 1
On Basis of 100-5ftar« Lots
Lotoesl
Shares
7%
*121
*20
36
37%
26%
7ie
*96
%
13%
21
*2%
*10%
13
*81
86
21
*12%
94
35%
3
13%
37%
25%
*34
2%
37%
45%
45%
(
*80
*19
58%
*121
22%
*19%
197g
34%
9
3%
13
*121
22%
7%
*58%
21
*12
21
*20
*12
13%
*121
11
8%
8
8%
59
94l4
I
20%
*12
10%
11
3
8
59
share
7%
7%
3%
3%
20%
21%
•2683
EXCHANGE
Week
$ per
*8
STOCKS
NEW YORK STOCK
the
Friday
Apr. 26
8
56
Oct
Jan
Jan
Sept
Sept
1484 Jan
Dec
11%
Jan
45
Jan
58
Jan
10%
9%
Jan
Oct
17% Sept
34
Jan
2% Nov
49% Sept
% Sept
Aug
2
l84May
3% May
27% Apr
82% Jan
1084 Apr
6
h
Jan
Sept
6% Sept
51% Nov
109
Aug
23
Sept
5 Called for redemption.
New York Stock Record—Continued—Page 9
2684
LOW
PRICES—PER
SHARE, NOT PER CENT
SALE HIGH
AND
Saturday
'Monday
Apr. 20
$ per share
Apr. 22
Avr. 24
APT. 25
Apr. 26
Week
I per share
$ per share
$ per share
$ per share
$ per share
Shares
13*8
13*4
13i2
13*2
13%
14%
14%
14%
79
79
79
79
79
81
82
82
*
5
42i4
*112
114
*i«
5
42*4
*1*
6
*i»
*4*4
4214
*8
*41»2
47«
43
*112
*112
114
%
*4*4
*42*2
*14%
*58
61
*%
*17*4
2'
85i2
13
5
*53
5*8
56
7*4
7*8
*39*i
127„
39*2
13
61
*58
5%
*5312
*7*8
514
56
5%
*53i2
714
*58
39
39UI *38*4
39l2
127g
13
1
12*4
61%
"
5
39%
12%
13
15
5
*58%
5
66
*53%
7%
7
39*2
12%
39
12*4
15
*14
15
60%
*58%
5
5
5
56%
55%
55%
7%
6%
39%
12*4'
*38*4
12*4
*106
5%
21%
♦23s
23
,
2*4
*6
2*s
6*4
*67
...
2U
2%
*6
6*4
2%
*6
68
*67
68
23
23
43*8
34*4
5612
43*2
35*2
56*2
*227«
4312
*35%
56l2
23%
44%
23%
43%
37
36
9
9
*65
3934
7
,
7*8
♦107*8 IO8I4
*1*8
4*4
*14
l?s
4%
16
17*8
22*%
27*8
40*8
*34
9%
17*8
22*4
27*4
40%
6512
7
7%
108
1*4
*4%
17
22i2
2712
40l2
7&8
78*2
7*4
7*4
7*8
714
19*2
10*8
9!%
11
62
62
*56%
9%
78
7%
lll8
62l 2
124
9*4
Ui2
62%
124
9%
U
62*4
16*4
3178
7*8
*15*4
3114
*6l2
7%
*6%
24
24!%
24%
2478
29*4
29*4
7%
30
30
24%
29*4
5*8
7%
8
6
6%
57g
*5l2
*36
378
*5%
1178
13%
*10%
12%
♦48
11
50
*3*8
4
35%
35%
5%
32lz
5*4
514
37*4
514
*10*4
13%
4934
,
1?8
1?8
17*4
*11%
11*8
*3 94
94
*35%
5
32
6I4
5*8
37%
*178
♦15%
1H2
*9514
36%
5%
3334
6%
6*4
3778
7*8
*6%
2478
24%
2934
8%
30*4
8%
6%
6%
*5%
*37
5
6
46%
3*4
34%
5
36%
38
5%
33%
5*2
33*4
*32
*6%
534
*
2
*39%
5%
5%
6%
5%
38
39
33*4
5*4
38
2
26
-
,
2214
2%
26
IH4
11*8
*%
8%
6%
5%
36*4
1%
*15%
11%
96
*95%
Sputhern Calif Edison
✓Southern Pacific Co.—No par
Southern
6,4j00
6%
^-7^00
......No par
Ry
preferred......
100
Mobile A Ohio stk tr ctfs 100
No
Sparks Wlthlngton
17,500
par
Spear A Co...
—1
$5.50 preferred.....No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t C.....1
Spicer Mfg Co
No par
$3 conv pref A
No par
700
11,200
Spiegel Inc
2
Conv $4.50 pref
640
2,000
Square D Co
No
1
....
Standard Brands
30,700
100
$4.50
6%
No par
preferred
No
par
Standard Gas A El Co .No par
$4 preferred
No par
900
7,600
$6 cum prior pref
$7 cum prior pref
1,900
10,800
12,900
13,600
24,900
No par
No par
Standard Oil of Calif...No par
Standard Oil of Indiana
2.200
7%
5*4
3734
1%
18
11%
41
*5
5%
"""166
6%
5%
1%
*15%
11%
2,500
4,500
preferred...
170
$3 dlv
5
25
par
par
..No par
100
1
preferred
10
Third Avenue Ry
..100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson Starrett Co.No par
5,900
1,100
$3.60 cum preferred.No par
Tide Water Associated Oil..10
$4 50 conv pref
No par
14",000
200
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No par
Transamerlca Corp
2
Transcont'l A West Air Inc..5
Transue A Williams St'l No par
18%
8%
9,300
*7%
2%
5%
20
8%
2%
2%
79
78
78
82
6,900
100
5
800
Trl-Contlnental Corp..No par
$6 preferred
No par
Truax-Traer Corp
No par
9%
100
Truscon Steel Co
8,200
2,300
800
9%
9%
9%
9
21%
2%
21%
2%
20
*25
28
2%
*25
7*4
7*4
2%
2%
78%
*7%
2%
*78
5
5
10%
*834
10%
9%
20%
2%
9
20
9%
20%
2%
27%
113s
8%
*20%
2%
25%
11
9
20%
2%
25%
11%
%
%
393s
17%
83%
393s
18%
%
39%
17%
39%
18%
8384
82
8334
28
2%
*26
11*8
11%
11%
11%
11%
11%
8i#
%
%
*8
5i«
%
11%
116
*4%
116
116
116
21,300
3,70b
300
20th Cen Fox Film
^
ked prices: no sales on this day.
26*4
49
20%
*1784
16%
96
84*4
26*4
4934
21%
17%
112% 11234
64%
*18
2%
37
6434
18%
2%
37%
t In receivership,
16%
16%
95%
95%
*8434
85%
26% 26%
48% 49%
20%
20%
17%
1734
112% 113
64%
*18
2%
37
a
6434
18%
2%
37
Twin
20
7%
CorpNo
par
No par
City Rapid Tran.No
par
preferred
100
Twin Coach Co
2,200
1,800
1
JUIen A Co
No par
Under Elliott Fisher Co No
par
Union Bag A Paper
No par
35,900
6,900
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No
par
Union OH of California
25
60
1,000
105
Jan 15
6% Apr
20%
2%
21%
18%
99%
Mar 18
Jan 8
Jan 19
4%
500
Un Air Lines
29,700
1,800
Preferred
United Carbon Co
120
1,600
12,300
2,700
preferred
n
New stock,
r
2% Jan 10
25
Feb 19
Cash sale
x
72
18%
21%
Dec
3% May
43
7% Sept
64
Jan
Oct
11%
June
6% Dec
28
Jan
Jan
Sept
Feb
38% Aug
17% Sept
9% Aug
1077g Nov
87g Sep I
98% Aug
434 Apr
17% Apr
2% Dec
16% Apr
32*4 Jan
3% June
28% Oct
29% Jan
98% Nov
Apr
Apr
127
111
Jan 29
113
Mar 12
101
Jan
112
Deo
Apr
21
Sept
15
Feb
7
9% Apr 19
19% Jan 13
10% Apr 16
2
Jan 19
14*4 Feb 26
22% Jan 16
144% Jan
28%
6
Jan 19
11% Mar 18
14% Mar 18
25% Mar 23
37
Apr 17
1% Feb 8
6% Mar 16
65
Jan 29
21
Jan 16
41
Marl6
29
Jan 15
50% Feb 6
8% Apr 17
60
Jan
2
29*4 Jan 26
6
Jan
2
103%
1%
3%
10%
13%
22%
Jan
4
Jan 19
Jan 19
Jan 19
Jan 19
Apr 16
Mar 18
Apr 16
28% Jan 29
76% Feb 8
7% Jan 31
5
Jan
2
9% Mar 16
9
Jan 15
66% Jan 23
122
Jan 23
2
22
Jan 19
Jan
2
Mar 27
4
Jan 25
5% Feb
42% Feb
6
1
3% Jan 23
32*4 Jan 2
7% Feb 21
5
Mar 26
10% Apr 18
12
Apr 26
49*4 Apr 22
3% Jan 12
34
Jan 16
3% Jan 16
26*4 Jan 8
2*4 Feb
5
4
2
Jan
15% Aug
18% Apr 5
11% Jan 4
24*4 Feb 9
12% Jan 2
2% Mar 11
16% Jan 3
29% Apr 18
162% Apr 23
30% Apr 6
15% Jan 3
20% Jan 3
3478 Jan 3
39
Jan
4
2% Apr 23
7
Jan
6
11%
9
13
Sept
14
Apr
127
Apr
43*4 Sept
Mar
1% Aug
434 Apr
Sept
14%
Apr
Apr
11
Apr
67%
11%
66%
40%
Apr
42
Apr
Jan
8% Aug
57*4 De«
29
18% Apr
6% Dee
Apr
04
Oct
Jan
2
Dec
4*4 Apr
Jan
10
Jan
J&n
,
13%
21%
3%
22% Deo
517$ Sept
34*$ Deo
53
Deo
16% Mar
75% Mar
34% Dec
7% Jan
108
June
5%
Jan
10%
Jan
Oct
207$
Apr
25% Oct
33% Sept
Jan
24% Sept
22*4 Avg
30
Sept
38
Aug
53% Sept
34% Apr 11
20%
Apr
36
Sept
80*4 Jan
65
Apr
86
Deo
3
8% Feb 16
8% Apr 2
12% Jan 6
12% Feb 21
63% Feb 20
124
Feb 13
10% Jan 20
27%
2%
17%
35%
6% Aug
3% Apr
12%
8%
17*$
Apr
6% Apr
45*4 Sept
118% Sept
7%
Apr
19% Sept
1*4 Aug
Jan
7% Sept
10
66
128%
11%
38%
3%
22%
30%
10%
25%
Jan
Oct
Jan
June
July
5
3
Apr 4
Feb 28
Apr
22*4 Sept
7% Mar 25
578 Sept
247g Apr 22
32% Jan 25
24*4 June
37% Sept
4% Aug
3% Aug
478 Aug
12*$ Sept
Jan
Jan
Apr 11
Mar
6
6% Mar
5
7
Mar 21
47% Apr
4% Apr
4
4
35*4 April
8% Jan 8
6% Jan 4
12% Jan
18% Jan
8
8
63
Mar 21
4
Feb 16
42% Feb 16
5*4 Mar 8
Mar
7
7% Apr
8
34
5*4 Apr 22
38% Apr 16
2% Jan 4
23
Jan 27
1
1134 Apr 22
89% Mar
6
96
Apr 26
10
17
Apr
33% Oct
3% Aug
4
Apr
32% Aug
3% Aug
26
Sept
Aug
7
5*4 Npv
8% Sept
Mar
Sept
Sept
Jan
Sept
9
Jan
24
Oct
48
61
Oct
Dec
3% Dec
30
Sept
2% Apr
14
Apr
1% Jan
2*4 Sept
17
Apr
1% July
7% Apr
9% Aug
83
5*4
Oct
41
Oct
6
Nov
33
Nov
378
Oct
4% Nov
33% Nov
3*4 Jan
18% Dec
14% Mar
Sept
96
Feb
Dec
Jan
10*4
Apr
34%
Apr
64%
5
Sept
12% Jan 15
21% Apr
4
8% Apr
2*4 Jan
4
4
Mar 14
Mar
July
22% Jab
3
7
Jan
Sept
15% Dec
277g Apr 24
Jan
Jan
Mar
11*$ Sept
20% Jan 13
46% Jan 19
5% Mar 5
52
Jan
Sept
9% Sept
7%
43%
6%
9%
50*4
5*4
38%
25
2
Jan
9% Sept
70% Nov
Apr
Apr
Feb
Jan 19
Jan
46% Jan
10
7
Deo
34
36
6
35% Sept
143
23% Jan
36*8 Nov
Feb
Apr 10
Sept
15% Sept
3% Sept
18% July
11% Apr
16% Apr
38*4 Apr
7% Apr
*
29% Deo
47
108%
2%
7%
18%
22*4
26%
24
23% Jan
10% Apr
60
Apr
17% Mar
Dec
12% Apr
10% Aug
1% Sept
70% Apr 3
23*4 Apr 11
27% Jan 15
1% Mar 29
15
Apr 2
2% Feb
Sept
112% Apr 24
6%
Apr
5% Apr
2
Mar
8% Sept
127$ Dec
1078 Jan
4% Sept
74
Apr
4% Feb 13
82% Mar 7
5% Apr 15
3
Apr
7*4 Sept
8% Mar 20
10% Apr 24
6
Apr
14% Sept
8% Apr 26
Apr 24
2% Jan 26
4
11% Dec
25% Jan 23
3% Apr 4
19*4 8ept
1% Apr
30
17% Apr
77% Feb 16
20
24
Jan 15
9%. Jan 15
%Mar 16
39% Apr 26
11% Mar 18
78% Feb 3
112% Feb 3
13% Jan
Apr
4
13% Mar 14
2234
43%
14%
15%
112
7%
1% Jan 11
Apr
*4 Dec
Feb 19
34% Sept
45
I834 Apr 22
4
88% Jan
116
Apr 25
84
No par
51
92
8
100
24% Sept
3% Jan
8578 Nov
70
8
No par
Sept
I5l2 Aug
1% June
60% Apr
11% Apr
10% Apr
8
Apr
17% Jan
No par
1
120
98
5
3% Sept
22% Apr 9
1031$ Jan 31
Jan 15
5
Sept
105
Jan 30
Mar 16
Jan 3
Jan 16
No par
Jan
10% Jan
52% July
117% May
3*4 Apr
44% Sept
105
16
Unlted-Carr Fast Corp.No par
United Corporation
No par
200
Jan
93
Transport
United Biscuit Co
24
100
preferred
Union Tank Car
United Aircraft Corp
700
23,300
108% Feb
6% Jan 10
100
Union Pacifio RR Co
900
Def. delivery,
10
$1.50 preferred
700
-
16%
9534
84*4
40% Feb 13
13% Jan
40
2,400
*78
36% Jan 11
10% Mar 16
2
5
Co
conv
6
7% Mar 13
34% Jan
60
pref.....No
Preferred....
Thermoid
Apr
6% Jan 13
3
Texas A Pacific Ry Co
100
Thatcher Mfg
....No par
2,400
56
6
4
Texas Pacific Land Trust....1
conv
Jan 11
Apr
Apr 12
Jan 11
7% Jan
800
$3.60
Apr
16*$
15%
59%
5*4
9% Jan
800
The Fair
2% Mar 25
88
6
48
5%
534
Feb 24
Jan
6
27
18%
Mar 18
Feb 26
Feb
1% Jan
20
2
26
5%
50
Apr 22
Jan 31
Jan 15
Apr 26
1
Apr
Feb 27
% Jan
Feb
4734
19%
% Apr 22
17%
1%
80%
12%
12%
64%
4%
115% Jan 11
109
%
% Aug
1
Apr
4
5
48%
534
Apr 24
Apr 24
% Jan
Jan
5% Feb
27%
19
112
106
7*4 Feb 21
49
7% Mar 19
48
5*4
40i2 Apr 18
2
1
26%
19%
177$ Mar
76% Aug
Apr 25
% Jan
1
w.
(James)........9
Texas Gulf Sulphur
No par
Texas Pacifio Coal A Oil
10
17%
11%
Aug
Sept
28
900
6,100
1,700
96
96
96
1,700
21,800
7
534
25
Telautograph Corp
Tennessee Corp
Texan Corp (The)..
Texas Gulf Produc'g Co No
200
37%
1%
10
61
13% Feb
1
28% Jan 11
6% Feb 7
5*4%
500
32
37
100
Without warrants....
100
32
14*4 Mar 27
82
Jan
% Apr 22
4% Apr 26
9% Jan 6
20*4 Apr 19
Talcott Ino
200
41
preferred
Symington-Gould Corp w
5,600
4
No par
Swift A Co
4,900
49%
1
Swift International Ltd—
900
*334
6
Sutherland Paper Co
10
Sweets Co of Amer (The)—.50
1,900
12
12
11% Jan 23
Superior Steel Corp.......100
18",000
12%
34%
8
6%
10
Highest
1 per share
72
Mining Co..
10c
Superheater Co (The)..No par
Superior Oil Corp
......1
1,100
1,300
46%
3%
3434
7%
5%
< per share
40
Sunshine
3,500
6%
46%
3%
34%
734
*5%
S per share
25
6%
2,900
1,800
5
$ per share
25
Studebaker Corp (The)
1
Sun Oil
No par
30
*434
Lowest
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
400
5
6%
4634
3%
par
48
2178
2%
-.25
27%
41
40
40
39*4 40
*39% 40%
18%
I8I4 18*4
18% 1834
1734 18%
82
8078
8H4
82% 83%
83% 83%
*11514 11612 *11514 116% *116
116% *116
116%
I6i2 I6i2
16% 16%
16% 16%
*16%
16%
*95% » 96i2
96% 96%
*9534 96
85% ♦ 85% *847g 85%
8 534
85% 85%
8 534
27
27
27
27
*26% 27
4914 £51%
50% 51%
49% 51
49% 50%
21*4|22*8 21% 22% 21% 22%
21% 21%
1778*1778
17*4
17%
17*4 18
17%
18
11312 11312 *1127g 113% 112% 112% *112% 113 "
64
64
64
64
64
64%
64% 64%
18
*18
*1714 18
*17% 18
18%
18%
2%
2%
2%
2%
2%
2%
2lg
2l4
*3714 3778
37% 38%
37% 37%
37% 37%
Bid and
100
48
*39i2
18i4
80i2
*
preferred..
27%
49
5%
20%
8%
2%
9i2
28
S'eastern Greyhound Lines-.6
So Porto Rico Sugar...No par
100
27
21%
2l2
*26
*32
17*4
11%
10%
9*2
600
4,600
6
37%
*48
9%
10%
7%
24%
29%
8%
par
South Am Gold A Platinum.. 1
37
49%
4
42
5%
33%
*334
9
*8i2
8%
6%
*5%
*48
46%
3%
34%
*7%
4
5%
10*8
24
29%
49
*3*4
5%
dt*8*8
6
*6%
*48
4
5%
*2184
*2l2
9%
*10%
*5
5
Typewr—No
6,400
300
5%
*70
5
10
Corp...No par
So cony Vacuum Oil Co Inc. 15
9,300
1,300
12%
12%
79
5
Smith A Cor
4,000
18,700
Year 1939
Highest«
112*%iApr 24
Snider Packing
36%
538
*60
&*4%
100
600
2234
*11%
12%
578
2l4
6
6%
20*4
8%
2%
*7l2
9%
par
25,300
43%
1
*95
48%
No
preferred
Smith (A O) Corp
400
634
7%
preferred
Preferred called....
1,140
42%
H%
13%
96
48
$6
*35%
11%
*12%
96
48
6%
Sloss Sheffield bteel A Iron. 100
90
36iy
7%
15
..100
Skelly Oil Co
100
68
5%
17*4
11%
26%
8
*534
*67
11*4
13
*15*4
11%
26
„214
79
2*4
8%
5%
*3%
36%
6%
5%
Slmonds Saw A Steel ...No par
1,400
38
*434
5*4
214
2%
46%
3%
34%
8%
5%
17*4
11*4
25*4
*37
38%
20%
?"
12%
15%
26*4
56%
9%
64%
39%
7%
634
7
57,
; *75
12%
15%
26%
*35
56%
9%
64%
39%
9%
64%
24%
29%
8%
6
20*4
^*7*8
30%
.....No par
Petroleum....
10
Simmons Co
Slmms
22*4
23
7%
24*4
29*4
8%
6%
36*4
1%
*16%
11%
2
*6%
30%
834
57g
^47*4
9%
7%
24%
£20%
25%
634
30
preferred--.10
conv
Silver King Coalition Mines. .6
"MOO
39%
*5%
6
8
3734
1%
6*4%
800
9%
*94%
26%
48%
5*4
19%
8%
2%
»
2%
23%
15
No par
Shell Union Oil
400
30,700
•
4
•t*l6*4
15
4978
8
3,800
10%
10*4 11%
10%
11%
63
*62% 63
63%
*62% 63%
*122l2 124
*122% 124
*122% 124
97g
9%
10
9%
9%
934
9%
24
23
23
23%
2334
23% 23%
2
2
*2
2
2%
2%
2%
17
17
17
16% 16%
16%
16%
31
30% 30%
29% 29%
28% 30
6%
46%
34%
110
14%
6%
37g
100
2,500
627g
9*4
5*8
6%
4612
378
35
3478
8%
6%
"3" 100
...
43%
36%
56%
7%
No par
$5 conv preferred
No par
Sharpe A Dohme..
No par
$3.60 conv pref ser A .No par
Shattuck (Frank G)...No par
Sheaffer (W A) Pen Co.No par
2,500
27% 2734
*151% 163%
1
Sharon Steel Corp
800
114
..No par
Stone A Webster
*5
37g
*8
Servel Inc
Beagrave Corp
5,500
5
46%
Sears Roebuck A Co—No par
6,600
10
934
934
37
6%
1,700
6,100
10
29,900
Sterling Products Inc..
Stewart-Warner Corp
Stokely Bros A Co Inc
37
-
Seaboard Oil Co of Del-No par
200
1,800
4,100
38
34l2
8%
5*8
13*2
5*4
*478
36*4
8
*5%
3*4
3478
50
*
31
46
1312
5
97g
23
5*8
6*8
46
11
*32
978
400
1,300
800
21%
*112%
112»i(U2»ie
*16
16%
*9%
9%
*223g 23
10%
11%
*2%
2%
5
5*4% preferred
..—100
JSchulte Retail Stores—.—1
8% preferred......
100
Scott Paper Co
No par
$4.50 preferred
No par
$4 preferred
No par
tPeaboard Air Line
No par
4-2% preferred
100
700
*122% 124
*15*4
*31*8
3*4
114
68
39
9%
Schenley Distillers Corp
7,900
1,000
5%
*19% 19%
*102% 103%
3
42%
36%
56%
9%
63%
39%
7%
2%
*16%
8
9%
7%
2%
16*4
31l2
34*4
9%
39%
22 34
6%
57
7%
2
45*8
*22*4
107
I7' 75
97g
5
23%
43%
36*4
57
397«
22
*5
*22%
43%
36%
56*4
7%
2
38
23%
44%
36%
66
97,
*36
*67
65
217,
6
68
66
2
6
*67
66
97«
7*2
*5%
*512
6*4
68
2112
*6i2
2*4
*6
39%
12*4
109
*107% 109
*107% 108*4 *107% 108*4 *106
1*4
1*4
1*4
1*4
1*4
1*4
1%
5
4%
4%
5%
4*8
4%
5%
17
15%
16% 16%
17% *16%
16*4 18%
17%
19
1712
17% 18*2
1834 19*4
19%
19% 21%
22*4
22*4 2278
22% 23
22% 2234
22% 22*4
28
27*2 2734
27% 27*4
27% 27*4
27% 27%
41
42
42%
40*4 42
42% 42*4
42%
42%
35
*34
34
3412 *34
34%
3334
3334
34%
78%
77*4 78%
77% 77*4
76%
76*4
76*4
77%
7%
778
8
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
95g
*12212 124
6*4
3%
7
108
*34
-
2*4
*6
39*4
65*2
3912
*14i2
35
78
57
9
65*2
39*4
*67
278
Par
60%
*106
107
107
107%
106*4 106*4 *10512 107 |al06
106
*5i2
5*41
*5%
5*4
*5i2
534
5%
5%
JL
5!%
5*4
22
22
21*4 22
21*4 22
21% 22
4 22
22
*2i4
2%
*2%
2%
*2*8
2%
*2%
2%
^*2*4
2%
2214 22*4 *22% 23
22% 22%
_l23*z 23*2
*22% 23%
20
20
20
*20%
20*4
20*4 20*4
20*4
20% 20%
*1027g 103*8 I027g 1027g *10278 103% *102% 103% *102% 103%
*114
117
116
115
116
117
116
116*2 116*2 117
*112
*113
*11218
112ig *112
*112%
1122%* 112% 112i»i»112»ie
*16
*16*4
17*4 *16
17i2 *16% 17*2
15%
16
16%
*9
*9*8
10
9?g
*9%
97S
*9%
9%
9%
9%
*22*2 23
2212 23
22*4 22*4
*22% 23
*22% 23
11
11
11*8
11*8
107g 11
10%
11
11
10%
2*8 - 2*8
2%
2%
2%
2%
2%
2%
2%
2%
♦15
1514 ♦ 15
15% ♦14*4 15%
15% 15%
15%
15%
28
29
28
29
28*2 29*4
28*4 29%
27*4 28%
150
146*4 146*4 147
152% 15212 *151% 152% 152% 152%
30
29% 30*4
30
30*4
30*8
30%
30%
30*8
30%
12*8 12*4
12U
12%
12%
13
12% 12%
12%
123416
16
16
16*8
16%
16%
16% 16%
16%
16%
27
27*4
26U 27%
26*4 27%
27% 28*2
27% 27%
*35
*35
*35
36*2 *35
36% *35
36%
36%
36%
....
4%
43%
112*4 *112
112*4
107*4 *107% 107*4
%
*»!«
%
18
17*4 *17%
2%
2%
2%
85% 86%
85%
85*4
13%
13%
12%
13%
18%
2%
863s
13*8
14%
7
4%
*43
%
*%
17*4
*2%
%
*53*4
4%
43
Range for Previous
Lowest
6,000
*107
*u
%
*17%
2%
85%
13*8
14%
7*4
.
4*4
43
14%
83
%
*112
%
5's
712
5
43%
13%
♦81
*11
%
112
106
"
61
*58
%
106
112
114
*105*8 107*4 *105*8 107*4
%
%
*14
*4
%
%
**2
9l«
■
*17*2 18
18*4
I7l2 18
*2
2
214
214
214
85
85*4
85*4
85i2 86
13
13*4
13*8 13*4
13*8
*14lg
15
1414 14l2
1414
*105*4 107
*4
On Basis of 100-Stare Lots
EXCHANGE
Friday
13>%
478
Range Since Jan. 1
NEW YORK STOCK
Thursday
79
*41
STOCKS
for
Wednesday
13'%
»>«
Sales
the
|
Tuesday
Apr. 23
79
April 27, 1940
Apr
6
Aug
65% Apr
108*4 Sept
15% Aug
81% Apr
88
26%
34%
66
Jan
Jan
13% Dec
94% Sept
118
19*4
105
July
Jan
Sept
90
89% Feb 10
78
Jan 11
27% Mar 20
53% Apr 16
2334 Apr 4
18
Apr 17
20% Mar
July
24% Sept
31
51
Jan 15
Jan 15
Jan
2
Jan 31
119
Feb 23
Apr
Aug
77b Apr
14% Sept
112% Mar
Nov,
16% Dec
18*4 July
119% June
5
65% Mar
6
52
Apr
69%
17% Jan 12
5
4
13%
Apr
20
2
Apr
Feb 13
30%
Apr
Mar
5
19% Apr
2% Apr
36*4 Mar
5
42
Ex-dlv.
Jan
3*4 Aug
35% Aug
12% Jan
4*4 Jan
5
Mar
54% Feb
2
Jan
y
Ex-rlghts.
3*4
Oct
Mar
Feb
397$ Aug
1 Called for redemption.
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE
PRICES—PER
SHARE,
Record—Concluded—Page
CENT
NOT PER
Sales
Week
Shares
for
Saturday
Monday
Apr. 20
Apr. 22
$ per share
6*8
63s
5%
4%
45s
33i2
43«
9
9%
*43s
45s
*3284
81
8034
12%
12i8
115
*11312
113s
11%
6%
6I4
6
684
*89
92
914
9i8
92
9%
9i8
82
82
*177
180
*538
*3H2
24i8
678
115s
6
6
*31%
35
*31%
12
12i8
*65
71
35
35
*37%
1%
3212
103%
60%
*69%
5978
12H2
37%
46i4
2%
7U
7*4
12
38
1%
33%
103%
61%
69%
6078
62%
123% 124%
*3734 38%
*46%
47
2%
7%
7%
1%
2%
7%
1%
134
*56
1578
*14%
1578
69%
*66
157
156
*18
36*4
38%
36
*17%
36
79% *
*5%
I
79% *
*29
3%|
33s
28
2734
117% 117% *117
12
11%
11%
*4314 44
*43%
33% 13% *33%
*86
90
*133%
*87
*133%
...
*1
1%
*1
*1
1%
1%
2934
*%
*7%
"~1%
*1
*1%
*34
7%
1%
1%
7%
23%
99%
23%
99%
534
31
1478
1434
24%
3%
7%
1%
24%
*%
3%
47
*6%
29
*45
1%
*1%
*6%
*29%
2534
8%
29
*25%
*18%
22%
19*4
19%
23%
22%
4%
4*,
*4%
26%
*82
5%
7%
7%
1%
1%
2334
3%
45%
*1%
*6%
46
1%
8%
30
*72
28
27%
74
*72
110
I 107%
112% 112%' 112
♦103% 105 j 103%
117*, 117% *117%
*108
22%
*103%
37%
4%
*6*4
**8
22*4
23%
*37%
*
46
*43
3%
1%
8
27%
27%
74
*72
108
112
47%
120
2%
2,400
>'25s
*7%
1%
*56%
103
1 *17%
19
68
18
:
'
23
22%
23%
65
*97%
31%
*95
*65
70
*65
98
*97%
31%
102
11%
11%
13%
13%
13%
13%
9%
93,
9%
534
22%
278
3%
6%
7%
68
65
32
6984
11%
*46
if
10
534
60
22%
3
3%
6%
7%
69
*119
101
*65
*11%
13%
93g
1%
13s
1%
*%
138'
738
23
22%
22%
9834
9834
9834
5%
313s'
31
31%
14%
1434
1434
33s
46
3%
♦44
1%
*1%
*6%
8%
19%
*22%
4%
19%
22%
26%
74
73
4
4%
2634
73
*37%
38
65
*50
65
97%
*97%
31%
*95%
*66%
98
11
11
13%
13%
10
10
"1034
13%
9%
534
.
32%
105
69%
11%
13%'
934!
5%
58%' *48%
53
23%
2%
33s
*22%
23
23
120
5%
|
3
23
2%
3%
*278
3%
3%
63s
6
6%
7%
69%
7
73g
69
69
*120
5%'
300
5%
7
preferred
Va-Carollna
Chem
90
3
116
26
100
Waldorf
System
Walgreen Co
No par
Baking Co cl A. .No
preferred..
Warner Bros Pictures
1% Jaa
21% Jan
5
$3.85 conv pref
No
JWarren Bros Co
No
J3 convertible pref..No
Warren Fdy A Pipe
No
par
par
,
par
preferred
3% Jan
*"2l"
68
No par
102% Feb 14
114% Jan 10
13% Mar 19
102
3% Jan 13
% Jan 81
21% Mar 18
22% Mar 18
25% Jan 18
100
Apr 8
66% Jan 23
6%
14,500
1,700
20
preferred
100
%5 conv prior pref...No par
White Dental Mfg(The SS).20
9
1
C0N0 par
White Sewing Mach Corp-.-l
$4 conv preferred
No par
38
19% Feb 28
2% Mar 29
6 % conv preferred
1% Jan
3
..10
Wilson A Co Inc
*68
75
*73
69
*60
69
69
69"
*64
*3434
37%
37%
38%
40%
40%
40%
40
45
46
49
40%
53%
40
45
39%
49%
52
5234
51
52
50%
♦122
127
*123
|*121
125
123
92
93
93
700
23%
22%
17%
2234
600
Yale A Towne
18
*121
124
12%
18
1*122
13%
433s1
42%
*87%
89%
21%
21%
15
15
3%
*
12%
42%
*88
22%
I
4%'
15%
334
18%
124
13%
43%
90%
124
91%
23%
18%'
124
2234
15341
♦22%
153s
13%
44%
89%
22V
1534'
43s1
3%
3%'
13%
43
89%
123
9134
*23
18%
*122
123
9134!
233s'
183s'
124
17%
122
18%
122
122
13
123
18
122
180
18,600
40
12%
12%
2,500
4234
*91%
43%
16,000
4434'
12%
43%
44%
I
90%
90%
22%
16
23
I
22
22%
2,200
16%
16
I
15%
15%
384
3%
3%
3%
3,300
33,800
12%
433g
90
90
22%
23
1534
3%
Bid and asked prices: no sales on this day.
■
I
13%'
92
233,
3,300
1,800
3%
t In receivership,
92%'
a
300
Def. delivery
n
New stock
r
*
July
15
Sept
Deo
Oct
85
Jan
60
1% Dao
21
Dec
3% Deo
Jan
3
1% Jan
3
1% Nov
Marl6
6% Apr
19% Apr
9
Jan
4
4% Feb 23
36
Feb
14%
Apr
Sept
Apr
20
1%
"29%
Apr 16
Dee
16
23% July
98% July
Jan
Jan
147, Mar
27,
44
Jan
Mar
67,
Jan
July
37, Jan
13% May
35% Oct
68
24%
32%
3%
Jan
80
Dee
28%
Jan
Jan
Oct
110% Apr 12
July
55% Aug
85
Apr
107%
Deo
115
Apr
9
95
Apr
112%
Deo
108
Jan
8
88
75
Jan
4
79
Jan
Apr
106
Deo
117% Mar 15
105% Sept
115
Nov
24% Apr 23
103% Apr 23
40% Apr 4
15% Nov
19%
20%
Apr
36% Nov
2% Apr
3% Apr
% Dec
1678 Apr
18% Apr
82% Apr
126
May
10% Apr
15% Apr
684 8ept
11% Sept
2
Sept
5
Jan
1
Jan
28% Jan
28% Jan
Mar
4
Jan 30
35% Apr 9
101
Apr 23
71
Apr
11%
13%
11%
6%
Apr 18
57%
23%
3%
3%
Mar 8
Apr 23
Jan 11
Apr 22
Apr
6
9
Apr 10
Apr
8
6% Apr 13
7% Apr 22
70
Mar
6
121% Mar
27% Apr
42% Apr
1
9
6
;
*29
Apr
42
Dec
Oct
July
78
Oct
8% Dec
7
Apr
3% Sept
1% Aug
14
14
Apr
Sept
2% Aug
1
June
2% June
2% Aug
32
Aug
105% Apr
15
Apr
36
May
23% July
31% Apr
97
Oct
12% Mar
15% Oct
7
Jan
4% Nov
34% Nov
20%
Deo
4% Nov
3% Feb
6% Feb
77, Sept
60% Nov
115
Sept
31% Sept
50% Jaq
23%
Jan
74
Oct
69
Oct
38% Sept
18% Sept
11% Apr
53% Sept
124% Nov
85% Deo
33% Mar
217, Oct
98
127
9
85
Apr
Apr 26
75
Mar
Jan
3
19% Jan
4
Apr 23
Oot
Deo
45
93
Apr 16
75
Jan
25
14
Deo
80
Jan 22
124
Mar
28%
39%
39%
Jaa
Jan 22
Apr
Sept
145
80
53% Apr 23
129
Sept
87% Sept
121
387,
40% Apr 23
2334 Apr 24
37
Deo
July
74
Apr
15% Apr
Marl6
y
118
Sept
43
Ex-dlv
Nov
8
15% Apr
Jan 25
1
Sept
40
378 Sept
Apr
Apr 23
Mar
40
116% July
44% Deo
56% Aug
65
Sept
29% Deo
5% Sept
33% Sept
3
Jnna
71
2
Sept
1
5%
69
21% Apr 19
14% Feb 3
..1
Sept
21
Mar
85
No par
Feb
1
Sept
Apr 23
Jan 15
June
78
3
Apr 19
86
163
101
Sept
10% Apr
47% July
10% Feb 1
37% Mar 16
July
131
21% Apr 18
16% Mar 19
115% Jan 6
A...100
Cash sale,
2
Sept
Apr
105
25
Youngst'n Steel Door..No par
Zenith Radio Corp
1
2
Deo
17
85
Mar
43% Mar 16
No par
Zonlte Products Corp
17
Apr
112% Sapt
4% July
34
100
ser
Apr
69
Young Spring A Wire..No par
5)4% preferred
Mar
17% Mar 18
Yellow Truck A Coach cl B..1
Youngstown S A T
Apr
S«»t
34% Apr
54% Aug
65
Sept
18% Apr
2% Apr
62
Worthlngt'n PAM(Del)No par
7% preferred A
100
Preferred
Jan
22
38% Jan
10
Mfg Co
Jan 15
116
6% preferred B
100
Prior pref 4)$% series..100
Prior pf 4H % convserleslOO
Wright Aeronautical...No par
Wrigieyt(Wm) Jr (Del).No par
Wool worth (F W) Co
6
4% Jan 13
51% Jan 6
No par
$6 preferred
No par
Wisconsin El Pow 6 % pref. 100
Woodward Iron Co
10
73
10
4
6
*52
*70
Jan
20
Willys-Overland Motors.....1
*62%
3,000
8,500
40,100
Mar 19
10% Mar 18
4% Mar 23
4% Jan 2
White Rock Mln Spr
23
91%
23%
18%
4% Feb 19
98
Prior preferred
16
25
109
64
Dea
94% Jan 29
Wilcox Oil A Gas Co
6% May
1% Apr
Apr
9
May
60% Sept
146
Sept
45% Apr
% Jan
16
Aug
46
37%June
46% July
4
Sept
8% Mar
2% Oct
7
9% Jan 10
1% Jan 10
25% Jan 10
67
500
Oct
1% Deo
June
82% Sept
120% Sept
20% July
8
White Motor Co
39
68% Sept
*70
9%
50%
65
200
Jan
Oct
5% conv preferred
30
Wheeling ALE Ry Co
100
5J4 % conv preferred
100
Wheeling Steel Corp
No par
"""166
60
41% Aug
98% May
30
Sept
14%
210
7,900
Oct
Mar
37% July
6% Mar
52s4 jau
114% Nov
4
Apr
30% Sept
1
33% Jan 23
35% Jan 19
""""16
15% Sept
1658 Feb
Wesfrvaco Chlor Prod..No par
Feb
Mar
7% July
35% July
29% Sept
10% Sept
6% Jan 3
35% Jan 11
4,800
213s
125% 126
Maris
Jan
21%
91
101
8% Apr
1
6% Feb
Westlngbouse Air BrakeNo par
Westlnghouse El A Mfg
1st preferred
19%
23
Mar 27
33% Jan 13
Maryland.......100
4% 2d preferred
100
Western Pacific 6% pref.. 100
Western Union Telegraph. 100
19
126%
2
Jan 30
111
Western
18%
91
Feb 15
105% Jan
7%
6%
2 684
40%
23
Mar 18
Jan
180
49
80
West Penn El class A..No par
26%
90%
5
113
1% July
24
40
2234
18%
19
23
11
13
7
13
Jan
67
2% Jan
l%Mar 6
7% Apr 5
23% Apr 22
Jan 16
26%
903s
3% Apr
45% Apr
1% Apr
6% Jan
2834 Mar
25% Apr
2
11
87% Mar
17% Sept
14
Sept
% July
Feb 11
40%
22«4
3
Nov
46
64%
100
preferred
5% Aug
Apr
Sept
Oct
Dec
Apr
Apr
48
July
15
117%June
14
Sept
7% 8ept
32%
31%
1%
31%
86%
1% Jan
17
Wesson OU A Snowdrift No par
Apr
13% Apr
3% July
Feb
8% Sept
35ia Sept
95
Sept
4
22
26%
40%
52
Jan
Mar
1
40
85
35
100
23
7% Mar
8% Jan
74
9
5
..No par
26%
85
Jan
48
31% Jan 5
28% Feb 7
20% Apr 22
par
Washington Gas Lt Co.No par
403,
85
<
34% Apr 5
38% Feb 13
39% Jan 3
2,600
22%
Apr 17
Mar 14
14% Apr 24
7% Mar 26
par
26%
23%
Jan
15% Apr
Jan 22
1
No par
Preferred
39%
22%
118
138
52,800
2334
31% Mar 14
4% Jan 4
4
31% Jan
Jan 20
534
2634
38% Apr 16
39% Mar 15
117% Apr 9
46% Apr 9
59% Feb 28
Jan 15
4,800
1,800
40%
Feb 29
26
55
*263s
40%
21%
23
16
14
17
93% Jan 31
6% Jan 19
3034 Apr 26
conv
19
6
130
9
*120
Mar 27
4H % pref with warrants 100
g4
Jan 22
Mar 27
84 Apr
Weston Eleo Instrument. 12 50
30
63g
7%
69%
26%
Mar 18
6% Feb 3
20% Jan 18
Ward
Jan 16
300
6%
6%
*68%
40%
48% Feb 20
Jan
6%
7%
26%
124% Apr 23
39% Apr 5
118
59,800
403s
4
106% Jan 15
"""eoo
27
Jan
50
50
3%
40%
6
1
100
100
Western Auto Supply Co... 10
7,200
3,000
Jan 23
...No par
No par
100
100
2234
2%
26%
April
65
70% Jan 11
68% Jan 3
5% Aug
65% Sept
149% Sept
4
Apr
125
1
100
.800
100
9,800
3
5% Jan
43
Apr
31% Mar
89
Apr
preferred....
100
preferred
100
WestPennPowCo 4)4 % pf.100
West Va Pulp A Pap Co No par
6% preferred...
100
3%
40%
22%
1% Jan
41% Jan
117
6
26% Apr 19
No par
pflOO
25
J Wabash Railway Co
5% preferred A
5% preferred B
Wayne Pump Co
Webster Elsenlohr
'~3,400
Feb
56% Jan
100
Waukesha Motor Co
65
5%
Apr
100
1,300
26%
Jan 16
28% Apr 24
No par
Virginia Ry Co
6% preferred
Vulcan Detlnnlng Co
7%
9
43
6
6%
1,000
98
*97%
30%
31%
*95% 105
*66%
69%
*10%
11%
12%
13%
2
71
...100
1,100
*22%
2%
69
100
Victor Chemical Works
434
3%
*120
120
"""266
37%
38%
Jan
% Jan
16% Jan
Vick Chemical Co
...6
Vlcks Shreve A Pac Ry_._100
19%
| *46
2%'
7% 1st preferred
22%
*50
*48%
6%
8%'
38
584
7
60
500
104%'
58%
69%
7,700
104
38%
31%
32%
*95% 105
66%
66%
Vadaco
...100
4,800
1
64
No par
27
37%
35
Feb 19
43% Jan 2
1% Feb 16
684 Jan 9
1% Jan 19
pref erred..-No par
7%
104%
37%
conv
Class B
I
22
22%
22%
22%
24
24%
23%
24%
112
113
112% 113
133% 133% *12834 13334 *12834 13334
32
32
32%
33%
32% *32
37
$6
100
2434
11234
38
No par
7% preferred
25
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A
6
Walworth Co
300
3734
*37%
115
Walk (H) Good A W Ltd No par
1,000
,l16
23%
100
1,900
•
120
%
Apr 26
No par
Preferred
200
534
2%
3%
""266
800
112
U 8 Steel Corp
Preferred
U 8 Tobacco Co..
60
6412 Feb 29
53% Mar 18
Va Iron Coal A Coke 5%
I
%
60
60
Preferred
70
113
7%
Apr 25
31% Apr 26
Apr 23
600
*10334 105
39
38%
Jan
100
100
50
113
*6%
10
8% 1st preferred
U 8 Smelting Ref A Mln
preferred
Va El A Pow $6 pref
73%
10834 10834'
*48%
23
600
31
4%
*6%
*%
1
No par
U 8 Rubber Co
5%
4%
7%
7%
%
22%
39
3,000
*71
4
34
Mar 26
28% Jan 22
35% Apr 26
114% Jan 23
110
38%
10
tU 8 Realty A Imp
1234 Apr 23
Apr 18
38% Jan 4
60
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
112%
105
9% Jan 18
Apr 25
758 Apr 23
34% Apr 26
800
118% ♦1173s 117%
243g
23%
243g
28
5% Mar 18
9
112
200
13S
26%
32% Mar 11
Feb 24
6% Mar
159
*82
*82
Jan 11
Jan 19
1,500
338!
46
|
22%
*4%
3
Jan 25
20
1%
*19
10% Jan
89
181
21
Partlc A conv cl A ..No par
Prior preferred
100
7% I
*1%
*6%
*29%
Mar
Feb 13
200
534
*43
1%
19
3234
10
46
8
June
6
67
100
14% I
24
Feb
5% Mar
75
4% Feb 1
29% Feb 13
No par
U S Pipe A Foundry
U 8 Playing Card Co
20
3034
*1%
33g
177
3
148
900
98%
*2234
3%
22%
27%
preferred
...100
U S Hoffman Mach Corp
5
5H % conv preferred
50
U S Industrial Alcohol.No par
Jan
10% Apr 11
8% preferred
100
Universal Pictures 1st pref. 100
Sales
No par
Preferred
100
13,800
23
27
484
7%
Apr 10
54% Deo
.
3% Apr
25% Apr
62% Apr
11
Apr
110
Sept
6% Apr
3% Aug
Mar 18
70
l'ioo
7%
1%
24
2634
"97%
6934
11%
133s
8
1%
7% Jan 25
8% Jan 23
80% Mar 15
94
6
2
"
14%
Jan 15
3
Feb 24
Mar 12
13% Feb 20
20
1%
22%
*97%
5%
3034
5%
U S Dlstrlb Corp conv
pref. 100
U S Freight Co
No par
U S Gypsum Co
20
U 8 Leather Co
16
6% Mar 18
80
Jan
Jan
85%
117%
13%
7%
7%
3
62
100
738
*1%
10
No par
Jan
5
Mar
10% Jan 13
4% Feb 5
No par
$6 first preferred
35
6
11% Mar
4% Aug
4% Deo
Mar 13
No par
20
*%
7%
5341
United Paperboard
USA Foreign Secur
Feb 27
6
Universal Leaf Tob
"l%
*1
7%
98
101
i%!
i%'
31
*%
22%
38
38
*1
75
112
79%
*26
♦7
112
38
♦
~T%
No par
Jan 18
7% Apr 11
65% Mar 14
5% Jan 3
Universal-Cyclops Steel Corp 1
400
17%'
28%
4% Feb 29
33
United Gas Improv't__No par
15 preferred
No par
United Mer A Manu Inc v t c 1
100
*16
79%
28%
*30
4%
38
38%
79% *
28%
28%
3%
3%
United Electric Coal Cos....5
United Eng & Fdy..
5
United Fruit Co
2
Jan
Highest
$ per share $ per share
500
900
103
17%
5
4% Jan 11
66% Jan 10
Lowest
2% Apr 24
758 Apr 24
2% Apr 11
61
Apr 12
15% Apr 26
4,000
157% 157%
*%
$ per share
5
10
100
Year 1939
Highest
100
157
157% 157%
104
104% *103
,
#i«
81#
*%
1%*
6334
15%
2634
*72
4%
7%
%
2234
2334
*373s
6%
7%
68%
900
37%
47
234
7%
30
26%
74
38
6%
684
76,300
3,300
61%
123%
37%
47
United Drug Ino
United Dyewood Corp
Preferred
800
67
110
*10784 108% *108%
113% *112% 113% 112%
104% 104% 104%
104%
118% *117% 118% *117
24%! 23% 24
23%
10334 *10334 105
*10334
38 V
38%
3834
3834
37%
*37%
3%
33,
1,100
60%
60%
19
27%
377,
22%
2,600
21,800
7,700
70
15%
*82
33
*2%
3%
60
*69
"
284
200
Ranoe for Previous
100-Share Lots
S per share
Par
5,200
"2^300
39
1
1%
31%
32%
100% 102
22%
*4%
4%
*32
*22
11%
72
34%
11%
*68%
34%
*37%
67
8%
112%
134% 134%
*32
32%
I
12,800
3,200
I
1%
*82
%
534
35
27%
6%
122
38
47
*7%
19
3A
55
I
123
38
*2234
22
4%
*%
110
*5%
6284'
7%
19
%
*46
60%
138
23%
22
778
98
61%'
1%
♦23
20%
22%
4%
*4%
*6%
32%
I
69
7%
1%
2334
3%
30
4%
*95
*11
14%
1478
7%
*26
4%
*67g
65
*97%
31%
*97%
5%
31%
534
31%
33
377,
23
26
227,
23% 23%
112
112%
112%
*130
*128*4 134
134%
*32
100
7%
1%
63%
15%
*1%
*34
7%
30
112
68
1%
1%
7%
26
4%
77,
23
*1
*29%
*10734
112%
103%
104%
118% *117%
2t»4
2334
24%
23%
I 10334
*103%
38
18
38
38%
22*4
"l%
2584
*82
27%
10
2734
99
31%
1%
3%
28%
*97%
534
7%
28%
3%
23
31%
*1434
738
1%
*2234
►
79%
2834
23
147,
1%
900
1,600
900
11%
*46
*17%
440
3%
3%
3%
2734
27%
27%
*27% 28
117
117
*117
117
117
*117
117%
117%
12
12
12
15
*12%
13%
14%
13%
*11%
44
44
44
44
44
*42
*42%
*42%
*42%
34% *33% 34% *33%
34%
34%
*33%
*33% 34%
91
*87
90% *86
90% *96
90%' *86
90%
*133
*134
*134
*133%
3%
28%
117%
147,
3%
'
200
Ranoe Since Jan. 1
On Basis of
Lowest
300
1,100
*34
7%
7%
23%
99%
5%
2834
3%
28%
*97%
5%
31%
*23
19
1,000
28%
*1%
*23
*17%
9i«
1%
32%'
60%
*66
>
»ie
I
103
123
2,400
38
3734 38%
38
37% 38%
3834
38%
36%
3734
36
3534
3534' 36% 36% *36% 3 684
36%
35%
36
116% 116% *115% 116% *116% 117
*116% 117
*116% 117
*45%
46%;
45% 4634 *45%
46%
*45%
46% *45%
46%
I
30
18%
1
32%
15
157
#i«
11
38
69
64%
*103
*115% 116%
*45% 46%
*27
*155
»i«
38
68
157
18%
30
156
*»i«
%
I
34%
15
15
6934
71
3434
7%
1%
*56%
15%
*56%
*103% 103% *103% 105
105
*68%
102
200
178
6%
11%'
11%
71
35%
38
1%
33%
*66
63%
15
*66
12
'
4,400
17,000
534
7%
7%
*37%
*1%
32%
101*4 102%
*60%
61
69%
69%
60*4
62%
122% 123%
38%
38%
*46%
46%
2%
234
7%
7%
1%
1%
61
70
%
11%
68%
*66%
*152
28
35
200
*31%
26%
35
26
*66
,2,400
*5%
*31%
12*4
100
178
179
*173
35
2434
7%
72
60
9%
82
179
5%
35%
*14%
*103
9*4
8H2
4%
4%
43g
33%
33% *33
8134
80*4
80%
81%
12%
12%
12%
12%
*113
114%
114% *113
11%
1034
11
11%
*6
6%
6%
6%
*534
5%
*534
6
93
93
93
*91%
9%
*9%
9%
9%
*9%
9%
9%
9%
82
82
82%
82%
4%
5%
35%
*37%
1%
3234
134
60
9%
400
62
*33
*53s
*65
7*8
2
65
92
1*173
72
37%
1%
1%
1%
33%t
3234
333s
105 1 103% 106
60%! 6012 61
69%
6884
6912
61*4
6034
62
12 A
123
124
3734
37*4
37*4
46%
46%
46%
23s
2%
2%
11%
6i8
578
92
3518
37%
38
♦1%
*60
7%
123s'
*65
35
11%
618
♦55s
*60
2685
EXCHANGE
7,800
6%
4%
6%
*4%
4%
62
35
*31%
2438'
24%
7%
7%
24
24%
73si
7%
82
123s
114
914
634
6%
*4%
*60
4%
81%
12l4
534'
*53s
24
3312
114
180
*53s
35
24%
7%
62
*438
♦327s
9%
82%
82%
*173
65S
478
6i2
*45s
10
*9i8
82
180
$ per share
*60
92
912
9U
82
*177
$ per share
634
434
6212
45s
33%
81%
12%
115
1134
6%
534
*60
33
92
9
65S
63
81% 81%
80%
12
12%
12%
113% 113% *113
11
105s
11
6%
634
6t2
534
5«4
*534
*89
$ per share
45s
478'
*60
Apr. 25
Friday
Apr. 26
Thursday
8TOCKS
NEW YORK STOCK
the
Apr. 24
Apr. 23
6%
434
65
*33
|
Wednesday
$ per share I $ per share
6%
*4?,
*60
Tuesday
.
10
Apr
9% Aug
21%
Nov
Jan
3
30
Apr
90% Apr 24
28% Jan 4
17% Apr 8
74
May
Apr
56% Sept
92
Sept
34
Sept
12
Apr
22%
4% Apr 22
2
Aug
48% Jan
Ex-rights
17
Jan
37, Sept
U Called for redemption.
2686
APril 27, 1940
N. Y. STOCK EXCHANNGE
Week Ended April 26
Range or
Sale
Friday's
Bid
Price
Low
United State* Government
...1947-1962
A
O
.....1944-1964
....1946-1966
1940-1943
1941-1943
1943-1947
1941
1943-1946
J
D
rreasury 4M*
Treasury 4s....
Treasury 3Mb..
^Treasury 3 Ms
Treasury 3Ms
Treasury 354s...
Treasury 3 Mb
Treasury 3 Ms
Asked
A
120.9
J
Af
D
S
—
.
Bonds Sold
No.
High
30
120.14
*114.22114.25
M S
m
Treasury 3Ms
Treasury 3 Ms.-
Since
Low
......
119.30121 6
115.9
102.8
101.8
3
101.3
103.12
103.12
1
103 12104.24
J
D
109.11
109.11
6
109.11109.30
A
104.10
104.10
5
104.10105.17
A
O
109.19 109.18
109.22
22
109.18110.1
24
110.6
110.21
111
112 13
"*17
8
107.5
106.30
107.5
24
106.9
106.17
106.23
14
105 27 108
106.14
106.31
19£
*109
109.4
1968-1963 J
D
..1960-1966 J
D
1946 J
D
Treasury 2548
Treasury 2548..
Treasury 2Ms
..1948 M
Treasury 2Mb
..1949-1963 J
Treasury 2Mb..
Treasury 2Mb..
1960-1952 M
ioV.31
109 16
109 19
106.28 108.30
108.12
105.25108 1
108.10109.13
"
8
108.8
108.8
108.8
3
D
106.3
105.19
106.3
32
105.1
106.4
105.20
106.8
83
105.5
107 3
107.17 108.31
D
103.18
103.27
33
102.20104.23
D
104.29
105.8
11
104.1« 105 30
1948-1960 J
1
102 23104 24
194
......
D
103.18
103.18
354s
Mar
15 1944-1964 Af S
*108.9
108.14
3s
May 16 1944-1949 AfN
107.26
107.30
J
104.20
104.20
Treasury 2s
15 1942-1947 J
Jan
2548
Mar
1 1942-1947 Af S
Home Owners' Loan Corp—
3s series A
May
1 1944 1952 AfN
J
254s series O
1942-1944 J
108.9
D
104.26 105.2
7
104.9
101.24
101.27
16
96
496
95 M
365
A
s
O
O
sec s f
Antwerp (City) external 6s
1958 J
Argentine (National Government)—
D
S f extl conv loan 4s Feb
1972 F
8 f extl conv loan 4s Apr.... 1972 A
Australia 30-year 5s.....
1955 J
95M
94M
96 M
95M
2
UM
2
11M
16M
10M
.
14M
14M
77
11
■»*> M M
*10
11
MMMM
M-
96
10M
10M
6
10M
66
"70
71M
18
64 M
15M
94
96 M
57
87 M
79 M
80M
95
87 M
87 M
91 H
56
74
J
69 M
69
71 M
55
69
91
69
68 H
70 H
81
68 X
90M
65
65
66
34
65
84
J
♦External sinking fund 6s.
♦Brazil (U 8 of) external 8s..
♦External s f 6 Ms of 1926.
♦ExternaJ s f 6 Ms of 1927.
1968 J
1941 J
8
"92M "*70
6M
r
10
12M
*12
14
External 6s of 1914
ser
J
J
1949 F
♦Stabilization loan 7 Ms-..
ser B
49
60
72
73
85
1942 J
60 H
102M
1940 A
13M
1254
19M
M
12M
33
17M
14«
71
14 H
42
13M
13M
23M
18M
18M
14M
7
13
18M
57
64 M
7
57
55 H
75
13
71M
71
75 M
75
12M
M
9
11
A
64
64 M
3
64
78
D
73
73M
3
73
87 H
D
*7M
A
A
External 7s stamped...
1949
7s unstamped
AfN
*
„
63
J
J
German Govt International—
♦5Ms of 1930 stamped
M N
—....
O
F
A
J
J
J
J
J
95M
101M
7M
J
83 H
80
O
(Republic)
1946 A
40
6M
7
8M
5M
15M
8
9
"l*2M
13M
12M
*6M
13M
"30
"l0M "l8M
7M
11M
13 M
8
*14M
15M
*24
*14M
•
MM-
*16*" "20M
1
10
10
*
15
*56~"
•
-
MM
75
21 M
11
10
•
MM
--
22 M
:M» M'
•
-
»
75
7
10 M
J
*7
9
-
7
9M
♦Hungarian Land M Inst 7 Ms. 1961 AfN
♦Sinking fund 7 Ms ser B
1961 AfN
Hungary 7 Ms ext at 4 Ms to... 1979 F A
8
8
1
7
7M
TVs
1
7M
♦7s secured
s
—1946 J
f g
b t 6b.....i960 M N
Italy (Kingdom of) extl 7a
1951 J D
Italian Cred Consortium 7s ser B "47 M S
J
7%
7M
27
29
80
80
80
53 M
52 M
55 M
54M
57
43
47 M
"44"
6
7M
—
MM
10
1
9
9
25M
32 M
80
92
134
48 M
72
7
54 M
78 M
193
36 M
54 H
37
77M
91M
65M
A
88
81 H
88
61
57
61
47
57
11M
13M
12
11M
17 M
12 M
14
1
40
45 M
12M
11M
14
11
12M
11
15
"17
94 M
71
95M
100 H
101 M
76
(Province)
7 Ms 1960 J
(Colombia) 6Mb
Mendoza
(Prov) 4s read)
Mexican irrigation—
93 H 101H
100M 107
93M
18
87
40
82 M
93 H
93K
10
92
96M
93 M
96 M
82
83M
8
79
83 M
25
78M
88H
65
♦54
D
15M
1964 J
D
10M
10M
10M
14 M
1964 J
D
80
80
72
82 h
1943 MN
*M
♦Mexico
7A
♦l
(US) extl 6s of 1899 £.1945 Q J
♦Assenting 6s of 1899
1945 Q J
D
♦Assenting 4s of 1904
1964 J
♦Assenting 4s of 1910
1945
|*Treas 6b of *13 assent
1933 S~'j
I
♦l
1M
1M
1
M
X
1 *A
1M
1M
1M
M
1M
*1M
2M
M
M
89
■'
m
^
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16M
91H
•
6
-
2
15M
15M
7
-
14
16M
15M
12M
15
14
«.«.
15
1
20
16 M
——
"l*5M
"mi "17"
13 M
14
15M
13H
15M
14M
15M
14M
31
13M
12M
13M
17
6
41
13M
J
J
15M
15M
2
J
J
14M
15M
13M
14 M
18
15M
15M
12
13 H
14M
50
*15M
14 M
109
*
J
42
14 M
O
113
106
11M
6M
12M
O
7Mb1960 J
extl
♦Lower Austria
15M
AfN
110
2
16M
67 M
-MMM-M
A
1
109
90
7
♦14M
"UH
117
79
64
*11
&
92 M
92
117
8
62 M
42
15
O
12M
13M
96M 10"
5
Ml
82
66
A
Af N
117"
O
66 M
56 M
A
M
96M
80
82
a 16s ser A... 1952 A
6
F
M
13
63 H
40
1
50
12
61
F
A
16
3
9
46
21
Extl sinking fund
6Ms
..1965 AfN
♦Jugoslavia (State Mtge Bk) 7i 1957 A O
♦Leipzig (Germany) s f 7b
1947 F A
'
14M
13 M
13 M
43
2
65M
16M
A
5
15M
28
63M
*14M
O
—-
13M
57 M
J
M N
15
*21M
"57M
J
"l5M
M.
12
2
S
O
75
»
21M
"*29
J
....
75
71M
11M
+
1968
60 M
M
M
75M
70 M
1968 FA
♦Sink fund secured 6s..
♦6s part paid
60 M
J
A
D
60
81 M
*12
•
75
70M
96M
♦7s unstamped
1949
German Prov & Communal Bks
.♦tCons Agric Loan) 6 Ms
1958 J D
♦Greek Government b f ser 78—1964 MJV
♦7s part paid
.1964
Italian Public Utility extl
7s—.1952 /
Japanese Govt 30-yr s f 6 Mb... 1954 F
85
M N
MN
1965 J
Irish Free 8tate extl
10 M
92
urn.**--
70
i
109
♦5Ms unstamped
1965
♦5Ms 8tamp(Canadlan Holder)'65
♦German Rep extl 7s stamped.. 1949 AO
♦Medellln
10-year 2Mb
y~d
*5M
M
5
6
im
13
96 M
1949
60 M
59
•*
75
73M
m
50
1941
59
O
J
8
*74
S
F
76
46
"13"
•
79
14M
18M
14M
14M
14M
M
63 M
17 M
*92
14
M M
73
18M
35
*75M
46
13
•
20
59
13M
13M
78
74 M
8
♦Frankfort (City of) a f 6 Ms... 1963 AfN
French Republic 7 Ms stamped. 1941 J D
81M
13M
22 %
15M
1
M
74
13M
73
Helsingfors (City) extl 6 Ms
1960 A O
Hungarian Cons Municipal Loan—
♦7 Ms secured
J
sfg
1945 J
-
62
104
4
«...
*73
1948
1967
1945 M
101 M
56
101
21 M
*12
♦Hamburg (State 6s).
♦Heidelberg (German)
-
99
6
24M
*75
108
«*«*«•
5
55
74 M
O
83M 102 M
10rtM
•
103M
19
Customs Admin 5Ms 2d ser..1961 M S
6 Ms 1st series
1969 A O
6 Ms 2d perles
1969 A O
(Republic) ext 6s
21
102 M
102M
6
102M
99M
61 M
102M
81M
21M
21M
21M
O
Finland
17
22 M
100
102M
J
1940 A
♦El Salvador 8s ctfa of dep
Entonla (Republic of) 7s
2
80 M
*13M
89
14M
A
72
*13M
External gold 5Mb
External g 4Mb
♦4Mbstamped assented
2^91
15M
*100
1962
83
AfN
Sept
52 H
17
81
87
"l'8M
6e
(Rep)-
26 M
17M
99
71
O
A
27 H
M
16
80
102M
91
D
J
f 7s
26 M
26
-
19
*19M
1977
103
13M
Af
3% external b f $ bonds...
Bulgaria (Kingdom of)—
*80* *
1949
96 M
.1961 Af S
t 4M-4Ms
-
34
18M
*69M
A
86 M
J
s f 454-4Ms...
External read) 4 54-4 Ms.—
External 8 f 4M-4 54S
A
86 M
J
Refunding
-ir
m
28
+rme*
16
16M
1944 M S
A
External loan 4Mb ser C
Haiti
F
Buenos Aires (Prov of)
♦6s stamped
..........
For tontvntep =ee na^e
F
88 M
100
1957 A O
J D
Sinking fund gold 6s
20-year s f 6s
♦Budapest (City of) 6s
♦8s assented
AfN
«
—
16M
D
"*89 H
13M
1957 Af 8
47
8M
7%
D
1957 A
Ry)
Brisbane (City) s f 6s
112
96
?5M
90 M
O
•Chile
J
*26
1951 M N
♦Costa Rica (Rep of) 7b
Cuba (Republic) 5b of 1904
7 M* unstamped
84 H
84 M
A
♦7s (Central
34M
14M
12M
*10
M
M*.
J
s
16
......
D
♦Secured
15M
11M
11M
84
J
a
10
9
&9M
J
External
66
1
11M
11M
84
External 30-year s f 7s
♦Berlin (Germany) • f 6Ms—
f 6s
40
10
84 M
1946 F A
1949 M 8
s
28M
20
84 M
♦Bavaria 'Free
Belgium 25-yr extl 6Mi
37 H
26M
26 M
A
1967 J
External
1962
26-year gold 4Mb
1953
|*Cordoba (City) 7s8tamped..l967
Cordoba (Prov) Argentina 7b. 1942
1955 F A
Apr 15 1962 A O
Dominican Rep Cust Ad 6MB..1942 Af S
O
♦Austrian (Govt) s f 7s
State) 6Mb.
14
30
Denmark 20-year extl 6b
104 25
ll-N
..1957 M 8
1956 AfN
External 6s of 1927
External g 4 Ms of 1928
27 M
28 M
18
29M
*26
107.18108.12
11M
11M
■'
,
1948 M N
..1971 M N
8 f external 4MB-S f external 4 Ms
"io
*
_
J
O
27
......
......
J
7s 3d series. 1967 A
♦External
*26
J
1946 J
♦External 8 1 7s 1st series... 1967 A
♦External sec s f 7s 2d series. 1967 A
1
26 M
26K
O
Akersbus (King of Norway) 4s. 1968 Af 8
J
•Antloqula (Dept) coll 7s A... 1946 J
♦External a f 7s series D
6M
14
26
29M
1946 M N
1947 F A
♦Sinking fund 7s of 1926
♦Sinking fund 7a of 1927
104 8
101.10102.12
Agrtcultura IMtge Bank (Colombia)
♦External
13
6M
27
♦Sinking fund 8s
Municipal
f 7s series B....1946 J
f 7s series C
1946 J
17M
10 M
1
12 M
28 H
29
♦Dresden (City) external 7S...1945 MJV
95 H
94 M
s
14
2
6A
*12
J
2d series sink fund 5Ms
95 M
♦External
1
12
*26
104 20105.15
94 M
♦Gtd sink fund 6s
17M
O
1
2
*104.9
101*26
J D
w 1..1980
I) w I..1980 J D
♦Gtd sink fund 6s..
13M
O
1928
1st ser 5Ms of 1926
1947 F
1948 A
11M
6M
♦Public wks 5Ms--.June 30 1945
♦Czechoslovakia (Rep of) 8s...1951
3%
&
8
♦Colombia Mtge Bank 6Ms... 1947 A
of
♦6s of 1927
107 T6 108.21
3% corp stock (Plan B)
Govt.
14
16
..Oct 1961 A
Jan 1961 J
♦6s
16
UM
13
(Republic of)—
"14
New York City
Transit Unification Issue—
Foreign
17 M
S
D
Sinking fund 6Mb...Jan 15 1053
107.23 al 07.16107.23
1946-1947 J
corp stock (Plan
12
J
108 24
*104.19104.23
1Mb series M
17M
....I960 M
♦7s assented
♦Chinese (Hukuang Ry) 5e
4 Ms external debt
Federal Farm Mortgage Corp—
3s
♦Chilean Cons Munic 7s
12M
107 2
8
J
Treasury 2s
13
Copenhagen (City) 6s
1951-1953 J
Treasury 2548
12M
108.28 109.26
108.1
..1966-1969 M
13
107.7
107.23
Treasury 2548..
13M
24
108.2
16
15
1962 AfN
1960 M S
13
VH
*14M
65
108.1
Treasury 2548
♦6s assented
♦Guar sink fund 6s
16M
13M
12M
109.15
*108.22108.26
12M
11M
-
1
108.4
Treasury 2548
107.25
109.15 109.9
-
14M
Colombia
1948-1961 M 8
1961-1964 J D
—
14M
110.10111 22
1946 1947 M
—
O
109.28111.30
1966-1960 M 8 108.4
MM-
13
11M
4
Treasury 2548
8
15M
15
1
6
15M
1
High
3
18
Treasury 2Mb
Low
13M
110.30
111.2
No.
12M
1961 A
♦Guar sink fund 6s
♦6s assented
111.19 113.10
Since
Jan.
High
12M
1951
♦Cologne (City) Germany 6 Ms. 1960 M S
mm —
2
Asked
1961 A O
1962 M N
♦654s assented
F
&
*14M
1957 J D
1957 J D
1961 J D
..1961 J D
♦Sink fund 654s of 1928
Range
c
Friday's
Bid
Low
Foreign Govt. & Munic. (Cont.)
♦Chile Mtge Bank 6Ms
♦6 Me assented
114.141156
114.9
7
Price
Week Ended April 26
High
Range or
Sale
N. Y. STOCK EXCHANGE
Jan. 1
101.5
101.8
110.27
...1946-1948 J D
....1961-1966 M S 110.29 110.19
Treasury 3s...
Treasury 3s
mm *•
*114.22114.26
110.12
1944-1946 A O 110.11 110.9
1946-1949 J D 111.25 111.17 111 .25
*112.11112.14
1949-1962 J D
Treasury 3Ms
BONDS
Range
Week's
Last
Week's
Last
Inter st Period
1
Friday
Friday
BONDS
-
6
-
11M
13M
12
12
13M
12
14M
Milan
Mlnaa
(City. Italy) extl 6Mb
Geraes (State)—
♦Secextl
s
f 6Mb
♦Sec extl b f 6Mb
♦Montevideo (City) 7b
20-year external 6s
14M
17
External sink fund 4Mb
External 8 f 4MB
14M
4s s f extl loan
17
14M
Municipal Bank extl 81 6b
16M
14 H
17
13M
14 M
8
15M
15M
8
13 M
16M
14
14
1
12
14 M
14M
1969 M
S
39 H
12M
9M
D
*69
75
40
71M
41
64 M
90 M
15
67 M
89
50
78
41
97 M
39
49
69
39
97 M
30 M
29
35 H
30 M
90
33
77
29
29M
32 M
14
29 M
80
50
80
64 H
64 H
O
67 M
F
A
46 M
67 M
41
..1944 F
A
43 M
35
...1985 A
1963 F
O
1970 J
D
A
32 M
J2M
12M
71M
68 M
70
A
A
8,
1M
53 M
44
71M
F
1956 Af
8
8M
9M
♦70
MJV
35
42
♦9M
39M
1968 Af 8
1962 J
♦6b series A
1959
New So Wales (State) extl 5s—1967
External s f 6s
Apr 1968
Norway 20-year extl 6s
1943
17
13M
12M
1952 A O
*M
34 M
108
80 M
Volume
150
New York Bond
Friday
BONDS
N.
Y.
STOCK
Inter st Period
EXCHANGE
Week Ended April 26
Foreign Govt. & Mun.
f 6a
ser
F
MS
A
958 MN
955
------
24
------
53
55 X
22
------
♦20
66 X
69 H
37
66X
8X
9X
8H
3
6H
74 X
io x
9X
2
9X
11
9X
9X
74
9X
io X
1st mtge gold 4s
July 1948 A O
Stamped modified bonds—
9X
9X
52
9X
8X
10X
8X
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948 A
6H
10 H
16X
8
8X
M
S
------
J
D
A
O
9X
O
A
O
A
O
A
O
*5
950
/
J
32 X
963 J
*8H
------
7
J
------
952
~
O
------
Queensland (State) extl a f 7a
25-year external 6a
♦Rhine-Main-Danube 7a A
941
A
O
98 X
950
M
S
♦Rio de Janeiro (City
of) 8s
♦Extl aec 6 Ha
946
A
O
953
F
A
1
7 X
15
7X
7
7
11X
A
O
2
12
1
11X
92
98 X
73
80
32
D
9X
1
9
18
73
A
9H
J
78 H
952
§*8s extl loan of 1921
936
J
J
950
J
J
♦7s extl water loan
956
M
S
♦6a extl dollar loan
968
J
J
♦Secured
940 A
O
...
f 7a
♦8axoD State Mtge Inst 7s...
.....
-
3
11
12 X
—
-
—
15
20
3
10X
11X
10X
10X
9X
9X
34 X
28
9X
34
D
♦14X
D
962 MN
962
11X
9X
80
28
D
z
ccc4
29x
29 x
30 x
20
28
31H
z
ccc4
25x
26x
100
24H
27H
z
ccc4
26x
105
24 X
28
A
z
cc
3
12x
25x
12x
13x
179
12H
15H
y
bb
3
55
55
57
27
55
59 H
b
4
44 x
53 x
44H
49H
bb
10 H
10
1951
10 x
Belvldere Del
cons
3Hs
1943
3Hs
conv
debs
10
10
J
/
55 X
56 X
5
55
63
1st
952
M
S
40
40
6
37
41
1st 5s stmp ctfa
55 H
58
19
53
62
65
!
5X
5
5X
15X
15X
68
87
961
A
946
F
A
*62 X
63
65
960
MN
*59 X
52
63
964
♦External 8 f 6s
MN
*59 X
60
63
H
3H8-4-4HS (J bonds of '37)
external readjustment
979
MN
979
MN
978
J
D
60
978
F
A
63 H
52 X
54
25
44X
55 X
3H-4-4H8 ($ bonds of *37)
3H-4H-4si«s extl conv
4-4H-4Ha extl read)
....
...
3 Ha extl readjustment
*51
55
50
50
53 X
*39
984
J
J
Venetian Prov Mtge Bank 78
952
A
O
♦Vienna (City of) 6s
952
M N
958
F
A
958
F
A
*5X
*5X
961
J
D
56 X
9
♦4 Ha assented
Yokohoma (City) extl 6a
------
— — -
—
—
40
40
——
—
-
53
SIX
56 H
43
61
-■<*-
—
46
*35X
43 X
43 X
46
*8
♦Warsaw (City) external 7a
2
53 X
~
8H
--
—
—
5H
—
60
8X
5
7X
—
----
15
56 X
N. Y.
Week
Friday
Last
Sale
Range or
Friday's
See k
Price
Ended April 26
RAILROAD
69
Bid
Range
Since
Ask
&
Jan. 1
1947 J
z
cc
y
bb
54 H
*104 X
D y bb
♦104X
10-year deb 4X» stamped. 1946
Adriatic Elec Co extl 7s.....1952
Ala Gt Sou 1st cons A 5s
1943
1st
4s series B
y
54X
108
bb
y
bb
x
aa
x
y
b
— — —
b
bbb3
y
bb
aa
55
*55 H
*77
------
82 X
—
....
104
....
101
108X
20
59 X
2
----
14
73 X
81X
73 X
43
45 X
Allegb A West 1st gu 4s
1998
y bb 2
Allegh Val gen guar g 4s
1942 M S x aa 2
Allied Stores Corp deb 4HS..1950 A O y bbb2
4 Ha debentures
1951 F A y bbb2
x
a
140
63
b
2
y
b
2
FN
x
bbb3
Corp conv 5 Hs. 1949 J J
Telep A Teleg—
20-year sinking fund 6Ha. 1943 M N
3X8 debentures
1961 A O
3Hs debentures
1966 J D
y
b
x
aaa3
lOVhi
x
aaa3
109X
x
aaa3
—
63
1
106
10
101
2
98 X
10SX
98 X
109
3
1
64
74
100 x
------
Amer IG Chem conv 5
y
42
106
------
♦Alplne-Montan Steel 7s
1955 M S
Am A Foreign Pow deb 5s...2030 M S
109X
*16
— — — -
56
104X
104H
107H 108X
59X 80H
109
110
107X 108 H
64 H
60
99
34
42
31
76 H
83
66 X
74X
41
47 X
64 X
59
105 H 107X
100
101x
94 X
99
111
108
con
17H
112
65X
64 H
104 h
104 X
105
105
104 H
105
107
107X
108 X
109H
70
66 X
17H
60 H
68 X
J y bb
2
109
108X
------
*105 h
37
109X
107
....
108*
109
9
102 h
103
32
107X 110X
10 5 X 107
107
5s.. 1945 MN
cons g
4Hs B....1981 F A
Buff Nlag Elec 3 H« aeries C.1967 J D
Buffalo Rochester A Pgh Ry—
30
41
138
34
41
1
43 h
43
44
9
43
50
98 H
98 H
3
Armour A Co
A
x
aa
2
104
103 X
104
7-9
J
x
aa
2
103H
103 H
104
26
O
x
Adjustment gold 4s
1995 Nov
Stamped 4s
......1995 MN
Conv gold 4s of 1909.—..1955 J D
x
bbb3
——————
x
bbb3
87
x
aa
2
Conv 4s of 1905
x
aa
2
——————
——
aa
2
Conv gold 4s of 1910
I960
x
aa
2
Conv deb 4Hs
1948
x
aa
2
Rocky Mtn Dlv 1st 4s
1965
x
aa
Trans-Con Short L 1st 4s_. 1958
x
x
a
2
*
*95 X
—
— —
104 H
309
2
------
79 x
38
62
79 X
110x
110
110x
19
109
110H
102 x
102 h
90 x
102 x
15
91x
239
82
92 H
15
38
48 H
b
x
47 x
2
bbb3
x
a
------
91
at 3% to 1946) due
1957 MN
{Burlington Cedar Rapid A Nor
{♦1st A coll 5s
1934 A O
♦Certificates of deposit.
z
z
Consolidated 6a
1955
yb
1960
...1966
x
112
113x
u5h
97
9
nix
88H 106 H
1
109
....
13
97 H
-
— --
97
96
96
8
2
96
104
30
104X
------
------
Guar gold 4 Hs
1955/
1956 F
Sept 1951 M
Canadian Northern deb 6 Hs -1946 J
Can Pac Ry 4% deb stk perpet.. J
Coll trust 4 Hs
1946 M
J
1954 J
1960 J
6s equip trust ctfa..-J....1944
Coll trust gold 5s..Dec
1
Collateral trust 4 Hs
Cart A Adlr 1st gu gold 4s...1981
Celotex Corp deb 4H8 w W..1947
♦Cent Branch U P let g 4s. .1948
{♦Cent of Ga 1st g 5s
Nov 1945
♦Consol gold 5s
1945
♦Ref A gen 5 Ha aeries B..1959
♦Ref A gen 5s series C
1959
♦Mobile Dlv 1st g 5s
1946
1966
{♦Cent New Engl 1st gu 4s..l961
{♦Central of N J gen g 5s
1987
♦General 4s...
J
J
O
A
D
A
8
J
J
S
J
D
J
J
x
38
4x
3x
68h
4
68 h
45 h
------
59
104
104x
aa
39
105
....1987 J
30
4x
19
69 h
9
36 H
4
3
59
28
40
81
18
79H
98x
31
96
103X
99
106 X
£>
40
101x
aa
102
101x
102 x
91
101x
102
13
x
aa
99 x
99
x
aa
97 x
97 x
aa
97 x
x
x
y
x
63 x
aa
z
83
103
a
x
63
83
a
x
96x
108h
109
aa
bbt
102x
a
z
80 x
80 x
73
*44
ccc
x
a
1962 A
O
x
*108h
ioo
100H 107H
101
98 H 105H
14
96
29
109
18
64
46
84 h
28
108 h 113H
60 H
69 X
74
....
5
h
88 x
13
19h
6x
*2x
2x
*8
*4x
-----
6h
2x
94 H
108x
36
3 X
2H
....
6
7X
2H
38
8x
30 H
6H
....
3
19H
26 H
....
45H
90 X
8H
5
....
95
75
....
73
108x
*111x
51h
1
108x
a
51 h
17 x
13
15x
5
108 h
41
67 x
68 x
46x
*55x
—
106 H 109
1
47 x
16x
6
95 H
77
110
-----
107x
16x
l»
6X
....
97 h
15x
—
H
100 H
85 H
*70
------
44
109H
44 h
*94
------
79
44 H
2
88
84H
70
108
44 h
108 H
79 H
26
46
109
89
80 X
101
10
80 x
103 H
95 H 103
22
103
44
*26 h
107
16
97 x
100
100
85
98
100
*18
A
Central RR A Bkg of Ga
98 X
104X
99 H 104
11IX
54
44
20 H
16H
14X
18
106 H 110
♦
—
y
.
—
67
— -
46 h
b
60
78h
81
— —
107
66
45X
54
58
—
1
73 X
61
62 H
110*,i 112'n
45
81
*106x
Certaln-teed Prod 6Hs A... 1948 M 8 y b
85 H
48
—
al09x al09x
Central 8teel 1st ga 8s...... 1941 MN xbt
75
....
82
75
Champion Paper A Fibre—
8 f deb 4Hs (1935 tssue)__1950 M
8 f deb 4Hs (1938 issue)..1950 M
103X 107
87 H
85 H
92
89
91 H
95
97 X
93
67x
5931942 MN yb
General gold
X
96
123 h
1992 M 8
Ref A imp mtge 3Hs D..1996 MN
Re A lmpt M 3 Ha ser E..1996 F A
D
Ref A lmpt M 3Ha ser F..1963
2
100X
5
108X 110X
R A A Dlv 1st con g 4a...1989
106 X 109
114
114
....
3
104
S
4 Ha
12
105X
8
104
123x
123x
104X 106H
103
104H
122
98 H
125X
99 X
98 H
99 H
Chesapeake A Ohio Ry—
100 X
2d consol gold 4s
1989 /
99
99 x
52
99 x
99 x
99 x
47
105x
105h
76
105h
*100
J
J
117
J
*109
-
-
—
J
103X 107 H
101X 101 X
109
aa
bbb3
96 H
95 X
96 H
35
92
96 H
♦Chic A Alton RR ref g 3S..1949 A
O
x
bbb3
98 H
97
99 H
24
93X
99H
J
aa
S
x
bbb3
69 X
69
69 X
69
68
77
Chic Burl A Q—111 Dlv 3Ha. 1949 J
Illinois Division 4s
.....1949 J
J
aa
Warm Soring V let g 5s—1941 M
17
99 h
x
52
102
aa
x
1964 J D y bb
10-year coll tr 5s.-May 1 1945 MN y bb
LAN coll gold 4s...Oct 1952 MN y bb
47
51H
61
102H 105
80
aa
Cent Pac lBt ref gu gold 4a..l949 F
108X
—
6H
69 H
97x
c<
109 X
-
7
3X
98
x
z
108
-
40
%
6«H
13
47
104 h
x
x
J
100 X
-
98 H
107H
109H 112H
108X 108H
36
5
;i
100 x
MN yb
F A yb
J D y bb
J D z ccc
F A z ccc
M N z cc
A O z c
A O z c
/ D z cc
/ J z cc
M 8 y bb
M 8 y b
M 8
A O
J J z b
J
J z c<
Craig Valley 1st 5s..May 1940
Potta Creek Br 1st 4s
1946
-----
113H
93X
80
1970 F
101 X
99 H
*114
92
111H 115H
27
x
106x
4x
a
J
8
.....
—
-----
14
13h
14
109
114
117H
106
3
117
110
....
78
12 X
16H
97 x
34
92 H
97 X
100x
96x
100x
100 x
47
97 X
102X
54
56
62 X
62
General 4a
91 x
91 x
92 x
66
87 H
93
2
73 X
73
74
29
69 X
76
1st A ref 4 Ha aeries B
1977 F
A
82
81
82 h
29
77 H
83 X
2
66
66
66 X
8
64 X
70
1st A ref 5a aeries A
1971 F
A
89 x
88
89 x
52
83 H
90
2
52 X
X
Attention ia directed to the
13
55 H
87
mix
yb
J
2691.
48
96x
38x
cc
D
For footnotes see page
91 x
*108h
bb
..1952
z
1944 J
General unified 4 Hs A
11
106x
cc
y
106 h
114x
------
44X
----
113 x
97 x
b
Bush Terminal 1st 4a
47 x
83H 103
------
91
aa
1946 J
Atl Coast L 1st cons 4s_July 1952 M
47 x
*55 x
105 x
bbb3
Atl A Charl A L 1st 4Ha A..1944 J
1st 30-year 5s series B
79x
90 x
ccc2
x
Through Short L la* gu 4s.l954 A O
Guaranteed g 5a...
1960 F A
85X
87
12H
9
--
x
modified (Interest
109X
2
Atl Knox A Nor 1st g 6s
2
105 X
88
86 h
aa-2
Cal-Arlz 1st A ret 4Hs A.. 1962 M S
104 X
105X
100
49 H
49
aaa4
aa
Central N Y Power 3Xs
102X 107 H
97 X
60 H
44
bb
x
Stamped
--
51
40 H
49 X
y
y
A
12
51
41H
45H
109
41
bb
...1955
*10x
cccl
41 H
43 H
x
1st Hen A ref 6s aeries A.. 1947 MN x bbt
Debenture gold 5s
...1950 J D y bb
1st lien A ref 5a aeries B...1957 MN x bbt
U0X
2
bbb4
1995 A
I
x
108
cc
x
1955 F
1957 J
2
y
1950 F
Cent Hud G A E 1st A ref 3 Hs *65
y
y
C (Del)
A
.1941
105 X
bbb3
J
(Dei) 4s B
61
109 X
x
Ark A Mem Br & Term 5a.. 1964 M S
ser
49 h
107
-
♦Anglo-Chilean Nitrate—
f 4s
44
Cent Illinois Light 3Hs
109
m a
49
103
9
94
102 X
1st
132
Certificates of deposit
Bklyn Un Gas 1st
109H 109 H
50 x
105X
102
Anaconda Cop Mln deb 4 Hs.1950 A
Atchison Top A Santa Fe—
General 4s
100H 105
45
Central Foundry mtge 6Si._1941
Gen mortgage 5s._
1941
21
Am Wat Wks A Elec 6s ser A. 1975 M N y bbb2
1955 Q
104X 112
67
49 x
gtd 5s stmp ctfs...l941
Bklyn Union El at g 6s
16H
15H' 15H
93
♦Chatt Dlv pur mong4s.. 1951
Amer
4s
50 x
15
230
105
*109
aaa2
16H
14H
..
10513i«108H
lion
49 x
Carriers & Gen Corp 5s w W..1950
44
g
109 x
104 x
105
45x
87
3
{Ann Arbor 1st
109 h
49 x
83
2
Jan
"15H "l"7"
1
....
MN y b
1961 A O yb
A O yb
----
83
b
1967
----
141
{♦Carolina Cent 1st guar 4s. 1949 /
Caro Clinch A Ohio 1st 6s A. 1952 J
y
5 f Income deb
-
50 h
61
y cc
O
-
--
15h
46
53
1949
Am Type Founders conv deb. 1950 J
-
-----
60 x
2
1950
Am Internat
16
216
----
Coll A conv 5s
Ha.-.1949
134x
58
115H 117H
131H 135
260
57
♦5s stamped
Allls-Chalmera Mfg oonv 4s. 1952 M 8
—
34
49 x
60
83
2
48 X
— —
-
108X
------
x
47
110 h
------
y
Alleghany Corp coll trust 58.1944
— —
—
108X
1943
cons
55 H
59 X
♦109X
Albany Perfor Wrap Pap 6s. .1948
6s with warr assented.....1948
Alb A Susq 1st guar 3 Hs
1946
x
Bklyn Manhat Transit 4 Hs. 1966 MN y.bb
y bb
Guaranteed gold 68
Guar gold 4Xs..June 16
Guaranteed gold 4Hs
COMPANIES
Coll trust 4s of 1907.
.
116x
50 x
Canadian Nat gold 4Hs
1957 /
Guaranteed gold 5s. .July 1969 J
Guaranteed gold 5a
Oct 1969 A
and INDUSTRIAL
{ {♦Abltlbi Pow A Pap 1st 5S.1953 / D
Adams Express coll tr g 4s
1948 M S
-
--
Week's
Elig. &
Rating
STOCK EXCHANGE
3
Canada Sou cons gu 5s A...1962
Bank
||
1 "J 1
Certificates of deposit
Bklyn Queens Co A Sub RR—
Bush Term Bldgs 6a gu
Calif-Oregon Power 4s
BONDS
......
133x
*105x
*14x
15x
*14x
*14x
-
-
45 x
44 h
Buffalo Gen Elec
external conversion.....
116
53
----
84
49 x
{♦Boston & N Y Air L 1st 4s. 1955 F
971
----
63 x
40
♦
1
8 y b
S y b
Bklyn City RR 1st 5s ctfs..l941
Bklyn Edison cons M 3XS--1966 MN
5X
....
60
*35
-
aaa3
14X
♦14X
♦External • f 6s
--
1
a
15H
A
♦Uruguay (Republic) extl 8s
-
1955 MN y b
1st g 4Xs aeries JJ
A
68
72H
bbb3
1944 / D
.....
F
O
45
72H
1952
Stamped
F
f 5 Ha guar
72
37
—
cccl
16
18
955
a
56
1959
1st M 5a aeries II
947
External
50
63 x
3
2
2
23
8ydney (City)
a f 6 Ha
Tokyo City 6s loan of 1912
70
b
♦Debenture 6s
37 H
7
57
b
21X
16 H
3
13
b
Boston A Maine 1st 5a A C.1967 M
M
Stamped
....
63 h
aaa3
♦Berlin City El Co deb 6 Hs.1951
♦Deb sinking fund 6Hs._-1959
lix
5X
60
134x
1960
12 X
70
63 h
3
aaa3
♦Sileslan Landowners Aaan 6s......
68
92H 101
116
D
f 5 Ha
14
aaa3
Telep of Pa 5s aeries B..1948
7X
6
53 x
94
bb
7X
36
92 h
bb
1
11
50
93 h
bbb4
Big Sandy 1st mtge 4s
-----
45
------
Battle Cr A Stur 1st gu 38.. 1989
Beech Creek ext 1st g 3 Ha..1951
D
*4X
45
2
bb
1951
/
------
26x-
bbb3
.....1955
♦Berlin Elec El A Undergr 6 Hs *56
IfBeth Steel cons M 4Hs D.1960
12
53
69H
24 X
Bangor A Aroostook 1st 5a.. 1943
I
7X
12 X
70 H
66
13X
....
64 H
65
10
-----
63
35
Stamped
12
MN
12 H
13H
101H
68
67 x
8
♦14
J
67
i
82
100
2
....
26 h
15
33 H
68
3
88 h
ioox
66 x
1st A ret 5s series C
7
—
10X
20
------
12
75H
bb
Toledo Cln Dlv ref 4s A.. 1959
61
7X
88 h
25x
/
a
75
107H
70
88 H
43H
67 h
958
Taiwan Elec Pow
105
25
26x
958
...
♦4 Ha assented
9
70
*99332
Bell
12
8
62 x
3
48 8tamped
11X
39
70
ccc4
Cons mtge 3Xs »er F
946
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
68
Pfg L E & W Va System—
Ref g 48 extended to._1951 MN
13
7X
7X
----
*
78 H
♦10X
♦8X
945 J
6 Ha
---
8X
22
76 H
MN
58
14
8X
*
MN
957
5
9X
*9X
------
♦6 Ha extl secured a f
San Paulo (State of)—
\7H
48
------
M S
8H
3
9X
A
/
964
♦8s external
106 x
a
y
S'west Dlv 1st M (lnt at 3 H %
to Jan 1 1947) due...1950
11X
10X
7
15
11
42 X
F
....
f 4s
105 x
21
bb
♦Conv due ......Feb 1 1960 F
21
9 X
9X
O
953
Sao Paulo (City of, Brazil)—
♦8a extl secured a f
34 H
75
High
z
1
to Sept 1
98
7X
10 H
10
*9
D
952
959
.
41
31H
>w
Ref A gen ser F (lnt at
13X
103
21
--
10
8H
MN
paid
37 H
1
Ref A gen ser D
13H
13
99 X
-----
10 H
J
967 J
♦Roumanta (Kingdom of) 7a
23
z
13
....
13
9
966
.
No.
38h
31 h
(lnt at 1 %
1946) due..2000 M S
1%
to Sept 1 1946) due.. 1996 M S
11
13
10
946
_
Hioh
37 x
31x
73 x
O
Dec
Con ref 4s
Rome (City) extl 6Hs
Since
Jan. 1
D
11H
7X
x
conv
(lnt at 1%
1946) due..1995 J
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due...1995 J
to
7
5H
1953 M
deb 4Xa'39 J
/ y c
Austin A N W 1st gu g 6a...1941 J
J y bb
Baldwin Loco Wks 5s stpd._1940 MN y bb
Baltimore A Ohio RR—
X
sx
6
98X
------
{{♦Auburn Auto
9X
....
-----
13
40
103X 105 H
....
6X
13
10
♦12 H
80
A
968
♦7a series B sec extl...
♦Silesia (Prov of) extl 7s
----
10
------
S
947 F
8X
♦10X
10
1
----
*6
J
....
7
-----
7H
D
J
7
—— —
7
/
961
966
—---
105 H
*14
968
♦68 extl af g
♦7a extl loan of 1926
®
<0
Ref A gen ser A
MN
M
M
g
S
82
MN
♦Sinking fund
Atlantic Refining deb 3s
73
952
a
75
11
Range
I
03
Adk
75
J y b
77
951
a
Atl Gulf A W ISS coll tr 5S..1959 J
73X
♦Prussia (Free State) extl 6 Ha
♦External a f 6s
Santa Fe extl
68
105H
947
__
or
A
37x
/ y b
J y b
1948
105H
958
♦Porto Alegre (City of) 8a
♦Extl loan 7 Ha
coupon
51X
Second mortgage 4a
03
Friday's
Bid
Low
13 X
65
------
940 A
_
♦Stabilization loans f 7s...
♦4 Ha assented
♦External sink fund g 8a
♦4 Ha assented
♦February 1937
Railroad & Indus. Cos. (Cont.)
1948 J
Price
12
,
Range
Sale
See k
55X
Atl & Dan 1st g 4a
Week's
Last
Rating
0,
D
961
♦Nat LoaD extl a f 6a 2d ser
♦Poland (Rep of) gold 6a..
♦4 Ha assented
♦7a municipal loan...
High
Friday
Elig. A
N
MN
960
Rio Grande do 8ul (State of)—
♦8a extl loan of 1921
Week Ended April 26
O
947
♦Prague (Greater City) 7 Ha
----
59 H
963
-
♦Saarbruecken (City) 6a
17H
56 X
959
.
♦Peru (Rep of) external 7a
♦Nat Loan extl a f 6s 1st ser
N. Y. STOCK EXCHANGE
No. Low
High
*
68 X
BONDS
Since
Jan. 1
Bonds Sold
Ask
A
A
963
_
♦Stamped assented
♦Pernambuco (State of) 7a
2687
953 J
..
A
2
Bank
Range
Friday's
Bid
Low
952
953
Oslo (City) a f 4 Ha
♦Panama (Rep) extl 6Ha
a
Sale
Price
(Concl)
♦Nuremburg (City) extl 6s
Oriental Devel guar 6a
Extl deb 5 Ha
♦Extl
Range or
Record-Continued—Page
Week's
Last
new
...1958 M 8
a
column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See
k.
New York Bond Record-Continued-Page 3
2688
Elig. &
BONDS
N. Y.
Price
Bid
Low
(Com.)
O
b
z
122
118
{ {♦Chicago A East III 1st
A
{♦Chic A E 111 Ry sen
MN
z
1982 A?N
m a
{♦Chicago Great West 1st 4«.1969
j
{♦Chic Ind A Lou1st ref 6s_.1947 j
z
cccS
*1614
21%
z
ccc3
*1614
15)4
814
814
♦59
20
23)4
16)4
12)4
1534
12 H
68.1934
68
1961
cccl
z
bbb2
ccc3
B..1947 j j
j z ccc3
♦Refunding 4s series C—1947 j
z cc
2
♦1st A gee 6« series A—...1966 M N
♦
J z cc 2
1st A gen 6s ser B-.May 1966 j
J ybb 2
Chle Ind A Sou 60-year 4s..1966 J
{Chic Milwaukee A 8t Paul—
z ccc3
♦Geo 4s series A ...May 1 1989
z ccc3
♦Geng3Xs ser B.May 1 1989
z ccc3
♦Gen 4 Xs series C.May 1 1989
z ccc3
♦Gen 4X« series E.May 1 1989
z ccc3
♦OeD 4X« series F.May 1 1989
{Chic Mllw St Paul A Pac RR—
z cc
3
♦
Mt-^e v 5s series A
1975 r a
z c
2
♦Conv adj 6s......Jan 1 2000 a O
♦Refunding g 68 series
{Chicago a North Western Ry—
♦General g 3X8
...1987 M N
♦General 4s
...1987 M N
ccc2
♦
1st ref g 6s
1st & ref 4Xsstpd_May
♦1st A ref 414s C..May
A
♦Conv 4X» series
J
"17"
I960
18)4
18)4
19)4
13 X
16
15)4
13 %
26
"17
19
165
2)4
3
3
1614
42
15)4
1414
1714
17H
•
42
4
49
67
cJ3X
16 34
19
12 X
7)4
634
215
5
8)4
131
4)4
734
7)4
6)4
1)4
6
5)4
8'4
15
80)4
1)4
80)4
1
1
5)4
1)4
19)4
18
2 *4
8034
67
67
67
47)4
51)4
"bsh
61
58)4
63)4
52)4
50
54
I
5814
51
55
51
•
1st mtge gu 3Xs w e
1969 F
Clearfield A Mab 1st gu 6s..1948 j
aaa4
aaa4
A
bb
104
3
aaal
108)4
109)4
24
10514
9314
10914
10634
11
93)4
52
94
31
9314
55)4
1314
"1314
109)4
*11034
*103)4
10814
10814
110)4
9314
2
x
bbb3
bbb3
13)4
11
5
104)4 107)4
10614 10934
104)4 106)4
90
94
95)4
89)4
69
40)4
12)4
13)4
107)4 109)4
109)4 111)4
109)4
108)4 110)4
110)4
109
64
x
8
56
109)4
*80
J
75
.1993 / D
General g 4s.......'
Ref A Impt 4 V4s
1993 j
J
series E..1977
Cln Wab A M Dlv 1st 4S..1991 j
St L Dlv 1st coll trg
D
j y b
2
J y bb
3
4S...199T UN
W V Val Dlv 1st g 4a
Cleve & Pgh gen gu 4)4s B..1942 A
Series B 314s guar
...1942 A
75
aaa2
*108
aaa2
*105)4
108
aaa2
*9914
10714
105)4
x
aaa2
x
100
aa
2
2
100*4
100
107)4 110)4
108)4 108)4
105 H
10534 108)4
*102)4
aa
99
108
aaa2
*10414
*109
108)4 10 J >4
7534
11
8634
17
74)4
8534
75)4
76
31
73
90)4
82)4
1977 A
Ojx bbb3
68
68
68)4
20
67)4
7434
aaa2
3
105""
7214
28
10414
J x bbb3
105)4
Jan
15 1961 /
1st mtge 814s series I.....1968
Conv debs 314s
D
i
aa
4
4
11114
3
13014
x
bbb3
Conn Ry a L tat A ref 414s.. 1951
Stamped
x
aa
..1951
414a
x
3
73
34
2714
28)4
36
10434
10534
23
105)4
104)4
119
284
130)4
89
119
119
x
aa
16914
1946
x
aa
105)4
105)4
314s debentures.....
1948
x
aa
107
314s debentures
1958
x
aa
314a debentures
1958
♦Consolidated Hydro-Eleo Works
of Upper Wuertemberg 78.1956
Consol OH conv deb 314s...1951
{♦Consol Ry non-conv deb 4s 1954
x
aa
10534
10834
108)4
314* A
41
111)4
*85
a
23
108)4
11014
130
1961
s f
"40
,
107 34
314s decent ures....
Conn Rlv Pow
27)4
34)4
103)4 105)4
10334 105)4
105)4
*109)4
109)4
guar
104)4 106)4
67)4
73)4
....
"26
109)4
s f
cccl
z
...1956
♦Debenture 4s
Consolidation Coal
z
...1955
♦Debenture 4s...
bbb2
1960
106
14
107
107)4
45
105)4
105)4
24
10834
17
/,:-n
cccl
x
5s
109)4 111)4
125
130)4
89
89
118)4 119
109)4 109)4
108)4 109)4
10634
10534
,
105)4 107)4
106)4 108)4
105)4 107)4
107 X 109)4
14
14)4
104)4 106
106 34
18
15
19
cccl
*18
19
15
18)4
z
cccl
*18)4
19)4
16)4
18)4
z
ccc2
5834
66)4
60
314s
May 1 1965iMN
x
18
58
aa
1967|M N
x
aa
1970,MAT
x
aa
1st mtge 814a
1st mtge 314s
1966 MAT
x
aa
..1969 M AT
x
aa
mtge
Container Corp 1st 6s
1946 j
15-year deb 5s
Continental OH
..1943 j
conv
2J4S..1948 J
Crane Co s f deb 314s
Crown Cork A Seal s f 4s
I
x
11114
10814
4
A
x
a
x
a
x
bbb3
104 34
x
bbb4
105
y
b
aa
1952
y
y
y
ccc2
2834
ccc2
6s series B extended to 1946...
108)4
b
714s series A extended to 1946.
Del & Hudson 1st A ref 4s..1943 M N y bb
For footnotes see page 26 >1.
108)4
109)4
102)4
101)4
1950 UN
j
108
'101)4
x
1951 f
108)4
110)4
111)4
108)4
bbb4
D y bb
108)4
11034
110)4
109)4
D
8 f 414s debentures
..1948 J
Crucible Steel 414s debs
1948
Cuba Nor Ry 1st 514s......1942
Cuba RR let 6s g
D
x
aa
J
z
ccc2
J
x
aaa4
a
z
ccc2
aa
6a stamped
cons g
4s prior 1890
107 %
104
106)4
10334
104)4
28)4
5
2
26
103
7
21
7
101)4
10834
21
54
1
104
**
m
m
16
30
25
9
108
*4 ■**•*.**
m
15
108
24 H
25H
67
4
92%
151%
108H
«
'm
-
*m
*56
mmm
mi
59
95H
*100 %
23
cccl
let Hen 6s stamped
30-year dab 6a series B
1942
2
m — —
;
c
**
0*
59
.*
22
262
21H
28%
13
26
24%
11
18 X
lt
18
m **
"«3
63X
26
15%
15H
16H
154
16H
119
13K
13 %
60 H
61 %
70
21
49 X
13
13 H
25X
18
18
64
70
•2
94
67 H
68 H
'm*
m>
**
24 H
00%
**
**■*>
62"
23
15H
15H
2
jz b
*94 H
**>
•*.
**
+■*•
*75H
A'y
bb
a
4
88
1
D
"107H
Six bbb2
u
8
x
bbb2
u
8
x
bbb2
************
U
S.x bbb2
104%
"**
Dy bb
3
O
a
4
J
ccc2
7
90
********
~iol%
******
107H
103H
104H
*******
♦102H
104 %
********
103H
104%
14
103H
103%
105%
30
104H
*35
**'**'**
<m
*52
**
*.
**
98
88
27
107H
*102H
*102
u
1954 J
60
27%
24%
23
*
jz b
Firestone Tire A Rub 3)48.. 1948
{♦Fla Cent A Pennln 5e
1943
52%
*.*,***•
26H
27%
cccl
x
110
»6
mt*'**
•
93 H
149X
1§7
00 %
m.~~-
O
J
90 X
141
~
11
109
*55
O
..1954 f
30 X
12
100 X 109 H
*100H
23
-
106H 108X
27
108H
*149
"108H
cccl
Ernesto Breda 7s
25H
97X 101
105 % 107 %
107%
92
**
J
Fairbanks Morse deb 4s
.1950
Federal Light A Trac 1st 5s..1942
5s International series..1942
1st lien e f 5s stamped
1942
109 X 111H
110X U3
40X
40 H
8
99H
2
♦N Y A Erie RR ext 1st 49.1947 un z bb
{♦3d mtge 4Xs
1938 M S.z b
5
110 H
*106%
2
O
♦Erie A Jersey 1st e f 6s-.1955 J
♦Genassee River lataf 6s..1957 J
11%
l'08%
106%
2 **'******
z
108 H
11%
4
——
48
*25
*•***.
bb
c
8
*i 06
"l07X
1953
♦Series B
1953
♦Gen conv 4s series D....1953
I Ref A imp 6e of 1927
1967 Af N
♦fRef A Impt5aof 1930..-1975 A O
5%.
111
rnmmmmm
bb
♦
3%
2%
27
110%
bbb3
cc
1%
99
mm**'
4s—1996
♦let consol gen lien g
♦Conv 4s series A.
2%
*40
99
2
bbb3
5
59
109H
mm** mmm
a
aaa4
2%
2%
111
109X
mmmm**m
x
4
8
109" """8
mmmmm*.
East Ry Minn Nor Dlv 1st 4al948 A O
EastT Va A Ga Dlv 1st 6s...1950 UN
/
Ed EI HI (N Y) 1st cons g 58.1995 J
A
Electric Auto Lite conv 4s—1952
O
El Paso A 8 W 1st 6b
1965
108 X
108
101X 105
***>'****
102
102
102
104X
104X
103
1
101X 104X
104 X 107
46 X
46 X
49
*.
65
{Florida East Coast lst4Xa.l989 j D
♦let A ref 5e series A
1974 u 8
bb
2
53%
*,'***.*.
cc
1
6%
6%
6%
35
6X
♦Certificates of deposit
Fonda Johns A OIov 4Hs—1052
cc
1
6
6
6H
11
6
{{♦Proof of claim filed by owaer UN
(Amended) 1st oons 2-4S..1982
{{♦Proof of elalm filed by owner UN
♦Certificates of deposit.
Fort St UD Co lstg 4){e
1941 j
Francisco Sugar toll trust 69.1956
z
c
c
r2%
z
j
5
*2H
z
********
...
a
3
UN y b
2
Gas A El of Berg Co cons g 5s 1949
Gen Am Investors deb 5a A. 1952
x
Gen Cable ltteffiXeA
♦Gen Elee (Germany) 7s
x
****
*101
3
2X
2X
2X
** m ** m
100»t„100I*„
10
57%
57 X
49
1
y bb
3
"io 4"
*******
.
****
cccl
cccl
a
x
aaa3
104H
104H
3
69%
67 X
y b
Jz
2
c
/
cccl
O
bbb3
*
m.'****
bb
*m
**
**■*•■**
105~"
1
X a
4
17
20
22 X
18 X
22
104
86 X
105X
91X
i04X
3
88
— --
104X
80
80
5
82
96 X
79
-—-
"108H
**
86
80
%i;-2
72
88
■'****'-
-**'*1
m*
****
107H
108H
43
100
100H
29
00
94
94H
11
88 X
95
*,'*»**
86 %
87%
18
81
87 X
bbb3
"87H
88
22
81
x
bbb3
104
215
t9X 104
x
bbb3
103H
94 %
85%
101 %
123
88
94 X
71X
78 X
58
58
x
«i* ** **
■
Feb
N
O
1950.A O
O
94%
78%
*61
64
z
c
2
x
aaa2
100H
y
bb
y
4
a
z
aa:
58-1937 UN
z
x 100 x
86%
3
83
87 X
81%
1
IO3
" "Te
111
4
21
_
21
3
120 X
Illinois Bell Telp JHs aer B.1970
Illinois Central 1st gold 4s...1951
21X
123
121H
5
73H
73H
2
72
S2
§7
100X
31
12
37 H
125
126X
*53 H
100%
126H
126H
6
47 H
47 H
48H
109
13H
13H
33
111%
*87%
112
*85
..1951
112
5%
45 X
50 %
12X
16 X
U0X 112X
12
90
■m.*e*rn'****
91
86
-
*85
lstgold3Hs
34
32%
80
44 X
60 %
99 %
13H
A y b
103
107X 111
121H
'
100%
32 H
126H
1957
83 X
90 X
21X
b
1949 UN
79 X
90 X
•6
':**i*4 ''
bb
Houston Oil 4Hs debs
1954 un
Hudson Coal lstsf SsaecA—1962 j D
8X
100
*85%
101H
cccl
z
6
111
T62H
bt
x
x
88
1
81 %
x
o
47
*******
100x
100%
86
bb
105X 108 X
7
*6H
J yb
Gulf States Util 3X« ecr D —1960 un
J
♦Harpen Mining 6s
1949 j
/
Hocking Val lat ooea g 4 Xs_. 1999 J
92%
75%
Gen mtge 8Xb series I ...1967 J
x bbb3
♦Greea Bay A Weet deb ctffl A... Feb y bb 1
Extended
14
14
4
21%
'm m.'**
bbb3
Feb
27 X
104 X 107
66
72
55
100H
xbbb3
x
Hadaon Co Gaa 1st g 5a
28 X
34 X
26 X
26
105%
87%
1
Geseral 4X« series D
1976:J
General 4 Ha series E
1977 J
General mtge 4s aeries G—1946 J
Gen mtge 4s aeries H
1946 J
Hudson A Manhat lat 5a A.. 1957 F
80
10
mm:****
***m
105
105
104X
X
82
3 -rii
b
1944 a
24
*104%
aaa2
bbb3
Hoe (R) A Go lat mtge
101
Tov
b
x
1st gold 2Xs
"21%
87%
2
bb
let A ref Term M 5s stpd.. 1952 J
Gulf States Steel a f 4Xs....1961 A
34%
28%
104%
69%
*19
4
b
**
103
16%
******
cccl
D
*25
******■**.
2
11
********
34%
**
**
'
1973 V
♦Ad) Income 5s
104%
*25
z
1950
oona g
104"
104H
z
un
Great Northern 4Xs ser A..1901 J
General 5X« series B
1952 j
{{♦Houeatonle Ry
104
cccl
Gotham Silk Hoa dab 5a w w.1946 m 8
Gouv A Oewegatchle lat 5a .1941 / D
Grand R A I ext lat gu g 4 X«1941
♦Debentures ctfs B
123X 124X
z
{♦Georgia A Ala Ry 5a.Oct 1 1945 J
tl*Ga CaroA Nor 1st ext 0e. 1944 J
♦Good Hepe Steel A Iraee 79.1945 a
Goodrich (B F) lat 4Kb.... 1950 J
General 6s series C
*125
'**
-'
86 %
86 X
86 X
1941
1st gold 3s sterling
—1941 u s
Collateral trust gold 4s._—1942 a o y bb
Refunding 4a
1955 UN ybb
Purchased lines 3 Ha
j y bb
1952 J
~~45%
"45""
46 H
19
44%
46%
46 %
47%
55
45 H
48 X
50
41X
45
Collateral trust gold 4s__—1951 UN ybb
Refunding 5a
1955 UN ybb
40-year 4«s
Aug 1 1906 r a
""45"
44%
42%
45%
mm'**'*.
107)4 109)4
108)4 110)4
10854 111)4
31
43
46 X
53
52%
53H
13
51X
56X
43%
42%
152
41 X
105)4 109)4
107
109)4
m ******
78 X
46 X
78 X
62 X
65
102
Cairo Bridge gold 4s
Litchfield Dlv 1st gold 3s.
Louisv Dlv A Term g 3 H s
43%
77%
106)4 110)4
104
106)4
Springfield Dlv 1st g 3H8-1951
Western Lines 1st g 4s
1951
105)4
101)4 102)4
10634
16
104)4
37
104)4 107)4
102)4 104 34
105 %
35
17
*40
*
1951
x
bbfc
1953
y
bb
y
bb
bb
.
y
«.
63
64
64
Omaha Dlv 1st gold 3s
1951
St Louie Dlv A Term g 3a—1951
Gold 3Hs
1951
63~
63
.
M
40"
*
1950
-
64
*
59%
**'-*+¥*
"45""
*
45
—
mm**
**m'm**
bb
x
bbt
*75"
y
bb
*55
m
1
m
**
28)4
35
62X
65X
m**-m mm
rnmmmm
2
45
54
mmrn*mm
mmmmm
mm mm
70
63
56
40
37
38
4
43)4
44
2
43
46
33
33
1
32
35
56
5534
5634
55)4
63)4
Attention is directed to the
new
column incorporated in this tabulation pertaining to
m
2
31
33
-
rnmrnm
59%
y
■
101)4 105)4
29)4
76
1
1
2X
102%
56%
8X
8X
t
r2%
*2H
m*t>
**
67%
aaa3
y bb
1947
1944
lat mtge 5a series C
Gulf A Ship Island RR—.
109)4
Consumers Power Co—
1st
o
3)4s 1962
{{♦Dul Sou Shore A All g 5s.1927 j
Duquesne Light 1st M 3 )4s. . 1965 j
8%
2
108 H
T08X
aaa3
i()7X
18
1st mtge 3148
1st mtge 8*48
x
Greenbrier Ry lat gu 4s
1940 U
Gulf Mob A Nor 1st 5HaB.. 1940 A
Consol Edison of New York
z
D
♦Second gold 4s
105)4
113)4 114)4
103)4
*110
a
J x
"8
105)4
6914
*114
10714
aa
...1968
Conn & Pasump Rlv 1st 4s_.1943
105
*104
Columbus A H V Istextg4s.l948 a Ox aaa3
Columbus a Tot 1st ext is.. 1956 FAx aaa4
Columbus Ry Pow A Lt 4s..1965 MATiX
Commonwealth Edison Co—
j
Detroit Term A Tunnel 4 )4s-1961 Af N
Dow Chemical deb 3s
1951 J D
106 H
43
9%
108
OKJ
3
83)4
*10814
Columbia G A E deb Sa.May 1952 34NIxbbb3
Debenture 6s
Apr 16 1952 a O x bbb3
Debsnture 6a
3
D y b
1st A gen ■ f 6 Xs
85)4
3
3
aa
3
j
Grays Point Term lat gu 5s..1947
Gt Cena El Pow (Japan) 7s —1944
75
1970 A O y b
Colo a South 414s series A..1980 AfN.yb
aa
x
M
Gea Metora AceeptdebSXs.1951 t
Gen Steel Cast 5%u w w__.1949 J
x
mtge
x
8
a
51)4
7514
Income
o
D..1961
1965
G.1966
5a—1995
1995
Gen A ref mtge 3 Xs ser
67
7514
♦5s
aa
62
*10034
2
A x bbb3
x
46
86
Colo Fuel A Iron gen a f 5s.. 1943 f
A
66
O'x
x
5%
46)4
aaa4
1945 j D
*4%
4614
Olx bbb3
Coal River Ry 1st gu 4s
2
ccc2
6434
4914
4614
O x bbb3
f 4 14s series C
cc
z
♦81nklng fund dab 6Xs. —1940
♦20-year s f deb 6a
..1148
O x bbb3
s
z
66)4
Cleve Union Term gu 514s.. 1972
1st s f 6s series B guar
1973 A
1st
7%
79 H
64)4
x
_
6%
75
x
Gen 414s series A
1977
Gen & ref 414s series B..1981
Cleve Short Line 1st g« 414s. 1961
6%
49
bbb3
414s guar
2
63)4
bb
..1942 j J
Series C 814s guar.......1941 M N
Series D 314s guar.*.....1950 F A
Series A
c
50)4
x
x
z
79
y
Cleve Elee Ilium 1st M 314s. 1965 J
1H
49
x
1940 M s
j
1940 J
Spr A Col Dfv 1st g 4s
66
*7614
bbb2
y
2%
1%
1
9%
9%
111)4
Cleve Cln Cblo a St Louis Ry—
General 5e series B
2%
ddd2
f
High
108H 109
104 H 106
7)4
75
*60
3
aaa4
Cln Leb A Nor lat eon gu 4s. 1942 UN
Cln Un Term 1st gu 314s D._ 1971 U N
ddd2
z
Detroit Edison 4)4s ser
Gen A ref M 4s ser F
Low
2
9
108
9
mm mm m m
ccc2
1134
11)4
614
cc
z
J
8)4
42
_
a«a4
a
{♦Denv & R G W gen
a
♦Assented (subj to plan)
O
♦Ref a lmpt 5s ser B.Apr 1978
J
{♦Des M A Ft Dodge 4s ctfs .1935
{♦Des Plains Val lstgu 4)4s.l947 M S
{♦Erie RR let
1154
8)4
2)4
c
b
mmm ***rnm
cccl
aaa2
8
5)4
714
Chllds Co dob 5s
1943 A O
{♦Choctaw Ok A Gulf con 5s. 1952 M N
Cincinnati Gas A Elee 814S--1986 f A
1st mtge 314s
1967 j D
3
cccl
z
j
14
6 54
1st mtge
aa
z
2034
13
6
—....1944
/* aaa3
t%» series E....1963 J
314s guaranteed....
1961 U fx aa 3
J* a
Chic A West Indiana con 4s. 1962 J
1st A ref M 414s series D_. 1962 M Ijx a
Guaranteed 4s
x
J
J
aaa2
27
7
aa
J
1936
5s .Aug 1955
j
10)4
cc
Ox
mrn-mrnm
O
Chicago Union Station—
A
3
1965
10)4
No
*.**+.*.
108%
3 mmmm'rnm
aa
{♦Consol gold 4)4s>.
Since
Jan. 1
0Q5O
High
108H
♦104H
aa
x
Erie A Pitts g gu 3 )4s ser B—1940
Series C 3)4s
....1940
10)4
10
CC
2
13)4
17
18)4
14
17)4
z
D y bb
12)4
....
17
Z
Dec 1 1960 MSyb
Income guar 6s
6
18
9H
2
D y bb
Memphis Dlv 1st g 4s....1951
12
1014
914
1014
D y bbb2
Chic T H a So'eastern 1st 58.1960
19
"is*
2
June 16 1951
2)4
17
D y bbb2
Gold 314s
7)4
1)4
1614
2
AfN z c
6)4
189
17
t
c
z
♦Certificates of deposit
♦Conv g 414s
106
*1434
2
Ch St I. a New Orleans 5s.. 1951
30)4
1614
17
MSU
|♦Secured 4Hs series A...1952
23)4
12
cc
ZCCC2
2614
1614
_
♦Certificates of deposit--—
29)4
1634
cc
{♦Refunding gold 4s
.1934 AO
♦Certificates of doposlt..—
24)4
24
Low
x
Dul Miss A Ir Rangs Ry
cc
{{♦Chicago Railways 1st 5* stpd
zbb
Feb 1940 25% part pd._1927 F a
J ? ccc2
{♦Chic R I A Pac Ry gen 4s,_1988
21
2634
2614
Ask
A
J
Detroit A Mac let lien g
26
Range
ll
Friday's
Bid
/
60)4
634
134
1%
ccc2
D
10)4
28)4
27)4
2934
614
114
614
Price
Ist4)4s..l971
'at A ref 4)4s
1969
I st mortgage 4)4s
-1969
{{♦Den a R G 1st cons g 4s.. 1936
23)4
2614
2614
Sale
See a
Railroad & Indus. Cos. (Conl.)
67
26)4
ccc2
12037 J D
1 2037 J Dz
1949 MJVZ
18)4
10)4
Range or
Rating
Del Power a Light
26)4
*24
ccc2
M N
1936
—May 1 2037
♦
ccc2
21
20
Last
Elig. &
EXCHANGE
April 26
64
26 %
ccc2
♦Btpd 4s n p Fed inc tax. 1987
♦Gen 4 Xs stpd Fed Inc tax. 1987 MAT
♦Gen 5s stpd Fed Inc tax.. 1987 M N
♦414s stamped
1987 M N
19)4
9234
30)4
S*
8)4
2614
2614
19)4
86
'272
834
'
25 H
ccc2
M N
f♦Secured 6 %B
8%
High
120
16)4
94
30
29
STOCK
Week Ended
15)4
1
15)4
♦9214
"29
""85
16)4
1514
cccl
y
z
♦Certificates of deposit..
Chicago A Erie 1st gold 8#..
1514
15 %
N. Y.
Jan. 1
No. Low
High
!■'
♦119
2
Since
Ask
A
BONDS
Range
Friday's
Sale
See a
Week Ended April 26
Railroad & Indus. Cos.
Range or
Last
Rating
EXCHANGE
BTOCK
April 27, 1940
Week's
Friday
Bank
Week's
Friday
Bank
bank eligibility and rating of bonds.
See a.
Volume
New York Bond
ISO
BONDS
N.
Y.
Elig. A
EXCHANGE
STOCK
Railroad
&
Indus. Cos.
Lout
Rating
Price
Range
BONDS
1st A ret 4 4s series
C-.--1963
ybb
•Useder Steel Corp 6s. 1948
Ind Bloom A W 1st ext 4s... 1940
2
No. Low
2
44
43
21
43
47
16
74
81
20 Vi
21
53
524
63
7
60
5r»Vi
99 Vi
454
444
46
43
39
46
67 Vi
99 )i
61
{♦Manhat Ry (N Y)
cccl
824
824
83 4
47
78 Vi
83 Vi
12
17
....
824
824
834
188
77 Vi
83 Vi
53
52
53
15
42 Vi
42 Vi
53
46 Vi
41
♦19
y
bbb2
z
ccc2
*134
15
aaa2
*105Vi
107
x
bbb2
1
1932
6s
z
A
O
z
Inter lake Iron conv deb
4s..1947
A
♦1st g
O ybb
J
cc
Hef s f 6s serlea A
1st 5s B 1972
1947
deb g 4 4*1952
Debenture 5s
1955
{♦Iowa Cent Ry 1st 4 ref 4s. 1951
Int Rys Cent Amer
1st lien A ret 6 4s
Int Telep A Teieg
u s y b
13
83 Vi
90 V<
4
UVi
IVi
27
IVi
10 Vi
27
9V4
2
16 Vi
2
136
103 Vi
103 Vi
40
To2~~
101 Vi
103
93 Vi
93 Vi
93 Vi
98
98 )i
6
96 Vi
37
144
33)4
37 Vi
40
114
2
2
"36 4
F
A yb
2
39 Vi
cccl
129
10
IVi
IK
{(♦K C Ft S A M Ry ref g
♦Certificates of deposit
4s 1936
gold 3s
1950
.Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas 4 Electric 4 Vis.1980
Karstadt (Rudolph) Ino—
•Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1»46
Kentucky Central gold 4a... 1987
Kentucky 4 Ind Term 4Vis. 1961
Kan City Sou 1st
Ref A Impt 5s
A
66
65 Vi
102 Vi
96 Vi 103
95
84
101
14
36
35
36 Vi
""§
35
34 Vi
35 Vi
8
bbb3
65
♦Mex Internat 1st 4s asstd..l977 M
47 Vi
{♦MIlw A 8tate Line 1st 3 Vi8 1941
J
z
ccc3
IVi
IVi
.1934 MN
1949 U 8
z
cc
2
z
c
2
z c
52
55
93 Vi
"28)4 "39 H
cc
z
J
z
cc
107 Vi I
92 Vi
z
106 Vi
109
101 Vi 105
14Vi
85
*80
92 Vi
80
J
X
bb
83
80
O
X
aaa4
*165Vi
A
X
bbb3
X
bbb3|
*100 Vi
91
"91"
106*4
106 Vi
4
iosvi
"16
Jx bbb3
Jx bbb3
a
3
105
z
....
50
y
bbbl
44
24
32
44
20
46
47
6
42
6
b
42
b
*41
LakeBh 4 Mich 8og
92
87
105 Vi 107 Vi
107
168)4
106
104
504
74
69 Vi
94
82
92
IVis—1997
J
2
84
81
4s A. 1965
1945
A
144
134
ser
cccl
384
38
39
43
34 4
394
64
544
19
54
54
2
bbb3
*86
mmmmm
b
*394
A'zb
*244
z
4 Vis.-.1940
.......1940
♦Certificates of deposit
♦Certificates of deposit
.1981
♦Montgomery Dlv 1st g 5s 1947
♦Certificates of deposit
20Vi
26)i
1977
26 Vi
34 )i
33)4
{Mobile A Ohio RR—
♦Certificates of deposit
Monongahela Ry 1st 4s ser A
Monongahela W Penn Pub Ser
1
25
294
204
29 4
25
254
3
244
29
25
9
204
294
334
22
44s series C-1955A O y
1955 A O y
44 Vi
39
31
">74
117 Vi • 2 >
41
42
7
40 )i
484
Mut Un Tel gtd 6s ext at
45
Nash Chatt A St L 4s ser A—1978 V
47
Nassau Elec gu g 4s
a y bb
ybb
2
J
ybb
2
z
ccc2
40
McNeil 4 Uhby 4s..1955
x
bbb4
Tobacco 7s. 1944
..1951
Lion Oil Ref cony deb 4 Vis.. 1952
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A. 1962
Loews Inc s f deb 3 Vis.—..1946
Lombard Elec 7s series A
1952
Lone Star Gas 3 Vis debs
1953
♦Long Dock Co 3Hs ext t»--1950
Long Island unified 4s..—.1949
Guar ref gold 4s.........1949
; 4a stamped—.....
1949
x
aaa4
x
5s debenture.—--
ybb
3
x a
2
M N
x
A
X
aaa3
D y b
1
F
A
O ybb
M S
x
x
a
a
3
2
13
Vi
stpd
j
1951
Certificates of deposit..
57
13
10
14
17
Nat Dairy Prod
x a
107
106
107
106
107 4
13
13 Vi
164
Nat Distillers Prod 3
* a
106
105 Vi
106
104
1064
154
154
42
19
15
154
10
15Vi
144
15
extended to. 1946 j ,j
deb 3 Vis w w 1951 V/N
Vis—1949 U 8
National Rys of Mexico—
Nat Acme 4Vis
1154
116
11
1154 118
1034
104
19
102 Vi
♦4s April
126
1264
10
1254 1274
130
1304
16
1274 1314
*48
-
«
-
4*
1034
......
97
97
*105
•
103 Vi
—
108
m ^
^
1064
23
1044
65
66
31
3
1064
*674
.....
*92
.....
54
96
104
1074 110
934
V«*v
-
1014 105
64
734
1064 HO
67
634
924
89
*1
Vi
"vi
)i
Vi
Vi
vi
ivi
z
(♦Ass't warr A rets No 4 on '26
♦48 April 1914 coupon on..1951
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on '51
National Steel 1st mtge
Natl Supply
z
38—1965
x
1954
{♦New England RR guar
aaa3
1244
125
16
1244 1264
aa
3
1284
129
i-4
1264 129 4
85
49
3
84
1084
1094
9
1104
......
1104
10
83
864
1084 110
1084 lHVi
,
HO 4
RR—
xbbb3
1014
1004
bbb3
2003
2003
2003
2003
934
92 4
bbb3
*854
87
bbb3
814
11
82
bbb2
M 8
a
3
M
8
a
J
J
104
bbb2
3
MN
a
F
cccl
m -
•
-
*774
mi- m .#»
107
*.....
-
mm
14
81
-
*1114
m m
~
5
1044
*
3
A
24
1014
934
m
-
mm
W
-
79
107
154
mm
mmm
'mm
m
974 1004
90
944
85
88
794
83
1024 1044
79
82 4
112
734
79
1
105 4
154
3
b
aaaV
*124Vi
J
cccl
42
bb
O
bbb3
1955 J d
J
O
1st 5s series C
1956 FA
1st 4 Vis series D
♦Certificates of deposit
1st 5 Vis series A....
♦Certificates of deposit
106 Vi
107 Vi
*
1956 AF
|
1954 O
I
A
104 Vi
109'
784
56Vi
534
59
104 Vi
104)i
J034
104 )i
104
1024 1054
l??3
69
66 4
33 Vi
274
33
25
69
30
37
38
30
394
36
36
23
37 4
40
36
30
374
38
324
37
33 Vi
28
364
*
334
1
1
105 4
694
*25 Vi
1
ccc2,
128 Vi
56
56
ccc2
b
124 4
75
ccc2
b
43
31
1254 1284
71
1
1
434
36
75
ccc2
b
♦Certificates of deposit..
♦
127 )i
ccc2
b
♦Certificates of deposit..
154
127 Vi
42 Vi
42 Vi
127
127 Vi
)i
42 )i
bbb2
b
1954 AO
3
126 Vi
107"
71
123 4 1244
127
42 )i
lOt
70
*71
bbb3
♦Certificates of deposit..
107
1024 104)4
z
J
New Orleans Term 1st gu 4s. 1953 J
{(♦N O Tex A Mex n-c inc 5s 1935 A
♦1st 5s series B..
102
20
x
/ z cccl
..1945 J
1952 J d x aaa2
x aaa2
1st g
1961 Af n
N J Junction RR guar lst]4s.l986 F A y bbb2
x aa
2
N J Pow A Light 1st 4 Vis...I960 A O
J ybb 3
New Orl Great Nor 5s A
1983 J
1st A ref 5s series B
2
104
104)4
74
103 Vi
z
guar
NOANElstref Almpt VisA'52 J
New Orl Pub Ser 1st 5s ser A.1952 A
Vi
Vi
Vi
103 )i
104 Vi
D
MN
J
~
104
aa
New Eng Tel A
1124
mm
58.1945
—
Vi
4s
Tel 5s A
4 Vis series B...
♦Consol
3
*Vi
x
3Vis
Newark Consol Gas cons 5s.1948 J
x
...
...
z
{♦Naugatuck RR 1st g 4s...1954
x
*1)4
*14
...
z
934
O
"vi
Vi
4Vis—
94
A
Vi
H
1914 coupon on. 1977
874
F
Vi
♦4s April 1914-eeupon off.. 1977
♦Ass't warr A rets No 5 on '77
874
A
Vi
Vi
*Vi
16
3
*102Vi
*1
56
84 4
t>bb3
♦4 Vis Jan
Nat RR of Mex prior lien
101
1014 1044
-
1034
66
6
514
50
50
964
......
494
494
*45
«
c
1914 coupon on.1957
♦4 Vis July 1914 coupon on 1957
♦4 Vis July 1914 coupon off 1957
♦Ass't warr A rets No 4 on '57
194
934
aa
43 Vi
42 Vi
54 Vi
134
94
x aa
Ji
14
924
x
7'»V4
100 Vi
55 Vi
1024 1024
66
69 Vi
100 Vi
54
144
92
S
*67 Vi
100
14
934
M
4
2
2
134
94
M 8
1 b
134
M 8 xbbb3
J xbbb3
jyb
....
M S xbbb3
J
A * bb
134
3
A
39
14
109V4
101H 101H
5% 1941
134
aaa3
F
J
40
1
14
1955
Constr M 4 Vis series B
164
164
aaa4
Liggett 4 Myers
3
1
41
134
bbb3
a
40
41
e.mmmrnm
O y bbb3
x
29
*274
38
324
38
39
314
40
364
364
33
384
Attention is directed toe he new column I ncorporated In this tabulation pertaining to bank eligibility and rating
47)4
35
Mutual Fuel Gas 1st gu g 5s. 1947
y
2691,
10
Mountain States TAT 3 Vis.l9«8
1941
5s gu...l965
For footnotes see page
56 )i
41
D7
.1955 MN y
554
cccl
pt
E
Paducah 4 Mem Dlv 4s.. 1946
St Louis Dlv 2d gold 3s...1980
Mob 4 Montg 1st g 4 Vis..1945
South Ry Joint Monon 4s.1952
Atl Knox 4 Cine Dlv 4s..l955
♦Lower Aust Hydro El 6 Vis. 1944
66)4
Gen A ref s f 5s series D
50
z
1st 4 ref 3 Vis series
56)4
494
UN
1st 4 ref 4s series
86
65 Vi
50
.—2003
2003
series C
75 Vi
1
ccc2
1st 4 ref 4 Vis
109*4 H2Vi
99)4 I01V4
A O
Morris A Essex 1st gu 3 Vis—2000 J
Constr M 5s series A
107
105
109 Vi 110V4
mtge 4 Via...
Gen A ref sf
41 Vi
40 Vi
55
|
I960 A
6s debentures.....
1965 A
Montana Power 1st A ref 3 Vis *68 J
Montreal Tram 1st A ref 5s.. 1941 J
1st
Vi
51 Vi
51
z
1st 4 ref 5s series B_
38
j
|z
|M 8 y
1960,3/ N
70
UN
Louisville 4 Nashville
32
.1938
51
cccl
1944
...1951
Louisiana 4 Ark 1st 5s ser A. 1969
Louisville Gas 4 Elec 3 Vis.. 1966
Lou 4 Jeff Bridge Co gu 4s..1945
30 Vi
♦Certificates of deposit.....
Gen A ref s f 5s series B...1955
14
21 4
75 Vi
Gen A ref s f 5s series A—.1955 A
30
20 Vi
21 Vi
35
25
2 4
21 Vi
68
{♦Mo Pac 3d 7s ext at 4% July '38
38
25
21 Vi
14
♦Certificates of deposit
29
26
21 Ji
1344
15 Vi
13 Vi
374
----
21 4
IVi
1949
1980
90
45
4
21 Vi
13
1978
♦1st A ref 6s series G
35
24
ccc2
7s
20 Vi
13 Vi
♦Certificates of deposit...
874
244
cccl
5s debenture
21 Vi
Vi
*51
z
Lorillard (P) Co deb
15 Vi
18 Vi
8)4
13 Vi
13 Vi
1977
1st A ref 5s series F
32
26
Vi
UVi
b
J
A
4
b
z
5s 1941
19 Vi
14
11)4
5 V
......
b
z
5s assented
12
z
MN
Lex A East 1st 60-yr
29
z
UN
{Leh Val Term Ry 1st gu g
32 Vi
16
z
J
Vis———2003
♦5s assented
73 Vi
26
2
554
25
assented-.......-2003
♦General cons 5s.....
59
8
14
57
24 Vi
Azb
{♦Lehigh Val (Pa) cons g 4s.2003
♦4s assented
......-.2003 UN
♦General cons 4
6
13Vi
48
244
b
2Vi
2
69 Vi
...1975
2
344
•
1)4
53
1965
1st A ref 5s series A
49 4
26
jz b
M N
(Leh Val N Y 1st gu
4 Vis assented
344
344
3
Aib
z
2
ybb 2
1962
j
y DO
A
4Vis series D...1978 j
♦Cum adjust 5s ser A..Jan 1967 A O z cccl
3
894
5s—.......1954 F
♦5s stamped-.......—1954
♦1st 4 ref s f 5f..........1964 F
♦6s stamped..—......1964
♦1st 4 ref s f 5s......... -1974 7
♦58 8tamped..
1974
♦Sec 6% notes extended to 1943 /
♦6s stamped
1943
Leb Val Harbor Term gu 5s..1954 y
stamped—....—.1944
13
854
(Sjy b
•1st 4 ref s f
ccc2
ybb 2
....1962
A
(♦Secured 5% notes
644
2
J ybb
x
z
6Vi
7 Vi
IVi
734
J
7
m
4 Vi
24
Moh'k A Malone 1st gu g 4s. 1991
J ybb
O
54
*2
29
854
Decly
2Vi
4Vi
4
714
704
*90
M
Ubhy
45
*714
Lehigh 4 New Eng RR
♦4 Vis
43 4
40
49 4
44
!
3
Lehigh 4 N Y 1st gu g 4s
lehlgh Valley Coal Co—
♦6s
44
904
854
614
J ybb
J
24
1
....
6
27
44
24
/x bbb3
reg—..1975
•r
6
274
♦Conv gold 5 Vis
J
Ltd—
Nitrate Co
•1st mtge income
*5
D ybb
r
J
Lehigh C 4 Nar s f 4 Vis A.. 1954
Cons sink fund 4 Vis ser C.1954 J
IVi
RR
♦Ref A Impt 4 Vis
D.x a
54
♦Certificates of deposit
1941
2d gold 6s
Latituro
48
y
14
'
J
gold 4s... 1990
Mlssourt-Kansas-Texas
♦
39
46 4
y
54
54
54
5
♦
82
b
1
2
101
84
y
l6Vi
"54 "Tvi
15
14
88 4
*83
47
2
24
584
♦General 4s...
85
b
2
24
m
14
168
86
y
5
584
163 Vi
*85
O y bb
64
64
584
♦1st A ref 5s series I
(♦Laclede Gas Lt ref 4 ext 5s 1939
Ref A ext mtgs 5s
—1942
Coll 4 ref 5 Vis series C
1953
Coll 4 ref 6 Vis series D...1960
Coll tr 6s series A.......-1942
Coll tr 6s scries B
...1942
Lake Erie 4 Western BB¬
Ss extended at 3% to ....1947
64
mm'mm
32
13Vi
{Missouri Pacific RR Co—
167
44
22 Vi
5
3
♦1st A ref g 5s series H
{♦Kreuger 4 Toll secured 5s—
Uniform ctfs of deposit...1959 SI 8
15
104 Vi
9 Vi
HO
48 M
48 Vi
73
Prior lien
I
*107 Vi
"105 Vi
264
15
14
81
MNx
53 4
*244
Mm m m m
2
80
1961
El L 4 P 6s... 1997
Elev 1st g 4s—1949
J
13
cc
107 Vi
50
107
*si"
J
66 Vi
27 4
J ybb
101)4 103
bbb3
1954
94 Vi
6lVi
♦1st & ref 5 Vis series B.—1978 J
{♦Mo-Ill RR 1st 5s series A. 1959 J
40-year 4s series B
107 Vi
91 Vi
101 4
1
...1949 J/8
6 Vis
Prior lien 5s
"
1
52
*
Cccl
13 Vi
6
93 4
2 'm+m'mmm>
z
J
102
103
18 Vi
*50
cccl
J
cons
cons
*7
5s...-1954
z
5s—.—-U..1928 J
5s gu as to int.. 1938 J
bbb3
A....-.1951
J
{♦1st
(♦1st
X
deposit
F
38 Vi
102
102 Vi
Vi
18 Vi
68
27
2
28
x
Koppers Co 4s series
1st A ref gold as
♦Ref A ext 60-yr 5s ser A. 1962 Q
{(♦MStPASSM con g 4sintgu'38 J
x
Certificates of
7 Vi
Vi
95 Vi
J
Kings Co Lighting 1st
1st 4 ref 6 Vis
90
104 4
2
{•Minn A St Louis 5s Ctfs
2
91
6
934
rnmmrn-m
J
cccl
83
68
11
1034
36 Vi
108
2!
62 Vi
83
52 K
72
llOVi 112 Vi
184
*
met mm mm
J
unguaranteed
6
68
93 4
3
m
♦25-year
bbb3
11
77
4
*
2
ccc3
♦1st A ret 6s series A.....1946 J
*
m
1
64
*15
cccJ
6814
3
mm--
mmmm
68
*4
b
69 Vi
a
z
z
644
3
S
z
♦11
J\x
.
77 4
6
z
*11
J
—
1114
68
8
.64 Vi
102 Vi
68
D
13
3
ddd2
D
38
By bb
bbb3
z
mm
68
1114
44 Vi
Mo Kan A Tex 1st
U
75
3
x
'm
*66
ccc2
aa
27
31
M N
ccc3
y
x
ccc2
66 Vi
aa
4
z
65
z
75
64 Vi
63
76
75
O
108 Vi
x
22
3
{♦Mid of N J 1st ext 5s
1940 A
{(♦Mil A No 1st ext 4 Vis—.1939 J
♦|Con ext 4 Vis
1939 J
{♦Mil 8par A N W 1st gu 4s. 1947 M
65
64 Vi
19Vi
77
104
108
aaa4
1
764
77
3
Michigan Consol Gas 4s
65
3
x
194
a
86.
1
J ybb
884
194
x
J
-
Kings County
1
y
High
104»„1074
93Ji 101
*314
2
J
mmmm
Low
*854
b
y
79
1
3
...
464
21
1
S
1961
.....
Plain
Kings County
x
95 Vi
♦85
*44 4
1963 M
1961
Stamped..
4 Vis
O
54
94 Vi
1
A
0jz b
...Jz b
J
5
64
3
Steel 4 4 s A1961 M 8 ybb 3
Kanawha A Mich 1st gu g 4s 1990 A O x bbb4
Jones A I.aughlln
...
81
No
CCC2
O y b
Metrop Ed 1st 4 Vis series D.1968 m'b
Metrop Wat 8ew A D 5 Vis.. 1950 A O
{(♦Met W Side El (Chic) 4s. 1938 F A
♦
1st 4s.1959 J D ybb
James Frankl A Clear
f 6s..1947 A
Z
98 4
794
♦Mlag Mill Mach 1st
99
34
2
J y b
Stamped.
s
J
95
....
1st gold 3 Vis.....
-.1952 MN x a
Ref A Impt 4 Vis series C..1979 J
J ybb
36
75 Vi
A' ybb
z
98
1
cc
74 Vi
76 H
10
10M
68 Vi
73
F
z
High
104»»i 1044
1044
s f 78—1956 J D z cccl
Mich Cent Det A Bay City—
Jack Lans A Sag 3 Vis
1951 M S y bb 4
10
4
74 Vi
z
14 Vi
14 Vi
66 Vi
"67
3
3
"l2
12
IVi
z
bbb2
102 Vi 103
103 )i
10
J
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114
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76
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86
*
ccc4
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72 Vi
,95
74 Vi
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7
74 Vi
84 Vi
14
Market St Ry 7s ser A.April 1940 Q
Certificates of deposit.
36
74 4
10
Marion 8team Shovel
30
Low
x
Manila Elec RR A Lt s f 5s.. 1953 m'b y aa
Manila RR (South Lines) 4s. 1959 UN y a
{♦MaaGBAN W 1st 3 Vis. 1941 J
30 Vi
i
cons 4s.1990 A O
♦Certificates of deposit
2013 7d
♦Certificates of deposit
♦Second 4s
79
73 Vi
72 Vi
10
~74 X
1
105 Vi 109 Vi
100 Vi 100 Vi
41
38
32 Vi
cccl
105 Vi 105 Vi
106
101
79 Vi
38 H
31 Vi
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74 Vi
774
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deb 6s... 1944
6s—...1941
A A B.1947
1955
78Vi
148
36
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32
77 4
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1956
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100 Vi
77 Vi
77 Vi
cc
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M~S
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cc
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f Int Agric Corp 5s stamped. 1942
13
105
3
bb
z
§♦ 10-year conv 7% notes. .1932
♦Certificates of deposit
63
100 Vi
{Interboro Rap Tran 1st 5s. 1966
♦Certificates of deposit
(♦10-year
100 Vi
*60 Vi
bb
Jan. 1
Railroad ft Indus. Cos. (Cont.)
s f deb 6s 1951 MN
X
z
Since
Ask
A
McKesson A Bobbins deb 5 Vis '50 M 8 y b
2
Maine Central RR 4s ser A. 1945 J D ybb 2
Gen mtge 4 Vis series A
1960 J D y b
2
M&natl 8ugar 4s s f_..Feb 1 1957 mn y ccc2
1950
x aa
Range
Friday's
Bid
50
{♦Ind A Louisville 1st gu 4s. 1956
Ind Union Ry 34» series B.1986
Industrial Rayon 4 4s—...1948
D...1961
Price
High
cccl
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a
Range or
Sale
See k
45 Vi
bbb3
Inland Steel 34s series
Last
A
Rating
44 Vi
Vi
z
105
Week's
89
High
45
46 4
x
Ind 111 A Iowa lstg 4s
STOCK EXCHANGE
Week Ended April 26
McCrory St's Corp
ybb
Friday
48
Low
Ill Cent and Chic St L & N O—
Joint 1st ret 5e series A.... 1963
2689
Elig
Y.
Jan. 1
Ask
4
N.
Since
Friday" t
Bid
(Cont.)
4
Bank
Range or
Sale
See a
Week Ended April 26
Record-Continued-Page
Week' 1
Friday
Bank
of bonds.
See a.
New York Bond Record-Continued-Page 5
2690
Bank
BONDS
Rating
►"i
Price
Bid
Low
Railroad & Indue. Coe. (Cont.)
11134
5834
Newp A C Bdge gen gu 4 J4s. 1945
1998
No
High
1
11134
6034
N.
Since
li
Asked
A
BONDS
Range
Friday's
Sale
See k
ft.
Bank
Range or
Last
Elig. &
N. Y. STOCK EXCHANGE
Week Ended April 26
Jan.
Low
High
111
11134
23
5634
8234
80
92
7434
80
6134
5834
53
238
5134
5934
91
57
563*
6234
5734
6834
13
553*
N Y Cent & Hud River 3348-1997
7734
7734
52
74
1942
Lake Shore coll gold 334s.1998
Mich Cent coll gold 3348-1998
9234
9334
29
86
5934
6034
9
56
6134
5734
5734
1
6634
60
Af N
Debenture 4s
6534
5534
8434
...1974
---1978
C
6134
General 434s series
General 5s series B
169
6334
7734
87 34
14
21
4
86
783*
10434 10734
10834
4
106
5534
5434
5634
91
5034
55
5734
14
47
12
08
109"
11034
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10834
109
10934
11034
14
108 M
563*
67 34
110
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126
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3
1943 J
/ y bb 2
A Long Branch gen 4S--1941 M S y bb 3
....
117
117
117
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2000 Af N
A---1973 Af N
♦N Y A Greenwood Lake
z cc
N Y A Harlem gold 3 Mb
* aa
N Y Lack A West 4s aer
y
163*
993*
5634
4 34s series
116
10834
109
♦Collateral trust 6a
a
3
♦Debenture 4s
1927.1967
bbb4
71
;
7234
Peoples Gas LAC cons 6s. .1943 A O
Refunding gold 5s
1947 M S
♦Peoria A East 1st cons 4s..1940 A
>>
16
183*
1
1934
8
19
1934
■--6
68.1956
z
1934
1534
1934
203^
37
16
2034
17
15
20
223*
60
1834
363*
22
2834
24%
3634
534
1
434
634
1734
23J4
6834
534
21*
21
22
6834
6834
6834
4
634
18
534
3
254
61
63*
634
3
3
*8534
60
106
"l
107
36
2634
27
11
1434
1034
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1034
55
56
11034
9
11134
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5
9034
"~3
92
9134
634
80
11034
10
108
104
534
11034
534
108
10334
1634
104
52
10634 10834
10434 106
104
10734
9
12
634
14
534
62 34
3934
10934 11134
90
8534
87
434
110
92
634
112
5
102
1734
31
17
15
75
4
104
1134
1734
10
5434
76
12434
125
47
12 1 34 1 25 34
10634
7
10634
10634
10634
10634
12
10434 10734
10534 10634
10734
10834
14
1959
*10834
A
O
z
O
z
ccc2
60
5
*3834
45
z
ccc2
J
z
bbb2
6834
6734
6934
F
y
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2
4234
4134
43
69
J
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2
443*
473*
J
5534
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2
473*
573*
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2
503*
sec
2
J
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2
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2
1967 J
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50
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Ohio Connecting Ry 1st 48—1943 M S
c
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1
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/
1
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1948 M 8
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4
10734
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4
-
a
4
10934
D
a
4
—
D
bbb4
J
Ontario Power N F 1st g 5s..1943 F A
Ontario Transmission 1st 58.1945 WN
Oregon RR A Nav cod g 4s. .1946 J
Ore Short Line 1st cons g 6S.1946
Guar stpd cons 5s
1946
-
-
-
—
1942 A O
1942 MN
1946 MN
aaa2
42
4734
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503*
5034
305
53
10
46
6034
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6134
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39
110
634
------
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10734
109
109
6
-
-
--
29
3
1093*
29
534
834
108
10834
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10834 11034
11634
11634
10
11734
118
10
106
1073*
35
75
7534
10
583*
583*
4
4
b
108
95
-----
1063*
bb
3
75
2
5
10434 10534
11034 11134
11634 11834
11734 119
10434 10734
77
7334
i
Pacific Coast Co 1st g 6s
1946
Pacific Gas A El 4s series G.1964
112 34
aaa2
1st A ref mtge 334s ser H—1961
1st A ref mtge 3 34s ser I.
1966
aaa2
aaa2
.
-----
11234
1113*
10934
113
26
112
17
110
30
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1938
Pacific Tel A Tel 33*8 ser B..1966
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1966
bb
2
b
3
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2
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4
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-
—
-
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11034
110
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-----
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10434
80
----
-----
----
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12
112
52
10234
3
10434
10
Paramount
Broadway Corp—
f g 3s loan ctfs
1955 F
1st M s
A y b
2
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Parmelee Trans deb 6s
1944 A O y ccc3
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1942 M S
Penn Co gu 334s coll tr ser B.1941 F
Guar 334s trust ctfs C
1942 J
z
b
51
— — — — —
5134
21
8934
9034
42
46
5134
46
125
A
x
aa
10134
D
x
aa
*10534
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1944 J D
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x
aa
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x
aa
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x
a
1963 F
A
10434
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1981 J
106
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—
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125
2
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----
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—
—
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— -
—
10634
10434
7
----
----
14
21
98
9
107
107
3
10034
10034
963*
10634 10834
10634
43
1113*
57
10434 1063*
10934 11134
1334
39
1034
133*
4
14
3
4
734
13
6
834
111
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834
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1083* 11234
98
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12
101"« 101»«
101«ul03
x
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x
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109 34 HO
x
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109
1963 F
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1964 M N
1970 / D
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1977
aa
O
x
aa
2
x
aa
2
103
106
100
51
523*
108
109
116
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11534 1173*
10434 10834
10434 107
10634
1053*
9934
100
112
108
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2
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
D y b
Pitts A W Va 1st 434s ser A. 1958
3
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.1959 A O y b
3
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1960 A O y b
3
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HI
♦116
aaa2
x
J
1975 A
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10634 108
10734
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1053*
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53
423*
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52
52
52
41
5234
5134
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52
4034
53
Pitts Y A Ash 1st 4s ser A... 1948 J
D
aa
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1962 F
A
aa
3
10634
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1974 J
D
aa
3
♦106
1st 434s series D
1977 J D
1960 M 8
aa
3
bbbl
1950
J
bbb2
{♦Porto Rico Am Tob conv 6s *42
♦6s stamped
1942
{ {♦Postal Tel A Cable coll 5s 1953
J
cccr
J
cccl
8134
81
83
J
cccl
225*
2234
243*
J
aaa4
Port Gen Elec 1st 4 Ma
1st 5s extended to
Potomac El Pow 1st M 33*8.1966
Pressed Steel Car deb 5s
1951 J
10634 10634
1103* 1103*
10634
—
*100
7234
10634
733*
"813*
80
74 34
10634
83
170
813*
6734
1
104
52
59
86
75
5834
8534
145
*110
J
{♦Providence Sec guar deb 4s 1957 Af N
{♦Providence Term 1st 4s
1956 M S
Public Service El A Gas 33*s 1968
1st A tef mtge 5s
2037
J
bb
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2
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deb 5s
81
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113
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148
147
153
224
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19
2223* 224
108 34 110
10434
27
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2
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D
{♦Debenture gold 6s
1941
D
{♦Deb 6s stamped
1941
Reading Co Jersey Cent coll 4s '51 A O
4
5
6334
63 34
113
s f
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk(65%pd)
Gen A ref 4Mb series A
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1997 J
1997 J
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♦50
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5234
65
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_.
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J
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683*
683*
66
J
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101
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60
Remington Rand deb 43*8 w w '56 M S
43*s without warrants
1956 M S
66
683*
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5834
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7434
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74
75
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109 %
bbb3
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10034
10034
983*
1954 MN
bbb2
108
bbb3
10734
9734
10734
Gen mtge 434s series C...1956 M N
Revere Cop A Br 1st M 4 3* s 1956 J
J
4534
-----
aaa2
J
16
10434
11134
11134
J
-
10434
11134
aaa2
1961
60
10534 107
aaa2
1st mtge A 4 34s.. 1962
45
103 M 10834
aaa2
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D
bbb3
7
J
110
108 34
10934 11034
aaa2
1948 J
11
J
115
107
aaa2
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114
11
D
114
2
x
aa
109
-----
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x
aaa4
105
4
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10934
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aaa4
106
aa
110
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*10834
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-----
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100
aaa2
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-— -
4
55
109
11034
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aaa2
x
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-
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60
543*
19
1957 M N
1960 F A
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cons guar
x
x
1949 F
1953
gold
Series F 4s guar gold
Series H
x
J
52
63*
109
12
101
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73*
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bbb3
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2
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6934
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634
2
1967 M S
1st mtge 354s
1972 J
Oklahoma Gas A Elec 334s..1966 J
4s debentures
1946 J
1093*
—
10
71
6034
4334
*90
1965 MN'X
4 34s series B
cc
1949 Af S
1968 A
63 34
49
A
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144
583*
60
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115
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Northern States Power 334s.1967 F
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5934
110
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10534 10834
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60
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Northwestern Teleg 4Mb ext 1944 J
Panhandle East Pipe L 4s
663*
573*
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a
114
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1974
1974
.
9
17
125
1949
1954
1133* 116
11434 11734
64
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12
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J y bb
J y bb
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11334
11634
30
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16
J {♦Norfolk A South 1st g Ss.1941
Norf A W Ry 1st cons g 4s—1996
43
10734 110
1
75
1634
{{♦Norf South 1st A ref 5S--1961
♦Certificates of deposit
Ore-Wash RR A Nav 4s
10
10634
*1034
"lOM
{{♦N Y West A Bost 1st 4 Ha 1946
Niagara Falls Power 334s—1966
Nlag Lock A O Pow 1st 6s A. 1956
Niagara Share (Mo) deb 5 Mb 1950
1st mtge 4s
108
106
10634
2634
1946
-
"i
4534
110
*10634
3348---1963
{{♦N Y 8usq A W 1st ref 5S.1937
{♦2d gold 4 Mb
1937
♦General gold 5s—
1940
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1943
N Y Telep 33*s ser B
—1967
N Y Trap Rock 1st 6s
1946
{Northern Ohio Ry—
♦
1st gtdg 5s
1945
♦1st mtge g 5s (stamped can¬
cellation of guarantee) .1945
♦Certificates of deposit
North Pacific prior lien 4s—1997
Gen lien ry A Id g 3s Jan
2047
Ref A Impt 4 Mb series A- .2047
Ref A Impt 6s series B
2047
Ref A Impt 5s series C
2047
Ref A Impt 6s series D
2047
«• at
4534
N Y Steam Corp 1st
834
434
'
110
110
lien 6s stamp. 1958
N Y A Rlchm Gas 1st 6s A—1951
Ohio Edison 1st mtge 4s
6634
cc
x
A
1956 J
General g 434s series C
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Pitts Coke A Iron conv
15
15
35
N Y Rys prior
North Cent gen A ref 5s
Gen A ref 4 Ma series A
68
b
Apr
Phlla Bait A Wash 1st g 4s. .1943 MN
General 5s series B
1974 F A
Phillips Petrol conv 3s
213*
1942
Debenture 4s.-
a
T
Series I cons 4Mb
North Amer Co deb 3 Mb
Debenture 3 34s
11334
11634
aa
x
y
Apr 1990
4s
20
1934
193*
1955
Is stamped
x
O y b
♦Certificates of deposit..
♦Income
Peoria A Pekln Un 1st 534s—1974
{{♦Philippine Ry 1st s f 4s—1937 J
-----
35
Lt A Pow 3 Mb '65
67
11034
1934
N Y A Putnam 1st con gu 4s. 1993
87
106
183*
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25
85
863*
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1934
,
973*
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12034
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26
97
115
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64
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2134
{♦Harlem R A Pt Ch 1st 4s 1954 ;
893*
bbb4
183*
1957
{♦N Y Prov A Boston 4s
883*
9734
D
1834
1940
113
117
20
3
♦Certificates of deposit—.
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if g
10834
893*
9834
a
Phlla Co
*193*
Otis Steel
3
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Phlla Electric 1st A ref 3 34s. 1967 M S
{♦Phlla A Read C A I ref 58.1973 / J
20
1956
9
71
80
«*«»«•
1934
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f 7s
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1946 J
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J
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16
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—1952 Af N
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1953 F
1955 A
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21
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1948 A
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1949 J
1941 J
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17
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1969 M 8
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f 6s
15
16
aa
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Roch Gas A El 434s ser D
1977 M 8
Gen mtge 33*s series H—.1967 M 8
Gen mtge 334s series I
1967 M S
s
1 434
17
15
b
{{♦Rio Gr June 1st gu 5s_—1939
{{♦Rio Gr West 1st g 4s.__ 1939
♦Ruhr Chemical
107
30
163*
1934
♦14
1952 Af S
Rlchm Term Ry 1st gen 58.-1952 J
♦Rlma Steel 1st 8 f 7s
1955
1534
9834
26
*14
A
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s s f conv debentures
109
9934 10234
♦23
♦Rhlne-Westphalla El Pr 78.1950 MN
9834
92
10234
bbb4
30
9734
1946 J
s
J
c
2
*6
9
634
J
cc
2
7
7
7
a
cccl
10234 102 34
Saguenay Pow Ltd 1st M 43*s '66
St Joe A Grand Island 1st 4s. 1947
St Lawr A Adlr 1st g 5s
1996
2d gold 6s—
—..1996
St Louis Iron Mtn A Southern—
8434
6134
9034
42
47
124
126
72
6734
10134 10234
10534 10534
106
10734
10434 10634
103
10434
94
98
105
107
9634 10034
99
9734
9234
aaa2
bb
*
y
b
z
bb
bb
x
1933 M N
2
♦Prior lien 5s series B
1950 J
1950 J
/
♦Certificates of deposit
♦Con M 4 34s series A
1978
♦Ctfs of deposit stamped
z
cccl
z
J
cccl
z
2434
'48"
cccl
z
cccl
z
cccl
z
Af's
9234
983*
11034 112
70
63
*6034
.
pr lien 4s A
♦Certificates of deposit
94
65
64
{♦St L Peor A N W 1st gu 5s 1948 J
/ z ccc2
St L Pub Serv 1st mtge 5s.— 1959 Af 8 y b
2
St L Rocky Mt A P 68 stpd. 1955 J
/ y b
2
{♦St L-San Fr
13
*1113*
y
z
♦{Rlv A G Dlv 1st g 48
♦Certificates of deposit
2
x
♦2d 4s lnc bond ctfs.-Nov 1989 J
{♦1st term A unifying 5s„1952 J
♦Gen A ref g 5s series A—.1990 J
cccl
1334
123*
"133*
24
*6134
4334
123*
1234
1334
133*
123*
123*
123*
12
65
32
68
2434
13
1334
123*
143*
133*
13
1234
66
65
1834
2634
6 6 34
63
6434
48
593*
5834
"26
34
39
6234
143*
1434
52
103*
24
10
11
11
1
16
103*
1534
111
10
30
10
143*
1334
6
y
bb
2
66
67
J
z
b
1
37
3734
33
27 34
J
z
ccc2
2034
20
2034
14
16
J\
z
cccl
13
1134
13
28
37 3*
2134
1334
64
64
8 34
▲
I
see
page 2691.
Attention is directed to the
new
9
934
112
10334 105
4834
bbb3
Rensselaer A Saratoga 6s gu.1941 Af N
Republic Steel Corp 4 34s ser B *61 F A
{♦St L S W 1st 4s bond ctfs. 1989 MN
For footnotes
1
High
107J4 10934
107
10934
10834 10934
11334 115
92
102
64
9934
1947
♦Non-conv debenture 334s 1947
♦Non-conv deb 334s..,
1954
♦Non-conv debenture 4S--1955
♦Non-conv debenture 4a.-1956
91
1033*
67
*79
♦Non conv deb 4s
1143*
11434
3
65
—-
♦General 4s
2
80
60
60
75
♦Conv debenture 334s
11834
...
*7234
4
4
...
62
N Y
b
45
11834
Low
23
91
Jan.
1183*
5334
9034
z
10934
1093*
10934
a
1968
1st g 4 Mb series C
1980 Af 8
Phelps Dodge conv 334« deb. 1952 J D
5
573*
*70
*39 A O
1083*
10934
1133*
11334
893*
1143*
10934
1083*
10534
*7734
{ §*N Y A N E (Bost Term) 4s
{♦N Y N Hav A Hart RR—
No
a
A.—.1965
10834 11034
14
1134
993* 100
-
♦N Y L E A W Dk & Impt 5s
N Y Queens El
3
Since
S3
1083*
2
a
High
Range
U
10834
aaa2
12?34 12634
2
...
100
♦N YLEA
♦1st A ref 4 Mb ser of
aa
Asked
109
aaa2
O
Pere Marquette 1st ser A
1st 4s series B
N Y & Erie—See Erie RR
n y Gas El LtH&Powg
A
853*
8134
Bid
aaa2
1981
Gen mtge 4348 series E——1984
Conv deb 334s
——.1952
6934
73
67
8634
8234
Purchase money
4
a
bbb4
Debenture g 434s——.1970
68 34
8334
8634
1941
A--1963
1st guar 6s series B
-—1953
Y Dock 1st gold 4s
1951
Conv 5% notes
-----1947
Y Edison 3 3* s ser D
1965
1st lien A ret 33*s ser E—1966
N Y Connect 1st gu 4MB
N
51
6634
10734
10834
extended to. 1947
3-year 6% notes
65
5534
8434
8534
8234
10634
10834
1946
4s collateral trust-
N
1969
Lt 334s
A
General 434s series D
Ref 534s series A..
1st mtge 3 Mb
Price
Low
F
Gen mtge 3 3*8 series C—.1970 A
Consol sinking fund 434s..I960
N Y Chic A St Louis—
Ref 4 Mb series
A
Penna Pow
95
A
2013
3?*s—-—1962
Range or
Friday's
Sale
See k
1940
Week's
Last
Rating
^h.
4Mb debentures
1974 F A
Pennsylvania RR cons g 48—1943 Af N
Consol gold 4s
1948 Af N
4s sterl stpd dollar May 1 '48 MN
793*
O
Ref A Impt 6s series C
Conv secured
Friday.
Railroad & Indus. Cos. (Cont.)
63 34
10-year 3?*s see s f
1946
Ref A impt 4 34» series A..2013
Ellg. A
Y. STOCK EXCHANGE
Week Ended April 26
1
79
N Y Cent IIR 4e series A
April 27,
Week's
Friday
column incorporated in this tabulation
pertaining to bank eligibility and rating of bonds.
See
Volume
New York Bond Record-Concluded
ISO
Bank
BONDS
N.
Y
I
Railroad & Indus. Cot.
Last
fc
D
2
{♦St Paul E Gr Trk 1st 4 %a.1947 J J
{♦St P & K C Sh L gu 4>4s..l941 F A
'
1
Low
No
High
*
N.
6)4
82
5X
4)4
5)4
to
4s....1943
/
1963
A
San Antonio Pub 8erv 4s
J
J
1
x
x
a
aa:
J y bb
O y a
G & E 4s..1965 M N
Santa Fe Pres & Pben 1st 6s. 1942 M 8
6)4
3
7)4
*97)4
98)4
—
2
2
8
3
J
z
J
J
♦Guar at 6%a series B__. .1946 A
0
z
A
O
z
♦Stamped.......
1
3
109)4 111)4
109)4 HI
-
21
33
18)4
33)4
45
10
28)4
47
44
1
45
—-
W
68)4
"to
31
44
1989 M N
Scioto V A N E 1st gu 4s
M>
•
W to.
-
to
-
29)4
118
125
*__._.
2
12H
1
12
2
0
1
1
1959
{♦Refunding 4s..
A
♦Certificates of deposit
1
4)4
5H
Shell Union Oil 2%a debs.., .1954
Shlnyetsu El Pow 1st 6 )4s... .1952
J
Siemens A Halske deb 6 %a. .1951 M 8
.1946 F A
coll tr 7s.. .1941
.1952
x
aa
z
South Bell Tel A Tel 3)4s... .1962 A
.1979 J
3s debentures ........
°i
4)4s.r... .1961
6)4
5
5)4
2f
14)4
2
374
164
2
254
1941 J
J
b
48
494
1939 J
J
cc
O
Warner Bros Pict 6s debs
{♦Warren Bros Co deb 6s
4%
7)4
13)4
15%
VA
2
13
lH
3)4
4
97 H
96)4
97)4
134
95
60 X
60)4
60)4
1
57
67
29)4
14)4
3^
15)4
23
30 H
*32)4
.
....
■
J--
„
102 X
7
102)4
80
106)4
101)4
4
106M
105)4
1
x
aa:
f
/ |X aas
M S x aa
1
105^
i
107 H
55
99)4 102)4
104)4 106)4
4 XV
108)4
108)4
""3
104)4
105)4
31
107i4
109)4
103)4 105%
107)4
107)4
22
107)4 108)4
110
110)4
15
......
105)4
105)4
102)4
101)4
102)4
1
1981
1946
-
10-year secured 3%a
San Fran Term 1st 4s.
4
{♦Spokane Internat 1st g 58.1955
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
97)4 102)4
74
64
1054
1054
2
b
2
8
b
3
7
*76
16
37
70
D
aaa4
D
109
1074 1094
1094 109 4
126
1284
*1094
Westchester Ltg 5s stpd gtd.1950 J
70
84 4
314
Gen mtge 3 4s.
1967
West Penn Power 1st 5s E..1963
1st mtge 3 4s series 1
1966
West Va Pulp A Paper 3s... 1954
354
70
304
aaa3
1945 F
304
794
904
364
35
90
to to-
70
74
"224
894
*32
94
94
64
794
^
94
94
■
1054 1064
11
68
67
'67
A
1st 40-year guar 4s
1274
1274
11
3
1094
1094
11
108
110
M
S
aaa3
1174
1174
2
117
120
J
J
aaa3
111
3
1104 112
J
D
1104
1014
J
Western Maryland 1st 4s
1st A ref 5 4s series A
aa
4
a
1024
1024
28
844
29
48 !4
Jx bbb3
1977
West N Y A Pa gen gold 4s.. 1943 A
{♦Western Pac 1st 5s
ser
O
994 1024
ccc2
♦5s assented
1946 M S
Western Union Teleg g 44s.1950 MN
25-year gold 5s
D
1951 J
174
664
12
64
694
26
674
72
b
68
68
684
154
20
65 4
70
14
154
474
464
17
464
bb
*404
S
bbb2
bbb2
{{♦Wilkes-Bar A East gu 5s.1942 J
D
cccl
214
cccl
214
84
cc
1
*74
aa
3
109
84
1094
a
4
1094
110
c
2
a
43)4
44)4
132
49)4
51
70
49)4
58
73)4 :: 74
10
73)4
80H
♦Certificates of deposit..
{♦Su A Du dlv A ter 1st 4s.1936 MN
♦Certificates of deposit
65)4
Wisconsin Elec Power 3 4s..1968 k'o
Wisconsin Public Service 4s.. 1961 J D
O y bb
75
O y bb
80)4
J
69
54)4
31
79
-
•
70
74%
17
76
80)4
69
~8^)4 "90"
114
80
*74
57)4
135
58
74)4
J
50 )4
78%
-
73)4
64)4
-
16
gen
{♦ Wor A Conn East 1st 4 4s. 1943 J
Youngstown Sheet A Tube—
61)4
79)4
3
1014
J
52 4
47
414
1134 116
96 4 1014
103
12 4
134
1034 106 4
97
1014
110
*1104
aaa2
4s..1949
464
"56
234
43*4
50)4
111
"89" "39
67
"234
"224
50%
50)4
57
1014
ccc2
42)4
"88)4
101
bb
{♦Wis Cent50-yr 1st
53
43)4
57
21
Conv deb 3%a
...1947
WInstou-Salem S B 1st 4s... 1960
47
47
89
1064
bbb3
193
O y bb
"i
"l2
124
Wilson A Co 1st M 4s A....1955
45)4
184
674
102
4
1054
"124
48 %
44)4
59)4
97
101
4
*102laj
2
cc
100
1004
43)4
43)4
164
5
"2
116
116
aa
A
1940 M N
44)4
58)4
154
b
bb
F
~45
17
66
69
J
M
914
*
J
47
59)4
184
86
884
69
2
2361 J
Wheeling A LERR 4s..
1949
Wheeling Steel 4 4s series...1966
82 4
1074 1084
164
184
66
cccl
2361 /
43)4
......
"~17"
27
1084
b
bb
30-year 5s
i960 M S
♦Westphalia Un El Power 68.1953
J>J
45)4
/ y bb
1084
4
91
904
1084
*174
904
2
aa
A—1946 M S
West Shore 1st 4s guar
83
Ox bbb3
1952
47)g
254
64
104
~"e
12
9
1074 109 4
1094 1104
20
14
94
1948 M
4
104 4
104 4
1054
220
103
1st uitge s i 4s ser C
1961 MN xbbb4
1064
1054
1064
70
105
x
23
7
Conv deb 4s
8
112
164
164
8
84
*104
»
4
22
1094
1064
84)4
78
72
J
D\x aaa4
111)4
111 H
111)4
10
110
112
J
1
107)4
107)4
107%
12
107
108)4
1
105)4
*103)4
105)4
J
20 yH
20)4
3
x
a
J
x
aa:
1953
1945
1950
J
x
aa:
105
J
z
bb
107)4
M N
x
aa
105)4
105)4
128)4
128)4
2
115
115)4
13
5s. 1951 J
Term Assn St L 1st cons 5s.. 1944 F
1953
A.1950
64
~6%
bb
X
J y bb
Tenn Coal Iron A RR gen
/
F
J
A
115
J x
111
aa
-to -
-
105)4
23
104)4
...
.
107
105
39
107
108)4
51
106
70
111
110)4
6
-
17H
105
23)4
107)4
10414 106)4
103)4 106)4
99)4 113)4
104% 106)4
126)4 128)4
114)4 11 r,)4
107)4 111
88
92
A
90)4
90)4
90)4
4
deb 3Jis.......1951 J D
3s debentures
1959 A O
103)4
103)4
103)4
43
106)4
49
104)4 106%
55
66 )4
e
Texas Corp
/ y bb
92
*63
Odd-ot sales transacted during the current week
Home Owners 24s 1944,
r
Cash sale:
and not Included in the yearly range:
Ap-. 22 at 104.5.
week,
a Deferred delivery sale; only
Odd lot sale, not Included In year's range, i p.
only transaction during current
transaction during current week,
103)4 108
106
Texarkana A Ft 8 gu 5J4s
7
28
13
64
49
bbb2
X
F
debenture
105% 107)4
45
45
1961
Swift A Co 1st M 3%a
Gen refund s f g 4s
12
...1946
Studebaker Corp conv deb 6s
39
74
O
X
I
So Pac RR 1st ref guar
74
7
*1084
Registered
106
105
132
106)4
106
44 %
bb
1950
4s...1955
1st 4s stamped
1955
Southern Ry 1st cons g 5s..1994
Devel A gen 4s series A
1956
Devel A gen 6s
—1956
Devel A gen 6%a
1956
Mem Dlv 1st g 5s.......1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3%a B..1964
1st A ref 3s series C
1968
106)4
M AT y b
J
64
O
1941 M S
White Sew Mach deb 6s
Lines) A. 1977 M S y bb
1988 AfSyb
1969 MNyb
64
64
cc
aaa3
109)4 111
X
1
_
24 H
1
y
19
74
97%
I
42
cc
2
8%
39 4
64
3
5)4
134
1
42
64
cc
1948 M
28
494
41
cc
D
1945 J
13
48
20
"114 "~2
114
O
...1955 A
42
124
104
42
2
4
a
aas
cc
b
O
Walworth Co 1st M 4s..... 1955 A
45
*124
cc
2)4
x
4 lis
1951
So Pac coll 4*(Cent Pac coll). 1949 J D
n
t The price represented Is the dollar quota¬
Accrued Interest payable at exchange rate of
{ Negotiability impaired by maturity,
tion
200-pound unit of bonds.
per
$4.8484.
1943
J
5s..2000
1977
.1979
1980
J
D
A
O
70
70
70
5
67%
A
O
69)4
69
69)4
15
67%
72
69
68)4
69%
24
67
72
Beth Steel 44s D 1960,
91
91
1
91
97 H
Internat Agrlc 5s 1942, May 1 at
gold 5s
Gen A ref 5s series C
174
26
1
b
27
24
1st mtge nlpe line
Gen A ref 5s series B
174
26
44 4
2
b
2)4
•'
4lis... .1946 J D
Texas A Pacific 1st gold
ccc2
b
b
A
Southern Natural Gas—
Texas A N O con
High
1064 109
J
Washington Cent 1st gold 4s. 1948 Q M
Wash Term 1st gu 3 4s
1945 F A
5)4
'
.1965 F A' x
4s...
Southern Colo Power 6s A.. .1947 J
J\
2*48
Low
A
Warren RR 1st ref gu g 3 48.2000 F
2)4
...
1st mtge A ref
Gold 4 lis
46
J
1)4
3 H
*13
...
z
J
1st 4 lis (Oregon
No.
1954
6)4
1
O
Socony-Vacuum Oil 3s debs .1964
South A Nor Ala RR gu 5s.. .1963|A
15)4
1)4
2
A
Simmons Co deb 4s
11
— to —
113
5)4
1
D y b
•Silesia Elec Corp 6%a
Gold 4 lis
High
1084
1074
Jan. 1
1939 F
convertible deb 44s.
15
4)4
*3)4
♦Certificates of deposit
t§♦ Atl A Blrm 1st gu 4s...1933 M S
{♦Seaboard All Fla 6s A ctfs.1935 F A
♦6s Series B certificates
1935 F A
12)4
2)4
4)4
6
Gold 4 lis
cq&a
Low
1084
Since
11
Ask
A
1939 MN
g term 4s
♦Ref A gen 4 4sseries C-j. 1978 A
♦Ref A gen 5s series D._._ 1980 A
Walker (Hiram) G A W—
47
123)4
11)4
11
12)4
12
2
12)4
*1)4
.1945 M S
68 series A
Southern Kraft Corp
Range
Friday's
Bid
*l8t lien
68 debentures
{♦1st g 4s ilain
1950 A O
{♦4s t. stamped.......... 1950 A O
•Adjustment 5s
Oct 1949 F A
Southern, Calif Gas
Range or
Sale
aaa2
x
♦Toledo A Chic Dlv g 4s..1941 M S
{♦Wabash Ry ref A gen 5 4s A *75 M S
♦Ref A gen 5s series Bj
1976 F A
1 Sea board Air Line Ry—
Sllesian-Am Corp
Price
♦Omaha Dlv 1st g 34s...1941 A
.
♦Det A Chic Ext 1st 5s
{♦Des M Dlv 1st g 48
107)4 101%
-
-
2
33 H
*30
c<
"to
111)4
*30
1
54
12
63)4
*109)4
z
1946
{♦Schulco Co guar 6^8
♦Stamped
cons
Last
See k
{♦1st gold 5s
98)4
118
114
107)4
111
111
2
J
62)4
*107)4
63^
3
97)4
116)4
116
2
San Diego Consol
♦1st
Elig. &
Rating
EXCHANGE
{♦2d gold 5s
(large)_.1940 J
Dep 6b guar
1972 J
tPaclflc ext gu 4s
8 A & Ar Pass 1st gu g
STOCK
Railroad & Indus. Co%.(Concl.)
Virginian Ry 34sseries A...1966 M S
{Wabash RR Co.—
St Paul Minn A Man—
St Paul Un
Y.
Week Ended April 26
*High
82
79)4
*5
BONDS
Since
Jan. 1
Ask
A
Low
I
St Paul & Dul 1st con g 4s.. 1968 J
Range
sa
Friday's
Bid
Friday
Bank
Range or
Sale
Price
See k
(Com.)
Week's
Friday
EXCHANGE
8TOCK
Week Ended April 26
2691
Page 6
-
r'V,A —
J D
Gen A ref 5s series D
Tex Pac Mo Pac Ter 5%a A. 1964 M 8
x
x
a
a
to
to"
33
107)4
107)4
2
*
107
110)4
72%
1 The following Is a list of the New York Stock Exchange
bond lssuesjwhlch have
been called in their entirety:
Treasury 34s. 1940-1943, June 15 at 100.
July 1 at 105.
103.
United Biscuit 5s 1950, May 13 at 105,
4s
1960
♦AdJ Income 5s
Jan 1960
{♦Third Ave RR 1st g 5s...1937
Tide Water Asso Oil 3J4s...1952
Third Ave Ry 1st ref
J y b
60
59
A
O y cc<
23
21)4
J
J y bb
/
61)4
93
24%
325
100
99)4
106)4
50%
13%
10
62%
25%
100%
95
{ Companies
1953
Tol A Ohio Cent ref A Imp 3)4s '60
Tol St Louis A West 1st 4s.. 1950
Tol W V A Ohio 4s series C..1942
Toronto Ham A Buff 1st g 4a.l946
Trenton G A El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7)4s—1955
♦Guar sec s f 7—
...1952
J
J
x
a
106)4
/
Dy
/
D x
A
O y
27
106)4
60
being
67)4
....
55%
85%
89%
64%
1
67)4
66%
67%
Friday's bid and asked price.
Deferred
M
the current week and not Included In
'■'.■i':'
:
Sx
"99"
J I
M S
J J
x
MN
z
b
F A
z
cccl
"98" "99)4
'
X
*125
—-W
1
125
-
1
107
107
107
y
*14)4
14)4
7s...1945 M 8 yb
84
k Bank
125
mil--to
14%
1
13)4
14%
14%
83
95
-
x
aa
{{♦Union Elev Ry (Chic) 53.1945 A O
UdIod Oil of Calif 6s series A. 1942 F A
3s debentures
1959 F A
Union Pac RR 1st A Id gr 4s. 1947 J
/
1st Hen A ref 4s
June 2008 M S
1st lien A ref 5s..
June 2008 M S
z
cccl
x
aa
x
aa
114)4
A O
MN
A O
A O
107)4
9
86
107
some
8)4
111)4
111)4
111)4
103)4
103
103)4
51
101% 103%
114)4
33
113
82
109% 116)4
96
99%
96
99%
107)4
109)4
97)4
99)4
98
x
a
y
b
4 to « -r
x
—
•
-
-
—
-
-
-
39
88)4
90
77
110)4
8
110
103)4
103)4
60
*23)4
to-----
23)4
-•to---.
*23 H
*17
bbb3
*
-
«
-
-
-
103)4
5
104
103
103
103%
z
cc
2
91
z
b
z
cc
z
b
.
to m to
*113)4
90
115)4
115)4
28
115
«
to
«
-to-
to —
-
32
91
1
115)4
Stocks,
Week Ended
--
April 26, 1940
25
aa
2
z
c
1
aa
2
Total
Municipal
Stales
Bond
Bonds
For'n Bonds
Bonds
Sales
State
$2,362,000
$555,000
868,990
4,049,000
756,000
966,000
97
852,930
669,000
621,000
58,000
78,000
5,861,000
854,240
3,937,000
5,134,000
4,737,000
5,322,000
$164,000
87,000
75,000
$3,081,000
4,892,000
880,670
477,000
228,000
6,027,000
4,992,910
$25,541,000
$3,944,000
$690,000
$30,175,000
720,660
86%
815,420
100% 115
86%
96
100
115%
*
-
4,978,000
5,336,000
2
aa
United
Miscell.
104
101
* Total..—
x
Railroad A
Number of
Shares
20
90
93%
100% 104
9
91
89)4
91
to--
92)4
91)4
104
x
All Issues
Exchange,
New York Stock
the
at
to--
20
■
bbb2
1957 M2V
—
symbols ccc or lower are in default.
Daily," Weekly and Yearly
24%
23%
•-to
bbb3
Vandalia cons g 4s series A—1955 F A
—^
" —"
25
*-
-
x
-
--to
24%
**
x
•
-
----
'to
Transactions
103% 106H
23%
---
*23)4
*17
cccl
61)4
25
*17
1
t
WVUU
majority of the Issues bearing
110*4
—.
b
A great
77%
8r>%
110)4
103)4
2
a>
'U1
105U«109
73
87)4
z
x
—
90
72
z
z
99%
to"'''
59
112)4
110)4
a
based on the ratings assigned to each bond
agencies—Moody, Standard, Fitch, and Poor's. The letters Indicate
rating symbols in this column are
quality and the numeral Immediately following shows the number of agencies so
g the bonds.
In all cases the symbols will represent the rating given by the majority,
115
72)4
z
z
99)4
111 %
87)4
4
MS*
x
3
116
98)4
aa
M S y bb
1
not bank eligible due either to rating status
make it speculative,
default, In bankruptcy, or in process of reorganization,'"
106)4 109
21
108)4
!
114%
108)4
aa
x
Indicates Issues in
by the four rating
9
8%
1
Indicates those bonds which we believe
Indicates those bonds we believe are
provision in the bond tending to
y
The
106)4 109
8)4
109)4
x
23
107%
Eligibility and Rating Column—x
eligible for bank investment.
106% 108
i*'-
14)4
'•
83
/
—.1970
35-year 3%a debenture... 1971
H United Biscuit of Am deb 5s 1950
United Cigar-Whelan Ste 5s. 1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4s...1944
U 8 Steel Corp 3%a debs... 1948
♦Un 8teel Wks Corp 6 %s A..1951
♦34s assented A
1951
♦Sec s f 6 4s series C
1951
♦34s assented C
1951
♦Sink fund deb 64s ser A. 1947
♦34s assented A
1947
United Stockyds 44s w W..1951
Utah Lt A Trac 1st A ref 58.1944
Utah Power A Light 1st 5s—1944
{{♦Utll Pow A Light 548—1947
♦54s stamped
1947
{♦Debenture 5s
1959
♦5s stamped...
1959
delivery sales transacted during
the yearly range:
NO Soles.
.
3j*s._.1962 J
34-year 3)4s deb...
or reorganized under
companies.
f ;
No sales transacted during current week.
In bankruptcy, receivership,
securities assumed by such
Bonds selling flat.
▼
105)4 107)4
78
86
55)4
*85)4
59)4
z
UJlgawa Elec Power s f
as
*
♦
Tokyo Elec Light Co Ltd—
1st 6s dollar series
Union Electric (Mo)
reported
Section 77 of the Bankruptcy Act, or
Cons s f 4s series B
Vera Cruz A Pacific
J
1st cons 5s..
----
--to--
to-to-to-
1
t
1
Sales at
RR—
§♦4 %a July coupon off
1934
§♦4 H s assented
1934 J
M
Va Elec A Pow 3%a ser B...1968
M
Va Iron Coal A Coke 1st g 5s. 1949
Va A Southwest 1st gu 5s...2003 J
1958
A
z
8
x
toto-
S y ccc3
to-
-
to to to to
J y bbb2
O y bb
-
2
to ..
to —
%
1
109)4
109%
24
*45)4
1
51
toto'to
—
40
110
75
1
75
5
59
directed to the new column
70,918,008
83,692,755
$690,000
3,944,000
25,541,000
62%
1
1939
2,840,670
$1,575,000
4,248,000
18,937,000
$13,253,000
79,858,000
459,342,000
$31,684,000
93,312,000
460,234,000
$30,175,000
$24,760,000
$552,453,000
$585,230,000
Bonds
75
60
1940
1940
4,992,910
51%
75
;
Attention la
Exchange
%
%
109
59)4
75
Jan. 1 to April 26
Week Ended A pril 26
New York Stock
*)4
)4
:
Total
incorporated in thia tabulation pertaining to
bank eligibility and rating of bonds.
See note k above.
New York Curb Exchange—Weekly
2692
and Yearly Record
April 27, 1940
NOTICE—Cash and deferred delivery sales are disregarded In tbe week's range onlees they are the only transactions of the week
of tbe regular weekly range are shown
In a footnote In the week In which they occur.
and when selling outside
No account U taken of such sales In computing tbe range for the year.
furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Apr. 20, 1940) and ending the present Friday (April 26, 1940). It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following extensive list we
Last
Sale
Pat
STOCKS
Price
Friday
Sales
Friday
Week
s
for
Range
10
22
22
13 H
13*
{Air Investors common.-*
3*
3)$
22*
22 *
Acme Wire Co common.
Par
High"
Bell Aircraft Corp
Jan
22*
22
1
Class B
—1
Alnsworth Mfg common..6
Air Associates Inc com__.l
Low
Mar
A
Class
900
14,100
43$
5)$
6
400
14
600
10
Jan
14
700
1)4
17)$
Jan
3*
30*
hi
preferred
Mar
»ie
72)4
Mar
78*
3*
pf.»
—*
25
76)$
107)$
106
95
96
2*
$2.60 preferred
Blrdsboro Steel Foundry
A Machine Co com
Blauner's
*
Jan
1*
11*
Feb
Bliss (E W) common
Jan
Feb
138)$
21
Jan
192*
Mar
Blue Ridge Corp com
Apr
Apr
Apr
Apr
Blumenthal (8) A Co
♦
Bo hack (H C) Co com...*
7% 1st preferred
100
Feb
Borne Scrymser Co
360
114
Apr
118*
100
17
Jan
17*
60
7)$
9334
Feb
103)4
*
Jan
Mar
11*
110*
108*
1*
49*
7*
Jan
2*
Apr
Brewster
Jan
he
Jan
17)4
Mar
Jan
Bridgeport Machine
102
1,2.50
200
100
41
Feb
Mar
Bowman-Blltmore
45)$
7)$
300
7X
1,100
Jan
5)4
18*
80
100
1834
80
*l«
H
50
72
20*
Feb
*j«
2,400
,:*A
31*
...26
80
Mar
*
Jan
35
100
31
Jan
33*
1
Mar
1*
Apr
31
Cyanamld class A. 10
10
38)4
17 *
~38* ~39* l"i,20b
Jan
31)4
14)$
Mar
•i«
11)4
Feb
Mar
14*
39*
600
3)$
Jan
3)$
29)4
33)$
17*
17)$
15)$
3H
29)4
33)$
1834
17)$
15)$
17
17)$
15)4
24)4
9*
common..2
16 series preferred
14)$
Mar
16*
Jan
Jan
29*
Jan
25*
Apr
Brown Rubber Co com
68
Feb
Buckeye Pipe Line
50
Buff Niagara A East Pow
Mar
Feb
3$
Jan
'he
British Col Power cl A
$6
preferred
Jan
8
10)4
17,500
Feb
10*
Apr
Apr
Bunker Hill A Sullivan 2.60
6*
Mar
Jan
Cable Elec Prod
4)4
Jan
2,300
*i«
Mar
50
Mar
75
Mai
17
•is
Jan
3*
Feb
1*
$1.60 preferred
$5 1st preferred
Mar
•
Apr¬
2
Feb
Mar
15
Apr
20
112)4
Apr
115
Jan
300
113)$ 114
1 *
he
Feb
100
Jan
2
Feb
*
2*
2*
7
Feb
8*
20
0434
Jan
6)4
400
5)4
Apr
6*
534
5,000
5
Apr
6*
2 34
1,700
2)4
8)4
97)$
8)4
97)4
4,000
3,500
5*
Am dep
6)4
6 34
100
2
Feb
6)4
300
34
X
X
2)4
2)4
200
X
2,400
2)4
34
2
warrants
Assoc Laundries of Amer *
Formerly Elsler Elec
Camden Fire Insur Assn._5
Canada Cement Co Ltd..*
99
Jan
Class A voting
Class B non-voting
Apr
8*
Feb
Carib Syndicate
68
3)4
18)$
5)4
1)4
18
3
12,400
20
34
"w
6)4
17
20 X
Feb 1
20
100
700
1)4
Feb
Feb
SX
15
IX
2
22
Jan
22
Mar
Feb
35
Apr
Apr
Apr
6*
11)4
Feb
2)4
Jan
93$
28
Mar
Jan
19)$
Apr
IX
'he
Feb !
Feb
Apr
4)4
11*
43
22X
98
Mar
12*
13$
Mar
14X
Apr
Feb
200
Ehe
Jan
2X
1*
IX
50
1,200
100
108
1
Jan
SX
3*
Apr
600
*15*
Apr
Mar
18 k
Mar
2)4
1,700
1*
Feb
2*
Apr
Apr
5*
Apr
2X
""560
100
17
25
4)4
4)4
14,700
47
48
3)$
27)$
3)$
200
30)4
16,300
130
25
100
25
Feb
~40"
"366
38
X
107X 108X
101
104)4
1134
12)4
7)4
7)4
3,200
*
40
100*
92*
11*
7*
9*
Mar
Jan
6)4
22)4
6)4
X
H
7)$
25
Jan
7% 1st partic pref...100
Feb
Celluloid Corp common. 15
$7 dlv. preferred
*
2*
Mar
4
Mar
19*
Apr
1st partic pref
Cent Hud G A E
Jan
*
Jan
Jan
Cent N Y Pow
5 J$
5)4
Feb
Feb
7* Mar
Jan
20
Mar
14)$
Jan
17
Apr
Jan
3)4
Jan
4*
Cent Ohio Steel Prod
34
34
200
122
II"
3)4
800
123)4
334
122
600
""25
31
31
87
87
10
*
16
16
100
3
Jan"
Jan
193$
3*
Mar
Jan
30*
Apr
26*
Jan
6)4
X
Jan
Mar
7*
Apr
300
34
Mar
*
*
Apr
300
Jan
8
Jan
102)4
1
7% pfd 100
34
Cent States Elec
1
he
100
1)4
6%
com
preferred
preferred
7%
Strip
Co
Corp
Apr
Mar
15*
7*
Feb
12
Feb
20
Jan
Feb
1)4
1)4
75
125
6
Jan
34*
Jan
87
Jan
Jan
17*
5
109
Feb
105*
10*
Feb
-*
*
1*
Jan
Jan
115
Feb
Jan
Mar
*
*
2*
Apr
8*
Mar
2*
1
Mar
2*
4X
4X
100
3*
Feb
4*
Jan
13
Jan
117
Jan
83
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
Chief Consol Mining
Chllds Co preferred
110
7834
Jan
11*
7*
Jan
$6
16*
Apr
60c preferred B
450
*
5X
5 34
400
Jan
6)4
6)4
3,100
5)4
4X
12)$
5)4
10
..»
Cities Serv P A L $7 pref.*
$6 preferred
*
Mar
City Auto Stamping
Feb
21*
4)4
59
1
4)4
59
52
52
*
Cleveland Tractor
*
com
Cllnchfleld Coal Corp..100
*
29*
5*
63*
Jan
Jan
600
64*
Feb
4*
Jan
"is"
50
Feb
100
89
Jan
115*
82
Jan
110
97
20
6X
7
1,300
6*
Jan
7
500
«*
Jan
15
100
15
he
15
Apr
X
6)4
42
7 34
*
Mar
1,100
150
5,300
56
7*
7
16*
Jan
3*
42
5*
10
52
*
Cleveland Elec Blum
10
Jan
100
105)$
97
4
7*
Apr
6)4
6X
Claude Neon Lights Inc__l
Clayton A Lambert Mfg
2,100
5
103
"97"
5
60 X
5
City A Suourban Homes 10
*
68
8*
*
common
preferred
70X
100
Apr
Mar
Cities Service
78X
1
5)4
934
Apr
1,000
3*
126*
5*
Mar
OX
Jan
he
Jan
6*
100
5*
104*
11*
200
8*
Apr
Jan
1*
5
15,400
15
Jan
108*
10
common
6)$
Jan
Apr I
Jan
Cherry-Burrell common. .5
Chesebrough Mfg
25
11
Feb
Mar !
*
Chamberlln Metal Weather
16)4
Mar
6*
40*
14
109
100
15
6
Jan
Apr
SX
20*
69*
600
100
Jan
Jan ■'
Feb
Jan
200
34
r
2*
105
106*
97*
7*
"440
Conv pref opt ser '29.100
10)4
6)4
Apr
102)4 103)4
ox
ox
111)4 113
X
X
5
100
Conv preferred
.
Jan
18
Cent A South West UtU 50c
Apr
Apr
300
7
2,100
*
com
7% pf 100
6% pref. 100
Cent Pow A Lt
Feb
Mar
750
60
Cent Maine Pow
1*
5)4
21)$
15,500
hi
25
Celanese Corp of America
Apr
53
X
5*
"46"
*1#
Castle (A M) common.. 10
Catalln Corp of Amer
1
4*
Feb
Feb
100
25
16i«
*
Apr
42
!
Jan
*
23*
1*
2*
1*
Apr
6*
Apr
1*
Feb
Jan
Apr
9*
Mar
he
1
Jan
11*
Jan
1
Jan
22
Jan
Jan
104)4
11)4
Feb
Feb
6)4
Jan
*
6
5,700
1
Apr
68
11)4
8
com
Clark Controller Co
Apr
50
*
Feb
10
For footnote- see page 2697
Jan
17
100
"i«
108)4
34
20
1
ION
200
$6 preferred BB
6X
com..
Feb
Apr
Mar
23$
*
Barlow A Seelig Mfg—
$1.60 conv pref
Beech Aircraft Corp
Apr
14*
3)4
17)4
9)4
Carolina P A L $7 pref
$6 preferred
Charts
5)4
Mar
1634
19
10
1
Baldwin Locomotive—
Baumann—See "Ludwig"
Beau Brummell Ties Inc.. 1
34
1
Class B
_
6)4
88
Feb
53$
*
16
15)4
Jan
Feb
2X
2X
Carnation Co common
Apr
18
1,700
6
10)4
Feb
17)4
Carnegie Metals
IX
5
Jan
1)4
"11
Jan
2X
133$
300
Warrants
com
2,200
X
Jan
200
26
Basic Dolomite Inc com._l
19)4
20)$
10034 10034
1234
12)4
IX
Jan
1
Bath Iron Works Corp_._l
Jan
Feb
*
"l2X
*16
5,400
3)4
he
"~*
1,000
2)4
10)4
38)$
*
5*
Apr
200
18
Avery (B F) A Sons com.5
1
100
234
1034
SOX
234
Jan
4)4
5)4
1)4
1
"IS"
4)4
19
Automatic Products.....5
Bardstown Distill Inc
300
400
"393$
Carter (J W) Co common. 1
Casco Products
*
Barium Stainless Steel... 1
Apr
«
9
Carrier Corp common
25
20 X
33$
49
1
Apr
30
17 X
36
9
Feb
Baldwin Rubber Co com.l
1,800
2)4
1
*11
7)4
Jan
Apr
Apr
Apr
Apr
Apr
23$
40 X
IX
*
2*
Purch warrants for com.
Mar
25c
Products
Apr
3)$
5
10
Feb
Apr
Apr
Mar
*
Marconi
Feb
29)4
15
2
Feb
Mar
6% pref 100
preferred
15
3)4
*
he
*
Jan
22
35
7% parttc preferred...25
13$
Coast RR Co pref... 100
Babcock A Wilcox Co
7
Canadian Car A Fdy Ltd—
Can Colonial Airways
1
Canadian Indus Alcohol—
*
Ayrshire Patoka Collieries 1
100
400
Calamba Sugar Estate..20
Callite Tungsten Corp
1
*
4)4
"36"
18
334
Apr
47
"166
60c
34
10
4,600
100
50o
Apr
Apr
Atlanta Birmingham A
Beaunit Mills Inc
com
Apr
....
Class A common
14,400
1634
5X% pref shs £1
Jan
2)4
2)4
1
1
4,700
7,600
Feb
Cables A Wireless Ltd—
Mar
ii
*
Aviation A Trans Corp
Axton-Flsher Tobacco—
Feb
.
ht
25
1)4
SX
7)4
17)4
17)4
*
Vot trust otfs
Jan
il 34
1)4
..1
preferred x-w
34
Apr
Mar
16)4
...25
Carman A Co class A
w w
5X
Burry Biscuit Corp__12)$c
200
ht
{Associated Gas A Elec—
Automatic Voting Mach..*
60
500
1634
Burma Corp Am dep rets..
J&n
634
H
Jan
Capital City
A
._*
1
*
36
Canadian
{Austin Silver Mines
Apr
6)4
34
8X
Apr
he
12 X
Class A preferred
*
Brown Forman Distillery. 1
109*
Feb
Atlas Drop Forge com...6
Jan
800
SOX
3)4
Jan
IX
1
"36"
30
30)$
Jan
Jan
3)$
Atlantic Coast Line Co..60
Apr
300
34
3)4
86)$
6)4
100
Atlantic Coast Fisheries..*
2)4
"2)4 ""234
30 H
32
300
Amer deposit rcts.._.£l
Mar
Mar
*
100
400
1
2)4
100
{Brown Co 6% pref
200
1)4
1)4
113)$
2)4
Bruce (E L) Co common..5
Jan
18
■
2)4
86
Brown Fence A Wire com.l
Associated Elec Industries
*
1
Jan
Jan
SIX
634
X
5X
1)4
7)4
7)4
15)4
83$
483$
Jan
Assoo Breweries of Can...*
Atlas Plywood Corp
Apr
IX
18*
400
34
6
Atlantic Rayon Corp
Atlas Corp warrants
45
Apr
Jan
13 )4
3)4
*
common
Jan
Mar
16
1)$
8X
Assoc Tel A Tel class A
Mar
Jan
Feb
17)4
Apr
Apr
Mar
12)$
334
2*
2*
preferred
Jan
Jan
6
Apr
Am dep rets ord reg.. 10s
Mar
1)$
*
Common
40 X
6
6)$
19)4
1)4
18 X
31*
34*
19*
"1*
...10
Ashland Oil A Ref Co
Jan
Jan
£1
Am dep rets ord reg
Jan
3,200
25
15
*
Am dep rets ord bearer £1
Apr
61)4
11)$
Common cl A non-vot..*
Art Metal Works com
Mar
Feb
Apr
Mar
British Celanese Ltd—
Jan
64
6%
Arkansas P & L $7 pref
Registered
Apr
64
64
Angostura-Wupperman ..1
Apex EleoMfg Co com...*
Arkansas Nat Gas com
4
14 H
40
Jan
»
Jan
5)4
..*
Appalachian Elec Power—
$7 preferred
*
{Arcturus Radio Tube
1
100
106)4
""*
•
6% pf..6
preferred
)$
American Re publics.... 10
*
Feb
12 X
1
*
106
34
1st $6 preferred
4
5)4
634
15
*
Feb
Amer Pneumatic Service.*
Am Superpower Corp com *
Mar
Apr
Apr
Apr
100
11)4
68
Amer Meter Co
Option
*
31
4,500
Amer Potash A Chemical.*
Class A
1
25
200
1
Anchor Post Fence
1
Aeronautical
25
100
Preferred
7)4
175
400
26
Amer Mfg Co common. 100
conv
5X
7X
28)$
1
Amer Maracalbo Co
he
he
Jan
28 X
6
50
400
British Amer Oil coupon..*
Apr
32)$
X
12.60 oonv preferred... 1
preferred
41)$
463$
British Amer Tobacco—
JaD
800
3,200
14
36
J 1.20
X
*
Class A
Apr
14)$
36)$
14)$
36 M
Mach—20
Amer Lt A Trac com
26
Jan
Mar
26
"2734
Brlllo Mfg Co common...*
Jan
39*
19*
8,000
Pow warr...
Corp com 10c
34
Jan
Mar
1934
American Gas A Elec—10
7%
6)4
•
preferred
*7%
Apr
17)4
Amer Fork A Hoe eom—*
6%
44
1
Brill Corp class A
Mar
600
oom..l
300
800
45 X
273$
100
Preferred
Jan
1)4
6% preferred
~27X
Brazilian Tr Lt A Pow
Mar
32)$
Atlanta Gas Lt
7X
1
2d
Apr
1)4
c
com
7% 1st preferred
Apr
32)$
V t
44
7
*
Bourjols Inc
Apr
Apr
-.1
16
"~7
*
Mar
Class A with warrants.26
Amer Laundry
25
11,800
1,100
Bridgeport Gas Light Co.*
99
Class B
$2 conv preferred
13)$
38
Apr
Feb
125
Mar
IX
19)4
IX
44
1)4
*
834
Am Cities Power A Lt—
preferred
4
18)4
1)4
Breeze Corp common
Amer Hard Rubber Co..60
Jan
8)$
136
Mar
X
6H
4
19
25
1
$3 opt conv pref
34
7)4
preferred
American Thread
1
17)$
common....10c
10c
Amer Seal-Kap
common
115 *
41
com.l
Class B n-v
50
al4
*
Jan
17)$
108)$ 108 *
1*
IX
..*
$6 60 prior pref
_..*
Amer Centrifugal Corp—1
6%
.60
Feb
Common class B
Amer General
34
hs
X
a!4
Mar
American Capital—
Amer Foreign
Mar
a39X a39X
IX
"99"
American Book Co.... 100
Amer Export Lines
Apr
Apr
*
Blckfords Inc common
8)$
17)$
American Beverage com__l
Amer
114
'
...100
A
118
115)4 117
'iilx
32 X
Jan
10
100
*
Apr
Apr
2*
20
ox
High
Jan
118
45
98
114
B
6)4
Low
17X
600
108
114
Class
12,700
1,900
2,300
Jan
100
Class
SOX
he
Jan
10
20 *
Aluminum Industries com •
13
Shares
"i«
Feb
60
Class A
6)4
118
Purchase warrants
2
3,650
Amer Box Board Co
26)4
634
Berkey A Gay Furniture. 1
93
21
preferred
27
Range Since Jan. 1,1940
High
Conv preferred
Apr
Apr
Apr
101
191
6%
Low
39
6X% pf.100
100
187
Aluminium Ltd common.*
Price
Benson A Hedges com..
160
2)$
190
preferred
Bell Tel of Pa
Apr
Mar
Week
100
100
96
2*
Investment
Aluminum Goods Mfg...*
Jan
Bell Tel of Canada
1
107)4
*
AUled Products (Mich).. 10
Class A conv com
26
Aluminum Co common...*
6%
6*
6*
6
76)$
Alle8 A Flsber Inc com..
Alliance
6*
Jan
6X
Gt Southern..60
Alabama Power Co 97
.16
Jan
6
Warrants
Alabama
Apr
6*
preferred
Conv
21
for
of Prices
1
Bellanca Aircraft com
Supply Mfg—
Aero
com—1
Week's Range
Sale
(Continued)
Shares
High
Low
Sales
Last
STOCKS
Range Since Jan. 1,1940
Week
of Prices
41
Apr
*
5
5*
Jan
48*
7*
2
Jan
2*
;
Jan !
Jan
i
|
New York Curb
Volume 150
Friday
STOCKS
I
Range\
of Prices
| Week
Late
High Shares
Price
fat
*
Cockshutt Plow Co com..*
35*
1.100
3
Jan
35*
5?*
75*
Apr
6
Feb
"Too
Apr
85*
Co tin & Rosenberger Inc.*
Colon Development ord—
1H
1,200
IX
25*
Jan
6X
1,400
1,530
4 J*
713*
Apr
Apr
Mar
Mar
154
4X
£1
Colorado Fuel A Iron warr.
65*
Colt* (Patent Fire Arms.25
81X
554
80
83
69
69?*
50
25*
2,800
Mar
4?*
Jan
Fldello Brewery
1
Fire Association (Phila) 100
Florida P & L $7 pref
*
6?*
Apr
Jan
705*
Feb
Feb
25*
Am dep rots ord ref
Jan
1
,
154
Jan
64
15*
i
Warrants
4,600
Distribution—1
IX
Community P A L $6 pref *
46X
38
Community Pub Service 26
»u
Jan
600
IX
405*
Jan
Feb
5*
15*
Class A non-vot
Jan
385*
Apr
Feb
X
Apr
X
100
X
34
•is
500
15?*
15
2?*
300
2?*
785*
Jan
Jan
117
400
100
3
200
1?*
55*
IX
300
55*
700
94 5*
94?*
80
94 X
"75* ~~7X
Mar
Jan
2?*
Jan
35*
145*
Apr
175*
Jan
14
Apr
17
Apr
Mar
15
200
Feb
"OX ""95*
Fuller (Geo A) Co com
275*
100
95*
Jan
aril 54
Apr
205*
100
3,800
Jan
Apr
Apr
283*
175*
25?*
205*
26
135*
125
135*
195*
19
Jan
275*
Feb
41
Jan
87
Jan
1
11
25
38
Apr
Apr
Apr
10
855*
Feb
Gen Gas & El 6% pref B.*
Jan
$6
Jan
Apr
85 X
40
75
46
46
10
85
30
Apr
Jan
•
Jan
Feb
Feb
Feb
Feb
Apr
Apr
65*
5*
Common
$6 conv preferred
*
73?*
Feb
"moo
195*
Feb
235*
Apr
65*
Jan
Jan
IX
Apr
H
15*
Apr
Apr
Gilchrist Co
"s'foo
IX
Jan
7%
ix
600
75*
Jan
2,000
1
Feb
35*
85*
15*
Mar
Feb
Feb
Jan
225*
Apr
Jan
Feb
7X
Jan
9X
In"
""50
"566
Apr
105*
Apr
Apr
2?*
112
Feb
Jan
7
Feb
4
1,800
10X
~85* ~~Feb
Feb
110
.V
Apr
Jan
18
300
175*
Jan
19
Jan
Feb
16
16
100
16
Apr
19?*
Jan
4X
4
6?*
1
4X
Dennison Mfg cl A com..5
X
36 prior pref
60
8% debenture
100
Derby OU A Ref Corp com*
A conv preferred
Detroit Gasket A Mfg
19 X
6X
4X
X
20
4?*
Jan
29
conv
Feb
32
80
6% preferred A
55
Gladding McBean «fc Co..*
8?*
Glen Alden Coal
IX
1
20X
Gorham Mfg oommon_.10
Grooery Ste Prod com..25c
Grumman Aircraft Engr. 1
"24
400
20X
100
1?*
15*
X
18?*
800
IX
9X
Tx "9X
2*600
"95* "iox
Dlvco-Twln Truck com.
Dominion Steel A Coal B 26
Apr
Jan
Mar
>u
*
1115*
Apr
1145*
125*
""906
375*
2,900
1?*
Apr
HammermiH Paper..... 10
Jan
Hartford Eleo Light
56
preferred
375*
Gypsum Lime A Alabast
5
Hall Lamp Co
115*
335*
Hat Corp of
135*
95*
75*
Jan
Apr
Apr
Mar
Jan
Mar
Helena Rubensteln
"T.eoo
1
Haverty Furniture conv
125*
5?*
1
pf *
*
Hearn Dept Stores com..5
6% conv preferred
50
Hecla Mining Co
25c
:v>
1
1
Harvard Brewing Co.—1
Dominion Tar A Chemical*
Mar
67
Mar
60
685*
Apr
78
Jan
32X
400
275*
1075*
Mar
325*
"ix ~~2~x
3*500
15*
Jan
150
715*
X
Mar
Apr
Apr
Apr
Apr
15*
Jan
"ix "ix
preferred..... 100
*
Driver Harris Co—..—10
7% preferred
100
Dublller Condenser Corp.l
"MOO
13*
Apr
2?*
sx
ux
2,300
65*
Jan
83*
Jan
Apr
67
554 %
Draper Corp
100
Duke Power Co
Durham Hosiery cl B com
69
"68 x "69?*
30
2X
78
78
75
*
Duro-Test Corp common. 1
Duval Texas Sulphur....*
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
SX
11
7X
iox
2X
Common.
3
500
'
-
Hartford Rayon v t 0
Hart man Tobaoco Co
•is
*
53
52
63j*
23 X
21
24
..*
"ix
2?*
15*
8i«
100
15*
15*
200
"ik "ix
Mar
Mar
Apr
Horder's, Ino
""800
X
Mar
1?*
27 5*
Mar
275*
Feb
45*
Apr
Apr
Apr
Apr
Jan
Apr
27X
27X
2,900
2,875
15
4X
600
Elec Bond A Share com..6
6X
6X
7X
15,200
*
86 preferred
;.*
Elec P A L 2d pref A—..*
"70 X
3?*
Jan
16
15*
55*
17?*
Feb
2?*
Mar
62
6SX
70X
Apr
Apr
500
55
Mar
2,300
62
Mar
73
125*
61
preferred
8X
645*
Mar
20
1?*
1
1
1
28 X
Elgin Nat Watch Co
29X
Apr
12?*
Option warrants
Electrographlc Corp
Jan
5*
Mar
400
75
23
Jan
Jan
Jan
35*
Jan
14
Jan
1?<
29?*
Jan
Apr
Mar
79
Feb
605*
Jan
70
Mar
62
Apr
70
Mar
63?*
Jan
715* Mar
77
63
63
66
"65"
66~
10
""200
1
Baking..*
Hardart-..—--*
5% preferred
-100
Hubbell (Harvey) Inc.—5
Humble Oil A Ref
*
Hummel-Ross Fibre Corp 5
Hus8mann-Ligonler Co...*
{Huylers of Del Ino—
Common
——1
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod...—5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co..
6% conv preferred
50
Horn A Hardart
Horn A
Dlv arrear ctfs
...—
Illinois Zinc Co
*
*
65
65
25
65
Apr
72
Mar
25
25
150
25
Jan
26
Jan
Illuminating Shares A
10
10
Jan
Mar
1,900
X
Feb
•it
Feb
50
23 X
24?*
Jan
25?*
Mar
4?*
4?*
700
55*
Apr
28
28
200
100
4
Apr
23 5*
Jan
11
31
Apr
1
10?*
Falrchild Eng A Airplane.
1
1
65*
J0X
5
j*
11
6?*
125*
6X
Jan
Feb
"26?* *27
1
13?*
5
For footnotes see page 2697
13?*
65*
14?*
6?*
Apr
Apr
Mar
2,000
9?*
46,900
4?*
Mar
75*
Fair child Aviation
Mar
Jan
105*
""300
235*
Jan
28
700
10?*
Jan
155*
200
6
Feb
7
Jan
Jan
Feb
Mar
2
100
Jan
Mar
85*
Apr
Jan
29
35*
Jan
215*
Feb
3,400
65*
Feb
75*
100
45*
125*
500
85*
Jan
Jan
Jan
'
9
200
9
265*
120
85*
265*
Jan
Mar
26
Jan
14
Apr
125*
Apr
11
Mar
275*
Jan
Mar
27
12
125*
200
115*
13
Apr
89?*
87
90?*
325
67
Jan
91
Apr
20
20
205*
300
20
Apr
225*
Apr
9?*
300
7
Jan
10
Jan
300
95*
Mar
12
Jan
125*
Mar
14
Jan
145*
Feb
145*
365*
35*
Feb
Apr
Apr
95*
95*
95*
10
35*
363*
35*
365*
35*
"35"
345*
35
Imperial Oil (Can) coup—*
Registered
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain A Ireland
£1
Indiana Pipe Line
10
Indiana Service 6% pf.100
7%
preferred
100
50
700
29?*
3
Jan
Jan
Apr
120
"425
Jan
335*
110
Jan
355*
Feb
1115*
Apr
Mar
195*
Apr
14
605*
59 5*
75*
65*
605*
7?*
1,800
11,600
X
X
600
Jan
68
Mar
120
68
Jan
Jan
4?*
Feb
7?*
Apr
5*
1054
Jan
Feb
105*
2?*
Feb
Feb
X
75*
Jan
85*
Jan
2
Apr
25*
Jan
Jan
3
Jan
25*
1,000
Jan
47?*
Apr
~8~I66
2?*
Mar
30
55*
335*
225*
45*
Mar
8?*
8,900
24,900
Apr
Apr
7
55*
335*
7?*
55*
55*
200
55*
Apr
6054
2?*
Jan
75*
6354
Mar
Mar
55*
9?*
9?*
11?*
Jan
Apr
Apr
Apr
12?*
125*
135*
Jan
19?*
Apr
2454
Feb
7?*
Mar
2X-
29
"Sx
315*
8?*
55*
45*
Imperial Chemical Indus—
Am dep rets regis
£1
85*
7>«
24?*
10
Jan
Jan
12
*
Horn (A C) Co common..
"25*
X
5*
15*
IX
X
Jan
6?*
265*
Hormel (Geo A) A Co com*
Mar
4X
Apr
Jan
10?*
65*
common..5
Heyden Chemical
—10
Hires (Chas E) Co
1
Hoe (R) A Co class A... 10
Holllnger Consol G M
5
Holophane Co common..*
Holt (H)—See Henry
105*
23X
Apr
1
25*
17?*
20
Participating class A...*
Hewitt Rubber
655*
245*
23 X
Preferred ex-warr
Jan
4X
Apr
705*
Henry Holt A Co—
Apr
26X
Mfg Co
w w
Feb
27X
*
Jan
Mar
4
Heller Co common
425*
B—*
Metallurgical
125*
Apr
375*
Jan
250
25*
25*
195*
65*
12
175*
87 preferred series A...*
15
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
6% preferred
100
654% preferred.....100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equlp..5
Equity Corp common._ 10c
83 conv preferred
1
Esquire Inc
...1
Eureka Pipe Line com..60
78
li" "
Mar
"55* ""Feb
6
*
2
25
25
Class A...
Preferred
Jan
Jae
V 27
27
Corp
425
Easy Washing Mach B—*
Economy Grocery Stores.*
Eisner Electric Corp
..1
Brewing
Feb
25*
Hazel tine
2,450
155*
Fanny Farmer Candy
Mar
110
Msr
America—
85*
4 54% prior pref
100
6% preferred...
100
Iron..25
Electrol Inv v t c com
Mar
Feb
10
2,500
Eastern Malleable
Eastern States Corp
Apr
Jan
69
11?*
375*
25
Apr
Mar
25
30
15*
95*
5?*
Jan
Apr
25*
145*
1125*
Apr
Apr
"Too
23*
100
112
Jan
Dobeckmun Co common.
Apr
Mar
28
Jan
Apr
10?*
Mar
Apr
7?*
45*
Jan
49
Jan
34
10
Mar
1SI
Jan
7?*
100
28
13
Apr
40
30
Jan
'
1285*
6,000
Apr
'
Apr
20,000
B noo-vot common
ord reg—£1
Jan
114?*
110
Jan
Distillers Co Ltd—
113*
Mar
110
38J*
...25
255*
15*
Diamond Shoe Corp com.*
8
Gulf States UtU S5.60 pf.*
Jan
Mar
,<
Feb
5*
395*
1113*
1?*
25*
Apr
23*
24?*
233*
50
700
25
Mar
98
"
26?*
20
Apr
Apr
300
25*
.
175*
22
283*
Jan
95*
Guardian Investors...
200
Apr
Mar
1,100
10
300
Apr
6?*
85*
128?* 1295*
475*, 485*
10
10?*
485*
"il5*""Apr
Feb
13*
255*
8
114?*
1293*
Mar
Jan
Jan
Feb
Mar
Feb
«il
16
109
*
95*
165*
Apr
Jan
Mar
114?*
7% 1st preferred.—100
Jan
Apr
105
Apr
*
Greenfield Tap & Die
2
113*
Jan
Apr
15*
145*
325
Gt Northern Paper.....25
98
325*
Feb
Feb
Jan
Apr
Apr
Apr
Apr
Feb
9?*
10
Jan
Apr
63*
8?*
Apr
48
200
275*
Apr
Feb
Apr
Feb
Mar
75*
Jan
100
7
10
IX
16
27
Grand Rapids Varnish...*
Gray Mfg Co
Great Atl A Pao Tea—
Non-vot com stock
55*
91
1,100
16
275*
...*
S3 preferred..
Jan
191?*
Jan
25
16
5
IX
IX
28
28
"166
105
Jan
235*
85*
*
Gorham Ino class A
Apr
Mar
25
8
Feb
400
325*
275*
10?*
41
Apr
ht
Feb
IX
IX
"75* "SX 15", 166
105
Feb
200
17
17
105"
*
Goldfield Consol Mines.. 1
Goodman Mfg Co......60
preferred
Gulf Oil Corp
Det Mich Stove Co
275*
A.*
.......*
Godchaux Sugars class
Feb
105?*
Jan
4?*
65*
63*
100
55*
55*
Class B
Jan
Mar
87?*
55*
40?*
10
48
48
*
Preferred
Apr
14
Jan
Apr
81
J»n
98
preferred
X
15*
Detroit Gray Iron
97?*
Georgia Power S6 pref..."
45*
75
Apr
1?*
Mar
93*
65*
'r
Apr
1
38
40 X
98
40?*
100
Feb
Feb
Apr
Mar
48
Jan
1035*
100
S3 preferred
400
15*
275*
90
Jan
725*
Gen Water G & E com.
T106
845*
Distilled Llauora Corp—6
74 X
Mar
Jan
1
200
Apr
Apr
>n
65
General Tire & Rubber—
S7
.
18
20
Fdy—1
com..l
Detroit Paper Prod
1
Detroit Steel Prod new. 10
De Vllblas Co common. .10
7% preferred
10
15*
15*
73?*
Gilbert (A C) common...*
x
4?*
X
Mar
x
2,800
1,000
15*
9
65*
6% preferred w w
,
*>i
Mar
X
1
55*
no"
6?*
i»4
stock..
General ShareholdlngsCorp
~21~x "23k"
Apr
69
Jan
Feb
Gen Rayon Co A
Feb
6
Stores
855*
Jan
Cuban Tobacco com
38
Records common—1
Apr
Gen Pub Serv $6 pref
Jan
10?*
25*
1
Apr
Gen Outdoor Adv 6% pflOO
105*
300
"9%
Mills
16?*
35
"600
Jan
Jan
Darby Petroleum com..
Jan
Feb
»ii
hi
Mar
18
110
135*
25
>•4
5*
85*
---
*
CuneoPrees6X% pref.100
Mar
10
*
preferred
Jan
Mar
7% conv preferred....26
10
Jan
15?*
50
1,800
IX
Crystal Oil Ref oom
*
36 preferred
.—10
Cuban Atlantic Sugar
5
15*
Apr
300
Warrants
98
Jan
"T?* r~3X
7H
Co com—25o
Mar
13?*
100
25*
;
3
155*
General Investment com
12 x
5
1
1
100
35
Apr
500
35
Gen lire proofing com..
Jan
Apr
1?*
135*
15
Feb
Amer dep rets ord reg.£l
4X
21H
Crowley. Mliner A Co—*
Crown Cent Petrol (Md)_5
Crown Cork Internat A.
15*
135*
1?*
65*
7
£1
—.6
Dayton Rubber Mfg
preferred...
100
General Alloys Co..—. *
55*
70
"78" "Jan
69
5%
15*
775*
25*
135*
7?*
12
Crocker Wheeler Eleo....*
86
1
975*
T X
IX
100
86
86
Jan
GaKneau Power Co com..*
Feb
Mar
Feb
200
15*
Curtis Mfg Co (Mo)
Gamewell Co S6 conv pf..*
Mar
45*
X
"385*
385*
conv preferred... 100
125*
Gen Electric Co Ltd—
"""560
IX
71X
X r
69
60
Croft Brewing Co
Feb
4%
Jan
Jan
95*
IX
Apr
135*
15
Mar
"Too
"~X
Jan
16
205*
11
Conv partio pref..
Feb
Apr
120
15*
Jan
125*
Co..5
1?*
90
moo
"sx
Cosden Petroleum com..
Feciders
113
96?*
1
15
*
395*
35*
15*
45*
'~7X
1
Reynolds
36 preferred A
Fansteel
-
Jan
25
Corroon A
Falstaff
Feb
Apr
1,700
14?*
Common
5*
Cornucopia Gold Mines 6o
35
70
400
3
14
14
Jan
3
95
"Sx "Sx
36 preferred series
Feb
675*
1,000
1095*
25*
Apr
15*
295*
31
5?*
Copper Range Co
6% oonv preferred
50
3
30 X
83 prior preference—
Am dep rets
Mar
'i»
Froedtert Grain & Malt—
Feb
35*
83?*
Apr
900
2?*
82?*
117?* 118
IX
IX
1
8% preferred
100
Consol Boyalty Oil
10
Consol Steel Corp com—*
Cont G A E 7% prior pf 100
Continental Oil of Mex.—l
Cont Roll A Steel Fdy...♦
Cook Paint A Varnish
*
Cooper-Beseemer com...*
45
Mar
815*
1
Consol Retail Stores
Dejay
69
106
1095*
....»
Fox (Peter) Brewing
Feb
18
Apr
15
44
45*% aerlee B pref... 100
Consol Gas Utilities
J
Consol Mln A Smelt Ltd..5
Decca
12
Mar
Mar
S3 conv stock
ConsolO E L P Bait com.*
Class A
683*
685*
Fruehauf Trailer Co....
-*
S3 preferred
Consol Biscuit Co
Davenport Hosiery
Ti«
Amer dep rots... 100 frcs
Apr
1,100
1,150
Conn Gaa A Coke Secur—
Crown Drug
Jan
9?*
5*
30
*i«
£1
Class B voting
Jan
Mar
495*
IX
49X
385*
37
Community Water Serv__l
Compo Shoe Mach—
V t o ext to 1046
1
Creole Petroleum
600
365*
Ford Motor of France—
Commonwealth A Southern
Courtaulds Ltd..
High
Apr
Ford Motor of Canada—
100
Columbia Oil A Gas
Commonw
Low
35
10
35
Ford Motor Co Ltd—
83
Columbia Oae A Eleo—
6% preferred
Share<
High
35
Range Since Jan. 1, 1940
for
Wee
j Prices
Low
Price
Fed Compress & W'h'se 25
Flat Amer dep rets.......
Jan
354
0
Sale
Par
High
Low
Week's Range
Last
(Continued)
~7~X "ix
3 5*
Club Alum Utensil Co
6% conv preferred
STOCKS
Range Since Jan. 1, 1940
Week's
Sale
Par
2693
Sale
Friday
Sales
Laxl
(Continued)
Exchange—Continued—Page 2
105*
9?*
3,000
10
11?*
75*
17?*
200
11?*
300
19?*
75*
17?*
195*
75*
1,300
2,000
185*
180
18
185*
20
5?*
Mar
Feb
6
Apr
Jan
Jan
Jan
10
Mar
22
Apr
105*
Mar
215*
Apr
New York Curb
2694
STOCKS
Last
{Continued)
Week's Range
Sale
Par
Price
Indole P & L 6 % % pf—100
Exchange—Continued—Page 3
of Prices
High
Low
for
Range Since Jan. 1, 1940
Week's Range
of Prices
Last
Week
I Friday\Low
Sale
Shares
Low
Hthg
rar
109%
Mar
113
Jan
Non-voting class A——1
%
Mar
1
Feb
%
Jan
1
Feb
he
Jan
for
Range Since Jan. 1, 1940
Week
Shares
High
Low
High
Midland Steel Products—
Class
Price
Midland Oil Corp—
110%
110% 119%
$2 conv preferred
1
B
$2
Industrial Finance—
V t c common
7%
%
14%
%
11%
%
16%
1,100
73
100
72%
21%
73%
850
70%
Jan
22
300
21
Feb
International Cigar Mach *
700
9
60
11%
lnternat Industries Inc—1
2%
S3.60 series
U%
2%
300
Mid West Abrasive..—50c
Midwest Oil Co
73%
23%
Apr
A Pow
Mar
15%
Jan
Feb
1%
Mar
2%
12%
5%
Apr
Apr
~~4% "5% lOl", 400
warr
Missouri Pub
Apr
Mock Ji d
Coupon shares
*
15%
5%
15%
lnternat Safety
15%
Apr
19%
Feb
Common
Apr
19%
Feb
Molybdenum
1,200
4%
Jan
5%
Apr
Monarch Machine Tool
1%
500
%
Jan
1%
Apr
8%
%
300
Apr
9%
Mar
%
%
Apr
%
Jan
15
15
15
31%
$1 76 preferred...
*
$3.50 prior pref
-
Warrants series of
31%
31%
30%
Mar
14
200
50
Feb
Equip..1
3%
8%
9%
3%
9%
400
Investors Royalty
16%
16
Itullan Superpower
Jacobs (F L) Co
A
*
.....1
"~2
*
6%% preferred..
6% preferred
7% preferred
Jones A Laughlln Steel.
Montreal Lt
Jan
3%
A
100
9%
Mar
5%
100%
Jan
1%
400
1%
Jan
Jan
Feb
Jan
95
160
60-
1,700
6%
100%
Apr
103%
25%
Jan
109
Mar
Mar
36
Jan
Mar
5%
Jan
6
50
3%
111
Jan
Mar
Mar
73%
Mar
Jan
1,000
1%
Mar
2%
%
13%
Jan
14%
"14%
2
Mar
Jan
2%
1%
Jan
6%
88
89
80
Jan
Jan
15
Jan
10
89
Apr
"is
95
1,100
10%
Jan
Mar
8 %
Apr
Apr
85
Jan
89
65
Feb
75
Apr
11%
Jan
12%
16 %
43%
25%
Apr
1
5
4%
41%
17%
4%
41%
18
4%
900
11
17%
12
800
10
800
Feb
41
Jan
17%
Mar
3%
Feb
*71
*7%
preferred
Apr
4%
»
Nat Rubber Mach
.._*
National Steel Car Ltd...*
National sugar Refining
§ Neb el (Oscar) Co
Feb
6%
Mar
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
•
Apr
%
5%
Apr
6%
2
Apr
3
100
4,500
800
'is
Jan
300
31 %
Feb
11%
200
9%
10%
18%
Jan
he
...6
9%
*
Feb
Apr
Mar
Jan
%
35%
12%
16%
Mar
Jan
22%
Mar
Feb
1%
Apr
Jan
Jan
Apr
5%
Apr
13%
Mar
Jan
10%
Jan
N Y
Jan
Founders shares
1
New York State El A Gas—
1%
41
600
100
39 %
Mar
1%
48%
38%
200
36%
Mar
44%
Jan
2%
100
1%
Jan
2%
Mar
5%
5%
2,900
6%
106%
Feb
Jan
Jan
Ludwlg Bauman A Co com*
1
Mar
2
Conv 7% 1st pref
100
Conv 7 % 1st pf v t c.100
Apr
Apr
Apr
21
Jan
25
Jan
20
Jan
25
Jan
24%
Jan
29%
Apr
%
Mar
he
Jan
•is
Feb
%
%
1%
%
1%
1,800
1,200
1
1%
preferred
*
ManlschewltzlTne B) Co.
Mapes Consol Mfg Co.. *
conv
35
Jan
Feb
1%
1%
Apr
Apr
39
Mar
10
28%
28%
100
Jan
10
Jan
25%
Jan
29
Feb
Marconi lnternat Marine
15
*
1
3%
800
Feb
3%
3%
3%
400
2%
2%
3%
37%
35%
37%
900
21 %
Massey Harris common..*
4%
17
Apr
Jan
4%
Feb
Jan
2%
Jan
Apr
Jan
5
Jan
37 %
May Hosiery Mills Ino—
$4 preferred
7%
*
165
Memphis Nat Gas com..6
4%
Mercantile Stores com...*
Merchants A Mfg cl A
1
17%
3%
4%
17%
3%
8
165
200
20
200
18%
3%
27%
300
3%
*
4%
27%
Participating preferred.*
3%
200
600
25
1%
7%
Apr
Apr
152%
4%
Jan
3%
64
•11
25
'he
25
3
100
38
10
»
Michigan Bumper Corp._l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
v t c
"16
IS
F-r footnote* •*ee oag»
Apr
12
12%
18,200
4,100
3
100
"5% ""5%
Jan
6%
Apr
54 H
Jan
9%
Mar
11%
Feb
50
8
5%
8%
Jan
8%
Mar
11%
800
1%
1%
900
%
%
300
2697
Jan
12%
Apr
Jan
1%
%
Feb
Mar
11
1%
Mar
12%
Jan
115
1%
%
Jan
10
13%
117%
Apr
13%
Apr
14%
Mar
4%
5%
Apr
6
Jan
Mar
7
Apr
%
13%
Feb
1,100
117% 117%
Jan
1
Jan
1 %
preferred
11
100
68
69%
225
Jan
1%
30%
11
Apr
Apr
30%
Apr
Apr
Jan
11
134
40
65
Feb
24%
Feb
13%
76%
25%
136%
Jan
Jan
124%
Jan
5%
500
5
Mar
%
Jan
14%
134
15%
1,500
12
Jan
15%
Apr
64
64%
500
59%
Apr
65
Jan
"36"
""160
33
Feb
200
2
Feb
136%
5
"64"
1
"36"
3%
3%
.
'
Feb
1%
36
3%
Apr
Jan
Apr
Apr
100
15
Apr
15
21%
100
20%
Apr
28 %
Jan
8%
200
7%
Jan
9%
Mar
120
114%
Jan
1)8%
Jan
109
Jan
15
15
21%
8%
115% 116
106% 106%
»
20
104%
Jan
3,800
12%
Feb
Apr
5%% preferred
New York Transit Co
21%
21%
23%
120
103%
Apr
5%
21%
Jan
"26% "26% """20
13,700
4%
Feb
106% 107
100
5
N Y Water Serv 6
% pf.100
Jan
23% Apr
107
7%
29
Apr
Apr
Jan
Niagara Hudson Power—
Common
5%
10
1st preferred....100
5%
88%
5% 2d preferred
100
Class A opt warrants
Class B opt warrants....
Niagara Share—
Class B common
5
Class A preferred
5%
88
425
83
Class B common
6%
4%
92
Jan
87
Mar
Apr
1,200
hi
Jan
%
%
400
%
Apr
300
4%
94%
Mar
Feb
99%
400
57%
Jan
70
Jan
9%
Mar
'"""% "1%
"""460
8%
%
Mar
4%
100
4%
Jan
1%
5%
Jan
4%
5
~~
"67"
%
4%
"67%
hi
Feb
1
Feb
5%
Feb
Feb
Apr
Jan
1%
16,000
he
Mar
1%
Jan
96
94
96%
400
101%
Mar
24%
25%
700
73%
23%
Jan
25
Feb
26%
Apr
25
25
300
24
Apr
28%
Jan
50%
51%
120
49%
%
Jan
52
Feb
1%
*
prior preferred...50
Utility Securities.*
Mar
Jan
he
%
Nineteen Hundred Corp B 1
Niplssing Mines
fi
$6 preferred
*
North Amer Rayon cl A—*
*73
6%
he
*
Electric
.......1
Nor Amer Lt A Power—
Common
1
84
10
89
83
100
Nlles-Bement-Pond
5
~5l"%"
1
Nor Central Texas
Oil...5
Nor European Oil com.
1
Mar
he
Jan
3%
Mar
2%
Jan
he
Nor Ind Pub Ser 6 %
pf. 100
7% preferred
100
Northern Pipe Line
10
Feb
he
Feb
Jan
103%
Jan
116
Apr
Apr
Apr
105% 108%
130
100
115
160
108%
6%
116
9%
500
2,200
200
16%
Jan
21
Apr
Novadel-Agene Corp
35%
34%
35%
500
34
Apr
37
Jan
30 %
Jan
4%
Mar
%
Mar
Feb
63
Jan
%
67
Mar
Jan
*
%
Jan
Jan
3%
Feb
Apr
42%
Jan
Feb
Oblo Power 6% pref... 100
Ohio PS 7% 1st pref
100
6% 1st preferred
100
Oilstocks Ltd common
6
108%
Jan
Oklahoma Nat Gas
2%
Feb
%
Jan
8
1%
6%
Apr
Apr
Apr
3%
%
7%
Feb
Feb
Mar
Mar
4%
"is
9%
Jan
Jan
Jan
8%
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Ohio OH 6% preferred.. 100
38
Mar
200
Feb
14%
Mar
1,400
44
20%
%
4%
%
Jan
Jan
Apr
19%
Apr
•is
4
3%
Jan
44
97%
3%
13%
6%
8%
Feb
Apr
Mar
13%
100
3%
%
3%
Feb
40
19%
1,100
8%
Jan
500
11%
11
13%
88
—606
46
10%
8
Jan
100
25
46
10%
Jan
Apr
Northern Sts Pow cl A..25
1%
3%
:<
Apr
13%
525
42%
95%
17%
47
Mar
Northwest Engineering..*
7%
'8%
12
Jan
Feb
9%
100
3
94%
14%
"3
Jan
1%
1
Jan
7f%" Fe"b
Jan
4
7%
800
"Feb
%
31
Apr
Mar
200
10
new
Jan
Jan
Mar
Jan
Jan
Apr
Apr
Shipbuilding Corp—
104
3
38
Middle West Corp com..5
Feb
11%
11%
4%
3%
7,100
25c
...15
Middle States Petroleum—
Class A v t c new
1
2%
9%
170%
81%
18%
Apr
Metropolitan Edison—
Preferred
Apr
Mar
Mar
%
64
1
preferred
$6
Apr
Mar
10
Feb
16
Warrants
6%% A preferred... 100
Corp
2,000
13%
16%
No Am
McCord Rad A Mfg B__
McWUUams Dredging...»
he
Jan
13%
17%
Jan
26
2%
Noma
Communica'ns ord reg £1
....
17%
46%
11%
42%
Warrants
N Y A Honduras Rosario
10
N Y Merchandise
10
N Y Pr A Lt 7%
pref.. 100
9%
5
12%
*
12 %
Feb
Partic preferred
N Y Auction Co
com..
N Y City Omnibus—
150
1
10
46%
New Mex A Ariz Land—.1
New Process Co
1
2,200
5
Metal Textile
25
9%
103
jMaJestlc Radio A Tel—1
Manatl Sugar opt warr...
17
"l3%
*
13%
40%
38%
2%
100
100
Loudon Packing
Louisiana Land A Explor.l
Louisiana P A L $6 pref.
Mesabl Iron Co
New Idea Inc common
New Jersey Zinc
9%
1
%
27%
%
10
3% cum4%non-cum.l00
Pow Assoc
6% preferred—
100
13%
Lone Star Gas Corp....-*
Long Island Lighting—
he
27%
100
B
Merrltt Chapman A Scott
Jan
200
16%
Loblaw Groceterias cl A.-*
Mead Johnson A Co
7%
9
2,000
8,400
Nelson (Herman) Corp...5
Apr
1
1
10%
Neptune Meter class A_._*
Nestle Le Mur Co cl A...*
Nevada Calif Elec com. 100
Mar
Lit Brothers common...
Master Electric Co
Feb
9%
t,
New Engl
6%
Lipton (Thos J) class A..1
6% preferred
25
v t c
10%
Nehl Corp new common..*
1st preferred
*
Jan
2%
%
32
Feb
*
com
Apr
2%
31%
11%
6
Mass Utii Assoc
77
Apr
Apr
4%
Jan
7%
Nat Union Radio Corp.._
Navarro Oil Co
*
12%
6%
2%
Q) Inc-.l
Marlon Steam Shovel
15%
75
9%
National Tea 5%% pref. 10
National Transit
12.50
Nat Tunnel & Mines
*
80
%
*
Develop...25
Corp
900
7%
3
6%
Mangel Stores
16%
7%
'94%
Jan
1
Jan
"166
Apr
Mar
Jan
15%
National P A L $6 pref...*
National Refining com...*
Jan
9%
B
Lynch Corp common
138
Nat Mfg A Stores com...*
National Oil Products...4
15%
Class A....
7% pref class A
6% pref class B..
2,100
21
Mar
Langendorf Utd Bakeries—
Common
18%
Nebraska Pow 7% pref. 100
Jan
Jan
Jan
he
—25
National Container (Del) .1
National Fuel Gas
*
112%
1%
*
Mar
Jan
2%
""200
30
Jan
"l2% "l2%
100
7%
6%
Jan
67 %
Lakey Foundry A Mach..l
Class B
preferred
National Candy Co
*
National City Lines com.l
$3 conv preferred
50
Mar
1%
Lane Bryant 7% pref.. 100
Lane Wells Co common..1
Mar gay Oil
6%
Mar
Mar
Mar
%
89
14 %
26
Jan
he
*
Nat Automotive Fibres.. 1
Nat Bellas Hess com
1
National Breweries com..*
27%
120%
Jan
100
Apr
1,250
Apr
Feb
he
100
Locke Steel Chain
22%
21%
21%
141%
Feb
116%
Lackawanna RR (N J). 100
Class
22
Jan
Jan
Apr
%
30%
171
17%
2%
r108
Mar
Feb
400
99% 100%
166
21%
"210
168% 169
Apr
1,600
Apr
Jan
Apr
4%
%
2%
2%
1
2%
7%
Feb
Mar
26
168%
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2%
Muskogee Co common
*
9*%
Mar
2
7
1,000
Jan
Apr
Apr
6%
Feb
(
9%
41
Feb
17%
Jan
11%
Jan
Jan
Feb
Apr
Apr
Kress (S H) special pref. 10
Le Tourneau (R
300
2%
Mountain States Power—
New common
*
Kobacher Stores Inc
Line Material Co
"l»
%
Mountain Sts Tel A Tel 100
6%
5%
Emli) Co com..*
KIelnert(I B) Rubber Co. 10
Knott Corp common
Oil
Mar
5%
Jan
'17%
Kelln (D
Leonard
8%
5%
24%
%
300
39
4%
3%
Mar
2%
Lehigh Coal A Nav
1,300
7,700
8%
39
1,700
%
29
1
Lefcourt Realty com
Conv preferred
8%
9%
8%
8%
39
3,700
17%
Kirkl'd Lake G M Co Ltd. 1
Class
Apr
6%
Jan
100
1
Feb
5%
4%
15%
107
*29 ~
Klrby Petroleum
Kreuger Brewing Co
117%
Jan
10
Mar
Key Co common
*
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
Lake Shore Mines Ltd
Msr
4%
Nachman-Springfllled
Ken-Rad Tube A Lamp A *
conv 1st pref
116%
300
.
Jan
3
Jnri
Mountain Producers
Mar
15
2%
1%
% pref. 100
Keith (Geo E)7% 1st pf 100
Kennedy's Inc
6
4%
Apr
U
Mtge Bank of Col Am shs.
Mountain City Cop com.5c
Apr
13 %
88
100
100
Feb
70
Jan
5%
Pow..*
16
Kansas G A E 7
Koppers Co 6% pref
Kresge Dept Stores—
Ht A
400
Kokenge com..*
6% preferred D
Kingston Products
Mar
Jan
3%
100
100
1
Jan
Moody Investors part pf.*
400
%
%
*
Jan
Jereey Central Pow A Lt—
Julian
Montgomery Ward A
""166
15
Jean net te Glass Co
Mar
5%
1
"4"
16
1
A
Jan
Feb
1
Iron Fireman Mfg v t c—*
Irving Air Chute
%
11
550
Montana Dakota Utll.__10
18%
7%
10%
Jan
57%
Jan
Feb
69%
1
16%
3%
Apr
Apr
1%
7%
67%
*
—
37
%
Interstate Power 57 pref.*
114%
2%
8%
105
500
jMoore (Tom) Distillery. 1
3
4,400
Interstate Hosiery Mills.
Jan
125
300
8
"69%
Monogram Pictures com.l
1940
Vitamin—1
Home
interstate
8
100
Apr
7%
$2.50
Corp
Monroe Loan Soc
8
1
Jan
19
"5%
com.
16%
Class BA
International
Rerv
3,500
International UtilityClass A
6
Jan
Voehrlnger—
5%
Razor B
Mar
109% 112
2%
2%
.....
10
15%
Registered shares
4%
17%
Mississippi River Power
6% preferred
100
Jan
International Petroleum
International Products—*
150
100
Mining Corp of Canada..*
Minnesota Min A Mfg...
Minnesota P A L 7% pf 100
6
19
18%
Midwest Piping A Sup...*
Apr
9%
1%
3,800
19
112
Apr
Apr
7%
11%
1%
Internal Metal Indus A..*
lnternat Paper
6
dlv shares.*
cum
%
16%
Jan
lnternat Hydro Elec—
Pref
non
Mldvale Co
1
-
preferred
Insurance Co of No Am. 10
$6
1940
Sales
Indian Ter Ilium Oil—
$6
April 27,
Sales
Friday
$3
preferred
$5%
conv
com.
Oliver United Filters B
Omar Inc
100
400
115
115
19%
115%
40
115
115
10
19
19%
49%
50
114% 114%
*
1
23
106
19%
Jan
Mar
Jan
9%
15%
24
107
...50
prior pref
Oldetyme Distillers
Overseas Securities
15
23
106
11
"3%
3%
4
2,600
Jan
110%
98%
113%
Jan
107
Feb
116%
116%
108%
112%
106%
7%
Feb
Feb
8%
18%
Jan
21%
46
Jan
Jan
Apr
M ar
Apr
Feb
Mar
Apr
Apr
Apr
Jan
50
Mar
50
111%
Mar
117
Mar
16,800
1%
Feb
4
Apr
Jan
100
7%
2%
8%
3%
Feb
200
*
1
*
Jan
Feb
Volume
New York Curb
149
Last
Week's Range
for
Sale
of Prices
Week
Pacific Can Co
5N%
Pacific P A
10694
SI .30 1st
Apr
108 X
Feb
Apr
95X
Jan
35N
Apr
Apr
%
Apr
Sentry Safety Control
1%
11%
Jan
2X
Jan
2294
A{r
Shattuck Denn Mining—5
Jan
Shawinlgan Wat <fc Pew..*
bherwin-WiIIlam8 com..25
15,400
2X
;
5,000
21
64
.25
38
38
25
37
Apr
111
Jan
11394
109
Mar
175X
25
166 X
12
694
7
7X
114X
12%
Apr
42
Feb
16 X
Apr
14%
Mar
90X
Jan
Feb
28X
Mar
Apr
894
Jan
5X
8)4
Jan
Mar
Feb
Solar Mfg Co
Jan
9X
.47%
Apr
Mfg com..
South Coast Corp com
Jan
Feb
Jan
34
Mar
1434
94
Apr
South
Feb
2
Jan
Southern
894
Apr
Jan
45
Feb
Jan
Apr
540
54 X
Apr
1394
6134
9%
Jan
Jan'
99
f
13%
104
Jan
Apr
Mar
194
Jan
9%
300
Jan
Apr
11
Jan
Jan
15
Feb
13
23 X
"§
.
Apr
894
Feb
Jan
8194
1,300
1
Jan
Apr
Apr
2434
134
Jan
42
Mar
Apr
10
Feb
'*"500
8
Apr
8
Jan
Jan
Jan
Jan
Apr
934
Jan
102
Apr
Apr
10694
113 34
Apr
Jan
Mar
79 X
Feb
10034
Apr
39%
Feb
5234
Apr
Jan
10934
Feb
90
109 %
Jan
11294
Feb
Mar
Mar
84 X
1,425
75%
27
28%
24 X
1,775
5,800
22?4
22%
82%
118
118%
120
11%
8X
6%
115%
150 ;
151
130
149
"894
*"9"
86
Jan
32 34
Jan
Jan
2434
Apr
Feb
1094
Apr
734
Mar
Jan
Mar
125
Feb
preferred
14
Apr
4034
134
-2%
2694
Mar
6
Jan
24
.
5X
Jan
Apr
%
1
*
1
.*>'*»«# 4b
257000
ox
•* ■
.....
"2%
300
Gas Co*11
*11
1
Rochester GAE16 % pf C100
6% preferred D——.100
Rochester Tel 6N % prflOO
Roeser A Pendleton Inc—•
Voting trust ctfs
500
Mar
5X
Mar
hi
"6N
Jan
Sterling
18%
4%
IX
Feb
X
103 %
""§75
Stinnes
Sun Ray Drug
Feb
Mar
Apr
Apr
Mar
Feb
Feb
294
Apr
Mar
101
Jan
Feb
Jan
Jan
Stroock
*
""% "Too
"58 "
"63 X
350
534% conv pref
50
Superior Oil Co (Calif)..25
Jan
3%
Mar
334
Feb
Mar
7N
Jan
%
Apr
.
*56""
334
Jan
Jan
394
300
1394
900
13
Mar
100
43
Jan
IN
hi
Feb
"65""
Mar
5
Mar
15N
Jan
50
Apr
Feb
234
Jan
2
Feb
434
Jan
134
Jan
334
Feb
*1394
*"ik "l,200
$3.30 A part——
Apr
15
Jan
30 N
Jan
Jan
Mar
SON
Mar
Taggart Corp com
Tampa Electric Co
pref—100
Land Co——2
"4k
25,200
234
Mar
4N
Apr
1,150
57 X
Jan
8134
Apr
794
834
15,000
494
X
600
Inc.—*
Tubize Chatillon Corp.—1
Class A._.
1
Tung-Sol Lamp Works... 1
80c conv preferred
..*
Udylite Corp
—1
lUlen * Co ser A pref
*
J
■
-!"
X
Apr
Mar
894
Apr
134
Jan
Apr
35
Jan
Mar
1
Jan
Jan
14
Jan
28
Mar
33
Apr
30
"33" "3*400
v'
■
■
Mar
Jan
2
72
Apr
66
Mar
Feb
170 34
Mar
534
4N
234
14 X
Apr
Jan
Jan
694
11%
394
Apr
Apr
25
994
394
994
394
Jan
19 %
700
634
Jan
694
Apr
500
234
Jan
2N
Mar
100
1,000
19
234
634
294
12
70
16
' Jan
.
Jan
Feb
16
Apr
Jan
hi
Jan
IN
Feb
234
Mar
134
Mar
%
13
14
3,200
22
14
22
•••■•
13
Jan
Apr
16 %
Jan
Mar
24
Mar
250
19 X
Jan
174
200
IN
Jan
"£o"
'"166
194
Jan
2
34
2N
Feb
1234
"10"
Jan
14
Mar
8%
Jan
11
Mar
2034
Feb
Mar
20
Jan
2034
3734
1,100
1,200
2894
Mar
10994 10994
75
10834
Jan
34
1,100
'u
Mar
hi
2034
Mar
94
34
2034
3634
*ie
hi
•
1034
34
934
34
9%
Jan
27 X
Jan
1,100
8
Apr
10N
Apr
Jan
*u
Apr
40 %
Jan
1Jan
IN
Feb
3834
194
100
X
X
1,100
N
31
21
94
Jan
Mar
1,600
1,500
33
Feb
20
194
"38
37 X
110
'*"266
"2434 ~25
"25
Mar
»n
Apr
;f Apr
67
21
Jan
Feb
1)4
Jan
Feb
62
"15"
;**2o6
12
"3634 "38"
""75
33
Jan
38
694
534
IN
>234
Apr
8
Feb
Jan
9M
Apr
Jan
2
Jan
Jan
3H
Feb
"394 "4%
'*"366
3N
Apr
»i«
Mar
4)4
X
Jan
Jan
"l"094
'"250
9N
Feb
034
Jan
ION
13 94
100
Jan
15
Apr
Apr
Apr
Jan
Feb
4034
Apr
Mar
36
Jan
Jan
13
Jan
"is"
Jan
394
"3634
"834
"434
1^666
"*834 "1*34
*10"
40
2
4034
2,500
400
1034
IN
33 N
35
3534
400
33
13
13
40
134
Mar
13
634
634
200
6N
Apr
5
534
534
1,200
434
Mar
3034
300
31
15
Apr
4 34
Feb
Apr
2
Jan
1494
2134
"*450
1434
1434
400
11%
134
134
5894
200
Y,300
1534
6,100
1434
112
"2094
"20k
1434
134
100
112
112
9N
Jan
6
Jan
Mar
27
%
X
12 N
11034
2N
>834
"hi "134
X
3694
Apr
N
Jan
Jan
134
Apr
Jan
16 94
114
Feb
Jan
Feb
2N
Jan
24 %
Jan
Jan
15
IN
Jan
Mar
Jan
Apr
Apr
50
Apr
Mar
59
Jan
4N
5894
Jan
5
Jan
56
10N
94
7234
Mar
300
X
04%
Jan
ION
Apr
800
94
76
94
76
108
10
>05)4
114
115
30
112
Jan
Jan
Apr
Apr
Mar
109
Jan
108
115
115
Jan
h.
•ii
'11
194
Apr
hi
•ii
Jan
%
Jan
Jan
IN
Apr
2N
Mar
3N
Feb
Jan
"l,666
200
194
234
294
he
3,100
1
Apr
Jan
•11
8N
JaD
sc8 X
"834 "8k" ""666
834
Apr
100
31N
Jan
ION
39 34
4,300
1,500
42,500
2N
Mar
7N
Feb
8
Jan
3N
X
Feb
Mar
6N
IN
Apr
Jan
N
Mar
1
Jan
94
Trunz Pork Stores
Series B pref—
■■
IN
100
71
Tri-Continental warrants
8134
"30k
"266
"l% "l%
*
77%
X
1294
2697
46 X
700
4494
2934
Mar
3094
Corp—15
"I"
8
31X
Feb
Class B common.—..
Swan Finch Oil
94
4
79X
—5
*
Scovlll Mfg.
25
Scranton Elec $6 pref... *
"12X
Jan
48
"ik "ik
Jan
35
Superior Port Cement
Jan
Feb
1334
334
44
Jan
134
Sunray Oil.
5
Ttlo Roofing Inc
1
Tishman Realty A Constr *
Tobacco A Allied Stocks..*
Tobacco Prod Exports.—*
Tobacco Secur Tr—
Ordinary reg
....£1
Def registered..
5s
Todd Shipyards Corp
*
Toledo Edison 6% pref 100
7% preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Trans Lux Corp
1
Transwestern Oil Co
10
Mar
48
"l3X
Mar
22
634
1
Texas P & L 7%
IN
"iok*
200
"'%
58
Mar
3734
100
hi
Jan
14
634
2N
194
400
1534
Technicolor Inc common
234
"11k ""760
2H
1,100
29
19
Jan
10434
10434
H6N
2N
234
4034
71
...*
Co
Feb
40
234
Thew Shovel Co com
—-
Roosevelt Field
200
Sullivan Machinery
Texon Oil <fe
Rome Cable Corp
6
434
"634
Feb
Jan
Feb
Rolls Royce Ltd—
ord reg—£1
Jan
394
1
com..*
Tastyeast Inc class A
1
Taylor Distilling Co
1
Tu
Jan
12 X
10434
Stetson
Feb
Jan
Jan
34
1994
z534
.
Sterling
Mar
634
116N
103k
4
Apr
Apr
Jan
2
167
50
20
Aluminum Prod.l
Brewers Inc
1
Inc—
—1
(J B) Co com....*
(Hugo) Corp
5
(8) Co
*
Jan
34
1394
Jan
12$-$
6%
2N
& Co common..*
Feb
Jan
%
1%
'"366
'2434
Jan
71
5% 2d preferred
Feb
35
""loo
"24"
134
194
6% 1st preferred
10 %
200
——
—...
Jan
1,500
134
494
Steel Co of Canada—
Feb
Feb
Mar
X
IN
*
Feb
1034
34
105 N
Feb
2834
com.l
—10
Ordinary shares
Apr
Mar
Common
Stein (A)
Jan
2
134
ord reg—£1
Standard Cap & Seal
Sterling
Reliance Elec A
Am dep rets
Conv
Mar
'
100
Spencer Shoe Corp
*
Stahl-Meyer Inc
—*
Standard Brewing Co
*
13
Mar
%
11
Apr
103
Apr
Mar
155
Apr
3034
25
534% pref series C
25
Southern Colo Pow cl A.25
7% preferred
100
South New Engl Tel
100
Southern Phosphate Co. 10
Southern Pipe Line
10
Southern Union Ga*
Preferred A
25
Southland Royalty Co.—6
Spalding (A G) & Bros.—1
5% 1st preferred
*
Spanish & Gen Corp—
Stercbi Bros Stores
8
50
Mar
127
"666
6% preferred B
Mar
Apr
Apr
15334
12
11
139";" ""160
Calif Edison—
Feb
9J4
Jan
6
97 X
27
Apr
Apr
Jan
Feb
2
1
$1.60 conv preferred..20
Standard Invest $534 Pref *
Standard Oil (Ky)
10
Standard Oil (Ohio) com 25
$5 preferred
100
Standard Pow <fc Lt—...1
Common class B
—_*
Preferred...
*
Standard Products Co.—1
Standard Silver Lead
1
Standard Steel Spring.—.6
Standard Tube cl B
1
Standard Wholesale Phos¬
phate & Acid Wks Inc. 20
Starrett (The) Corp v t c.l
104%
84
4N
IN
994
IN
IN
Standard Dredging Corp—
24
Apr
21N
26
Jan
1,825
111
110%
15N
Jan
10334
"46"
25
Penn Oil
Apr
2,250
52 X
50
Jan
"l94 "194
434
he
110N
51X
Jan
Jan
24,300
1,200
434
134
127"
IX
534
106 %
100
Mar
11294
Jan
Apr
34
Jan
100
100
97
120
114N
11N
103
194
Feb
100
102
102
100
Jan
2
he
'"700
8%
Feb
994
127""
3%
8%
~~8X
89
111
134
500
X
%
4
950
434
494
200
A
100
Sobs
Jan
20%
l6n
39 X
Apr
3%
7X
300
100
23X
»ll
Apr
%
%
1,400
3%
23X
Apr
""806
IX
3%
194
134
434
SIX
1
1
9834
5% original preferred.25
500
X
18N
19
Southwest Pa Pipe Line. 10
9%
10
9%
Corp
1594
"7~800
"%
l»n
834
6N
Apr
14
1
1
1
1
Jan
6%
Feb
1,000
Feb
15N
10N
ord reg.£l
7% pf 100
—5
Skinner Organ
1%
13
5N
200
112
Sioux City G «fe E
1%
For footnotes see page
Amer dep rets
Jan
7%
40%
103
12%
12X
102% 102
Apr
Apr
Feb
1,900
Singer Mfg Co Ltd—
Feb
3134
OX
700
57
Mar
96
"9734
100
Singer Mfg Co
Jan
120
"l3X
55
5534
Mar
634
1 594
594
,
Simplicity Pattern com—1
Simpson's Ltd B stock...*
8%
"13% 'iox
Feb
IN
2N
7
Simmons H'ware <& Paint.*
Jan
"1% ~2"300
7%
•u
Jan
1594
"~5%
*
$3 conv pref
Mar
Apr
Mar
Indiana—
Savoy Oil Co
Schlff Co common
common
2%
6
16,200
1,400
1,200
43 %
12%
X
"i%
com—6
Inc..——5
Root Petroleum Co
1
$1.20 conv pref
20
Rossia International.——*
Royallte Oil Co Ltd
*
Royal Typewriter
*
Russeks Fifth Ave
234
Rustless Iron A Steel.—1
$2.50 conv pref
*
Ryan Consol Petrol
*
Ryerson A Haynes com—1
St Lawrence Corp Ltd
*
Class A $2 conv pref. .50
St Regis Paper com
5
7% preferred—
100
Salt Dome Oil Co
-1
Samson United Corp com.l
Sanford Mills—..———*
Jan
Apr
Bimmons-Boardman Pub—
72H
"I'Soo
13%
8
Eng'g—6
Republic Aviation
1
{Reynolds Investing.——1
Jan
Apr
Feb
»ii
*
17594
%
*
*
Puget Sound Pulp A Tim *
Pyle-National Co com
6
Pyrene M anufacturlng. . 10
Quaker Oats common
*
6% preferred
—100
Quebec Power Co
*
Ry A Light Secur com—*
Railway A Util Invest A.l
Raymond Concrete Pile—
Common
*
S3 conv preferred
*
Raytheon Mfg com
50c
Red Bank Oil Co
*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Reiter-Foster Oil
50c
%
0%
59 N
60
Feb
hi
1,400
94
—25
Jan
114X
Public Service of Okla—
Am dep rets
Line stamped
SIlex Co
Sonotone
14 N
prior preferred
Jan
Jan
Shreveport El Dorado Pipe
Mar
Feb
6%
10
ox
42
$6 preferred
Jan
Jan
11
2
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
Mar
200
6
OX
6% prior lien pref
100
7% prior lien pref—.100
Puget Sound P A L—
Feb
94
94
.1
112
x30%
*
*
Feb
4%
52 %
600
£1
Mar
600
7X
*
Rio Grande Valley
Jan
Amer dep rets reg
€3
50
67
Colorado
Goods
Jan
2
25
60
7.50
Richmond Radiator..
38 X
Mar
U2X
114%
com.—10
25c
Potero Sugar common
5
Powdrell A Alexander.-.5
Power Corp. of Canada..*
6% 1st preferred
100
Pratt A Lambert Co——*
Premier Gold Mining
1
Prentice-Hall Inc com—*
Pressed Metals of Am—1
Producers Corp
25c
Prosperity Co class B
*
Providence Gas.
—*
Prudential Investors
*
Rheem Mfg Co
65
Apr
110
Pitts Bess ALE RR
Rice Stlx Dry
Mar
109X
Pines Winter front Co
$5
3
Mar
64
734
Polaris Mining Co
X
150
250
Serrick Corp
.1
Seton Leather common—*
Jan
694
50
Pittsburgh Forgings
-1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Mar
Mar
Selfridge Prov Stores—
31 %
26
—
IN
8N
Apr
9
»t«
434
5934
5834
5834
25
Jan
64
1
Pioneer Gold Mines Ltd—1
Pitney-Bowes Postage
6
550
Allotment certificates
77
—
preferred
$6 preferred
$5.50 prior stock
Apr
Apr
67
series A. 10
Feb
Jan
N
9,000
1,900
1
34
Mar
1334
$7 prior
Feb
16 X
2%
Pierce Governor common
Apr
Feb
39 N
Jan
694
6
1034
494
33 X
Phoenix Securities—
1st preferred
49 X
Jan
175X
pref-25
Phillips Packing Co——
1
1034
'hi
1
694
1034
1
31 %
IX
Co.*
Jan
Mar
39
5
stock
Jan
1%
Philadelphia Co common.*
Phlla Elec Co $5 pref
*
7%
Convertible
50
Pnila Elec Pow 8%
Public Service of
Common
Jan
112X
Pepperell Mfg Co.—100
Perfect Circle Co
—*
Pharte Tire A Rubber
1
6% 1st preferred
Jan
100
Pennsylvania tugar com 20
Penn Traffic Co
214
$6 preferred
Feb
10 X
35X
31X
1934
110
1
9N
Selected Industries Inc—
35 X
64
*
pref.—*
-—*
Mfg Co.——50
Public Service of
12 X
15X
2
preferred
Feb
N
*
*
15X
Class A common
Plough Inccom
Pneumatic Scale
Selberllng Rubber com
Selby Shoe Co
43 %
12
38
Meter..;
Jan
Jan
1934
Penn Pr A Lt $7
Mar
»n
6234
Feb
X
2%
*
734
*
31X
1534
"31%
Mar
400
*
100
Pennsylvania Gas A Elec—
Conv $3 pref
Securities Corp general
Seeman Bros Inc
35%
*
com*
—.25
Penn-Mex Fuel
-—50c
Penn Traffic Co
...2)4
Pennroad Corp com
1
Penn Cent Airlines com.l
Pennsylvania Edison Co—
Class B
$1.40 preferred
53
1,000
1
X
X
3%
8X
30
Mar
Jan
894
8
*
5%
12
"*"500
9
8X
8X
2934
45 N
Warrants
Apr
8%
Jan
pref—*
Apr
Jan
4%
200
3X
3X
Peninsular Telephone
$5 series pref
$2.80 series pref
Feb
Feb
20
Water Service $6
Feb
18,200
5
4X
High
24
Segal Lock & Hardware—1
4 94
A.—*
Common.'--.
0%
5X' Mar
Feb
Corp.l
Parker Pen Co
10
Parkersburg Rig A Reel—1
Patchogue-Ply mouthMills
Penn Water A Power
Sculin Steel Co com
29%
preferred—
Low
Shares
High
Scranton Spring Brook
106 %
Oil of Venezuela-
Penn Salt
Apr
Jan
20
Paramount Motors
$6
Mar
800
87
American shares———
Pender (D) Grocery
14%
31 %
300
*
Pacific Public Service
Pan tepee
29%
29 %
preferred.-.25
pref..*
L 7 % pref—100
1st
Pacific Lighting $5
13%
32 X
Range Since Jan. 1, 1940
Week
of Prices
Low
Price
Scranton Lace common..*
34 %
Feb
Apr
Apr
100
34N
30%
107 X
32X
3294
3,200
14
14
common.-*
pf.25
Pacific G A E 6% 1st
Par
for
Week's Range
Sale
(Continued)
High
Low
Shares
High
Low
Price
Last
STOCKS
1,1940
Range Since Jan.
STOCKS
(Continued)
Par
Sales
Friday
Sates
Friday
2695
Exchange—Continued—Page 4
834
34
'334
794
6
<
294
794
534
400
34
334
794
694
•
*11
3N
Jan
Jan
Feb
Jan
New York Curb
2696
Friday
STOCKS
Last
(Concluded)
■Veek's Range
Sal*
Par
of Prices
High
Pries
Low
Unexcelled Mfg Co—..10
2
11%
1
Aircraft Prod
Mar
18%
""900
17 %
17,666
*13 % "l2% '14%
64%
Jan
♦04s ctfs of dep... 1959
*10
14%
Jan
Jan
10
Apr
Jan
05
Apr
16,900
»!•
Feb
1%
Mar
300
%
6%
Jan
H
8%
Jan
Feb
1%
92%
%
Mar
Jan
83
""% "1
'»•
Jan
89
Jan
36 H
1%
%
10
10% preferred
26
Preferred
43 %
United Specialties com—1
U 8 Foil Co class B
1
"75
"72
73%
♦Maranhao 7s
Jsn
114
114
9,300
20%
Jan
39
Apr
♦Medellln 7s stamped-1951
♦7s ctfs of deposit.. 1951
*8
27
Apr
*8
74
Mar
*26
28
1
Jan
1%
Feb
7%
834
44%
7%
Apr
210
500
6,600
Jan
Jan
7%
8
Apr
Mar
Jan
400
19%
27%
1%
Jan
284
364
Feb
24
1,200
2%
Feb
5
>18
Jan
5%
61
9,100
1,700
28%
35
"4% "4%
2%
»
1
8
Insurance
5%
1%
11
Utility A Ind Corp oom..5
Conv preferred...
7i
lUtll Pow A Lt 7% pf.100
Valspar Corp com
...lj
24
6%
Apr
Apr
3
Jan
7,200
U%
22
72
475
""206
53
50
60
17%
8%
200
250
16%
1%
2,500
61
preferred
*14""
7% pref—100
Vogt Manufacturing.....*
Waco Aircraft Co
Wagner Baking v t
...»
7% preferred..
•
20 4
14
Mar
**18
100
160
Debentures
%
%
**18
14%
1
100
bbb3
1956
x
bbb3
Associated Elec 4 4s
1953
y
b
1948
z
dddl
1949
z
dddl
1950
z
dddl
♦Conv <Jeb 08—
12
Apr
Apr
2
Feb
44
Apr
3H
Feb
%
Mar
1
%
14%
Apr
14
Feb
Jan
154
Apr
Mar
2%
2%
74
Apr
1%
700
"2
"2%
"460
2%
1%
96%
1%
7
7%
1,300
4%
Jan
6%
6%
10
6
*14
1%
4
1968
z
dddl
•Conv deb 548....
1977
z
y
b
2
Jan
102
Feb
100
"7% "7%
1
2
♦Convertible 6s
...i960
Bell Telep of Canada—
let 5s series B......
3
Jan
Apr
Birmingham Elec 44s
Birmingham Gas 5s...
1968
x
bbb3
Apr
694
Jan
Jan
Jan
174
124
Feb
10
11
7%
2,500
6 4
Feb
Apr
11
""25
8
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
700
10
74
Jan
Jan
109% 109%
20
""6% "~6%
"560
6 4
44
74
64
74
2
114
94
Jan
500
Mar
10%
10%
5%
5%
5%
11
5%
1044
Jan
4
5
5%
112
Mar
44
74
54
series
C
1959 y
River Pow 5s
1954 y
Canada Northern Pr 5s ...1953 x
Canadian Pac Ry 6s
1942 x
Carolina Pr A Lt 5s....... 1956 x
1
1
37
2
Jan
Apr
Jan
Apr
124
Feb
Apr
64
♦7
ser
C ctfs of dep. 1945
♦7s 3d ser ctfs of dep '57
♦Baden 7s
1094 1194
111
75
100 4
1074
1064 HO
2,000
954 105
92 4
254
98 4
1034 120
1114
21.000
1094 116
21.000
110
117
6,000
51,000
141
1514
974
984
97
98
1014 102 4
96
984
94 4
99 4
100 4 1034
25,000
2,000
89
924
754
14,000
104 4 1044
41,000
754
104 4
89
107 4
18.000
984
1014
20,000
1004
834
1044
1004
364
19,000
314
31.000
81
414
774
1004 1014
354
364
354
374
774
794
89.000
714
83
394
1044 1004
394 424
44,000
41
1
bb
4
864
864
1,000
85
934
y
bb
4
92
92
2,000
90
954
75
2,000
244.000
74
104 4 106
38,000
394
49
Debenture 5s.
Cities Serv P A L 5 4s
b
3
,1950
...
y
b
3
73
714
73
674
784
1958
y
b
3
71
724
51,000
60
77 4
1969 y b
3
724
72 4
10,000
79,000
43,000
66
764
804
924
39,000
91
974
2.000
y
x
aaa4
72 4
714
854
864
864
854 87
864
964
964
964
*1344 136
1971
x
aaa4
1104 1104
1969
x
aaa4
1954
x aaa4
b
4
1949 y b
54s
Consol Gas (Bait
Gen mtge 44s
4
1952
1951
y
y
bb
3
70
80
133
80
924
135
*26
55
26
26
*22
1,000
20
Jan
Apr
29
284
Feb
Feb
55
*22
264
55
*22
55
68 ser A stamped
Cont'l Gas A El 5s
1943 yb
4
874
1958 y bb
4
93
1944 yb
Cudahy Packing 34s
1955 x a
♦04s
...Aug 1 1952 z cc
♦Certificates of deposit
r. c.
Aug 1 1952 z c
Eastern Gas A Fuel 4s
1950 y bb
25
12
1254 1274
884
30,000
934 193,000
61
614
3,000
964
98
81,000
1054 106
2,000
784
52
904
934
614
93
98
87 4
1§44 107
4
814
1104
64
64
1
105
104
Empire Dlst El 5s
1952 x bbb2
Ercole Mare 111 Elec Mfg—
6 4s series A
1953 7 b
1
Erie Lighting 5s
1967 * a
3
1044
1044 1044
Federal Wat Serv 5 4s
1954 yb
Finland Residential Mtge
1014
100
102 4 1034
3,000
36,000
1044
1044 1044
53,000
1034 105
1014 1014
794 82 4
1004 100»«
18,000
1004 102
"§6"
23,000
794
46,000
81
114
Feb
El Paso Elec 5s A
114
"Jan
"U4""ian
♦Caldas 74s ctfs of dep *46
♦Cauca Valley 7s
1948
*10
♦7s ctfs of deposit.. 1948
*7Ha ctfs of dep...1946
*10
25
*10
25
*13
25
14
Feb
14
Feb
*13
25
144
Feb
16
Apr
Jan
12
Jan
30
11
4
31,000
105
Feb
25
3,000
54
54
39,000
824
1194
Edison El Hi (Bost) 34s,..1905 x aaa4
Elec Power A Light 5s
2030 yb
4
Elmlra Wa Lt A RR 5S...1956 x a
4
12
16,000
4
64
774
844
110
112
Feb
114
134
64
4
794 814 193,000
1104 1104 29,000
824
834
87,000
1194 1194
1,000
124
25
25
64
04
1
I
2
Feb
25
114
*974
106
1
124
18
11
2
Delaware El Pow 54s ....1959 * bbb4
874
92 4
Detroit Internat Bridge—
♦Deb 7s
*94
*94
*94
*94
*84
*84
*84
126
City)—
Cuban Tobacco 5s
35
*22
1084
10,000
3,000
108
126
1084
1064 1114
1074 109
Consol Gas Utll Co—
40
Apr
15
Jan
Banks 0s-5s stpd
Florida Power 4s
ser C
Florida Power A Lt 5s
1950 x bbb3
4
*32
109
40
1961 y cccl
1960 * bbb3
1954 * bbb3
1054
344
1094
1014
40
77
844
U74 120
10,000
9.000
100
1034 105 4
46 4
109
47 4
1094
96
2,000
29,000
1014
224
57
984 1034
Gary Electric A Gas—
5s
ex-warr
8temped
Gatlneau Power
1944 y bb
34s A-..1069
x a
General Bronze 6a........1940 yb
107
bb
Sales
*11
For footnotes see page 2097.
14
66
bbb3
(Bait) 348 ser N
1st ref mtge 3s ser P
*10
1952
124
1,000
33,000
7,000
y
Conn Lt A Pr 7s A
1951
♦6 series A
724
1074
HO
z
Jan
♦Bogota (City) 8s ctfs 1946
Bogota (see Mtge Bank of)
Cent Bk of German State A
♦Prov Banks 6s B..1951
70
x
Debenture 5s
54
30
26*4
284
284
344
13
Ry 4 4s series A........1956
Conv deb 5s
104
02 4
124
12 4
f*Chlc Rys 5s ctfs
...1927
Cincinnati St Ry 64s A -.1952
6s series B........ .....1955
Cities Service 5s
.....1966
Jan
3,700
bbb2
Cant States P A L54s—1953 yb
Chicago A Illinois Midland—
Jan
400
47
754
894
4
r»4s
Antioqula (Dept of) Co¬
♦7s ser D ctfs of dep. 1945
2
1954 y cc
3
♦7s 1st ser ctfs of dep '57
♦7s 2d ser ctfs of dep '57
2
a
1948 y cc
for
lombia—
♦7s ser A ctfs of dep. 1946
♦7 ser B ctfs of dep. 1946
a
Cant Power 58 ser D...... 1957 y bb
Week
♦6s ctfs of dep...Aug '47
♦68 ctfs of dep...Apr '48
3
Cent States Elec 58..
Feb
J an
Mar
129
1054 108
Consol Gas El Lt A Power—
BONDS
♦7s ctfs of dep. Apr *46
Jan 1947
♦7s ctfs of dep.Jan '47
3
974
974
1014
Feb
Mar
1114
1054 108
1124 113
1494 1504
1114
Apr
Apr
FOREIGN GOVERNMENT
AND MUNICIPALITIES
♦20-year 7s
bb
bb
Brnad
Community Pr A Lt 5s...1957
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
118
3
Jan
1957
ccc3
z
4
aa
Jan
107'4
*1024 103
*964 974
aa
Jan
106 4
126
28.000
18
2
warrants...
x
Feb
8
18
1947 y bb
5s with
x aa
64
11
174
6« without warrants ....1947 y bb
Baldwin l.ocom Works—
x
64
174
105 4
1014 103 4
994 1054
100
1034
24,000
35.000
1094
1998
700
174
107
.......1960
'""160
174
2
Bethlehem Steel 6s
14
7%
174
174
3
Apr
5%
5%
6%
104
104
1,000
x aa
24
74
64
9
5%
174
174
174
174
174
x a
144
11%
1064 109
1044 107 4
49,000
*72
54
11%
Since
Jan. 1
634
3
Jan
Jan
Feb
Range
for
6.000
1084
16,0000
1054
4.000
1274
1054 48.000
1274
1054 1054
53 4
634
dddl
A "65
48
Atlanta Gas Lt 4 4s
1955
Atlantic City Elec 34s.... '64
Avery A Sons (B F)—
Assoc T A T deb 5
Jan
Mar
3
♦Debenture 5s.....
Apr
400
500
Jan
lAssoclated Gas A El Co—
Jan
Apr
1084
a
bbb3 10541 054
x
Apr
64
bbb3
x
14
l6
x
x
2024
834
1,400
200
Mar
1074
108
8,000
1064
8.000
*1044 105
6,000
1044 1044
1044
103
102 4
26,000
103
1034 1034
1044 197,000
4,000
1024 1024
103
..1948
Mar
Apr
1%
14%
4 4s
Feb
74
174
Sales
Appalac Power Deb 6s
Arkansas Pr A Lt 5s..
♦Conv deb 44a
♦Conv deb 4 4s....
Jan
1946
1963
1st mtge 4s
Jan
Jan
82%
•
Wright Hargreaves Ltd..*
Jan
76
Winnipeg Electric B oom.*
Petroleum
..1
Wool worth (F W) Ltd—
Amer dep rets
...6s
Jan
A pr
*83 %
Westmoreland Coal Co...*
Westmoreland Ino
....*
Woodley
Amer Beating 6s stp
Appalachian Elec Pow—
1 4
65 4
Apr
100
Wilson-Jones Co
Feb
Mar
Apr
Western Tablet A Statlon'y
Common
Wilson Products Ino
14
Am Pow A Lt deb 6s.. —2016 y bb
29
Western Maryland Ry-
WUIiams (R C) A Co
*
Williams OU-O-Mat Ht..»
.
Apr
200
Jan
1004
Apr
30
Western Air Express..... 1
Western Grocer oom
20
Weyenberg Shoe Mfg
1
Wichita River OH Corp..10
72
Apr
Apr
Jan
Wayne Knitting Mills..
Wellington Oil Co
1
7% 1st preferred
14
Jan
...1
Weutworth Mfg
1.25
West Texas UtU 86 pref
West Va Coal A Coke
•
23 4
Jan
17
1%
4%
%
Feb
144
25
Apr
Co—
Feb
25
1%
4%
Power
a
125
"l%
4
Price
a
Jan
Mar
*18
Jan
See a
x
Apr
104
Jan
of Prices
Low
High
x
9%
Jan
4
12,000
11,000
4
'18
Weeks' Range
1951
4%
6%
Mar
Sale
1946
450
"260
Mar
10 4
Last
1st A ret 58—.
1956 x a
1st A ret 5s............ 1968 y bbbl
1st Aref 4 48
1967 y bbbl
26%
.....*
Walker Mining Co
Alabama
Jan
%
254
40 4
Jan
4
94
Apr
94
74
Friday
&
Mar
*18
66
Bank
13
28%
100
Watt A Bond class A
Apr
10
Rating
Elig
BONDS
Jan
28
"4% "5
Mar
10,000
:.
*4
*164
1st 5s
26%
~~4H
144
254
154
84
%
1st A ret 5s..
24
%
84
M ar
Jan
400
14
Mar
Mar
250
c
Wahl Co common.......*
Class B...
"760
14
RAILROAD and INDUSTRIALS
Mar
64
Jan
15%
'*18
Jan
25
24
"28"
Petroleum... 1
Va Pub Serv
.
"l2"
40
Jan
Feb
1%
%
62
1%
14
Mar
Mar
2
Mar
1%
13%
1%
5
Van Norman Mach Tool.5
54
«u
"l% "l%
Apr
204
40
*20
♦Santiago 7s.........1949
Jan
Jan
11%
21%
1%
52%
204
Jan
1%
Utah Radio Products....li
85 60 priority stock
Jan
"Feb
Apr
5,600
4%
1%
*20
1921
Apr
Apr
22
Utility Equities com...10c
Jan
Mar
4
,4
200
1%
♦54s
Apr
6
"l
...6
Utah Pow A Lt 87 pref...*
26
18
♦Russian Govt 64s.. 1919
Apr
Apr
68
Universal Products Co...*
Utah-Idaho Sugar
Feb
0
Jan
Mar
22
Universal Pictures com... 1
Mar
40
*16
♦Parana (State) 7s
1958
♦Rio de Janeiro 648.1959
*18
1%
1%
5%
Apr
134
15
Jan
40
*20
♦04s ctfs of dep...1947
Mtge Bk of Denmark 5s '72
Feb
4%
2%
104
Jan
Apr
"20"
30
*134
1940
1947
Mar
71
Jan
3
Universal Cooler class A..*
Universal Corp v t o
%
Apr
100
24
♦7s ctfs of dep
♦7s ctfs of dep.
Feb
Jan
325
5
10
Universal
Apr
4
70%
60%
34 %
2
Class B
Mar
4%
6%
1st 87 conv pref
...*
United Stores common.60c
Universal Consol Oil
Feb
*18
27%
24%
8.000
Mtge Bank of Colombia—
6%
5
Feb
40
*22
♦7 ctfs of dep..Oct '47
♦Mtge Bk of Chile 6a. 1931
Jan
0%
27%
*22
*26
♦Issue of Oct 1927
Apr
6
U 8 Rubber Reclaiming..*
U 8 Stores common
50o
Paper
Feb
%
6
70
*
com
Feb
7%
71%
42%
6H
U 8 Plywood
.......1
pref.......20
Jan
5%
243 %
2,200
6
*
U 8 Lines pref
Apr
"2,125
U 8 and Int'l Securities..*
85 1st pref with warr
124
20
Feb
♦04s ctfs of dep
1954
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦7 ctis of dep. May '47
6
com
Apr
Jan
Apr
20
Jan
44%
43%
Mar
134
94
104
134
144
Jan
1%
240
United Shoe Mach com.25
Jan
14
Jan
11
11
*12
1%
Mar
4%
United Profit sharing..26c
conv
*104
1958
Mar
Am dep rets ord reg..
84
1958
♦04s stamped
%
United N J RR A Canal 100
Venesuelan
11
20
•18
United Molasses Co-
United Wall
11
*12
900
83 partic pref
U 8 Radiator
1939
"l(L366
%
87%
%
84%
7
Jan
V.666
♦Hanover (City) 7s
♦Hanover (Prov) 04s. 1949
Lima (City) Peru—
70
86 1st preferred
United Milk Products...*
Mar
124
124
8,000
15
24
18
Common class B—...*
Jan
Mar
12
134
Jan
Jan
62
49
10
13
*124
Apr
2%
108
Feb
Jan
Feb
6
*34
...1947
♦Secured 6s
19
25
1,000
184
35
*15
♦German Con Munlc 7s '47
Jan
1,000
1,000
conv
184
1953
*u
"e'ioo
81%
1955
54s
5s
1%
102% 105%
%
%
Graphite
E't
Danzig Port A Waterways
♦External 04®
1952
"~i% "i%
U 8
Danish
Apr
12
1%
High
30
60
"*18
Low
s
40
Jan
300
1
Range Since Jan. 1, 1940
40
64%
6%
Feb
200
%
United Lt A Pow com A..*
*22
♦6s ctfs of dep..Oct '01
Cundlnamarca (Dept of)
*22
Aim:
Colombia (Republic of)♦0* ctfs of dep..July '61
Feb
15%
Option warrants..
United O A E 7% pref. 100
United Gas Corp com
1st 87 pref. non-voting
High
Jan
Apr
Apr
65
1
Week
Low
3%
13%
3%
19%
15%
United Corp warrants
United Elastic Corp...—*
for
of Prices
Price
64
*
Un Clgar-Whelan St*_.10o
A o&rt pref
cum
11%
200
3%
United Chemicals com...*
$8
Feb
Week's Range
Sals
High
1%
11%
Sales
Last
BONDS
(Continued)
LOW
"'18%
18 H
Un Htk Yds of Omaha.. 100
United
Range Sines Jan. 1,1940
for
Week
Shares
0,900
Union Investment com...*
April 27, 1940
Friday
3%
Union Gas of Canada....*
Union Premier Foods Sts.l
Exchange—Continued—Page 5
Sales
Attention is directed
to the new column In this
3
2
3
tabulation pertaining to bank eligibility
and rating of bonds.
874
100*«
See k.
New York Curb
Volume 149
Bank
Friday
Last
Elig. A
BONDS
Rating
See a
Week's Range
Sate
(Continued)
Price
General Pub 8err fie
1953
y
b
..1966 ybb 2
1948 z ccc2
Gen Wat Wks A El 58
1943 ybb 4
Georgia Power rel 6s
1967
a a
Georgia Pow A Lt fie
1978
y
b
♦Gestruel 6s
1953
z
b
1960
Green Mount Pow 3 He-—1963
Grocery Store Prod 6s.....1945
Guantanamo A Weet 6s... 1958
Guardian Investors fie—..1948
x a
99
994
1064
1
4
——
""734
b
conv deb
50
4,000
1,000
344
1
334
344
6,000
114
1
2
1949
y
b
2
Idabo Power 34s
——-1967
111 Pr A Lt let 6s ser A.
1953
x
aa
3
1074
x
bbb3
1074
1064
3
.........
4)4s series F—
.1961
Potrero Bug 7s stpd
1947
Power Corp(Can)4)48B—.1959
........
74
74
------
2.000
------
------
74
78
•Prussian Electric 6s——1954
Public Service of N J—
107)4 108)4
103
105)4
60)4 63)4
60
------
4s series A
.....1966
Puget Sound PAL 5)48—1949
42 H
1st A ref fis
15)4 16
102)4 103
103)4 105
101)4 103*4
108 H "1)4
1957
.—1961
35
37
364
36
------
674
674
454
45
105
y
bbb4
——————
y
bbb4
------
1958 x aa
1952 yb
1963 y cc
Isaroo Hydro Elec 7s
Italian Superpower 68.
34
3
684
47 4
4
105
1044 104 4
1074 1074
------
z
b
15.000
414s series C—......... 1961
Kansas Eleo Pow 3 4s..... 1966
x
x
aa
Kansas Gas A E ee 6s
2022
x
a
1st 4 4s series D
Lake Sup Diet Pow 3 J4s...
1966^
a
11074 108
4
•I eonard Tlets 714s..——1946 z cccl
1945
Long Island Ltg 6s
Louisiana Pow A Lt fis ....1957
x
______
bbb3
......
4
1074
x a
1274
115
40
1044 1044
1074 1074
Matwfeld Mln A Smelt—
1941
•7s mtges f
z
dd
1
......
117
Ref M 34s.....May 1 1960
Ref M 34s B—.July 1 *60
47
30
61
M I B'west Pub rierv 6s......1945
71)4
Spalding (A G) fis........1989
40
fit
1,000
105
104
107
109)4
31
42
45
53)4
14,000
______
6,000
______
6s
y
b
102)4 105
104
1054
105)4 107 4
125)4 127)4
105)4 108
714
Metropolitan Ed 4s E
1965
Middle States Pet 614s
x aa
1945
1943
1967
4s series G
y
2
bb 2
bb 2
bbb2
1978 x bbb3
Midland Valley RR fis
Mllw Gas Light 414s
x
x
bbb2
Miss Power A Lt 5s..—..1957 x bbb3
Miss River Pow 1st 5s...—1951 x aa
3
Missouri Pub Serv fis
1960 y bb 4
Nassau A Suffolk Ltg fis...1945 y bb 2
Nat Pow A Lt 6s A...——2026 y bbb2
Deb fis series B
2030 y bbb2
§*Nat Pub Serv fis ctfs—. 1978 z
1981 x aaa2
Nebraska Power 414s
6s series A.
2022
x aa
2
Nelsner Bros Realty 6s ....1948 x bbb3
Nevada-Calif Elec 6s— .1956 y bb 3
New Amsterdam Gas fis...1948 x aaa2
1947
1948
N E Gas A El Assn 5s
fis
— —
------
10141014
934
934
------
1084 1084
------
109
100
66
y
Minn PAL 414s..
1st A ref 58............1955 x bbb3
Mississippi Power 5s..——1955
— — —
109
------
1104
2,000
7,000
1,000
6,000
4,000
7,000
128
------
1074 1074
123
24 4
1104 1104
19.000
19,000
9.000
4.000
10.000
5.000
------
13,000
67
4
y
b
New Eng Pow Assn fis —..1948 y bb
Debenture 54s....—.1964 y bb
"67""
1084
984
108
150
158
1064108
944 1004
98
737666
954
914
934
37.000
94,000
93
934
6,000
914 100
904 97
93
35
184
25
1094
11344 135
35
116
26 4
264
1024 1024
IITooo
12
5.000
67
68
914
15.C00
894
94
94
94
1124
X aa
1084
x aa
109
x
b
1084 1084
1084 109
1054 1054
27,000
2
10,000
10 .BOO
724
984
89
894
974
954
92
984 1024
1104 1124
1084 1104
1084 1104
1044 1054
524
5.000
60
1064 1064
1024 103
1064 1064
584 684
18.000
105
5.000
99
514
1064
1024
1064
bbb4
z
1054
31,000
28,000
294
634
5,000
1.000
1014 1024
1124 1124
17
23
1024 104
10.000
89
T624
204
144 15
1074 1094
1324 136
1.000
894
69
74
684
1,000
53
1064
1054
1064 1084
4.000
50
60
49
734
z
127.000
48
74
684
744 251.000
48
744
68
74
200,000
49
74
21
18
21
33,000
18
244
33
..1940
744
744
744
74
734
ccc2
48
68
74
.1950
684
744 130.000
744 132.000
744 165,000
74
z
35
13,000
29
244
464
30
3)
46
..
494
1054
105
37
1054
4C.000
104 4 1064
1064
1064 1064
9,000
1194
994
119
1064 1084
115
1194
084 1034
684
68
26
x
344
a
2022 y bbb2
-
Conv 68 4th stp——1950
United Elec N J 4s
1949
99 H
65
United Light A Pow CoDebenture fis—.......1975
100)4
4
aaa4
"364
1
z
cccl
z
b
1
99
26
1194
994
69
2.000
18,000
2.000
48,000
y
b
2
fisseries A...—........1952
x
98
104 11
1184 1184
43.000
40
36
624
69
894
107 4
21
91
194
844
894 123.000
75
894
86
91
46.000
bbb3
107
115
117,
874
2,000
24.000
100
874
1004
994 1004
18.000
11.000
13.000
15,000
834
103
1024
3
101
103
1034
1024 103
1004 101
1094
1064
74
74
1094 1094
1064 1064
104
104
107
104
107
1004
91
774
8.000
1084 1084
904 934 143.000
117
"934
3
20)4 25)4
108)4 111)4
454
20
174
3
x
3«
21
2
..2022
124
1174 1184
21,000
1,000
30
bb
Deb fis series A.
8
21
Va Pub Service 64 A——1946 ybb
1st ref fia series B
1960 y bb
De'i s f 6s...
...1946 yb
98)4 100
21.000
3.000
118
Deb fis series A........1973 y b
2
Utah Power A Light Co—
1st lien A gen 44s
1944 xbbb3
111)4 112)4
106
x
104
..
Debenture 64*
2
1974 y b
1st lien A cons 54*..—.1959 x bbb3
Un Lt A Rys (Del) 54s.—1952 ybb 3
United Lt A Rys (Me)—
70
100)4 104)4
102 H 103)4
105 4 106)4
101)4 104)4
103 H 104 H
108)4 110)4
92
z
1956 ybb
•United Industrial 648—1941
•1st s f 6s..
.—1945
110 4
9,000
3,000
110
88
934
119
74
874
984 1004
99
1014
1014 1034
1004 103
974 1014
Waldorf-Astoria Hotel—
128
2,000
124
106
83
122)4
71)4
63
714
62)4 71)4
s aa
X bbb3
2
116
.
1941
x a
2
4.000
74 104
1084 1094
1064 108
116
4,000
1,000
55
12,000
104
3,000
104
7,000
7,000
1054 107
644
|*York Rys Co fis...—.1937 z bb 1
•Stamped 6s...........1947 ybb 2
99 H
104
114
116
524
604
105
1034 105
08
08
08
15.000
94
98
974
98
11,000
954
984
100)4
101
1960
Yadkin River Power fis..
108 4 110
102 4
102
4
z
West Newspaper Un 6s ..1944 ybb 2
Wheeling Eleo Co fis
1941 x aaa2
Wise Pow A Light 4s
.1960 xbbb3
63)4
96
x aa
West Penn Traction fis..
121
94)4
2
Wash Ry A Eleo 4s
1951
West Penn Elec fie.......2030
110
77)4
cc
•5s Income debt........1954
128
1.000
101
4
Conv deb fis.........—1950 y b
New Eng Power 34s
.1961 x aaa3
15
19,000
1074
109
63
914
14
Texas Power A Lt fis.....1956
99)4 101)4
90)4 95
107
109)4
109
25.000
794 81
5.000
1214 1214
31.000
674 69
2.000
674 674
66 4
674 116.000
4.000
1084 1084
974 984 69,000
994100
49,000
804
""684
153 4
1104
794
.2,000
964
..
71)4
128
1014
b
153
74
fisseries A—..
109
100
y
82
16
lUlen A Co—
11.000
——————
109
50
68
$400
2.000
36,000
21,000
954 964
994 100
1124 1124
794
113
119
113
Tide Water Power 5s.....1979 ybb
109
964
994
108
110
934
2
Tlets (L) see LeonardTwin City Rap Tr 54*—1952 yb
18,000
— — — — — —
3,000
54
89
108
66
109
90
2
106""
1034 104
------
88
2
a
105
1034
106
14
94
3.000
x
104)4
104
------
1084 109
1104
1024
14
834
x a
JLOOO
994100
66
100
'81666
7s2d stamped 4s._.....1946 z
Ternl Hydro El 6 4s.....1953 yb
1
Texas Elec Service fis...... I960 x bbb4
......
1024 1034
1024 1034
1054 1064
1024 1034
------
89
....1948 yb
United El Service 7s.
1952 x bbb2
1947 yb
2
1971 x aa 2
—
Mengel Co conv 414s
(stamped)...
7s 2d stamped 4a
.....
714
4
88
♦Starrett Corp Inc 6s
Stinnes (Hugo) Corp—
Memphis Comml Appeal—
Deb 414s
5.000
30
924
Conv fis (stamped).....1948 y b
Debentures 6s.........1951 yb
Debenture 6a
Dec 1 1966 yb
68 gold debs..
......1957 y b
Standard Pow A Lt fis ....1957 yb
52
39
Since
Jan. 1
Standard Gas A Electric—
106)4
106)4
3,000
912)00
29.000
Range
%
934
Sou Counties Gas 4 4s ....1968 x aa 4
Sou Indiana Ry 4s.
...1951 y bb 2
S'western Assoc Tel 5s ....1961 x bbb3
So*west Pow A Lt 68.
..2022 ybb 4
4,000
for
Week
974
954
934
2
2
Sheridan Wyo Coal 6s
1947 y b
2
Sou Carolina Pow 5s.——1957 y bbb2
Southeast PAL fis
—2025 y bb 4
Sou Calif Edison Ltd—
McCord Rad A Mfg—
6sstamped.........—1948
....1970
52,000
5.000
127
4
x a
y bb
1950 ybb
C
30.000
8,000j
______
ser
Sbawinlgan W A P 4 4s... 1967
63)4 73)4
61)4 72)4
62)4 78)4
105)4 109)4
2.000
10241024
1107
153
1943 x bbb2
Scullln Steel Inc 3s....... 1951 yb
2
43)4
50 4
......
3
Scripp (E W) Co 54s.
49)4
37
1024
a
yaa
814
l
79
34
1024 103
1044 1044 1044
11064 UO
fis series B—... ...... ...1947 x a
b
67
30
High
1110
151
2
x a
cc
6.000
35
1
ccc2
cccl
10,000
49
49
a
y
z
101)4 104)4
97 H 101
98)4 100
9,000
52
3
a
x
z
—
stamped
1942
Jersey Central Pow A Lt—
fis
1084
x
1937
66.000
42
484
88
•Schulte Real Est 6s......1951
103 4 107
49.000
Low
914
81
46.000
20,000
354
b
z
Range
of Prices
112
6)4sseries A....——.1952 ybb I
•Ruhr Gas Corp 64s
1
1953 z b
•Ruhr Housing 6 4s......1958 z cccl
Safe Harbor Water 4 4s... 1979 x aa 3
San Joaquin L A P fis B...1952 X aaa2
10714' 109)4
105)4 107)4
26,000
20,000
34
z
102 4
bb
66)4
8,000
31.000
75
37
y
Sales
Week's
Pub Serv of Oklahoma— *
53
30 4
6% perpetual certificates....
♦8axon Pub Wks 6s
"27666
1054 106
1054
91
*
Iowa Pow A Lt 414s
Jacksonville Gas
994 100
694 70 4
684 70
70
7s series F..„————1952 y b
Interstate Power fis...——1957 y b
Debenture 6s..........1952 y cccl
6s series B.
1044
994 101
70
6 Mb series C
1955 y b
7s series E...........—1957 yb
Iowa-Neb LAP 6a..
107
104
101
a
International Power Sec—
106
------
bb
x
79
178
794
1074 1074
1074 1074
1044
3
— --
78
------
bbb3
z
105)4 107)4
66)4 75
a*»
OO
t
4.-
Indiana Hydro Elec fis .—1958 y bbbl
Indiana Service 5s....—-1950 y b
2
1st lien A ref fie........1963 y b
•Indianapolis Gas fis A ....1962
Indpis Pow A Lt 314a...—1968
1034
11114 112
"78~~
bbb3
8f deb 5J4e—. May —1967 y bb
103 4
1044 1044
1103
------
b
x
•Portland GasA Co e fis.. 1940
Stamped..—...........
Potomac Edison fis E.....1956
1st A ref 4)4s ser D—1960 y bb 2
Queens Boro Gas A Eleo—
35
1102
------
3
x
.—1948 ybb
•Pomeranian Elec 6s.....1953 z b
101
70
Price
Sale
Pittsburgh Steel 6s
50
1144
------
y
1st A ref 5 4s eer B
1954
1st A ref. 5s ser C—.....1956
------
63 4
zc
....
1,000
50
x aa
6s series B
6.000
62 4
Houston Lt A Pr 3He.....1966
1949
75
11044 1054
•Hungarian Ital Bk 748.--1963
Hygrade Food fie A
45,000
50
------
bbb3
x
6 4s_. ...... ..1943 y bb
91
Last
(Concluded)
98)4 102
964 100)4
74)4 75
96
Friday
See *
BONDS
777666 *70*" "74)4
744
1074 1074
ccc2
y c
4,000
74
75
2
y
19.000
44.000
83
3
y
37.000
734
88
2
x a
Since
Jan. 1
%
------
2697
Elig. A
Rating
Bangs
for.
Week
8,000
6
Bank
J19
1
,
•Hamburg Elec 7s—...—1936 zdd l
•Hamburg El Underground
A 8t Ry 5148.
1938 z cccl
T Heller (W E) 4s w w
1946 x bbb2
Houston Gulf Gas 68...... 1943
984 1004
984 994
174
76 4
984 994
1064 1064
734 74
------
Glen Alden Coal 4s.......1965 y bb 3
Gobel (Adolf) 4Kb
—1941 y ccc4
Grand Trunk Weet 4s
1960 a a
3
Gr Nor Pow fis etpd
of Prices
High
Low
l
Gen Pub UtU 64s A
•General Rayon 6s A
Exchange—Concluded—Page
Sales
103)4
New Orleans Pub Serv—
fis
stamped.—.——1942
•Income 6s series A.
y
bb
1949 y bb
......
1014
1024 1024
2,000
2,000
New York Penn A Ohio—
♦Ext 44s
stamped...—1950
N Y State E A G
44*
-
1st mtge 34*.
N Y A Westch'r Ltg 4s
Debenture fis
y bbb2
......
1980 x a
1964 x a
2004 x aaa3
------
.......1954
x aa
—
------
60
Nippon El Pow 64*..——1953 y b
90
90
103
1034
1084 109
11064 1064
1114
56
60
1,000
13.000
10,000
------
15.000
81
102)4
105)4
104)4
113)4
55
90
•
Interest.
109
106)4
cluded In year's range.
1024
1054
454
YN'western El 6s stmp
1945 .....
N'western Pub Serv fis —.1957 x bbb4
1945 y bb 2
Ohio Pow 1st mtge 3)0-«—1968 x aa
Ogden Gas 1st fis
Ohio PubUc Serv 4s
1962
Okla Nat Gas 34 s B-
"105"
------
109
1955 x bbb3
x a
Okla Power A Water 6s...1948 x bb
Pacific Gas A Elec Co—
1st 6s series B
Pacific Invest fis ser A
3
♦
65
1948
x
y
aaa2
b
5,000
------
103
1979 x bbb2
Penn Electric 4s F........1971 x aa
fis series H..
1962 x aa
1084 1094
1084 1094
1084109
104
1044
22,000
24,000
110 4 111 4
107 H 109)4
107 4 109)4
106)4 109
102)4 105
J
,
E.) 4s 1946, May 10 at 102.
Heller (W.
Northwestern Eleo. Co. fis stpd. 1946, May 1 at 103.
104)4 106 4
3,000
1084
944
1094
96
954
142
1034 1034
11054
1054 1054
1074 1074
1084
2
2
------
------
——————
1084
944
1094
964
434
104
1074
1054
108
6,000
2,000
e
Cash sales transacted
during the current week and not Ineluded In weekly
or
yearly range:
No Sales.
9
Under the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
2,000
572)00
------
49,000
108 4 110)4
93 4
97)4
904
42)4
weekly or yearly range:
No sales
97)4
43)4
101)4 104 4
104
107)4
26,000
12,000
107)4 109)4
Abbreviations
Used Above—"cod," certificates of deposit;
4
Deb fi)4s series B......1959 y bb
Penn Pub Serv fis C——1947 x aa
4
1084
1074
2
2
1074
1074
Peoples Gas L A Coke—
4s series B..........—1981 xbbb2
4s series D—........1961 x bbb2
974
984
fisseries D............1954 x aa
x aa
3
y bb 2
yb
1
ybb 3
112
»—————
434
1084 1094
1074 1074
1074 108
107
1074
0,000
974
27,000
964
55,000
974 99
1114 U2
10041014
42
434
25,000
20,000
1064 1064
2,000
•
Without warrants
29,000
106
107)4
107 4 108 H
106 4 108)4
94)4 97)4
96 H
99
110 H 115
96
101)4
41)4 48)4
104)4 106)4
believe
Eligibility and Rating Column—x Indicates those bonds which
eligible for bank Investment.
we
Indicates those bonds we believe are not bank eligible due either to rating
status or some provision u the bond tending to make it speculative,
y
x Indicates Issues In default. In bankruptcy, or in process of reorganisation.
The rating symbols In this column are based on the ratings assigned to each
bond
by
the four rating agencies—Moody, Standard,
Fitch, and Poor's.' The
letters indicate the quality, and the numeral Immediately following shows the number
of agencies so rating the bond.
In all eases the symbols will represent the rating
given by the majority; for example, a bond rated Aa by Moody, A1 by Standard,
AAA by Fitch, and A by Poor's, would be represented by symbol aa3, showing
the majority rating.
Where all four agencies rate a bond differently, then the
highest single rating Is shown.
A great majority of the issues bearing symbols ccc or lower are In default.
All
Issues bearing ddd or lower are In default.
Attention I* directed to the new column in this
"eons." consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock'
v t c " voting trust certificates; "w 1," when Issued; "w w." with warrants: •'*-» '•
103)4 105)4
107)4 108 4
3,000
8,000
3,000
Deferred delivery sales transacted during the current week and not Included ir
A Bank
6s series A.............1950 y bb
1972
1962
Piedm't Hydro El 6)4*—1960
Pittsburgh Coal6s.......1949
v
109 H 112
Penn Ohio Edison—
PhUa Elec Pow 5)4*
Phlla Rapid Transit fis
5 Called for redemption*
103
26,000
5,000
7,000
No sales being transacted during current week
flat.
| Reported In receivership.
101H 103
104)4 106
45
49)4
1114
111
------
1942 x aaa4
1955 y bbbl
—.1964 z ccc2
Penn Cent LAP 4)4*
1977 x bbb2
Pacific Ltg A Pow fis
—
13,000
21,000
Bonds being traded
.
1941
Pacific Pow A Ltg 5s
Park Lexington 3s
1st 58
1094
4
1024 1024
1044 1054
454 454
1103
104
105
1054
Ex-dlvldend.
*
1 Friday's bid and asked price.
114)4
No Amer Lt A Power—
5)4* series A...——..1956 y b
No Boat Ltg Prop 3)4*.—1947 x aa
Nor Cont'l Uttl 5)4*——1948 y b
No par value,
a Deferred delivery sales not Ineluded In year's range,
d Exn Under the rule sales not Included In year's range,
r Cash sales not In¬
105)4
tabulation pertaining to bank eligibility and rating of bonds.
See note i above.
Chronicle
The Commercial & Financial
2698
April 27, 1940
Other Stock Exchanges
Baltimore Stock Exchange
April 20 to April 26,
Lifted and Unlisted
Sales
Friday
Range Since Jan. 1,1940
Last
Par
Week's Range
for
Sale
Stock*—
of Prices
Week
18 X
18 X
38c
156
1.90
2.00
499
82^
271
81
Pow...*
4%% pref B
100
Eastrn Sgrs Asan com v t cl
Prer v tc
1
118"
85
118
118
493
14
13 H
SOX
SIX
125% 127
13 %
'm%
20
& Gur Fire CorplO
Fidelity & Deposit
80
35c
1.90
Consol Gas E L A
Fidelity
18
580
1BX
Apr
Mar
83%
119 X
50
17 X
21
220
28 X
28 Ks
140
Bell System Teletype
Feb
Feb
8X
27
Feb
Mar
2.00
Members Principal Exchanges
Trading Dept.
Apr
Jan
OX
605
Jan
Jan
Jan
18%
55c
Jan
78 X
116
SOX
20
Apr
Jan
100
9%
21X
20 %
1.50
Apr
17 X
2.00
com.6
pref---—-100
Maryland & Pa RR com 100
Merch & Miners Transp..*
Monon W Pa P S 7% pfd25
Houston Oil
Apr
30c
Paal H.Davis & @o.
High
X
125X
9H
Finance Co of Am A
16
118
31
31
31
Low
Shares
1,565
im
16%
*
Atlantic Cat Ln (Conn)-60
Bait Transit Co com v t c * ",36 c
100
High
Low
Price
Arundel Corp
1st pref v t c—
CHICAGO SECURITIES
both inclusive, compiled from official sales lists
17
Jan
2 50
Apr
14
Apr
130
Friday
Feb
Last
Week's Range
for
Feb
Sale
Week
19
Apr
of Prices
Low
High
X
Mar
2
isx
Mar
21
28
Apr
45X
17%
45H
17 X
2
92
45 X
Apr
29 X
Mar
12 ft
Jan
Jan
Amer Tel & Tel Co cap.
17 X
72%
Apr
Armour & Co common
Jan
Co com_.l
1
Associates Invest Co com. *
Athey Truss Wheel Co cap4
1,401
64
Mar
112
2
112
Apr
112
Apr
90
6
87
Feb
90
Mar
45
22
Apr
23
33%
Jan
37
67
68
22
22X
2,317
pref. 100
48
90
22 X
X
Jan
Mar
32
1975
33 H $11,000
SOX
33 X
flat—1975
A 5s flat
37 X
10,700
100
5
Aro Equipment
26 H
Jan
35 X
31
Jan
40 %
Apr
Apr
Exchange
Sales
Friday
Week's Range
Last
Sale
of Prices
High
Low.
Price
Par
Stocks—
Range Since Jan. 1,1940
for
Week
Low
High
19
60
89
Mar
100
Jan
Jan
Jan
Jan
175 %
Mar
Jan
Apr
7%
13,600
167%
5%
14%
IX
15%
1%
1,750
13 X
Mar
7X
15X
1,650
X
Jan
1%
Apr
43
Jan
45%
Mar
172% 174 %
1,073
100
37
150
5
Jan
Jan
5
5X
Apr
7
1%
1%
1%
Apr
2X
Jan
1
1
100
1
Feb
IX
Feb
-3
Aviation & Transport cap.l
Barlow & Seellg Mfg A cm5
7%
705
6
Mar
1%
4%
11%
7%
4%
1,750
11
4%
11%
250
9%
Jan
4%
11%
Apr
Apr
*
17%
17 Jg
17%
50
Jan
18%
Jan
Corp——*
4%
4%
4X
800
Apr
5%
Apr
6
.....
33%
34%
.J 865
17X
4%
27%
Jan
n%
Apr
Jan
Apr
Aviation com
Berghoff Brewing Corp—1
Binks Mfg Co cap
1
BHss A Laughlln Inc com.5
Borg Warner Corp—
Brach & Sons
2
.
3X
Jan
Apr
Feb
3%
3%
3%
100
20%
20%
21%
200
3%
17%
Mar
11%
4%
23%
22%
23,
1,100
21%
Mar
25%
Jan
20
20
20
Apr
22%
Apr
11
——5
(E J) cap—*
Common
Shares
20
95
41%
20%
.
*
Automatic Products com.5
Bendlx
inclusive, compiled from official sales lists
19%
Apr
Feb
7
1BX
Auburn Auto Co com
Belmont Radio
April 20 to April 26, both
34X
42%
.....
Asbestos Mfg Co com
Bastlan-Blesslng com
Boston Stock
High
Low
33 %
10
94%
95
Aviation Corp (Del)
Bonds—
Bait Transit 4s
Range Since Jen. 1, 1940
Shares
34%
19%
Altorfer Bros conv pref—*
112
17 X
Price
Allls-Cbalmers Mfg. Co..*
Amer Pub Serv Co
2.00
2.00
100
New Amsterdam Casualty6
Penna Water & Pwr com.*
Preferred.
*
Phillips Pack Co pref--100
U 8 Fidelity & Guar
2
Western National Bank .20
Par
Stocks (Continued)
Feb
Mt Vrn-Woodb Mis-
Preferred.;
Sales
Jan
32 %
10
IX
Jan
La Salle St., CHICAGO
10 S.
Apr
31X
Municipal Dept. OGO. 521
OGO. 405-406
60
11
10
20
Jan
Jan
Brown Fence & Wire—
6%
non-cura
172X
Amer Tel & Tel
100
Blgelow-Sanford Carpet—
Common
*
Preferred
-—100
Boston & Albany—„._100
Boston Edison Co.-—100
Boston Elevated
100
1%
2,211
3X
5
com.l
"ax
10
Apr
2
Jan
Bruce Co (E L) com
Jan
175 X
Mar
Burd Piston Ring Co
167 %
83
84%
130% 143
141
47%
36
397
20
25%
92
Apr
Jan
78
Jan
32%
Jan
103
Mar
88
Feb
1,186
139%
Apr
149%
Jan
159
44%
Jan
50%
Mar
518
18 X
48
20M
47%
20
50
25%
97
25X
05%
ex
pref
30c
Camp Wy & Can Fdy cap*
Cum
Castle (AM) com (new) 10.
Cent 111 Pub Ser $6 pref—*
20 X
Apr
10%
Jan
preferred
2%
Class A 1st pref
Class A 1st pref
IX
1%
IX
Feb
Feb
2%
2%
Mar
Jan
2%
3
15%
65
100
1%
10
7%
5%
327
2%
15%
1%
73
3
Apr
IX
2X
Feb
Mar
Mar
3
Apr
Feb
16
Apr
1
Jan
IX
Mar
7X
5
—26
5
341
6%
4X
Feb
Jan
8%
5X
Feb
Feb
*
3
4%% prior pref—-.100
6% preferred
100
53
2%
BIX
23%
21
Common
X
-.100
1st preferred...
—100
1
Chicago Corp common
Jan
Apr
X
*
Chicago Yellow Cab com.*
116"
"86K
1H
36%
80
17 X
Feb
24X
Mar
180
60c
Feb
99c
Jan
120
59 X
Feb
63
Jan
25
Compressed Ind Gases cap5
26
lOtf
Apr
17 X
Jan
Consolidated Biscuit com.l
2%
7X
Jan
Apr
Consolidated Oil Corp
Consmrs Co-
Coleman Lmp & Stv com.*
84
Apr
hi
Mar
Jan
H
%
Jan
X
75%
X
69%
Jan
75%
Apr
20
40
356
3%
Jan
Jan
Feb
37
Jan
67
302
3%
1H
Jan
100
11%
4%
Jan
400
88%
10
6%
Jan
IX
36
io x
Club Alum Utensil com..*
4%
50
200
116
114
5,500
Jan
X
X
X
75%
Cities Service Co
com
50
5
IX
36%
Jan
Feb
77
Mar
79
X
H
120 %
Mar
112
5
IX
Chicago Ry pt ctfs 1—-100
Chicago Towel com
*
Convertible preferred
54
150
Mar
X
61
UX
2
162
IX
Feb
5X
27%
7%
8,166
3%
Apr
25%
24%
*
Gilchrist Co
20
Mar
270
Mar
"ex
*
*
*
Gillette Safety Razor
Class B
%
56
55
3 X
11X
IX
100
com*
Preferred
1,750
Apr
85%
Feb
Mar
112% 114
55 X
60
60%
100
Employers Group
18
78%
Feb
109
116
Jan
8%
79%
Jan
Apr
Feb
11%
Jan
91
Mar
Jan
5
.
2.50
4
Feb
5%
Apr
3%
100
3
Jan
3%
Mar
37
37
37
70
35
Jan
38
32%
32%
32X
10,150
31
Jan
33
15X
15
Apr
Commonwealth Edison—
Common
Adjustment---
23%
19%
Apr
Jan
X
X
55%
*
684
•
East Steamship Lines
Jan
13%
X
50c
Prior lien pref
Jan
Eastern Mass St Ry— '
Preferred B
21
510
50
Feb
2%
Jan
200
950
42
90
7%
18%
263
3%
53
23%
Mar
19%
86%
4%
East Gas & Fuel Assn—
1,800
85%
Chic & N West Ry com 100
12 %
Mar
18%
Convertible preferred--*
Chi Flexible Shaft com.—5
2%
4%
82%
Chrysler Corp common..6
7H
--5
Copper Range
,3
50
2%
Brown Durrell Co com—*
Calumet & Hecla
15
Jan
6%
23
2%
6%
150
18%
Central States Pr & Lt pfd *
Feb
141
3
Mar
5%
11%
Feb
9%
550
1
85
-—*
Common new
$7 preferred..7
Apr
400
3%
3%
3X
6%
22 X
18X
Central & S W—
Jan
820
9
2%
IX
7X
2%
IX'
"18%
3X
10%
3X
10
conv
Mar
Maine—
100
std—100
100
Cl B 1st pref
100
C1C 1st prefstd
100
C1D 1st pref std
100
Boston Per Prop Trusts—*
Prior
90
Butler Brothers
Boston Herald Traveler—*
Boston &
1%
1X
172% 174%
50
pref
—1
Common
American Pneumatic Ser—
Apr
30
Mar
Jan
26%
Apr
Feb
Apr
165
5%
Apr
100
25c
Feb
100
1%
Jan
2
Jan
Preferred
85
13 X
Feb
18
Apr
Crane Co com
Feb
Cudahy Pckg 7% pfd. .100
CunnlnghamDrugStore82 %
Dayton Rubber Mfg—
Apr
Maine Central—
8X
400
13%
Jan
16%
2X
100
2X
Apr
3%
Jan
7X
7%
1,411
7
Feb
8
Jan
%
3X
%
3X
100
17%
V t c pref pt shares
50
Container Corp com—.20
5%
6X
%
IX
18
17%
"~7%
Common ptshvtcB..*
21X
4%
Mar
Apr
Mar
ISX
2X
•
'
22
70
500
6
IX
Co--15
Loews Theatres (Boston) 25
Isle Royale Copper
*
%
5%
X
5%
*
-
100
30
25%
-5%
5%
W *. M m m-
Capital
19%
600
100
%
Jan
Feb
4%
Feb
Mar
%
3X
15
19%
Apr
Mar
Continental Steel—
Common
7X
22%
57
6
Mar
140
20
Mar
Mass Utilities Assoc v t c.l
2%
2%
10
Mayflr Old Col Cop Co.25c
5c
5c
200
5c
14%
4%
Jan
6%
Apr
Mar
Feb
Apr
Dodge Mfg Co com
Feb
Eddy Paper Corp(The)cm*
33
Jan
Apr
130
108%
Apr
110%
20%
255
19%
Apr
24 %
71%
69
71%
190
59
Jan
71%
Apr
iex
150
16%
Apr
19
Feb
30
10
29X
Jan
16
x
Mar
Jan
Dixie-Vortex Co—
Apr
25
29%
109%
19%
100
25
25
29%
109 X
20
*
———
5%
cum
7%
100
Common
22
100
pref
*
ie%
16%
ie%
576
Narragansett Racing Assn
Inc
1
ex
6X
6%
680
Mergenthaler Linotype
Feb
25
Mar
31%
Jan
Apr
5c
Apr
Deep Rock Oil Crp cnv pf-*
11
UX
40
11
Apr
11%
Apr
Mar
16 %
Apr
Deere & Co com...
23
23%
80
19%
Feb
Jan
11X
11%
70
23%
11%
Apr
Apr
Jan
shrs t c..l
4c
4c
100
4c
Apr
Natl Tunnel & Mines Co.*
IX
1%
60
IX
124 X
Mar
Jan
IX
137
Apr
4
cm
133"
New England Tel & Tel 100
New River Co
Northern RR (N
Old Colony RR
.'It
4
»ie
58c
68c
508
137
4
100
---2.60
North Butte-
133
100
com
N YNH&HRR
Cum cl A pref
X
69c
'
5
4
295
9,737
X
Apr
»ie
Feb
69o
Mar
Jan
45o
.*
78
*
8%
Elec Household Util
13%
550
11%
Feb
13%
17 X
150
15
Feb
17 X
4%
2,450
3
Jan
cap..6
Mar
Elgin Natl Watch Co.-.15
Jan
60c
Apr
36c
Apr
*
16%
71
Mar
16%
Apr
Jan
Jan
Jan
12
Feb
General Foods com...—.*
12 X
Jan
Gen Motors Corp com..
General Outdoor Adv com *
22
22
1%
Jtteece Button Hole MachlO
9
--*
11
Shawmut Assn TC
*
Stone & Webster
9 % .:
9X
70c
Suburban Elec Sec Co cm.*
"si%
*
Torrlngton Co (The)
Union Twist Drill Co
32
660
IX
150
6% cum preferred
25
Utah Metal & Tunnel Co
"eoc
8%
Mar
Jan
o%
349
70c
50
32 ^
686
196
1,373
60c
2,035
90 X
20
50c
100
*
1%
10 X
29
90
90
24 X
60
74X
43%
43 X
1%
1,120
9
72 X
"~74%
Feb
Mar
21,
11H
27%
6
United 8hoe Mach Corp.25
Vermont & Mass Ry Co
22 X
70
Mar
9
Jan
70c
Apr
Jan
57c
Mar
Apr
Gillette Safety Razor—
Common.
Jan
16
50
12%
Feb
16
Apr
5
2,450
3%
Mar
5
4%
Apr
52 %
33
Mar
2X
48%
2%
400
49%
275
51%
2%
45%
53
54%
1,293
53
4%
Jan
7%
Apr
210
Air
6X
Apr
Apr
29
47%
4%
52
"2X
~53~~
6%
22X
50
37%
4
51
Feb
Jan
Apr
Jan
Jan
25X
Jan
*
5%
72
Feb
84X
Jan
Goodyear T & Rub com..*
21%
22%
175
5%
21%
42%
Apr
44
Jan
11%
12
250
11%
Apr
Apr
41c
Mar
60o
Apr
Gossard Co(HW) com..*
Great Lakes DAD com..*
25%
25%
500
24%
Mar
Jan
90%
Mar
16%
17%
60
16
Apr
50
7
Jan
5
87
7%
IX
275
IX
298
6X
IX
Apr
29 X
29 X
50
26%
Jan
7%
100
200
29
6%
*
7%
10
29
33 X
29
29
.*
Waldorf System
9%
Gen Amer Trans Corp cm.5
Gen Finance Corp com...1
4
16
Fox
(Peter) Brewing com.5
Fuller Mfg Co com
1
Jan
7%
Mar
Apr
Hall Printing Co com
Hamilton Mfg cl A pt
Apr
Apr
Apr
Apr
Apr
4%
29 X
49%
4%
4
47%
Four-Wheel Drive Auto. 10
14 J*
Feb
Mar
4
4%
Fairbanks Morse & Co cm*
Jan
50
25
38
17
X
Qulncy Mining Co
Jan
12%
19c
Pennsylvania RR
34%
17
50
15%
350
13%
200
Pacific Mills Co
8%
10%
*
36c
13
5%
Jan
37
40c
61
Feb
8X
36 X
35c
5
5
50
36 X
40c
76
Mar
30
*
Class A
100
76
10
5
5
Dexter Co (The) com
6
Diamond T Mot Carcom.2
---25
H)—100
Old Dominion Co
30
35
De Mets Inc pref
6c
Natl Serv Co
16 X
2X
2%
11%
25X
10
9
9
pfdlO
5%
100
■
57%
2X
Feb
Jan
Jan
49% Apr
Apr
56%
25
12%
27 X
20%
Feb
Jan
Feb
9
Apr
Warren (S D) Co
3H
30
Feb
Mar
6
Apr
Jan
10
Jan
10%
1
BX
9%
Heln-Werner Motor Parts 3
Warren Bros
10%
10%
50
40
40%
300
38
Apr
50
30
Jan
35%
Apr
690
U%
Jan
16X
Apr
14
Jan
19%
Apr
Harmlschfeger Corp com 10
Helleman Brewing cap
Hibbard Spen Bart
Bonds—
35%
Apr
Houdaille-Hershey cl B„*
15
15%
Apr
Hubbell Harvey Inc
com.5
18
18
1
10
4
Hormel & Co com
97
1948
97%
103% 103%
1948
Series D 6s
$4,000
100
92%
101%
Jan
Mar
98
106%
Hupp Motor Car
*
com
Illinois Brick Co cap
Sales
Week's Range
Sale
of Prices
High
Low
Price
Par
Stocks—
'
y
Range Since Jan. 1, 1940
for
Low
Advance Alum Cstgs
"~3%
1
12%
Aetna Ball Brng Mfg com
/
For footnotes see page
2701.
Mar
13%
Jan
Feb
Apr
Jan
27%
90%
Feb
62%
Mar
4%
Inland Steel Co cap
90%
230
57%
58%
102
3%
3%
16 X
20
2%
200
*
14
14 X
600
*
21%
22
100
49%
49 X
50
46%
30
67
Mar
70 H5
Jan
Joslyn Mfg & Supply com-5
90
45%
Mar
51%
Apr
Katz Drug
4
12%
18X
2,400
2%
Feb
Jan
Jan
Kellogg Switchboard com.*
13%
Apr
20%
11%
18 X
4
16
Jefferson Elec Co com
69%
150
9%
21%
82%
53%
49 %
200
272
800
3%
11%
18%
Allied Laboratories com..*
5%
27%
68%
25
com.5
Apr
10%
49
*
Common
Acme Steel Co com
Mar
3X
Jarvls (W B) Co—
Common
High
'
Abbott Laboratories—
Feb
Feb
Co
1
com
Ken-Rad TubeAL'p
comA*
Kentucky Utll jr cum
pf.50
47 X
Apr
19
Mar
5%
5%
750
5%
8%
100
7X
5
5
46
47 X
Jan
14
8%
5%
"s
Feb
X
450
24%
88%
16
Apr
400
Indep Pneumatic Tool vtc *
Iron Fireman Mfg Co v t c*
Week
Shares
1
Feb
Mar
X
11%
Interstate Power $6 pref.
'42
4%
X
International Harvest com*
April 20 to April 26, both inclusive, compiled from official sales lists
Last
50
8%
8%
Illinois Central RR com 100
Chicago Stock Exchange
Friday
40%
35%
Eastern Mass St Ry—
Series A 4 %b
com.25
1,150
10
Jan
17
Jan
Jan
Jan
Jan
Feb
17
Jan
23%
Apr
50
Apr
Apr
6%
Feb
Jan
8X
Mar
6%
Apr
Apr
49%
Jan
50
4
80
43
Mar
Volume
The Commercial & Financial Chronicle
150
Friday
Sales
Last
Stocks
(Concluded)
Kerlyn OH Co cl A
Par
Week's Range
of Prices
Week
Price
Low
com. .5
LIbbyMcNelll&Llbby com7
High
250
3%
6%
Jan
2
*
%
Feb
2 X
150
25%
20
20*
Mar
7%
1,950
4%
Jan
14%
730
12
Jan
15%
25
25
X
9
Jan
Mar
Mar
Jan
10
7%
*
Liquid Carbonic Corp com*
Lynch Corp
Marshall
Field
—
—
m —
—
3%
Apr
16%
160
28%
50
34
505
18
18
18
300
18
1
1
1
47
Jan
Procter & Gamble
7%
Apr
8% pref
Randall A
Apr
Jan
14%
1854
Mar
Jan
28%
Apr
*
B
Rapid
4,950
12%
Feb
15%
Feb
100
32%
Apr
32%
Apr
Wurlitzer
3%
Apr
4
5,550
3%
3,350
7X
Mar
2X
350
1%
Mar
3
100
4%
Mar
6%
Jan
1,120
3%
Jan
854
9%
4%
5
5
7
8%
1,100
...100
—
'•*
m *
~7%
Minneapolis Brew Co coml
Modine Mfg Co com
*
10X
22%
-mm—-—
Apr
1
Apr
7154
Apr
1
227
Feb
235
Feb
25
18
Feb
23
Apr
28
3
Feb
7
30
654
15
34 54
Jan
13%
14%
267
1354
Apr
12
12%
105% 105%
185
13X
10
4
Jan
8%
Apr
38
4%
Feb
39
Apr
1754
Mar
Jan
13
Mar
Jan
954
105
109
Jan
Jan
Ohio Listed and Unlisted Securities
Midland Utilities Co—
Miller & Hart Inc cnv pf_*
Jan
Jan
1%
20%
6%
100
Apr
3%
2%
mm-m--
Apr
22
Apr
3%
3%
8
Middle West Corp cap
5
Midland United conv pf A*
34%
Jan
Mar
Apr
8%
454
954
Jan
Apr
38
10
50
Feb
54
65%
584
\
15
3%
Jan
Jan
71%
High
Jan
54
20
227
20%
*
15%
3%
227
*
..
32%
......
X
70%
70%
__*
14%
1
X
..100
Preferred.
com
7% prior lien
34
*
32%
Mlckelberry's Food com.l
Low
50
12%
2854
Moores-Coney A
32%
-
Shares
*
~14%
-
High
13%
*
Range Since Jan. 1, 1940
_*
*
-
Low
-
for
Week
2.50
Lunkenheimer
Magna vox
26
Price
Range
of Prices
13%
34%
U S Playing Card
U S Printing pref..
m'm
Week's
*
*
com
Masonite Corp com
Mercb & Mfrs Sec—
Class A
m
5
com
6%
12%
16%
28%
14
Par
...
Apr
'
Common
Kahn_.
9
.
Lindsay Lgt & Chem—
Lion Oil Refg Co cap
(Concluded)
Kroger
4%
Jan
3,400
3%
150
Stocks
3%
Feb
800
2%
%
2%
2%
8%
2%
Lincoln Printing Co com.*
$3.50 pref
Low
Shares
High
Sales
riaa:
Last
Sale
3%
8%
*
com
Range Since Jan. 1, 1940
2%
X
Kingsbury Brew Co cap__l
Leatb & Co
r
for
Sale
2699
11%
300
Jan
1154
200
19
Jan
23 54
Apr
950
50%
Members Cleveland Stock Exchange
Apr
23%
Montgomery Ward—
Common
.*
Preferred series A
52
Apr
55T4
40%
90
37
Jan
4054
Apr
18%
18%
100
16%
Jan
1854
Mar
98
98
150
98
Apr
98
1%
27%
1%
40
154
Mar
27 X
50
26
Feb
2854
Jan
34
100
50%
40%
34%
164
28
Feb
36
5%
2,350
3
Feb
m
-
m
com.
—
m
Natl Repub Invest Trust—
Cumul conv pref
*
National Standard
m
10
------
Nor Amer Car Corp com 20
North Illinois Finance cm-*
5%
4%
Jan
12
14
170
7%
Jan
14
Apr
10 X
350
10)4
Mar
12
Jan
15%
15X
70
15%
Mar
2254
13%
1454
Jan
12
Jan
13%
10
13%
Apr
11
11~
40
11
Apr
12%
12 %
12
"14%
14%
15
100
14%
2
100
Jan
375
Mar
24 54
Jan
35
174
Apr
33%
38 54
Feb
28%
4%
300
13%
1,100
10
26
Feb
Feb
Jan
12354
Feb
154
Feb
380
115
Mar
151
152%
200
149
Apr
-
1
1
50
X
Jan
12
12
10
11%
Jan
mmm
12
-
-
—
4
4
Jan
30%
(new).*
Sears Roebuck & Co cap..*
mrnmrn-m
1
mmmrnmrn
Signode Steel Strap pref.30
Sou Bend Lathe Wks cap.5
50
1%
Feb
7654
30%
85%
1%
76X
50
75%
Feb
30%
86%
500
26
Jan
3054
579
81%
Jan
88
IX
100
%
Jan
30
m
76%
28
28
2
9%
20
12%
Feb
154
12
30
mm
Mar
.
554
1454
119
mm
29
Jan
Mar
4%
U%
118
St Louis Natl Stkyds cap.*
common
254
152%
Reliance Mfg Co com
10
Rollins Hsry Mls(new)cm-4
Stand Dredge—
Preferred (new)
Mar
9
40
28 H
700
9%
350
12 X
150
28
Jan
454
Apr
80
Feb
Apr
Apr
Mar
254
31
Apr
Apr
Jan
11
Jan
Jan
9
30
Apr
22%
April 26, both inclusive, compiled from official sales list
Stocks—
14
c
Par
Addressograph Mul
c
Standard Gas & Elec com.*
mm'-
Standard Oil of Ind
25
mm----
5
mm——--
Sunstrand Macb T'l com.5
27%
Swift International cap..15
Swift & Co
25
29%
Stewart Warner
Corp capital
24%
mmm—rnrn
Union Carb A Carbon cap *
United Air Lines Tr cap. .5
U S Gypsum Co com
20
United States Steel com..*
7% cum pref
Utah Radio Products
46
mm-m-m
25
Thompson (J R) common25
Trane Co (The) com
2
1%
27%
7%
27%
29%
24%
-
5
15%
mm-m--
80%
21
mm-mm-
im m - — -
81%
m
60%
100
60%
121%
mm--mm
1
1%
com
1%
1%
50
28%
808
7%
29 X
300
3,000
604
30%
24%
2,650
47
509
1154
254
Jan
Mar
Apr
2%
Feb
28 54
9
Jan
2954
Apr
Mar
3254
2554
Feb
15%
28
22
Jan
Jan
42%
Feb
5%
Jan
554
Apr
15X
100
14%
Jan
1654
Apr
83%
525
78%
Feb
88
Jan
22%
82%
62H
124%
1%
376
14%
81%
Jan
2354
Apr
Mar
Jan
83
4
950
53%
Mar
8754
6854
142
115%
Feb
12454
Apr
650
1%
Apr
154
Jan
Jan
Common
5
Wahl Co common
*
common
Western Un Telegcom.100
Westh'se El A Mfg com.50
"23
22
m
'
m
m
-
m -
Wisconsin Bankshrs com.*
4%
Woodall Indust Inc cap..2
%
50
1%
1,750
23%
22
23%
11254 112*4
5
4%
*
Walgreen Co
%
1%
22%
mrnm-mm
795
5%
Wrigley (Wm Jr) cap
*
Jan
2354
2854
Apr
Apr
Jan
11754
Jan
4%
Apr
554
Feb
4
Jan
654
Jan
9254
Apr
Apr
Feb
1754
Apr
500
92%
164
16%
1,085
Feb
22
150
90%
15%
15%
2
Jan
10654
6%
Jan
54
20%
18
5%
mm----
Zenith Radio Corp com..*
362
Jan
%
1%
84%
14%
Firestone T & R
Glidden Co
Jan
industrial Rayon
Commonw Edison 3 54sl958
130X 130% $15,000
Jan
126%
131
Apr
Interlake Iron
Exchange,
Fourth
39
93
Mar
20
15
Apr
1654
Jan
250
51
Feb
120
3554
1754
1654
Jan
6354
4354
Mar
Jan
2954
Mar
Mar
1854
Apr
27
27
17%
12%
7%
'
7%
Sale
Aluminum Industries
*
Amn Roll Mill
Baldwin pref
Berger Brewing
100
*
Champ Paper pref
Churngold
100
Cin Gas & Elec pref
100
Ohio Oil
Cin Street.
Patterson-Sargent
Cin Telephone
Republic Steel
10
45
Feb
50
Jan
25
1654
Apr
19
Apr
1754
2154
Jan
20
23
1654
Mar
1954
Jan
81
1654
2154
1354
Jan
2054
Apr
Apr
2454
Apr
36
Feb
18
Apr
50
Feb
58
Apr
10
2454
Apr
29
55
854
Mar
1254
Jan
115
3654
254
Mar
44
Apr
Apr
4
42
31
Mar
45
1654
Mar
154
Dow Drug
Richman Bros
„*
Eagle-Picher.
Preferred
10
Early & Daniel..
*
Gibson Art
Hilton-Davis pref
Hobart A
38%
York Stock
Detroit Stock
154
1854
Feb
128
954
1354
Mar
1254
1854
3654
2754
Feb
14%
Apr
Jan
2354
4054
Mar
14
Apr
190
14
13
45
175
383
22%
38%
38%
a36% a37%
14
759
249
14
45
128
4
13%
100
13H
235
a42% a44%
170
Exchange
Ford
Feb
Jan
Jan
6354 Mar
Jan
3%
10% Mar
3754 Mar
Jan
Jan
8
Apr
1254
Jan
14%
Mar
3854
1554
Jan
Apr
Mar
Jan
6854
454
Apr
1354
Apr
48%
Jftn
New York Curb Associate
Chicago Stock Exchange
Building
DETROIT
Telephone:
Randolph 5530
Friday
High
1554
354
Stocks-
Par
30
15%
326
■97X
6
354
239
Low
\
Allen Electric
High
com
Auto City Brew com
500
18c
Jan
25c
Jan
Briggs Mfg com..
22%
7%
23%
Apr
Apr
6%
19%
Jan
17
1,225
1,495
90c
90c
200
88c
Jan
3%
Jan
10 %
10 %
847
16
320
10%
15%
3%
Apr
16
5,875
70c
Feb
215
1,400
118%
1%
Jan
Jan
500
75c
Mar
Jan
97 54
354
Mar
.*
Brown McLaren com
1
Jan
Burroughs Add Machine.*
"io%
Feb
Consolidated Paper com. 10
16
Jan
Continental Motors com__l
2X
393
22
11X
102
84
2%
Jan
105
8%
Jan
254
10
com
com
100
Mar
Detroit Paper Prod com.
_
Jan
100 54
Mar
Durham Mfg com
30
1254
Jan
14 54
Mar
Ex-Cell-O Corp com
6%
Mar
754
Apr
Federal Mogul com
2
Mar
254
Feb
Frankenmuth Brew com_.l
97
180
10
Feb
10
98
Feb
21
Mar
X
22 X
19
1954
65
52 X
28 X
53 X
170
2
29 X
120
26 X
41X
26X
41X
Jan
1354
51%
26X
Apr
23
26
Apr
20
40
Jan
Jan
1254
105
22%
1954
6654
2954
27
43
Jan
Gar Wood Ind
Apr
General Finance
com
com
Apr
General Motors
Apr
Goebel Brewing com,
Hall Lamp com
Apr
com
3%
1.00
119
1%
1
210
19
Jan
25C
254
105
1%
7%
23%
Det-Mlchigan Stove com.l
10 X
High
Feb
25c
Jan
105
Low
1%
6%
22%
87
20
300
1
Jan
139
1%
Baldwin Rubber com_._.l
60
50
1%
Apr
85 X
2
Range Since Jan. 1, 1940
Shares
18
85 X
2
High
Mar
Det & Clev Nav
6X
Low
Mar
Detroit Edison
14
Price
15%
13%
96%
Jan
98
Week
...1
Feb
654
for
of Prices
Week
Shares
14
97 X
14
Week's Range
Sale
Range Since Jan. 1, 1940
17 H
105
Sales
Jxist
i
for
Exchange
April 20 to April 26, both inclusive, compiled from official sales lists
110
1954
654
Exchange
Apr
2601.
Jan
Apr
Apr
Meat bars
New
Exchange
52 K
For footnotes see page
4054
205
a60% a62%
Youngstown Sheet <fe Tube*
Apr
*
Apr
Mar
290
1.50
Mar
5
154
33
Jan
4
6
...»
Jan
Mar
100
Mar
14
*
106%
13%
*
Formica Insulation
General Motors
Apr
1354
154
1454
Van Dorn Iron Works...
41
10 54
Jan
3354
1754
18
"14
Union Metals Mfg..
c U S Steel com...
208
100
Jan
1%
1%
15% al5%
a7%
a8
13
Thompson Products Inc..*
345
*
250
20%
6X
~6%
Jan
61
54
.5
13 54
50
126
32%
1%
com....
108 X
Cin Union Stock Yard—*
Columbia Gas..
of Prices
Low
6
254
Apr
16%
16%
IX
IX
a37X a38
al9% a!9%
*
Reliance Electric...
107 X
13 54
50
117
18
32
Otis Steel
108
100
Feb
260
com
105
*
Apr
11454
3%
a
105
City Ice
C N O & T P
Week's Range
97 54
'""354
8
alOX allX
c
New York Stock Exchange
Sales
17 X
15%
Jan
Teletype Cin. 274-275
Friday
Price
7
4
16%
3%
1
April 20 to April 26, both inclusive, compiled from official sales lists
Par
Apr
75
45
Detroit Stock
Stocks—
13
58
3%
New York Central com
V
Cincinnati Stock
Last
Apr
Feb
al9
40 X
Metro Paving Brich
*
Feb
18
Midland Steel Products..*
National Acme
Jan
98
58
McKee (A G) B
*
Medusa Portland Cement *
National Tile
Apr
14%
11
a24% a25%
alO% all%
40 X
*
Jan
Apr
Mar
290
al754 al7%
a 17
a 18%
a21% a22%
*
Lamson & Sessions..
250
1,487
a116
45
100
St., Cincinnati
Telephone Cherry 3470
97%
a41
100
and Other Principal Exchanges
E.
12%
169*
com
Established 1878
115
99
7
Watling, Lerchen 8k Co.
wJl LYONS «£0.
Cincinnati Stock
13%
a
al9
Interlake Steamship
Cincinnati Listed and Unlisted Securities
Members:
29%
Jan
all6
com..*
White Motor
Bonds—
66%
Jan
12%
Goodyear Tire & Rubber
c
Jan
6
17
Goodrich )BF).
Apr
22
*
Great Lakes Towing
Preferred
146
Jan
Apr
15
a!5%
62%
63%
27
com
Mar
5654
*
com
Apr
454
1154
1954
454
15
a40
"~7X
High
Apr
100
15
Faultless Rubber...
c
Utility A Ind Corp—
1
Commercial Bookbinding. *
100
Dow Chemical pref
Elect Controller
c
448
com
150
Low
17
550
96%
a
CI Graphite Bronze
50
6%
al3
100
Cleve Railway..
.100
Cliffs Corp com.......-.5
Colonial Finance
..1
Mar
Apr
_*
Range Since Jan. 1, 1940
Shares
29%
6X
Clark Controller
CI Cliffs Iron pref
c
High
29
.3
.
Preferred
Low
al7% al7%
4%
4%
14%
14%
64%
65%
*
c
4754
Price
Amer Home Prod com._l
Bond Stores com
1
c
Mar
Week
*
Brewing Corp of Amer.
City Ice & Fuel
Mar
1%
25%
for
of Prices
com 1
Akron Brass Mfg
Apex Electric Mfg
c
Week's Range
Sale
c
12%
Sales
Last
Mar
119
Raytheon Mfg Co com.50c
com
22%
12%
13%
100
Serrlck Corp cl B com
15%
to
Friday
Jan
Feb
1%
21%
28%
4%
mmmmrnm
mm-—-"
1
Quaker Oats Co common.*
Sangamo Elec
;
34
Peoples G Lt&Coke cap 100
Preferred
Jan
22
"22%
50
com
50
12 54
Cleveland Stock Exchange
,
J
2
Perfect Circle (The) Co...*
Pictorial Paper Pkge com.5
Texas
10%
mMmrn'
mm-—---
Penn Gas & Elec A com..*
Penn RR capital
OLEV. 56 "> A 566
Jan
50
lix
April 20
Parker Pen Co (The) com 10
Penn Elec Switch conv A 10
Clivtlind
AT&T
Feb
11%
10%
nx
-
100
Pressed Steel Car
Telephone: CHerry 5050
Apr
10%
Omnibus Corp common..6
Ontario Mfg Co com.
*
l°gj RUSSELLco.
UalM CiMtrta Billdlnc
Mar
554
Util—
7% preferred
Spiegel Inc
Jan
%
11%
mm---
Northern Paper Mills com *
Northwest Bancorp com..*
West
GILLIS
Apr
*
Noblltt-8parks Ind com..5
North
Jan
50%
mmymmm
National Battery Co pref.*
Natl Bond <fc Invest Co cm*
i*
1
.3
32%
1
"~2%
30%
32%
14%
2%
2%
252
150
1
Jan
Jan
725
6
6%
4,485
2%
2%
2%
250
2%
4%
2%
1%
12%
16%
4%
1%
125
2%
1%
1%
32%
15%
Mar
Feb
Jan
Mar
Feb
Apr
Jan
Mar
Apr
Apr
Apr
Mar
Mar
2%
Mar
6%
Apr
Apr
2%
Mar
Jan
53
53
2,227
51%
Jan
2%
2%
370
12""
3%
Apr
12%
1,075
2%
5%
Jan
U%
Feb
13 %
Apr
1
Hoover Ball & Bear com. 10
Hosklns Mfg com...=..2 %
*
Apr
12
6
10
Jan
30%
1
.__*
Jan
1,665
1,717
3
Jan
Houdallle-Herehey B
1.25
14%
*
Apr
Mar
3%
3%
89c
1%
118% 119%
2
1%
Feb
54
56
Apr
18
18
110
17%
Apr
19
13%
15
13%
15%
200
13%
Feb
14%
Jan
670
1154
Feb
1554
Apr
15%
Apr
Week't Range
Lout
Par
Stocks (Concluded)
High
Low
Stocks (Concluded)
High
Low
Shares.
for
of Prices
Low
High
Week
Price
Par
100
6%
Jan
6%
Feb
com—1
com—1
1,010
40c
Apr
52c
Jan
Amer Rad A
900
1%
Mar
1%
Jan
Amer Smelting
---1
360
35c
Feb
60c
Mar
Kingston Products
Kinsel Drug com
19c
Jan
27c
Apr
2
Apr
2%
Feb
Aviation A Trans Co
Apr
Feb
700
1,620
90c
Jan
1%
Jan
200
30c
Jan
75c
Apr
3,000
225
Mar
1,650
72c
1,111
5,560
7%
Jan
1%
Jan
*
405
10%
Feb
Murray Corp com
10
Packard Motor Car com-.*
990
5%
Jan
1,500
3%
1.25
Jan
Motor Products com
43
110
Mar
Apr
16
Apr
Feb
8%
4%
Jan
Mar
44%
21%
Feb
20%
866
*
Parker Rust^Proof com.2 %
Parker-Wol verlne com
*
Peninsular Mtl Prod com.l
Pfelffer Brewing com—... *
Prudential Invest com.—1
Reo Motor com.
....5
Parke Davis com
11%
2%
Feb
Jan
8%
Mar
13%
Apr
1
Mar
1%
Mar
Jan
9%
Feb
Apr
2
Jan
General Electric Co
1%
2%
Jan
2
Apr
General Foods Corp——*
1%
Mar
125
Jan
Apr
Graham-Paige
Jan
Intl Nickel Co of Can
363
1
1
*
10
-.1
5,445
4%
Jan
160
1%
13%
Jan
1%
Apr
Kennecott
Jan
14%
Mar
Loew's Inc
21
Jan
26%
376
2%
Jan
Union Investment com—.*
100
3
Jan
2%
3%
Mar
Mountain City
United Shirt Dlst com..—*
100
Mar
Sheller Mfgcom._...
8td Tube B com
Stearns (Fred'k) com
Tlmken-Det Axle com
110
1,510
...
Tlvoll Brewing com
Apr
4%
Motors
22
Mar
170
6
Jan
16
16
365
15
11%
11%
110
84
84
604
11%
73%
140
23%
103
51
•
International Tel A Tel—*
200
1%
McKesson A Robblns Inc.6
Apr
Montgomery Ward A Co.*
Copper..5c
Apr
Nor American Aviation. 10
Mar
North American Co.—*
*
1,973
1%
Jan
2%
Mar
1%
Apr
1%
2%
Jan
Packard Motor Car Co..*
Apr
50
25c
Apr
Pure OU Co
Jan
*
38
Jan
40
Jan
105
45%
18%
Jan
47%
Feb
Mar
20%
Apr
45
1
200
Apr
100
3%
35%
35%
6%
Apr
Mar
Jan
Apr
25
40
138
230
20%
Mar
7
Jan
188
3%
Jan
70
21%
Jae
15
07%
3%
Jan
•
Jan
5%
Feb
7%
Apr
Mar
23%
Apr
Apr
85
327
11
11
305
42%
07%
42%
09%
131
Los
Week's Range
of Prices
60
9%
Jan
25
a24X
a24% a25
a46
a46%
119
22%
Jan
139
45%
Mar
all% all%
200
10%
Feb
11
Jan
o81
a83%
104
78%
Feb
82%
Feb
a20% o20%
a31% a33%
US Rubber Co
10
61%
61%
US Steel Corp
*
61%
Westlnghouse ElecA Mfg50 alll% alll% 111%
3%
3%
WUlys-Overland Motors.. 1
3%
104
15%
Jan
23%
116
53
Apr
577
54
Mar
Apr
Feb
Apr
.
25
High
Low
•
Low
Shares
a46%
3%
Mar
4%
Jan
Berkey A Gay Furn Co.—1
Blue Diamond Corp
40c
40c
40c
100
25c
Apr
45c
1%
1%
1%
2,155
1%
Feb
3
Bolsa Chlca Oil A com.. 10
2
2
2%
1,195
1%
J&D
2%
Par
Stocks—
Apr
4%
*
t c_. 1
Broadway Dept Store
'
4%
7c
7c
3c
14
14
11%
11%
25
al
fl87%
7%
7%
a5%
a5%
11
11
a87% a88%
5%
Jan
500
Jan
6
Apr
Apr
50
5%
87%
356
9%
8%
Mar
35c
a6%
63%
5%
54
54
8
Goodyear Tire & Rubber.*
a22%
6%
Apr
•
850
52
7
5
Jan
224
8
Jan
Mar
Jan
Mar
66
Jan
820
Apr
Jan
43o
Feb
6%
87%
10%
11
Mar
8
8
6%
Mar
150
General Metals Corp..2.60
10
Jan
Apr
7
Gladding McBean A Co..*
Globe Grain & Milling..26
8
11
20
5%
5
Apr
6%
8%
Apr
Mar
60
22%
Mar
24%
Feb
176
36%
Mar
40
Apr
Holly Development Co.. 1
Hudson Motor Car Co.—*
75c
70c
75c
850
62o
Mar
80c
Jan
a5%
a5%
a5%
60
5%
Apr
6%
Mar
Hupp Motor Car Corp...1
75c
75c
75c
150
75c
Lincoln Petroleum Co.-10c
14c
14c
15c
17,437
7c
Jan
87 %c
16c
Mar
40%
664
27%
Mar
41%
12
Jan
12%
23%
47%
Feb
Feb
Apr
38%
6»
50
834
1%
Mar
8%
Apr
;4%
Jan
4%
Jan
50c
Jan
1%
Jan
4%
Apr
50c
Pennsylvania RR
14%
48
168 X
13%
13%
113%
Jan
Feb
Feb
Apr
Mar
Apr
175%
31
90
427
369
4%
4%
80%
3%
Feb
71
3%
243
32%
53%
32%
725
53%
86
27
119
476
2
Jan
2%
Apr
8%
1%
2
22%
Phlla Electric of Pa 85 pref*
30%
25
Scott Paper..
*
Tacony-Palmyra Bridge. .*
Tonopah Mining
1
PhUa Elec Pow pref
3
8%
125%
Jan
Jan
6
6%
90%
Feb
Jan
4%
Jan
Apr
Jan
55%
125%
Apr
2%
3%
Mar
Feb
8%
2%
Apr
Jan
24%
120%
Jan
Jan
Feb
1%
Mar
21
Jan
68
114%
Apr
975
30%
185
Mar
Apr
43%
45%
46%
85
41%
41%
•is
6i«
200
8i»
Jan
%
%
%
339
X
Mar
1,093
%
1%
36%
11%
111%
Feb
Mar
Mar
Mar
Mar
%
Apr
33 %
7%
80
4,965
1,863
Jan
Feb
15%
Jan
42%
Transit Invest Corp.
Jan
2
22%
21%
114% 115%
31
30%
Apr
15
Apr
28%
50%
30
3
1
50
;
Feb
88%
Apr
40C
Lehigh Coal A Navigation *
Lehigh Valley.
50
Natl Power <fe Light
*
Jan
40c
Horn&Hardart (Phil) com *
Pennroad Corp vtc.
11%
715
6
High
Low
299
123% 124%
2%
2%
"32%
...10
General Motors
Range Since Jan. 1,1940
for
Week
Shares
3%
*
com
official sales lists
Jan
Jan
Jan
31%
Jan
49
Apr
48%
%
%
Mar
Feb
Feb
Apr
883
5%
88
Jan
90%
Jan
1,100
5%
*
Electric Storage Battery 100
Jan
37c
*
Jan
Feb
a6%
'114%
Budd (E G) Mfg Co
Budd Wheel Co
Mar
9%
36o
10
Barber Co...
Bell Tel Co of Pa pref.. 100
1
10%
10
"l4%
.50
12
4%
a6%
_.
Jan
7%
36c
100
.
Bankers See Corp pref
Feb
Feb
1
A merlcan Tel A Tel
14%
172% 173%
15
14%
15%
15%
114% 117%
5%
5%
13%
13%
*
American Stores
of Prices
High
Low
Price
Chrysler Corp
Curtis Pub Co
25
a87
10%
10
Equip..6
28
Mar
10
a87
10%
Jan
310
5%
5%
a87
Apr
211
a5%
11
*
Apr
3c
14%
83%
190
7%
Consolidated Steel Corp. .*
Preferred..--.--*
Electrical Prods Corp.-—4
7c
Apr
1
99
5
*
Creameries of Amer vto.l
Jan
Apr
23%
8%
431
11%
al
Jan
5
Mar
lc
14
332
al
Chapman's Ice Cream....*
Feb
Mar
3c
2,500
14
a24% a24%
a24%
4%
1,000
3c
7c
3c
.1
Byron Jackson Co
*
Calif Packing Corp com..*
Central Invest Corp
100
269
4%
Week's Range
Last
400
General Motors com
Mar
10
Sales
Friday
Last
3%
com
50
Philadelphia Stock Exchange
High
3%
Exeter OH Co A
a9%
all%
a82%
a20X
a31%
Corp (The)
official sales lists
3%
Emsco Derrick &
Feb
alOX oll%
Week
Price
Par
Douglas Aircraft Co
Apr
Jan
43%
alOX
United Air Lines Trans p. 5
Bandlnl Petroleum Co.—1
Consolidated Oil Corp
7%
Apr
40%
April 20 to April 26, both inclusive, compiled from
for
Sale
Chrysler Corp
13%
Jan
.
*
Range Since Jan. 1, 1940
Last
Preferred
87%
Apr
6
1
Union Carnide A Carbon.*
Sales
Friday
Buckeye Union Oil v
Apr
11
85
.
Angeles Stock Exchange
April 20 to April 26, both inclusive, compiled from
Stocks—
65
42%
a9%
Tide Water Assoc OU... 10
Teletype L.A. 290
Los Angeles
523 W. 6th St.
19
935
Stone A Webster Inc
San FrancUco Stock Exchange
Stock Exchange
Jan
9
326
22
85
Mar
4
24%
140
07%
Texas
Loe Angelee
Jan
Feb
Apr
Apr
Mar
3%
Studebaker Corp
Swift A Co
Chicago Board of Trade
York Stock Exchange
Apr
20%
Standard OU Co (N J)—25
MEMBERS
New
4%
18%
26%
23%
7%
16
320
alX
*
Jan
Jan
3
OU Co—16
So cony-Vacuum
Jan
Feb
Mar
116
21
Jan
Jan
Jan
7%
300
a7%
3%
1
38%
4%
SC%
S<%
4%
Standard Brands Inc.-.-*
Sears Roebuck A Co
Jan
30%
6X
21
85
11
Radio Corp of Amer
Wm. Cavalier & Co.
1
32
022% a22X
alO% all%
6% •
6%
alOX
*
Republic Steel Corp.--—*
10c
28%
115
4
a22%
500
197
015% al6%
23%
24
21%
21%
3%
Pennsylvania RR
Mar
Feb
1,229
a34% a34%
7%
7%
o50% a50%
21%
a7%
3,070
11%
29%
3%
1
24
5%
J»n
Feb
Jan
Feb
Apr
o30% a30%
3%
3%
o36a
a36%
a 15%
7%
Apr
4%
3%
9%
al7% al8
a34%
Jan
Apr
1%
37%
37%
048% 049%
7X
a50%
4
New York Central RR—•
7%
16%
24%
150
3%
3%
Apr
51%
Apr
Apr
Apr
Jan
84
10%
11%
028% 029%
a36X
Apr
Feb
Apr
Mar
Jan
1
4
l
Apr
12%
13%
1%
1%
400
Apr
Mar
Feb
Feb
5%
"lX
Wayne Screw Prod com..4
Wolverine Brewing com.. 1
4%
16%
Mar
50
100
51
51
Apr
Jan
Jan
a6%
a6%
al5% al5%
Copper Corp—*
*
Ohio Oil Co
Mar
3%
20
a22% o22%
5
J
400
*
*
1
B...
Warner Aircraft com
7
Jan
3%
610
6%
1
United Specialties--Universal Cooler A
25
Mar
22
150
37 X
a48%
al7%
1
a30%
*
1
Goodrich (B F) Co.
2%
200
400
Apr
Apr
405
a28%
*
3
Jan
com—.--2
River Raison Paper com..*
Apr
7%
23%
a7%
a4%
al5%
1X
3%
10%
Curtlss-Wrlght Corp——1
Class A
1
300
31%
7%
24%
8%
7%
a6 %
Commercial Solvents
*
Commonwealth A South..♦
Continental Motors Corp. 1
6%
1%
Jan
23%
a7%
04%
a22%
51
Borg-Warner Corp
5
Caterpillar Tractor Co—*
Columbia Gas A Elec
Scotten-Dlllon com -----10
Rlckel (H W)
6
276
Mar
26%
5%
a7 %
c4 %
16
11 %
84
Bethlehem Steel Corp.—*
450
1,465
...
Jan
174%
7%
1
Barnsdall OU Co
312
47%
Mar
47%
172
1,445)
30
30
30
Anaconda Copper..
Jan
10
Mar
Jan
8%
45
103
23 X
Baldwin Looomo Wks v t c.
26
Jan
24%
10
—*
McClan&han Oil com
1
Michigan Silica com
1
Michigan Sugar com
*
Mlcromatlc Hone com—1
Mid-West Abrasive comSOc
Masco Screw Prod
a8X
*
a8 X
A Refining. a49% a49X a50%*
Amer Tel A Tel Co
100 al72% al72% a\74
Std Sani
50
Armour A Co (111)
6
Atch Topeka A S Fe Ry 100
Aviation Corp (The) (Del)3
com—1
Kresge (S S) com
McAleer Mfg com
High
Low
Shares
Unlisted—
Hudson Motor Car com..*
Hurd Lock A Mfg
Range Since Jan. 1,1940
Week's Range
Sale
Week
of Prices
Sale
Price
Last
Range Since Jan. 1, 1940
for
Sales
Friday
Sales
Friday
April 27, 1940
Chronicle
The Commercial <6 Financial
2700
a22
39
Hancock Oil Co A com.—*
Lockheed Aircraft Corp.. 1
38%
Los Angeles Investment. 10
4%
Mascot Oil Co
-
Mt Diablo Oil Mng A Dev 1
3%
3%
4%
64,356
46c
47c
400
4c
1,800
4c
Mar
6c
37c
3,900
36c
Mar
47o
no
4%
Jan
4%
Apr
12%
31%
12%
32%
no
11%
31%
Jan
Mar
33
33
230
30%
30%
200
39
39
39
44%
a7%
44%
44%
4%
30%
10
Puget Sound Pulp A Timb*
Republic Petroleum com.l
Richfield Oil Corp com...*
24%
2%
Roberts Public Markets..2
10
7%
Ryan Aeronautical Co.—1
6%
*
a50%
33
Security Co units ben Int..
Solar Aircraft Co
4%
Sontag Chain Stores Co..*
So Calif Edison Co Ltd-.25
a6%
3c
30
.
a7X
23%
2%
7%
9%
6
33%
al2%
22%
35%
5%
16%
13%
9
V andeKam p'sHDB akers. *
11%
Vega Airplane Co
IX
Wellington Oil Co of Del.. 1
34%
Apr
Apr
Jan
Armstrong Cork Co
*
135
Jan
31%
39%
Apr
Blaw-Knox Co
347
42
Apr
49%
Jan
Byers (A M) Co com
Carnegie Metals Co
1
Columbia Gas A Elec Co.*
5
a7%
25
8
980
12
2%
600
Jan
24%
2%
Jan
2%
Apr
552
6%
220
7%
13,563
4%
60%
Mar
65
Copperweld Steel
Jan
Apr
Devonian Oil Co
Apr
Follansbee Bros pref
Apr
Fort Pitt Brewing.
8%
Jan
52%
Feb
Koppers Co pref
4%
Apr
4%
Apr
Feb
7
Apr
Mt Fuel Supply
33
Jan
10%
45
9%
Mar
12%
90
11%
Mar
15c
15c
15c
15,900
15c
Apr
40c
6%
285
5%
Mar
23%
23%
168
15%
6%
6%
16
18
—
1%
16
18
1%
1%
100
161
25
10,310
6%
Apr
17%
13
Jan
20
1%
84%
9%
Jan
15%
1%
Jan
1%
Jan
Apr
26%
Apr
1%
Jan
2%
Jan
36%
6%
13%
36%
50
32%
Jan
36%
Apr
6%
50
4%
Jan
6%
Apr
13%
1%
140
Jan
36
Jan
Pittsburgh
7
Mar
Pittsburgh
9
10%
1,297
16
Feb
17%
Jan
Pittsburgh
12%
Apr
15%
Jan
Pitts burgh
9
150
120
13%
7,216
9
Jan
14
3%
1%
.50
w
-
-
Mar
Jan
U S Glass Co
-
-
88
7%
2%
6%
100
5%
Mar
7
Mar
2%
100
2%
Mar
3
Feb
Vanadium-Alloys Steel
*
1
-
-
-
-
-
_
-
.1
Victor Brewing Co..
^
ip
M
.
.
.
Westlnghouse Air Brake..*
a9c
a9c
500
9c
Mar
14%C
%c
2,000
%c
Jan
2c
Jan
1%
1%
100
1 %
Mar
Apr
Feb
1%
Feb
99%
Jan
104%
Apr
215
6%
Feb
1%
490
1%
Mar
8%
2%
112%
33
10c
33
10c
50
25
322
10
33
10c
Jan
33
Jan
Jan
Apr
55c
Apr
Feb
Apr
Apr
33%
Jan
20c
1,500
20c
Jan
25c
Jan
24%
112% 112%
205
22%
106%
Mar
28%
Jan
Jan
117%
Jan
30
20c
31
23%
150
25
29
Jan
%c
23%
Westlnghouse El A Mfg.50
Mining—
13%
1%
82
1%
-
5
102% 102%
7
7%
1%
102%
Shamrock Oil & Gas Co..l
United Eng A Foundry...5
-
36%
*
100
Forglngs Co_.l
OU A Gas
5
Plate Glass..25
Screw A Bolt.. *
Apr
9%
Apr
4%
Mar
26%
Apr
16%
13%
Jan
5%
10
Apr
22%
33%
6%
724
10%
156
Mar
1,878
90
Jan
1,013
Pittsburgh Coal Co
2,514
Feb
Jan
Feb
1%
Pittsburgh Brewing Co—*
5%
Jan
Jan
Apr
1%
26%
Jan
5%
16%
13%
Apr
1%
Jan
Preferred
1%
Apr
Mar
1%
15%
26%
Apr
Mar
12
7%
25
26%
Penn Federal Corp pref.
88%
Natl Fire proofing Corp...*
Jan
33%
Jan
Mar
4
Jan
Feb
55
Jan
2%
25
Apr
2%
1%
Jan
9X
12%
945
30%
29%
34%
6%
2101.
Apr
Apr
1,433
30%
2%
For footnotes see page
8%
Jan
9%
Jan
2%
Cons Chollar G A 8 Mln._l
Feb
43%
11%
13%
6%
Apr
6%
37
10
5%
Jan
Co
High
25
Jan
88%
Feb
2%
6%
%c
120
Low
18%
5%
28%
1
Calumet Gold Mines—10c
8%
222
9%
28%
29%
Yosemite Ptld Cem pref. 10
Black Mammoth Cons. 10c
,
9%
704
Mar
a9c
25
Shares
5%
863
400
Western Air Express
official sales lists
Range Since Jan. 1, 1939
far
*
855
50
Feb
10
29%
33%
352
Jan
117%
42
100
1
zlOO
30
33%
al2% al2%
22%
22%
35%
34%
Jan
15%
42
J-
10
Lone Star Gas Co com
6
31
8X
—
Crand McKen A Hender'n*
7
Jan
7
Jan
10
Mar
10
Apr
High
24
*
Jan
8
Jan
Feb
Week
of Prices
Low
*
*
24%
7%
Sale
Price
Par
Stocks—
30%
29
10
Week's Range
Last
Apr
■
1
2%
41%
Sales
Friday
50
29%
30%
Universal Consol OU
April 26, both inclusive, compiled from
33
230
29
25
to
30%
35%
1,146
426
Pittsburgh Stock Exchange
April 20
3,734
30%
Union Oil of Calif
114
...*
Preferred
4%
25
Superior Oil Co (The)—.25
Transamerlca Corp
...2
11%
a6%
25
Standard OU Co of Calif..*
100
12%
4%
a6%
5%% preferred C
*
113% 114%
37%
-
Allegheny Ludlum Steel. .*
Arkansas Natl Gas pref. 100
a50% a51%
33
31%
6% preferred B
6% pref A. .25
9,317
..*
United Gas Improve com.*
Preferred
805
2%
38%
12%
2%
37
Apr
Apr
13%
34%
'""2%
*
Feb
4%
%
Preferred
United Corp com
Jan
36o
33
25
6%% 1st pref.25
Pacific Indemnity Co
10
Pacific Lighting Corp com *
So Calif Gas
Apr
12%
31%
6% 1st pref
Southern Pacific Co
Feb
4%
37c
-■
Pacific Gas A Elec com—26
Safeway Stores Inc
,
525
.
3c
1
Pacific Clay Products
*
Pacific Finance Corp com 10
Pacific Western Oil
4%
50c
1
Oceanic OU Co
38%
4%
46c
1
Nordon Corp Ltd
39
50c
50c
1
Menasco Mfg Co
a22%
39
I
2%
Jan
.
Unlisted—
Pennroad Corn vtc
1
2
2
100
1%
Jan
2%
Jan
Volume
The Commercial & Financial Chronicle
ISO
2701
Friday
St. Louis Stock
Last
Sales
Week's Range
Sale
Stocks—
Par
A S Aloe Co com
American Inv
Low
53 X
455
41
56**
545
51
Jan
56**
Apr
28 X
625
16**
3**
Jan
28**
Apr
Apr
Apr
Magnln A Co (I)
IX
75
1
Mar
2
Jan
21**
35
36
25
81
10
90
44
45
—
—
m
60
11
Feb
12**
Apr
7X
100
7
Mar
7X
Mar
10
51
Jan
57 X
20c
10
1.55
1.75
61
34
8
3?*
Midwest Pip A Sply com.*
Mo Portland Cement cm-25
Natl Candy 2nd pref...100
11
11**
U**
98**
Feb
36**
Jan
8
Apr
Feb
4**
Feb
Jan
10**
11**
Feb
12
Apr
98
10
Apr
11
Mar
99
Feb
670
98**
Feb
2.00
Jan
3
10
75c
Apr
5**
40
Apr
Apr
Mar
1.50
32
175
3?*
11
20c
105
34**
7?*
5
5
100
4?*
Mar
109** 109**
3**
3X
100
St Louis Bk Bldg Eqpt cm*
St Louis Pb Srv cm cl A. 1
5X
10
108?*
130
1.05
115
5
3?*
1.00
.
Scruggs-V-B Inc pref.. 100
41
.*
41
95
100
96
8X
Warrants
8**
80c
1
Mar
2X
Jan
3?*
1.00
Apr
1.37
Jan
34
Jan
41
Apr
87**
Jan
96
Apr
8**
Apr
9
Apr
2
160
70c
96c
Apr
Apr
19X
12X
1,493
15
Jan
255
11**
Jan
9**
19**
12**
Apr
4X
23,929
1.75
Jan
4.25
10X
500
7X
Jan
II
10
10
108
9**
Jan
10**
3
12 **
3X
1
*
100
com
3X
37
Mar
39
Jan
36
Mar
38**
Jan
36**
36**
1,000
64
9?*
11c
36}*
Apr
38?*
Jan
66?*
Jan
Mar
12**
Jan
9**
Gatch
Bros., Jordan & McKinney
ST. LOUIS BANK
418
OLIVE
(MEMBER)
A. T. & T. Tel.
Garfield 3450
6
515
11
445
1.25
31**
32**
29 X
31X
33**
34**
8,657
31**
32 X
29 X
4,877
32**
30 X
1,784
1,049
Apr
Apr
Apr
on
St. Louis Bank and Trust
BUt
Boatmen's National Bank.
Firet National Bank
42?*
Mississippi Valley Tr Co.
36**
44?*
32**
30**
.
Companies
Ask
34 X
Orders
solicited
Pacific
on
Bid
Commerce
Mercantile
Ask
Bk
& Trust Co
St Louis Union Trust Co..
Coast
Stock
Exchanges,
19X
Private Wire to
own
Jan
164
318
24
23
R E & R Co Ltd com
2.30
12 X
Last
Sale
Stocks—
Par
Alaska-Juneau
Price
Gold.... 10
7
"ex
Atlas Imp Diesel Engine.5
Bank of California N A..80
*
Calamba Sugar com
Preferred
com
Preferred
20
17**
21**
*
«•
m
100
2.15
High
Range Since Jan. 1, 1940
for
Week
15
Rheem Mfg Co..
..1
Richfield Oil Corp com...1*
18X
1
17
18**
7X
17**
100
105
Preferred
ser
A
7
6**
"34li
925
0
Mar
2.25
657
...5
Waialua Agricultural Co.20
Walls Fargo Bk & U Tr. 100
12
ex
125
1.60
Feb
15**
2.30
40
17
a
IX
o34**
IX
*
Italo Pet Corp of Am com 1
Preferred
1
Jan
Marine Bancorporatlon.
Matson Navigation Co
M J A M A M Cons
*
Mountain City Copper...5
Apr
No
North American Co
American
Aviation.. 1
com
com
Preferred
Cypress Abbey Co
.
1
— -
5?*
5
18**
93**
*
D1 Giorgio Fruit pref... 100
Doernbecher Mfg Co
El Dorado Oil Works
*
Emporium Capwell Corp.*
Preferred
—
50
—-
43**
Fireman's Fund Indem_.10
Fireman's Fund Ins Co..25
"98?*
5X
*
27
ox
Apr
fl23**
Radio Corp of America
So Calif Edison
19**
Apr
Apr
70c
Jan
Preferred
*
Mar
10**
Jan
4
Jan
Jan
Standard Brands
7
Apr
5**
8?*
20**
17**
Jan
70
40
Jan
50
36**
93**
Jan
27
308
150
345
ex
52
1
M
—
Apr
Apr
U S Petroleum Co
Feb
7**
Jan
5**
Apr
30**
Jan
200
5*<
Jan
ox
Apr
878
9
Jan
11H
Mar
20**
Jan
trading privileges,
76c
Feb
year,
17?*
Jan
72c
14
454
18?*
Apr
300
65c
Mar
530
13**
Apr
Apr
2.90
Jan
Apr
45**
9**
Mar
Feb
174 J*
Apr
56
7X
34
Apr
Feb
Apr
Apr
10
alX\ alX
1
West Coast Life Insurances
No par value,
x
a
Odd lot sales.
y
8X
Apr
70c
2,230
52c
Feb
70c
215
356
Feb
31**
9?*
3.00
300
27**
8**
2**
Jan
9**
23**
23**
a8**
a8**
7**
7%
a4X
o4X
a34** a345*
15*
IX
12**
12**
270
22**
Apr
25**
93
8**
Jan
9J*
2.75
330
4
Apr
Mar
0
6
8**
5X
Feb
35?*
IX
Apr
12**
52
8
Jan
30**
1,629
1,250
a4**
5**
90
4**
Apr
Feb
75
Mar
30 J*
25
105*
5
160
a315* a32
a7**
a7**
7**
9**
Jan
Feb
1,718
11**
315*
33
037** 038**
795*
795*
Jan
2
14**
5**
'
8
32**
7X
11**
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Jan
Apr
Mar
Apr
Apr
Mar
405
31?*
Apr
36
290
87 J*
Jan
79**
Jan
Feb
41
19
79**
Apr
Mar
Jan
al.00
50
1.10
Mar
1.10
a305*
180
32**
Jan
130
3**
Apr
Apr
38 X
3**
4X
Jan
10c
13c
2,430
10c
Mar
16o
Jan
1.30
200
1.20
Mar
1.55
Jan
200
35**
Mar
OX
8X
Apr
10
25**
Feb
75
23**
27**
Jan
Apr
Apr
35**
270
Jan
29
Apr
6,000
8c
Apr
50**
Apr
o30
23 X
29
23 X
10c
29
20
4
105
a50** 0515*
4**
4**
6**
6**
25**
25**
023** 023 5*
1,165
200
110
85
161
75
150
4
Feb
3X
OX
Apr
Mar
26 J*
Feb
Jan
5**
Feb
1**
Mar
23**
23**
OX
4**
2**
23?*
7**
1**
Jan
6**
Mar
Apr
Apr
5
500
al
40
Mar
Mar
22**
436
Apr
Feb
Mar
2**
21**
843
Jan
22**
20**
20**
25
55*
Feb
26
3 J*
7
Jan
4
55**
4**
7J*
Mar
76
5**
23**
Feb
Apr
12c
25
03**
o2 5*
5
Jan
Apr
Jan
Mar
Feb
Jan
Apr
Apr
Apr
24**
285
30**
30**
1,216
29
Jan
166
29
Jan
25**
30**
30**
Mar
25c
103
Apr
1.10
Mar
30
7X
605
11J*
1,098
a46 X
58
75*
10**
Ex-rights,
I
160
23 **
25o
6
Jan
Apr
66 J*
Jan
IX
Jan
IX
Apr
3**
Jan
4**
Feb
4
Jan
7?*
Apr
62**
1,022
IX
1.800
r
2X
Mar
60**
15*
a3**
75*
6 Ex-stock dividend,
Apr
1.16
92c
5
Apr
Feb
Jan
2J*
28
7 J*
12 J*
Mar
Mar
Apr
47
60
400
75*1
55
e
t In default.
Apr
Jan
Admitted to unllstd
Cash sale—Not Included
t Listed,
Apr
40**
51**
95c
a3X\
Mar
Jan
9
44 X
92c
d Deferred delivery,
Ex-divldend.
36
171
31**
048** a51
a2**
02**
92c
Mar
•
310
60c
a46
Utah-Idaho Sugar com
5
Warner Bros Pictures....5
371
13**
10 X
United States Steel com..*
Feb
430
18?*
1
Apr
Jan
18**
Apr
Apr
30
301
Jan
25c
»
Stude baker Corp com
44**
45**
99**
33**
Jan
Jan
2 00
12
Jan
Feb
30**
Texas Corp common
25
United Aircraft Corp cap.5
United Corp of Del
*
5X
32**
72c
"13**
Inc.
Jan
Apr
Feb
5X
31**
OX
10?*
18?*
30 X
8
499
10**
24 X
25
com
45
100
15**
al
*
500
705
100
233
10
27**
294
22**
65*
Radio-Kelth-Orpheum
*
Schumach Wall Bd com..*
94**
Apr
2.00
a2 5*
Apr
Jan
Apr
4**
18
fl21** a22**
215*
215*
5**
5**
50
Apr
Apr
Feb
Jan
14
Jan
15
Park Utah Cons Mines...1
25**
Apr
15**
Jan
97
Pennsylvania RR Co
31**
55c
Apr
3
876
740
4
a50**
4**
0% preferred—
25
So Pac Gold Gate 0% pflOO
,
Jan
Jan
Apr
12
a3**
Jan
6
10
4**
1,556
8c
"29"
10
com.
Apr
Feb
16o
17**
Feb
1.30
20
54
6
*
Holly Development
98?*
Mar
13
Feb
Feb
30
Packard Motor Co com..*
54
Gladding McBean & Co..*
Honolulu Oil Corp cap—*
7**
19**
43**
45**
98**
8?*
4?*
7**
19?*
43**
45**
4X
33
88**
500
500
15
6,923
57c
6?*
General Paint Corp com..*
Preferred
_.*
Hawaiian Pine Co Ltd
19**
94**
27
Food Mach Corp com...10
General Metals cap
2**
General Motors Corp com 10
Golden State Co Ltd
18?*
8**
4**
*
100
282
93
55c
2
5?*
120
13c
8**
Feb
a30J* o36**
6**
OX
""lie
Oahu Sugar Co Ltd cap. .20
Olaa Sugar Co
Crown Zellerbach
Mar
JOo
3**
National Distillers Prod..*
Jan
Creameries of Am
Apr
OH
300
al.00
o30
Nash-Kelvlnator Corp...5
Apr
Apr
Apr
2,323
11**
4X
11**
.1
Feb
25?*
25**
Apr
Feb
Mar
12?*
a4 5*
8
*
Feb
23**
25**
5?*
Feb
13
J*
9
a37 X
25c
"25"
Jan
33**
31**
Guggenhime A Co pref...*
Hobbs Battery Co A
*
20**
Cons Aircraft Corp com__l
Cons Chem Ind A
»
26**
Apr
470
45X
10 X
33
Apr
Jan
Apr
2.00
Curtlss-Wright Corp
1
Dominguea Oil Fields Co.*
150
Jan
Jan
22**
18
a3l%
a7X
21**
3?*
31**
29**
23**
5?*
Jan
30
2.75
680
465
Jan
Apr
28**
1,100
1,136
70c
Feb
Mar
Jan
Apr
Feb
155
45
19,200
52**
Apr
Apr
2,886
100
18c
106
Jan
Mar
285*
45**
25?*
1,500
6
Jan
Jan
Unlisted—
15c
Jan
Mar
Feb
Apr
Apr
300
.
_
Western Pipe A Steel Co.10
Yoeemlte Ptld Cem pref. 10
Mar
Jan
23
4
Montgomery Ward A Co.*
51
5X
13
Monolith Ptld Cement cm*
102**
198
5X
15c
10
2.00
55
Apr
ox
4**
Jan
48
Mar
165*
"iix
Mar
Feb
33**
11**
42**
16**
9X
1
Mar
Feb
20
205
34**
100**
34**
16**
45**
14c
,
1 **
Victor Equip Co com
Preferred
19
13
Mar
99
1,945
44
5X
14c
9**
10
21**
37
25 X
Jan
50
16
Jan
50
7.356
16 **
..25
Feb
100
OX
12o
13?*
15
1.90
Mar
10**
55*
16
40
Feb
5**
994
Feb
15
4**
1.60
Jan
133
100
0
7,302
19?*
40
17,284
Jan
108 J*
7
2,200
7X
425
Feb
7
22 X
28 X
Kenn Copper Corp com..*
14**
17**
21**
19**
8**
17**
103**
5X
McKesson A Robbins com5
Jan
Mar
Mar
16
15c
Jan
Apr
18**
6 5*
215
11**
5**
Feb
1.50
Feb
12o
Mar
60
2.75
11**
7X
516
Apr
15c
ex
400
2.25
11?*
5?*
Jan
1.60
24**
20**
35**
Mar
Jan
200
1.75
44
10
Jan
ex
Apr
Mar
2
com
Jan
.
16
16
20
595
31**
34**
99 H 100
33 X
34
13
12X
"l2**
Feb
90
10
6
43**
4,181
2,788
1,112
105
6
*
4
930
X
1.75
1
24**
4**
Jan
Roos Bros
15c
Edison.25
4.00
2.30
25?*
Commonwealth
Apr
2.25
Intl Tel A Tel Co com
High
5X
116**
62**
105**
4**
32**
32?*
2.05
2.50
17**
26**
35**
270
4
Apr
24**
624
61?*
Jan
24**
33 X
ex
105
1.35
Jan
35**
Mining...25c
mrn-A*
Apr
"26 K
Calif Packing Corp com..*
Preferred
50
CalR Water Service pref 100
Central Eureka Mincom.l
Jan
1.00
12 **
1
ex
7X
4X
119
41**
109
3,803
2,549
26
Ryan Aeronautical Co...l
Schlesinger (B F) com
*
7% preferred
25
Jan
1.05
2.05
100
Int Nickel Co of Can
Low
Shares
40
"15"
Calif Cotton Mills com.100
Calif-Engels
1.60
14
20
Calaveras Cement
4X
ox
119
*"1*60
1
Byron Jackson Co
of Prices
Low
ex
Anglo Calif Natl Bank. .20
Associated Ins Fund Inc. 10
Bishop OU Co
Week's Range
42**
Jan
24**
1.05
*
General Electric Co
Sales
Friday
Jan
Mar
149**
Columbia River Packers..*
April 20 to April 26, both inclusive, compiled from official sales lists
21 **
Parafflne Co's com._._..*
Pig'n Whistle pref
*
Puget Sound PAT com..*
Consolidated Oil Corp...*
Exchange
Jan
108**
Apr
138**
Bunker Hill A Sulllvan_2**
Cities Service Co oom__10
offices In San Francisco and Los Angeles
50
Apr
Mar
Jan
Bendix Aviation Corp...5
Blair A Co Inc cap
1
•
Apr
Jan
130
Bait A Ohio RR com... 100
7-4150
Apr
84**
31**
50
Argonaut Mining Co
6
Atchis Top A Santa Fe 100
Atlas Corp common
Aviation Corp. of Del.
3
New York
Francisco Stock
19**
Jan
34 **
58
Cons Edison Co of N Y..*
San
29**
42**
107
Mar
1.50
134
Amer ToU Bridge (Del)-.l
Anaconda Copper Min_.60
Anglo Nat Corp A com...*
are
Saturdays)
York Stock Exchange
Cortlandt
262
19**
a8X
a8**
a85*
American Tel A Tel Co. 100
al72X al72**[al74
Schwabacher & Co.
111 Broadway,
20
Apr
14**
160
130** 133**
53?*
55?*
which
until 5:30 P. M. Eastern Standard Time (2 P. M.
Members New
44**
107
9 J*
Jan
133
Amer A Foreign Pow com.*
Amer Hawaiian S S Co-.10
Amer Rad A Std Sanitary*
open
X
Mar
Mar
105
Vega Airplane Co
Quotations
Apr
Apr
1,130
100
com.
Feb
5**
4**
150
Union Sugar com
Universal Consol Oil
St. L. 494
28c
Mar
Mar
1.30
*
Transamerica Corp
STOCKS
ST.
Jan
5
3X
100
Tide Water Ass'd Oil
STOCK EXCHANGE ISSUES
Jan
Feb
9X
14**
44
com
Jan
11
20
1.25
14
107
.......
Apr
4
Jan
10c
10
225
9X
9H
5X
Tread well-Yukon Corp. .. 1
Union Oil Co of Callf.._25
ACTIVE IN:
LOUIS
100
Apr
Mar
Apr
~1~25
Standard Oil Co of Calif..*
Super Mold Corp cap
10
Texas Consol Oil Co
1
Inc.
9X
25
69
4X
*
Sperry Corp'com v t c
Spring Valley Co Ltd
'
ST
11c
Mar
Jan
Apr
"
So Cal Gas Co pref ser A.25
Southern Pacific Co
*
ST. LOUIS, MO.
.
5X
25
Preferred
Jan
63
13,000
15,000
9**
460
._*
Pac Pub Serv 1st pref
Pacific Tel & Tel com
Preferred
0,000
1964
110
10 X
25
4**
Soundvlew Pulp Co com.6
Preferred
.100
Income
3X
10 X
25
..*
Preferred
63
63**
I 30
1
dividend.....
Rayonier Inc
$3,000
5
Jan
Mar
25
Apr
37**
Feb
Apr
Apr
oOc
6% 1st preferred
5**% 1st preferred
Pac Light Corp com
Apr
36**
Apr
8X
25
Apr
36**
Jap
9
41**
100
Pac G & E Co com
9
37 X
36**
35
Jan
920
Paclflo Coast Aggregates.5
30
,
1934
♦United Railway 4s ..1934
4s, c-d's
St L Pub Serv 5s
1959
220
Apr
Mar
9X
Occidental Petroleum.... 1
Jan
26
31**
OX
Feb
1.25
O'Connor Moffatt cl AA__*
Oliver Utd Filters B
*
Pac Amer Fisheries com..5
Mar
5X
137
■
City A Sub PS 5s
5
Apr
9X
18?*
12X
3X
10 X
Republic Petroleum com.l
160
8**
29
Bonds—
5
Feb
44
1.15
No American Oil Consol. 10
Occidental Insurance Co. 10
Apr
36
80c
8X
28 X
■r
Feb
150
8**
80c
8X
15
Jan
6?*
110**
Mar
27**
4X
220
520
Feb
Mar
16**
8X
*
Menaaco Mfg Co com
Natl Auto Fibres com
Natosoaa Co
No Amer Invest com
Pacific Can Co
9
39**
4
Apr
2**
com
March Calcul Machine..5
Meier & Frank Co Inc
10
$5
Rlce-Stix Dry Goods com.*
Sterling Alum com
Wagner Electric com
57 X
20c
34**
1st pref...
Scullln Steel com
Apr
Apr
11?*
"
International Shoe com..*
Key Co com
*
i.
Apr
45
Mar
42
Apr
97**
10**
7X
57 X
pm
T.75
1st pref
121
Jan
Jan
7?*
11?*
100
com
Feb
118
97**
43**
..100
Lemp Brew
121
10
••
586
9
1.15
Mar
6
42
Magnavox Co Ltd
Apr
34
97
10
com
4
20
121
5
181
275
38X
21**
"~97**
6
High
Jan
Jan
14**
32
31X
Jan
Jan
2
420
43
31X
Jan
27
900
15
"38 X
Feb
Apr
3X
55o
6
*
12
21**
Low
700
43
A
31
20
1.00
3
15
Lockheed Aircraft Corp__l
Lyons-Magnus
55
4
1.00
Range Since Jan. 1, 1940
Shares
-...10
IX
"2IX
3**
High
LeTourneau (R G) Inc...l
Llbby McNeill & Libby__7
304
.
Griesedieck-West Brw cm-*
Hu88mann-Ligonier com.*
com
Oct
for
Week
*
OX
32**
4
Emerson Electric pref.. 100
Falstaff Brew com
1
45
1.00
io
19**
31**
19**
Collins-Morris Shoe com.l
Pepper com
*
Ely A Walker D G lstpf 100
Hyde Park Brew
Feb
Jan
26
10
Dr
Hydraulic Prsd Brk
Preferred
55
Apr
53**
10
com
53 X
100
43**
......
Coc^-Cola Bottling com__l
Huttlg SAD
53 X
45
Low
..10
Class B
56**
1
Century Electric Co
Chic A Sou Air L pref
com
Range
of Prices
Price
Langendorf Utd Bak A_._*
High
Low
"45"
*
.50
com
Week
Shares
High
Par
Preferred
Leslie Salt Co
.20
com
5% pref
Burkhart Mfg
of Prices
Price
(Concluded)
Hunt Brothers
Range Since Jan. 1, 1940
for
Week's
Sale
Stocks
Friday
Sales
Last
Exchange
In range for
*
The Commercial & Financial Chronicle
2702
LISTED
AND
April 27, 1940
UNLISTED
Montreal Stock Exchange
Service
all Canadian
on
Sales
Friday
Last
Securities.
Stocks
Montreal Slock Exchange
507 Place
Montreal Curb-Market
Par
of Prices
Low
High
Price
89
Dominion Textile
Greenshields & Co
Members
(Concluded)
Week's Range
Sale
100
Preferred.....
89
68ft
148
148
Gatineau
Provincial and Municipal Issues
..*
100
Power...
Preferred
.100
5%% preferred
Closing1 bid and asked quotations, Friday, April 26
Bid
Ask
Bid
1 1948
61
52%
5s—
4)4»—-Oct
1 1966
50
51%
6s—
Prov of British Columbia—
6s
Ask
Province of Ontario—
Jan
July
12 1949
4J4s....— Oct
1 1963
Province of Manitoba—
91
93
1 1942
Oct
Sept 15 1943
5s........May
1 1959
4s.....—.June
1 1962
102)4 103%
103
104
100% 101%
89%
91%
96
97%
88
90
4J4s
—Aug
1 1941
6s————June 16 1964
88
92/
4)4s—....Mar
2 1950
78
81
4s
1 1958
87
2 1969
78
81
4)48
1 1961
5a.
Dec
—
Apr 16 1960
4)48.——Apr 16 1961
Province of Nova Scotia—
4)48—.—Sept 15 1962
*
Gypsum Lime A Alabaa..*
Hamilton Bridge
..*
Holllnger Gold.......
Howard Smith Paper
85
88
85
Feb
Feb
14%
93%
100%
Mar
25
4%
Mar
540
9%
89%
Arr
10%
Feb
Jan
9'1
Feb
63
46%
9%
94
106
Jan
16%
96%
Apr
Feb
105
Mar
Feb
6
Jan
10%
Feb
46%
210
6%
4%
Mar
46%
7%
Feb
5%
Mar
7%
206
6
Jan
8%
14
14%
22%
1,008
19
Feb
95
100
Jan
106
Apr
34
Jan
7
7
104
104
28
27
28
13%
490
106
Hudson Bay Mining.——*
176
21%
Mar
13%
Apr
16
Jan
23%
Apr
530
26%
Apr
14
3,740
13%
Apr
16%
16
1,777
15%
Jari
16%
Feb
90
29
29
10
27
Jan
29
Feb
89
91
Intl Bronze Powders......
21%
21%
Mar
23
Feb
Mar
.June 15 1943
Nov 15 1946
67
70
Intl Nickel of Can
.*
68
71
Intl Paper & Power
15
1 1951
61
64
Preferred.———
100
International Petroleum. .*
4)48
Oct
..*
Imperial Oil Ltd
95
'94%
96
Jan
26
Preferred
92
94
5%
1' %
100
5
*
...100
Preferred
Jan
Jan
13)4
15%
May
534s
90%
7%
14%
22)4
A pr
5%
5
Imperial Tobacco of Can.5
industrial Acceptance...*
...Feb
5s
82
46%
Jan
2%
10
186
95
9%
"~7
Apr
102%
94
Gurd (Charles)..—
Prov of Saskatchewan—
Prov of New Brunswick—
5s—
4 %b
..Jan
16 1965
Province of Quebec—
"9%
Jan
1 00
25
14%
94
—
11%
Apr
179
13%
102
Jan
Mar
75c
312
5
12%
14%
46%
Preferred
5s
14%
102
Rights.—.
General Steel Wares.....*
(American Dollar Prices)
Province of Alberta—
12%
156
Apr
7%
46%
5
English Electric B——
148
50
100
46%
Enamel & Heating Prod..*
75
Hihg
90% Mar
Apr
86%
579
10%
100
Foundation Co. of Canada*
265
148
9)4
9)4
Eastern Dairies..-.—..*
Low
Shares
90
Dryden Paper....
d'Armes, Montreal
Range Since Jan. 1, 1940
for
XVppb
IT CCA
26
26
120
20%
26%
3 9%
285
40
A r*
21%
40%
23
28%
46)4
Feb
39%
21%
154
195*
Apr
23
Apr
80
80
80
58
Jan
80
Apr
21%
21
21%
4
75
Jan
1 1960
.Mar
— .
15 1944
1 1944
4)48......Deo
6s..—..—July
24
88
Apr
94
Feb
25
13%
Mar
14%
Feb
26
26%
255
23%
Feb
27
128
*
Preferred
100
Lang & Sons (John A)....*
Laura Secord—
3
(American Dollar Prices)
Lindsay (CW)„
Ask
Bid
Ask
Canadian Pacific Ry—
63
Apr
46
13%
Lake of the Woods
Railway Bonds
Bid
21
88
13%
100
Preferred
Closing bid and asked quotations, Friday, April 26
Canadian pacific By—
4s perpetual debentures.
68.
....Sept 15 1942
1,977
88
Jamaica Public Serv Ltd..*
6s.
64
4)4s——..Sept
1 1946
82
74
75%
6s—
Dec
1 1954
79%
83%
80%
69%
71
4)48...
July
1 1960
73
74
102% 103%
12%
—.*
*
M assey-Harrls
McColl-FrontenacOil
*
86%
120
Apr
16%
12)4
10
15
Jan
16%
Feb
75
12 H
Feb
13
Jan
2%
5%
30
2%
Mar
595
5
Feb
5%
6%
86%
86%
987
8
Feb
9%
350
107
Jan
120
116
116
Montreal Cottons pref 100
Montreal Telegraph
40
Montreal Tramways
100
116
52
52
National Breweries......*
"35"
35
37%
38
38
38
Preferred
25
42%
Government Guaranteed Bonds
Closing bid and asksd quotations, Friday, April 26
64
32%
32%
Noranda Mines Ltd
71
71
30%
11%
12%
10%
31%
U%
12%
10%
..*
Ogilvle Flour MUta—
*
Ottawa Car Aircraft..
Bid
Canadian National Ry—«»
4)4s
Sept
1 1951
4 Ks_
June 15 1955
4)48
Feb
1 1966
4)4s.
July
1 1957
5s—......July '1 1969
5a........Oct
1 1969
5s........Feb
1 1970
Ask
Bid
Ask
Canadian Northern Ry-
97 %
97%
99)4 100 M
97 H
97)4
97)4 98 %
101% 101H
101% 102)4
101% 102 %
6)48
July
1 1946
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
1 1962
Jan
108% 109)4
90
94
82
84
Last
Week's Range
of Prices
5% preferred....... 100
Quebec Power...
..*
Regent Knitting
Preferred..
25
High
Range Since Jan. 1,
1940
Low
Shares
12
Preferred.
..........
100
Alberta Pacifto Grain A..*
AlbertaPaeifloGraln prf 100
Algotna steel Corp......*
2)4
33
...
22%
19
Bawlf (N)
Grain
...♦
15
100
45
Preferred
B
Brack Silk
*
MUta."— 111—*
108
2)4
33
15 %
92
22)4
23)4
19
19
15
42)4
166
*16"
10
28)4
"~2K
2)4
5%
5)4
Building Products A (new)*
105
2)4
33
110)4 110)4
14)4
15)4
Paper A.*
Bell Telephone....... 100
Brazilian Tr Lt A Power.*
British Col Power Corp A *
11
30
92
Preferred...........100
Bathurst Pow A
70
109
15
Preferred.——100
Asbestos Corp
*
Associated Breweries....*
12
109
Agnew-Surpass Shoe.....*
100
65
260
40
1,318
316
6
20
2,461
1,850
46
310
166
106
10)4
28)4
2)4
5)4
4,313
80
50
246
16
16
405
20
20)4
330
6%
794
93
70
372
Bulolo..
5
Canada Cement Co———*
6
6
Preferred-......... 100
96
95
96
21)4
21)4
21)4
14
14
15)4
Can Forgtngs cl A
*
Can North Power Corp..*
Canada Steamship (new).*
5% preferred...—60
7%
20
Can Wire & Cable cl A—_*
Can Wire & Cable cl B—*
Canadian Bronze
Preferred
20
8
21%
1,678
2,391
4
1,105
36 %
4%
17%
Feb
20
5%
20%
61
51
52
22
22
79
5)4
22%
13%
13%
103% 104%
13%
13%
78% 79
79
2,495
42
Mar
20
Feb
25
12
Jan
10
99%
Feb
195
Apr
Apr
62)4
24%
15
Jan
Mar
Apr
103%
15
Mar
Jan
280
77
Feb
86%
Jan
25
76
Feb
83
Jan
5
155
Feb
160
79
155
13
Jan
Jan
5%
21
Jan
1,860
2,254
Jan
City...
Corp
155
25
10
65
12%
21%
1.80
195
1 80
Apr
Mar
Mar
23
WHsils Ltd
Feb
Preferred—100
*
Woods Mfg Co pref
Zellers
100
23
102
2
Jan
2%
23
1.80
Winnipeg Electric A.....*
"f"
2
Jan
2%
2%
146)4 146)4
(Geo)
Apr
Jan
-
Jan
Jan
11
11
11
43
10
Mar
12
Apr
60
60
60
5
58
Jan
70
Mar
9%
23%
Jan
12%
Apr
Feb
25
Apr
Jan
*
Preferred-
Jan
45
Apr
Canadlenne
Feb
169
Mar
12%
12
%
25
.25
13
85
25
15
164
20
Banks—
Feb
Apr
1.75
Montreal.
164
100
.....
160
Jan
164
Apr
100
174
176
24
168
Jan
176)4
Mar
100
Commerce..
206
206
34
200
Feb
212
Mar
304
304
26
302
Jan
311
Mar
180
182
102
180
Apr
190
Mar
Jan
10H
Jan
30
Mar
Nova Scotia..
100
Jan
3
Mar
Royal..
100
Jan
7
Feb
15
Feb
21
Mar
6
95
Apr
..
.
Jan
Feb
Apr
17)4
23)4
8)4
Jan
99
Feb
20
Jan
23
15
Apr
18
5)4
15)4
Jan
8)4
21%
Jan
42
106)4
12%
24
Apr
Apr
Mar
Feb
Jan
Jan
19
19
175
16
Jan
118
12 %
12)4
101
14
14
14
26%
7%
7)4
7)4
43)4
42 H
7%
7%
43)4
32
32
»
"26 H
95
95
35)4
21)4
35)4
21)4
17
Apr
Feb
Mar
26)4
26)4
Jan
180
Montreal Curb Market
April 20 to April 26, both inclusive, compiled from official sales lists
Feb
Friday
Jan
Last
Week's Range
for
Mar
Sale
of Prices
Low
High
Week
Apr
27 H
95
.
1
112)4
Feb
95
10
Jan
57
101
Apr
85
130
2%
Feb
2%
45
106)4
16)4
28%
37%
128
21%
19%
115
14%
101
3)4
Jan
Apr
Jan
Jan
Feb
Mar
Stocks—
Par
Price
Sales
Range Since Jan. 1,1940
Shares
Low
High
85
23
Feb
32
Jan
141
144
460
119
Feb
145
100
122
122
5
115 %
Jan
120
Apr
Mar
6% cum pref—
Bathurst P&PCoB
3)4
Mar
*
Beauharnols Power Corp.*
Brewers A Dists of Vane.5
4%
5%
23%
19%
Jan
Jan
Jan
35
Jan
38%
38%
39
120
33
Jan
39
Feb
121
107
111
Jan
Jan
Feb
Apr
48%
Jan
Cndn Gen Investments
28)4
Jan
32
Apr
Apr * Cndnlnti
Apr ; Canadian Marconi Co
21%
Cndn Industries
Jan
Jan
27
Jan
Apr
96)4
40%
21)4
745
20%
Jan
22
Feb
J&D
125
Jan
Jan
155
Feb
7
485
90
90
1
Jan
6%
86
Jan
Feb
Jan
Can Nor P 7% cum pref 100
Can Wire A Cab6%cmpf 100
Cndn Breweries Ltd.
Preferred
.
*
*
i.
30
Lid B
*
InvTr5%cmp£100
1
5%
cum pref
7%
*
100
cum pref
Catelll Food Prods Ltd
*
Jan
Celtic Knitting Co Ltd
*
8%
Apr
»
No par value,
r
107%
107% 107%
2%
2%
30%
29)4
9%
9%
45
45
1,165
17
107)4
Apr
Mar
845
1.55
Jan
2,081
24%
Jan
80
9)4
37
224
5
45
Jan
Apr
238
Mar
Apr
45
Apr
1.25
250
1.00
Feb
1 40
1.50
155
1.00
Feb
1.50
20
4%
5)4
Apr
5
3)4
Apr
8%
13
5
3%
5)4
975
Teb
Mar
1.25
4)4
Jan
107%
2)4
31)4
9)4
1.25
1.25
._*
Ondn Vickers Ltd...
17%
225% 225%
Cndn Power A Paper Inv.*
Jan
Jan
107
107%
2%
*
15)4
5%
89
Apr
Jan
Feb
17
7
4%
21)4
5)4
33
41
5
Jan
10
100
Mar
4%
231
656
13)4
282
Jan
Mar
34
Feb
150
5)4
22%
6%
17%
33%
Mar
8
4)4
21%
.
150
17%
3%
1,930
Jan
5
Feb
130
34
*
8)4
14)4
4%
5
10
Canada A Dom Sugar Co.*
Canada Malting Co Ltd..*
19%
13)4
4%
6)4
687
British Columbia Packers'*
Jan
122
245
Brit Amer Oil Co Ltd
Jan
30
4%
142
Jan
Apr
Apr
23
Mar
5%
4%
142
"4%
7,988
2,145
Mar
6
50
2)4
Mar
94
155
22
*
12
2,036
Apr
14
20
Aluminum Ltd
50
45
2%
17%
14%
100
—.100
2,850
9
Feb
20
pref
cum pref
cum
Feb
35)4
152
6%
7%
1.30
11
2%
15%
2%
Beld-CorticelU7% cm pf 100
325
124
Abltlbl Pow A Paper Co..*
Apr
36
124
"m
Apr
24%
Mar
20
Distillers Seagrams.
100
16
16
Feb
Feb
Mar
15)4
80
Preferred
100
Dominion Bridge.......*
Dominion Coal pref
25
Preferred
1,600
2,450
16
.25
B.......
112)4
124
26)4
13M
6
Apr
Jan
40
127
26)4
26)4
152""
17%
Jan
Mar
Apr
100
101
100
80%
Feb
5
14%
Mar
21%
*
Preferred
Jan
16
123
37
26%
19%
Apr
118
Dominion Steel A Coal B 25
74
189
5%
5%
Jan
Jan
21%
Crown Cork & Seal Co
Dominion Stores Ltd....*
Dom Tar A Chern..
..*
78%
16%
85
16
Feb
100
126
100
78
16%
36
42
37 %
Dominion Glass
78
Jan
Jan
37
....
Jan
36
Apr
Canadian Celanese.—...*
Preferred 7%——.100
Cocksbutt Plow....
*
Consol Mining A SmeltlngS
24
*
56
410
Canadian Locomotive.—.*
Canadian Pacific Ry
25
Mar
Wabasso Cotton..—
22
24)4
"26)4
17%
Weston
Jan
24
—*
4,251
Apr
Feb
24
Class B_.
23
Apr
Feb
18)4
25
""12)4
22
6%
66
1,585
Canadian Cottons pref.100
Jan
22
.
2%
15
13 H
Cndn Foreign Invest....
Preferred
100
Cndn Industrial Alcohol.*
11%
5)4
131
Jan
Feb
42
19
Mar
Mar
77
13
Canadian Converters.. 100
Mar
n%
9%
2%
92
2%
4%
Apr
Mar
5%
28%
64
106)4 106)4
_*
*
Feb
7H
131
Jan
12
13%
Apr
5
100
Co of Canada
350
Mar
160
14)4
27
Mar
11
100
Jan
8%
30%
10%
50
150
2%
Mar
16o
344
Jan
55%
3
25)4
Mar
2)4
35
165
70%
Mar
55%
Jan
22%
16%
110)4
12%
Jan
Feb
1,217
32%
78%
33%
2%
Feb
16)4
69
Jau
56%
Apr
100
Feb
26)4
72
95
*
31
2%
Apr
6!
150
—*
22
13
Rights...
12
110
37%
Jan
United Steel
22
100
Preferred
Jan
Apr
Jan
Jan
38%
41%
338
Tuckett Tobacco pref. .100
High
4
Apr
64
*
Canadian Car A Foundry.*
7%
4
45
56%
Apr
10
Sher Williams of Canada.*
Preferred
4
Feb
Feb
130
20%
Twin
4
40
50
35
5
10
"5%
Steel
Feb
130
Corp..—...*
Simpsons preferred
Jan
Jan
120
10
Shawinlgan W A Power..*
Week
Low
*
Penmans pref
100
Power Corp of Canada..
Price Bros & Co Ltd.....*
Southern Canada Power..*
for
Sale
Price
"12%
A preferred......
50
St Lawrence Paper pref.100
Sales
Friday
Par
Ottawa Electric Rys
St Lawrence
April 20 to April 26, both inclusive, compiled from official sales lists
Stocks—
*
....
Montreal Stock Exchange
Acme Glove Works Ltd..*
30%
Ontario Steel Products...*
(American Dollar Prices)
Jan
37
64
Niagara Wire Weaving..
Jan
916
42%
National Steel Car Corp.*
Dominion
Jan
1
16%
12)4
2%
5)4
120
120
Feb
Apr
Apr
Feb
Apr
Apr
Apr
Jan
13
13
285
22
Apr
33
Jan
16
16%
100
13)4
Jan
18
Feb
2%
50
2)4
Apr
2%
Canadian market.
2)4
Apr
Volume
2703
Commercial & Financial Chronicle
The
ISO
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
Price
r'
for
Low
High
15c
Feb
Jan
3#
Mar
6c
Jan
10c
340
10c
Feb
3#
525
3
5c
5c
65
10
10
"I#
"
Consolidated Div Sec A._*
'
Consol Div Sec pref...2.50
Cub Aircraft
Corp Ltd..*
2#
David & Frere Ltee A...*
Dom Engineering Wks
Dominion Woollens pref
..*
EasternDaries7%cm pf 100
Fleet Aircraft Ltd
Fraser Cos Ltd
325
2#
Apr
3#
16
Jan
17
45
36#
Jan
44
Feb
50
7#
10
3,872
Lake St John P & P
*
Feb
7#
Mar
19#
Feb
22#
Feb
15
15
100
15c
Apr
15c
-----
Apr
19
19
105
20
20
21
3,035
15
Mar
20
Mar
21#
Jan
Mar
10
35
Jan
3
8
3
Feb
3 #
Jan
Apr
16#
Apr
Jan
35
35
24
24
19#
300
48
96
*
""I #
107#
1st pref....100
100
47
•:
l07#
12
5
105
*
105
Walker-Good & Worts(H) *
7
"
"26#
v
Building Products (new).*
Bunker Hill
Mar
Apr
6
Mar
7#
Feb
Jan
4#
Mar
Apr
112
6
Jan
12
4
Feb
108
Feb
<
Apr
5#
Jan
*
2#c
3.95
1
Joliet-Quebec Mines
Klrkland Gold Rand
1
Lake Shore Mines Ltd
6c
1
Macassa Mines Ltd
1
Mclntyre-Porcupine
12c
Mar
20c
Mar
100
2.15
Apr
2.40
Feb
14c
Jan
21c
Mar
100
lie
Apr
16c
Jan
B
Mar
29#
Jan
24#
100
2c
8,500
l#c
Feb
2#c
Jan
3.55
3.65
4,487
3.55
Mar
4.10
Jan
74c
74c
2,000
76c
Apr
1.25
Jan
5 05
Canada Wire A
B
Canadian
Canadian
4.00
Apr
Canadian
43c
Mar
680
Jan
Canadian Ind Alcohol A.
2c
Mar
4#o
Feb
Canadian Locomotive
7#c
66,400
3#c
Feb
8#c
Mar
5c
500
Feb
6c
Feb
31#
Jan
1
Pandora-Cadillac Gold
1
Pickle-Crow
1
Gold....
Shawkey Gold.
1
"T#c
Sherritt-Gordon Mines._„l
Sullivan Consol
Teck Hughes
.1
Wrlght-Hargreaves
1
19;
Apr
4%
19%
Apr
12
Apr
10
Jan
22
Apr
1
3,500
65c
Mar
75c
1
2.20
2.15
Canadian
Wineries
*
Jan
Canadian
Wire bound
*
1.49
Jan
2c
1,000
Castle-Trethe wey
.
Central Patricia
Porcelain
54c
1,500
48c
Jan
54c
Apr
3,900
1.29
Apr
1.82
Jan
Chromium
>'7,. 4c
4c
2,000
4c
Apr
Jan
Cochenour-Wlillams Gold 1
1.70
1.70
550
1.75
Mar
10 #c
2 11
Jan
Cockshutt Plow
3.05
1,900
3.05
Apr
4.15
Jan
Coniarum
2#c
2#c
1,500
2#c
Apr
Jan
Consolidated
1.00
1,395
90C
Apr
1.15
Jan
75c
Feb
90c
Mar
Consol Chibougamau...
Cons Smelters......
38c
Jan
61c
Jan
Consumers Gas
*
Bakeries
1.55
Mar
1.98
Jan
17
5
18
42
"42 #
17
240
17 X
12c
H
43 H
12c
Apr
He
1,000
1,062
Apr
Feb
19
16c
Apr
41
49
Jan
178
Jan
Jan
1.00
Jan
Cosmos
"29 #
29 H
Jan
31 #
Jan
Cub Aircraft Corp
*
2H
2X
2%
445
Apr
3#
Jan
Jan
Davies Petroleum.
*
30c
30c 33 He
15,000
22 Ho
Mar
35o
Apr
Jan
Denison.
5c
Apr
8c
Jan
Distillers Seagrams.....
"l7#c
16c
18c
9,900
16c
Apr
3io
7.15
7.15
375
7.15
Apr
8.20
.....
300
2.55
2.65
4#c
4#C
1,350
2,000
32c
2.55
32c
95
•};
Mar
87c
1.03
Jan
Apr
Apr
3.10
Jan
4#C
7c
Jan
32c
Apr
36c
Jan
2.40
Week's Range
of Prices
Low
High
50
Preferred
26
Dominion Steel B
*
Price
.....
.1
East Malartlo...
*
Eastern Steel
Low
Shares
High
Eastern Theatres
1.30
Feb
2.13
2.38
1,983
14
14
15#
1,933
11
Mar
18
18
18
25
18
Apr
25C
lc
Apr
500
15c
Mar
21c
Jan
80
Apr
Mar
2#
Apr
Fanny Farmer
Federal-Kirkland
165
2#
29 X
Jan
12,450
24X0
Mar
Jan
100
16 X
Feb
43
Apr
Ford
2o
Apr
22#
Apr
36#
Jan
1.25
Apr
1.26
Apr
30
30 X
30
X
13#
4X
14X
4%
3,050
"m
6%
7
2 H
1.30
30
13
12,500
Apr
Jan
93c
4,150
85c
Mar
1.03
Jan
775
2.30
Jan
3.00
Jan
23,700
7Ho
Mar
17c
Jan
2c
Apr
4Hc
Jan
2.01
2.06
,7,000
3,236
2.01
Apr
2.68
Jan
Rights
General Steel Wares
3,100
18C
Mar
28o
Jan
Gillies
18c 18#c
205
204
304
306
259
260
200
Apr
211
Mar
4
304
Apr
315
Feb
4o
Mar
10# 0
Jan
7c
7c
8c
62,600
6H0
Mar
80
Apr
3.70
14,737
3.55
Mar
3.65
3.55
100
■
15
100
14
100
14 w.
14
5
99
v
70C
Apr
36
4H
4%
22%o
Apr
6
905
4X0
2,900
3c
1,600
7X
7%
7%
75c
19 H
19 H
Apr
268
6
Jan
26o
Feb
Apr
5.00
Apr
26#
Jan
30
3c
Feb
3c
Apr
430
7%
Apr
6#0
5#C
10#
75c
20
75c
Apr
1.50
Jan
20 X
10c
2,384
19%
..8c
Feb
22#
Jan
Mar
110
Jan
Gold Eagle
12 H
Mar
Jan
Goodflsh
Jan
Goodyear Tire A Rubber.*
Preferred
60
1.05
Jan
1
7#c
1
1.07
1.06
1.08
1,450
Beatty A
Beauharnois
*
5#
5X
320
4
5%
351
4
167
164
5#
164
37 He
167
44c 215,200
9Hc
9 He
2,500
11
11H
10
1.19
Mar
Jan
X
5X
Apr
6X
Jan.
Gunnar
Apr
169
12c
Jan
52 Ho
8 Ho
Mar
10
1
1
Feb
14c
12
Mar
Apr
*
No par value
Jan
9,900
62
14
Mar
16#
Jan
55
92#
Mar
97
Feb
40
Apr
6
Jan
10#
Mar
10#0
Jan
Jan
9%
205
6Hc
7,700
4#c
2Xc
2Xc
2Xo
500
l#c
Jan
2#c
Apr
41 HO
44c
41#c
Apr
690
Jan
4X
Feb
18c 18 He
21,100
3,700
16c
21 800
15#c
13X0
Mar
15c
Apr
22o
Jan
16c
15c
16c
12,100
12o
Mar
26o
Jan
lHo
lHe
600
lXc
Feb
l#e
~82~
82
83
90
81
Mar
87
Jan
54
54
54%
55
53
Mar
67#
Feb
Mar
23c
Jan
Jan
Feb
3.25
Mar
14#
48c
50c
4,250
480
Mar
64c
Jan
4H
4 H
125
Mar
5#
Mar
lHe
lXc
20,200
4%
lHo
Mar
3#o
Jan
3
1
4X
lHe
3
14
*
....
Gypsum
Jan
Mar
70o
47c
14%
95
44c
60
Great West Saddlery
Hai crow-Swazey _
Max
Jan
Jan
9%
...1
Greening Wire
Mar
40c
Apr
18c
Golden Gate
Jan
Feb
1,500
Mar
16c
Goldale
Apr
8c
Feb
Jan
Jan
42 He
X
Glenora
Feb
Feb
Jan
Jan
14
6c
33c
Mar
Jan
Apr
4#
9#
*
6%
3#
1 23
Jan
95
14 #
4X
Jan
14#
9He
4.10
18#
100
4,500
30
4H
Apr
Feb
3c
Mar
Beattie Gold
Feb
5c
3Hc
20o
5 He
"ii#
3o
29 #
5
10
-*
5H
6,500
29X
258
10,700
..1
.1
Feb
355
2,000
3.95
5
7Hc
39c
9#
Jan
8H
3#c
6Hc
6,052
55
15#
4X
1
Feb
4.10
3,650
4%
5#
Jan
3.95
23c
6 He
164
lc
4.00
6#
4#
*
57
10
21c
15 H
5
o
Jan
Apr
1,000
God's Lake
1,275
15
*
5#
8#
3#o
24c
6#
Bathurts Power A.......*
Feb
Feb
6c
Lake
37
Jan
Mar
6%
7X
100
Preferred
15#
13#
4X
3Hc
"45 He
3#c
Apr
30
5X
*
3c
31
230
5
*
10c 12 #c
21c
Apr
5H
*
Gatineau Power—
'259"
30
4H
Francoeur
2.61
*
>1.30
15
6c
Foundation Petroleum.25c
6H0
88c
*
32
"~8X
..1
1
A
2.46
2#c
Feb
20#
31H
60
.
75c
...
2.46
'264"""
Mar
75c
FleUry-Bissell...
Feb
38
3c
38o
Falconbrldge
Feb
14
15
15
43
36
Mar
""88c
100
Apr
210
1
Fleet Aircraft
27c
lHe
*
2~03
27
Jan
*
Fernland
H
♦
1
Jan
204
70c
*
...25
1
1
23
23
402
Extension Oil
6,000
43
1
4,085
24c
Equitable Life
17c
2
15
1
1,000
27
207
1.30
1
English Electric B
Jan
Apr
IXC
34
33
"43"
Apr
Jan
5 He
26
"
lc
26c
2.60
17 H
Apr
20%
32%
pref__100
18-
Feb
3Hc
20
Preferred........
Range Since Jan. 1,1940
for
Week
2
•
2
Dominion Scottish Inv___l
Dorval-Slscoe
27
255
30
20%
"32"
Dominion Foundry
Duquesne Mining.......1
East Crest..
*
Sales
j
207
Dominion Woolens
Exchange
169#
206
T27"
25
Dominion Coal
90c
90c
143
172
170
5X0
Amm Gold Mines
Biltmore
2,100
Jan
6.00
Anglo-Can Hold Dev
Big Missouri
1.61
1.69
.100
Anglo-Huron
Arntfleld Gold
Bldgood Kirkland
Jan
4.15
Aldermac Copper
100
9#
Apr
100
Bell Telephone Co
Feb
Apr
17c
Exploration
6%
Mar
2#
Bear
145
78c
1
B_.._
Jan
7%
•f
5.20
1
100
5,200
78o
3.50
*
,
Jan
680
Feb
30
Alberta Pacific Consol
Barkers.
1.05
Mar
60c
400
Alberta Pacific Grain
Base Metals
Apr
40c
2,650
♦
Bank of Toronto
71c
800
87c
100
100
Bank of Montreal.....100
5,736
67c
5.20
*
Bank of Nova Scotia
75c
41c
3.75
1
Eldorado
Mines
Jan
85c
Sale
Cons
Jan
14c
5.20
Last
Bankfleld
2.55
Apr
3.50
Friday
Astoria Que
Aunor Gold
Mar
7X
""
L59
Mines.......
2.05
9%o
60c
60c
5,160
7,100
72c
72c
*
*
Jan
2.23
41c
Chestervllle-Larder Lake.l
r.35
1,010
9He 10 Ho
10c
...
1.25
4X
"TB6
......
♦
Algoma Steel
*
American Cyanamid B..10
Mar
70c
Feb
56#
Mar
April 20 to April 26, both inclusive, compiled from official sales lists
Preferred
Jan
Apr
8#
21%
4.80
Feb
1.20
Toronto Stock
Alton
21
70c
Apr
50#
Dominion Tar
preferred
7%
85c
9,500
...»
Preferred
Jan
Feb
70c
4.00
12
Dominion Stores
6%
Jan
3#
20
7X
4X
21%
Dominion Bank.......100
Abitibi
Feb
Mar
7%
200
'-V.
Par
6
4,802
v
6,400
90c
Stocks—•
Jan
Feb
32
140
7%
Jan
37#
Mar
Mar
20
Feb
29
129
61c
19 H
Feb
16#
Jan
4,630
•>
Feb
14
124%
21%
65c
19 H
10#
22
60c
OH—
Royallte Oil Co Ltd
50
Feb
178
95c
Anglo-Canadian Oil Co
Homestead Oil & Gas
f
Jan
Apr
Apr
89c
.......
Home Oil Co Ltd
15
127
22 H
30
500
31#
45c
1
Wood-Cadillac Mines
37 X
'
60c
V
1
Gold
Walte-Amulet Mines
Mar
Apr
2 75
92c
1
Slscoe Gold
Sladen-Malartlc Mines... 1
23%
63c
645
5#c
55
Jan
1.28
.
25
Feb
1.00
_
'T.70
MS
2%
3.05
1
Perron Gold
12%
WX
4.10
:
510
10
50#
'V"
14
195
52c
"T25
607
Apr
Mar
2%
2c
...*
12
8%
19%
11X
18%
26
Central
Normetal Mining
O'Brien Gold
Jan
95
305
2X
1.28
Apr
168
9
21
*
C P R
2#c
Jan
13X
2X
Canadian Oil....
Mar
Apr
24%
*
Canadian Malartic
4c
22#
2c
24
Jan
63
175
22 H
*
Dredge
4.00
1
65
Jan
1.55
447
127
....100
Preferred...
1,600
:
Apr
Feb
17
36X
37
*
Celanese..
1,430
,
Apr
13 H
13 X
24#
25
Preferred
13,072
80
Mar
24 X
20 H
Can Car & Foundry.....*
2#C
Feb
8#
21#
55
30X
8 H
20
Jan
Jan
20
Can
Jan
Apr
Jan
11X
Canadian
Apr
150
12
1,720
173
Cndn Bk of Commerce .100
45c 45#c
25
Feb
Mar
39#
17#
104#
115
2.37
29 X
30
Preferred
24
884
2.25
2.25
Breweries....
50#
McKenzie-Red Lake—...1 I-.-*.—
Murphy Mines
23
Jan
64
7#
7X
837
7%
21H
64
A
20
21H
Preferred
2,000
5c
99
106
20
*
3,300
5Xo
Jan
....50
y.r'
15#
Jan
Jan
Jan
14c
4.05
15%
36
140%
5X
15%
2.20
2c
104%
131
36
Jan
>
92%
43
39X
38
146 H 148
87c
24#
"Too
38
Jan
Feb
8#
Apr
Jan
68
96
95
105 H 105 H
105 H
Jan
58
Apr
6 H
150
6X
147
Mar
......
5
6H
49
7
49
49
Can Permanent Mtge_.100
Canada Steamships.....
60c
3.85
Jan
5#
Feb
500
45c
1
2.39
Apr
20#
61c
1
Feb
4%
Jan
Jan
'
1 95
19#
73
Feb
12c
Jan
4,125
5
Apr
lie
'■<
*
2.05
Mar
13o
l#c
Francoeur Gold
2.00
15%
35c
12c
14
101X
Apr
:
3#0
15
Apr
=
Apr
Apr
315
2.05
95
2c
11H
15
172
12
4%
Apr
Feb
25,600
•210
3#c
11#
50
Apr
24#
Falconbrldge Nickel
16
2c
3c
12
103
9c
1
J-M Consol Gold
15X
*16
Jan
Jan
Feb
4#o
17#
103
9c
*
1
Apr
103
25
Duparquet Mining
Eldorado Gold
3o
*
12c
3.60
500
Canada Northern Power..*
1,475 -7' 24c
Dome Mines Ltd
East Malartic M Ltd
3Xc
Canada Packers
16c 17 #c
12c
3#c
Apr
1,000
13c
Century Mining.^
1
Consol Chibougamau....1
19 #0
8.60
Feb
9c
61C
Central Patricia Gold_.._l
Apr
1.20
2.20
Cent Cadillao G M Ltd__l
69c
Mar
4 85
43#
25c
1
*
Mar
15Xc
Jan
Mar
Jan
47c
1,100
4,000
41
90c
Apr
47,300
100
Preferred
Jan
Mar
16c
*
Can Cycle & Motor preflOO
Canada Malting
*
Apr
3#
5.25
50
B
Apr
16c
.*
Canada Cement Co
2 H
50c
Calgary & Edmonton....*
>
27
4.85
..*
Canada Bread
21X
2,034
Mar
50c
*
Burlington Steel..
4#
19
Apr
Jan
ll#o
"5" 16
.1
Jan
8c ■V: 8c
1
Cndn Malartic Gold
...
Apr
9c
1
9c
.
5#
25c
Aldermac Copp Corp Ltd.*
_
Broulan-Porcuplne.
111#
Apr
Feb
•••
Big Missouri Mines.
30
*
Mines—
Beaufor Gold Mines.....1
Jan
2 H
...»
.
Buffalo-Canadian
47#
25
20#
20#
B
Apr
47#
"
;
-
*
23#
1
106#
257
43
42#
Apr
Apr
*
Jan
v:
Apr
5%
Buffalo-Ankerlte
Jan
30
10#
Feb
Brown Oil
43
90
12
12
Jan
4
53c
Mar
09#
51
107# 107#
5
Sts6#%cm lstpf.25
United Securities Ltd.. 100
20#
8%
7,746
5
t'.C
30
Jan
4,975
5H
250
Feb
225
45
10 H
2 H
44#
4#
20 X
10
29 H
Jan
6#
20
2 H
Mar
6#
-
11
28 X
25c
4#
Provincial Transport Co..*
Apr
29
10
47
10 X
Brit Columbia Power A..*
35
100
2d pref...50
470
Jan
6#
5#
10#
Apr
16#
107
10#
7Xe
*
59
Apr
•
Apr
21X
Feb
90
Jan
7X0
21X
Mar
185
36 H
6,400
British American Oil
10c
Power of Canada—
215
7Ho
Jan
210
47#
5#
107# 109
47#
5#
42
7Xo
4 H
5#
12#
.
42
41H
4X
8
•
T
10c
Apr
9#
50
10 #
22
High
■</. Feb
....1
Preferred
Bobjo
31
196
5#
14
10c
9X
101
Jan
5#
Low
8
150
Brewers & Distillers.....5
Mar
504
9
Shares
Brantford Cordage pref.25
Brazilian Traction
Jan
51
Price
Jan
55c
Feb
531
Week
Apr
28
Apr
30c
101#
14
60c
Apr
21
55
250
21#
20
5
250
335
30c
30c
Range Since Jan. 1,1940
for
of Prices
Low
High
.*
Bralorne
16#
5
16#
"~24~~
Par
Blue Ribbon......
32
Mitchell (Robt) Co Ltd..*
|1 cum pref
Stocks (Continued)
3
16#
Sales
Week's Range
Sale
Jan
15#
38
Exchange
Last
32
Montreal Isld Power Co..*
Walkervllle Brewery
Toronto Stock
Friday
10
720
49
Thrift
Jan
2,285
100
Quebec Tel <fc Power A
*
Sou Can Pr 6% cum pf.100
6#
6#
101#
cum
Mar
420
"49"
n c part
Apr
5
McColl-Fr Oil6%em prflOO
Melchers Distilleries pf_.10
6%
8#
5
Masse y-Harrls5%cm pf 100
6%
Jan
Jan
109
7#
MacLaren Pow & Paper..*
Noorduyn Aviation
Page-Hersey Tubes Ltd..*
6#
8#
8#
TORONTO
Jan
10
Mar
Mar
7#
Qrain Exchange
Street
Feb
9#
Apr
7#
930
*
Moore Corp Ltd..
5
11 Jordan
20#
International Utilities B..1
Mackenzie Air Service
(Winnlpeg
Feb
36#
(The Toronto Stock Exchange
.
...
Members
Jan
7#
20
pref.
2#
15#
20
Freiman (A J) 6%cm prflOO
Intl Paints (Can) Ltd A..*
Industrial Securities
Apr
4#
7#
*
cum
8 #
7
7
*
Voting trust
5%
Mar
20
*
Foreign Power Sec Corp..*
•
4#
*
Ford Motor of Can A
9#
7#
7#
7
.
5
Falrchild Aircraft Ltd
9#
6#
8
"~9#
*
B
9
8,314
8
15#
36#
*
Donnacona Paper A
9#
8#
2#
,
listed and unlisted
F. J. CRAWFORD & CO.
Jan
Feb
10
Jan
9#
7#
"""7#
Consolidated Paper Corp.*
on
Canadian Mining and
High
Low
Shares
3#
Claude Neon Gen Adv...*
Commercial Alcohols Ltd.*
'
Week
Sale
.L\ * '. Stocks (Concluded)
Par
.
Range Since Jan. 1,1940
Week's Range
of Prices
•
invited
Inquiries
'"
Sales
Friday
14
5
215
1.75
13
Apr
The Commercial & Financial Chronicle
2704
April 27, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Last
Week's Range
for
Sale
Stocks (Continued)
of Prices
Week
Low
Price
Par
Range Since Jan. 1,1940
Shares
High
Low
2*c
2*c
6,500
2e
Jan
3*0
6.75
215
6.55
Mar
7.75
7*
1,628
Jan
8*
Mar
1.00
1.25
275
2.50
Feb
1.05
8,782
Apr
Mar
~7X
1.00
*
Hamilton Theatres
1.00
1.00
6c
6c
13*
13*
13*
Holllnger Consolidated...6
14*
2.65
1.00
1.00
50
Home Oil
6
2,500
*
1
Hard Rock
HarKer
..1
__
Hlnde A Daucb...
..1
23*
Honey Dew............*
Howey Gold
1
13*
Mar
2 40
Mar
3.10
Apr
7*o
Feb
23*
23*
55
Jan
25
36c
8,876
17*
13*0
Mar
557
27*
Mar
34
Jan
Feb
11
Mar
34c
70
70
Imperial Bank of Can..100
210
210
8*
Apr
10*
09
Mar
74*
209
Apr
13*
6,776
13*
Apr
16*
15*
7*
2,730
16*
Mar
6*
Jan
Jan
16*
700
7*
Apr
36c
600
30c
Jan
41c
A pr
30c
Apr
7
36c
30c
1
*
30c
5
10*
106
106
106*
100
114
112
114
10*
*
39*
39*
10 *c
1
10
9*
3,118
2,674
Apr
Apr
Apr
115
Mar
47
Jan
111
2,500
10*c 10*c
1,973
18,900
8c
Mar
19o
Jan
2*c
Apr
4*o
9*
Feb
8*
2*c
8*
25
8
11*
Mar
A pr
60
Jan
Apr
2.60
17,866
2.29
Feb
1.15
1.15
1.20
0,650
1.15
24*
25*
752
22*
Apr
Mar
2.47
2
2
2
335
20*
6.40
Lang A Sons
20*
0.40
1*
707
Feb
6 25
Mar
10*
10
15*
Apr
14c
11c
14c
23,550
lto
Apr
3
12*
12*
12*
Mar
1
(new).
3c
Lebel-Oro
"2*60
Little Long Lao.....
*
Loblaw A
..._.....*
B
13
Jan
l*c
Jan
6*0
70c
Mar
880
Apr
Jan
2.60
2.80
Apr
3.40
Jan
2,650
2 60
27
27*
622
20*
M*
28 *
Jan
25
28
385
25
Apr
Apr
26*
Jan
4.75
Feb
2.55
Jan
3.95
4.10
2,695
3 95
1.89
1.95
2,300
1 70
42*c
6c
12,250
37o
1
1.29
1.25
1.30
36,360
92c
*c
1,500
*c
300
4*
Feb
80
7*
Mar
»
»*c
Maple Leaf Milling......*
5
»
6*
.100
......100
1.27
1
44c
Modern Containers pref 100
Moneta
1
6c
26*
24*0
Newbec..
2*o
Norgold
1~25
1.15
1
Ontario Loan
Oro
60
Pamour
7,575
1.20
Mar
1.47
9*c
13,100
9c
Mar
15*e
Jan
40c
Mar
58o
Jan
6*
Jan
12*
Apr
I 00
Mar
1.33
Jan
Apr
99*
93*o
Porcupine
98
15
67c
6,537
660
Mar
47*
47*
145
44*
Feb
282
6*0
0*c
2c
7*
25*
7*
25*
0
04*
23c 26*c
2*c
267
18
20,100
'
110
282
Jan
Apr
80
2*o
Apr
8*
26*
10*
65
60
Mar
42,300
19*0
2*0
3*c
6*c
2,800
71*
1,366
4*c
6*c
1,000
4c
4.000
600
6c
Mar
Fel
69
4*0
9*c
78*
6*
4*o
Mar
46c
Feb
60c
60c
Feb
1.30
1.25
1.35
Apr
1.S1
1.08
Feb
1.35
2,350
24o
Feb
34o
Jan
109
109
5
50c
1,300
157
1.42
1.41
4c
4c
~7*c
7*c
8*c
1.58
35*c 36*c
22*
23
Apr
35o
Jan
39
Mar
10
Feb
8*c
1,680
Feb
6*
Jan
87c
17,775
59«
Feb
90o
Apr
3.70
503
3 65
Apr
4.35
Jan
5.25
5.40
3,820
42*
43*
20*
1,410
12*c
5,100
6*
5*
81c
"47"
46
47
45
37
14*
15
1,635
12
98*
99
55
94
lie
Western Canada Flour...*
Westons
3*
15
......
Preferred
100
Whitewater
10
15
Apr
Mar
99
Apr
Apr
Jan
1*
211
1*
Apr
2*
"2.00
2.00
2.00
204
1.30
Feb
2.38
JaD
1
17c
16*c
17c
1,800
16*c
4 pr
3< c
Jan
Wright Hargreaves
•
Ymir Yankee...........*
7.10
7.10
7.25
3,721
7 05
Mar
8.15
Jan
5c
5c
2,000
4*c
Feb
5*c
Jan
8*
8*
8*
871
7*
Jan
11
Jan
97
Feb
.»
Cadillac...!
Wood
York
Knitting.....
•
Jan
Bonds—
Uchl
90
War Loan 1948-1952.
90
90
100
100*
$1,500
100* 157,200
90
Apr
Feb
99*
100*
Apr
Toronto Stock Exchange—Curb Section
See
page
2708
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, April 26
(American Dollar Prices)
Bid
Ask
10
79
68*
75*
77*
73*
Int Pr A Pap of Nfld 6s '68
Lake St John Pr A Pap Co
77
80
66
76*
48*
87
88*
Canada Cement 4*8.1951
Canada SS Lines 5s...1957
75*
77*
67
74
111
2.35
9,711
1,000
1.41
4c
Apr
Apr
10*o
Jan
27,300
10,260
4c
JaD
lOo
A pr
36c
Feb
100
18*
Jan
102
Jan
Feb
4.25
Jan
Apr
1961
64
56
58
70
Maple Leaf Milling—
2*s to '38-5*8 to '49.
Massey-Hanis 4*8
1954
67
69
70
Minn A Ont Pap 6s...1945
38*
90*
McColl-Front Oil 4*8 1949
73*
39*
74*
56
58
Consol Paper Corp—
2.35
73*
89*
1946
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
Canadian Vickers Co 6s '47
53o
24
Jan
9*
Apr
11*
Jan
18c
800
17c
Mar
22c
Feb
2,555
1.20
Apr
1.42
Jan
2~09
Apr
12*
Feb
2.08
Feb
2.38
Jan
9
9
156
2.16
9
10,990
Ask
67*
73*
63
75*
1948
Bid
Gen Steel Wares 4*8.1952
Gt Lakes Pap Co 1st 5s *65
51
Calgary Power Co 6s.. 1960
Mar
1.25
1.98
5*3 ex-stock
N Scotia Stl A Coal 3 *8'63
1961
Dom Gas A Elec 0 *s_1945
Dom Steel A Coal 0*s 1955
76
65
1956
6
30
Apr
Apr
Famous Players 4 *s_ .1951
68*
3*
3*
600
3
Jan
3*
Feb
Federal Grain 6s
77
28c
5,200
25c
Apr
57e
Jan
82
70*
72*
71
73
75
77
1965
55
57
4-6a series B.......1965
40
48
4-58 series A
61
85
25c
80*
Quebec Power 4s.....1962
Saguenay Power—
4*s series B
..1966
Winnipeg Electrio—
82
74
69
Power Corp of Can 4 *s *59
Price Brothers 1st 5s..l967
82
80*
Dom Tar A Chem 4 *s 1951
Donnaoona Paper Co—
4s
6*s
67*
70*
i
30
4*c
30
4*c
..100
180
31
31
100
8t Anthony
1
St Lawrence Corp.
A
5c
4,900
18
175
Apr
32*
180
._....*
105
31
Apr
15
135
183
180
185
4*o
Feb
Feb
30
6*0
190
36*
190
Jan
21,600
13o
Feb
21o
300
Mar
5*
555
Jan
20*
1
2.30
2.29
2.30
5,708
2.10
Feb
2.50
Jan
1
8c
8c
9*c
2,500
80
Feb
15o
Jan
Henry, for
number of years identified with the
a
bond market, and one of the pioneers in
39c
7,400
34o
Feb
57o
Jan
3c
500
2*o
Mar
5*o
Jan
11 Broadway, New York City,
1.09
100
1.05
Apr
1.24
Jan
92c
95c
6,522
90c
Mar
1.18
Jan
7.50
260
7.50
Apr
8.75
Jan
4*
6*
Mar
6*
Feb
Mar
7*
21*
Feb
5
20
»
602
6*
225
l
89c
1
52c
5c
Country Club,
Short
Hills,
New
Jersey,
on
Friday,
May 24.
55
16
Jan
12
60
5*
99*
75o
38o
Jan
93
95c
Apr
Apr
6I0
Jan
4c
Mar
7*c
Jan
—Announcement has been made that Kenneth A. Ellis has Joined the
3*c Mar
7*o
6*
Jan
firm of Daniel F. Rice A Co., Board of Trade Building, Chicago, members
Apr
88c
95c
26,088
42c
52c
51,750
4*c
5*c
1,500
4,000
4*c
5
25*
79
Housing Authority issues.
Day of the Long Table Syndicate is to be held at the
20
4*c
»
—The 1940 Field
12
..l
*
general market Municipal bonds, he intends to
act as a broker in United States
Baltusrol
office at
20
103
!•
Besides specializing in
own
102* 104
12
100
5
6*
*
Municipal
the making of markets for Federal
7.50
~~92c
i
*
Apr
NOTICES
CURRENT
—Fred A.
3c
34c
..ZIIIII*
26
Nominal.
Housing Administration Insured Mortgages, has opened his
"~~3c
60c
Standard Paving pref
Stedman
n
1.09
.1
South End Petroleum
/Flat prlto.
Jan
20*
4*
17*
20*
*
value.
Apr
Feb
5*
17o 18*0
"26*
1
par
Jan
60
l
•No
1949
Jan
5*
~"l7c
*
Feb
Apr
3c
Jan
107
18o
Royalite Oil
Preferred
Apr
160
3*c
71*
71*
1.20
Royal Bank
Steel of Canada
Jan
47
Apr
»
Siscoe Gold
5
Jan
Apr
..1
Slave Lake
Jan
Apr
2c
47*
1.25
100
Sladen Malartlc
Re
3*
l*c
Jan
Preferred
Jan
1,500
Brown Co 1st 5 *s
2.18
B
leb
4,500
Beauharnols Pr Corp 5s '78
British Col Pow 4*8.1960
Feb
Simpsons A
Jan
43*
20*
2c
Feb
Feb
Preferred
6.05
Jan
Mar
19*
2*c
1*
2*c
Apr
Apr
Silverwoods
60
3*
Apr
5.15
41
2c
1
Mar
1.13
Sigma
940
Jan
l*c
1
...
Wlltsey-Coghlln
Winnipeg Electric A
41c
2.05
Sherritt-Gordon
6
20
13*
2.90
Shawkey
Sheep Creek
Fsb
42
500
5.40
100
Feb
Jan
480
3.70
...1
Jan
Jan
17
Apr
205
7*
6*c
20*
ll*c
Preferred
Jan
Jan
16*
38*
42*
Wendlgo
Jan
90
6*c
6*
40*
7*
6*c
1,340
.....
1.12
1,680
Jan
1,500
San Antonio
Ap»-
16*
Mar
16,787
Senator-Rouyn
65c'
16*
Mar
1.30
Sand River
Feb
35c
4,200
27c
II
2.30
Industrial
Apr
98
Apr
68c
4 *c
1.25
Russell
49
Apr
20c
»
Algoma 8teel 5s
2.20
Roche L L
Mar
90*
*
*
Jan
1.28
.....
47*
20
20c
»
Feb
2.20
Relnhardt Brew
30
1,116
90*
Walte Amulet......
Walkers
01o
112
l
Reno Gold
Jan
»
Abltibl P & P ctfs 5s..1953
Alberta Pac Grain 6s.. 1946
1
~
32
Feb
1 50
Apr
27c
Pioneer
1
Mar
86c
Jan
1.17
2,470
1,750
1.25
1.15
3.10
..*
I
29
106*
Ventures
Preferred
110
Mar
50
5*
Apr
2.90
Pressed Metals
Mar
Apr
2.96
Preston E Dome..
Real Estate Loan...;
Mar
20
6 *C
...1
Jan
2 05
13*
010
48*
7*
Upper Canada
4.15
Apr
Apr
1.60
65c
B
Mar
1 70
29*
'•
16*
39*
3 05
12
108*
20c
1
Jan
190
107* 109
10
65
48*
90*
"90*
50
United Fuel A
Jan
2,345
100
l
1,045
29
29
*
Gas
Feb
60c
3,000
1,400
.*
3,246
1.80
1.55
Jan
7c
At'
1.15
41c
26c
Feb
Feb
Apr
Apr
Mai
70
l
Corp
12
11
Jan
50c
12*
Prairie Royalties
Premier
105
Jan
3?^c
*
Gold
Feb
13
107
100
Jan
Photo Engraving..
Pickle Crow
Power
3.45
3.75
1.70
13
United Oils....
United Steel
Mar
Mar
7*
70
1
Powell Rou
Mar
11*
3.65
1.70
Uchl Gold
Mar
Jan
9
4*c
35*c
2 95
Apr
25
41o
"
Jan
2,510
Jan
25
12*
l
lo
Jan
Apr
450
4*0
...1
Jan
48
4*e Mar
6,000
12*
...*
Partanen-Malartlc
Paymaster Cons....
Jan
3.00
Mar
98
3,700
4*C
*
02
82
3.70
To burn
Union
1
Apr
11*
Jan
*
Pandora-Cadillac
Apr
1.30
..*
Pacific Petroleum.......1
Page-Hersey
101
645
49c
Pacalta Oils
Feb
96
Mnr
2,815
109
Plata
Ottawa Car
298
Feb
Jan
25*0
1
...»
Okalta Oils
7*
Jan
1.15
50c
*
Omega
Feb
Mar
1.05
5o
...»
O'Brien.
6
Jan
12*
.........
Normetal........
Jan
48
4*0
"70"
1
North Star.........
Apr
146
6*c
1
Mines.......
Mar
6*
9*
6*
59*
9*
804
44c 44 *c
64
1
Nordon Oil
c
Q
Steel Car.....
Noranda
1.45
l*o
830
l*c
*
New Gold Rose
1.25
282
National Grocers pref...20
National Sewer A...
........
Feb
Apr
8*
101
98
47*
........1
National Grocers
Jan
06*0
...»
100
M orris-KIrkland........ 1
Murphy
62o
11*
12
*
Corp....
Moore Corp B
v
Feb
1.00
»
Moore
8*
9
....*
M
60*
6*
99
1
Mercury Mills.....
Mining Corp
7*
6*
49
1*
*
McVlttle
6
7*
*
....
Jan
610
1.90
McColl Frontenac
Feb
22*o
7,058
4.00
Massey-Harris.....
17
Mar
1
Preferred
Feb
Feb
75c
11*
»
Toronto Elevator
8*c
4*C
78*
*
Hughes
Jan
30
2.99
Toronto Elevator pref...50
20,300
42 *c
Teck
Mar
2.05
1,000
2.99
T T Tailors
Jan
20*c
5,100
80
Texas-Canadian
12 *
Jan
Apr
Ai»r
6c
83c
Tamblyn common...
50
8*0
87c
5*c
78*
....
Apr
1.70
100
Sylvanlte Gold
10
ll*c
200
1.75
Apr
Feb
4,000
10
1.70
An?
4
Apr
15*c 10*C
1.70
3 10
Jan
3
3 *c
35,700
..........
Supersilk pref
Toronto Mortgage
Towagmac
26
1
McWatters Gold
High
1.80
6
7c
Sudbury Contact.......
Sullivan
18,305
3
6c
16 *c
•
Jan
Mar
72c
1
Preferred
7 00
12*
1
McKenzIe
Low
Shares
2.85
3
....
Jan
2*
27
3*c
MacT/eod Cockshutt
Gold
Jan
3c
Madsen Red Lake
Manitoba A Eastern
Jan
Jan
27
♦
Mines
1.54
Apr
70c
1
............
2.76
32
Apr
22
60
6.40
ly*
....
Feb
Jan
2.47
*
24
2.70
10
Sturgeon River
24*
....
Preferred
1, 1940
Range Since Jan.
for
Week
High
6*c
Sudbury Basin
21*
2.70
*
Stuart OU
Jan
1
G........
Apr
Apr
...1
Lake of the Woods.....
30c
16*
4c
"m
KIrkland Lake..
Preferred
Low
100
Straw Lake Beach
114
Feb
8*
3*c
2*c
*
Kerr-Addison......
21*
4c
...
Consolidated
Kclvlnator
Laura Secord
Range
of Prices
Price
Par
Steep Rock Iron Mines
Sterling Coal
Feb
9*
32
40*
21*
1
Lapa-Cadlllac
(Concluded)
112*
39*
120
Jacola
Lake Sulphite
Stocks
106
5
100
Lake Shore,....
Sale
Jan
15*
10
National
Jan
13*
International Utilities A..*
Nay bob...
220
Sales
Week's
Last
Jan
25
Exchange
Friday
Apr
8
'
7*
...
Jellicoe
Toronto Stock
Jan
13*
21*
Malartlc
4«*e
15*
International Petroleum..*
Leltch.
Mar
*
Intl Metals A
Mac ass a
20
9
Jan
5
Intl Coal A Coke....
Lamaque
7
45
9*
15
£1
Imperial Oil
Imperial Tobacco
M
948
28
8*
Intl Milling pref
International Nickel
Teletype N. Y. 1-2310
Telephone Whitehall 4-0784
Jan
4*0
100
Preferred
street
york
Jan
0,476
B
Inspiration
new
Jan
6,600
9
Preferred
rector
19
Jan
lOo
2.66
14*
28
J
1.48
16
4*C
*
Huron A Erie
Apr
Apr
2.55
14*
8m..*
Hudson Bay Mln A
Hunts A.....
60
13
Feb
4*c
Co.........
Homestead Oil
So. American Bonds
English Transcontinental, Ltd.
Feb
7*
2*c
_
Hamilton Bridge
European Internal Securities
Foreign Dollar Bonds
High
6.75
Halllwell
Hailnor
British and Any Other
Sales
Friday
5
78*
25*
79*
79
79
360
10
202
33
.
5
Jan
Jan
12*
105
Feb
Mason
Feb
Mar
B.
Starring Jr. of Kidder, Peabody
Arrangements
Committee,
assisted
Jan
Feb
of the New York Stock Exchange.
28*
Jan
Feb
with
Charles
86*
Jan
76
Feb
bond
department.
Jan
&
Walter
Co., is Chairman of the
F.
Blaine
of
Goldmanf
Sachs & Co., and Gerald E. Donovan of Schroder, Rockefeller A Co., Inc.
23*
70*
83
by
K.
Morris A
Mr. Ellis, who was formerly associated
Co., will
head
a
newly established municipal
Quotations
on
New York
Bid
15
a2%« July
o3s
1969
Jan
a3s
Feb
1979.
July
1975.
1954.
1954.
May
Nov
Mar
95%
100
98 £
100% 102
107
108%
108%
106% 107%
107
1960.
a 4s
15 1975......
Jan
May
1957.
a4s
Nov
1958.
a4s
May
1959.
a4s
May
1977.
a4s
Oct
1980.
104
105%
111% 112%
112
113)4
112% 113%
113% 115%
1960.
114% 116
115% 116%
1962.
«4%s Sept
a4%s Mar
Federal Intermediate Credit Bank Debentures
City Bonds
Ask
Bid
100
98
116
117%
2705
Over-the-Counter Securities—Friday April 26
Ask
94%
-
1977.
<*3%s
a3%s
o3%s
«3%s
a3%s
Financial Chronicle
The Commercial
Volume ISO
a4%s Mar
a4%s Apr
a4%s Apr
1
Bid
116% 117 %
116% 118
117% 119
1964.
1 1966.
15 1972.
118
1 1974.
a4%s June
a4%s Feb 15 1976.
1 1977.
a4%s Jan
a4%s Nov 15 1978.
1981.
a4%s Mar
1957.
o4%s May
1957.
a4%s Nov
1963.
a4%s Mar
1965.
«4%s June
1967.
a4%s July
a4%s Deo 15 1971.
1 1979.
a4%sDeo
%% due
May
%% A1% due June
%%Al%dueJuly
%% due—Aug
119%
118% 120
118 % 120%
119 % 120%
120
119
6
Bid
Ask
.20%
6.20%
6.20%
6.25%
Ask
due
Sept 3 1940 6.25%
due.....Oct
11940 6.25%
%%
%%
H%
%%
mmm
due...—Dec
due..—.Jan
mmm
2 1940 6.30%
2 1941 6.30%
121%
117%
1 1940
11940
11940
11940
Chicago & San Francisco Banks
117% 119%
119% 121%
120% 122%
121% 123
122
123%
124% 126%
Bid
Par
Par
Ask
Harris Trust A
100
Continental Illinois Natl
& Trust—
Bank & Trust....33 1-3
first National........100
210
221
Ask
300
310
664
579
SAN
91%
88%
246
Bid
Savings.100
Northern Trust Co——100
Amerioan National Bank
FRANCISCO—
Bk of Amer N T A S
254
A12%
39%
41%
New York State Bonds
Bid
62 20 Less
1
62.25 less
l
Canal A Highway—
World War Bonus—
4%s April 1940 to 1949.
Highway
5s Jan A Mar 1964 to '71
62.35
Highway Imp 4%s Sept '63
142
Canal Imp 4 %s Jan 1964..
Can A High Imp 4%s 1965
—
139
Public
Sept 1958 to '67
-4- Barge C T 4%s Jan 11945.
132
...
30 BROAD
...
104
Insurance
106%
Gen A ref
3%s—.1977
'•••
98%
103
3%s
1941..
MAS
6.25
1942-1960...
MAS
107%
...
...
s
V
f revenue....1980
3s serial rev
Par
61.50 2.50%
ill
Btd
32%
75
79
Ins Co of North Amer...10
73
American Alliance....-.10
22
20
23%
21%
Jersey Insurance of N Y.20
American Equitable.....5
42%
9%
52%
30%
25
......10
Agricultural..
7%
13
14%
Amerioan Re-Insurance. 10
47
...
........5
Knickerbocker..........5
Lincoln Fire..
....5
9%
2%
49
American of Newark
.
U S Panama 3s June 11961
Philippine Government—
4%s Oet
1959.....
115
1952...
112
114
5s
Apr
1955........
100% 101%
5s
Feb
1952.....
115
123
5%8 Aug
117
Merch A Mfro Fire N Y..5
National
100
8%
102%
National Fire..........10
National Liberty........2
625
National Union Fire
5
20
22
New Amsterdam Caa
29%
22%
31%
New Brunswick
23%
no
111%
Camden Fire.......
Conversion 3s 1947
111%
...
112
...
Federal Land Bank Bonds
Ask
Bid
—3AJ
3s 1956 #pt 1946
—JAJ
3s 1956 Opt
106% 106 %
106% 106%
106% io r%
1946....MAN
Ask
Bid
3%S 1955 opt 1945..MAN
4s 1946 opt 1944...
JAJ
10
City of New York......10
City Title.
6
Connecticut Gen Life...10
107% 108%
111% 112%
5
Eagle Fire............2%
Employers Re-Insurance 10
Excess .................5
Federal..........
-.10
Fidelity A Dep of Md—20
Fire Aeen of Pbila
10
Flremaa's Fd of San Fr.25
-5
Firemen'* of Newark
Joint Stock Land
Bid
Bank Bonds
Ask
99%
99%
Burlington
Chicago.
Sa*.
mrnm
17
15
r
Denver 2s, 3s
Carolina—
—
Lincoln 5s.-...
Ask
...
Oregon-Washington
3%
100
First
99%
100
3s, 3%e—...
...
First New Orleans—
80
First Texas 2s, 2%s
First Trust Chicago—
...
100
...
100
4%s, 4%s
Fletcher %s, 3%s.
Fremont 4%s, 5%s._.
...
60
Illinois Midwest 4%s, 5s_.
...
99%
Indianapolis 5s—————
100
Iowa 4%8, 4%s._........
...
98
•
...
91
"
Potomac l%s
St. Louis........
...
'
104%
103%
99%
r22
San Antonio %s, 2s_—
Southern Minnesota.
99%
rl3
Southwest (Ark) 5s...
Union Detroit 2%s_.
83
99%
99%
Virginian Is, l%s
Virginia Carolina Is.
Par
Bid
80
Atlantis.............100
Ask
1
Dallas.*...
165
2.50
Northwestern National .25
Pacific Fire
.25
Phoenix...
....*...10
Preferred Accident......5
97
100
Reinsurance Corp (N Y) .2
Providence* Washington * 10
J0%
24%
125
4%
25%
130
124% 128%
79%
15%
35%
7
10
26
Revere (Paul) Fire.....10
25
Republic (Texas)
17%
103
83%
17%
37%
8%
27%
26%
44%
Seabeard Fir* A Marine..6
6%
Seaboard Surety.......10
Security New Haven....10
38%
12
15
17%
75%
Springfield Fire A Mar..25
Stuyvasant.............6
116% 121
3%
4%
28
Sun Life Assurance
100
290
340
12%
14%
Travelers ............ 100
460
470
....6
Globe A Republic.. .....5
15
15
Globe A Rutgers Fire
28%
26%
43%
72%
26%
10%
13
Great American..
..5
Indemnity—.1
............10
10
---
Hartford Fire.
mmmmmmmrn—
10
Hartford Steam Boiler.. 10
mmmm I* -
mmmmm
6
St Paul Fire A Marlne..25
24%
26
U S Fidelity A Guar Co..2
U 8 Fire.
.......4
84
87
,U 8 Guarantee.........10
58%
60% (Westchester Fire.....2.60
3%
246
33%
21%
49%
5
253
8%
40%
35%
23
74
SI*
76
31%
33%
24"
.
13%
86
...
FHA Insured Mortgages
Offerings Wanted—Circular on Request
100
Par
Nertb River
99
42%
26%
24%
41%
10%
Hanover.
'
WHITEHEAD & FISCHER
Bid
Ask
New York...........100
2
95
44 Wall Street,
5
North Carolina.......100
90
45
5
..12.60
...........
......
General Reinsurance Corp 6
Georgia Home—.;.
...10
Gibraltar Fire A Marine. 10
;
Joint Stock Land Bank Stocks
Atlanta... ...........100
49
15%
3%
127
69
Halifax.
99
———
34
47
Northern...
53
9%
8%
18%
32
67
125
17%
60
147
10
Northeastern
9%
49%
8%
48
7%
30%
2d preferred.....
.
47"
100
5s__.
51
68
141
8%
31
New Hampshire Fire...10
30%
36%
2%
34%
1%
2
28
New York Fire.........5
8
29
Great Amer
99%
Pennsylvania l%s, l%s...
4%s............
7
20
7%
29
Glens Falls Fire..
:*>W'
r44
Phoenix
99%
99%
v.
••
88
...
Phoenix
Is, 2s
'
76
Pacific Coast Portland 5s..
l%s, 2s
First Montgomery—
/;•
96%
79
—.
Lincoln 5%8
New York 5s———
North Carolina %s, l%s..
...
r3
7%
Rhode Island
Bid
Lafayette %s, 2s.........
Lincoln 4 %8
2%
Franklin Fire............5
"
Atlanta l%s, 2s
Atlantic %s, l%s
Casualty—10
615
Boston
Continental Casualty
3s 1955 opt 1945
5
com
lOOj
119
Carolina.....
U S conversion 3s 1946....
117% 119%
1956
Mereb Firs Assur
52
116
105% 107
1941....
Hawaii 4%s Oet
10%
50
20%
1%
36%
10
Baltimore American...2%
Bankers A Shippers.....25
4%s July 1952..
5s
July 1948 opt 1943.
45
46
19%
34%
...........
mmm
Govt of Puerto Rico—
2%
19%
73%
2%
68%
50
Surety.......25
Automobile
118
4%s July
Ask
33%
68%
American Reserve......10
Bid
Ask
2
As*
Maryland Casualty......1
Mass Bonding A Ins..12%
Amerloaa
...
Bid
v;
■
Bid
31%
1%
18%
50%
American Home.......10
United States Insular Bonds
Par
■■■
Home ......
120 % 124%
Home Fire Security.....10
Homestead Fire........10
Aetna Life..
101% 102%
9 ♦
1953-1975.. 63.51%
2 %s serial rev 1945-1952
.
Aetna Can A Surety
10
Aetna................10
...
4%s ser D
Teletype N. Y. 1-894
Companies
rnrn'm
»9%
Triborough Bridge—
Inland Terminal
.
,
j.'
*
Gen A ref 4s Mar 11975.
Gen A ret 3d ser 3 %s '76
Gen A ret 4th ser 3s 1976
6.25
Ask
.Bid
Ask
108%
ST., N. Y. CITY
HAnover-2-7881.
Port of New York—
MAS
Unlisted Industrial Stocks
-mm
114%
Authority Bonds
108% 109
Holland Tunnel 4%s ser E
1941
MAS
—
.
---
California Toll Bridge—
San Fran-Oakland 4s '76
Vermilye Brothers
...
132
•
Bid
1942 1960
61.20
Improvement—
4s Mar A
Canal Imp 4s JAJ '60 to '67
142
Ask
Bid
Ask
3s 1974
3s 1981
105
100
155
30
34
Denver..............100
49
53
Potomac.. ...........100
100
110
Dee Moines..........100
First Carollnaa
..100
56
66
San Antonio..
101
108
14
18
Virginia
New York, N. Y.
Telephone: WHttehail 3-6850
Fremont.............100
Lincoln
100
3
1%
3
Pennsyl vania. ........ 100
....100
5
Virginia-Carolina
.100
2%
100
FHA Insured Mortgages
3
106
Bid
7
Alabama 4%s
New York Bank Stocks
Par
Bid
Bank of Manhattan Co. 10
16%
Bank of Yorktown..66 2-3
42
Bensonhurst National.. .50
75
Ask
18%
mm
-mm
100
/—.13.65
34
36
Commercial National.. 100
201
207
Arkansas 4%s
Par
Bid
Ask
Delaware 4%s
National Bronx Bank...50
42%
46%
District of Columbia 4%s.
National City
28%
29%
13
15
Florida 4%s
—;
Georgia 4 %s
Illinois 4%s. ............
—.12%
National Safety Bank.12%
Penn Exchange.....
14
Fifth
Avenue...—.IS. 100
760
First National of N Y—100 1915
Merchants Bank......100
110
10
12
Peoples National...—..50
45
60
Indiana 4%s.............
Louisiana 4%»
Public National
Chase
31%
33%
Maryland 4%s
27
29
17%
790
1955
...
Michigan 4%s...........
Minnesota 4%s
102
101% 102%
102
103%
102
Massachusetts 4%s
Sterling Nat Bank A Tr 25
120
101
—...
Bid
Asted
101% 102%
101% 102%
102
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
103
101
102%
102% 103%
101% 102%
101% 102%
N Y (Metrop area) 4%s—
New York State 4%s
101
102
102
103
North Carolina 4%s—.
Pennsylvania 4%s
Rhode Island 4%s
4%g—
Tennessee 4%s...........
Texas 4%s..—..........
insure 1 Farm Mtgee 4%s
Virginia 4%s......
West Virginia 4%s
.
......
South Carolina
101% 102%
102% 103%
102
103%
101% 102%
101% 103
101% 103
101
102%
101
Bid
Companies
Par
Ask
100
10
Bronx County new...
Brooklyn.. ..........100
Central Hanover.——20
Chemical Bank A Trust. 10
418
Bid
Ask
100
210
.100
297
302
23
..10
12
13
89
Kings County
.100 1620
—25
Manufacturers
—20
423
57%
59%
20
84
102
48%
105
50%
Fulton.....
Preferred.....
New York
..20
..25
32
40
12% Title Guarantee A Tr. -.12
Continental Bank A Tr .10
10%
13%
14%
Trade Bank & Trust..
Corn Excb Bk A Tr
20
53%
10
54%
12%
Underwriters
Empire.......
Clinton Trust
Colonial Trust....
50
..25
For footnoted see page 2708.
SPECIALIZING
225
Guaranty
Irving..
Lawyers
Bank of New York
Bankers
—
10
.100
29
38%
52%
110
2%
12%
80
United States........ .100 1740
1660
32
40%
54%
F.H.A. INSURED MORTGAGES
The best
"Hedge?' security for Banks and Insurance Co'*.
Circular
on
request
113
3%
14%
90
1790
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
102
101% 102%
A servicing fee from %% to %% must be deducted from interest rate.
New York Trust
Asted
New Jersey 4%s
New Mexico 4%s.........
PITTSBURGH, PA.
The Commercial & Financial Chronicle
2706
April 27,
1940
Quotations on Over-the-Counter Securities—Friday April 26 -Continued
Railroad Bonds
Akron Canton A Youngstown
Dealers in
120 Broadway
Boston A Albany 4**s——————
TW Stack Extbamgt
Mtmbtrt
Guaranteed Railroad Stocks
(Guarantor In Parentheses)
Dividend
Ailed
6.00
81
10.50
Central)
...100
Albany k Susquehanna (Delaware k Hudson)
100
Allegheny k Western (Butt Roch k Pitts).........100
Beech Creek (New York Central)
50
Boston k Albany (New York Central)
100
Boston & Providence (New Haven).....—......100
Canada Southern (New York Central).......—...100
Carolina Cllnchfleld k Ohio com (L A N-A C L)...100
Cleve Cin Chicago k St Louis pre! (N Y Central)—100
Cleveland k Pittsburgh (Pennsylvania) m m mm-msmfs ****** 50
77
Alabama A Vlckaburg (Illinois
126
131
6.00
74
77
2.00
30
8.75
83
32J*
85 H
8.60
10
19
3.00
39
41**
6.00
87**
895*
5.00
62
65
3.50
78
.81
Betterment stock.............................50
2.00
46H
.....................25
2.00
Fort Wayne & 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
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Destern (D L A W)
100
Northern Central (Pennsylvania)......—..—..—.50
Oswego A Syracuse (Del Lack A Western)..—......50
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
Preferred.—...........
50
5.60
57
60
9.00
165
170
Delaware (Pennsylvania)
Pittsburgh Fort Wayne A Chicago (Penna) pref.... 100
Pittsburgh Youngstown A Ashtabula pref (Penna).. 100
Rensselaer A Saratoga (Delaware A Hudson)......100
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred..
100
Tunnel RR St Louis (Terminal RR)
...........100
United New Jersey RR A Canal (Pennsylvania)—.. 100
Utlea Chenango A Susquehanna (D L & W).—.... 100
Valley (Delaware Lackawanna A Western)........100
Vlcksburg Shreveport A Pacific (Illinois Central).* 100
Preferred—......
100
Warren RR of N J (Del Lack A Western)
50
West Jersey A Seashore (Penn-Readlng) ...........50
47**
46
4.00
050
3.875
43**
800
26**
53**
88**
28 Jf
66 J*
4.60
37
40
1.60
41
6.00
4.00
ttriwwlh
Memphis Union Station
905*
44
3.00
83
7.00
173
176""
7.00
152**
05**
136 J*
6.00
52.60
4**s
15
"89"
87
92
70
5s
6.00
eo**
64""
Bid
Pa
Amer Bemberg A com...*
3.00
56
58 %
135*
Ask
3.00
51.50
51.70
1.10
2.00
51.85
1.25
52.25
1.75
52.75
Hartford 4**s........
2.00
52.25
0.60
51.00
Pennsylvania RR 4**s_.
1.25
51.00
5s
0.50
4s series E due
2.00
Jan A July 1940 49
62.10
1.70
61.90
1.40
62.00
1.50
2J*s series G non-call
Dec 1
1940-50
Marquette 4**s—
61.75
Co 4**»«
Great Northern 4**s.
51.00
0.50
Hooking Valley 58.4.
51.00
0.60 Southern Pacific 4^8
1.25
1.75 St Louis-San Francisco—
4s
52.75
2.00
62.75
...
4**S
St Louis Southwestern 5s.,
2.00
62.25
1.75
61.90
1.60
61.65
Southern Ry 4**s.—.....
1.10
IUlno's Central 4**s_——.
Internat Great Nor 4**s—
52.00
1.25
52.50
2.00 Texas Pacific 4s.
52.00
1.50
4**s..
52.00
1.50
Long Island 4**8—
52.50
2.00
6s
52.00
58
1.00 Virginia Ry4*is.
61.00
0.50
52.60
51.75
1.00
52.40
2.00 Western Maryland 4**s..
1.75 Western Paclflo 5s.—.
63.00
2.00
52.40
Maine Central 5s—......
Missouri Pacif c 4**g—.
1.75
63
Sugar Securities
Lawrence Turnure
Ask
2X
-
19**
New Britain Machine—..*
preferred
&
Ohio Match Co.
Pan Amer Match Corp..25
Pewi-Cola Co—
—*
24 M
Petroleum Heat A Power.*
23
25
Pilgrim
75
80
25**
28
54
59
Art Metal Construction. 10
15
17**
series
Amer Distilling Co 5%
12J*
12M
pflO
25*
44**
23**
Autocar Co
10
corn
7J*
Botany Worsted Mills el A 5
J 1.2 5 preferred
—.10
Buckeye Steel Castings—*
Cessna Aircraft....
1
Chle Burl A Qulncy—.100
Chilton Co common
10
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Colgate-Palmollve-Peet—
$4.25 preferred
*
Columbia Baking com—_*
SI cum preferred...—.*
Consolidated Aircraft—
S3
25*
4M
185*
2**
8X
5*
3M
5J*
20
3**
3M
6**
4M
7M
90
86
Petroleum Conversion
1005* 101**
12**
10**
23** 25**
13**
17M
lOe
3**
15H
7
5J*
66**
325*
130
125
IX
5%
4J*
20
40**
46**
Stromberg-Carison ...... *
Sylvania Indus Corp..—*
Tampax Inc com..
.1
Taylor Wharton Iron A
3
7X
4**
635*
31**
Stanley Works Inc......25
3**
225*
2?*
7*4
5
43**
48**
4M
24**
6M
Tennessee Products—..—*
7M
7
*
—*
30c
14**
„
Time Inc.—
18
15**
18M
2%
2M
Exploration
.1
Pollak Manufacturing—.*
Postal Telegraph System—
4% preferred
60
Remington Arms com
.*
Safety Car Htg A Ltg
60
Scovill Manufacturing..25
Singer Manufacturing. 100
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
Solar Aircraft.—.....1
Steel common
5X
25X
41**
360
343
1
Standard 8crew
41
39
8**
2**
170
•
3
174
275*
Tokheim Oil Tank A Pump
Common
5
145*
16
Dentists Supply com...10
62**
65**
Trico Products Corp.....*
35 M
37 M
Devoe A Raynolds B com *
19
21
Triumph Explosives—2
35*
45*
Dictaphone Corp..
*
Dixon (Joe) Crucible... 100
36
39
United Artists Tbeat com. *
1
IX
24
Domestic Finance cum pf_*
28**
United Piece Dye Works.*
Preferred
100
Draper Corp
68**
27**
31**
715*
4**
10**
pref
.*
Crowell-Colller Pub..—.*
625*
66
255*
conv
•
Farnsworth Telev A Rad.l
Federal Bake Shops.....*
Preferred....
—.30
3>*
9**
Veeder-Root Ine
Foundation Co-
Welch Grape Juice com
7% preferred
$3
American shares.....
cum
**
2**
100
preferred
22
49
51
Gen Fire Extinguisher
*
Gen Machinery Corp com *
14
15
Worcester Salt...—100
21M
23**
York Ice Machinery...—*
29**
4M
31
Giddings A Lewis
Graton A Knight com.... *
Preferred
..100
Great Lakes SS Co com..*
Great Northern Paper..25
Bond 8—
Amer Writ
75*
43**
zx
25**
65*
9M
45*
28
•
4
Paper 6s—1981
3
34
55*
7% preferred...—.100
Machine Tool........2
Good Humor Corp—1
24
32
*
Oarlock Packings com...
3M
65**
108**
2**
Wickwlre Spencer Steel—*
Wilcox & Glbbs com..—50
2H
X
3
2
63
*
com
West Dairies Ine com v 101
23
Comml Mackay 4s w 1.1969
57
69**
995* 100
1025* 1025*
/47 M 495*
88** 90**
1035* 104
485* 50**
Deep Rock Oil 7s
.1937
Stamped————
/61**
10M
Inland Steel 3s
103
30
5
Kresge Foundation 3s. 1950
65*
7M
60
42
44**
47
50
5
105*
12M
1**
27**
M
29**
28
9
Beth Steel 3s
1960
35*s
55
King Seeley Corp com—.1
Landers Frary A Clark..25
Co.
22**
39**
16**
Norwich Pharmacal—-2**
—.*
13
2d
Interstate Bakeries com..*
$5 preferred
:*
Klldun Mining Corp
...1
*
4
1
—50
18
6%
Ask
B d
Par
Nat Paper & Type com
12**
3M
46 M
5% conv pref 1st ser.. 10
Hanrisburg Steel Corp
We Maintain Markets In Unlisted
founded
40
61
40
Bankers Indus Service A.*
52.50
,
2.00 Reading
— —
77
44
37
American Oyanamid—
67**
27 X
52.50
—-
"76"
Arlington Mills
100
Armstrong Rubber A—..*
64
24 J*
53.00
Erie RR 4**o
96
"87"
American Mfg 5% pref 100
5.00
3.60
3.00 Northern Paclflo 4**s
1.00
53.00
109
93
104
Industrial Stocks and Bonds
63
3.00
Pere
Denver A R G West 4**s..
"99**
107
—
5.00
——————
3.75
75
107**
98**
...
——
American Arch——*
54.00
3.75
—
—
Alabama Mills Inc......*
St Louis 4**s—.....
New York New Haven A
2.00
"57"
55
103**
117**
87
57
54.00
52.50
90
—.1961
———1947
..1957
Terre Haute A Peoria 5s
...1942
Toledo Peoria & Western 4s
.1967
Toledo Terminal 4**s..————1957
Toronto Hamilton A Buffalo 4s
1946
United New Jersey Railroad A Canal 3**s
1951
Vermont Valley 4**s——.——
———.1940
Vlcksburgh Bridge 1st 4-6s
—.1968
Washington County Ry 3**s———....
————1954
West Virginia A Pittsburgh 4s—
—1990
——....
246
54.00
54.50
100
Providence A Worcester 4s.....———.
64
2.00
54.50
i6r
99
Tennessee Alabama & Georgia 4a—.———
242
53.00
Chicago A Nor West 4**s.
Chlo Milw A St Paul 4**s.
98
Pennsylvania A New York Canal 5s extended to—
—1949
Philadelphia & Reading Terminal 5s
—1941
Pittsburgh Bessemer A Lake Erie 5s..*..——.——.—11947
0.00
53.00
58
106
103
38
10.00
8**S Deo 1 1036-1944—.
Canadian National 4**s_.
98**
103**
105**
112**
31
139"
6s——
Canadian Pacific 4**s.—.
Cent RR New Jersey 4**s.
Chesapeake A Ohio—
4**s
63
,97**
New Orleans Great Northern
135
2.00 New York Central 4 **s
2.00 New York Chicago
4**s—.
65
60
/14
New
6.00
Bid
1.75
53.00
52
60
Income 5s—
.,—.—.2032
New York A Hoboken Ferry 5s...
———
—1946
Norwich A Worcester 4**s_.
1947
New
68**
0.75 New Orleans Tex A Mex
51.10
100**
78**
77
48
70
Ask
Boston k Maine
"36**
35**
100**
100
3.00
Equipment Bonds
Atlantis Coast Line 4**s_.
Baltimore A Ohio 4** s
59
57
112
5s.............1959
American Enka Corp....*
Bid
"99?*
99X
4s........————.......——..1940
York A Harlem 3**s
;
—2000
York Philadelphia A Norfolk 4s..
1948
American Hardware....25
Amer Maize Products...*
Railroad
81
77
New London Northern
141
6.64
62
103 X
Oklahoma A Gulf
4s
51
102
55
Louisville A Nashville 3**s
Portland Terminal 4s
41J*
50.00
49
4s———————————1950
5s—--—1978
1950
1960
Indiana Illinois & Iowa
Bid
Par in Dollars
70
101
Indiana & Southern 4s
—1956
St Louis A New Orleans 5s—
1-1951
Stock Yards 58—.——————————1961
Union Station 3 X ser F
—
—
1963
Cleveland Terminal A Valley 4a——
1995
Connecting Railway of Philadelphia 4s
——
—1951
Cuba RR Improvement and equipment 5s—
-I960
Elgin Jollet & Eastern 3** s ser A————
—.1970
Florida Southern 4s
—
--1945
Hoboken Ferry 5s
—1946
Illinois Central—Louisville Dlv A Terminal 3**s
—.—1953
2-6600
STOCKS
76**
65
Chicago
Chicago
Chicago
Chicago
Since I8SBJ
55
75**
--J940
4**s
.
—
—————1944
Cambria A Clearfield 4s—————1955
Tel. RE ctor
GUARANTEED
NEW YORK
—
Boston A Maine 5s
48
64 J*
1944
1943
Baltimore A Ohio 4s secured notes—......—
47
/46
/46
1945
5**s
1045
3o$tpb Wker$$om
Asked
Bid
Guaranteed Railroad Stocks
2
M
1965
Brown Co 5**s ser A—1946
Carrier Corp 4**s._—1948
Chic Dally News 35*8.1950
...1961
635*
1035*
102** 1025*
Lawrence Portl Cement 100
Ley <Fred T) A Co—....*
Members NewYork Stock Exchange
New Y ork Coffee & Sugar Exchange
New York Curb Exchange (Associate)
14**
Mead Oorp 4 **s
Minn A Ont Pap 6s
104**
1955 104
1945 738**
41**
Long Bell Lumber.......*
1832
12
13
Nat Radiator 5s
1940
56
13**
485*
575*
14**
50**
70
72
$5 preferred
100
**
16
1**
Muskegon Piston Ring.2 *4
155*
17**
5 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovill Mfg 5**s
1945
Skelly Oil 3s.
1950
Superior Oil 3**a.....I960
United Biscuit 3**s_—1955
National Casket.....—.*
15
19
101
Marlin Rockwell Corp—1
Merck Co Ine common.. 1
$6 preferred
...100
ONE WALL ST., N. Y.
WHitehall 3-0770
Bell Teletype NY 1-1642
722
29
3l"
Woodward Iron Co—
97
Mallory (P R) & Co—*
Preferred—...
118
—
2d
conv
Income 5s—1962
38
40**
1045* 1065*
99** 100**
995* 100**
105** 1055*
111
114
Sugar Securities
Obligations of Governmental Agencies
Bonds
Bid
Ask
Stocks
Par
Bid
Ask
Bid
Antnia Sugar Estates—;
6s
.
-
1951
/28
30
Baraqua Sugar Estates—
6s
/63
65
/48
50
1989
/20
22
Niquero Sugar—
3**s_1940-1942
26
5s
13
32
Haytlan Corp com
*
Punta Alegre Sugar Corp. *
Savannah Sugar Relg.—l
12**
2**
13**
33
35
New
15*
Commodity Credit Corp—
H%
-Aug
11941 100.12 100.14
1%.
Nov 15 1941 101.1
Federal Home Loan Banks
2s
Vertlentes-Camaguey
Sugar Co
...5
IWest Indies Sugar Corp.. 1
3**
4
9
9**
Deo
1 1940 101.1
101.3
Ask
101.5
2s May 16 1943—
Call May 16 *40 at 100 J* 101.24 101.30
1 **s Jan 3 1944—
.
Call July 3 '40 at 102
Home Owners' Loan Corp
Ms
Ms
100.2
May 15 1940 100
May 15 1941 100.13 100.15
Reconstruction Finance
2s
Apr
1 1943 102.28 103
Federal Natl Mtge Assn—
For footnotes see page 2708.
Bid
Ask
14
35**
—
1947
1954
Haytlan Corp 4s
Eastern Sugar Assoc com.l
Preferred
1
101.18 101.24
Corp
x% notes July 201941 100.24 100.26
Nov
11941 100.30 101 '
**%
Jan
15 1942 100.30 101
1%
July
1 1942 10P.12 101.14
**%
U 8 Housing Authority—
IM% notes Feb 11944— 102.19 102.22
Volume
Quotations
Over-the-Counter Securities—Friday April 26—Continued
on
Public Utility Preferred
Investing Companies
Stocks"
Par
Admlnls'd Fund Inc
Aeronautical
Bought
•
2707
Financial Chronicle
The Commercial &
150
Sold
Quoted
•
Par
Ask
3.42
3.75
Series B-l
*
14%
16%
Series B-2
21.13
23.18
3.17
3.47
Series B-3
14.19
15.59
7.38
8.12
Series B-4
6.62
7.30
Series K-l
15.01
16.47
Series K-2__
10.40
11.46
Holding Corp
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
.32
.37
3%
3%
Assoc Stand Oil Shares
4%
5%
Series S-2
New York City
7%
♦5% preferred
Basic Industry Shares.. 10
Boston Fund Ino
Tel. B A relay
Teletype N. Y. 1-1600
7-1600
British Type Invest A
1
Broad St Invest Co Inc. .5
Bid
Par
Amer Cable A Radio w 1..5
2%
Par
% pref.100
Amer G & E 4 %
111% 112%
7%
6%
Amer Utll Serv 6% pref.25
&
Associated.Gas
Bid
33%
New Eng Pr Assn
*
H
._*
*
*
$6 cum preferred
84%
New Orleans Pub Service.*
46 %
*
New York Power A Light—
preferred
$7
Birmingham Gas—-
preferred..50
47%
*
7% cum preferred... 100
Y Water Serv 6% pf.100
$6 cum preferred
Carolina Power A Light—
S7
preferred
Cent Indian Pow
108% 110%
85%
83%
*
7% pf 100
7%
108% 110%
100
preferred
100
100
Cent Pr & Lt 7% pref.. 100
preferred
102
112% 114%
10
Consol Elec A Gas SO pref.*
7%
1
3.59
68%
70%
2.42
1
2.86
Building
72
73%
Series ACC mod
I
2.86
66%
69%
24%
121% 123%
116
26%
Ohio Edison S3 pref
*
preferred
*
114% 116%
44%
Panhandle
33%
102% 103%
93% 96
Long Island Lighting—
7%
-.100
preferred
87
39%
41%
cum
43
*
Sierra Pacific Pow com
84%
87%
5% pf.100
Texas Pow & Lt 7% pf.100
Missouri Kan Pipe Line..5
4%
5%
Utah Pow & Lt S7 pref—*
101
82
84%
Southern Nat Gas com.7 %
90%
93%
S'western G A E
*
5% preferred
18%
45%
Bid
6.68
7.40
Scudder, Stevens and
Clark Fund Inc
stock series... 10c
2.49
2.75
Selected Amer Shares. .2%
8.89
9.67
3.58
Selected Income Shares..1
4.34
«.****
10c
*
.66
.73
15.44
16.36
Utilities Inc. 50c
.43
.48
Bank
4" 60
79%
Insurance stk
Fundament! Tr Shares A 2
5.10
-*
4.61
31%
6%
103% 105%
23%
Agricultural shares
Trustee Stand Invest Shs—
4.54
4.95
Aviation shares
9.70
10.54
5.82
6.34
Chemical
7.01
7.63
shares
shares
8.74
9.50
Food shares
4.53
4.94
Investing shares.......
3.32
3.63
110% 113%
Mining shares.
Petroleum shares
Merchandise
....
Conv deb 5s
1973
Conv deb 5%s
1973
18%
18%
19%
Kansas Power Co 4s.. 1964
3%s...l969
1970
1955
4 %8
Sink fund inc 4%s_.1983
Sink fund inc 5s....1083
8f inc4%s-5%s
1986
Sink fund inc 5-6S..1986
Marion Res Pow 3%s-1960
Montana-Dakota
Bid
| Ask
102% 103%
...1968
110
99
60%
93%
Cent HI El A Gas 3%s. 1964
106
79
35%
N Y State Elec A Gas
35%
63
Northern
14
.16
.36
15.67
16.85
13
13
68 series B
1964
3%s
Old Dominion Pow 5s. 1951
Parr Shoals Power 5s. 1952
Penn Wat A Pow 3%s
111
106% 107
Indiana—
13
100
92%
95%
1964
1970
Peoples Light A Power—
1st Hen 3-6s
1961
105
105%
Insurance
Group shares.
1950
6s.-'
o'fCoio 3%sl 1964
Debenture 4s
1949
Pub Serv of Indiana 4s 1969
Pub Util Cons 5%s
1948
Collateral 5s.
St Joseph Ry Lt Ht
82
104%
106% 107%
1951
/20%
22%
1962
56%
57%
Texas Public Serv 5s. .1961
56
57%
Toledo Edison 3%s_..196S
Tei Bond A Share 5s..1958
1st mtge3%s
62%
109
111% 112
6%8 stamped
1952
Pub 8erv 3%s..l969
89
73%
75%
105%
1st coll trust
s
f
debs 3%s
1970
I960
1st A ref 5s
United Pub Utll 6s A.i960
...
1957
5s
%
102% 102%
102
106
89%
105% 106%
105
60%
105%
Wisconsin G A E 3%s. 1966
Wis
Mich Pow 3%s.. 1961
109
104
101
103
«...
107
...
105%
63
Roch A L Ont Wat 5s. 1938
101
4s ser A 1966
Scranton Gas A Water Co
4%s
1958
Scranton-Spring Brook
Water Service 5a. 1961
106
St Joseph Wat
Water—
5s series B
1954
101%
1954
1962
103
6s
105%
1958
106%
.1967
1st A ref 5s A
106% 109
Shenango Val 4s ser B. 1961
South Bay Cons Water—
5s
1950
101
1958
105%
103
105%
...
...
*
1950
5%8
Morgantown Water 5s 1965
Muncle Water Works 5s '65
95
80
Springfield City Water—
4a A
1956
104
105%
...
...
101
'51
103
105
1961
106
107%
Union Water Serv 5%«
102
t
105%
W Va Water Serv 4s.
105%
Western N Y Water Co—
.
5s series B
1951
5%8
1951
97
102
'51
94
99
1950
101
1st mtge 5s
99
94
100%
1951
100
1st mtge
5%s
.1950
Westmoreland Water5s'52
58.1955
Ohio Water Service 4s. 1964
105
107
96
101
100
2708.
103%
103
Wichita Water—
..1956
101
5" series C__
..I960
105%
68 series A..
m ••
108
For footnotes see page
...
86
«■»
New Rochelle Water—
Ohio Valley Water
100
9V% 100%
103
58 series B
Ohio Cities Water 5%s '53
...
104% 106%
Texarkana Wat 1st 5s. 1958
1957
Joplln W W Co 5s
Ore-Wash Wat Serv 5s 1957
108%
107% 109%
5%s.'69
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 5s '61
-.1949
103
1952
104
5s series B
108% 108%
99
...
104
88
131
West Texas Util 3%s.l969
1960
101
1946
5%s series B
New York Wat Serv 5s
West Penn Power 3s.. 1970
o%8
102
103
1948
Prior lien 5s
1948
Phlla 8uburb Wat 4s..1965
6s series A.........1946
Monongahela Valley Water
77
100
1950
1948
1st consol 58
Richmond W W Co 5s 1957
Monmouth Consol W 5s '56
% 10
106%
Peoria Water Works Co—
91
51%
101% 103%
108% 108%
10
4%s—1966
105
85
105%
75
Ask
Penna State Water—
Pinellas Water Co
1957
Kankakee Water 4% s. 1939
50%
Bid
Ask
102% 103%
101%
Kokomn W W Co 5s..
104
104% 101%
/5S%
3
1
City Water (Chattanooga)
5s series B
.....1964
5s
88
Western Public Service—
Iowa
2
%
Indianapolis W W Secure—
104%
Wash Wat Pow 3%s._1964
Inland Gas Corp—
30
26
*
♦Schoellkopf Hutton A
Pomeroy Inc com
10c
101%
104
78%
87%
2%
1%
A..*
1.40
107% 109%
Indianapolis Water—
1st mtge 3%s
1966
Utica Gas A Electric Co—
Dayton Pow A Lt 3s..1970
Federated Util 5%s...l957
Banking
♦Blair A Co
1.27
105%
102%
106% 106%
104% 105%
106% 107%
1962
76
---
18
6s
S'western Gas A El 3%s *70
90%
Dallas Ry A Term 68.1951
m
16%
105%
105% 106%
74%
Dallas Pow A Lt 3%s.l967
+ +
15.67
10
1957
Butler Water Co 5s...
Huntington
104% 106%
105
72%
60
:
♦First Boston Corp
106% 107
A Pow
88%
108
-
Community Water Service
84
4%s
1947
Sioux City G A E 4s.. 1966
Sou Cities Util 5s A... 1958
1962
1954
--
1.19
Bid
1st 5s series C
110% 111
S'western Lt A Pow 3%s'00
2%
Crescent Public Service—
Coll lnc6s (w-e)
Investment
-
14.26
1.08
Bank Group shares
Republic Service—
Cumberl'd Co PAL 3%s'66
Fund
♦Class B
City of New Castle Water
5s.
1941
Corp
1965
4s
13
Cons Cities Lt Pow A Trac
Consol E A G 6s A
25c
1
Voting shares
Wellington
♦Central Nat Corp cl
2.22
Calif Water Service 4s 1961
Nor States Power (Wise)—
102% 103%
/1%
2.25
B
5.79
81
Central Public Utility-
5s
5.85
1st consol 4s
NY PA NJ Utilities 5s 1956
104% 105
104
104%
Cities Service deb 5S..1963
4.20
Corp.__l
Ashtabula Wat Wks 5s '58
106% 107
35
105% 106%
*52
4.77
3.85
5.32
Alabama Wat Serv 5s. 1957
68%
1968
Income 5%s with stk
.95
5.37
106%
66
Cent Ohio Lt A Pow 4s 1964
Centra] Pow A Lt 3%s 1969
.63
.85
25c
.
95%
'62
Central Illinois Pub Serv—
1st mtge 3%s
.57
16%
Atlantic County Wat 5s '58
1954
4%s
Pub Serv
90%
1st lien coll trust 6s. 1946
5.05
U 8 El Lt A Pr Shares A...
Class B
62%
94
New Eng G A E Assn 5s
Central Gas A Elec—
1st lien coll tr 5%s..l946
B
♦Series
Trusteed Amer Bank Shs—
102% 102%
Portland Electric Power—
Cent Ark Pub Serv 5s. 1948
5.49
102% 102%
33
Blackstone Valley Gas
3%s
2.56
1
1
A
♦Series
Trusteed Industry Shs 25c
111 %il 12
Utll—
3%s
A Electric
2.63
2.46
Water Bonds
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Public Service 3% 8.1969
A 2%
/II %
/II %
/II
/II %
2.53
1
5.90
Institutional Securities Ltd
19%
Assoc Gas A Elec Co—
Cons ref deb 4%s.._1958
1
D
6.40
Investors..5
Independence Trust Shs.*
Ask
Kan Pow A Lt
/60
C
♦Series
5.88
4.37
shares..
shares
♦Huron Holding
♦Series
Trustee Stand Oil Shs—
5.42
shares
RR Equipment
Utility Bonds
61%
88 without warrants 1
10.79
5.82
88
1973
9.93
5.34
2.57
Corporations
60%
Conv deb 4%s
3.79
1
Supervised Shares
Electrical Equipment...
71%
74%
2
B
5.40
101% 103%
19%
18%
104% 106%
69%
71
3.61
32.72
98% 100%
85%
1978
1973
Corp...*
Super Corp of Amer cl A. 2
AA
1
4.96
West Texas Util $6 pref..*
Utility Serv 6S..1964
1978
♦State St Invest
30.44
46%
Assoc Gas A Elec
Income deb 4a
5.88
....
*
Tobacco shares
Associated Electric 58.1961
Conv deb 4s
Investors
Spencer Trask Fund
Sovereign
Group Securities—
Steel
55%
Income deb 4%s
*
Standard
86.42
84.70
Investors Trust. 1
General
22%
4.91
20.12
19.05
5%
10.82
18.68
27
Kentucky Utll 4s
/17%
/17%
/18%
/18%
/30
/33
/33%
/33%
103%
...»
21%
53%
Corp—
Income deb 3%s._.1978
Income deb 3%s...l978
25
#
26%
Amer Gas A Pow 3-5s. 1953
Amer
100%
5% deb series A
...
Representative Tr Shs.. 10 10.32
4.38
Republic Invest Fund
29.20
24%
20%
Participating units
109% 110%
f debs
8.60
27.16
West Penn Power com—*
108% 109%
s
.45
14.76
7.35
Equity Corp $3 conv pref 1
29%
20%
105% 106
3%s
.40
13.80
Eqult Inv Corp (Mass)..5
Incorporated
Public
2.63
'imrn* 4
2.84
10c
Quarterly Ino Shares.. 10c
4.05
Southern Indiana G & E—
28
1
19.32
17.53
Washington Ry A Ltg Co—
16
pref
Series 1958
Automobile
100
7.57
2.92
12.51
Fundamental Invest Ino.2
Rochester Gas & Elec—
25%
Pub Serv 7%
1
1
11.65
F
Foundation Trust Shs A.l
29%
6.86
45%
2.34
17.99
ment Fund series A-l...
General Capital Corp
34%
Monongahela West Penn
6.99
Plymouth Fund Ino
Putnam (Geo) Fund
B
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
2
4.8% preferred
6.33
1.31
98% 100%
33%
Mountain States Power
~6~55
1.19
19%
77
24%
*
5.80
25c
Shares
9.91
*
5% conv partic pref..60
Mississippi Power SO pref.*
$7 preferred
...*
Mississippi P & L SO pref.*
preferred
3.41
3.14
Steel
Series 1956
series. 10c
Mass Pow & Lt Associates
Mass Utilities Associates—
8.18
8.03
Series 1955
3.80
Building shares
40%
7.56
7.42
No Amer Tr Shares 1953.*
2.83
.2.50
D
8.84
Metals
Oils
'
Fixed Trust Shares A... 10
66%
18%
10.66
8.17
No Amer Bond Trust ctfs.
111% 113%
*
preferred
$7 prior lien pref
6% preferred D
S2
18.49
1.56
3.24
65
8.54
9.86
equipment
First Mutual Trust Fund..
85%
Pub Serv Co of Indiana—
$5
100
*
Penn Pow & Lt S7 pref—*
7.89
Electrical
Railroad
4.95
Fiscal Fund Ino—
*
Peoples Lt A Pr S3 pref_25
Philadelphia Co—
109
I
116% 118%
Pipe
Line Co
27
32
34%
1
Series
7% pf.,100
Eastern
32%
Eaton A Howard Manage¬
106% 108%
115
117%
10.32
Machinery
30%
113
17.10
C
110% 112%
6.61
9.65
Railroad equipment
Cumulative Trust Shares. *
9.51
6.10
supplies
Insurance stock
28%
117
117%
108% 110
25%
107
Kings Co Ltg 7% pref.100
100
5.76
8.79
Bank stock
Diversified Trustee Shares
24%
.
7% pf._100
Kansas Pow A Lt 4% %
♦Common B shares... 10
8.24
13.82
'
♦Crum A Forster Insurance
♦7% preferred
106% 107%
10
100
87
69%
24%
Jamaica Water Supply...*
Jer Cent P A L
com..
♦8% preferred
85%
Penna Edison S5 pref
68
Hartford Electric Light.25
Indianap Pow A Lt com.. *
Interstate Natural Gas
*
♦Crum A Forster
6.75
13.32
5.31
Chemical
14
6.34
7.61
Aviation
1
26
1.36
1.23
12.36
12.80
Automobile
Accumulative series
12%
3.83
N Y Stocks Inc—
Agriculture
2.48
2.42
*
6%
7%
1
England Fund
1
Dividend
42%
111
3.90
10
9
Nationwide Securities—
Series A A
59%
preferred
100
preferred
100
Okla G A E 7% pref... 100
42
11.75
New
56%
60%
40%
10.75
11.76
Fidelity Fund Ino
*
preferred
10
10.87
Delaware Fund
96%
109
cum
Mutual Invest Fund
1
Fund
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
58
*
SO.50
.25
35
Federal Water Serv Corp—
SO cum preferred
.10
(Colo) ser B shares
*
(Md) voting shares..25c
Ohio Public Service—
Florida Pr A Lt S7 pref..*
22.12
National Investors Corp.l
100
*
7% pref.
(Minn) 5% pref
(Del)
Pacific Pr & Lt
20.57
27.20
27%
94%
100
preferred
Derby Gas A El S7 pref..*
1
25.30
Corporate Trust Shares.. 1
Northern States Power—
57
Continental Gas A Elec—
Mass Investors Trust
*
Shares Trust
♦Continental Shares pf 100
11%
105% 107%
Consumers Power S5 pref.*
1~6~85
3.90
5%
Northeastern El Wat & EI
S4 preferred
Central M alne Power—
SO
N
5.35
7.39
15.67
Series A A mod
6%pf 100
56 prior lien pref
1%
4.15
14%
Chemical
New Eng Pub Serv Co—
122 H
10c
Maryland Fund Inc
3.15
35%
33
5%% Pf-*
Electric
Birmingham Elec S7 pref.*
S3.50 prior
7%pf 100
4%
New Eng G & E
6.69
26.09
Ask
National Gas & El Corp. 10
$7 prior lien pref
6% pref.*
SO 50 preferred
Atlantic City El
99
97
7% pf._*
Arkansas Pr & Lt
Nassau A Suf Ltg
7.06
Manhattan Bond Fund Inc
13%
Century
Ask
2%
4.61
6.45
Canadian Inv Fund Ltd__l
Utility Stocks
100 % 108%
10.88
-.1
Knlckbocker Fund
24.13
Commonwealth Invest
Alabama Power J7 pref__*
15.14
9.82
4.09
1
Bullock Fund Ltd
Public
8%
4%
3%
3.84
13.76
Series 3-4
2
Bankers Nat Investing—
♦Class A
115 Broadway
.......
Series S-3-.
Principal Stock and Commodity Exchanges
Members
29.53
Keystone Custodian Funds
Amer Foreign Invest Inc..
established 1879
11.20
27.03
Investors Fund C
11.39
Amer Business Shares
Jackson & Curtis
Ask
Bid
10.51
1
12.69
1 %
Affiliated Fund Inc
♦Amerex
Bid
11.93
10.48
..*
Securities
W'msport Water 5s
•
m
i-
The Commercial & Financial Chronicle
2708
April 27, 1940
Quotations on Over-the-Counter Securities—Friday April 26—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
in which you
cation quotations are
stocks and bonds.
carried for all active over-the-counter
The classes of securities covered
19
5
2s
1948
63)4
/9>4
11
N Y Title A Mtge
39)4
41
5)4s series BK
6)4s series C-2
49
51
5)4 s series F-l
Utility Stocks
Railroad Bonds
6)4
1st 4s (w-s)
20
1948
Ollcrom Corp v tc
1 Park Avenue—
27
25)4
Railroad Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
5s 1952
Deb 5s 1952 legended.
Stocks
1951
52
21
23
37
39
Mining Stocks
U. S. Territorial Bonds
37
165 Broadway
Sec
Prudence Secur Co—
6)4a stamped
1961
65
22
19)4
600 Fifth Avenue—
Realty Assoc Sec Corp—
15)4
33
35
Film Center Bldg 1st
5s
17)4
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 '52
6)4s (stamped 4s)..1949
Quotation Record is published monthly and
Building—
f ctfs 4)4s (w-s) '68
s
30
50 Broadway Bldg—
1st Income 3s
..1946
U. S. Government Securities
3
35
Eqult Off Bldg deb
Mill Stocks
44)4
/2
2d mtge 6s
2
Hotel units
Title Guarantee and Safe Deposit
55)4
39 X
60 X
103 E 67th St 1st 6s...1941
25)4
Eastern Ambassador
Stocks
53)4
37)4
58)4
42)4
mm
mm
Court A Remsen St Off Bid
Industrial Bonds
Co—
5)4 s series Q
Colonade Construction—
Industrial Stocks
The Bank and
1955
N Y Majestic Corp—
4s with stock stmp..l950
Bldg 1st mtge 4s '45
Cheseborough Bldg 1st 6s '48
Utility Bonds
Public
Foreign Government Bonds
ties
21
35)4
1957
Chanin
Federal Land Bank Bonds
Joint Stock Land Bank Securi¬
72
33
Domestic
Public
Investing Company Securities
69
N Y Athletic Club—
66
3s
Canadian
Out-of-Town)
Canadian
1945
S f deb 5s
Brooklyn Fox Corp—
Municipal Bonds—
Domestic (New York and
25
mmm
Broadway Motors Bldg—
are:
4-6s
Banks and Trust Companies—
Metropol Playhouses Inc—
7
/23
B'way Barclay inc 2s.. 1956
B'way A 41st Street—
1st leasehold 3)4-5s 1944
In this publi¬
Ait
Bid
Ait
/35
/5
have inter eat, you will probably find them in
monthly Bank and Quotation Record.
our
Bid
Certificates
1943
54
56)4
1957
66)4
69
1956
10)4
11)4
1956
f9H
10)4
34
36)4
1950
24
26
1957
Income
24
Roxy Theatre—
1st mtge 4s
'
Your subscription should be
Pept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
40
18
42Bway 1st 6s.......1939
sent to
4s *49
40 Wall St Corp 6s... 1958
/28
31
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg debt 6s... 1944
sells for $12.50 per year.
39
42
1st 2)4-4s (w-s)
40
40
19k
Savoy Plaza Corp—
38 with stock
Sherneth
21
37)4
Graybar Bldg 1st Ishld 5s '46
60 Park Place (Newark)—
1st 3)4s
1947
39~~
80
1949
Corp—
1st 6)4 f(w-s)
82
01 Broadway Bldg—
Harriman Bldg 1st 68.1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s... 1950
Inactive Exchanges
S3 William
'
St., N. Y.
52
19
3)4s with stock
016 Madison Ave—
44
35~~
3s with stock
Syracuse Hotel
71
73)4
1958
29
31
Trinity Bldgs Corp—
1st 5)4s
1939
2 Park Ave Bldg 1st 4-5s'46
/29
41
1955
4+40
48
Lexington Hotel units
»
55
Lewis Morris Apt Bldg—
1st 4a
1951
Tel. HAnover 2-5422
(Syracuse)
1st 3s
Lefcourt State Bldg—
1st lease 4-6)48.....1948
& CO., INC.
BRAUNL
33)4
Lefcourt Manhattan Bldg
1st 4-5s
1948
Foreign Stocks* Bonds and Coupons
/17)4
Textile Bldg—
1st 3-5s
"mmm
43"
31)4
/42
Lincoln
Building—
Income 5)4s w-s
bue
to the
European situation
1963
1st A gen 3-4s
some of the quotations shown below are
nominal.
Bid
1948
Antioqula 8s
1940
Bank of Colombia 7%
7s
Ait
/12)4
/52
.1947
/26
1948
/26
Barranqullla 8b'354(M0-48
/30
/13
Bavaria 6H> to
1945
38
Bid
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7)4s '32
Hungarian Discount A Ex
change Bank 7s
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1960
Ludwig Baumann—
1st 5s (Bklyn)
Cities 7s to
1945
8s
1945
Bollva
(Republic) 8s.1947i
7b
1958
7s
1909
-
08
1940
Brandenburg Eleo 08-1953
Brazil funding 5s„ 1931-51
Brazil funding scrip
Bremen (Germany) 7s. 1935
08
1940
British
British
1902
Land M Bk Warsaw 8s '41
/17
19
Leipzig O'land Pr 0)48 '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Koholyt 6J4s
/4)4
5)4
/4 X
nx
/4)4
/13
/26)4
/40
/14 )4
4)4
4)4
0Hs
1953
Par
20
Call
(Colombia) 7s—1947
(Peru) 7)4s.__1944
Cauca Valley 7)48
1948
Callao
Ceara (Brazil) 8s
1947
Central Agrio Bank—
see German Central Bk
Central German Power
Madgeburg 0s
1934
Chilean Nitrate 5s
1968
City Savings Bank
Budapest 7s
Costa Rica
13
3)4
funding 5s. '51
Costa Rica PaoRy 7)48*49
5s
1949
Cundlnamarca 0)4s._1959
Dortmund Mun Utll6)4s'48
Duesseldorf 7s to
1945
Dnlsburg 7% to
1945
Hungary 7)4 s
1902
National Hungarian A Ind
Mtge 7s...
/62
/15
/17)4
17"
/15
17
/11)4
12)4
19)4
/13
Electric Pr (Ger'y) 6)4s '50
6)4s
1953
European Mortgage A In¬
vestment 7)4s
1968
7)4s Income
1966
7s
1967
7a lnoome
1907
Farmers Natl Mtge 7s. '63
Frankfurt 7s to.
1946
/13
/13)4
/13)4
French Nat Mall SS 6s '52
115
German Atl Cable 7s. 1945
German Building A Land-
1945
1940
Panama
1952
City 6)4s'
5% scrip
1950
Porto Alegre 7s
Protestant Church
1968
6s
1941
deposit" 1957
1948
1948
8s otfs of deposit-1948
8%
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s. 1943
6)4s
Agricultural 6s
1938
German Conversion
Funding 3s
1940
German scrip
Graz (Austria) 8s
1964
Great Britain A Ireland—
See United
/14
24)4
1948
0s
1957
Haiti 0S
1953
43
/12
73
Hamburg ElectricSj.. 1938 j /12
Housing A Real!
mp' i
4f
Telep of Canada... 100
Franklin
/13)4
117
99
24)4
26)4
1951
Ask
18)4
15)4
17)4
...
*
35
37
25
31
32)4
100
114
25
138
♦
No par value,
/Flat price,
/12)4
/13
$6.50 1st pref
74
maturities,
n
to
tNow listed
a
24
.
17
Nominal
142
quotation,
< When Issued,
b Baals price,
r In
mm
x
100
19
170)4 173
d Coupon,
e Ex coupon.
Quotation shown Is for all
recsivorshlp.
With stock.
w-s
—
•
So A Atl Telegraph
Sou New Eng Telep
Interchangeable,
Ex-dlvidend.
y
Ex-rlghts.
New York Stock Exchange,
t Now selling on New York Curb Exchange.
♦
37
9H
on
Quotation not furnished by sponsor
1 Quotation based
5)4% Sept. 25
or Issuer.
$89.50 of principal amount.
on
/13
/12
/12
/12
5% was paid
om
July 2 and
Toronto Stock Exchange—Curb Section
April 20 to April 26, both inclusive, compiled from official sales lists
Sales
Friday
/7)4
/13
/13
/12
8)4
Last
Stocks—
Par
/9)4
/8
/2
/16
/14
Week's Range
for
Sale
of Prices
Low
High
Week
Price
*
lc
lc
1,000
Apr
l)4c
5)4
5)4
75
5
Feb
6 54
Feb
*
6
6
125
4
Jan
6
Apr
Vinegars......
*
Machinery
.10
12
12
Coast Copper
5
1.60
*
7J4
Disher
Steel
20
/17
Stettin Pub Utll 7s.1946
/14
Mar
20
2)4
Mar
15)4
3)4
Apr
300
1.00
Jaa
1.49
Feb
2.20
Apr
Apr
1.60
68
Unterelbe Electric 6s_.1953
Vesten Elec Ry 7s
1947
1945
75
77
67)4
69 H
1
11c
*
3)4
36
40
100
14,735
65
Jan
Jan
68
Apr
40c
Mar
2)4
Mar
35
Apr
65o
354
46
Apr
Apr
Jan
1,506
73c
Mar
2154
125
20)4
Jan
23)4
Apr
11c
11c
1,000
10c
Feb
15c
Apr
30)4
30
Apr
31)4
Feb
2c
2c
500
2c
Apr
2)4c
Mar
lc
1,000
54c
Mar
2c
Apr
2.10
1,655
)4c
500
1.95
He
100
127
*
127
10
1.66
Mar
He
Mar
127
Apr
2 H
1
6)4c
2)4
70
254
22)4
Shawlnigan
Temlskaming Mining
60
Jan
*
Robb Montbr
Simpson pref
Rodgers Majestic A
31
1.05
lc
Pend-Orellle..
No par value
10
1,200
8)4
Apr
75c
2c
*
Mar
75c
Kirkland-Townsite
Montreal Power.......
Thayers 1st pref
Apr
6)4
60
Jan
21)4
Robt
/50
/13
/13
/12)4
1.55
5
41c
3)4
35
Pawnee-Kir kland
1854
8,570
41c
-
*
Oil Selections
78
300
8)4
60
65
*
.
Kingdom of Great
1.60
7)4
41c
Howard Smith
20
11)4
3)4
1.25
60
*
...
Jan
3)4
Consolidated Sand pref.100
Corrugated Box pref_..100
*
110
lc
1.25
1
Dalhousle
/17
Britain A Ireland 4s. 1990
Apr
lc
Consolidated Paper
19)4
9)4
1956
3)4 % War Loan
Uruguay conversion scrip..
4
5)4
Canada
/18
74
High
Feb
1
Canadian Marconi
9)4
/17M
Low
3
Can Bud Brew
1956
1947
10
♦
Dominion Bridge
1955
3)4
3)4
Bruck SUk
Canada
fS
/83
/8)4
/14
/14
Range Since Jan. 1, 1940
Shares
Brett Treth
8)4
Foothills..
Wurtemberg 7s to
Bid
Peninsular Telep com
Preferred A
122
45
Telegraph
100
Telegraph... 100
/14
Toho Electrlo 7s
Tolima 7s
Par
New York Mutual Tel..25
54
Mtn States Tel A Tel.. 100
30
2)4
48
*
Ask
114)4 116)4
Int Ocean
300
United
Hanover Harz Water Wks
100
115)4 117)4
Emp A Bay State Tel..100
2d series 5s
/23)4
/2
/12
(Daniel) pref
$5 preferred
Rochester Telephone—
6s
Kingdom
Guatemala 8s
Bell
/4
rsx
Bid
Bell Telep of Pa pref... 100
Cuban Telepb 6% pref.100
Saxon State Mtge 6s..1947
Office
Reeves
9)4
13
101)4 105
com. *
100
Slem A Halske deb 6s.2930
State Mtge Bk Jugoslavia
/14
8
12 M
Pac A Atl Telegraph...25
/6
/6<
/45
m
/2
Teleg (N J)
Preferred
Santa Catharlna (Brazil)—
Saxon Pub Works 7s. .1945
bank 6)48
Co Inc..*
Beath A
4s scrip
8s
German Central Bank
3
16
(Ger¬
many) 78
1940
Prov Bk Westphalia 6s *33
6s 1938
7s ctfs of
/20
.
1
12
108)4
Par
Am Dlst
/13)4
28
7s1957-.
118
65
7% preferred
Miller (I) Sons
29
Telephone and Telegraph Stocks
Salvador
/19
/4
/19
/4
/4
/12)4
2
46
/13
North German Lloyd—
4s
1947
Rio de Janeiro 8 %
1933
Rom Oath Church 6)4s *40
R C Church Welfare 7s '46
/12)4
/12)4
100
common..6
preferred
50
Ait
United Cigar-Whelan Stores
/4
Poland 3s
81
MU
Kobacker Stores—
3 X
3
2)4
20
6% pref... 100
/12)4
1948
Saarbruecken M Bk 6s.*47
East Prussian Pow 08.1953
Flahman (M H)
Savings Bk of
7s to
/4
*
7
8)4
/50
Oberpfals Eleo 7s
.77
_
100
Diamond Shoe pref....100
/14
61
common.
7% preferred
Oldenburg-Free State—
59 X
/G Foods Inc
/12)4
(A A B) 4s...1940-1947
(C A D) 4s... 1948-1949
6)4
Par
Ask
5
m
43
Nassau Landbank 6)4s '38
Nat Bank Panama—
13
Bid
♦
Bohack (H C) common...*
/4
/12
/27
/5)4
/12
flX
61
/14
Panama
1953
Colombia 4s
1940
Cordoba 7s stamped.. 1937
/14
/3
/13
/13
Meridionale Elec 7s..1957
Nat Central
Caldas (Colombia) 7)40 '40
Berland Shoe Stores
Kress (S H)
Municipal Gas A Eleo Corp
Recklinghausen 7s..1947
90
23
57
20
16
Montevideo scrip
/13)4
/50
64
14
12
21
Chain Store Stocks
16
Munich 7s to
..1945
Munlo Bk Hessen 7s to '45
/12
Brown Coal Ind Corp—
Buenos Aires scrip
1948
195#
Corp—
4)4s w-s
1951
Westlnghouse Bldg—
1st mtge 4s
1948
45
1951
/4
Mannheim A Palat 7s. 1941
27"
see
Burmelster A Wain 0s. 1940
Water 7s
1943
3s
Ait
5)4
United Kingdom
Hungarian Bank—
7)4s
21
Wall A Beaver St
1947
1\
B
/8
/19
Walbrldge Bldg (Buffalo)—
38
let
f*
Bavarian Palatinate Cons
Bogota (Colombia) 0^8'47
68
36
1952
1st 5s (L I)
Anhalt 7s to
65
London Terrace Apts—
Foreign Unlisted Dollar Bonds
22 X
13
20 X
Feb
5>4c
6)4c
4,000
5Hc
Mar
30
30
30
30
Jan
Apr
2.35
Jan
He
Apr
130
3)4
Feb
Feb
24
Jan
8Hc
Jan
36
Jan
Volume
The Commercial
150
General
2709
& Financial Chronicle
Corporation and Investment News
RAILROAD—PUBUC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is not always
reasons
possible to
However, they are always as near
FILING
OF
REGISTRATION
STATEMENTS
UNDER
SECURITIES ACT
The
following additional registration statements (Nos. 4389
and Exchange
and 4390) have been filed with the Securities
Commission under the Securities Act of 1933.
involved is
The amount
companies in exact alphabetical order.
of Boston,
of 4M%
issue will
be used toward the redemption of the funded and other debt.
J. E.
Kelley is President of the company.' E. H. Rollins & Sons, Inc., and
as
possible.
The impounded income behind the 1949 bonds which represents dividends
on stock neld as collateral for the issue, would be replaced by collateral,
presumably taken from the 107,579 shares of Chesapeake & Ohio Ry. stock
now held in escrow with the Manufacturers Trust Co.
The bonds that
are purchased in the open market or by tender, would be substituted for
the escrowed C.
upon the suits
& O. stock until such time as
Judge Vincent Leibel acts
by the three trustees regarding the disposition of this block
of stock.—V. 150, p. 2561.
approximately $78,200,000.
Southern Advance Bag & Paper Co., Inc. (2-4389, Form A2)
Mass., has filed a registration statement covering $3,200,000
1st mtge. sinking fund bonds, due 1955.
The proceeds of the
American Airlines, Inc. (&
Earnings—
Subs.)
3 Months Ended March 31—
Revenue miles flown
Revenue passengers
946,682
119,712
58,203
$1,628,934
835,410
95,730
49,124
$2,609,199
2,270,691
_.
Express
Other
previous list of registration statements was given
issue of April 20, page 2561.
The last
$639,749
110,025
Profit from sale of flying equipment
Aetna Ball Bearing Mfg.
~
1940
1939
-
$106,864
$87,628
$0.72
loss $929
$63,552
$0 52
share
on
121,500 shares.
loss $929
$269,555
$2.22
_
Air Reduction
1938
$5,514,663
6,011.310
4,926,808
4,606,747
5,164,668
$1,731,502
$1,191,241
$2,254,111
51,508
41,602
$907,916
33,140
$1,783,010
340,019
$1,232,843
205,587
$941,056
145,465
$2,302,304
351,366
Operating income
Other income (net)
Other income
Net profits
earned
Based
on
8,201,875
$1,230,764
$1,634,486
$2,400,028
1,577,350
1,577,350
1,577,350
Surplus.
def$346,586
Earnings per share on 788,675 common shares (no par).
$1.56
—V. 150, p. 1750.
$57,136
$1,950,939
$822,678
$0.40
$0.31
x$0.77
Co.
Power
1940
$22,102,809 $20,024,506 $20,189,117
5,185,303
6,021,391
Operation expenses
1,001,062
991,355
2,612,280
2,600,063
:
Provision for depreciation
General taxes
2,612,280
long-term debt..
Amortiz. of debt discount &
2,466,725
546,777
4,599,595
242,987
76,050
Cr61,472
890,754
Federal and State income taxes.
4,599,571
242,987
74,060
Cr58,333
on
expense.
Miscellaneous interest & other charges
Interest charged to construction
4.896,069
1,001,428
2,613,556
2,371,736
598,364
4,099,619
242,987
65,856
Cr86,838
Net income
Dividends
on
preferred stock
....
Dividends on common stock
a$4,118,974 a$3,364,906
2,342,138
2,342,138
755.000
755,000
$267,768
$1,021,836
Balance
$3,886,339
2,342,138
755,000
$789,202
a Equivalent to $0.47 per share on 3,775,000 shares of common
1939 and $0.27 per share on a like number of shares in 1938.
Period End. Mar. 31—
Gross revenue.
868,427
238,365
743,001
217,690
11,032,562
2,674,305
9,322,119
2,612,280
$697,102
Oper. expenses and raxes
Prov. for depreciation..
$773,632
406,404
$8,804,019
$8,586,228
4,870,554
Net
Divs.
4.854,488
preferred stock.
Balance
$292,960
195,178
$367,228
195,178
$3,949,531
2,342,138
$3,715,674
2,342,138
$97,782
income
on
404.142
$172,049
$1,607,393
$1,373,536
185,057,629
1,015.661
1,109,057
1,230,598
2,564,875
2,267,057
1,412,645
accts...
1,806,705
U. 8. Govt. sec.
3,648,310
Receivables__
2,085,218
suppl's
1,456,818
a
Mat'ls &
$
a
$2,856,652
299,301
$1,656,963
743,664
508,254
160,753
'
133,555
—.—
16,660
16,660
16,660
$1,040,478
25,581
$94,077
12,760
$1,364,640
2,618,368
2,618,369
2,520,368
$0.62
$0.39
$0.03
845,794
601,711
115,508
489,556
Federal taxes
interest
-
income
dividends
Shs. combined class A &
B stock outstanding..
Hawaiian Steamship
Eastern Steamship
S
•'
1,811,089
payable.
439,940
4,787,487
5,078,124
Represented
by
$5 cum.
Co.—Acquires Stock of
Company has bought 27,000 shares of common stock of
Lines, Inc., in a private transaction.—V. 150, p. 2077.
1940
subsidiaries
(after
■
—
2,294,749
2,339,166
3,314,365
5,438,912
2,802,630
operations of subsidiaries.... $8,343,852
Non-operating income of subsidiaries
Dr22,683
$8,433,745
Dr36,828
$8,321,169
$8,396,918
General taxes & estimated
551,402
Total income of subsidiaries
Interest, amortiz. & pref. dividends
(net)...
748,407
748,571
Cust. deposits..
330.659
43,560
312,523
100,870
Def'd liabilities-
89,090
72,969
10,334,142
4,892,983
5,029.046
4,241,929
4,438,620
$4,079,240
$3,958,298
of subsidiaries.
—
9,423,120
6,050,881
divs.
Reserves
201,651,705 199,159,925
Total
stk.
9,110
7,613
Equity of Amer. Lt. & Trac. Co. in earns, of subs
Inc. of A. L. & T. Co. (excl. of inc. rec. fromsubs).
$4,070,130
$3,950,684
Proportion of earns, attributable to min. com.
1,547,196
1,555,089
$5,617,326
$5,505,773
201,993
Total
230,522
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co
245,553
pref.
stoc.k 26,185 shares
(no par);
pref. stock, 165,255
par), stated value
Holding company interest deductions
Dividends
Dividend—
5% preferred stock, payable May 15 to holders
3002.
of record May 1.—V, 147,
Alleghany Corp.—To Get $133,130—
special fund on deposit with
J. P. Morgan & Co., Inc., was granted April 23 to the corporation by
Judge Vincent L. Leibel in Federal Court.
The fund amounted to $837,000
before the withdrawal.
The money will be used to defray indebtedness
Incurred by corporation in the last 10 months.
No;objection was made
by counsel for trustees of three Alleghany bond issues.
Permission to withdraw $133,130 from a
Has Abandoned Plan to Revise
Bond Indentures—
corporation has abandoned temporarily its efforts to formulate a
plan for revising the indentures of its three bond issues and is now working
on a plan to put its frozen assets to work to reduce its bond indebtedness.
Under the proposed plan, approximately $1,900,000 of impounded income
now frozen under the
150% indenture clause binding the 5% bonds of
1949 would be used to purchase and retire 1944 bonds, or such other issues
as might be agreed upon by the management and the trustees.
on
60,833
113,271
$4,986,899
804,486
804,486
$4,304,460
$4,182,413
$1.66
$1.51
preferred stock
Balance
$5,100,170
$5,108,946
—
Balance transferred to consolidated surplus
initial dividend of $1.25 per share on the
175,081
$5,169,779
Balance.
Earnings per share of common stock
New Vice-President—
p.
1939
Federal income taxes..
Provision for depreciation
Balance..
Algoma Steel Corp., Ltd—Initial Preferred
The
:,
^
$43,147,149 $40,453,990
23,755,269 21,985,466
eliminating intercompany transfers)
General operating expenses
96,770,800
$48,961,300.—V. 150, p. 2406.
have declared an
Eastern Steamship
Light & Traction Co. (& Subs.)—Earnings—
12 Months Ended Jan. 31—
Gross operating earnings of
Acer. int. & pref.
$6 cum. pref. stock, 175.738 shares (no par): $7 cum.
shares
(no par), and 3,775,000 common shares (no
Directors
2,520,368
$0.54
1,438,067
Accrued taxes..
201,651,705 199.159,925
x
104,029
277,518
Lines—
Less reserve for doubtful accounts of $424,336 in 1939 and $439,465 in
1938.
655,175
438,630
_
Earnings per share
—V. 150, p. 2246.
American
787,915
415,461
134,121
84,712,558
Surplus
Total
152,834
$2,693,936
Net earnings from
84,712,558
96,770,400
760,917
Capital stock.
Accts.
1938
Misc. cur. llab..
463,075
insurance
x
Long-term debt.
Prepaid taxes A
Deferred debits.
Liabilities—
$
$
Utility plant... 186,388,431
Investment and
fund
1939
1938
1939
Cash....
151,381
Maintenance
Consolidated Balance Sheet Dec. 31
Assets—
169,801
Research & develop, exp.
American
Gross income
Int. & other deductions.
$1,505,582
189,779
Interest
stock in
1940—Month—1939
1940—12 Mos.—1939
$1,803,894
$1,734,323 $22,510,886 $20,520,627
1937
$2,693,818
$2,524,134
Deprec. and depletion—
Preferred
Months Ended March 31
1939
1938
$3,538,392
$1,675,602
58,515
Total income
Net
$3.04
$3,728,171
Profit after expenses....
Other income-
Minority
,
$2.07
Cyanamid Co. (& Subs.)—Earnings—
Consolidated Earnings for the 3
1937
1938
1939
Total gross revenue
Interest
American
(& Subs.)—Earnings—
Calendar Years—
Maintenance
Dividends
-V. 150, p. 1923.
three-for-one split-up .-
Alabama
$795,591
$0.53
Earnings per share
x
$1,027,255
$1,442,990
„
_
5,279,358
48,193
on
outstanding stock..
$8,143,038
2,458,865
$6,913,844 $10,601,903
Total profit
T,—
$5,937,025
Depreciation, depletion drill expense,
abandoned leases, &c
4,706,261
Net profit
Total......
Estimated Federal taxes
1937
$5,599,061
1,314,783
$4,756,168
1,180,857
Profit..
1937
$7,418,779
1939
$6,118,049
'
1938
1939
$9,983,959 $11,327,318 $13,940,515
Fed. income tax, &c-.
5,227,791
5,728,257
5,797,477
Sales of oil and gas, &c
Expense, rent,
1940
$7,742,812
Operating expenses
(& Subs.)—Earnings—•'
Calendar Years—
Co., Inc. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
$23,801
2562.
Amerada Corp.
'
Earnings for 12 Months Ended March 31, 1940
Federal tax—
Earnings per share
—V. 150, p.
1923.
profit
-V. 150, p.
Nil
Net profit after allowance for depreciation and
Gross sales
$304,053
Provision for Federal income taxes (estimated)..
Net
Net profit
per
$338,508
269,831
40,476
4,400
12,673
Provision for Federal tax.
Earnings
28,307
66,800
350,614
Provision for obsolescence and depreciation..-..
Interest
—
...
$76,225
19,235
,1938
.
'$338,508
,
$749,774
Gross income
Co.—Earnings—
""^3 Months Ended March 31—
Net income after allowance for deprec.
76,121
31,909,563
$3,862,158
3,222.408
Mail
(2-4390, Form A2) has filed a registration
$75,000,000 of serial debentures maturing $2,500,000
semi-annually Nov. 1, 1940, to May 1, 1955.
Filed April 25, 1940.
(See
subsequent page for further details.)
United States Steel Corp.
our
3,622,428
139,516
54,146,633
$2,737,561
Revenue passenger miles
statement covering
in
1939
1940
5,268,581
....
Operating revenue: Passenger.
Filed April 20,1940.
Boenning & Co. will be the underwriters.
arrange
alphabetical position
R. Gilman Smith, who has served several years as a director of the United
Light & Power Co. and this company, was elected on April 2 a Vice-President
of
both.
May Sell International Paper Holdings—
William G. Woolfolk, President, told stockholders at the annual meeting
April 19 that he would like to see the company continue in the utility
business and retire irom its investment in International Paper & Power Co.
as soon as favorable prices can be obtained.
While reporting that company's operating subsidiaries' properties were
in excellent shape, Mr. Woolfolk explained that the company had sold
47,991 warrants to buy International Paper & Power common stock at an
average price of $2.14 a share to realize on the warrants and to put the
money "where we can use it: we need money in the properties."
American
Traction now owns 50,300 warrants to purchase International Paper
& Power common, and the President said he did not want to put additions
The Commercial & Financial Chronicle
2710
April
1940
27
Associated Electric Co.—New Directors—
'Willard L. Thorpe,
Arkansas Missouri Power
Common Stock
Denis J. Driscoll, Stanley Clarke and Allen Throop
April 21 elected directors of this company, and R. D. Jennison was
New officers are D. J. Driscoll, President; R. D. Jennison,
Vice-President;
C. E.
Yates, Secretary.
J.
Lee Rice was reelected
Treasurer.—V. 150, p. 2079.
were on
Corp.
reelected.
.
Associated Gas & Electric
TRADING
net electric
units (kwh.).
This is an increase of 10,823.579 units or 13.0% above pro¬
duction of 83,298,910 units a year ago.—V. 150, p. 2564.
Eastman, Dillon 6 Co.
MEMBERS NEW
YORK
STOCK EXCHANGE
15 Broad Street
Tel. Bowling Green 9-3100
Co.—Weekly Output—
Management Corp. reports that for the week ended April 19
output of the Associated Gas & Electric group was 94.122,489
The Utility
DEPARTMENT
Associated Gas & Electric Corp.—New Protective Com¬
New York
mittee Formed
Bell System Teletype N. Y. 1-752
A letter sent
for Holders of $143,879,375 Income Debs.—
April 24 to holders of Associated Gas & Electric Corp.
lative income debentures due 1978, announces the formation of
a
cumu¬
protective
committee for holders of that issue.
in that business by paying $25 a share for additional stock and there¬
fore wished to dispose of the warrants before
they expire in 1942.
The
company's holdings of International Paper & Power common total 65,527 Yx
money
shares.
p.
American Locomotive Co.—To Pay
2408.
Preferred Dividend—
Directors on April 25 declared a dividend of $1 per share
ferred stock, payable May 15 to holders of record
on the $7 pre¬
May 7.
This payment
will be the first dividend paid on the
preferred stock since Dec. 7, 1937 when $7 per share wes distributed.
After
current payment accruals as of May 15 will amount to
$41.50 per share.
—V. 150, p. 2077.
is
on
account
American
of arrearages
Paper Goods Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable May 1 to holders of record April 19.
Dividends of 75 cents
were paid on Feb. 1 last and on Nov. 1
last, and previously regular quarterly
dividends of 50 cents per share were distributed.—V. 149,
2678.
p.
Wilfred D. Vorhis has been elected
a
Chairman;
York, and
Raymond A. Kelley, New York, is
Secretary.
R. Keith Kane, o£ the law firm of Cadwalader, Wickersham &
Taft, has been retained as counsel by the committee. The new committee is
completely independent of the management of Associated Gas & Electric
Corp., and no member of it endorsed or participated in the recapitalization
plan of 1933, the letter asserts.
The committee's letter states that it specifically does not solicit the
deposit of debentures at the present time, but urges the authorization of
William P. Sheffield, NewPort, R.
I.
debenture holders for the committee to act in their behalf in the corpo¬
ration's reorganization proceedings now pending.
While consolidated income of the Associated Gas & Electric System now
indicates an annual rate of return between 4% and 6% on the aggregate
'
amount of debenture
bonds outstanding, the letter states, there is serious
doubt as to the immediate availability of such income tor disbursement as
debenture interest because of inadequate cash resources of the companies
within the Associated system, its confused and intricate capital structure
"closure of the
the
and
financial
usual
methods
of credit
avenues
as
and known conflict
a
with
consequence
State
and
of
un¬
Federal
authorities."
director of this company.—V.
150
1752.
With reference to the divestment plan filed with the corporation's volun¬
tary petition for
American Safety Razor Corp.—New Director—
Stockholders elected John M. Detjen a director to succeed the late
Samuel Mundheim at their meeting held April 18.—V, 145,
p. 1925.
American Smelting & Refining Co.—New
Official—
Directors at their organization meeting held on April 23 elected
Roger
W. Straus, Vice-Chairman of the Board, a new office. Mr. Straus
Vice-President and Assistant to the
officials was made.—V. 150. p. 2247.
was
/American
Water
Works
President.
& Electric
No
formerly
change in
other
Co., Inc.—March
Output—
The power output
of the electric subsidiaries of the American Water
Works & Electric Co. for the month of March totaled 223,455,349
kwh.,
compared with 201,929,213 kwh. for the corresponding month of 1939,
an increase of 11%.
as
.
For the three months ended March 31, 1940,
power output totaled
678,434,083 kwh., as against 584,722,904 kwh. for the same period last
year, an increase of 16%.
Weekly Power Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ending April 201940, totaled 50,887,000
kilowatt hours, an increase of 2 L3 % over the output of
40,938,000 kilowatt
hours for the
corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
Mar. 30
1940
1939
1938
1937
1936
.50,632,000 45,840,000 38,212,000 48,157,000
6
.49.708,000 40,686,000 39,779,000 49,946,000
Apr. 13
..51,321,000 41,992,000 38,685,000 49,814,000
Apr. 20
50,887,000 40,939,000 38,148,000 50.000,000
—V. 150, p. 2563.
—
Apr.
Anchor
39,040,000
45,072,000
46,512,000
45,251,000
charges
Earnings per share
150, p. 2563.
on
1940
$1,171,234
$1.26
common
$1,055,864
$1.10
Arkansas-Missouri Power Corp.
(.& Suhs.) Earnings—
Calendar Years—
1939
and taxes..
expenses
Net operating income
Other income (net)..
1938
$1,613,881
1,170,344
revenues
$1,517,543
1,118,732
$443,537
1,734
—
,
holders.
The committee expects to keep the debenture holders it repre¬
fully informed of its studies and conclusions and of the progress of the
proceedings in this matter."
Mr. Adams, who was appointed by a Federal court as trustee of Utilities
Power & Light Corp., has had wide experience in the
public utilities in¬
dustry, his work having received favorable recent comment from Judge
Holly of the reorganization court. Mr. Chase is General Manager of Baughman Stationery Co. of Richmond; Mr.
Fell, President of John H. G. Pell
& Co., is a well-known investment adviser.
Mr. Sheffield, an attorney, is
President and a director of Newport Electric Corp., an independent oper¬
ating utility.
sents
long-term debt
Amortization of bond discount and
.
$445,271
148,540
on
General interest
Other income deductions
Divs. on pref. stock of sub.
expense
share
$398,811
2,036
$400,847
151,708
co.
653
held by public
653
4,624
1,193
5,950
5,950
$283,966
56,692
83,061
on common
stock
$236,719
56,692
58,143
$1.08
$1.37
Consolidated Balance Sheet Dec. 31, 1939
4S5^TUtilitypIant'^5'742»373; investments and other assets, $90,658;
cash, $336,558; special deposits, $140,599; marketable
securities, $15,230:
receivables (net), $114,841; materials and
supplies, $106,878; prepayments,
$7,669; bond discount and expense in process of
amortization, $10,491;
total, $6,565,296.
Liabilities—<pommon stock (par $1), $166,125; 6% cumulative preferred
$944,875; 7% cumulative preferred stock of East Missouri
by public, $85,000; long-term debt, $2,928,750; accounts
payable, $46,892; dividends payable, $6,965; customers'
deposits, $102,638;
accrued taxes, $125,787; accrued
interest, $85,264; cash scrip payable,
bond coupon payable,
$54,135; other current liabilities,
$6,294; deferred liabilities, $72,411; reserves, $1,023,994; contributions in
aid of construction, $23,447; capital surplus
(arising through reorganization),
$534,453; earned surplus, $337,405; total, $6,565,296—V.
149, p. 3545.
stock (par $50),
Power Co. held
Arkansas Natural Gas
The directors have declared
a
Corp.— To Pay 60-Cent Pref. Div.
dividend of 60 cents per share
on
the 6%
preferred stock, par $10, payable April 30
to holders of record April 26.
was paid on Dec. 22
last, on Dec. 23, 1938, and on Dec. 24,
1937, this latter being the first payment made on the
preferred shares since
April, 1932, when a dividend of 15 cents per share was distributed.—
V. 149, p. 3865.
Like amount
declared
the
a
dividend
of
$1.75
per
share
on
account
of
7% second preferred stock, par $100, payable June 1
May 10.
Arrears after the current payment will be $33.25
per share.-—V
150.
p. 2410.
on
to
Explain
Committee
on
Interstate
Commerce would
have
to
be
explained to his
satisfaction.
Senate committee report,
which
Judge Leibell read aloud, stated:
"Investigation of the Federal Trade Commission shows, for instance, that
in 1929 Associated Gas & Electric Co. acquired 94,005 shares of Barstow
Securities Corp., a utility holding company which controlled General Cas
& Electric Corp., which in turn controlled a chain of
operating companies.
The price paid was $531.04 a share.
to holders of record
stock had
the
a
for the Federal
Trade Commission reported, that the
oook value of $2.97 a share and had earned $4.16 a share during
preceding
year.
The acquisition
was
a
victory for Associated
Gas
United Gas Improvement Co., which had bid against Associated for
property.
To finance its purchase of these Barstow securities, with
annual earnings of about $391,COO, Associated Gas incurred
obligations
whose annual interest charges were
$2,800,000."
Mr. Barstow and John P. Campbell and O. Clement
Swenson, have
formed a committee to represent holders of the Associated Gas & Electric
over
the
convertible
deoentures.
Mr.
Barstow
was
President
of
General
Gas
&
Electric Corp. Messrs. Campbell and Swenson were both officers of General
and executives of Barstow Securities
Corp. They are the beneficial owners
of an aggregate of $1,104,000 of the debentures of Associated Gas &
which they acquired in 1933 under the
Electric,
recapitalization plan of the company.
Bank Seeks to Foreclose Issue—
Federal Judge Vincent Leibell April 24 directed all
parties in the reor¬
ganization proceedings of the Associated Gas & Electric System to make
motions before May 23 with respect to an application
by Central Hanover
Bank & Trust Co., as indenture trustee, for
permission to foreclose an
isteue of $8,594,980 of
8% bonds of Associated Gas & Electric Corp., which
matured March 15.
Judge Leibell indicated that he would not permit foreclosure.
He also
indicated that he would not grant the bank's alternative
proposal that the
trustees of the corporation be directed to sequester for the benefit of bond¬
holders all earnings, income, rent and profits of the properties of Associated
Gas & Electric Corp.
The bank also asks permission to intervene in the
reorganization proceedings of Associated Gas & Electric Corp.
on the application will be fixed on May 23.
A hearing
The Court approved employment by the trustees of the Associated Gas
& Electric
Corp. and the trustee of Associated Gas & Electric Co. of Ben A.
Matthews as a special attorney in connection with an investigation of the
liabilities and financial conditions of the two companies.—V. 150,
p. 2564.
Associated Investment
Co.—40,000 Shares of Preferred
5% cumulative
($100. par) preferred stock was offered to the public April 24
Stock Sold—A
Associated Dry Goods Co.—Accumulated
Dividend—
have
Asked
Associated Gas & Electric in 1929.
The "Herald-Tribune^ of April 20 further stated:
Judge Leibell sa'd that before he would issue an order permitting Mr.
Barstow to solicit proxies criticism contained in a 1935
report of the Senate
The
4,931
1,232
Net income
Preferred stock dividends
Common stock dividends
accumulations
Refuses Proxy Plan—Bar stow
Report of Senate Board—
Federal Judge Vincent L. Leibell April 19 refused to act on an application
of William S. Barstow, former President of General Gas & Electric Corp.
for authority to solicit proxies from owners of convertible debentures of
Associated Gas & Electric Corp. until attorneys for Mr. Barstow file an
affidavit outlining the relationship between Barstow Securities
"Accountants
Gross income
Directors
and marketwise."
"It is obviously important," the committee letter adds, "that
you have
competent and forecful representation for your holdings in conferences with
the SEC and the trustees and in appearances before the SEC and the
Court, and in negotiations with the management and with other security
Corp. and
Directors have declared a dividend of 15 cents per share on the common
stock, payable May 15 to holders of record April 26.
Dividends of like
amount were paid on Nov. 15. and on
May 17, 1939.—V. 148, p. 2414.
per
(46.59%) in the new corporation than any other class of securities.
This committee feels, however, that this or any plan proposed should be
subject to very close scrutiny and study of the system properties before
any concessions are made by any debenture holders."
"The plan filed with the petition tor reorganization is of course based on
the management's valuation and should this prove optimistic and another
reorganization, which might wipe out the proposed equity, become neces¬
sary, present holders of 1978's who are asked to surrender a $1,000 debenture
for a $400 debenture might find that they have given up
60% of the value
of their claims in exchange for nothing.
"Since it is necessary for the SEC to approve any plan ot reorganization
that may be submitted, it is probable that any such plan will contain a
plan for integration satisfactory to the SEC unless the trustees, during the
pendency of the estate, integrate the properties so that such a plan becomes
unnecessary.
There has never been the slightest indication of a determin¬
ation or desire on the part of the SEQ to destroy or to injure
legitimate
values.
Thus, when integration is accomplished, the result should in our
opinion, strengthen the position of the corporation's debentures actually
Court
Argo Oil Co.—Common Dividend—
Earnings
stock
Criticism in
1939
—V.
Operating
Operating
reorganization several months ago the committee says:
"At first glance this plan may seem favorable to holders of income deben¬
tures of the corporation in that they would receive a larger share of
voting
Hocking Glass Corp. (& Subs.)—Earnings—
12 Months Ended March 31—
Net profit after depreciation, taxes, and all other
Interest
The committee is composed of Charles True Adams, Chicago,
R. Chase, Richmond, Va.; John H. G. Pell, New
Clarence
orthodox
American Rolling Mill Co.—New Director—
p.
by institutions and large and small individual investors throughout the
United States.
Woolfolk expressed the view that the cash position of the
parent
company was not as strong as he would like to see It, but added that the
various subsidiaries are not expected to call upon American
Light & Trac¬
tion this year for any substantial advances.—V. 150,
Mr.
which
The outstanding debentures due 1978,
amounting to $143,879,375, constitute by far the largest single item in the
Associated system's entire $248,528,305 of funded debt, and are widely held
by
an
new
issue of 40,000 shares of
underwriting group headed by Glore, Forgan & Co.
Moseley & Co.
The stock, offered at $98.50 per
and F. S.
share, has been oversubscribed.
Volume
The Commercial
150
& Financial Chronicle
The preferred stock are entitled to dividends at rate of 5% per annum,
cumulative from March 31, 1940, payable, when and as declared, on last
Red. in whole or in part, at option
of company, on any dividend date on 30 dayB* notice at $105 per share,
plus divs.
Preferred over common stock in liquidation to extent of par
value and all unpaid divs.
Non-voting, except as otherwise provided by
Indiana law and except in event of default in payment of four consecutive
quarterly dividends,
Divs. on common stock permitted after June 30,
1941 only if $200,000 par value of preferred stock has been retired for each
12 months* period elapsed subsequent to June 30, 1940.
Transfer agent, Bank of New York, New York.
Registrar, Irving Trust
days of March, June. Sept. and Dec.
_
Co., New York,
Listing—The 60,000 shares of 5 % cumul. pref. stock presently outstanding
listed on the New York Stock Exchange, and the additional 40,000 shares
are
the Committee on Stock List.
estimated at $3,782,250 (after deduction of
offered have been authorized for listing by
Purpose—Net proceeds
are
dividends). Company intends
It is the intention of the com¬
pany initially to apply these funds to the reduction of notes payable and at
a later date to use the additional capital for the expansion of its business,
which may involve additional current borrowing.
History & Business—Co. was incorp. in Indiana, May 29, 1918.
Co. is
engaged in the business of purchasing at discount and generally dealing in
contracts and evidences of indebtedness arising from the sale at retail of
new and used motor vehicles and other articles of personal property, and of
loaning money on new and used motor vehicles and other personal property
in the hands of dealers.
As a matter of practice the company has in the
past generally confined its dealings to motor vehicle paper.
Branch offices of the company or its wholly owned finance subsidiaries
are located in 69 cities in 20 States and the District of Columbia.
Subsidiary companies and related organizations are as follows:
Emmco Insurance Co., Inc., formerly known as "Motor Underwriters,
Inc.," an Indiana stock automobile insurance company.
Emmco Casulaty Insurance Co., Inc., organized June 9, 1939 in Indiana
expenses of $17,750 but exclusive of accrued
to add the net proceeds to working capital.
19328476
as
a miscellaneous stock casualty insurance company.
Motor Indemnity Association, organized in 1919 by the
and certain stockholders of the company as a
under the laws of the State of Indiana.
principal officers
reciprocal insurance company
ing merchandise other than automobiles and in diversified lines. Since its
incorporation the Morris Finance Co. has been dealing successfully in ac¬
counts receivable, sales financing of electrical appliances and other chattels,
factoring, field warehousing and in almost every diversified line of financing.
Much of the business of the Morris Finance Co. has been carried on by
the officers and employees of the Associates with the result that in addition
to the adequate compensation which company received from the Morris
Finance Co. from this service, the personnel of the company now is ex¬
perienced in general financing.
\
In the meantime diversified financing has established itself.
Bankers
generally now regard it with favor and hold the view that a company some¬
what engaged in general financing is better entrenched against business
fluctuations than
sales
engages
confined to
are
wholly-owned subsidiary formed in
Its operations
generally in the discount and finance business.
Because of the
foresight of the management, company is able to meet the
general financing
merely by these changes in corporate structures.
Since the statutory
reorganization of the company for the purpose of accepting the Indiana
General Corporation Act of 1929, its articles of reorganization have been
sufficiently broad to permit it to engage in a general diversified finance
business so no amendment to the present articles is or shice 1935 has been
necessary for the company
Atlantic
A reduction of the par value
authorized
Atlas Powder Co.
(& Subs.)—Earnings—
subsidiaries
following table:
Gross
a
Receivables
Year-
Purchased
1925
$4,472,384
3,832,797
212,926
$3,646,938
3,208,375
170,376
$426,661
24,316
$268,187
Income from investments, &c.
Federal income taxes.
$450,977
86,281
$270,353
49,646
$364,696
$220,707
Cost of goods sold, delivery & other expenses
Provision for depreciation and obsolescence
Dividends
"18,195,671
17,932,398
24,627.662
33,966,687
30,569,086
33,064,010
23,378.980
36,264,175
56,581,952
90,732,602
134,476,606
149,475,873
84,902,714
155,292,358
456,189
630,292
1,002,613
962,568
920,105
581,108
784,589
1,317,501
2.315,197
2,977.732
3,221,038
2,405,915
2,641,515
1929...
1930
1931....
....
Cash
3,304,768
4,426,694
1935...
L
1939a
592,200
1,374,089
1,862,142
1,136,494
1,345,617
.
Notes
55,000
2,097,235
16,022
Social security tax
2,714,867
Dividends
9,843
3,226,724
payable
accrued.——
34,786
200,333
$8,803,435
4,648,526
1938
1937
securs.
774,566
6,020
804,141
Plant prop. &eq.
7,340,688
7,165,288
4,053,157
6,859,700
Common stock.. 8,761,725
Capital surplus... 1,008,790
Earned surplus... 4,324,836
4,053,112
867,943
289,211
75,587
Goodwill,
&c
Misc.
907,313
283,211
58,116
investments
Def'd items (net).
..23,914,646 24,731,160
Total
x
y
Net income from operations....
$4,154,908
5,619
$3,556,846
41,989
$5,543,017
4,924
$4,160,528
$3,598,835
700,006
740,344
$5,547,941
1,014,205
$3 ,460,521
624,802
$2,858,491
433,077
$4,533,736
1,290,627
$2,835,719
...
23,914,646 24,731,160
Total
y Represented by 262,851 Vi no par shs.
and obsolescence of $8,673,621 in 1940 and
Includes reserve for insurance,
After
reserve
for depreciation
$8,167,887 in 1939.
a $50,000 current and $1,377,000 due 1950.
These notes are non-interest
bearing and become payable immediately in event of termination of certain
contracts, but termination of such contracts prior to maturity date of notes
will result in credits which may be applied in partial or full liquidation of
said notes.—V. 150, p. 1926, 1128.
'
Atlas Tack Corp.—Earnings—
Operating profit before
$2,425,413
$3,243,108
Income deductions, incl. int. charges.
Net income....
The net income shown above does not include the company's
Insurance Co., Inc.
dividend requirements on the 100,000 shares of 5% cumul.
preferred stock to be outstanding upon completion of the present financing
will
be
$500,000.
Underwriters—The names of the several underwriters, and the number of
shares to be purchased by each underwriter, are as
follows:
Glore, Forgan & Co
10,000 shs.
Riter & Co.
F. 8. Moseley & Co
10,000 shs.
Blair & Co., Inc
4,000 shs.
Central Republic Co
Lee Higginson Corp
4,000 shs.
The Wisconsin Co.
E. H. Rollins & Sons, Inc
2,500 shs.
„3_—
2,000 shs.
3,500 shs.
Hayden, Stone & Co
To
_
vote
2,000 shs.
x
After
stock (par $50) and 11,000 shares of class
B common stock (no par).
It is proposed to convert each class A common into five shares of Associates
common stock (no par), and each shate of common B stock into one share of
of Associates.
The Associates authorized capital, as of the date of
the merger will consist of 100,000 shares of 5% cumul. pref. stock (par $100)
and 750,000 shares of common stock (no par). On the effective date of the
(giving effect to the conversion of the then outstanding shares of
the Morris company into shares of Associates and the sale by the latter of
an additional 40,000 shares of 5% cumul. pref. stock)
the Associates will
have issued and outstanding 100,000 shares of 5% cumul. pref. stock and
456,747 shares of common.
Lew Fleming, Secretary, in a letter to stockholders, states:
More than 15 years ago the management was cognizant of the importance
of extending the business of the company beyond motor vehicle sales
financing, but because of lack of favor of diversified financing in the past
with banks lending the company money, the management was unable to
directly extend the company into diversified lines.
Diversified financing
was then a new and unexplored field.
However, in 1925 some of the directors and stockholders of the company
merger
organized the Morris Finance Co. (Del.) principally to experiment in financ
depreciation and
'.V..
V
for reorganization
plan
;
Co.—Plan Approved—
Auburn Automobile
of the company was approved
April 19
by Judge Thomas W. Slick of the U. S. District Court at Hammond,
Ind
Attorneys for the corporation submitted evidence that more than
the required 57% of its 3,500 stockholders had joined in the reorganization
agreement.—V. 150, p. 1128.
Baldwin Locomotive
Works (& Subs.)—Earnings—
1940
1939
1938
1937
$37.030,7o2 $28,256,889 $38,084,665 $25,561,619
Cost and expenses...... 30,728,733
26,09z,210 34,193,436 22,573,138
Depreciation
...
1,849,086
1,850,365
1,850,529
1,847,296
12 Mos. End. Mar.
31-
Sales
$4,452,962
Operating profit
Other income
239.491
—
$314,314
132,561
$2,040,700
142,760
$1,141,185
584,081
$4,692,453
1,09j,099
1,432,364
Midvale minority iDt—
747,699
Profit
Int. & misc. deduc'ns...
Federal taxes
$446,875
$2,183,460
931,805
z628,050
438,509
$1,725,266
1,752,869
y607,200
562,898
834,068
565,063
513,524
May 1 on approving the merger of Morris
On the effective date of the merger Morris
Finance Co. will have issued and outstanding 5,500 shares of class A com¬
Finance Co. with Associates.
common
47,202
2,000 shs.
Merge Morris Finance Co.—
The stockholders will
,
28,737
28,044
$0.30
$0.29
Federal and State income taxes.—V. 150, p.
profit
...
— ........
Earns, per share on 94,551 com. shares (no par)...
equity in
the net income of Emmco
The annual
45,992
46,086
49,811
Net
The
Net income
Provision for Federal income taxes
$600®73
$631?933
depreciation
Total income
1.590.
Gross income....
828,098
4,035,308
patents,
Securs. of affil.cos.
x
Other income
57,164
251,571
9,860,900
8,761,725
Preferred stock.„
unconsol.
z
$7,861,941 $10,800,471
' 4,305,095
5,257,454
53,063
57,164
*296,465
gencies
-
1939
,
228*849
accrued
pref. stock..
Reserve for contin¬
on
due
306,050
58,736
Federal Inc. taxes.
Summary of Earnings for Calendar Years
Operating revenues.
Operating expenses
654,480
814,180
al,427,000
3,247,181
subsidiaries
z
$
1
2,260^633
receivable, &c__
acct.
1939
$
<
<fc accrued liabs.
Misc.accts.& notes
Building Co. (a non-finance subsidiary consolidated) amounting to $22,070,
$19,498, and $6,803 for the years 1937, 1938, and 1939, respectively.
mon
rec.
Employ, notes rec.
Marketable
The amounts shown above do not include the net income of Associates
Liabilities—
Accts. & notes pay.
373,368
Accts. & notes
215,325
490,906
$0.54
1940
%
Stock of the Atlas
Surplus
306,653
$1.11
1939
$
$318,726
337,420
631,710
562,246
517,110
170,117
373,589
826,595
1,722,997
1.603,643
1,358,895
1,269,421
1,295,898
249,163
...
1940
Assets—
from
to
85,746
124,580
250.288
Consolidated Balance Sheet March 31
Balance
a
2,166
85,746
187,713
on
Amount earned per share
Current
$83,185
248,682
240,863
292,871
370.902
400,322
402,995
410,991
411,000
555,335
1927..
of the
—
preferred stock
Dividends, common stock
Shares of common stock outstanding.
by the
'
.
Cash Divs.
$401,912
1926
1928
indicated
Available for Paid—Pref.
Dividends
& Common
.$14,155,595
...
NetSurp.
is
1939
1940
3 Mos. Ended March 31—
Inventories
finance
from
directors 6f the
on
p. 2411.
Powder Co
consolidated
of the common stock of this company
April 23 at the annual stockholders' meeting.
The reduction in common stock capital liability from $6,000,000 to $150,000
and the writing off of good-will and franchises will not change the number
of shares of capital stock authorized or issued and outstanding.—V. 150,
Texas.
its
S. Lines—Par Value
share, which had been recommended by the
a
company, was
office.
and
Indies S.
Reduced—
$40 to $1
U. 8. Govt. secur.
company
150, p. 2410.
to engage in such business.— v.
& West
Gulf
Company's subsidiary, the Associates Building Co., owns and operates a
six-story building in the business district of South Bend, Ind.
A sub¬
stantial part of the space is ocucpied by the company for use as its main
The remainder of the space is leased to other tenants.
General Development of the Business—The growth of the business
limiting its activity solely to motor vehicle
trend in the finance business and to make the change to
•
Associates Investment Co. (Texas), a
company
pears advisable that the corporate existence of the Delaware corporation
be merged into this company.
As a result of this merger, the Associates will proceed with a volume in
diversified lines in accounts with which its personnel is entirely familiar.
(Del.), with an office in South Bend, Ind., is
controlled and partly owned by certain principal officers and stockholders
of the company and is engaged in the business of buying retail instalment
contracts on automobiles and other chattels, accounts receivable, and of
loaning money.
^
On March 4, 1940 directors of Associates Investment Co. approved the
statutory merger of Morris Finance Co. into the company and called a
special meeting of the stockholders of the company entitled to vote thereon
for May 1, 1940, for the purpose of considering and acting upon the proposed
merger.
The merger was approved by directors of Morris Finance Co. on
March 5. 1940 and a special meeting of the stockholders of that company
has also been called for May 1, 1940 to consider and act upon the merger.
The proposed agreement of merger provides for the conversion of each out¬
standing share of class A common stock of Morris Finance Co. into five
shares of the common stock (no par) of the company and for the conversion
of each outstanding share of class B common stock of Morris Finance Co.
into one share of the common stock (no par) of the company.
The addi¬
tional number of shares of common stock of the company which will become
outstanding if the merger is authorized by the stockholders is 38,500.
Associates Discount Corp., a wholly-owned subsidiary of the company,
incorp. in Indiana in
1937, engages generally in the discount and finance
1938,
a
Thus, in the opinion of the management, the reason for
Co. is ended and it now ap¬
financing.
the separate existence of the Morris Finance
The Morris Finance Co.
business.
2711
$1,414,289 x$1.465,780
Net profit
x
Loss,
y
$185,096 x$l,197,701
of subsidiary
Includes Federal and Pennsylvania income taxes
companies, z The 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, out does not in¬
clude any
accrual for the first quarter of 1938, the amount
of such tax, if
not being determinable at this time.
Consolidated unfilled orders of Baldwin and subsidiaries, including The
Midvale Co., amounted on March 31, 1940, to $39,613,072, as compared
any,
with
$29,527,682 on March 31, 1939, and with $44,215,799 on
eliminations.—V. 150, p. 2565.
without intercompany
Jan. 1, 1940,
\
->
Baldwin Rubber
"Period End. Mar. 31—
Net profit
Co.—Earnings—
1940—3 Mos.—1939
1940—6 Mos.—1939
after interest,
deprec., Fed. inc. taxes
&c
-
Earns. per sh. on 316.757
shares capital stock—
—Y. 150, p. 2411.
$109,875
'
$0.35
$120,559
$270,553
$277,402
$0.38
$0.85
$0.87
i
The Commercial & Financial Chronicle
2712
Baltimore & Ohio RR.—Annual
Report—
total interest charges were not earned
Extracts from the remarks of Daniel Willard follow:
General Balance Sheet Dec. 31
stated:
find and conclude from consideration of the plan
testimony in support thereof that it is fair and equitable and indeed
highly desirable and advantageous for all the creditors as well as in the puolic
interest: and that it is feasible in that it has a reasonable prospect or being
successfully carried out so that in the long run the creditors will have the
best chance to
common
251.363,109
400,830,078
401,999,915
403,035,688
7,284,811
7,318,865
7,164,626
10,463,200
10,463,200
10,463,200
42,780,619
37,763,500
9,418,904
4,023,946
42,702,233
37,763,500
6,965,103
4,052,360
43,115,297
37,763,501
8,821,076
4,107,388
Pledged
Investment in other misc. phys. property
somewhat improved conditions, are indicative of what the company may
expect to realize in periods of more normal business activity.
The earnings for 1939 were afiected adversely by a suspension of opera¬
tions in the bituminous coal fields for about six weeks in April and May,
and the income was further decreased by the
$90,395,293
6,917,957
91,306,225
Cash
Loans and bills receivable
Traffic and
car
Net bals.receiv. from agents &conduc'rs
Miscellaneous accounts receivable
Materials and supplies
Other current assets..
Deferred assets
3,371,234
2,971,995
.
debits
Total
1,206,747,086
Total
-
Liabilities—
A
by or
for Co.
/
$
60,000,000
1,136,863
Govt, grants In
on
full time
256,295,348
58.863,137
*
,
aid of constr.
4,421,187
Int.-bear.obiig.814,102,220 147,398,600
Dayton & Mich,
,/
4,421,187
444,622
673,357,870
$70,412,593
stock..
2,396,950
2,396,950
I,**5,950
1,211,250
1,211,250
1,211,250
99,350
99,350
99,350
5,000
Co. cap. stk.
100,000
650
Capital stock
3,200,000
6,700
Mtge. bonds.
Clearf. & Ma-
2,000,000
Alleg.
West.
&
hon.Ry.Co.:
Capital stock
900,000
3,193,300
Rev. passengers carried.
3,828.051
4,049,282
4,887,913
5,106,067
Rev. passenger miles...504,573,240 504,573,240 611,624,626 553,625,349
per passenger
141.20
124.61
125.13
108.43
Aver, rate per pass, mile
2.008 cts.
2.093 cts.
1.49 cts.
2.020 cts.
Tons
rev.
frt. handled._
Rer.tonm. (000 omitted)
Average miles per ton
Average rate per ton mile
(mills)....
Rev. tons per train mile.
74,571,712
15,399,384
206.50
61,141,393
12,678,994
207.37
85,099,147
16,845,283
197.95
9.12
918.50
9.10
8.74
899,350
650,000
650.000
650,000
3,761,602
8,221,447
12,198,743
Miscellaneous accounts payable
Interest matured unpaid
2,623,116
3,276,149
10,342,896
2,328,350
3,684,592
*2,131,454
83,581
83,901
299,300
$,459,381
650,000
car
9,603,327
1,715,682
83,420
15,300
3,707,412
Dividends matured unpaid
Funded debt matured unpaid
903.74
878.93
195.79
Years Ended Dec. 31
1939
Aver, miles operated..
1938
1937
1936
6,307
6,345
6,371
6,396
$
$
$
140,455,928 115,426.378 147.212,330 147,816,918
10,856,060
10,561,495
11,918,602
11,182,941
Mail
3,151,329
3,089,654
3,225.200
3.078,136
Express
1,711,921
1.315,894
1.750,329
1,915,418
Other transport, revenue
2,270,366
2,029,042
2,443,098
2,507,443
Miscellaneous revenues.
2,584,647
2,299,866
2,886,877
2,491,824
Ry. Oper. Revenues—
Freight
Passenger
Unmatured rents accrued
v
$
Total ry. oper. revs..161,030,252 134,722,330
169,436,436 168,992,681
Railway Oper. Expenses—
15,172,308
12,231,721
16,947,206
15,423.320
35,857,609
28,817.489
38,069.094
38,029,073
Traffic
.
Miscell. operations
General
Transp. for invest.—Cr_
4,748,994
57,007,080
1,491,128
5,636,871
12,915
Total ry. oper. exps..119.901,075
Net rev. from ry. oper.. 41,129,177
Ratio of oper. exps. to
operating
revenues
Other Oper.
74.46%
4,444.050
52.957.967
1,440,234
5,114,367
21,806
104,984,021
29,738,309
77.93%
Charges—
Total other oper.
chgs. 15,604,077
income... 25,525,100
41,017
Other deferred liabilities
4,950,084
61,195,717
1,769,679
5,936,657
8,921
4,702,813
57,227,837
1,515,647
6.717,039
15,396
Insurance
76.05%
73.14%
10.412,774
2,577.237
1,896,503
10,918.554
2,628,942
2,120,798
reserve
Add'ns to prop, through inc. & surplus..
Premium on sale of common stock
Profit and loss balance....
14,246,284
1,206.747,086
497,376
1,785,171
1,740,606
1,762,165
91,530,444
2,964,400
13,669,819
488,415
27,707,258
3,355,721
28,786,335
$1,015,579
2,963,115
.
12,972,651
439,588
2*,053,739
3,355,721
43,990,719
1,198,813,785 1,214,130,093
x Includes interest due and paid Jan. 1 of following
year.
Note—As of Dec. 31, 1939, the following securities bear the endorsei»«at of the
Baltimore & Ohio RR. Jointly with other companies, viz.: Kentucky A Indiana
Terminal RR. 1st mtge. bonds, $7,041,777; Richmond-Washington Co. guaranteed
collateral trust mortgage bonds, $10,000,000; Washington Terminal Co. 1st mtge.
bonds, $11,915,000; Cincinnati Union Terminal Co. 1st mtge. bonds, series E,
$11,970,000, and 1st mtge. bonds series D, $24,000,000; Monongahela Ry. Co. 1st
$11,534,000, and Alton RR, Co. note for $1,685,72$.
mtge. bonds series A,
Period End. Mar. 31—
Freight revenues
Passenger revenues
Mail revenues...
Express
1940—Month—1939
revenues
All other oper. revs....
Railway
1940—3 Mos.—1939
$11,675,331 $11,051,496 $35,813,862 $30,028,545
716,806
680,992
2,242,296
2,206,480
259.279
249,728
757,107
729.060
,
148,825
407,391
178,159
363,109
338,226
349.802
1.255.570
1,100,126
revs...$13,207,632 $12,523,484 $40,407,061 $35,314,013
1.136.827
978,820
3,378,967
2.685.050
3,049.335
2,776,172
9,871,112
7,806,935
Traffic expenses
404,338
389,942
1,169,377
1,097,668
Transportation expenses
4,980.644
4,582.069
15,424.270
13,448,398
Miscellaneous operations
115.095
99,344
341,181
301.739
General expenses
496,146
501,771
1,488,527
1,533.091
Transp. for investment.
Cr228
Cr3,901
Cr5,281
Cr4,359
oper.
Maint. of way & struc..
Maint. of equipment...
Net
from ry. oper.
$3,025,475
Railway tax accruals...
Equipment rents (net)..
Joint fac. rents (net)...
951,714
173.376
Net ry. oper. income.
150, p. 2080.
rev.
$8,738,908
2,874.909
$8,445,491
2,638,228
538,484
150,993
$3,199,267
890,978
174,467
108,332
461,789
476,540
374,055
$1,749,392
$2,025,490
$4,863,726
$4,956,668
—V.
Bangor & Aroostook RR.—Earnings—
Period End. Mar. 31—
Gross operating revenues
Operating
expenses...
1940—Month—1939
$661,810
357,225
$715,170
384,107
1940—3 Mos.—1939
$1,730,674
1,051,679
3,035,706
1,949,014
15,668,294
24,908,625
4,647,5^4
6,554i711
30,185,305
7,246,694
30,172,664
19.059,753
31,463.336
37.431,999
15,207,042
Net
rev.
from opers..
Tax accruals...
Operating income
Other income
Interest
Other
32,184,283
32,184,031
y720.695
4,538,975
on
funded debt.
deductions
$304,585
69,83 1
$331,063
72,893
$678,995
172,683
$789,146
184,491
$234,754
Drl7,501
$258,170
Z>rl8,040
$506,312
Drl4,969
$604,655
Dr22.681
$217,253
61,837
2,412
$240,130
63,046
1,840
$491,343
185,509
9,669
$581,974
189,141
8,285
$153,004
$175,244
$296,165
$384,548
32,893,024
x9.751,008 yl3,124,530
$1,865,833
1,076,687
X
10,222,322
Net income
*
Excludes passenger trackage rights between Phila.
and Jersey City
amount *hat otherwise
might have been applied to payment'of
the following contingent interest charges was
under the permissive pro¬
visions of the plan applied to capital mnd
$2,000,000, and to restoration
of working capital
$7,751,008.
The contingent interest charges are as follows: Secured
interest charges
*7,111,820; unsecured interest charges $4,261,395; total
109,990
701,954
2,922,737
492,648
1,122,661
15,039,864
527,583
7,751,008
29,702,585
3,355,721
128,859,516 123,600,333
40,576,920
45,392,347
14,886,515
14,851,794
4,207,959
rent for leased
roads & other charges. 20,421.656
Net profit
41,017
628,373
12.785,526
1,813,567
1,787,247
96,777,711
4,018,580
Tax liability..
Gross income
Gross income..
Interest
17,300
6,453,244
Liability for provident funds
a
Railway tax accruals
10,767,991
Equip, rents (net debit).
3,084,547
Jt.facil.rents (net debit).
1,751,538
Net ry. oper.
Other corporate income-
2,827,934
657,038
Other current liabilities.
Maint. of way & struc..
Maint. of equipment
Transportation
899,360
899,350
Earnings for the Month of March and Year to Date
Income Account
*
Unmatured interest accrued
9.28
850.82
81,367,075
15,931,233
2,000,000
650
Traffic and
Total
Avge. miles
$.193,300
2,000,000
service balances payableAudited accounts and wages payable
Mtge. bonds...
Inter-company non-negotiable accounts.
Sinking fund reserves
Approp. surplus not specifically Invested
1936
3,193,300
2,000,000
26.70% of each dollar of net operating revenue.
Commencing Jan. 1,
1940, the railroad retirement tax late is increased from 2%% to 3%.
General—At the end of the year there were 39.339 registered holders of
both classes of the company's capital stock, with average holdings of 80
shares.
Continued cooperation of the shareholders and others interested
in the property in the solicitation of business for the
company is earnestly
requested and will be greatly appreciated.
1937
4,947
Ry. Co.:
Other unadjusted credits
1938
.
666,703,621
Accrued depreciation—equipment
1939
$
2*6,295,348
*$,863,137
Hone Ave. RR.
Total taxes for 1939 absorbed 6.82 cents of each dollar of gross revenue and
Statistics for Calendar Years
1937
$
256,295,348
58,863,137
RR. Co.:
37,306, an increase over 1938 of 3,864 employees or 11.55%, with
compensation of $74,825,272, an increase of $9,258,943 or 14.12%.
The average annual compensation per
employee In 1939 on full time basis
was $2,006, an increase over 1938 or $45 or 2.29%.
Taxes—Railway tax accruals for 1939 aggregated $10,767,991, to which
should be added miscellaneous tax accruals of $215,509, making the total
tax burden for the year $10,983,500, compared with $10,717,047 for 1938,
an increase of $266,452.
Included In the taxes for 1939 was payroll taxes
of $4,217,819 for unemployment compensation and railroad retirement.
total
1938;,
$
6,752
1,211,250
1939
1,198,813,785 1,314,130,093
1939
$
.
Common stock.256,302,100
Preferred stock.
30,618
2,935,814
2,424,118
Held
—-Issued
2,401,950
service during
67,200
1,731,426
1,551,227
3,148,270
7,345,299
1,181,959
2,435,773
4,253,363
6,507,981
1,767,156
51,610
Interest and dividends receivable
Unadjusted
209,226
154,605
Com. stock..
of employees in
7,324,178
3,724,737
6,746,736
1,594,683
71,530
1,985,770
1,484,502
4,328,680
12,297,325
1,449,679
28,248
3,794,145
2,292,742
2,193,051
service bal. receivable
Pref.
revision.
The average number
basis was
93,191,252
7,251,731
3,811,677
8,553,705
715,356
Special deposits
necessity for substantial
The company's interest-bearing obligations were reduced by $6,654,249,
chiefly in equipment trust certificates, and current assets in excess of current
liabilities were $8,113,473 at
Dec. 31, 1939.
The contingent interest
accrued under the plan and unpaid to Dec. 31,1939. aggorgates $12,256,552,
Employees and Compensation—The level of wages established by agree¬
ment between the company and its employees through the medium of the
National Mediation Board prevailed throughout the year without general
/ 93,400,080
7,122,994
3,225,091
12,242,495
$910,932
205,036
3,225,091
Miscellaneous
months of the year, so
hopper, gondola and box cars which have been contracted for.
1,588
67,025
Unpledged
Pledged
Stocks
Bonds
expansion
of maintenance forces and expenditures during the *ast four
that the company s equipment might be placed in
position to handle enlarged traffic and to meet any emergency which might
arise.
As a result, the bad order freight cars, which at Sept. 1 represented
17% of ownership, at Dec. 31 were less than 5% of ownership, and loco¬
motives requiring repairs were reduced to 354.
The car equipment will
be turther strengthened by the delivery early in 1940 of 2,200 all-steel
415
11,804
Deposits In lieu of mortgaged prop. sold.
••
for 1939, both gross and net, show marked
increases over 1938.
Total revenues were $161,030,251, an increase of
$26,307,921 or 19.53 %, and income available for fixed charges was $30,172,663, or $11,112,910 over the year 1938.
These earnings, reflective of
583
11,771
Investment in sinking funds
Investments in other companies:
•
The earnings of the company
Unpledged
$41,615,936 $1,164,683
37,763,500
Miscellaneous
4,269,351
5,149,552
ultimately avoid substantial loss on their investments, and
carrier."
247,214,755
•
the railroad will be enabled to continue its service to the public as an inter¬
state
245,269,649
Stocks
*
..
"In short summary, we
307,913,387
Bonds
those who had invested in the company's securities and
public interest.
The U. 8. District Court for the District of
and the
306,679.283
Perpetual leaseholds—capitalized (per
contra)
Inv. In sub. & affil. cos. separately oper.:
to protect
following the hearings
$
310,581,097
Equipment
Subsidiary companies operating as con¬
stituent parts of the companies
Miscellaneous physical properties held
for transportation purposes
maturities during this period, was designed to afford a period during which
the company's credit might be restored and was deemed to be the best
Maryland, acting under Chapter XV of the Bankruptcy Act, entitled
1937
$
Road
through the operation of the sinking fund.
"Railroad Adjustments," in rendering its opinion
1938
$
Investments in:
The modification plan, which became necessary as a result of the long
and severe business depression and the necessity to meet and refund large
to be in the
1939
Assets—
company's plan for modification of interest charges and maturities, through
59.206 or 77.77% of the 76,128 individual and
corporate holders, and $476,489,928 or 87.79% of the $542,810,628 of
securities affected.
Under the plan, over $166,270,421 of nearby maturities
were extended for periods of from five to ten years, and fixed interest
charges of the company and its subsidiaries, which had been $31,421,742,
were modified so that $19,644,679 remains fixed and $11,376,435 for the
period of eight years becomes contingent on earnings, as ascertained and
applicable pursuant to the plan.
The deferred charges continue as an
obligation of the company and are payable at or before the maturity of the
respective obligations.
Pursuant to the pian, in the discretion of the
board, there may be applied out of Income to the creation of a fund for
capital improvements to the company's property not to exceed 2H%
of gross earnings for each year, and for the year 1939 only, not to exceed
$10,000,000 to increase the company's net working capital.
No dividends
may be paid on any class of the company's capital stock untii all accrued
contingent interest shall have been paid, and until 75% of net income
after interest charges for the first five years, and 50% or such net income
thereafter, shall have been paid into a sinking fund, which is to continue
until $100,000,000 of funded obligations ol the company shall have been
the voluntary cooperation of
means
$11,373,215; net amount by which
$1,622,207.
Loss.
y
Foreword—The outstanding accomplishment of the year, and perhaps an
epochal one in the history or railroad finance, was the effectuation of the
retired
April 27, 1940
charges carried to profit and loss
est
contingent inter¬
a
Including maintenance and depreciation.—V. 150,
Barber
p.
2411.
Asphalt Corp.—Earnings—
[Formerly The Barber Co., Inc.)
Period End. Mar. 31—
Net profit after deprec.,
taxes, &c
—V. 150, p. 2411.
1940—3 Mos.—1939
$8,414 lossSlOO,652
1940—12 Mos.—1939 1
$653,518 loss$318,204
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Earnings for 3 Months Ended March 31
1940
Gross
profit
$1,157,608
Selling, general and administrative expenses......
646,238
Prov.fordeprec. of bldgs., equip. & automobiles..
39,410
Amort, of cost of cigar machines licenses and
patent rights
538
—_
_
Assets—
...
..
Net profit...........
Dividends
Dividends
Earnings
on
on
7% 1st preferred stock
common
per sh. on
stock
393,060 shs.
common
stock...
expense &
deferred charges
$287,976
22,593
73,701
$0,68
the three nontbs of controlled company (not
consolidated)
in the above statement of consolidated profit and loss.—V.
March—
Total——.$4,312,644 $4,287,507
From Jan.
$994,873
320,030
282,603
1,960,738
1,389,605
def170.591
def200,896
913,803
def384,352
def407,904
2,595,026
630,310
650,439
1—
Gross from railway
Net from railway
Net ry. oper. Income
198,851
188,389
—v. 150.p.2412.
its subsidiaries..
Interest charges...
1940
1938
1937
*
.$17,609,529
2,224,026
$6,854,614 $14,065,328
1,781,764
1,732,166
$8,481,791
1,825,354
dpplet., deprec.
andobsol&ence.....
4,494,364
$2,4C9,059
4,077,942
'4,247,378
profit for period..$10,891,139
Earns, per share on com¬
mon stock outstanding
$3.02
Net
Before provision for surtax
on
'
4,039,329
y$994,908 y$8,293,833
$0.17
Nil
undistributed profits.
common stock outstanding in the hands of the public
quarter as compared with $3.74 per share for the fourth
quarter of 1939 and 17 cents per share on 3,183,984 shares of common stock
for the first quarter of 1939.
The 5% cumulative preferred stock of the corporation was called for
redemption at par ($20. per share) on April 1, 1940.
The expenses (parflv estimated, amounting to approximately $570,000)
incident to the issue and sale by the corporation on March 7, 1940, of
2,984,994 shares of
at the end of that
debentures,
$30,000,000
consolidated mortgage
3%
bonds, series G, and $40,000,000 consolidated mortgage 3H% bonds,
series H, were charged to income account for the first quarter of 1940. The
discount (amounting to $2,350,000) on the sale of those securities has been
set up as a deferred charge to be amortized over the respective terms of
the deoentures and bonds.
1938
1937
$7,160loss$304,054
z
y$410,413
$0.35
After taxes,
$1,000,478
$1,066,465
Nil
Nil
.
ating expense)
1940
1938
»
(incl. oper-
768,295
1,139.742
$22,049
—-
Net loss..................
x
1939
$746,246
y$139,264
1,076,803
~
$10,338
x
All deductions, including depreciation and depletion, made, except
income taxes,
y $95,251 of this amount was charted off for abandonment
of oil leases and the drilling of two non-productive oil wells.
Comparative Balance Sheet March 31
1940
Accts. & notes rec.,
less reserve.
Inventories......
1940
1939
$283,765 Notes payable
$1,000,000
Trade accts. pay'le
—not due.
1,644,624
188,204
1,867,184 Miscell. liabils.
30,077
$500,000
Notes payable....
1,315,470
1,603,727
Property in course
of liquidation...
Producing oil prop¬
erties (at cost)..
Permanent
Liabilities—
1939
$243,135
1,000,000
98,007
121,231
747,307
764,712
309,080
237,420
62,408
......
7% cum. pref. stk.
(par $100).....- 711,550
x Common stock.. 2,412,682
331,975
27,445
17,772
711,550
2,547,208
assets
Deferred assets
14,695
17,147
Total
.—..$4,348,573
$5,058,7061
Total.....
x
Represented by 263,700 no par shares
shares in 1939 —V. 150, p. 1928.
in
$4,348,573 $5,058,706
1940 and 270,000
par
no
Briggs & Stratton Corp.—Earnings$509,892
24,188
$441,762
22.915
1940—12 Mos.—1939
$1,250,286
$1,038,953
93,003
88,514
1940—3 Mos.—1939
Period End. Mar. 31—
Net profit from oper—...
Provision for deprec
$485,704
$418,848
$1,157,283
——
24,719
21,731
105,361
75,270
Prov. for Income taxes..
$510,423
111,529
$440,578
96,590
$1,262,645
264,139
$1,025,708
204,919
$398,894
$344,188
$998,505
$820,789
Net profit..
i*.
$950,438
Other income, less misc.
charges...
\
$50,242,0<X>, principal amount, of consolidated mortgage 3%% bonds,
series E, of the corporation were called for redemption on April 15. 1940
at 105 and int. to redemption date and $50,390,0^0, principal amount,
of consolidated mortgage 4M % bonds, series D, of the corporation have
been called for redemption on July 1, 1940, at 105 and interest to the
redemption date. The premiums on the redemption of, and the unamortized
discount on, such bonds have been or will be charged to surplus account.
The estimated value of orders on hand March 31, 1940, was $255,802,117
as compared
with $287,002,024 on Dec. 31, 1939, and $192,040,906 on
March 31, 1939.
Steel production (ingots and castings) averaged approximately 87.4% of
capacity during the first quarter of 194C as compared with 98.6% during
the fourth quarter of 1939 and 53.8% during the first quarter of that year.
Current steel production is approximately 74% of capacity.
Large Ship Contract—
Company will construct three vessels at $3,075,000 each for the Mis,
sissippi Shipping Co. of New Orleans as a result of a contract awarded it by
the Maritime Commission, the commission announced.
The vessels are
to be used between Gulf ports and the east coast of South America.
To
oil and gas operations)
Cost of sales and rentals
Other assets......
$2.01/?
E. G. Grace, President, states:
:
The net income for the first quarter of 1940. after deducting dividends for
that quarter on the preferred stocks, is equal to $3.02 per share on the
$35,0Q0,000 serial
1939
Bridgeport Machine Co.—Earnings—
(less reserves)..
.
335,043
379,903
394,137
y Before provision for surtaxes on undistributed profits,
depreciation and all other charges.—Y. 150, p. 1756.
Cash.
1939
V
1940
$361,374
$0,38
share.....
Assets—
Corp.—Earnings—
3 Mos. End. Mar. 31—
Total income of corp. &
y
per
'"S:
Bethlehem Steel
Prov. for
3 Mos. End. Mar. 31—
Net income
Earnings
1937
1938
$360,387
defl7,677
defl5,246
1939
239,890
323,728
Total.—$4,312,044 $4,287,507
3 Months Ended March 31—
Sales and rentals (incl. receipts from
$517,463
def92,009
defll5,620
3,953,025
se¬
[Excluding Unconsolidated Subsidiaries]
z
RR.—Earnings—
1940
sale of
Bridgeport BrassCo.—Earnings—
is not included
150, p. 1420.
$696,853
55,793
32,335
Gross from railway.....
Net from railway.
Net ry. oper. income.—
on
$41,738
7,994
"—V. 150, p. 1130.
x Including dividends of $5,250 from controlled company not consolidated.
Note—The equity of Bayuk Cigars, Inc., in undistributed earnings for
Bessemer & Lake Erie
Loss
375
375
Surplus income
$366,333
5,199
73,158
1939
1940
curities (net) Dr.
*24,480
$509,798
1,553
104,171
4,232,837
Prepaid
$341,852
$404,075
14,700
98,265
$0.99
...
notes payable (net)
Provision for taxes on income...
on
curities
Liabilities—
1939
$41,738
$44,737 Div. pay. Apr. 15.
7,583
21,625 Accrued liabilities.
Cap. Bhs. (260,860
shs. no par)
3,953,025
4,220,770
Paid-in surplus...
239,890
$56,033
23,399
DIvb. receivable..
Investment in se¬
5,259
x38,375
Total
1940
Cash in bank
1939
$981,285
595,409
38,765
$471,423
Profit
Discount, rental, divs, & miscell. income..
Interest
2713
Balance Sheet March 31
Bayuk Cigars, Inc.—Earnings—
Pay $1.25 Common Dividend—
on April 25 declared a dividend of $1.25 per share on the
stock, payable June 1 to holders of record May 10.
Dividends
paid on March 1, and on Dec. 1, last, and 50 cents was paid on
Sept. 15, last, 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.
V. 150. p. 2248.
Directors
Net profit
—V. 150. P. 1422.
British Columbia Power
Corp., Ltd. (& Subs.)—Earns.
§ Mos. End.
—Years Ended June 301939
1938
Dec. 31
1940
Period—
Gross revenuea—......
Operating expenses, incl.
municipal taxes..
Prov.for deprec.& renew.
4,010,630
1,143,582
60,000
&
fees
7,943,982
1,927,153
125,000
7,573,820
1,868,989
108,000
7,332,895
1,940,955
41,825
10,500
551,247
Prov. for accidents
Legal
85,240
21,000
943,266
102,660
21,000
926,433
97,493
20,913
933.131
Prov. for income taxes..
on
60,000
executive
remuneration.
Directors' fees—
Int.
1937
$8,065,385 $15,441,242 $15,057,311 $14,908,788
bonded debt and
divs. on pref. stocks of
subsidiary cos., &c._
1,172,185
2,341,628
2,412,642
2,757,173
$1,075,417
1,000,000
$2,053,973
2,000,000
$2,043,868
2,000,000
$1,766,229
1,700,000
$75,417
$53,973
$43,868
$66,-229
$1.08
$2.05
$2.04
_
Net income
Divs. on class A shares.
.
common
of $1 were
Boston & Maine
RR.—Earnings—
$3,859,320
2,883,450
Operating revenues
Operating expenses—
1940—3 Mos.—1939
$3,839,754 $11,678,181 $11,167,603
2,861,594
8,777,863
8,288,729
Net oper. revenue—
Taxes.
$975,870
286,894
$978,160
304,069
$2,900,318
887,410
Equipment rents—Dr._
220,682
224,296
649,764
Joint facU. rents—Dr...
8,821
13,788
48,403
Net ry.opef. income..
Other income—
$2,878,874
911,048
679,769
66,619
$459,472
99,014
$436,007
96,854
$1,314,741
317,486
$1,221,438
$558,486
Total income...
Earns, per
shares
-
sh. on class A
$532,861
$1,632,227
$1,533,480
312,042
(rentals,
interest, &e.)—.....
616,808
620,948
1,850,648
1939
$58,322
$88,087
$218,421
1939
933,601
1,406,812
1,770,818
Investments—
178,257
mmmmmrn'
1,988,324
2,670,072
Divs. declared..
unexpired &
prepaid items.
Employees housloans, Ac
Stores, materials
and supplies..
Plants & equip.,
512,226
735,920
Bond debt.....
38,497,624
323,344
749,600
38,497,624
130,748
191,052
accrued......
112,814
124,370
1,550,894
1,509,639
Capital stocks of
subs, held
by
.
public:
•
'
•
V
B. C. El. Ry.,
115,768,818 116,146,443
$319,618
Total deduc'ns
$
Deb. & bond int.
Ins.
&c
30,
1939
$
54,308 Duetobks. (net)
954,101 Accts. payable,
incl. res.
for
1,435,725
Income taxes.
1,015,327
Cash
Bd. refund, exp.
Accts. receivable
June
1939
Liabilities—
$
$
Assets—
Dec. 31,
June 30,
1,853,098
Net deficit—
$1.77
Consolidated Balance Sheet
Dec. .31,
v
1940—Month—1939
Period End. Mar. 31—
Balance
Ltd/, 6% per¬
petual pref—
6,984,000
6,984,000
5,000,000
5,000,000
B.C.E.Pr.A
Gas Co. Ltd.,
I
Deposits—
0% pref....
Min. sharehTdrs
Deposits of bonds in assent to the plan of exchange have been increased
by the deposit of $3,000,000 of the bonds held by the Equitable life Assur¬
ance Society of the U. 8., it was announced April 23.
Smaller deposits
that have been received in the past few days, have lifted the total deposited
to $88,782,000 or about 85.8% of the total of $103,500,000 of the bonds
affected by the plan now outstanding,—V. 150, p. 2413.
Brazilian Traction, Light & Power Co., Ltd.—Earns•
Period End. Mar. 31—
1940—Month—1939
Gross earnings from oper $2,990,633
$3,287,149
1,479,212
1,620,147
$1,511,421
Operating expenses
$1,667,002
1940—3 Mos.—1939
$8,851,929
$9,674,899
4,391,318
4,695,515
x
Net earnings.....—
x
Before depreciation and amortization.—V. 150, p. 2082.
Boston Personal
$4,979,384
3 Months Ended March 31—
1940
$45,510
3,713
—
Accrued Federal income tax
1939
Cap. stock...
Cap. surplus
$39,755
384,928
...
942
$40,855
$37,490
...
395,019
384,150
$435,874
41,738
$421,640
41,738
$424,683
41,738
$394,137
$379,903
$382,945
—
—
....
Surplus income at March 31——
1,034,489
x
121,674,505 122,030,867
Total
x
Total
6,115,765
—121,674,505 122,030,867
Represented by 1,000,000 class A shares and 1,000,000 class B shares,
1,500,000 class B
part of an authorized issue of 1,500,000 class A shares and
shares, both classes without par value.—>-V. 150, p. 2249.
Brooklyn & Queens Transit System—Earnings—
—
....
1940
$1,797,206
1,427,332
1939
$1,832,080
1,486,139
$369,874
199,769
$345,941
212,505
$170,105
13,531
March—
Net revenue from operation
Taxes
on
operating properties
—
$133,436
13,715
$183,636
131,807
$147,151
137,921
$51,829
$9,230
348
—
Net non-operating income
Gross income
Total.———
Dividend declared
59,250,000
Earned surplus.
Operating income.—
Net income.
Surplus income ftt Jan. 1
1,319.631
59,250,000
6,115,765
1,117,384
1938
$43,802
3,698
3,446
1,374,453
reserves
Month of
$42,282
3,775
1,016
3,440
Gen. & accident
Total operating revenues
Total operating expenses —
Property Trust—Earnings—
Income from securities
Deductions.—
$4,460,611
of subside....
...
.......
Total income deductions
Current income carried to surplus......
-Y. 150, p. 2083.
—;
.......
The Commercial & Financial Chronicle
2714
(Edward G.) Budd Mfg. Co.—Earnings—
Co.- -Earnings-
British Columbia Telephone
$4,984,154
47,154
79.551
$5,619,755
$5,456,972
$5,063,706
2.996,340
2,915,723
2,742,975
2,509,395
9,000
9,000
15,526
9,000
14,763
88,692
460.803
9,000
12,235
385,627
862.305
460,918
822,762
494,498
$5,579,618
40,136
$5,829,933
x
Maint., oper. employees'
benefit fund, &c
Directors' fees
Legal expense,
Salaries of exec, officers,
Dom.,Prov.& munic.tax.
Depreciation
Interest on bonds
...
13,580
88.522
84,620
417.688
401,826
891.913
940,411
518,906
35,000
94,457
476,115
35,000
92,502
x
_
on
6% pref'ence stk
Div.
on
6 % prefd stock,
on
ordinary stock,.
Quar. End. Mar.
Net profit
Earnings
common
x
$260,195
on
35",065
$716,495
$716,805
$702,622
60,000
270,000
360,000
60,000
270,000
360,000
60,000
270,000
60,000
360,000
348,750
b Def., amt.
$26,495
$26,805
$23,872
Other income
,
270,000
Balance Sheet Dec. 31
1939
$
$
Real
Liamilies-
bldgs.,
est.,
plant and equip.29.170 485
780,240
Northwest Tel Co.
27.207.119
255,000
540,000
63,520
73,050
730,582
Material in stores.
1st mtge.
bonds.
Greater Vancouver
Water Board 4%
75,000
265,248
252,587
Accrd. inc. not due
6,449
Prepaid expenses.,
230,653
13,100
98,791
816,797
857,197
Accts. receivable..
281,926
23,817
533,464
1,932,560
Cash
1,813,980
credits..
for
fire
accident
$5,385,562
$4,934,054
price
Deferred
I
$
Liabilities—
3,332,550
3,332,550
83,486
600,371
85,179
123,720
10,000,000
5,695,563
Bond interest and
12,182,295 12,157,371
5,000,000
5,000,000
3,979
10,888
1,881,240
1,945,032
receivable.
Acc'ts
a
cum.
prefer¬
ence stock
1,000,000
I
of
1939
1940
1939
property in terms
571,458
606,458
and operating agreement, repre¬
b From Oct. 1,1938 to Jan. 31, 1940. c Loss.
ordinance
1st mtge. 5s__
Cash on hand
con¬
«■
acc'ts
payable..
Suspense (contra).
Capital stock...-.10,000,000
Surplus
5,651,477
assets
123,720
600,371
(contra)..-
6%
1,000,000
4,500,000
4,500,000
607,328
a
19,667,884 19,237,012
Total.
19,667,884 19,237,012
Total
Amount short of 5% of purchase price
for period from Oct. 1, 1938 to
Jan. 31, 1939, and year ended Jan. 31, 1940, provided
future receipts, as per ordinance.—V. 148, p. 2258.
33,520,952 31,664,128
to be paid from
Cambpell, Wyant & Cannon Foundry Co. (& Subs.)—
1937
*
$716,158
17,683
$553,101
$714,212
188,050
45,717
$733,842
$559,817
190,042
200.000
45,891
38,475
3,455
3,511
3,786
47,905
54,421
45,639
59,655
501
$317,053
95,625
150,000
operations
$694,611
19,601
Total income
funded debt
...
Other interest charges
Amort, of bond disct. and exp
Miscell. income deductions
(estimated)
Net income
a$374,663
a$389,105
Preferred dividends
90,000
Common dividends
120,000
6,716
90,000
150,000
Equivalent to $7.12 per share of common in 1939 and $7.43 per share
in 1938.
Notes—No Federal income tax was paid for the year 1937 after deductions
of rate refund for year ended March 15, 1935 and interest accrued thereon
in accordance with the Public Service Commission Amendatory Order,
1937, in Case No. 7,908, and after allowing for annual de¬
preciation deductible under Treasury regulations.
y
1937
1938
1939
1940
3 Mos. End. Mar. 31—
x
1938
1939
Net earnings from
common
$5,695,563
166,627
Balance Sheet Jan. 31
of ordinance
loss,
&
Total
Other income
a
$5,651,477
$
Franchises
8,153,381
Quantity of gas sold (cu. feet) ..2,115,349.200 2,090,735,700 2,002,818,000
Rev. from sale of gas
$2,574,807
$2,559,466
$2,483,070
Oper. expenses, incl. retire, exp.
1,516,303
1,485,204
1,553,534
Taxes, excl. Federal income tax.
363,892
358,103
376,435
of
$407,824
4,526.230
1940
;
Purchase
Brooklyn Borough Gas Co.—Earnings—
Income tax
$451,508
4,934,054
Earnings—
Calendar Years—
on
5,695,563
$310,001
5,385,562
unification
Assets—
600J20
—V. 150, p. 1422.
Interest
$574,45_
c$44.086
to
Pursuant
26,133
20,692
600,720
Empl. benefit fund
Res. for deprec. of
bldgs. plant and
8,416,616
equipment
6% cum. pref. stk. 4,500,000
Ordinary shares.. 4,500,000
Surplus
537,260
33,520,952 31,664,128
def22,858
$618,136
166,627
senting interest on capital,
515,454
tingencies
2,722
charges—'
15,617
$476,628
166,627
299,652
Res.
debt
dlsc't & expense
Total
8,945.000
Unearned rentals..
Deferred
bonds...
„
123,720
det'4,530
$122,542
166,627
Surplus at Jan. 31—
a
$604,879
$597,310
476,651
Previous surplus
2,045,000
bonds
tatge.
$602,518
def8,926
Net income
Accrued liabilities.
3% serial bonds.
Deferred
-
4Mb due June 1,
1961
12,500,000
Accounts payable.
City of Vancouver
Unamortized
1st
1937
1938
1939
$608,119
short of 5%
price.
Interest on bonds
$
1st mtge. gold bds.
due Dec. 1,1960
Ry. Co.—Earnings—
1940
Co.'spropor. of 40% of
Chicago 8urface Lines
residue receipts
Total income
1938
1939
1938
A s self—
Federal income tax.—V. 150, p. 1757.
Calumet & South Chicago
a
$0.26
Nil
$0.13
$0.26
stock
38,000
62,708
$261,706
....
After interest, depreciation and
69,635
1937
1939
1938
$135,506 loss$195,961
1940
31—
share
per
purchase
Surplus.
Federal tax.—V. 150, p. 1757.
Budd Wheel Co.—Earnings—
x
$29,931
DIv.
$0.19
Nil
Nil
$0.14
Years End. Jan. 31—
Div.
1937
$426,454
„.
After interest, depreciation and
$719,931
Contingent reserve.,,,.
Amort, of bd. disc. & exp
on
stock
common
Total revenue
share
per
1938
$101,389 loss$256,912
$341,532
Net profit
Earnings
1939
1940
Quar.End.Mar.Zl-—
1936
1937
$5,409,818
1938
1939
Years Ended Dec. 31—
$5,794,023
Operating revenue
35,910
Non. oper. rev. int., &c_
April 27, 1940
$228,449
$1,250 loss$80,176
$218,772
Nil
Nil
$0.65
$0.63
After all charges and taxes,
x Capital stock.—V. 150, p. 1928.
Net
profit
Earns, per share
y
Indicted—
Campana Gold Mines, Inc.—Promoters
The Department of Justice and the Securities and Exchange Commission
April 16 reported that a Federal Grand Jury in the U. S. District Court at
Chicago returned an indictment charging Philip J. Kealy and William 8.
Deree, both of Chicago, Elmer E. Pope and Dorothy Pope, both of Parkersburg, W. Va., D. H, Byrd and Jack Frost, both of Dallas, Texas, and A. R.
Byrd Jr., of Tucson, Ariz., with fraud in connection with the sale of stock
of Campana Gold Mines, Inc.
The 14 count indictment charged that the defendants devised a scheme
to defraud numerous investors through misrepresentations, manipulation
of the market for the stock on the Chicago Curb Exchange and other fraudu¬
lent devices.
Among the misrepresentations made, according to the indict¬
ment, were statements that the mining properties of the company in Mexico
would earn over $1,000,000 a year, that the defendant E. E. Pope had
donated a large block of stock to the company, and that the services of
A. R. Byrd Jr., who was managing the property, were worth $200,000.
Tfu indictment charged the making of other misleading statements regard¬
ing the capacity of the mill, the number of tons treated, the availability of
ofe, and the prospects for dividends.
The indictment declared that the
defendants knew these statements to be false at the time that they were
made.
dated July 2,
Balance Sheet Dec. 31
1939
Assets—
1939
1938
Liabilities—
$
71,467
481,500
Accrued Interest..
Accrued
188,933
48,505
S
160,122
Accts.
Accts. receivable..
648,326
165,455
598,824
Mat'ls & supplies.
231,018
230,702
pense
425
457
51,233
50,105
Unamortized bond
taxes
current
93,569
62,948
97,024
62,948
34,114
expense.
Other phys. prop'y
Unclassified gas
33,943
100,000
6,093
5,473
9,661,123
Construction work
128,154
584,133
6~92~973
333,138
529,277
Net from railway
Net ry. oper. income
—V. 150, p.
From. Jan.
construction.
185,519
185,519
211,511
173,650
39,670
68,426
Gen. & ref. mtge.
bonds
3,761,000
Com. stock (40,000
3,761,000
Employees'
provi¬
dent reserve
Miscell. reserves..
shs.
no
par)
Pref. stk.($50 par)
Earned surplus...
1,675,000
1,500,000
1,452,704
1,500,000
$113,278
def lo,220
def59,94l
336,730
def33,026
def168,298
319,176
def47,550
def178,547
346,681
def 17,719
def152,349
1—
2084.
Period End. Mar. 31—
Operating revenues
Operating expenses
Net
P.
11,161,664 11,006,055
Total
Ry.—Earnings of System—
1940—Month—1939
1940—3 Mos.—1939
$18,049,624 $14,632,661 $53,374,115 $41,197,441
16,046,647
—V. 150, p. 2566.
11,161,664 11,006,055
Ry.—Earnings—
—V. 150, p.
[Including Brooklyn & Queens Transit System]
on
operation
operating properties
Operating income
Net non-operating income
...
Carolina Power & Light
...
...
Gross income
Total income deductions
1939
$4,343,625
3,029,851
$1,293,508
546,365
$1,313,774
558,148
$747,143
89,689
$755,626
69,098
Net oper. revenues
Other income (net)
$836,832
690,263
$824,724
696,863
Interest
$1,127,691
397,183
200,558
Direct taxes
Current Income carried to surplus
Balance to B.-M. T. system
Month of
$146,569
22,674
$127,861
4,862
$123,895
$122,999
[Excluding Brooklyn & Queens Transit System]
1940
$2,451,869
1,519,187
March—
Total operating revenues
Total operating expenses
Net
Taxes
revenue
on
from operation
operating properties
Operating income
Net non-operating income
1939
$2,523,270
1,546,474
$932,682
346,596
$976,796
345,643
$586,086
98,577
$631,153
67,840
$684,663
589,924
$698,993
580,361
$94,739
$118,632
90,000
res. approp.
Current income carried to surplus
—V. 150, p. 2566.
1940—12 Mos.—1939
$947,484 $12,329,162 $11,966,428
312,682
4,598,478
4,110,987
174,048
1,932,720
1,927,761
90,000
1,080,000
1,080,000
$4,847,680
22,425
191,667
5,450
$4,739,101
2,300,000
71.261
$4,870,105
2,300,000
73,227
Cr2,434
Net income
$243,877
$174,261
Divs. applic. to pref. stocks for the period
—
$2,367,840
1,255,237
$2,499,312
1,255,237
$1,112,603
$1,244,075
>
Gross income
on
mtge. bonds.
$439,950
$370,754
909
624
$440,859
191,667
5,315
$371,378
int. chgd. to construct'n
Balance
-V. 150. p.
2566.
Celluloid Corp. (&
Subs.)—Earnings—
Earnings for 12 Months Ended March 31,
operating profit before depreciation
Selling, general and administrative expenses
Provision for depreciation accrued
Gross
Net operating profit
Gross income
Total income deductions
$313,000
$4,717,964
21,137
Other int. & deductions.
Accruing to minority interest of B. & Q. T. Corp..
Increase
Co.—Earnings—
1940—Month—1939
Period End. Feb. 29—
Operating revenues
Operating expenses
Prop, retire,
$2,285,000
2566.
1940
$4,237,412
2,943,904
Net revenue from
Taxes
1939
$2,598,000
Traffic earnings
March—
,
Earnings for the Week Ended April 21
1940
Brooklyn-Manhattan Transit System—jEarnings—
Month of
43,487,379
$5,437,961 df$2,289,938
1,267,542
1928.
Total operating revenues
Total operating expenses
47,936,154
15,027,060
$2,002,977 def$394,399
revenue
Canadian Pacific
I
Total
-V.150,
1937
$111,452
def35,937
def77,113
Canadian National
1,675,000
1938
1939
$114,990
def3,527
def46,302
412,132
defl4,168
def191,423
Gross from railway
629,277
res.
Contrlbut'ns in aid
of
in progress
Gas plant in service 9',773,816
1940
2566.
England—Earnings—
$129,876
def13,240
def74,883
Gross from railway
Net from railway
Net ry. oper. income
362,455
plant
gas
F.W. Miller was appointed President of the company, succeeding Mr.
T. H. McWilliam was named a Vice-President and C. S. Bradeen
named Executive Vice-President.—V. 150, p.
Canadian National Lines in New
Res. for deprec. of
Contingencies
100,000
plant
was
March—
Consumers' deps_.
Co.—Change In Personnel—
Brittain.
and
accrd. liabilities.
Deferred liablls...
disct. & expense
Cap. stk.
payable
Notes payable....
Misc.
items
tired.
189,903
56,318
20,651
$
Cash
Special deposits
Prepayment & sus¬
1938
$
87,610
374,500
132,380
Canadian Fairbanks-Morse
At a meeting of the directors, held on April 15, C. J. Brittain was named
Chairman of the Board in succession to Thomas McMillan, who has re¬
Miscellaneouscharges.net
Provision for Federal income tax
Net income
-V. 150, p. 2086.
.'
1940
$1,422,251
810,260
266,980
$345,011
71,332
26,500
$247,179
Volume
The Commercial & Financial Chronicle
150
Central & South West Utilities Co.—Annual Report—
Caterpillar Tractor Co.—Earnings—
12 Mos. End. Mar. 31-
Net sales
1940
1938
1937
$56,970,988 $59,501,461
1939
$60,149,624 $50,040,821
Cost of sales, oper. exp.,
&c., less miscell. inc_- 49,428,858
Depreciation
2,538,932
45,065,467
1.964,706
43,372,191
2,441,580
45,136.012
2,239,979
$4,227,050
$9,594,997 $12,471,289
486,011
519,987
8,819
8.348
,
Gail Belden, President,
$8,181,834
260,365
71,531
Interest earned
Interest paid
344,183
4,330
Net profit before Federaltaxes
$8,370,668
Prov. for Federal taxes..
1,823,849
Net profit-.
—
$4,566,902 $10,072,189 $12,982,928
1,210,981
1,868.961
2,296.745
$8,203,228 x$10686,182
$3,355,921
$6,546,819
.
due for
Before deducting provision for any amount which may become
x
surtaxes on undistributed
earnings.
Balance Sheet March 31
Notes & accts.
rec.
less reserves
9,943,877
21,630,864 18,617,291
8,619,850
Inventories
Pats.,
4,208,631
1
1
Land,
buildings,
equipment, &c_ 19,787,319 20,004,983
Prepaid Insurance,
x
taxes. &c
37,778
41,208
S
2,124,723
1,040,666
627,618
,k
Accounts payable.
Accrued payroll &
expenses
•.
Pref. stock not pres.
for
trademarks
and goodwill
$
2,571,478
Liabilities—
$
$
3,352,230
1939
1940
1939
1940
Assets—
Cash
redemption.
Notes payable
Res. for Fed. taxes
202,804
z8,250,000
1,633,739
1,172,518
Preferred stk. (par
11,515,200
9,411,200
$100)
y Common stock. 9,411,200
Capital surplus
13,733,577
13,733,577
...
16,584,577 14,231,155
Earned surplus
Total
52,815,991j
53,428,041
After
x
shares,
53,428,041 52,815,991
Total
for depreciation,
y Represented by 1,882,240 no par
$3,750,000 due 1940, $4,500,000 due 1941-44.—V. 150, p. 2250.
reserve
z
Central Arizona Light & Power Co.Period End. Feb. 29—
Operating
Operating
expenses
-
Direct taxes
Prop, retire,
Amort,
res. approp.
2,913
2,913
34,960
34,960
$100,821
$1,074,089
18,917
$935,376
92,727
$91,023
18,958
$100,839
18,958
739
699
$1,093,015
227,500
8,798
$1,028,103
227,500
10 633
CV4.719
$71,326
$81,182
$856,717
108,054
$794,689
108,054
$748,663
Gross income
*
mortgage bonds.
on
*
$90,964
59
Net oper. revenues
Other income (net)
Int.
$378,981
171,959
63,288
40,000
limited-term
of
$686,635
investments
Other
Earnings-—
1940—12 Mos.- •1939
$4,276,093 - $4,131,822
2,075,411
1,929,152
692,775
825,883
393,300
412,000
1940—Month—1939
$400,402
190,187
71,338
45,000
revenues
interest
•
18
Int. charged to constr'n.
Net
income
Dividends applic. to pref. stocks for the period
Balance
-V." 150,
p.
2567.
Central Illinois Public Service
Calendar Years—
Gross earnings
Oper.
exps.
1939
& taxes, &c-
Operating income
This reduction
$4,051,212
$4,085,132
2,2 9 3
8,303
Gross income.
$4,053,505
2,141,736
Interest charges, &c
Net income
$4,066,519
11,236
$4,093,435
2,431,721
$4,080,902
2,538,397
$1,911,769
1,138,876
$1,661,715
1,138,876
$1,518,688
1,138,876
$1,542,506
854,154
$772,893
dividends
$522,839
$379,813
$688,351
Balance, surplus
x Revenues and expenses in connection with operation of the Springfield
general office building, included in previous report as "Other operating
revenues (net)," has been reclassified to electric revenues and expenses in
the income account for
effect in
1937 in
order to conform to the classification in
1938.
Balance Sheet Dec. 31
C
.
1938
1939
A
>
'
.
1939
fig
'
1938
$
Liabilities—
$
957,241
503,249
1,014,733 Accts. payable
Consumers' depos.
565,036
519,983
1,470,904
1,563,275 Accrd. Int. & taxes 1,074,678
1,071,661
Mat'l & supplies.679,370 Misc. curr. liabll..
15,526
893,471
7,800
S6 pref. stock
Other curr. assets.
53,221
26,021,965 26,021,965
593,000
Utility plant
85,006,843 82,873,042 6% pref. stock
593,000
b Common stock. 10,413,720 10,413,720
Pref. stock selling
comm. and exp.
993,220 Long-term debt...47,500,000 48,000,000
993,220
Investments
•___ 4,470,525
245,307 Reserves
153,579
2,370,157
Bond. disct.A exp. 4,434,619
5,147,031 Paid-in surplus...
63,146
63,146
63,081 Contrib. In aid of
Prepayments
65,945
Cash
not caused
by
a
decline in earnings of the subsidiaries.
in
connection with the refunding of its outstanding first mortgage 4%
bonds and 7% preferred stock, which was successfully completed in Febru¬
ary,
1940.
On Dec.
30, 1939, Public Service Co. of Oklahoma exercised its option,
outlined in the 1938 annual report, to purchase from Central & South
West Utilities Co. all of the outstanding capital stock of Weleetka Pipe
Line Co.
as
Operations of Subsidiaries—Total operating revenues of each of the fiv®
principal subsidiary operating companies in the Central & South Wes*
Utilities Group increased in 1939 as compared with 1938.
These increase8
reflect not only the improvement in agricultural and general business con¬
ditions throughout the territory served, but also the successful efforts of
the operating companies to expand the use of their services.
Consolidated
operating revenues of the. subsidiaries for 1939 aggregated $32,179,365,
an
increase of $1,153,627, or 3.7%, as compared with 1938.
Sales of
electricity, which represent approximately 85% of total operating revenues,
increased $1,242,252. a gain of 4.7% over 1938, while gas and water sales
combined were up $151,615, or 7.2%.
Although ice sales declined $239,472
due principally to curtailed shipments of winter vegetables which require
car icing, and the leasing by Central Power & Light Co. of certain of its
ice plants, this loss was more than offset by the gains in electric, gas and
water revenues.
The increase in operating revenues was achieved with an
increase of only $250,000 in operating expenses, including maintenance,
but excluding depreciation and taxes.
The provisions for depreciation charged by the operating companies in
the group in 1939, totaling $4,520,458, were based on substantially the same
rates of depreciation in use at the end of 1938.
Due principally to the
adoption by Central Power & Light Co. of its present schedule of deprecia¬
tion rates late in 1938, the provision for depreciation of the consolidated
group was approximately 8.4% higher in 1939 than in 1938.
The operating
companies represent that their present annual depreciation rates are rea¬
sonably adequate.
Those operating companies which refunded their bonds during 1939 were
entitled to take as deductions in their income tax returns, discounts pre¬
mium and expense incident to such refundings, which permitted them to
reduce their aggregate 1939 provisions for income taxes by $436,473 (com¬
pared with what the provisions would have been if such deductions had
not been available).
This amount, equivalent to the estimated 1939 in¬
come tax. savings, has been provided out of income as "charges in lieu of
income taxes" and has been credited by the companies involved to un¬
amortized debt discount and expense as a partial offset to the items in¬
cluded therein applicable to the bonds which were refunded.
In addition,
income taxes of $908,652 were provided, a decrease of $191,851 as compared
with 1938.
Taxes other than income aggregated $3,089,466 in 1939, an
increase of $95,443 as compared with 1938.
After deducting from 1939 consolidated operating revenues, all operating
expenses,
including depreciation, maintenance and taxes, interest on
of Central Power & Light Co., Southwestern Light
Public Service Co., which must be satisfied
be paid on the common stocks of such companies.
All of the operating companies in the group paid full dividends on their
the preferred stocks
Power Co. and American
1,216,929
Ereferencehas paid full quarterly Southwestern Light & Power Co., which,
stocks in 1939 except dividends on its $6 preferred stock since
owever,
the middle of 1939.
During the year West Texas Utilities Co.
balance of dividend arrears on its $6
in the group have adopted, effective
Insured retirement annuity plans for those eligible employees who
participate in such plans.
The cost of the plans will be shared
by the participating employees and by the respective operating companies.
New Construction—Total gross additions to plant accounts in
1939
aggregated approximately $4,050,000.
The installation of an additional
15,000 kilowatt turbo-generator in Southwestern Gas & Electric Co.'s
Shreveport plant was completed and work was started on a new generating
plant of 15,000 kilowatts capacity for Central Power & Light Co. adjacent
to Corpus Christi, a rapidly developing city, served by the company.
Construction budgets of the operating companies for 1940 indicate gross
construction expenditures of approximately $7,200,000.
Of this amount,
it is estimated that $1,900,000 will be used by Central Power & Light Co.
to complete its new Corpus Christi generating station.
The balance of the
amount budgeted will be used principally for the construction, rebuilding
and enlarging of transmission and distribution facilities of the respective
in 1940,
may care to
companies.
Refunding Operations—Substantial reductions
dividend requirements have been effected by the
construction
77,393
12,527
80,713
Deferred llablls—
68,922
94,301,258 92,656,454
^Total —
""a
After
327,901
319,152
Earned surplus.2,217,907
2,703,698
Total..
1938.
$126,783 In
V. 150, P, 1131.
b Represented
by 260,343
Central Indiana Power Co. (&
on
on
Subs.)—Earnings—
-
bonded indebtedness
other long term debt
General interest (net)
Amortization of debt discount & exp.
Miscellaneous income deductions
Net income
1937
$5,194,719
4,188,226
$5,092,907
4,147,887
Pr3,163
and taxes
1938
$5,760,423
4,693,080
$1,006,493
Dr7,309
$945,020
13,886
$1,064,180
566,208
$999,184
568,108
$958,906
571,943
27,333
51,100
9,777
14,414
48,444
9,045
$415,589
expenses
Gross income
Interest
1939
shares.—
par)
1939
-
revenues
Net operating income
Other income
Int.
($40
$1,067,343
Calendar Years—
Operating
Operating
94,301,258 92,656,454
for uncollectible accounts and notes of $131,999 in
reserve
and
$359,174
$298,040
12,900
12,161
47,545
10,490
1939
-
$
Assets—
1938
S
20,186,188 18,604,974
Utility plant
Non-useful electric
gen. plants and
equipment
Capital stk. dlsct.
725,000
4,451,002
special deposits.
Deferred charges &
31,900
43,103
prepaid accounts
498,659
Investments
Sinking
fund
stock
17,300
1938
S
5,616.217
21,600
($100
par)
.12,033,000 12,033,000
Long-term debt... 10,447,255
9,597,600
Deferred
and
$
par) stock
Com.
376,653
376,653
4,449,889
and expense
1939
Liabilities—
7% cum.pref.(5100
par) stock
5,620,517
6% cum.pref.(5100
Accts.
liabilities
cos
163,523
142,872
221,287
194,268
payable
Due to affil
151,813
192,804
486,005
Accrued interest..
345,745
388,709
Cash
542,535
589,266
Accrued taxes
323,780
Dep. for bond int.
292,479
556,466
291,775
Fed. income taxes.
227,154
35,094
297,960
286,313
22,307
786,975
42,332
555,010
61,192
Mis cell. curr. llab.
Due from affil. cos.
Matls. & supplies.
314,981
321,476
Contrlbs. in aid of
Accts.
rec.
(net)._
Reserves...
construction
Deficit
Total...
27,292,083 26.605,457
-Y. 150, p. 1595.
Total
1,024,247
118,313
114,304
3.479,399
3,147,017
27,292,083 26,505,457
•
.
,
.
In interest and preferred
refunding operations con¬
summated
by^ the subsidiary companies in the group during 1939 and the
ea?n June,°f1939°West Texas Utilities Co. refunded $21,893,900'of first
mortgage 5%
bonds of 1957 with $18,000,000 first mortgage 3M% series A
received a price of 9924, and $4,000,000
bonds,due May 1,1969, for which it
of ZYs% notes maturing serially to
1947, for which the company
received
T)Q|»
Central Power
&
Light Co.
of its
completed, in August, a refunding
$32,045,200 first mortgage 5% bonds of 1956 with $25,000,000 first mort¬
3H% series A bonds due Aug. 1, 1969, for which it received a price of
99, and $7,000,000 of 1H% to 3% debentures maturing serially to 1946,
for which an average price of 98.97 was received.
Southwestern Light & Power Co. refunded its $7,071,500 of first mortgage
5% bonds of 1957 in December, 1939, with $6,750,000 first mortgage 3M%
series A bonds due Dec. 1,.1969, for which it received par.
Treasury funds
of the company were used to supplement the cash received from the sale
of the new bonds, to redeem the larger principal amount of 5% bonds
gage
rotirod#
Southwestern Gas &
Electric Co., in March, 1939, issued
$2,250,000 of
2J4% notes due serially to 1945 and applied the proceeds toward the re¬
demption of a like principal amount of 4% serial debentures due Nov. 1,
1941 to 1945, inclusive.
In February, 1940 Southwestern Gas & Electric Co. refunded its $16,000,000 first mortgage 4% series D bonds of 1960, with $16,000,000 of first
,
.
3M% bonds due Feb. 1, 1970, for which it received 101.
At the
also sold at a price of $102 per share 75,000 shares
preferred stock and $1,300,000 of common stock and used the pro¬
ceeds, together with other funds of the company, to retire $8,834,600 7%
preferred stock.
Holders of the 7% preferred stock subscribed for 93.7%
of the new 5% preferred stock.
To permit the refunding of the $8,834,600 7% cumulative preferred stock
of Southwestern Gas & Electric Co. on favorable terms, it was desirable to
reduce the amount of the new 5% preferred stock to be issued to $7,500,000.
To accomplish this reduction in the amount of preferred stock outstanding
and to improve the capital structure of that company, the Middle West
Corp., with the consent of Central & South West Utilities Co. and the
approval of the SEC, subscribed and paid $1,300,000 for shares of South¬
western Gas & Electric Co. no par value common stock.
The Southwestern Gas & Electric Co. common stock subscribed and paid
for by the Middle West Corp. will be transferred to Central & South West
Utilities Co. at the subscription price of $1,300,000 as soon as the necessary
orders are entered by the SEC.
Company expects to finance the purchase
of this stock by a four-year loan either from a bank or the Middle West
Corp., the loan in either case to be secured by the pledge of 71,000 shares of
Southwestern Gas & Electric Co. common stock.
M
Corporate Simplification—Public Service Co. of Oklahoma withdrew in
December, 1939, the declaration filed by it with the SEC in 1938 covering
the issue of additional shares of its 6% prior lien stock, which It proposed
offering in exchange for $6 preferred stock and class A common stock of
Southwestern Light & Power Co.
Proposed Consolidation with American Public Service Co.—Directors of
Central & South West Utilities Co. and American Public Service Co. in
February, 1940, approved an agreement of consolidation providing for the
consolidation of the two companies, pursuant to the Delaware statutes,
into a new Delaware corporation to be known as Central & South West
mortgage
same
Consolidated Balance Sheet Dec. 31
,
,
Notes and accts.
Special deposit
paid the
preferred stock, amounting to $3 per
share, or a total of $218,013.
Three of the operating companies
receivable
a
funded
debt and a full year's dividend requirements on preferred stocks of sub¬
sidiary companies held by the public, consolidated net income totaled
$3,495,298 as compared with $2,916,879 in 1938.
Approximately $980,000
of the 1939 consolidated net income was not available for distribution to
Central & South West Utilities Co. due to accumulated dividends in arrears
before dividends may
$3,983,340
97,563
$4,077,755
2,559,068
was
due mainly to a reduction In the amount of common stock dividends
& Electric Co.; this company deemed it
advisable to conserve its cash resources in view of its anticipated demands
was
received from Southwestern Gas
&
1936
$14,242,738 $13,584,003 $13,091,512 $12,482,624
10,191,526
9,498,871
9,024,992
8,499.284
Other income
Preferred
xl937
in part:
compared with 1938.
as
on
Co.—Earnings—
1938
says
Financial—Total income, derived primarily from dividends paid by sub¬
sidiaries, amounted to $1,082,795 for the year 1939, a decline of $268,666
It
Balance
2715
time, the company
of 5%
.
,
„
„
.
.
TheCommercial
2716
behalf of the proposed new corporation have
declaration, pursuant to the Public Utility
The companies on
Corp.
filed. Jointly, with the SEC a
Company Act of 1935, covering the Issuance of the securities
necessary to consummate the proposed plan of consolidation, an applica¬
tion for authority to acquire the assets of the two companies, and an appli¬
cation for a report by the Commission on the plan of consolidation.
Before the proposed consolidation may become effective, the requisite
orders of the SEC must be entered, and the agreement of consolidation
must be adopted by the votes of the holders of such portion, not less than
two-thirds, of the total number of outstanding shares of the capital stock
of Central & South West Utilities Co. and of American Public Service
Financial Chronicle
A
agreement of consolidation will be submitted to stockholders for their vote,
or what changes, if any, may be made in the plan as filed with the Com¬
mission, before its submission to the stockholders for their vote.
(For de¬
$75,666; prepayments, $4,708; deferred
$236,323; materials and supplies,
$244,938; total, $8,905,148.
charges,
Liabilities—Common stock ($100 par), $1,971,600: 7% cum. pref. stock
Holding
Co., respectively, as in the opinion of the boards of directors of said com¬
panies, respectively, shall render feasible the consummation of the agree¬
ment of consolidation.
It is not possible to state at this time when the
April 27, 1940
($100 par), $992,400; 6% cum. pref. stock ($100 par), $244,000;
$4,498,800; accounts payable, $78,801; preferred stock
debt,
long-term
dividends
$43,808; customers' deposits, $35,780; accrued taxes, $71,096;
accrued
interest,
$116,838; other current liabilities. $9,502; reserves,
$546,050; contributions in aid of construction, $62,671; earned surplus.
payable,
150, p. 1424.
$233,803; total, $8,905.148.—V.
Central Vermont Public Service Corp.—Earnings—
1940—Month—1939
$176,284
$194,736
88,473
134.169
13,583
13,117
1,510
1,533
11,601
6,810
Period End. Mar. 31—
.
Operating revenues
Operating expenses—_.
State <fc munlc. taxes—
Social security taxes
Fed. (incl. income) taxes
1940—12 Mos.—1939
$2,369,702
$2,196,846
1,238,637
1,414,330
162,574
170,571
16,313
18,349
112,335
121,372
tails of plan, see V. 150, p. 1131.)
& South West Utilities Co. and its
Integration Proceedings—*Central
by the SEC
Public Utility Holding Company Act, fixing
April 9, 1940, as a date for answer and April 29, 1940, as a date for begin¬
ning hearings applicable to all units of the Middle West Corp. System.
Suitable response must be made by the company and its subsidiaries and
this matter is having attention to the end that the interests of the company
and Its subsidiaries and of all those who hold their securities and obligations
may receive proper protection.
subsidiaries have been served with notice of an order entered
$39,107
$61,117
74
86
$645,080
4,529
$666,987
4,154
$39,181
20,417
1,279
1,938
$61,203
20,417
1,153
3,311
$649,609
245,000
15,239
28,504
$671,141
245,000
13,206
52,271
$15,547
18,928
Net oper. income
Non-oper. income (net).
$36,322
18,928
$360,866
227,136
$360,664
227,136
under Section 11(b)(1) of the
Consolidated Income Account for
Calendar Years
revenues
Other
Net
1937
10,138,500
Taxes
Income taxes
1,638,671
4,169,024
2,994,023
1,100,504
1,743,271
4,013,182
2,798,530
981,353
»
436,473
Charges in lieu of income taxes
$11,429,080 $11,216,432 $11,147,845
31,611
33,251
63,228
Net operating income
Other income (net)
2567.
Century Shares Trust—Earnings-
9,731,123
3,089,466
908,653
Depreciation
9,907,084
1,656,733
4,520,458
Maintenance expense
income..
—V. 150, p.
$32,179,365 $31,025,738 $30,4115,304
.
Operation expense
(net)
deductions
Other Interest
Pref. div. requirements.
■
1938
1939
Operating
Gross income
Bond interest
Trustees' fees
1937
1938
1939
1940
$105,285
8,256
3 Mos. End. Mar. 31—
$101,344
Net income
Undist. net income
_
$100,307
180
270
4,272
5,128
2,006
6,561
$91,715
2,967
*
-
Operating expensesDepository fee
$104,708
7,174
3,530
1,785
Cash dividends
$91,168
2,888
$92,992
2,232
$92,486
1,820
2,094,
2.027
Net div. accr. on purch.
$11,460,692 $11,249,683 $11,211,073
4,617,001
4,711,698
4,140,176
503,296
522,719
591,908
56,117
92,128
—
100,208
Other income deductions
72,662
61,897
66,790
Prov. for year's divs. on pref. stocks
of sub. cos. held by tne public—
Dividends paid br declared
2,677,710
2,625,184
2,770,325
Balance of year's div. requirements
406,018
479,103
not paid or declared
295,986
Gross income
Interest
on
and sales of partic. shs.
190
£>r603
Dr352
2,909
Undistributed income
—V. 150, p. 430.
$94,871
$93,454
$94,873
$97:215
-
long-term debt
Amortization of bond disct. & exp
General interest (net)
"
Certaih-teed Products Corp. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1939
"
1938
1937
1936
$15,516,550 $14,625,882 $16,490,156 $15,669,037
11,588,522
11,794,395
10,383,044
11,104,515
604,121
675,374
574,661
Maintenance and repairs
460,905
459,914
(450,850
487,998
Deprec of plant & eqpt.l
8,863
30,402
1 11,370
Depl. of nat. resources. /
3,057.274
2,590,480
2,974,772
Sell., gen. & adm. exps.
2,881,683
Gross sales
Cost of sales,
$3,495,298
Net income
Note—Consolidated net
$2,916,880
$2,718,343
income
amounting to approximately $980,000,
is not avail¬
able for distribution to Central & South West Utilities Co. because of prior
years' dividend arrearages on the preferred stocks of certain subsidiary
companies.
Earnings for Calendar Years (Company Only)
$685,000 and $670,000 for 1939, 1938 and 1937, respectively,
Calendar Years—
Total income
1939
1937
1938
1936
42,679
22,575
47,063
37,757
42,140
$1,005,425
Prior lien stock dividend
890,800
$1,255,292
890,800
$1,091,067
890,800
$417,751
222,700
$1,082,795
34,691
Provision for taxes.
Net income
$1,203,783
32,818
$1,351,461
26,532
Assets—
Cash....
Curr.
Liabilities—
$
$
....
1939
1938
185,267
32,704
receivables.
11
270
Organiz. expense..
117,467
117,467
4,707
payment of divs.
Invest, in sub.
cos.
consolidated ...28,023,742
investments
173,002
Other
Prepayments
2,650
Total
28,065,556
175,395
2,435
...28,502,040 28,398,536
1938
Int.
$
Total..
28,502,040
Plant, property, rights, franchises, &c
Cash..
United States securities
Special deposits
Notes, accounts and warrants receivable...
Prepayments...
Materials and supplies
.....
28,398,536
1938
$203,510,798 $200,963,091
sales
Capital surplus
Earned surplus (since Feb. 1,1937)...
Preferred stock of subsidiaries
Mln. int. in com. stock & surplus of subs.I
Long-term debt.
Deferred liabilities
j.
Accounts payable
Accrued taxes
Accrued interest
Preferred stock dividends payable
Customers'deposits
Miscellaneous current liabilities
Contributes in aid of construction
Reserves
Total.
$203,510,798 $200,963,091
on
Misc. int., amort., &c_.
Pref. stock dividends
Surplus for
year
$1,564,512
879,986
178,437
101,758
$1,563,735
$1,518,379
888,550
174,125
94,463
$404,332
$406,596
$373,708
239
177
535
,\
155,217
80,238
$432,128
226,185
18,377
$404,571
236,802
19,513
$406,774
241,570
19,589
$374,244
248,331
16,872
$148,255
98,126
$145,614
84,107
$109,041
47,299
$61,507
$61,742
$38,622
•
$50,129
Balance Sheet Dec. 31,
related assets.
•
Note—The portion of the net income of Sloane-Blabon Corp. for the year
1939 allocable to the securities of that corporation owned by Certain-teed
(without giving effect to dividend arrearages aggregating
$1,432,490 on the outstanding preferred stocks of the Sloane-Blabon Corp.)
is $262,285.
No part of such income has been included in the above in¬
Products Corp.
1939.
for
statement
Consolidated Balance Sheet Dec. 31
1939
$
chin'y & equip.
6,763,348
b Gypsum deposits
443,541
.
Oil development.-
Timber
Water pow.
1939
$
$
Liabilities—
879", 770
6% cum. pf.stock, 7,306,930
c Common stock..
625,340
7,306,930
Funded
debt
8,700,000
9,119,500
Interest
7,303,085
3,489,088
80,674
limits.-.1
1938
1939
1938
$
Assets—
aLands,bldgs.,ma-
accrued-
164,285
167,126
68,379
47,500
Marseilles,111j
1
25,011
625,340
Reserve for contin¬
gencies
rights}
Notes payable
Accts. payable and
Goodwill, trade¬
1
920,248
Taxes due & accr.
2,255,054
Prov.for inc.taxes
Advances secured.
105,859
2,072,153
2,096,175
155,926
767,802
accrued expenses
818,694
rec.
1
&c
136,447
14,223
Debenture bonds.
261,000
Capital surplus... 2,477,407
Deficit.
4,730,353
666,230
112,022
'
Notes & accts.
Inventories
Other
investments
Statutory
Invest.
26,672
In
d51,601
2,477",407
281,781
50,091
Sloane-
Blabon
Corp... 3,031,925
238,511
Exp. paid In adv..
Total
a
1,778,828
29,199
deposits
3,366,803
202,696
15,838,960 20,269,385
...15,838,960 20,269,385
Total
b After depletion,
c Represented by shares of
d Provision for income and capital stock taxes.—V. 150, p. 2567.
After depreciation,
$1 par.
Chain Belt Co.—25-Cent Dividend—
Dierectors have declared a dividend of 25 cents per share on the common
stock, payable April 25 to holders of record April 10.
Like amount was
paid on Jam 15, last, and compares with an extra dividend of 25 cents
in additio^TO a dividend of 25 cents (or a total of 50 cents per share) paid
on Nov.
15 last, and 20 cents per share paid on Sept. 12, May 15 and
Feb. 15, 1939.—V. 150, p. 1273.
Int. earned
on
bonds
Total income
Expenses and taxes
Net div. & int. income
Balance
earned
.....
of
income
Divs.'?|»aid
1939
$59,143
2,575
1938
$66,366
2,575
1937
$72,137
5,930
$61,718
11,307
$68,941
10,252
$78,067
12,215
$51,955
$50,411
$58,689
769,189
782.418
724,175
599,300
$782,863
$665,152
1940
.
$65,852
surplus,
Dec. 31.
Adjust,
Inc.—Earnings—
$60,434
2,575
$63,009
11,054
3 Mos. End. Mar. 31—
Dividends received
prior
years'
184
taxes
$821,144
Total
Assets—Utility plant, $8,021,700; cash, $209,343; special deposit for
payment of bond interest, $112,470; accounts and notes receivable (net).
31, 1939, and $6,198 Gypsum lease rentals capitalized
The consolidated net income of $530,456 (before deducting unrealized
loss arising from declines in conversion value of net current assets, extra¬
ordinary items and charges applicable to prior years) includes net income of
$25,196 of Canadian subsidiaries.
The net income of these subsidiaries
has been converted into U. S. currency at approximate average rates of
exchange prevailing duri:g the year, except that depreciation has been
converted at exchange rates prevailing at the time of acquisition of the
909,215
$187,566
148,943
long-term debt..
Net income
1936
247
Gross income
1937
$431,881
Net oper. income
1938
$1,615,208
904,382
165,596
113,349
Non-oper. income
decline in conversion
loss on
y
Chartered Investors,
1939
Taxes
Int.
above.—V. 150, p. 1758.
Co.—Earnings—
Operating revenues
Operating expenses
Depreciation
$102,654 loss$571,250
in prior years, charged off.
Cash
$11,367,526 $11,367,526
1,058,000
1,058,000
12,240,182
12,240,182
1,686,241
1,686,241
68,182
68,182
5,872,643
3,577,448
45,080,098
45,282,426
20,066
19,961
96,668,912
97,692,518
96,469
99,707
1,070,976
1,127,682
2,152,130
2,552,372
1,133,455
1,630.022
225,147
429,346
1,951,778
1,971,187
121,419
102,810
658,877
562,286
22,038,695
19,495.196
Common stock
Central Power
$171,010
or
marks,
Cumulative prior lien preferred stock:
$7 div. series, 117,400 shares, stated value
$6 div. series, 11,500 shares, stated value
y Cum. pref. stock—$7 div. series....
Calendar Years—
$102,654 loss$571,250
Consists of $52,541 unrealized loss arising from
x
come
$179,937,299 $179,040,551
1,417,491
1,258,594
9,504,797
7,610,751
8,226
*
27,428
5,838,812
6,022,402
1,565,000
1,700,000
187,552
251,305
3,439,885
3,446,116
175,528
213,697
1,436,208
1,392,244
Liabilities—
c
$171,010
Net
Other
at
Total
See note
loss$32,250
524,900
14,100
to the basis at Dec.
Investments
Debt discount & expenses in process of amortiz..
Other deferred charges
y
$640,641
524,120
13,868
15,777
1,495,903
a $7 prior lien pref.11,367,526
11,367,526
b S6 prior lien pref. 1,058,000
1,058,000
c Cum. pref. stockl2,240,182
12,240,182
e Common stock..
1,686,241
1,686,241
Capital surplus...
68,171
68,171
f Earned surplus..
512,243
392,852
1939
above,
$719,939
513,548
35,381
$348,099
funded debt
67,509
6,374
Consolidated Balance Sheet Dec. 31
e
$1,042,355
497,675
14,223
y.$530,456
xl82,357
on
Federal taxes
Misc. curr.
Assets—
See note
loss$50,649
18,398
demolition of plants and other capital assets, net; $46,949 adjust¬
ment of reserves for discounts and allowances as at Jan. 1, 1939, to conform
8,506
60,798
liab...
17,403
1,482,970
Represented by 117,400 shares of no par value,
b Represented by
11,500 shares of no par value, c Represented by 133,150 shares of no par
value, e Represented by 3,371,232 shares, par $0.50. f Since Feb. 1, 1937.
x
$555,299
85,343
value of Canadian net current assets and deferred charges; $76,669
a
x
$615,477
104,462
Accounts payable.
Taxes accrued
Reserves
Special deposit for
$
$1,042,355
Misc. income (net).
Netprofit
Comparative Balnace Sheet Dec. 31 (Company Only)
1939
.
Total income
$527,655
28,312
65,354
16,238
Administrative expense.
Investment
j
$833,013
42,500
~Cr270
CV127
45,861
48,274
50,729
54,698
$775,553
$742,366
$732,134
$610,454
on com. stk__
Adjust, of pref. div.
accr.
Divs. declared & accrued
on
preferred stock
Unapprop. div. & int.
income Mar. 31
/
Volume
The Commercial & Financial Chronicle
150
Balance Sheet March 31
Assets—
1940
Cash in bank
Securities
ket
1939
•
Liabilities—
5243,782
5,207,030
Res. lor Fed. taxes
2,600
2,600
Income Accounting for Calendar Years
Reserve for capital
stock tax
Res. lor dlv. accr.
mar¬
value
Accr'd Int. receiv_
$2,310
8,413
$8,692
Operating Revenues—
Freight
Passenger-..
Mail and express
15,035
959,350
Capital surplus
3,822,800
Unapprop. dlv. &
3,554,983
_
Com. Btk. (par $1)
interest Income.
$5,694,155 $5,453,412
Miscellaneous
Incidental
170,000
Joint facility
no par
1939
1938
1937
1936
$16,372,358 $15,450,046 $16,922,665 $16,993,861
480,523
488,726
565,194
568,634
601,362
581,259
591,104
570,752
463,030
425,755
438,450
508,874
123,035
112,064
101,230
84,643
87,795
84,114
91,729
90,237
Total ry. oper. rev...$18,128,103 $17,141,964 $18,710,372 $18,817,001
742,366
775,553
Operating Expenses—
Maint. of way & struct..
Maint. of equipment
Traffic
$5,694,155 $5,453,412
Total
Represented by 36,083 (38,374 in 1939)
x
^
15,989
902,075
170,000
on prel. stock—
Preferred stock.
x
Total
Chicago Great Western RR.—Annual Report—
1939
1940
$274,859
5,416,696
at
shares.—V. 150, p. 2250-
2,258,830
2,680,403
709,182
6,648,367
17,051
615,122
23,290
Transp.—Rail line
Chemical Fund,
Miscell. operations
General.
Inc.—Earnings—
Period Ended March 31, 1940—Income—Cash dividends
Dividend paid in stock
Interest
Year
3 Months
I--III
Transp. for invest.—Cr_
$218,589
7,900
$61,855
7,900
,
Total oper. expenses..$12,905,666
Net
104
rev.
from ry. oper
accruals
5,222,437
1,161,400
Railway tax
Total income
Expenses
$226,592
45,447
$69,755
16,036
...
$53,719
portfolio
securities
24,955
$57,071
profit on sales of
"first in-first out" basis
Ry.oper. income.$4,061,037
Non-Operating Income-
$206,101
on
Misc.non-oper.phy.
Net income for period.
on
deposit with custodian
$80,651;
(incl. $525,000 redeposited by
$885,856; receivable from sales of capital
receivable, $21,138; investments in common
dividends
stocks at cost,
Stockholders of the company elected 14 directors at their annual
meeting
held
Alleghany Corp., which has nominal control of more than 1,750,000 shares
of Chesapeake & Ohio stock and is under a
directorate whose views differ
from Mr. Young's.
►
Common stockholders, represented by 4,875,380
shares, elected 11 of the
Co., and Harry
Thompson of New York, Vice-President of the Continental Bank &
C.
Trust Co.
i
The preference stockholders reelected three
Virginians to the board—
Joseph A. Dart of Richmond, President of the Dart Tobacco Co.; John M.
Miller Jr. of Richmond, President of the First & Merchants National
Bank,
and Homer L. Ferguson of Newport
News, President of the Newport News
Shipbuilding & Dry Dock Co.
► Reelected by the common stockholders were Earl Bailie, New
York;
Frank B. Bernard, Muncie, Tnd.; George D.
Brooke, President of the
Chesapeake & Ohio; J. L. Dickinson, Charlestown, W. Va.; H. B. Erminger Jr., Chicago; Ralph C. Gifford, Louisville, Ky.; J. B. Hollister,
Cincinnati, and Robert R. Young, Newport, R. I.
P George D. Brooke of Cleveland, President, and all other officers were
reelected by the board.
The directors also renamed their executive com¬
mittee with the exception of Herbert Fitzpatrick, who had
resigned as
chairman.
Its members are Messrs. Bernard, Dickinson, Brooke, Gifford
and
Hollister.
The
board
decided
to
abandon
its
finance
committee.
Earnings for March and Year to Date
March—
1940
Gross from
railway
$10,209,539
Net from railway
4,046,513
Net ry. operating income
2,836,467
1939
$9,459,636
3,504.042
2,395,992
1937
$7,581,797 $13,099,285
2,079,793
6,337,510
1,247,155
5,061,494
$3,357,895
$4,669,645
12,719
54,045
5,086
79,481
5,110
39,945
14,961
48,841
4,712
77,118
5,128
54,952
15,100
47,665
4,318
9
30,946,080
Net from rail way
12,582,856
Net ry. operating income
9,298,283
—V. 150, p. 2087.
26,952,938
9,8/0,372
6,851,877
23,477,121
7,267,985
4,743,700
32,625,661
75
'"529
$3,036,270
$3,569,103
$4,857,365
1,575,845
69,121
1,592,414
69,985
1,357,987
954,647
176,169
5,878
4,926
1,634,311
71,221
1,589,150
969,619
176,662
6,056
5,761
1,668,933
75,833
1,595,849
938,637
177,024
6,622
3,558
16,589
16,956
2,097
2,300
1,388,455
Joint facility rents
Rent for leased roads.__
Miscellaneous rents
Miscell. tax accruals
968,096
198,722
5,662
6,164
Amortization of discount
on funded debt
15.855
Miscell. income charges.
16,222
89,019
2,315
$62,148
Net deficit
147
$1,144,273
1938
1939
$
Liabilities—
141,176,496
Inv.road & eq't.140,978,223
Misc.phys.prop.
Impts. on leased
508,089
511,244
railway propDeposit In lieu
42,511
43,710
9,497
6,250
of
Inv. in affll.cos.:
Stocks
;
Advances.
913,271
911,782
103,769
1,342
Cash
918,370
Special deposits.
249,607
Traffic, &c., bal.
223,372
bal'ce
from
accrued
287,298
276,191
592,428
2,946
agts.& condrs.
Misc. accts.
Other
Traffic, &c.,bal.
103,769 Audited accts. &
wages
866,731
1,883 Misc. accts.pay.
460,247 Interest matured
unpaid..
244,025
232,281 Unmatured int.
886,242
...
Other Investm'ts
Net
Equip, trusts
Loans&bllls pay.
Notes
,
$
rec.
curr .assets
262,462
246,430
645,984
7,833
15,436
10,309
Work'g fund ad¬
6,443
vances
8,509
Ins. & other fds.
100
100
2,570
4,623
(Jnadjust. debits
644,787
958,543
Funded debt
1940
1939
1938
$915,532
3,748,259
$1,112,915
3,640,540
$2,036,203
3,632,815
$3,218,309
3,682,030
$2,527,625
$1,596,612
$463,721
596,104
y
South.
St.
245,598
81,108
23,511
$2,236,623
2,914,926
$2,282,026
2,912,043
$1,515,503
2,907,274
$440,210
2,893,063
$678,303
Z>r61,016
$630,016
Dr75,624
$1,391,771
$617,286
1,382,227
Ry.
$554,392
$1,392,150
1,382,227
and
Cal. & South Chic.Ry.
^ proportions
f
Co.'s proportion
y
Int.
on
capital invest
Income from oper
Other income (net)
Total
Interest
on
bonds
Net income
1,382,227
$2,452,852
Pr64,274
379
loss$764,941 loss$827,835
$2,388,578'
1,382,227
$9,922
$1,006,351
180,000
180,000
$5.59
Shares capital stock out-
standing (par $100)180,000
Earned per share
Nil
180,000
Nil
$0.06
Joint account expenses, interest on capital investments of the
Chicago
City Ry., Calumet & South Chicago Ry. and Southern Street Ry.
y Shall
be paid out of receipts of subsequent year or years, as per ordinance.
Balance Sheet Jan. 31
194^
$
price
prop'ty in terms
of ordinance
Cash
58,558,460 58,210,892
hand
792,139
167,356
1,722,987
15,862
15,862
5,365
5,726
Deferred assets.-11,135,143
8,901,519
on
Accts. receivable..
Real estate
Bal. in closed bks.
478,781
2,712
liability—
158,135
62,596
685,422
5,783,413
481,441
5,606,914
Depreciation
147,600
49,053
unadjust.
3,632,703
430,559
129,029
3,034,285
.146,655,880
146,709,727
surplus
Total.
389,467
137,404
interest
,
Accounts payable.
Real estate
taxes
226,556
31,726,729
1.88/ cts.
5,815,523
Rev. freight (tons)
ried lmdle-.
5,123,894
car¬
789.967,405 693,049,273 952,597,958 949.936,937
0.913 cts.
Av. per ton per mile
1.011 cts.
1.013 cts.
0.873 cts.
538
Average train load (tons)
544
491
534
$1.24
Earn, per pass.train mile
$1.13
$1.13
$1.28
$4.91
Earns.per frt.train mile.
$5.50
$4.97
$4.66
$18,178
Earns, per mile of road-$17,053
$15,222
$17,475
Income Account for
$o.671,123
338,701
101,538
348,848
359,531
24,437
69,961
239,267
130, *38
62,360
83,773
141,980
43,994
Express
Misc. pass, train rev
Other transport rev
Other operating revs
$9,362,131'
Total
943,928
Transportation expenses
Miscell. operations
General expenses
360,788
3,621,507
78,184
359,976
386
301
Total
481,077.
598 655
83,721
504,993
$8,357,112 $10,067 075 $10,403,998
931,025
1,723,392
344,324
3,5r>9,771
94,074
6,636
360,400
12,182
$7,358,344
2,003,788
$7,130,803
1,226,309
Transp. for invest.—Cr.
accrued.
1936
1937
$*,314,311
645.867
43,222
90,331
256,595
Passenger
1938
$7,022,831
570.378
345.328
116,592
—
2,000,598
Suspense—contra.11,135,143
8,901,619
Capital stock
18,000,000 18,000,000
Surplus
13,159,570 14.098,283
Years Ended Dec. 31
1939
$7,984,520
525.543
Operating Revenues—
Freight--
Maint. of equipment—
Traffic expenses
691,114
1936
572.35
236,823
$
43,563
1937
575.51
32,737,916
1.973 cts.
6,066,493
Maint. of way of struct.
691,114
549.01
190,881
1939
gold
27,644,550 27,644,550
1938
27,847,982
2.048 cts.
4,572,829
$
Liabilities—
Bond
817
2,688
167,066
2.258 cts.
1940
1st mtge. 5%
bonds
of
1,288,162
23,271,209
Passengers carried
Aver. per. pass, per mile
Rev. frt. (tons) carried—
Operating Expenses—
1939
Assets—
Purchase
489,586
1,289,162
Operations—
Mail.-.
>
x
1939
549.01
1937
$2,832,727
loss.
6,319,687
General Statistics Calendar Years
'
Pass, carried 1 mile
Net
7,796,747
616,934
Chicago Indianapolis & Louisville Ry.- -Annual Report
Average miles operated
—.
1,691,734
58,816
-V. 150, p. 2568.
Chicago City Ry. Co.—Earnings—
Years End. Jan. 31—
146,709,727
809,542
15,372
813
credits
146,655,880
18,000
3,839,664
1,093,885
ma¬
Deferred liablls.
Approp.
Total
600,000
18,000
ma¬
tured unpaidOther curr. liabTax
46,073,500
35,544,000
252,719
3,248,466
1,093,885
673,226
accrued
Dividends
45,209,400
487,472
tured unpaidUnmatured rents
Other
10,586,770
$
45,209,400
Preferred stock. 46,073,500
C.G. W. 1st 4s. 35,544,000
Govt. grants...
319,872
Mlnn.Term.3Hs
500,000
M. C.&Ft.D. 4s
mortgaged
prop'ysold--.
1938
Common stock.
$
Chicago Burlington & Quincy RR.—Abandonment—
Chicago Surface Lines
► (40%)
x Joint account exp., &c.
■
Consolidated Balance Sheet Dec. 31
1939
Assets—
14,285,328
The Interstate Commerce Commission on April 11 issued a certificate
permitting abandonment by the company of a branch line of railroad
extending from Greeley Center northwesterly to Ericson, approximately
17.38. miles, all in Greeley and Wheeler counties, Neb.—V. 150, p. 2087.
191
$902,363 prof $371,753
Deficit
*"
2
809
""906
Other def. assets
From Jan. 1—
Gross from rail way
77,024
5,110
37,501
$4,254,790
Gross income
Deductions—
Int. on funded debt
Int. on unfunded debt.,
Hire of equipment
Mat'l & supplies
Int. & divs. rec_
*
1938
$2,839,346
5,274
Miscellaneous income
directors including the three new ones, and holders of series A
preference
stock named the remainder.
The new directors, recommended by the
management, are James G.
Blaine of New York, President of the Marine Midland Trust
Co.; Harvey D.
Gibson of New York, President of the Manufacturers Trust
$13,241,663 $14,261,511 $13,217,419
3,900,301
4,448,861
5,599,582
1,060,955
1,090,966
929,937
other reserve funds
Chesapeake & Ohio Ry.—New Directors—
April 26 in line with a so-called "harmony slate" recommended by the
management.
Three new directors were among those chosen in what was
regarded as a conciliation move between Robert R. Young, Chairman of the
2,495,222
2,506,049
646,841
6,953,719
11,058
624,509
19,979
Income from sinking and
$6,962,647; total, $7,950,291.
Liabilities—Accounts payable and accrued expenses and taxes, $18,246;
capital stock (par $1), $774,395; surplus, $7,157,650; total, $7,950,291
V. 150, p, 1929.
V
2,852,227
2,812,909
715,087
7,232,995
13,827
659,394
24,928
87
Inc. from funded secur__
Income from unfunded
securities and accounts
custodian with three other banks),
stock,
prop
Miscell. rent income
Dividend income
Balance Sheet March 31, 1940
Assets—Cash
2.432,041
2.726,678
673,178
6,796,797
13,416
620,903
21,350
15,103
60,183
3,931
71,834
5,182
36,528
Hire of equipment.
Joint facility rent income
$181,145
3,352
Net
2717
1,135,839
2,586.391
356,129
4,111,305
99,763
368,5rl
958.098
2,445,619
340,4*9
3,986,209
92,722
336,955
14,043
9,671
$8,643,966
$8,160,421
2,263,577
514,818
Total
f
70,674,325 69,335,767
Total
70,674,325 69,335,767
Amount short of 5% of purchase
price for years ended Jan. 31, 1932.
to* 1940, inclusive, provided to be paid from future receipts as per ordinance;
see contra.—V. 148, p. 2261.
a
$1,738,759
Chicago Daily News, Inc.—Securities Sold—
The offering of $2,600,000 3^% 10-year debentures and of the un¬
exchanged balance of a new issue of 5% preferred stock made by a group
imanaged Jointly by Glore, Forgan & Co. and Central Republic Co., has been
heavily oversubscribed and the books have been closed, it has been an¬
nounced by the group managers.
Bonds Called—
"
4
•
10-year 5% s. f. debentures, due Jan. 1,1945 have
Pay¬
the City National Bank & Trust Co.„ Chicago, 111.
All of the outstanding
been called for redemption on May 25 at 102 H and accrued interest.
ment will be made at
—V. 150, p. 2567.
441,746
499,391
Railway oper. income. $1,562,042
a
1,413,109
398.812
$/26,918
$1,014,297
408,327
479,296
470.357
428,689
Dr39,983
/09.307
Dr45,138
616,769
Dr51,4/0
611-557
Dr56,384
753.245
$404,425 def$414,285 def$119,087
85,647
87,232
95,868
$500,440
106,549
*490,072 def$327,054
def$23,219
$606,989
25,767
1,352,209
38,080
5,738
1,360.203
125,518
36.089
16,415
1,345,674
125,613
131,794
134,942
126
176
276
220
$1.061 046
$1,851,020
$1,549,682
$932,194
Nev.
from ry. oper.
rev.
Railway tax accruals
Deduct—
Hire of frt. cars. Dr. bal.
Rent from
Net joint
eqpt. (net)
facil. rents—Dr
Netry. oper. Income.
Non-operating income—
Gross income
Deduct—
Rent for leased roads
Misc. rents & tax accr'Is
Int. on funded debt
•
-
Int. on unfunded debt—
Miscell. income charges.
Net deficit
68,604
16,689
1,340,180
16,416
The Commercial & Financial
2718
Chronicle
Balance Sheet Dec. 31
1939
1938
$
1938
1939
$
Liabilities—
Road
Stocks
Stks.
716,700
37,611
pledged.
unpledged
No tee
102,206
pledged
1,637,361
Advances
Investments
Misc. phys. prop..
178,418
3,791
25,517
177,743
26.400
Other
Impr. leased prop.
8,791
*
Int. mat. unpaid
Unmatured int
Dep. In lieu of mtg.
property sold—
263,532
9,365,832
51,429
7,917,478
51,867
accounts.
Miscell.
debt
Funded
843,187
690,912
282,055
Accounts A wages.
ma¬
7,237
6,570
1,147,248
532.847
tured unpaid...
Material A suppl's
647,455
845,661
Deferred liabilities
Special deposits—
222,277
1,763
185,183
transportation
Incidental
Total oper.
«..o
$15,135,901 $14,147,940 $15,236,219 $15,379,958
1,444,056
1,449,088
1,700,302
1,648,219
913,244
910,462
1,001,387
1,070.515
258,488
244,844
240.207
229,358
Freight..:.
Passenger
Other
1940
Years
*9?7
1938
1939
Operating Revenues—
10,497,000 10,497.000
4,991,300
Preferred stock
4,991,300
39,208
51,589
716,700 Govt, grants
26,327,793 26,436.450
37,611 Long-term debt
3,493,114
102,206 Loans A bills pay. 3,493,114
395,303
389,231
1,507,082 Traffic, Ac., bal..
equipment..49,370,885 50,288,415 Common stock
Inv. In affil. co.—
April 27,
Comparative Income Account for Calendar
revenues..$17,751,689 $16,752,334 $18,178,115 $18,328,050
M?£Tof2,560,245
2.255,731
2,453.585
3,022.850
3.055,665
3,527,875
477,147
454,726
446,593
7,975,250
186.083
7,816,568
175,102
8,634,917
186.436
618,100
628,201
710.346
793,172
10,134
8,686
11,264
13,769
Maint. of
equipment...
Traffic
Transportation
Miscell. operations
....
2.302,815
3,096.935
429.271
8,503.979
162,532
Divs. matured un¬
Cash
Loans A bills rec
204,495
94,214
99,861
19,981
3,650
54,741
and conductors.
Int. A dlv. recelv.
Other curr. assets.
Deferred assets—
708
2,247
2,247
133,761
320,063
668,680
Taxes accrued
143,819
315,183
697,972
curr.
llab...
Accrued deprec'n. 6,070,080
Add'ns to property
6,367,895
240,058
234,042
18,596
8,630,394
24,223
Prem.
funded
on
debt
653,074
debts......
570,378 Deficit
55,163,839 55,345.986
General....
Transp. for invest.—Cr_
Total oper.
$2,922,148
$2,375,026
$2,229,626
$3,053,115
1,308,252
1,361,000
1,040,103
1,215.042
1,300,340
1,258,613
1,364.069
1,410,427
$2,608,592
Net rev. from ry. oper.
18,598
55,163,839 55,345,986
Total...
expenses__$14.829,541 $14,377,308 $15,948,489 $15,274,935
$2,619,613
$2,404,172
$2,625,469
$313,556 def$244,587 def$174.546
62,291
61,143
61,248
$427,646
$375,847 def$183,444 def$113.297
2,480,995
2,490,924
2.498,796
$489,557
•2,512,890
$2,612,094
$2,023,333
Deductions from Rev.—
Railway tax accruals...
Equip, and joint facility
rents & miscellaneous.
7,445,559
thru inc. Asur..
2,733
unadjusted
Total.....
116,820
Other unadj. items
214,360
accounts.
Bal. rec. from agts.
Other
166,023
paid..
17,990 Other
18,818
Traffic, Ac., bals.
Mlscell.
1,917
1,000
Total deductions
Net ry. oper. income.
Non-oper. income—net-
61,911
—V. 150, P. 2088.
Chicago Milwaukee St. Paul & Pacific RR.
General Statistics for Calendar
Miles oper., average
Years
& int.
General Balance Sheet Dec. 31
10,954
11,097
11,126
1,256
1,242
1,242
1,233
994
54,697
3,614
6
970
55,174
3,724
6
970
55,174
3,724
6
975
1939
Equipment—
-
Passenger equipment.
Freight equipment
Company service equip.
Floating equipment....
$
equip.87,778.132 88,136,099
phys. prop
256,397
254,086
In road A
Misc.
736,128
1,360
355,046
$
$
Liabilities—
Investment—
53,855
3,577
1938
1939
1938
$
Assets—
Locomotives
$2,674,368
$2,105,148
Net deficit.
1936
1937
1938
1939
10,920
fixed charges.
Fixed chgs., rents
Report—
for
available
Income
-Annual
Cap. stk. A scrip—29,816,067
Stock liability for
29,816,067
2,879
2,879
conversion
Govt, grants in aid
In affiliated cos.
738,351
inve8t'ts_
1,190
832,007
4,412,758
Special deposits...
59,309
58,483 Traffic
Pass, carried one mile...445,436,934
Traffic A car serv.
44,182
51,835 Audited acc'ts and
Operations—
Passengers carried
•
"
6
Other
Cash
4.266,706
4,249,792
4,528,026
433,914,324 480,525,082 435,744,792
1.722 cts,
Rateperpass. per mile..
1.773 cts.
1.798 cts.
1.725 cts.
Freight (tons) carried... 38,398,122
34,849,002 40,303,163 41,064,432
Frt. (tons) carried 1 mile
10,723.504
9,751,391
11,278,164 11,306,111
(000 omitted)
0.945 cts.
Rate per ton per mile
0.960 cts.
0.970 cts.
0.914 cts.
$5.49
Earns, per frt. tr. mile..
$6.06
$5.82
$5.44
Income Account for Calendar
Freight
Passenger
Mail, express, &c
Incidentals, &c
Years
—
1938
1937
1936
$
$
$
$
82,219,057
7,797,830
7,469,695
1,950,264
88,576,457
8,285,703
8,167,031
2,633,084
88,622,160
7,893.798
7,911,565
2,447,857
rec.
agents A cond'rs
311,523
265,641
Misc. acc'ts pay—
330,681
262,950
1,315,345
1,601,340
17,226
Other
17,820
3,066
curr. assets.
72,842
66,930
215,787
240,662
Other def'd assets.
Unadjusted
6,737
debits
91.560,382
7,496,998
8,278,590
1,806,115
39,623,468
3,721,030
908,809
298,482
18,561,825
19,652,864
2,559,788
40,501,964
3,500,799
815,655
80,673,186
1 8,763,659
8,705,000
87,137,444
20.524,831
6,761,355
85,244,354
23,897,732
8,135,000
13,066,566
2,438,838
2,503,534
10,058,659
2,317,945
2,466,176
13.763,476
2,493,488
2,479,327
15,762,732
3,334,094
2.967,280
Non-oper. income
8,124,194
1,431,900
5,274,539
928,811
8,790,661
1,134,640
9,461,358
1,459,580
Total income
9,556,094
6,203,350
100,645
101,484
9,925,301
100,568
10,920,938
69,608
1,110,854
12,593.955
1,008,880
1,112,053
12,915.026
900,481
1,109,652
12,876,194
888,773
Int.
Funded debt mat'd
25,458
26,890
27.701
37,029
9,143,685
9,143,685
9,143,685
9,143,685
14,427,383
17,996,270
14,221,271
13,196,108
....
Operating income
Equipment rents
Joint facility rents
Net ry. oper. income.
Miscell. deducts.
equipment
on
funded debt
on
unfunded debt..
discount
85,511,814
21,363,566
8,297,000
348,542
Tax
Net deficit
Assets—
Liabilities—
404,972
$
Common stock. 105,098,771
Preferred stock. 119,307,300
697,077.711
leased
railway prop.
Depos. in lien of
Govt,
411,300
4.054
548,174
36
50
depr.,equip_10,4O2,133 10,1^9,123
284,442
235,910
grants...
2,158,219
balance
sold
Loans A bills pay
384,553
70,840
6,215,939
5,990,265
bals. payable-
5,169,143
1,497,801
8,694,531
5,609,175
Stocks
Bonds
Notes
Advances
5,162,145
1,497,801
Int. mat'dunpd. 48,000,930
Fund, debt ma¬
262,372
Cash.
11,934,419
2,234,975
Special deposits.
119,307,300
1,458,550
Chicago Railway Equipment Co.—Earnings—
3 Months Ended March 31—
Profit
from operations
after
manu¬
9,049,678
5,437,901
271,978
560,475
531,152
37,796,185
tured,
4,500
5,400
$195,125
25,000
30,000
$14,165
25,000
$140,125
loss$l0,835
Income from investments
Total.
Provision for depreciation
Provision for Federal income taxes
profit after taxes
—V. 150, p. 1929.
13,406,690 Unmatured
21,055,863
2,602,437
298,984
538,774
1,336,384
1,087,162
1,862,256
9,195,681
—unmatured.
Mat'is A suppl's
Int. A divs. rec.
9,906,454
13,578
17,795
Oth.
Deferred assets.
42,157
3,256,025
3,058,303
Unadj.
2,925,881
3,265,153
37,053
fromry. oper.
Net ry. oper. income
—V.. 150. p. 2417.
1940—Month—1939
1940—3 Mos.—1939
$6,170,628
$6,430,353 $18,473,943 $17,910,533
5,074,081
5,157,460
15,160.710
14,921.321
$1,272,893
453,569
$1,096,547
151,433
$3,313,233
$2,989,212
654.961
520.446
1939
1938
$2,281,066
1,566.202
$2,142,588
1,563.931
418,245
401.223
89.183
103.738
8,000
$207,436
$65,696
15.805
Calendar Years—
Total railway operating revenues
Operating expenses
Rents.........
State, local and miscellaneous Federal taxes
Interest
Interest
569,180
on
on
$222,971
34,714
1,471
1,364
Net income
$81,501
40,415
$185,421
funded debt
unfunded debt.
$40,363
1939
1939
1938
equipm't.12,912,785 12,745,038
Invest, in sub. cos.
3
3
88,693,741
3,585,050
Unadj. credits._
67,518,538
79,550,056
3,766,448
63,972,930
Misc.
2,157
2,157
1,405
investments
41
surplus
550,620
543,172
Fund, debt ret'd
43,104
165,628,898
43,104
148,728,908
36,503
1,114,828
Spec, dep., current
b Receivables
prop,
thru income A
$5
1st
140,274
138,213
Mat'ls A supplies.
105,974
$
4,304,300
4,304,300
1,947,600
1,220,000
($100 par)
1,947.600
1,220,000
$6.50 2d pref. stock
Sinking
a
Common stock—
Due to sub. service
22,756
1,173,268
101,099
97,429
92,234
103,500
corporation
Funded debt
870,100
1,009,126
Accounts payable.
Accrued taxes
591,740
511,840
134,538
29,578
Res. for injur.,
764,032,254 757,966,822
Reorganiz.
Ac.
-V. 150, p. 2088.
963,349
3,743,772
Deprec., equip
135,216
28,423
998,436
33,647
38,409
Misc. curr. liabs..
Capital surplus
Total
1938
pref. stock
($100 par)
fund and
special deposits.
Prepaid accts. and
deferred charges
Cash A wkg. funds
Corp. surplus—
Add'ns to
surplus
764,032,254 757,966,822
448
$
Liabilities—
5
Assets—
Road A
thru Income A
Total
275
Balance Sheet Dec. 31
Def'd liabilities.
Deficit.
15.535
rents
848,894
,2,075,683
rev.
expenses
307,648
680,121
accr
Conv. adj. mtge.
bond int. accr.
rec.
Net
oper.
Miscellaneous deductions..
14,870,663
2,641,162
accrued
525,961
Period End. Mar. 31—
Railway
System—-
Ry.]
[Including Chicago Rock Island & Gulf
Other income.
unpaid
Unmat. int.
$8,765
$190,625
; 2,516,482
5,902,945
Misc. accts. pay.
Traf. A car serv.
Due from agents
A conductors.
1939
1940
deducting
3,500,000
2,862,942
6,123,743
Other curr. llab.
bal. receivable
91,976,632 92,054,525
—V. 150, p. 2568.
464,318,229
car serv.
2,371
164
rec
debits..
S
105,100,524
Payrolls A vouch
invest
assets
1938
3,500,000
Traf. A
property
Inv. in nftil. cos.:
Total
91,976,632 92,054,525
Total
22,759,810 20,263,312
Federal income taxes
unmatured...467,02^,313
Miscell. physical
1,212,324
1,214,984
through surplus.
Prof. A loss—Deb.
Total ry. oper. revenue.
Funded debt—
mtgd. prop'ty
curr.
739,203
fund, dt.
Chicago South Shore & South Bend RR.—Earnings—
1939
$
$
Misc. accts.
on
Other unadj. cred.
31
1938
Road and equlp.701,219,152
Loans A bills
772.632
63.423
Chicago Rock Island & Pacific Ry.—Earns, of
Comparative Balance Sheet Dec.
1939
Other
73,601
3,868
liability
Prem.
Net
adj. mtge.
conv.
bonds
on
500
772,197
facturing, selling and adminis. expenses
on
funded debt
Impts.
curr.
Other def'd liabil..
Rent for leased roads &
on
500
accr.
llabll..
unpaid
Unmat'd Int.
Other
1,108,212
12,913,401
845,111
Total oper. expenses._
Net oper. revenues
Taxes...
Int.
acc'ts 4,622,150
4,475,853
mat'dunpd.18,204,953 15,895,652
8,072
8,072
Ry -Gen.
Divs. mat'd unpd.
Add'ns to property
17,370,183
20,627,129
2,708,358
41,985.006
3,886,777
929,316
369,325
14,824,274
19,131,875
2,762,212
18,293,695
19,816,655
2,739,990
Transportation
40,267,213
General expenses
3,800,744
Miscell. operations.....
945,121
Transp. for invest.—Cr.
351,603
of
645,396
1,574,185
307,906
Due to C. A N. W.
-
Expenses—
Maint. of way, &c
Maint. of equipment...
Traffic expenses...
Amort,
payable—
Mat'ta A supplies.
Accr.
Int.
Int
659,432
1,102,732
259,798
payable
Misc. acc'ts rec.—
99,436,846 107,662,276 109,142,086
revenues.106,875,380
Total oper.
A car serv.
wages
from
Work, fund advs—
1939
Operating Revenues—
Net bal.
Long-term debt
bals.
bals. receivable.
85,635
46,428,000 46,470,000
141,395
construction-
of
3,810,470
43.597
38,409
adjust¬
ment of capital.
Fund, debt retired
thru surplus
Chicago St. Paul Minneapolis & Omaha Ry.—Annual
Earned surplus
Report—
General Statistics
n
.
.
Aver, miles of road oper.
193,9
Total....
for Calendar Years
1938
1937
1936
1,629
1,641
1,648
1,648
freight...
8,260,571
7,516,966
8,928,778
8,899,065
Ton-miles rev. freight. 1364.489.229 1291021,068 1512511,688 1471356.833
Passengers carried
528,491
545,090
711,239
726,246
Pass, miles—revenue... 71,623,334
72,425,077
89,902,170
87,054,123
Rev. per ton per mile...
1.109 cts.
1.096 cts.
1.007 cts.
1.045 cts.
Rev. per pass, per mile..
2.016 cts.
2.001 cts.
1.891 cts.
1.893 cts.
Tons
a
in
122,000
14,452,142 14,234,024
no par
shares,
b After
Total
reserve
47,803
388,717
221,694
14,452,142 14,234,024
of $12,245 in 1938 and $21,574
1937.—V. 150, p. 2250.
revenue
Cincinnati
Gas & Electric Co.—Bonds Called—
A total of $103,000 first mortgage
bonds 3H% series due 1067 has been
and accrued interest.
Payment
Wall St., N. Y. City.—v. 149,
called for redemption on June*l at 107M
will be made at thejxving Trust Co., 1
p.
3256.
Volume
The Commercial & Financial Chronicle
150
Assistant
Chicago Surface Lines—Earnings—
1939
1938
1937
$46,216,219 $49,849,300 $49,777,685
42,622,628
42,686,840
44,758,791
41.731._913
& taxes
exp.
Residue
receipts-
$3,677,845
City compensation fund.
$5,090,508
1,389,014
Chile
$8,045,772
4,827,463
Directors have declared
3,218,309
P.
Total income
$19,109,602 $19,749,241 $31,725,854 $10,682,404
3,284,974
y5,717,715
385,000
2,502,812
668,599
737,237
2,892,036
zl,591,588
2,160,308
$10,533,377 $12,907,459 $22,378,866
11,038,758
11,038,758
12,142,633
$5,371,788
4,415,503
x Net income
Dividends
—
Balance, surplus
def$505,381
Shs. capital stock outst.
x
Profit from operations $3,989,178
a
•
bonds.
$1.22
'
....
1938
$
$
Prop. invest__118,828,141 121,005,671
2,037.972
2,736.899
5,358,113
5,340,885
on
4,276,582
A Int. accrued
914,702
9,013,125
Acer,
140,061
2,061,693
Accts.
15,277,673
7,766,297
Wages
498,898
469,040
(curr.) d2,000,000
b2,000,000
4,412,762
3,851,624
payable.
622,125
369,469
469,369
90,941
9,338
payable-
363,977
credits
to income
Surplus
a
After
reserve
for
18.451,473
19,783,744
Total
146,833,243
Prov. for contingencies
3550.
'
.
Prov. for
Light Co. (& Subs.)—Earnings
3 Mos. End.
Period—
Year End.
Dec. 31 ,'39
Dec. 31, '38
Gross operating revenue (after deducting
Power and gas purchased for resale
allows.)..$15,657,381 $62,245,920
1,405,541
5,406,729
Production, distribution & transportation expenses
2,775,907
11.685,748
Maintenance and repairs
827,342
3,028.047
Provision for replacements
1,316,256
5,388.948
Taxes
1,526.282
2,085,922
6,304.020
8,117,536
$5,720,131
$22,314,892
343,358
Selling, general and administrative
operating
953,280
expenses
revenue
Otherincome
Gross income
a
Interest
on
notes and accounts
Federal and State taxes
on
$6,063,489 $23,268,172
136,275
205,746
payable
135,380
733,823
67,232
445,960
145.455
7,002,516
687,634
3,082,684
530,468
2,897,161
265,603
1,955,804
$1,793,773
771.840
Proportion of net inc. applic. to min. interests
on
debentures
Amortization of debenture discount and expense.
Provision for Federal income tax
c
Power &
Earnings
stocks of Cities Service
Light Co
per
share of
2,185,386
$2.53
common
$9.00
Less interest capitalized on construction ($2,226 in 1938 and $3,007 in
1939) and carrying charges collected on instalment sales ($61,437 in 1938
a
b Paid and accrued undeclared cumulative dividends
on subsidiary companies' preferred stocks in hands of public,
c Of Cities
Service Power & Light Co.
21,120
2,618
411
Net profit
Divs.
1,893
50,000
395,905
50,000
651,962
50,000
708,740
a
50,000
494,045
$3,378,394
1,948,952
$755,759
$5,020,903
3,167,047
$3,145,295
1,461,714
$1,429,442
paid—preferred--
$755,759
$1,853,856
$1,683,581
And operating revenues, less returns and allowances,
fl939
Cash
$
Invents,
of
Accounts payable.
2,746",080
Notes payable
Accrd. taxes, Ac..
7.957,684
6,957,802
Ac...20,213,693 21.764,499
b
Properties
Deferred assets...
Consolidated Balance Sheet Dec. 31, 1939
prop.,
incl.
c
intangibles__$351,658,193
Inv. in A ad vs. to subsidiary
a
Discount and expenses
Sinking fund assets
Cash
5,687.754
Consumers acc'ts receivable.
Mdse.
acc'ts receivable
3,737.122
390,303
Other acc'ts A notes rec
3,878,801
Mdse., materials A supplies.
Prepaid int., insur., taxes,
564,207
and other expenses
451,017
Other assets
28,950.382 29.536,908
374,169
679,190
1,472,817
Reserves
c$5
cum.
$5
cum.
55,807,900
pref. stock
pref. stock
7,158,006
4,400,000
60,000,000
pref. stock-.-
Common stock (J 100 par)..
Sub. companies' pref. stock
com.
51,699,282
stockholders' int.
pref. stk.19,489,520 19,489,720
stock.
408,296
408,296
5,319,435
reserve
for
depletion and depreciation of $36,119,472 in 1939 and
$35,048,999 in 1938. c Represented by 487,238 (487.243 in 1938) shares no
par value,
d Represented by 408,296 shares no par value, e The consoli¬
dated statements include the accounts of the company and all its fully owned
subsidiaries
except two minor subsidiaries (their total assets aggregate
approximately $45,000.
Five partly owned subsidiaries are not consoli¬
dated due to the large percentage of minority interest or to their insignifi¬
cance.
The proportionate share of accumulated net profits not taken up
as at Dec. 31, 1938, applicable to investments in ail subsidiaries unconsoli¬
dated amounted to approximately $257,000. f The consolidated statements
include the accounts of the company and all of its fully owned subsidiaries
except one minor subsidiary (its total assets aggregate approximately $29,000).
Five partly owned subsidiaries are not consolidated due to the large
percentage of minority interest or at their relative unimportance.
The
proportionate share of accumulated net profit not taken up as at Dec. 31,
1939, applicable to investments in all unconsolidated subsidiaries amounted
to $214,431.—V. 150, p. 1929.
Co.—Earnings—
1937
1939
1938
$1,257,524
$1,991,806 $1,679,906
$0.66
y Earnings per share
$0.49
$0.79
y On
x After depletion,
depreciation, Federal income tax and surtax.
2,520,000 no par shares.—V. 150, p. 1759.
Quar. End. Mar. 31—
tfNet profit
1940
$1,718,715
$0.68
n
Co.—Earnings—
Coast Counties Gas & Electric
1939
16,678,735
1,768,795
(net)
2,063,112
1,779,388
4,517,846
coupons
Other
2,881
income
income
$803,016
&803,016
119,200
......
long-term debt
on
10.292
77,218
826,562
951,788
Prov. for Federal income tax
Other liabilities
Reserves
Total
surplus
12.915
Preferred dividends
$663,140
$663,140
224,778
dividends
362.000
......
Earnings per share of common
1,860,456
2,541,900
798,921
37,704,052
14,612,810
$415,958,802
a On
original issues of preferred stocks of subsidiary companies (not
being amortized).
b On reacquired preferred stocks of subsdiary companies
(in process of amortization),
c Represented by 58,079 no par shares,
d Represented by 72,690 no par shares,
e Represented by 50,000 no par
6hares.—V. 150, p. 2417.
$12.11
stock—
1939
1939
1938
$
$
Assets—
13,342,645 12,862,544
160,252
17,966
6,055
22,041
194,307
7,970
5,005
307
307
381,710
366,406
30,037
Invest. A fd. accts.
Cash
Working funds—
Notes receivable—
*
Accts. receivable..
New
H.
on
Treasurer—
E.
Treasurer
Logan, Assistant Treasurer and Secretary, has been elected
to succeed George F. Adamson, retired, and was reelected
Earl N. Felio, general credit manager, was elected
Assistant Secretary.
$786,925
119.200
1.041
Crl,265
12,915
$655,034
224,778
362,000
$11.89
82
101,499
191,971
99,423
Deferred debits
420,498
516,681
Materials A
223,541
suppl's
257,233
expense
Reacq.
277,233
$
„
3,620,000
3,620,000
6% cum. 1st pref.
stock (par $100) 3,746,300
Long-term debt— 3,000,000
3,746,300
3,000,000
$100)
Notes pay. to
bank
200,000
91,358
20,788
66,526
32,057
Accounts payable.
payroll-.
Pay. to assoc. cos.
Customers' depos.
61,363
160,396
39,733
Taxes accrued
Prov. for Fed. tax.
Interest accrued..
Cap. stk. dlsct. A
1938
(par
stock
Accrued
Receiv. from assoc.
company
$
LiabilitlesCom.
74*437
21.417
62,216
35,238
67,530
238,426
39,733
Oth. curr. A accrd.
liabilities-.-.-.
43,159
40,397
Deferred credits..
63,561
3,451,701
3,225,723
16,922
356,878
315,896
long-term
20,000
debt
20,000
Reserve
64,364
Contribut. in aid of
construction
Palmolive Peet Co.—Stock Offered—Blyth &
April 24 announced the distribution at 16%
a share a block of 18,000 shares of common stock (no par).
The distribution, which does not represent new financing,
was made through a list of selected dealers.
Colgate
Co., Inc.,
250,339
$784,204
2,721
1,339
Miscellaneous deductions..
Prepayments
Earned
Cr3.871
Interest charged to construction—
Amortization of debt discount and expense
Special deposits...
Preferred dividends payable
b Premium
$415,958,802
424,017
137.500
133.000
265,816
$800,135
Utility plant
funded debt A
Other deferred charges Ac..
Total
$3,276,174
1,680,114
437,732
Other taxes
390,000
(subsidiary companies)
Consumers' deposits
Street ry. prop, abandoned.
1938
$3,432,046
1,795.364
Operating expenses..
Depreciation
Provision for Federal income tax.
215,228,474
on
8,558,168
Balance Sheet Dec. 31
debt
unpresented
9,045,469
65.793,013 65.020,890
Total
65,793.013 66,020,890
Funded and other long-term
Notes payable to banks
Other notes A acc'ts payable
Acer. int.
990,000
990,000
Profit A loss surp.
Total
Common
In subsidiary companies
938,157
16,063
13,230,000
1,353,150
Surp. arising from
adjust, of prop. 17,892,829 18,480,090
Net income
in hands of public
Mln.
1,557,250
d Common
Other interest charges
Acer, taxes A other charges.
Unamort. debt discount and
expense
cum.
d $6 cum.
e
16,528,549
1,740.916
1,921,340
9,174,719
companies not consol
$7
15.150
12,400,000
Funded debt
Paid-in surplus...
Interest
Liabilities—
•
$
1,772,770
600,000
1,806,161
Deferred credits..
prod's
and supplies
Inv., ad vs.,
el938
$
Liabilities—
2.346,529
3,767,829
1,499,880
4,029,269
sec
Rec'les less res've.
,v'
fl939
el938
$
Marketable
b And operating
vessels and electric power plants.
Consolidated Balance Sheet Dec. 31
v'
Gross
Elec. light A power A other
117,316
1,300
and $247,192 in 1939.
Assets—
308,166
72
Calendar Years—
Net income
Dividends paid on pref.
92,372
200,000
632,426
146,642
$6,495,099
37,086
1,773,000
169,121
public.
Amortization of debt discount and expense
b Dividends
Interest
*
prof, tax
Climax Molybdenum
bond interest coupons &
other charges
Interest on funded debt in hands of
c
excess
Prov. for State taxes
b After
Cities Service Power &
Net
_
Prov. for Fed. inc. taxes.
Provision for est. surtax.
depreciation of plant and equipment of $41,756,476
In 1939 and $39,340,640 in 1938.
b Paid during first half of 1939. c Since
reduced to $12,000,000.
d Payable to banks, due May 1, 1940.—V. 149,
p«
35,100
_
152,334,667
152,334,6671
146,833,243
84,817
90,984
68,327
expenses of lake cargo
liabilities-
Deferred
—
63,133
64,693
51,746
50,000
137,664
Assets—
insurance. Ac.
Ser. notes
Accts. receivable
Total
25,544
Miscellaneous charges.
Res. for renew'ls
4,410,097
Notes rec.of affil.
Cash
35,265
68,419
12,536
10,000
144,683
350,000
263,821
Amort, of bond discount
Prem. on bonds purch..
1938
$
$
A replacement
hand.-
7,071
issue of bonds
Capital stock—110,387,575 110,387,575
Serial notes
10,000,000 cl5,000,000
Copper in proc.
and
$5,391,752
909,285
Balance, surplus
-
1939
Liabilities—
Deferred charges
Suppl. on hand.
$7,758,271
753,209
years taxes
$5.07
1939
1
•
$2,236,815
657,651
Gross income
$5,304,399
Interest charges
482,058
Bad accts. charged off &
provided for
49,960
Taxes in connection with
Consolidated Balance Sheet Dec. 31
■I.
Assets—
$4,185,387
1,206,365
Amort, of investment
Prov.for deple.A deprec.
4,415,503
$2.92
on
$6,047,422
1,710,851
4,415,503
4,415,503
Before depletion of metal mines,
y No United States surtax on un¬
deemed to be payable because of dividend credits,
Interest and discount
$1,654,706
582,109
1,315,221
Underprovision for prior
distributed income is
z
$5,196,542
1,011,155
$956,285
$2.39
-
1936
*
$7,172,409
1,124,986
$1,868,701 $10,236,233
4,415,503
share
per
2,888,209
1937
1938
$2,682,259
1,027,553
& adm. exp.
gen.
Otherincome
-
(par $25)..
Earnings
53,743
,
Deprec., plant & equip..
„
yl,504,977
5,688,412
taxes, estimated
Loss on debs retired
Int. on serial notes
1939
$23,340,824 $13,806,965 $26,300,094 $22,132,893
18,095,642
11,124,706
19,127,685
16,936,351
$5,245,182
1,256,003
Selling,
S. & Chilean income
U.
^
Consolidated Income Account for Calendar Years
Calendar Years—
Gross salesb Cost of goods sold
a
Gross profit
$18,813,139 $19,272,935 $31,470,901 $10,552,641
296,463
476,306
254,953
129,763
.
an Initial dividend of $1.2514 per share on the
preferred stock, payable June 30 to holders of record June 5.—V. 150,
2089.
new
Copper Co. (& Subs.)—Earnings^—
Net oper. income
made
,
Cleveland-Cliffs Iron Co. (& Subs.)—Earnings—
Calendar Years—
1939
1938
1937
1936
Copper produced (lbs.).307,161,079 326,425,736 400,804,271 246,866,122
Copper sold (lbs.)
310,200,346 358,423,787 360,122,138 231,348,801
Operating revenue
$32,780,070 $35,040,281 $46,549,831 $20,701,814
Operating costs
13,966 931
15,767,346
15,078,930
10,149,173
Otherincome
was
Initial Pref. Dividend—
747,091
$2,782,288
1,669,373
1.112,915
$8,045,772
$5,090,508
3,054,305
2,036,203
$3,529,379
$2,288,830
Chicago Rys. (60%)
1,373,298
South Side Lines (40%).
915,532
—V. 150, p. 834.
Balance
Assistant Controller,
Morton,
Controller.
W Years End. Jan. 31—
1940
Gross earnings
--$46,300,473
Oper.
2719
Treasurer .If M.TB.
Earned surplus—
Total
14,960,744 14,563,971
Total....
12,294
14,960,744 14,663,971
—V. 149, p. 1757.
Commercial Solvents Corp.
Net profit after all charges and taxes.
Shares com. stk. outstanding (no par)
Earnings per share
—V. 150. p. 1427.
(& Subs.)—Earnings—
1940
3 Months Ended March 31—
—
$513,560
2,636,878
$0.20
19391
1938
$198,042 loss$236,501
2,636,878
$0.08
2,636,878
Nil
The Commercial & Financial Chronicle
2720
Colorado Fuel & Iron Corp. (&
Connecticut
Subs.)—Earnings—
April 27, 1940
Light & Power Co.
Earnings—
Period End. Mar. 31—
1940—3 Mos.—1939
1940—9 Mos.—1939
Sales & oper, revs .—net- $8,553,510
$6,117,779 $23,410,065 $15,126,410
Net
Cost of sales & expenses.
Prov. for depl., deprec.
charges, and preferred dividends— $3,660,100
—V. 150. P. 1597.r
5,316,248
7,107,032
& relining & rebldg.
furnaces, &c—«
19,583.540
13,986,179
1,655,979
12 Months Ended March 31—
income after expenses,
taxes,
1,259,314
581,275
455,915
$865,202
20,986
$345,616
21,516
$2,170,546 loss$119,083
75,793
70,693
fotal income——
$886,188
$367,132
$2,246,340
loss$48,391
on the C. P. & I. Co.
bonds
*
Int. C. P. A I. borp. bds.
56,038
137,940
56,038
137,940
168,113
413,820
83
524
144
168,113
413,820
1,356
— —.
Net oper. profit
Other incomex——
Consolidated Chemical
-
.
—. .
-*
.
Other Int. & miscell
Prov.
for
taxes on
Fed.
&
1939
profit, before deprec.
1937
$236,926
$228,509
104,335
Depreciation...
113,854
20,287
110,926
15,725
47,595
Income taxes.
$3,714,231
1938
$367,116
& income taxes.——-
Int.
1938
1939
$3,657,338
Industries, Inc. (& Subs.)-
1940
3 Mos. End. Mar. 31—
Net
1940
$517,932
99,188
58,559
$102,785
*$360,186
x$101,858
$215,186
z $1.50
z$0.42
z$0.43
y$0.60
Before provision for Federal surtax on undistributed profits,
y On
combined 280,000 shares of cumulative participating $1.50 class A preference
stock and 80,000 shares class B common stocks, z On 240,000 shares class A
stock (no par).—V. 150, p. 2569.
Phial net profit——
Earnings
State
per
share.
....
x
127,200
Net income
—V. 150, p. 1930.
$163,631
Columbus & Greenville
March—
313,500
9,000
$564,927
income——
10,350
$1,350,764 loss$642,030
Consolidated Edison Co.
Ry.—Earnings—
1940
1938
$134,658
43,764
32,453
$105,868
20,900
12,673
$105,302
$302,540
$334,065
52,634
7,151
80,428
45,970
$302,134
35,946
13,321
Output—
1937
$123,285
35,986
3,151
Gross from railway..-.
Net from railway
x
Net ry. oper. income-..
From Jan. 1—
Gross from railway
'
Net from railway
Net ry. oper. income...
—V. 150, P. 2090.
1939
$329,763
67,056
39,244
Commonwealth Edison Co.—Weekly
Consolidated Edison Co. of New
electric plants of its system for the
14,061
4,205
ofJNew York, Inc,—Weekly
-
York announced production of the
week ending April 21, amounting to
kilowatt hours, compared with 136,800,000 kilowatt hours
for the corresponding week of 1939, an increase of 6.0%.—V. 150, p. 2570.
145.000,000
Consolidated Oil Corp, (&
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
[Including Subsidiaries—Domestic and Foreign)
Output-—
1938
1939
The electricity output of the Commonwealth Edison Co. group
1936
1937
(inter¬
sales deducted) for the week ended April 20,1940 was 143,912,000
kwh. compared with 139,120,000 kwh. in the corresponding period last year,
an increase of 3.4%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
KilowattrHour Output——
Per Cent
Week Ended—
1940
1939
Increase
Apr. 20—
........
143,912,000
139,120,000
3.4
Apr. 13- —......
148,264,000
138,643.000
6.9
Am*.
6—
143,369,000
137,735,000
4.1
Mar. 30
149,149,000
138,728,000
7,5
—V. 150, P. 2569.
Gross oper. income—215,337,553
Costs, oper. & gen. exp.183,645,760
company
a
214.760,351 241,750,281 215,385,601
183,293,310 198,023,964 176,407,459
.
Operating income. —
Less
Oper. rexps. & taxes...
Prov.
for
deprec.
&
amortization
*
GrossincomeInterest & other deducts.
5,845,020
77,202,890
68,784,850
1,569,178
1,355,831
16,968,403
15,360,921
$4,313,072
3,062,629
Net income
Divs. on pref. stock...
$1,250,443
749,809
Balance............
$4,261,747 $50,136,478 $47,995,317
3,052,431
36,436,745
36,403,844
$500,634
a
$1,209,316 $13,699,733 $11,591,474
749,795
8,997,624
8,997 489
$459,521
$4,702,109
Jan. 1,1935,
Tennessee Valley Authority and other public agencies, and those com¬
panies have been dissolved and are in process of liquidation which will in¬
a substantial loss.
Accordingly, the income accounts of said com¬
panies, and all interest and dividends received from them by Common¬
wealth & Southern Corp., have been eliminated for all periods from this
statement of consolidated income.—V. 150, p. 2569.
volve
Community Power & Light Co. (& Subs.)—Earnings—
{Excluding General Public Utilities, Inc. (& Subs.))
Period End. Feb. 29—
Maintenance
Taxes. *■. ——————
_
■
— _
.
1940—Month—1939
$402,531
$367,268
180,064
165,255
17,995
16,774
40,109
38,985
Net 6per. revenues
Total income-—
Interest
:
105
7,980
34,555,518
2,164,191
48,419,047
1,952,319
41,663,152
1,506,571
24,157,092
24.230,995
24,220,874
22,226,042
405,253
422,619
1,436,559
.1,201,609
7,540,881
21,644,546
7,737,712
25,470,164
270,205
20,809,295
17,462,196
16,728.929
14,956,117
10,998,917
32,937,672
226,263
11,066,863
38,271,491
279,291
12,522,036
31,685,047
283,183
13,939,669
18,186,509
21,644,546
25,470,164
17,462,196
$0.55
-----
depletion
533
._....
34,791,233
2,688,007
$0.54
$1.44
$1.15
.
and
abandonments
—
Provision for U. S. Fed¬
eral income tax
Net profitPrevious surplus..
Miscellaneous charges
Total.
Preferred dividends
Common dividends..
.
*
.
29.185,426
—
Balance at Dec. 31...
—
„
Earns, per share on 14,'
218,835 com. shares..
Excluding inter-company sales, inter-company transportation charge*
and U. S. Federal and State gasoline and oil taxes.
x Includes amortization or debt discount and expense.
Note—Equity in undistributed current gains of controlled companies not
included in consolidated statement, $137,830 in 1939, $223,470 in 1938,
$66,722 in 1937 and $51,419 in 1936, $137,830 in 1939.
a
Note—The electric properties of Tennessee Electric Power Co. and
Southern Tennessee Power Co. were conveyed on Aug. 15, 1939 to the
Operating revenues.
Operation
2,685,543
Excess of cost over
Deprec.,
$2,593,985
Reflects deduction for full preferred stock dividend requirement at the
rate of $6 per share per annum. Dividends were paid in full to
and at the rate of $3 per share per annum since that date.
38,978,142
4.700/710
in treas. for retirement
Subs.)—Earns.
6,606,120
43,726,317
3,088,582
value of co.'s pref.
stock
retired or held
x
Commonwealth & Southern Corp.
31,467,041
3,099,440
par
—.
Period End. Mar. 31—
1940—Month—1939
1940—12 Mos.—1939
Gross revenue— —$12,488,371 $11,462,597 $144307,771 $132141,088
31,691,792
.
Int. & divs., prof, on sale
ofsecurs. &misc. (net)
1940—12 Mos.—1939
$4,919,092
$4,640,251
2,081,377
2,038,286
223,462
227,189
523,530
486,413
Non-oper, income (net).
$164,362
Drl,411
$146,254
Drl,201
$2,086,996
7.347
$1,892,090
5,483
$145,053
36,540
$2,094,342
Retirement accruals_
$162,951
42,831
$1,897,573
452,202
Consolidated Balance Sheet Dec. 31
1938
1939
$
$
Capital assets........
196,742,476 201.583,988
Inventory in advs. to controlled cos. not consolid'd
4,180,850 b5,110.635
Other investments x;
x".
d23,776,220 23,264.706
58.079,589
Cash
;—
56,931,412
207.042
Marketable securities
1,129,092
922,049
Special deposits.
—*————...
*
15,165.976
Notes and accounts receivable
16,736.985
26,476
Current amount due from controlled cos. not consol.
40.870,221
Inventories—crude and refined oils
41,684,190
5,410,547
Materials and supplies.
—
5,429,477
Assets—
a
*
—
...
.
...
Long-term notes and accounts rec., incl. balance
...
Gross income_
Interest to public
Interest to parent co_
Amort, of debt discount
$120,120
3,164
73,425
...
_
_
_
$108,513
4,645
70,695
496,045
$1,598,297
42,003
863,693
and expense
1.027
$1,445,371
41,920
841,637
1,027
609
280
12,327
4,824
12,310
$675,450
$546,260
106,208
1,843
102,999
1,692
Balance applicable to parent company.
$567,398
Earnings from sub. cos. deducted in arriving at above:
$441,569
Net income
paid & accrued
on
To public....
To parent company...
$41,995
$31,866
preferred stocks:
....
Interest earned
Interest not earned..x
....
........
...
.....
...——x
...
.
.....
...
3,243
834,058
7,580
1.691
6,302
848,821
14,872
1,843
6,393
98,514
..........
.........
Preferred dividends...
Other...—...—
• Com, div. from sub;—not consol.—__
Other income.*...
■
."
125,029
295
.....
Total.
247
$1,416,568
883,645
$532,923
income—.I
$1,538,136
884,855
a
Amount available for divs, and surplus....—
$653,281
a
Community Power & Light Co.
Expenses, taxes & deducts, from
gross
98.514 H shares (60.37) of the
Utilities, Inc. The consolidated figures of
that company and its subsidiaries are not included in this
report except to
the extent of dividends received by
Community Power & Light Co. Such
dividends for the current period were paid In cash and those for the
prior
period were paid in common stock.
In addition to the foregoing Com¬
munity Power & Light Co.'a equity In the undistributed consolidated earncommon stock of
owns
General Public
5
As of Feb. 29, 1940.
Light Co. in the un¬
distributedconsolidated earoM surplus of General Public
Utilities, Inc.
and its subsidiaries was $912,461 (Peb.
28, 1939—$588,333).
Stockholder Sues—■
injunction was filed against the company April 23 in Wilmingtion, Del. by H. O. Reiner of Clayton, Mo.
The hill Mirn that the company
be restrained from selling or transferring its
property and assets- to any
other corporation and that it be restrained from
issuing any dividends on *
new common stock until it pays in full all accumulated and
unpaid dividends
on its "first preferred $6 dividend series."—V.
150, p. 2569.
...
—
416,131
5,083,252
6,004,733
387,517
5,084,167
5,766,432
—.357,848,818 362,145,345
Total.....
Liabilities—
Common stock......
———
71,094.175
ix—- 71,094,175
165,404,476 165,404,476
Capital surplus
Earned surplus ..........
;*
Reserve for property abandonment,
21,644,546
18,186,509
.....
contingencies,
exchange fluctuations, Federal taxes, &c.
8,950,483
15-year convertible ZH% sinking fund debentures. 45,296,500
12-year Z%% sinking fund debentures.
x 25,000,000
Purchase money obligations.
184,929
Accounts payable
17.692,164
Dividends payable
2,749,671
Current purchase money obligations.
——Amounts due to controlled
cos. not
consolidated—
3,289,911
Interest, taxes and miscell. accruals
Total—
a
—
———————357,848,818 362,145,345
Real estate, oil and gas leases, oil wells
steamship, tank
cars,
9,015,541
46,796,000
25,000,000
383,196
15,840,471
2.749,872
307,914
9,000
3,900,153
—
—
and equipment, pipe lines,
terminals, refineries, distributing stations and facili¬
ties, &c., at values determined by directors as of Jan. 31, 1932, with sub¬
sequent additions at cost, less reserves for depreciation and depletion,
b Equity In earned surplus of controlled companies not included in con¬
solidated statement $680,160.
c Represented Jby_ 14,218,835
(no par)
shares at stated value of $5 per share.
d Other investments are stated at values determined by the Board of
.
Directors
at Jan.
31, 1932 with subsequent additions at cost.
Other
investments consist
of $7,663,024 investment in Petroleum Corp. of
America (a substantial portion of whose assets consists of stock of Consoli¬
dated Oil Corp., $7 377,808 Richfield Oil Corp. and other investments of
$8,735389.)—V. 149, p. 2684.
Inc- and its subsidiaries for the 12 months
c
ended Feb. 29, 1940 was $319,115
(1939—$243,097).
the proportionate interest of Community Power &
A suit for
Common stock in treasury...
Deferred and unadjusted items
c
Miscell. Income deducts.
Divs.
in closed bank
as
Consumers Power
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$3,740,228
$3,312,950 $41,734,092 $37,725,993
Oper. expenses & taxes..
1,985,869
1,728,191
22,099,409 19,922,471
Prov. for depreciation..
430,000
390,000
4,800,000
4,189,500
Period End. Mar. 31—
Gross revenue....
an
Connecticut
Telephone
&
Electric
Co.—Curb
to
Reinstate Stock—
Commencing on April 29, the capital stock ($1 par) of the company
(formerly known as the Air Devices Corp.) will be reinstated to dealings on
the New York Curb Exchange.
Dealings were suspended on Oct. 21, 1938.
The name was changed on
April 11 last.
The Curb's Committee on Security Rulings has decided that
until further notice deals may be settled with certificates bearing either
name.—V. 150, p. 3372.
Grossincome.—..... $1,324,359
434,022
Int. & other deductions.
$1,194,759 $14,834,683 $13,614,022
416,290
4,791,897
4,716,693
$890,337
285,427
65378
Balance
$778,470 $10,042,785
285,428
3,424,821
65.278
783.339
$8,897329
3,424,822
783339
$539,631
Net income
Divs. on pref. stock.
Amort, or pref. stk.
$427,764
$5,834,625
$4,689,168
—Y. 150, p. 2092.
Contaifier Corp.
3 Mos. End. Mar. 31—
Net
interest and taxes
x
ofJAmerica—Earnings—
1940
1939
1938
1937
profit after deprec.,
Equal to 65 cents
*$509,714
per
$24,199 {loss$53,198
share.—V. 150, p. 2571.
$626,970
Volume
Continental
Mar. 30, '40
Operating profit.
Loss
disposal of assets
14,980
77,025
518,427
184,020
$411,035
$604,859
$898,718
Depreciation
487,291
Federal income taxes
Net income
—
—
—
After deducting costs and expenses of
$13,842,271.—V. 150, p. 990.
Continental Can Co., Inc.-1-Earnings-.—
Total Income.
Preferred divs.
Net profit
ing (par $20)
Earnings per share
x
on
417,500
2,853,971
$3.18
2,853,971
2,853,971
$2.80
$2.19
$2.78
undistributed profits.—V. 150, p. 1760.
2,853,971
—
Includes surtax
$9,080,316
$8,362,025
*7,158.840
900,000
$8,898,501
900,000
Continental-Diamond
Directors have declared
a
(1%)
Commondivs. (guar.).-
the common
stock, payable May 24 to holders of record May 10.
This will be
first payment made since Sept. 30, 1937 when 25 cents per share was
distributed.—V. 149, p. 3714.
(& Subs.)- -Earnings
Continental Gas & Electric Corp.
(after eliminating
$37,888,773 $36,432,280
13,747,453
14,116,252
transfers)
inter-company
1939
1940
12 Months Ended Jan. 31—
Gross operating earnings of subs,
the
also
General operating expenses
Maintenance
Provision for depreciation.
...
$2,003,358
430,042
1,©97,500
and
Int., amort. & pref. dividends of subsidiaries
Proportion
of
attributable
earns,
stock
common
;
on
completion of
that with removal of the company
the presidency of the company, but
—V.
Crescent Public Service Co.
Calendar Years—
Total operating revenue-
478,885
248,612
238,160
249,007
x227,641
$833,525
17,809
$726,753
9,785
$684,366
12,316
$676,039
12,877
$851,334
231,743
$736,538
206,653
$696,682
189,581
$688,916
187,862
397,789
352,396
304,499
305,352
208,263
458
146,106
295
124.237
129,170
$13,080
Fed.
$31,087
$78,364
$64,463
Income from opers
Non-oper. income (net).
$6,374,274
Gross income
Int.
20,295
81,824
Taxes of Continental Gas & Electric Corp
86,768
108,679
144,815
$6,856,155
$6,141,075
-
on
bonds,
coll. trust 6%
ser.
2,068
A
coll. trust 6% inc.
bonds, series B-----on
Federal income taxes
Net income
deductions—
5% debentures, due 1958
company
x
Includes
1936
2,548,603
2,568,329
160.878
42,087
162,120
$4,104,586
$3,369,249
Amortization of debenture discount and expense
Taxes on debenture interest
comparative purposes $9,990, additional provision for
and undistributed profits taxes, charged to earned
for
Federal
income
surplus during the year 1937.
Consolidated Balance Sheet Dec. 31
41,377
1939
Dividends
on
1,320,053
prior preference stock
1,320,053
Prop.,
plant
per
$
and
27,485
9,687
156,474
2,170
Sub.
222,473
841
-
Continental Roll & Steel Foundry
Co.—Deposits—
Up to April 17 $2,050,000 principal amount of 1st mtge. bonds had been
deposit or has been promised for deposit. Directors have fixed 90% of
the issue, or approximately $3,175,000 of bonds, as necessary in order to
make consummation of the plan feasible and practicable, although the
board has reserved the right to vary that figure if conditions on or about
June 1 (the deadline date) justify or permit such variance.
Bondholders if they have not already done so, are urged to deposit their
bonds with Continental Illinois National Bank & Trust Co., Chicago,
agent under the plan, or Chase National Bank, 18 Pine St., New York,
sub-agent.—V. 150, p. 2571.
co.
3,385,500
3,385,500
5,215,000
bonds, series B.
11,296,837
equipment, &c-10,488,513
Special deposits
26,227
Investments
9,687
Cash-.-
on
$
S
Liabilities-
Cow. trust 6% inc.
Accts. receivable—
$2,049,196
$9.55
$2,784,533
$12.98
share
—V. 150, p.1930.
1938
1939
1938
$
Assets—
Notes & warr. rec-
Balance
Earnings
126,114
Fixed chgs. of Crescent
P. 8. Co.:
Expenses of Continental Gas & Elec. Corp
Balance transferred to consolidated surplus
103,185
831,790
inc.
Depreciation & deplet'n.
Fixed chgs. & divs. of
$6,394,569
on
$2,359,597
451,237
94,961
748,470
161,247
$2,473,348
467,045
109,707
815,719
121,747
$2,606,932
441,719
108.074
of subsidiaries
14,898
$7,024,747
Interest
1936
1937
$2,479,132
839,030
135,972
Taxes—Incl.
Int.
_
(& Subs.)—Earnings—
1938
1939
subs
Balance
would remain as General Counsel.
150, p. 2571.
18,244
Equity of Continental Gas & Electric Corp. in
earnings of subsidiaries
$7,011,269
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
13,478
Holding
announced on April 20
Big Spring, Texas,
Mr. Zweifel also announced
from Fort Worth he would retire from
$6,389,172
...
Total
Move Offices—
office buliding there.
an
Operations
minority
to
1,897,500
$595,251 def$122,041
President of this corporation,
$7,029,513
Balance
$2,205,500
430,041
1,897,500
,
Cosden Petroleum Corp.—To
Henry Zweifel,
4,447,696
..$11,755,086 $11,074,101
4,684,929
4,725,572
Total income of subsidiaries
$2,922,793
430,041
that headquarters of the company would be moved to
Purchased power
Purchased gas
$11,747,854 $11,088,077
Dr 13,976
7,232
$3,225,149
599,649
420,000
$0.76
Maintenance
...
•
Net earnings from operations, after deducting
5,115,439
Net earnings from operations of subs
Non-operating income of subsidiaries
1,014,990
$0.62 '
$0.99
$0.70
charges for maintenance
repairs and estimated amount of Federal taxes, &c.—V. 150, p. 2092.
*
4,956,835
!
General taxes and estimated Federal income taxes.
$4,101,444
788,652
390,000
375,000
$33,997 def$324,184
1,940,642
5,208,412
1,952,394
1937
$2,210,160
$3,064,810
686,452
Earnings per share on
2,530,000 shares com.
stock (par $25)
Co.—Common Dividend—
Fibre
dividend of 25 cents per share on
1938
$3,780,217
321,227
261,448
$2,361,538
430,041
1,897,500
Net income
1939
1938
1937
$12,195,805 $12,859,279 $13,594,092
5,136,789
5,036,965
x4,497,254
x4,513,776
1939
$2,803,362
$3,559,007
822,469
375,000
Federal & State taxes
Surplus
Pref. dividends paid
Shs. com. stk. outstand¬
Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1940
♦Net earnings
$3,309,593
Other income
249,414
Depreciation
12 Mos. End. Mar. 31—
1940
Net Income
$14,035,290
Deprec. & Federal taxes.
Corn Products Refining
•
-
652
ture indenture to the extent of
1,616,145
1,263,629
4,916
528.084
125,770
Interest
x
Apr. 1 *39 Mar. 26, '38
$1,257,672
$1,610,779
$960,986
*1,017,702'
41,699
income
on
stock at cost,
e 87
dividends by deben¬
$1,870,448.—V. 150, p. 1133.
shares preferred stock at cost and 87 shares common
shares common stock,
f Restricted as to payment of
Baking Co. (& Subs.)—Earnings—
13 Weeks Ended—
Total
2721
The Commercial & Financial Chronicle
ISO
6,166,323
long-term
debt
serial notes
3H%
100,000
due currently.—
332,162
302,566
Notes payable
b Notes receivable
36,274
112,223
208,288
134,292
135,624
46,131
47,784
136,742
Accounts payable-
Materials&suppls.
Prepayments
Consumers deps—
b Notes receivable
102,374
36,274
97,649
47,784
Unred. ice coupons
25
76
335,071
273,569
19,149
35,442
374,208
674,961
Def'd debits
Accrued Items
Deferred credits
—
Reserves
86,802
1,829,782
2,047,936
$200,178
$0.46
*0.46
431,714 common shares
—V.
Continental Steel Corp.
1940—12 Mos.—1939
$18,030,343 $14,444,551
of depreciation)
Admin., sell. & gen. exp.
Provision for deprec
3,022,414
365,156
135.910
3,472,462
396,205
148,093
14,185,273
1,482,455
498,106
11,579,088
1,302,301
495,244
Profit from operations
Other income
$341,227
13,475
$376,897
15,930
$1,864,509
65,014
$1,067,918
57,493
$354,703
15,000
$392,827
12,074
$1,929,523
61,532
$1,125,410
53,253
b Merchandise contracts
discounted (contra).—V. 149, p. 2509.
Crown Cork & Seal Co.,
Inc.—Earnings—
Subsidiaries]
m„
Int.
on
funded debt-
Amort, of debt discount
2,302
3,708
697
and expense
on loans
4,783
1,833
9,849
.
4,965,604
58,395
$719,901
68,968
$501,356
$788,869
102,774
$563,661
85,631
1^1-468
182,277
$402,603
126,567
$191,556
126,567
$276,036
$64,989
Net profit
Other
Total Income
—'
—
Discount on sales
of
Allot¬
Superior
2,453
276
8,650
332,795
1,728
193,950
ment Co
215
2,099
63,450
properties
Prov. for Fed. inc. tax__
Approp. for future invent,
price decline added to
reserve for conting—
95,350
362,000
62,000
$211,456
on
$279,178
$1,140,477
$856,835
$1.18
$5.02
$3.43
com.
stock
Consolidated Balance Sheet March 31
1940
Assets—
1939
$
S
1,224,048
Cash
Notes & accts. rec.
Matket.
1940
land
1,883,018
1,200
Accrued
4,181,486
taxes,
1,935
6,397
Operating
c
200,000
116,948
100,000
1,800,000
1,453,000
874,043
523,839
2,407,000
5,279,300
reserves
1,885,500
Common stock.-
5,279,300
1,807,404
Initial A cap. surp.
chinery & equip. 8,261,963
8,273,740
1
1
39,189
54,486
Total
16,125,937
15,345,517
Earned surplus
Treasury
cost
Total
stock
13,098,636
1,850,779
2,557,067
at
eZ>r3,057
16,125,937
d£>r33,999
15,345,517
b After deduct¬
$7,269,820 in 1940 and $7,050,633 in 1939.
cRepresented by 200,648 shares, no par value,
d Represented by 350
a
Sundry receivables and miscellaneous investments,
ing reserve for depreciation of
Cumberland County Power & Light
[Including Cumberland Securities
-
244,071
32,241
3,882
22,876
221,823
$4,847,403
$4,644,337
2,575,172
31,404
4,061
25,920
393,836
46,682
317.381
376,876
$110,711
7,399
$1,283,647
$1,350,864
117,345
86,624
$118,110
32,745
$1,437,488
9,316
2,805,857
45.964
295.461
186
50
17,464
17,928
$1,400,992
392,103
2,006
197,936
$55,168
29,164
$67,387
29,164
$808,947
349,973
$858,480
347,396
1938
1937
$105,306
Gross income
32,488
Bond interest
Other
Co.—Earnings—
Corp.]
1940—12 Mos.—1939
$95,990
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Federal (incl. inc.) taxes
Net oper. income
Non-oper. income (net)
1940—Month—1939
$399,060
$393,919
(net)
deductions
392,965
18
186,025
due
7% cum. pref. stk.
b Land, bldgs.,ma¬
Deferred charges-.
296,672
443,073
104,197
After
Other interest
debt.
20,173
companies, &c
Patent
debt
23,565
a36.719
242,676
637.982
-
Notes payable
Funded
351,837
int., gen.
(current)
95,225
93,871
Advs. to employees
$
303,454
&c
Funded
Deb. sk. fd. depos.
Sundry receivables
Invest, in outside
Payrolls payable.
1,811,164
4,658,982
Land contr. rec. &
unsold
Accounts payable-
1939
$
Liabilities—
804,291
securities
Inventories
- -
Period End. Mar. 31—
$0.89
Net profit
Earns, per sh.
—
62,305
shares----$0.53
$0.13
depreciation of $342,463 in 1940 period and $322,563 in 1939
period.—Y. 150, p. 1931.
x
Loss on sales or dismantle¬
ment of
Net profit
Preferred dividends
Surplus-----------Earnings per share on 517,609 common
15,000
for sale
Loss
102,024
Federal income taxes, <fec
9,517
Prov. for real estate held
1939
$5,525,355
6,053,110
75,932
Cost and expenses
Amortization of patents, &c
*
Interest
1940
$6,848,943
Net sales_
Interest, amortization, &c—
Total income
6,004
11,972,894 12,389,396
Total---
[Including Wholly-Owned
Quarter Ended March 31—
(& Subs.)—Earnings—
Period End. Mar. 31— 1940—3 Mos.—1939
Net sales.
$4,393,657
$3,864,707
Cost of sales (exclusive
11,972,894 12,389,396
Total
$227,687
on
688,648
1,057,100
60,606
341,130
6,004
1939
State
income taxes
Earnings per share
150. p. 1931.
60,606
Capital surplus—-
1940
<fc
226,250
Com. stk. ("1 par).
Earned deficit----
Federal
66,160
1,325,720
Unrealized
Copperweld Steel Co.—Earnings—
3 Months Ended March 31—
Net income after depreciation,
profit-
Pref. shs. of sub—
Net
income
Pref. div. requirements—Y. 150, p.
2571.
Crystal Tissue Co.—Earnings—
Quarter End. Mai. 31—
Net profit after
and taxes
1940
1939
charges
$34,029
$18,481
Balance Sheet March 31,
loss$9,625
$24,865
1940
Assets—Cash, in bank, $99,972; United States Government Savings bonds
$15,000; funds on deposit with insurance companies, $53,448; accounts
receivable, $165,953; merchandise, materials, and supplies inventories,
$240,420; capital stock of other corporations, $6,625; plant and property
investment, less reserve for depreciation (cost basis), $918,556; deposit
The Commercial & Financial Chronicle
2722
$14,993; total,
with Mutual Fire Insurance Co., $7,854; deferred charges,
$1,522,822.
real estate and personal
property taxes, $6,340; Reserve for Federal taxes on income, prior year,
$19,356; reserve for Federal taxes on income, estimated, current year,
$7,469; reserve for social security Act taxes, $4,508; preferred stock (less
Treasury stock of $2,500), $247,500; com. stk. 93.000 no par shs, $640,000;
earned surplus, $333,868; surplus arising from proceeds of life insurance
policies, $195,798; total, $1,522,822.—V. 150. p. 1931.
Liabilities—Accounts payable, $67,983; accrued
Curtis Publishing
Co.—Earnings—
Corp.—Seagrams, Ltd.—Options Exercised—
Distillers
Corporation reports the exercise, in part, of option granted to William W.
of common stock at $22 per share.
Canadian currency.—V. 150, p. 2421.
Duluth Missabe & Iron Range Ry.—Earnings—
March—
y
Excluding dividends on Curtis stock owned by company and sub¬
y
1937
def675,338
346,085
433,011
from railway....—defl,150,655defl,328,865def1,258.973 defl ,313,154
ry. oper. income
defl ,623,617 defl ,689,498 defl ,413,965 defl ,989,615
Net
1,513,740
$155,980
def449,631
def395,682
$99,365
def439,315
def568,177
def565,940
income
GiSfr^raiW
1938
$115,356
def430.218
1939
1940
$122,361
400,452
'
Gross from railway
Net ry. oper.
1937
Quar. End. Mar. 31—
1940
1939
1938
oper. income
$11,607,060 $10,870,792 $10,366,068
Net earns. after deprec.
and all taxes
665,329
382,088
246,289
1940
Wachtel to the extent of 3,335 shares
Net from railway.
Gross
April 27,
Net
—V. 150, p.
275,980
386.905
2421.
sidiaries.
Accumulated Dividend—
Directors have declared
lations
a
dividend of $1
per
share on account of accumu¬
1 to holders of
the $7 cumulative preferred stock, payable July
on
May 31.
Dividend of like amount was paid on April 1, last;
$1.12M was paid on Dec. 20, last; dividends of 50 cents were paid on
Oct. 2 and on July 1, 1939, and dividends qt 25 cents were paid on April 1,
1939 and Oct. 1 and July 1, 1938.
After payment of current dividend
accruals will amount to $20.12)4 per share.—V. 150, p. 2093.
record
Dallas
Power
&
Co.-
Light
$6,710,703
2,535,621
1,124,787
411,879
$222,073
$2,698,710
$2,638,416
21
364
$222,073
46,667
a42,514
$2,698,731
560,000
b532,609
$2,638,780
$132,892
Divs. applicable to pref. stocks for the period..._
$1,606,122
507,386
$1,601,135
507,386
$1,098,736
$1,093,749
Direct taxes
Prop, retire, res. approp.
Net ry. oper. income...
From Jan. 1—
2,465
def23,524
$99,325
8,389
def17.604
$149,817
48,249
18,881
358,927
75,171
def8,294
Net from railway
332,912
44,086
def25,918
309,845
31,751
def50,066
386,941
92,787
14,037
Gross from railway
Net from railway
Net ry. oper. income—
$101,707
Duquesne Light Co.—Earnings-
Other income...
$32,590,033 $29,623,969
Interest
mtge. bonds.
on
Other int. & deductions.
Net income
$227,225
46,667
a46,602
$133,956
Balance
560,000
b477,645
Includes for both periods amount required to amortize preferred stock
commission and expense over the life of the charter plus additional amortiza¬
a
tion of $44,000 in 1940; also includes in February, 1939, amount required
to amortize debt discount and expense over the life of the outstanding debt
plus additional amortization of $37,000.
Includes for both periods amount required to amortize preferred stock
commission and expense over the life of the charter, plus additional amortiza¬
tion of $186,528 in 1940; also includes amount required to amortize debt
discount and expense over the life of the outstanding debt, plus additional
amortization or $291,472 and $411,000 for the 12-month periods ended
Feb. 29. 1940, and Feb. 28, 1939, respectively.—V. 150, p. 2572,
2,092,889
3,107,203
049
—
—
~
Delaware & Hudson Co.
Period End. Mar. 31—
Gross
revenues
Expenses
revs,
of
Net
$2,988,893
$2,763,864 $11,052,135 $ 9,926.469
cos. not con¬
solidated
xl59,645
x361.613
._,776,641 $10,892,490
851,010 *
3,587,082
1,291,181
5,200,565
657,698
2,765,776
$9,564,856
3,195,999
5,283,605
2,513,562
105,877
revs,
Taxes.
ofallcos... $3,094,770
854,368
Fixed
charges
D< pletion & depreciation
1.315,929
681,492
12,777
Realized losses fr om sale
of securities (net)
1,438,431
4,278,035
prof.2,518
Interest revenues
Revenue from sinking and other
x
income
Loss
or
March—
funded debt
Federal income tax settlement..
Other interest
Gross from railway.....
Net from railway
Net ry. oper. income
150.
1937
1939
1938
$1,972,867
560,682
397,005
$1,621,686
287,452
132,288
$2,429,759
659,187
492,873
6,410,925
1,701,512
1,178,435
5,846,558
1,669,287
1,184,714
4,944,633
689,601
218,884
6,487,836
1,438,881
950,517
2094.
p.
Delaware Rayon
69,300
48,523
Miscellaneous deductions
$10,453,819
$9,080,339
Note—In the above statement of income the previous year
figures have
applicable to 1938 on the Federal income tax
settlement made in January, 1939.—V. 150, p. 2422.
been adjusted to reflect intf rest
Eastern Air Lines,
Inc.—Earnings—
3 Months Ended March 31—
Operating revenues
Conducting transportation expenses
Maintenance and repairs (incl. provisions for over¬
haul of flying equipment
Deprec. (incl. prov. for obsolescence of spare parts)
Selling and advertising
a
company, and
option to
Florence C. Fry, his wife,
purchase 60,000 shares of common stock (par $1) for
of $135,000, on or before Dec. 31,
for and issued in December, 1936.
1938.
an aggregate
18,750 of such shares were
113,757
March—
1940
Gross from railway
Net from railway
Net ry. oper. income.
From Jan.
-
$664,991
6,100
$671,090
511
159,000
x
General
and
administrative
for contingencies.
expense
_
1939
1938
.
.
Net ry. oper. income.
Assets—
for advertising,
of $49,098 was
in the balance
on
hand
Accrued liabilities.
324,000
231,932
653,529 Prepaid transport.
387,007
118,750
171,393
240,539
.$2,022,335 $1,509,389
599,242
945,358
29,125
Investments
payable
taxes
Coll. on subscr. to
67,388
common
on
Res.
.
...
Total
1937
$525,219
226,875
150,075
$405,004
134,056
75,245
$843,005
483,209
330,584
2,339,137
1,289,734
904,746
1,798,828
891,810
614,569
1,384,372
516,389
2,447,344
1,387,921
945,176
stock.
11,974
_
overhaul
for
of flying
288,000
Property and equip 1,768,786
Spare parts & sup¬
plies, at cost
120,127
Deferred charges.
97,829
Goodwill
1939
$351,775
Prov. for Fed.inc.
Short-term notes..
Advs.
1940
$370,035
Trade accts. pay..
equip—
79,789
30,000
122,684
1,524,254 Reserve for contgs.
Res. for adv. exps.
Capital surplus..
Earned surplus
Total.
$5,870,801 $4,327,053
2,179,895
2,088",330
574,128
788,705
1,620,049
Cap. stk. (par $1).
173,565
98,936
299,996
49,098
457,772
$5,870,801 $4,327,053
.
-V. 150, p. 2573.
Eastern Massachusetts Street Ry.
Period End. Mar. 31—
Railway oper.
Railway oper.
revenues.
expenses.
1940—Month—-1939
$643,623
$641,138
397,125
399,098
-Earnings—
1940—3 Mos.—1939
$1,924,227
$1,878,098
1,205,137
1,125,050
$244,525
60,224
$244,013
58,601
$719,090
Taxes
—V. 150, p. 2094.
178.031
$753,048
171,391
Other income
$184,301
4,578
$185,512
4,651
$541,059
14,656
$581,657
14,501
$188,879
$190,063
$555,715
$596,158
43,526
86,828
46,056
97,739
132,764
254,512
138,419
286,694
$46,268
$168,439
$171,045
Net ry. oper. revenuesi
Gross corp. income
Dodge Mfg. Corp.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable May 15 to holders of record May 5.
This will be the first
dividend paid since 12 H cents per share was disbursed on April 13, 1938.
—V. 150, p. 432.
Interest on funded debt,
rents, &c
Depreciation..
a
Net income.
a
Dome
includes
Liabilities—
1939
1940
Cash in banks and
of equipment
$711,365
374,074
258,322
315.279
$318,061
14,936
70.000
'=».
Note—Selling and advertising expenses include a provision
equivalent to 5% of passenger revenue, of which an amount
unexpended at March 31, 1940, and is shown as a reserve
paid
1—
Gross from railway
Net from railway
$314,752
3,310
$511,579
$233,126
$30,000 provision for
Net income for the period
reserve
contract .for pur.
R R.—Earnings—
-
38,486
and franchise)
Provision for Federal income taxes
total
By resolution of the board of directors of the company adopted on Dec.
27, 1938, Mr. and Mrs. Fry were granted an extension of time to Dec. 31,
1939, within which to pay for the balance of 41,250 shares of common stock
at varying prices aggregating $105,000.
None of said balance of 41,250
shares has been taken down and paid for by Mr. and Mrs. Fry during the
year 1939, and by resolution of the board of directors adopted on March
26, 1940, the purchasers have been granted an extension of time to Dec. 31,
1940, within which to pay for the 41,250 shares of common stock remaining
unpaid for of said original 60,000 shares.—V. 150, p. 2252.
Detroit Toledo & Ironton
299,361
169,973
216,245
X96.517
26,627
Miscellaneous deductions
operation
commitment dated June 1, 1936, company granted an
Fry, the President of the
376,481
201,864
272,823
Balance Sheet March 31
Detroit-Michigan Stove Co.—Options Extended—
Under
1939
$1,935,920
812,447
General and administrative
Accounts rec. from
John A.
1940
$2,823,264
1,154,863
sheet.
Corp.—Class A Dividend—
Company will pay a dividend of 70 cents per share on the class A stock, on
May 8 to holders of record May 1.
Dividend of 80 cents was paid on
Jan. 29, last and previous dividend was paid on Dec. 16,1937 and amounted
to 25 cents per share.—V. 150, p. 836.
to
Crl47,517
69,300
62,544
Ct29,946
Interest charged to construction
Taxes assumed on interest
Total income..
;
1940
Net ry. oper. income
From Jan. 1—
—V.
-Earnings-
495
4,221
159,540
$13,343,987 $11,942,710
2,450,000
2,450,000
315,941
315,941
106,188
27,218
5,915
9.132
Gross income
Amortization of debt discount and expense
Net operating income
Miscellaneous income
$2,094,988
535,917
371,102
Gross from railway
Net from railway
495
5,104
135,722
....
x$65o,415 x$5,706,345
x$l,461,679
deficit.—V. 150, p. 2093.
$242,981
Delaware & Hudson RR.-
85,781
102,401
297,411
-.
funds
Non-operating revenue deductions
Taxes (social security, property
Net
-
M iscellaneous income
on
80,800
83,263
93,665
303,266
53,947
....—i ...
Net income
(& Subs.)—Earnings—
1940—3 Mos.—1939
*
1940—12 Mos.—1939
$12,562,526 $11,371,008 $47,204,737 $41,198,897
9,573,633
8,607,144
36,152,602 31.272,428
Net revs.of cos.consol.
Net
Dividend revenues
Interest
2,219,897
1,722,400
$12,934,569 $11,536,541
Net operating revenue
Merchandising, jobbing and contract work..
Revenue from lease of other physical property
on
847
«
2.302,025
2,157,667
Provision for Federal and State income taxes.
Interest
9,163,782
2,110.584
2,869,918
9,995,032
Operation
Appropriation for retirement reserve
Amortizatiion of leaseholds, &c
Taxes
'
Gross income.
1939
1940
Years Ended Jan. 31—
Operating revenues
Maintenance and repairs
$227,225
Net oper. revenues
1937
$108,650
13,694
def 13,747
1940—12 Mos.—1939
$6,967,381
2,566,364
1,193,628
508,679
Operating revenues
Operating expenses
1938
1939
1940
March—
Gross from railway
—V. 150, p. 2095.
Earnings—
1940—Month—1939
$557,526
$618,696
211,783
200,183
98,224
88,388
20,294
8,052
Period End. Feb. 29—
Pacific Ry.—Earnings—
Duluth Winnipeg &
Before provision for retirement
$58,525
losses.—V. 150, p. 2095.
Mines, Ltd.—Earnings—
3 Mos. End. Mar. 31—
Total receovery
Devel.,oper. & gen.costs
Taxes
Outside exploration writ¬
ten off...
Net income
Miscellaneous
earnings.
Foreign exchange loss
1940
$1,992,136
660,129
335,533
1939
$1,824,737
656,968
197,677
1938
$1,845,157
655,880
190,774
Eastern Minnesota Power
1937
$1,901,614
713,532
182,026
Corp.—Earnings—
Earnings of Company Only, for 3 Months
earnings,
Operation
3,848
15,165
2,165
844
$992,627
114,610
Dr136,223
$954,928
$1,005,212
106,114
Taxes
79,510
$996,339
101,437
$971,014
$1,034,437
$1,097,776
$1,111,326
Interest
Maintenance
Provision for retirement
-
reserve
Net earnings
on funded debt
Interest
Total income
Note—In the above figures no allowance is made for depreciation, deple¬
tion, and adjustment of surplus or contingent reserve accounts.—V. 150,
p. 2421.
on
unfunded debt
Amortization of debt discount and expense, &c
Net income.
Ended^March 31
^
$112,851
58,809
Gross
$100,957
49,064
3,253
8,750
13,524
3,942
8,750
13,367
$28,515
20,625
$25,833
20,625
42
41
3,126
3,261
$4,722
$1,906
Volume
The Commercial & Financial Chronicle
150
Consolidated Income Accounts for 3 Months Ended March 31
1939
1940
Gross
revenues
795
$69,797
Maintenance
Provision for retirement
General
$251,050
98,146
7,904
27,500
35,402
2,325
$79,773
25,962
71
17,929
25,962
67
3,526
17,929
$22,247
$32,288
20,625
20,625
$261,951
Operation
121,822
6.266
reserve
27,500
35,771
taxes
Income taxes. State and Federal
Gross
!
income
Subsidiary Deductions—
Interest
on
funded debt
Interest on unfunded debt
Amortization of debt discount and expense, &c_„__
Preferred dividend requirements
.
„
Balance
Parent
Interest
Interest
...
3,587
„
Company Deductions—
on
funded debt
42
41
3,126
3,261
loss$1,546
$8,360
unfunded debt
Amortization of debt discount and expense, &c
on
Net income
—V. 150. p. 1932.
Eastern Utilities Associates (&
Period End. Mar. 31—
Operating
Operation
Maintenance.
Retirem't res've accruals
Taxes (incl. income taxes)
Net oper. revenues—
of the issues raised
by" the pending application of American Gas & Electric
Section 2 (a) (8) of the Act for an order declaring that
subsidiary companies are subsidiary companies of Electric
Bond.& Share Co., and requesting corresponding postponement of the hear¬
ing.
On April 6, 1940, the Commission issued an order granting a twoweek postponement of the time for filing answers, and a
corresponding
postponement of the date of hearing, pending-consideration of aforesaid
joint application.
The principal arguments advanced in support of the joint
application are
(1) that the investment of Electric Bond & Share Co. in the common stock
Co.
pursuant to
neither it
of American Gas & Electric Co. is a substantial fraction of its total assets
is the source of a substantial portion of its revenues,
(2) that "the
and
properties of the operating subsidiary companies of American Gas & Electric
Co. are either physically interconnected with or capable of interconnection
with properties of other important operating companies in the Electric
Bond & Share Co. System and under normal conditions may be
economically
operated as a single interconnected and coordinated system with the
properties of such other important operating companies," (3) that the first
necessary step in formulating a program under Section 11 (b) (1) is to
determine the physical relationship of the properties involved and
(4) that
such determination is impossible until the application of American
Gas &
Electric Co. under Section 2 (a) (8) has been passed upon.
After careful consideration of the application for postponement the Com¬
mission is unable to find that the
1940—12 Mos —1939
$8,979,836
4,312,799
$8,552,139
4,159,277
428,591
777,399
1,296,701
322,110
764,791
1,149,651
rant the
pass
war¬
We may
(a) (8) cannot
"admitting, denying, or otherwise explaining their respective positions
allegations of the notice and order, which is the only form of
as
answer
which any respondent is required to make.
Assuming that the respondents
desire to avail themselves of the opportunity to set forth
voluntarily their
program of conformance with Section 11(b) (1), it is still difficult to
status of American Gas & Electric Co. could affect the
ability of any of the several subholding company respondents to formulate
own
63
384
$2,171,477
438,871
v
10,893
$2,124,047
511,982
10,578
$152,094
$1,721,712
77,652
$1,601,488
77,652
$1,644,060
24,874
$1,523,836
24,217
$1,619,186
309,824
$1,499,619
309,824
$1,929,010
140,657
$1,809,443
129,274
$1,788,353
$1,680,169
sizes the importance of its investment in American Gas & Electric Co., has
never seen fit to join the application for exemption, nor on the other hand
$1,680,169
to intervene for the purpose of supporting or opposing it.
The exemption application of American Gas & Electric Co. will be set
down for hearing as promptly as feasible after certain additional data
„
.
Total
i
Expenses, taxes and interest...
Balance...
Amount not available for divs. and surplus
665
Balance available for dividends and surplus
$1,787,688
—Y. 150, p. 2095.
perceive how the
their
own
programs.
[The notice and order for hearing expressly provided
that American Gas & Electric Co. should not be deemed a respondent unless
and until so designated by further order of the Commission.]
Electric
Bond & Share Co. itself, resolving every doubt in its
fraction of its properties can conveivably have any relationship
properties for purposes of Section 11 (b) (1).
There
remains a vast group of properties requiring attention, and to which im¬
mediate consideration can be given, regardless of the status of American
Gas & Electric Co.
To take onry a few examples, it is difficult to imagine
how any disposition of the exemption application of American Gas &
Electric Co. could affect the problems which arise under Section 11 (b) (1)
regarding the electric utility operations of the Bond & Share system in the
State of Washington or the State of Texas, or its gas
utility operations in
Louisiana or Wisconsin, or its extensive utility and non-utility operations
to
favor, only
a
to the American Gas
in various South American and Asiatic countries.
It is perhaps worthy of mention that Bond & Share, which
now
empha¬
requested from that company and from Electric Bond & Share Co. have
Easy Washing Machine Corp.—Earnings—
3 Mos. End. Mar. 31—
Net profit
/
Earnings
per
1940
1939
$99,051
$0.20
share
Ebasco Services
been furnished.
'1937
1938
$95,870loss$126,341
$0.18
Nil
After depreciation, interest and taxes,
A and B stocks.—V. 150, p. 1763.
x
y
$176,748
$0.34
On combined shares of class
18,
Electrolux
1940, the kilowatt-hour system input of
Co., Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1939, was as follows:
as
case
Operating Subsidaries—
1940
1939
107,658,000
53,896,000
82,119,000
79,388.000
American Power & Light Co...120,095,000
Electric Power & Light Corp
59.557,000
National Power & Light Co...
The above figures do
Amount
12,437,000
5,661,000
2,731,000
%
11.6
10.5
3.4
not include the system inputs of any companies
appearing in both periods.—V. 150, p. 2573.
Exchange at its meeting
April 24 approved the recommendation of the Committee on Stock List
that, in view of the small size of the assets of the company its earnings
record and the fact that the company is not at the present time actively
engaged in business, application be made to the Securities and Exchange
Commission to strike the common stock from listing and registration.
recommendation states in
y
Corp, (& Subs.)—Earnings—
1940
$521,424
$0.42
listing and registration.
This hearing was held on April 22 and a
representative of the company, two stockholders and a representative of a
number of stockholders appeared and were heard.
The annual report of the company for the fiscal year ended Nov.
30,1939,
published April 10 and shows the total assets of the company as amount¬
ing to $3,104,855.
Of this amount a total of $2,437,040 were assets located
in Poland and Germany and affected by governmental exchange restrictions.
The independent public accountants' report states that in their opinion it
would oe preferable to include these assets In Germany and Poland at no
value and further states that if no value was assigned to such assets the
capital and surplus of $2,137,001 reflected In the balance sheet should be
eliminated and a capital deficiency would result.
The other assets of the
company, which are carried at a total of $667,815, are shown as being for
the most part pledged in connection with certain loans.
The annual report
also states that the company Is not engaging in any active fur business in
this country at the present timei
was
A review of the income accounts of the annual reports for recent years
shows the following results after special credits, charges, reserves, &c.:
y
1,237,500 shares
1940
1939
$1,443,779
382,004
213,460
$1,488,310
434,888
259,782
$876,563
71,799
def42,145
$2,394,219
1,005,168
652,119
Net ry. oper. income
From Jan. 1—
Gross from railway.
5,065,270
1,607,052
4,330,650
1,367,987
800,232
2,577,388
178,779
defl34,084
6,029,924
2,088,911
1,253,567
.
Net from railway
Net ry. oper. income—
—V.
150,
p.
898,821
1938
1937
2422.
Empire District Electric Co.—Earnings—
Period—
on
funded debt
Federal & State taxes on bond interest coupons...
Interest charges collected on instalment sales
Provision for Federal income tax
Net income
Preferred dividends
'
Liabilities—
Assets—
Property, plant <fc equipment,
Including intangibles
$25,898,917
Miscellaneous investments..
24,750
Sinking fund assets In hands
'
6% cum. pref. stk. ($100 par)
Common stock ($100 par)
Notes payable to banks..
566,263
of trustee
loss
953,717
443,168
1939
loss
140,75o
tured bond interest coupons
After consideration of the matter at its regular meeting held April 23,
the Committee on Stock List was of the opinion that the common stock
Consumers' accts. receivable.
Cash in banks and on hand..
Cash
on
102,073
deposit to pay ma¬
Merchandise accts. receivable
8,972
276,059
244,102
Other notes & accts. recelva'le
Merchandise held for resale..
3,930
31,951
40,949
Materials and supplies...—
279,816
Prepaid Interest, &c........
21,491
Current accts. with affil. cos.
Other assets
3,881
!—
735,158
Deferred charges
April 19 and imme¬
*
$490,169
442,920
Balance Sheet Dec. 31, 1939
loss .*639.582
Meeting Adjourned—
$1,268,377
629,938
57,697
7,635
12,642
013,305
83,600
$128,007
221,460
Gross income
Amortization of bond discount and expense
Interest on other debt
$1,244,630
23,746
$312,915
157,721
14,424
2,147
3,597
02,982
10,000
Net operating revenue
31,-39
$3,410,222
2,165,592
$306,752
6,163
.... — .—
Other income
1938
did not appear eligible for continued listing on the Exchange and that ap¬
plication should be made to the SEC to strike the stock from listing and
registration in view of the small size of Its assets, its earnings record and the
fact that the company is not at the present time actively engaged in the fur
business in this country, and recommends to the Board of Governors that
such an application be filed.
$850,581
543,829
....
Operating and other expenses...
Interest
Year Ended
Dec.
Dec. 31, '38
"
Total gross operating revenues
1937
on
On
Elgin Joliet & Eastern Ry, ,—Earnings—
March—
Gross from railway
Net from railway
228,821
The annual meeting of stockholders convened
diately recessed until April 29,—V. 150, p. 2252.
1937 '
$768,369
$0.62
$0.54
x
After charges, Federal income and surtax,
capital stock.—V. 150, p. 2422.
$750,384
profit
1938
$668,246
3 Mos. End.
from
1936 (11 mos.)
1939
$443,914
$0.36
part:
On March 26, 1940, the Committee on Stock List, having been advised
by representatives of Eitingon Schild Co., Inc., of the depletion of the
company's working capital, the frozen character of its European assets and
its resultant inactivity, determined to hold a public hearing to consider the
advisability of making application to the SEC to strike the common stock
loss
loss
x
Quar. End. Mar. 31—
Net profit
Earnings per share
,
Eitingon Schild Co., Inc.—Delisting Recommended—
The Board of Governors of the New York Stock
Committee's
The application for postponement of the time for filing answers in the
present case will be denied, except that a further one-week extension will be
allowed.
Such denial will be without prejudice to the filing of further
application for reasonable postponement for good cause shown.
The date
of hearing will be postponed subject to further order of the Commission
after examination of the answer or answers of respondents.—Y. 150, p. 2422.
Inc.—Weekly Input—
For the week ended April
the operating companies which are subsidiaries of American Power & Light
Accounts payable
Current account with Electric
Advisers, Inc...
Consumers' deposits
Accrued int.
on
1,942,900
13,119,000
70,000
88,606
7,874
144,616
funded debt
unpresented coupons
Accrued interest, taxes
227,492
and
other charges
106,175
Accrued payroll..
Prov. for Federal Income tax.
Line extension deposits
......
Reserves
Earned surplus....
$28,238,312
Total..
$7,382,000
Funded debt
Total
25,626
170,679
9,343
2,658,718
2,286,283
$28,238,312
-V. 149, p. 4028.
Electric Bond & Share Co.—SEC Denies
Request to Delay
Integration Hearings—
The Securities and Exchange Commission on April
of the company that integration proceeding against
22 denied the request
it be delayed indef¬
The time for filing answers was postponed one week to April 27.
The Commission in its memorandum opinion states:
On Feb. 28, 1940, the Commission issued its notice of and order for
hearing under Section 11 (b) (1) of the Public Utility Holding Company Act
of 1935 in the matter of Electric Bond & Share Co. and its subsidiary com¬
panies.
sufficient to
are
pendency of the application under
possibly create any difficulty in filing an answer
$188,555
36,077
Applicable to E. U. A
Non-subsidiary income
initely.
advanced
the
$151,778
Balance.
19345
that
$2,156,310
Dr32,263
Applicable to minority interest....
The
fact
Section 2
to" the
As
not
obvious
$2,164,346
7,131
deductions
Balance
y
the
$189,614
Dr 1,060
Pref. div. deductions—B. V. G. & E. Co
x
reasons
requested delay in filing answers to the notice and order.
over
$187,971
36,130
Balance
Interest and amortiza'n.
*
its
nor
$184,217
3,755
Non-oper. income (net).
Miscell.
Subs.)—Earnings—
1940—Month—1939
$750,130
$756,330
354,850
361.900
30,776
32.249
64,510
63,708
115,777
108,859
revenues
2723
On April 3, 1940, the respondents filed a joint application requesting
postponement of the date for filing answers "until after final determination
The respondent companies were required to file by April 6, 1940,
their joint or several answers admitting, denying, or otherwise explaining
their respective positions as to each of the allegations contained in the
notice and order.
It was also provided in the notice and order that the
answers might include statements of the respondents' claims as to (a) the
action which is necessary in order to limit the operations of each of the
respondent registered holding companies to a single integrated public utility
and (b) the extent to which any of such companies should be
permitted to control additional integrated systems or to retain interests in
system,
other businesses.
Engineers
Public
Service
Co.—Integration
Hearing
DeferredThe Securities and Exchange Commission, April 24, postponed until
May 27 the date on which it will begin its public hearing on integration
of the company.
The company, which has challenged the constitutionality
of the integration requirement, requested the delay.—V. 150, p. 2422.
Erie
RR.—Earnings—
(Including Chicago & Erie RR.)
March—
Gross from railway
Net from railway
Net ry. operating income
From Jan. 1—
Gross from railway
Net from railway
1940
$6,617,674
1,629,855
778,651
20,045,142
6,062,698
Net ry. operating income
2,458,984
—V. 150. P. 2573.
1939
1938
1937
$6,445,535
$5,491,776
811,870
16,866
$7,857,075
1,701,415
93 9.943
18,417,162
4.406.313
2,048.734
15,721.893
def269,208
21,369,510
6,673,217
4,194,868
2,209.105
2.684,572
1,893,545
The Commercial & Financial Chronicle
2724
in dividends after payment
Equity Fund, Inc.—EarningsExpense
1937
$35,401
$9,847
loss$21,378
$10,866
1,143
1,202
833
874
2,823
*150
k
1,123
536
loss$22,787
41,971
$7,891
41.718
41,653
$7,894
38,387
$75,027
33,984
$49,609
29,552
$18,866
$46,281
$41,044
$20,057
$18,866
$14,068
Prov. for Federal taxes.„
applications also state that unless the earnings increase above those
capable of being estimated, there will be insufficient earnings to permit
participate in dividends after paying the accumulated
dividend arrearages on the preferred and class A stocks.
Under these
circumstances, the plan allocates approximately 95% of the new common
The
1938
1939
1940
3 Mos. End. Mar. 31—
Total income
now
the class B stock to
stock to the
Net
$33,056
income
Earned surplus Jan.
l-„
Dividend paid
32,213
preferred stock. 5% to the class A stock and none to the class B
stocki
Utility Operators Co. would receive 0.7357 shares
The stockholders of
of
Total
April 27, 1940
of all arrears dividends on the preferred stock.
common
stock
in the surviving corporation for each of their present
of new common.
The application states
shares of total of 41.514 shares
entitled to these shares by cirtue of the ownership by Utility
Co. of 6,536 shares of preferred stock and $3,000 principal
of Federal Water Service Corp. and other net assets
worth $600.
However, Utility Operators Co. will receive no new common
stock by virtue of its ownership of ail the class B stock of Federal Water
that they are
Operators
Earned surp. Mar.
x
31-
Additional excess profit® tax for
1935.
Balance Sheet March 31
Assets—
$107,748
Cash, demand dep.
Marketable
at
Liabilities—
1939
1940
$89,004
cost
2,216,908
—
45,151
sold
receivable..
3,800
(par
1,123
1,202
136,924
1,984,345
41,044
Capital surplus
Earned surplus
x
$2,374,808
122,716
2,186,367
4,167
20,057
Z>r44,622
$0.20).
3,675
$2,119,4951
Treasury stock..
...
*14,317 shares at cost.—V. 150, p. 2096.
Fairbanks Co.
(& Subs.)- -Earnings1937
1938
1939
1940
3 Mos. Ended Mar.31—
192.969
2,623
10,013
3,217
18,122
4,378
126
Drl',551
Est. Fed. income taxes..
$4,745
127
$8,645
10,110
$23,430
Operating profit..
Deprec. of plant & equip.
Int. on serial gold noyes.
Miscell. credits (net)
2,300
y
* $9;416
Net profit
No
10,163
deduction
for
surtax,
193
xl0,300
loss$3,961
loss$8,358
$60,292
•
After charging manufacturing, selling,
administrative and idle plant expenses and provision for bad debts, - ut
before charging depreciation of plant and equipment.—V. 150, p. 1932.
x
y
Fairbanks, Morse & Co.—Bonds Called—
A total of $247,000 20-year 4% s. f.
debentures, due June 1, 1956, has
been called for redemption on June 1 at 102% and accrued interest.
Pay¬
ment will be made at the First National Bank of Chicago.—V. 150. p. 1932.
appointed Secretary and Treasurer and J. E. Kozoyed, Asst. Secretary and
Asst. Treasurer.—V. 149, p. 2971.
Period End. Mar. 31—
1940—12 Mos.—1939
...
issue
from the effective date of the plan.
provides for the election of the present board of directors
than one year
The plan also
Wednesday in May) in each of the three years following consummation
of the plan.
Under this arrangement, the members and terms of the initial
board of directors of the surviving corporation would be as follows:
One Year—Edward W. Robinson and H. M. Erskine.
Two Years—W. Findlay Downs and Harry O. King.
Three Years—C. T. Chenery, Frederic R. Harris and C. Van den Berg, Jr.
The successors of these directors would each be elected for three-year
The plan is to be submitted to the stockholders of each of the three
merging companies at meetings to be called for this purpose.
Notices of
such meetings will be mailed by the companies to their stockholders together
with copies of a report on the plan, which will be made by the SEC; after
May 16.
In order to put the plan into effect it must be
approved by vote of (wo thirds of the total number of shares of stock of
company and by the SEC.
However, the boards of directors of
Federal Water Service Corp. and Utility Operators Co. reserve the right
to abandon the plan if the holders of 3,000 or more shares of preferred stock
of Federal Water Service Corp. object to it.
the hearing on
each
Any stockholder may obtain payment for the value of liis stock from the
surviving corporation in accordance with appraisal provisions of Delaware
law, if he has objected in writing to the plan before its adoption and also
demanded such payment in writing within 20 days after the plan becomes
The plan
provides that the 5K% debentures now outstanding will not
be affected by the proposed
reorganization.—V. 150, p. 2252.
Federated Department
Stores, Inc.—Changes Exchange
Ratio—•
By action of the board of directors taken on March 29, 1940, the company
stocks of the several com¬
is authorized to effect exchanges of the common
$20,920
5,000
$17,289
5,000
$205,246
60,000
$177,963
$15,920
$12,289
$145,246
8,204
$117,963
11,697
panies mentioned above at the following rates:
For each share of common stock of Wm. Filene's Sons Co., % share of
the common stock of Federated Department Stores, Inc.
For each one share of the common stock of Abraham & Straus, Inc., V/s
shares of the common stock of Federated Department Stores, Inc.
For each one share of the common stock of The F. & R. Lazarus & Co.,
1 share of the common stock of Federated Department Stores, Inc.
For each one share of the common stock of Bloomingdale Bros., Inc.,
3-5 share of the common stock of Federated Department Stores, Inc.
The authority to effect such exchanges is to continue until further action
by the board of directors of Federated Department Stores, Inc.
Provision has been made for the issuance of scrip representing fractional
interests in shares of the common stock resulting from the exchange, such
Net oper. revenues
$137,041
112,508
$106,266
95,962
into whole shares before July 1, 1944, which will not be less than two years
after the date of the issuance of any of said scrip, and subject to the further
$78,870
43,477
4,491
13,613
$935,107
491,081
70,538
168,245
$892,125
497,013
56,825
160,392
$20,920
»
Maintenance
Taxes
$17,289
$205,242
$177,895
3
Non-oper. income ((net)
Balance....
Retire, res. accruals....
Gross income
Interest charges
more
would
of Federal Water Service Corp. as directors of the surviving corporation
for "staggered" terms, ending at the dates of the annual meetings (fourth
Co.—Earnings-
1940—Month—1939
$85,890
44,647
5,113
15,211
Operating revenues
Operation.
inactive company, organized solely to
It will receive no new common
Delaware law.
Cff6CtlVG
(The) Fair—New Directors—
J. S. Schoff, A. R. Floreen and A. C. Gay have been elected directors to
succeed W. E. Killlan, William Barr and F. A. Smith.
Mr. Gay was
Fall River Gas Works
under
name
would be issued, but instead the surviving corpora¬
scrip certificates which would be convertible into full
shares but would receive no dividends until so converted.
These scrip
certificates would become void within a comparatviely short period, not
tion
5,875
.$2,374,808 $2,119,495
Total.
the
No fractional shares
25,300
Paid-in surplus...
tax....
Total...
stock
Federal Water & Gas Corp. is an
retain
under the plan.
paid)
(since
Com.
Deferred Fed. cap.
stock
$5,823
$6,305
stk. repurchased
2,025,693
Acc'tsrec.for sees.
Divs.
Service Corp.
1939
1940
Fed. <fe State taxes
Acc't pay. for cap.
secur.
amount of debentures
582
941
$15,337
.
$11,348
68
60,000
scrip to be subject to the requirement that it be presented for exchange
Net income
Dividends declared.
requirement that the whole number of shares represented by such scrip
which has been issued and is not consolidated prior to said date will be
—V. 150, p. 2096.
Farr
Alpaca Co.—Liquidation Dividend—
Recently the company, through a subsidiary, sold three of its mills for
$675,000 cash to interests affiliated with Berkshire Fine Spinning Associates,
is from proceeds of this sale that the distribution is to be made.
It is expected that some small further payment will be made at a later date.
—V. 150, p. 2252.
and it
Federal Water Service
Corp.—Hearing
on
reasonably possible after said date and the
proceeds held by it, without the duty of paying interest thereon, until
July 1, 1948, for the pro rata benefit of the holders of such issued and un¬
consolidated scrip, after which last said date all of such scrip shall be null
and void.—V. 150, p. 2252.
sold by the company as soon as
Directors have voted to make a preliminary distribution in liquidation of
$4 per share, to be paid about May 7, the exact date for payment not havingbeen determined as yet.
With 140,000 shares outstanding, the distribution will require $560,000.
Plan—
First Security Corp.
•
securities of Federal Water Service Corp., and
Federal Water & Gas Corp., an inactive company.
The two latter companies will be merged into Federal Water Service Corp.,
which wiil then assume the name of Federal Water & Gas Corp.
The surviving corporation will have only one class of stock, $12
par
value common, into which the outstanding shares of the merging companies,
including all arrears In dividends on the preferred and class A shares of
Federal Water Service Corp. will be converted.
Of a total of 1,058,268 new
common shares which would be issued, the Preferred and class A stock¬
holders of Federal Water Service Corp. would receive 1,016,754 shares,
or 96.08%, allocated among the different issues as follows:
7 shares of common for each share of $7 preferred.
6M shares of common for each share of $6.50 preferred.
6 shares of common for each share of $6 preferred.
4 shares of common for each share of $4 preferred.
1 share of common for each 10 shares of class A.
In arriving at a basis for allocating the new common stock, the present
value of the assets of Federal Water Service Corp. has been estimated and
the
earnings
of the
corporation,
individually
and
Based
Based
on
on
estimates
by officers of Federal Water Service Corp_$15,548,543
Day & Zimmerman, Inc., independent
17,938,760
estimates by
appraisers.
The net income of Federal Water Service Corp.,
individually, and con¬
solidated with the net income of its subsidiaries for the past three years
was as follows:
Year—
1937
1938
^39
Net income—Corporate
$419,794
1,017,008
$446,470
$425,155
987,763
1,489,046
The annual dividend requirements of the preferred and class A stocks
of Federal Water Service Corp. and the arrears in dividends on such stocks
st Dec. 31, 1939 were as follows:
Consolidated--
Annual
Arrears
Dividend
Divs. at
extra dividend of 25 cents per share
Flour Mills of America,
Inc.—Reorganization—
The Securities and Exchange Commission on
April 11 issued a report on
The following extracts
proposed plans of reorganization of the company.
taken from the report:
This is an advisory report on two proposed plans for the
of the company.
One of the plans was filed by the trustee on
are
reorganization
Nov. 29, 1939,
amended by him on Jan. 10, 1940.
Further amendments to this plan
were filed by two noteholders' committees, by the committee representing
preferred stockholders, and by the debtor.
The second plan was filed by
the Vincent noteholders' protective committee on Dec. 11, 1939.
Both
and
Slans, and the amendments to the first, were referred to the Commission on
22, 1940, for examination and report, pursuant to the provisions of
an.
Chapter X of the Bankruptcy Act, as amended.
It is the conclusion of the Commission that the plan filed by the trustee,
together with its several amendments, is neither fair nor feasible, and the
Commission recommends its disapproval.
It is further the conclusion of
the Commission that the
plan filed by the Vincent noteholders' protective
feasible, and the Commission recommends its
committee is both fair and
approval.
Present
20-year 6K%
notes,
Capitalization
principal
—
Accumulated unpaid interest to March 1, 1940
Preferred stock (no par) (authorized 80,000 shares),
2,500,000
Dividends accrued to March 1, 1940
stock ($1 par) (authorized 525,000
shares
$2,661,000
245,033
outstand¬
ing 25,000 shares
Common
consolidated with its
subsidiaries have been considered by the company.
The estimated value
of assets of the merging companies, available to
stockholders, are shown
below:
an
the regular semi-annual dividend
and B stocks, all payable June 10 to
The
Securities and Exchange Commission announced
April 22 that a
public hearing has been set for May 16, 1940 on the applications of the
corporation and Utility Operators Co. (Files 34-9, 34-41 and 70-28) under
the Holding Company Act in connection with a proposed plan of merger
and reorganization.
These proceedings are in connection with the proposed plan of reorgani¬
zation, which is summarized as follows:
The plan proposes the merger of the following affiliated companies:
Federal Water Service Corp.,
"Utility Operators Co., owner of all the class B stock and certain other
(Ogden)—Extra Dividend—
in addition
of 50 cents per share on the class A
holders of record June 1. Extra divi¬
dend of 15 cents was paid on Dec. 15, last, and 25 cents paid on Dec. 15.
1937.—V. 149, p. 4028.
Directors have declared
to
1,158,333
shares), 499,065
499,065
outstanding
Vincent Noteholders' Protective Committee
Plan Proposed by the
proposed a plan providing for the issuance of
common stock in lieu of all securities presently outstanding.
This common
stock would be allotted only to the present noteholders, on the assumption
that the debtor is insolvent, and that no equity in the property exists for
the present preferred or common stockholders.
This plan provides that
current accourfts would be paid in cash.
It is stated that the plan also
contemplates possible changes in the management, after study of the matter,
if the interests of efficiency and successful operation would be served thereby.
The Vincent committee has
Earnings and Value of Debtor
The debtor's earnings history falls into
In the first period, ending with
two periods, 1927-1935, and 1936-
the fiscal year 1935, profits were
In the second period, ending with the fiscal year
1939, deficits were reported in each year after allowance for depreciation,
and in 1936, 1937 and 1938 the company sustained substantial losses even
before such allowance was made.
•
1939.
shown
in
every
year.
...
„
.
.
x
Requirements
Totals
-
Dec. 31 '39
$1,001,096
1,137,550
.
Preferred stockClass A stock
$8,259,042
9,479,583
$2,138,646
$17,738,625
The present value of the net assets, according to the estimates
shown
above, is insufficient to pay the voluntary liquidating value of the pre¬
ferred stock, $17,421,456, plus the arrears dividends on such stock,
$8,259,042.
However, the applicants stated that on the basis of estimated earn¬
ings it is possible that after many years the class A stock would participate
earnings of a corporation for purposes of guidance
estimating reasonably anticipated future earnings, consideration must
be given to the possibility that changes in the volume and nature of its
business, and the sources of its revenues, may have substantially affected
the usefulness of past earnings as a guide.
In this case an analysis of the
In examining the past
in
factors
which
affected
the
debtor's
operations in
its profitable period,
1927-1935, indicates that the earnings for those years are not indicative
prospective earning power of the enterprise.
As an initial matter, the character and volume of the debtor's operations
during the early part of that period are no longer comparable with its
present business.
During the early part of the period the debtor apparently
of the
I
Volume
1
'
The Commercial
150
profitable business in the sale of family flour and flour for small
This type of business yields a larger profit than sales to large
and chain stores.
A substantial part of such business was lost
during the period, and has never been regained.
In 1933 an attempt to
had
a
bakeries.
bakeries
recover some
dollars, but
of this business
was
was
unsuccessful.
made at
a
cost of several
hundred thousand
Also, in respect of volume alone, as
affecting
the reliance to be placed on past operating results, the debtor's flour
duction prior to 1932 was substantially in excess of any reasonable
mate of
pro¬
esti¬
prospective volume.
Conclusions
Upon analysis of the available data it is our opinion that the facts upon
an estimate of earnings must be predicated do not support the trustee's
conclusion that average annual earnings of $250,000 for this debtor in the
future may be reasonably anticipated.
We are also of the opinion that the
capitalization rate used by the trustee in order to find the debtor solvent is
which
unsound.
It is
our
conclusion that the debtor is insolvent, and in light
of that fact,
neither the preferred nor common stockholders may as a matter of law be
allowed participation in the reorganization.
The trustee's plan therefore is
"fair and
not
equitable."
•
solvent, the
basic principles.
It is neces¬
sary that the noteholders receive full compensatory payment for their
present claims before the preferred stockholders are entitled to any parti¬
cipation which the trustee's plan fails to provide.
•
We also believe that in the interests of feasibility the debtor should not
issue debt securities, because it lacks a basis for anticipating that reasonable
debt securities can be adequately serviced and retired at maturity.
The
trustee's plan achieves its measure of feasibility, if any, at the expense of
We believe further that
even
if the debtor is assumed to be
trustee's plan does not conform to applicable
the noteholders.
Accordingly, we recommend that the trustee's plan be
that the plan filed
—V. 147, p. 3159.
disapproved, and
by the Vincent noteholders' committee be
approved.—
Freeport Sulohur Co.—Earnings—
1940
$861,233
796,380
3 Mos. End. Mar. 31—
x
Net income.
Shares
common
stock
Earnings per share
x
After all charges,
1937
$543,287
796,372
1938
$427,940
796,380
1939
$316,464
796,380
$0.40
$0.52
$0.66
including depreciation, depletion and Federal taxes,
$1.08
2725
& Financial Chronicle
dividends have accumulated
share
and
aggregating
on
the preferred stock
$7,350,000
of Feb.
as
1,
amounting to $49 per
1940.
Holders of the
preferred stock have enjoyed little, if any, tangible benefit from their
preferential right to 7% cumulative dividends while holders of the class A
and common stocks have been adversely affected because the preferred
dividend accumulations have precluded any possible distribution to them."
Based on 1939 earnings and assuming the plan to have been in effect,
dividends on the new 4 M % preferred stock would have oeen earned about
1.1 times and earnings on the common stock would have amounted to
two cents a share.
Based on 1936 earnings, dividends on the new 4J4%
preferred stock would have been earned about 2.4 times and earnings on
the common stock would have amounted to about 31 cents a share:
If
the improvement in earnings which started last fall continues, it is expected
the new 4H % preferred stock could be in¬
augurated on the first dividend payment date after the plan becomes
effective, accruing from May 1, 1940.
Application will be made for listing
the new 4 H % cumulative preferred stock and the additional common stock
on the New York Stock Exchange.
Smith, Barney & Co. is acting as financial adviser to the corporation.
American Smelting & Refining Co., the largest single shareholder, has
announced that it approves the plan and will vote the shares of each class
of stock of the General Cable Corp. of which it is the direct or indirect
owner in favor of the plan, but only when it
becomes apparent that the
holders of at least a majority of shares of that class represented at the
meeting, exclusive of the shares owned by American Smelting & Refining
Co., are in favor of the plan.
In effect, therefore, the other stockholders
represented at the meeting will decide whether the plan is to be adopted.
American Smelting & Refining Co. is the owner, directly or indirectly
through a wholly-owned subsidiary, of 8.21% of the outstanding preferred
stock, 48.55% (as of April 1, 1940) of the outstanding class A stock, and
38.70% (as of April 1, 1940) of the outstanding common stock of General
Cable Corp., constituting in the aggregate 37.33% of the total votingshares.
Upon consummation of the plan American Smelting & Refining Co. would
own 12,320 shares of 4^% preferred stock and 954,234 shares of common
stock, constituting in the aggregate 29.75% of the total voting shares.—V.
150, p. 1766.
that payment of dividends on
General Electric
Co.—Payments to Employees—
During the first three months of 1940 General Electric's suggestion system
paid 31% more to employees of the company than it did for the first three
months of 1939.
For January, February and March a total of $17,587
was paid for adopted ideas relating to their daily work, as contrasted with
$13,461 for the same period in 1939.
share, was the company's
The number of suggestions received for the period showed an increase of
proportionate part of earnings of its subsidiary, Ouban-American Man¬
ganese Corp.
This compared with a net loss of $13,478, or about one cent... r_l1 % and the number of suggestions adopted increased 21 %.
Pension payments to retired employees of the General Electric Co.
a share,
as the Freeport portion of Cuban-American losses in the first
totaled $2,567,042 during 1939, according to Charles E. Wilson, President
quarter of 1939.
of the company.
At the April 24 meeting, the first since the annual meeting of stock¬
On Dec. 31, 1939 there were 3,410 pensioners on the rolls with an average
holders, John Hay Whitney, Chairman of the Board, Langbourne M.
age of 69.3 years, with average continuous service of 29.3 years and an
Williams Jr., President, and all other present officers were reelected.
average annual pension of $756.
Directors declared a quarterly dividend of 25 cents a share, payable June 1
In the major apparatus works of the company a total of $1,724,181 was
to stockholders of record May 14.
The dividend is the company's 54th
paid.
consecutive quarterly payment on its common stock.
The assets of the General Electric Pension Trust comprising amounts,
Mr. Williams stated that: "The directors decided to adhere to the 25-cent
paid in by the company on Dec. 31, 1939, were $45,214,438, and those of
quarterly rate, but with the thought that, if earnings and prospects remain
the General Electric Additional Pension Trust, comprising savings paid in
favorable additional distributions will be considered later in the year."—V.
but before surplus tax on undistributed income.
Of the Freeport earnings, $378,509, or 47 cents a
by employees, were $14,284,867 as of that same
150, p. 2424.
*
Galveston-Houston Co. (&
Subs.)—Earnings—
1940—Month—1939
Period End. Mar. 31—
General
$313,348
152,979
$3,788,311
1,869,838
$3,604,957
1,767,873
44,507
40,001
50,150
38,164
546,725
474,470
513,524
433,194
Net oper. revenues...
$90,016
$72,055
Non-oper. income (net).
450
434
$897,278
3,164
$890,365
3,892
$90,467
30,976
$72,490
34,337
$900,442
369,851
$894,257
386,472
$59,491
$38,153
$530,591
$507,785
13,396
3,194
161,791
eqpt. notes, &c__
13,501
4,658
Amort, of debt expenses.
242
271
163,529
31,275
3,357
Maintenance
Taxes
Balance
Retirement accruals
Gross income
Inte.
on
on
says
37,373
2.953
in part:
Public Utility Holding
Company Act of 1935
tell what effect Section 11 of the Public Ufolity
Holding Company Act of 1935, which provides for the integration of utility
properties and the simplification of corporate structures, will have on
General Gas & Electric Corp. and its subsidiaries.
The officers and
directors of the corporation have, nevertheless, taken the following steps
looking toward compliance with the statutes.
On Oct. 9, 1939, General Gas & Electric Corp. filed with the Securities
and Exchange Commission a plan of divestment of assets, simplification
of structure and equitable distribution of voting power.
At Dec. 31, 1939,
the securities of General Gas & Electric Corp. were held as follows:
It is still impossible to
Owned by
Asso. Gas
and Elec.
Outstanding
Security—
$41,089
$328,474
$21,292
Int. paid on G.-H. Co. sec'd 6% income bonds
$309,624
31,693
4% Interest-bearing scrip due Dec.
30, 1942.
..$999,310.04
'
$328,474
43,811
Net income
Dividends declared..
$277,930
Note—Net income for the above 12 months' periods includes net income
of Houston
in the amounts of $274,091
Electric Co,
and $231,439,
re¬
spectively.—V. 150, p. 2253.
'
'
r-
Co. (&
Gardner-Denver
*
Subs.)—Earnings—
1940
Federal taxes
$216,770
$0.33
0.35
Earn.per sh.of com.stk..
1938
1939
$227,378
3 Mos. End. Mar. 31—
Net profit after prov. for
1937
$61,356
$312,973
$0.06
$0.50
—V. 150, p. 1934.
Gary Electric & Gas Co.—Earnings—
[Including Gary Heat, Light & Water Co.]
1940—3 Mos.—1939
Period End. Mar. 31—
$2,985,580
$3,180,981
Dr2.999
3,525
3,449
$832,676
69,000
$774,586
565,60.5
88,650
5,927
69,000
$3,184,506
2,243.895
354,075
8,437
276,000
$2,989,030
2,241,957
354,600
27,216
276,000
$85,295
Total income
$777,586
511
Other income
$45,404
$302,099
$89,257
588,403
Oper. exps., maint. & tax
88,127
1,851
Bond interest
Gen.int.&miscell.deduc
Depreciation
Net income—_
-V. 150, p.
1940—12 Mos.—1939
$832,165
Operating revenue
2576.
General American Life Insurance—New Vice-President
Frank E.
Agnew Jr.,
has been elected Vice-President of the company.
Mr. Agnew joined the General American Life seven years ago, serving
in the investment and bond department and later as Asst. Treasurer.
first
For
he has been associated with Walter H. Head, President
of the company.—V. 150, p. 689.
the last two years
General Baking Co.—New
Officers—
George L. Morrison of Merion, Pa.,
C. Leslie Lowes, who has resigned
as President and director, effective May 1.
Richard F. Meyer has been
elected General Sales Manager to succeed C. E. Casto, who has resigned
as Vice-President and director.—V. 150, p. 2424.
Directors
on
April
17
elected
President of the company to succeed
General Cable Corp.—Recapitalization
Details of the proposed
Plan—
recapitalization plan were made public on April 22
recommendations to all preferred, class A
Proxies are being sought for adoption of the
following mailing of the directors'
and common stockholders.
plan at a special stockholders' meeting at Jersey City, May 23.
Approval
of two-thirds of each class of stockholders is required and, in the opinion
of the corporation's counsel, will be binding on all stockholders.
Under the plan the corporation's 150,000 shares of 7%r cumulative
preierred stock will be changed into 150.000 shares of 4H% cumulative
preferred stock and 1,200,000 shares of common stock, on the basis of one
share of new 4M% stock and eight shares of common stock for each share
of the outstanding preferred.
The 306,689 shares of class A stock out¬
standing on April 1, 1940, will be changed into 1,226.756 shares of common
stock on the basis of four shares of common stock for each share of class A
stock.
This total of common shares will be less if any class A stock should
be converted into common stock between April 1 and the effective date
of tbe plan.
Holders of the common stock will retain their present holdings.
In presenting the plan to stockholders, Dwight R. G. Palmer, President
of the corporation, acting by order of tbe board of directors, writes: "Ex¬
perience over a period of years has shown that the annual dividend re¬
quirement of $1,050,000 on the preferred stock is a heavier charge against
earnings than the corporation can regularly meet.
As a result unpaid
Held by
Corporation
Prin.
Debt
Balance..
date.—V. 150, p. 2576.
Corp.—Annual Report—D. C.
bonds—Houston
Electric Co
Int.
& Electric
Steele, President,
1940—12 Mos.—1939
$334,781
160,256
Operating revenues
Operation
Gas
Public
Amt.
$959,324.82
$39,985.22
Shs. & Scrip
60,000
27,889.1
32,110.9
335,814
325,351
10,463
283,990
277,021
6,969
22,266.9
20,282.5
1,984.4.
13,543.8
12,314.5
1,229.3
i...4,910,936.4
2,621,912.1 2,289,024.3
3,047,000
3,036,985.2
10,014.8
Under the plan, it is proposed to eliminate all of the debt of the corporation
and to have outstanding only two classes of stock in lieu of the seven classes
of stock now outstanding.
The two classes of stock would be the present
$5 prior preferred stock (the designation will be changed to $5 preferred
stock) and a new common stock. The holders of the $5 preferred stock would
be given the privilege, in addition to their present rights and privileges, for
a period of five years from the effective date of the plan, of converting their
$5 preferred stock into the new common stock on the basis of seven shares
of new common stock for each share of $5 preferred stock.
The new com¬
mon stock would be of the par value of $1 per share and entitled to sole
voting rights, subject to the contingent voting power vested in the $5
preferred stock in the event of a default in dividends thereon.
Under the plan, Associated Gas & Electric Corp. would surrender to
General Gas & Electric Corp. all of its holdings in securities of the latter
in exchange for 885,048 shares of new common stock and the delivery, by
General Gas & Electric Corp. to Associated Gas & Electric Co., of the
entire investment in Southern Electric Utilities Co., which company owns
the following stocks of Associated Gas & Electric Co.: 102,683 shares of
$5 dividend series preferred stock, 713,014 shares of $4 cumulative preference
stock and 367,825 shares of $6 cumulative preference stock.
The public holders of the 4% interest-bearing scrip, due Dec. 30, 1942,
would be entitled to receive one share of $5 preferred stock for each $100
principal amount of such scrip, with adjustment in cash for accrued interest
on such scrip and accrued dividends on such stock.
The public holders of the cumulative preferred stocks would be entitled
to receive, in exchange for their cumulative preferred stock, $5 preferred
stock on the following bases (without any adjustment on account of accumu¬
lated dividends on thq cumulative preferred stock): 1 share of $5 preferred
stock for each share Of $6 cumulative preferred stock series A and (or)
series B; 1 and 1-10th shares of $5 preferred stock for each share of $7
cumulative preferred stock; and 1 and l-5th shares of $5 preferred stock
for each share of $8 cumulative preferred stock.
Dividends on such $5
preferred stock would accrue from the dividend date next preceding its
Stock
—
prior preferred
cumulative preferred A
cumulative preferred B
cumulative preferred
cumulative preferred
Common stock, class A
Common stock, class B
$5
$6
$6
$7
$8
...
issuance under the plan.
The public holders of
the common stock, class A, and common stock,
entitled to receive new common stock on the basis of one
for each 20 shares of common stock, class A,
and (or) common stock, class B,
No fractional shares of $5 preferred stock or new common stock would
be issued.
In lieu thereof, scrip would be issued which would not be en¬
titled to dividends or voting rights but which, when combined with other
scrip aggreagating one or more full shares, may be exchanged for such
shares.
If not so exchanged, all scrip would become void in five years.
The $5 preferred stock amounting to approximately 21,490 shares which
would be issued to the public holders or cumulative preferred stocks and
4% interest-bearing scrip, would be a part of the present 27,889.1 shares
of such $5 prior preferred stock held by Associated Gas & Electric Corp.
and to be surrendered to General Gas & Electric Corp. by Associated Gas
& Electric Corp.
The remainder of such $5 prior preferred stock, amount¬
ing to 6,399.1 shares, to be surrendered by Associated Gas & Electric
Corp. and all of the other securities surrendered by Associated Gas &
Electric Corp. to General Gas & Electric Corp. would be vcanceled and
class B, would be
share of new common stock
retired.
Adoption of this plan would mean that the corporate structure of General
Electric Corp. and of the holding company system of which it is a
Gas &
part would be greatly simplified.
Corporation would have no
instead of seven classes of stock it would have but two classes.
in stock of Associated Gas &
.
<4
Electric Co. would be eliminated.
debt, and
Holdings
The Commercial & Financial Chronicle
2726
Using figures
of Dec. 31, 1939, the capitalization of the corporation
after reflecting the consummation of the plan would be approximately
53,600 shares of $5 preferred stock and 1,000,000 shares of common stock
of which all of the $5 preferred stock and 114,952 shares of the common
stock would be held by the
public and the balance of the common stock,
885,048 shares, would be held by Associated Gas & Electric Corp.
By simplifying and improving its capital structure, the corporation would
be in a position to take steps toward funding present bank loans, purchasemoney obligations and other indebtedness of subsidiaries, on completion of
which certain sub-holding companies can be eliminated, making General
Gas & Electric Corp. the direct owner of the operating companies in its
system.
Relief from burdensome transfer taxes would facilitate this
program.
In the furtherance of this general plan, Southeastern Electric & Gas
Co. has recently filed an application with the SEC for approval of a plan
to merge Eastern Power Co., a wholy owned subsidiary.
Southeastern
Electric & Gas Co. has also filed an application for the Commission's
approval of its acquisition, from a subsidiary, of $5,167,900 Florida Public
Service Co. 5% convertible income debentures, due July 1, 1958, and the
subsequent donation thereof to Florida Public Service Co.
This proposed
transaction is a preliminary step toward further financing which will
permit the liquidation of bank loans and the dissolution of Southeastern
Investing Corp., an investment subsidiary.
Income Account CParent Company Only) for the
1939
Years Ended Dec. 31
1938
1937
1936
Income from sub.
on accts.
and
'
$550,000
.
obligations
(to extent earned)-.
$964,698
1,601
91,686
161,516
69,466
162,766
$746,083
$1,233,244
$314,530
39,957
—
918,359
25,093
2,916
71,439
191,686
$713,362
co-
41,923
34,769
14,950
329,691
70,037
Other income
266
General expenses
Provision for taxes
Balance
Int. on long-term debt
and mt.-bearing scripOther interest
Interest
on
72.917
Net income
121,456
28,040
-
$600,488
299,923
$5 prior pf. stk_
$6, .j>7 and $8
preferred stock
x
28
-
$'*64,026
Fed. income
tax settlement
Divs.
Divs.
$942,262
36,053
on
$704,132
$1,183,524
299,919 "
308,668
-
y$85,198
22,538
Inv.
x999,310
;
1933 (paid in 4% interest bearing scrip
Indicates loss.
Consolidated earnings for the calendar year 1938 appeared m the "Chron¬
icle" of March 9, page 1600.
'
be received
Special deposits for construction funds
Sinking funds & other deposits with trustees, &c__
Deposits for matured bond interest, &c. (contra)__
Cash (including working funds)
2,190,000
145,698
629,547
2,437,090
Notes receivable
Accounts receivable...-—-—...——
10,825
2,027,613
Materials and supplies
_
Appliance accounts receivable sold (contra)
Prepayments
Miscellaneous unadjusted debits
Unamortized debt discount and expense—
Abandoned railway fixed capital-
Total
Taxes accrued
1,079,366
144,093
4,341
12,497
161,289
2,572,917
5,000
52,377
7,246,359
670,985
-
Federal income tax settle—prior years.Miscellaneous accruals
Reserves and miscellaneous unadjusted credits
_
Capital surplus
Earned surplus..
Total
16,069.833
1,039,393
173,215
27,623
12,496
169,960
404,026
$28,018,726 $81,710,030
Prior preferred, 100,000 shares authorized, $5 cumula¬
per share in liquidation), 60,000 shares,
cumulative preferred, 660,000 shares
authorized, no par value (entitled
$100 per share in liquidation after payment of $100
per share on $5 prior
preferred): $6 convertible, series A 335,814 shares; $6 convertible, series
B,
283,990 shares; $7, 22,267 shares; $8, 13,544 shares and common stocks:
Class A, 5,000,000 shares
authorized, no par value, 4,910,936 shares;
class B, 4,000,000 shares
authorized, par value 25 cents per share, 3,047,000
shares.
c In
1939, in accordance with resolutions of the board of directors, the
corporation established a "reserve for fluctuations in value of investments"
the
amount of $54,000,000 by
charges to surplus as of Dec. 31, 1937
These charges were made to surplus as ol' that date
(capital surplus), rather
than to earned surplus since that
date, because the reserve was created as
provision for depreciation in the value of investments which in the
opinion
of the board of directors existed at Dec.
31, 1937.
The resolutions also
directed that in the consolidated financial statements
there be established
as of Dec. 31, 1937, a "reserve tor fluctuation
in value of
fixed assets" in
an amount
sufficient to reduce the consolidated capital
surplus as of Dec 31,
1937, to the capital surplus of the corporation.
In the accompanying
baiance sheet of the corporation $47,329,575 of the
foregoing reserve, and
$33,606 representing
reserve
a
for
total of
subsidiary losses otherwise provided for,
$47,363,181, has been applied as a reserve in full against the
In Southern Electric Utilities Co.
The assets of the latter
company consist of stocks of Associated Gas & Electric Co.
against which a
investment
full reserve has oeen provided.
Associated Gas & Electric Co. in January,
1940, filed a petition for reorganization pursuant to
Chapter X of the
Bankruptcy Act, as amended.
The remainder of the reserve provided by
the corporation, $6,670,425, plus a reserve of
$16,149 previously provided
for losses of subsidiaries, or a total of
$6,686,574, has been applied In the
accompanying balance sheet of the corporation against the investment in
Southeastern Electric & Gas Co., whose assets consist
principally of in¬
vestments in operating subsidiaries.
The amount transferred in consolida¬
tion to reserve for fluctuation in value of fixed
assets was $26,278,579 (of
which $6,670,425 arose from the reserve
provided by the corporation as set
forth above).
Statement of Consolidated Capital
Surplus for the Year Ended Dec 31,1939
Balance, Jan. 1, 1939
Charges and credits applicable to surplus at Dec. 31, 1937:
Charges:
..$82,855,128
.
-
.
.—
.
Federal income tax reserve
;
16,402
2,078,230
798,765
905,600
133,746
117,103
6,555,940
16,069,833
555,261
82,855,128
19,825,400
1,039,393
93,909,321
164,800
531,234
392,974
1,211.919
1,400,498
48,848
1,196,795
1,504,424
1,469,528
905,600
16,169,820
360,925
278,798
1,423,492
615,124
617,620
321.724
—
Reserve for unpaid cum. pref. divs, of subsidiaries.
reserve and unadjusted credits
Miscellaneous
442,801
354,906
197,128,547 240,884,044
Total.
a
Statement
of Reserves Against Investments in Stocks of Associated Gas &
Year Ended Dec. 31, 1939
Electric Co., and Fixed Assets for the
in Slocks of
Assoc. Gas &
Against invest'ts in stocks of Associated Gas & Elec. Co.
47,329 575
Against fixed assets..
26 278 580
Provision for Federal income tax (in addition to
$100,666
'
'
previously provided)..
o
400 000
....
contributions
for
extensions
of amounts
ap¬
Credit^'
S
—
reserve
for retirements,
renewals
placements of fixed capital
Reversal of over-accrual of taxes
Reversal of provision for accumulated dividends
quired preferred stocks of subsidiaries.
Reduction of liability for unredeemed car tickets
Dividends received from an affiliated
company
and
1,600
6^845^374
re¬
371 g50
"
on
27 798
reac¬
Total
ments in stocks of Associated Gas &
to
an
tion
amount
2 000
equal to preferences in liquida¬
—-
Balance, Dec. 31, 1939
—
Transfer Agent—
36,831,777
$82,701,500 $26,278,579
-
.
As of April 15, 1940, the Lawyers Trust Co. was appointed Transfer
Agent of the preferred and common stocks of the General Gas & Electric
Corp.—V. 150, p. 2424.
General Refractories Co.-
-Earnings—
3 Mos. End. Mar. 31—
1940
Net sales
$2,593,345
Costs and expenses
2,208,934
1937
$3,908,172
3,020,556
47,017
Sale of marketable
sees.
$326,562
37,853
$322,617
21,244
$887,616
72,230
97,580
$431,427
145,708
125,609
37,857
$364,415
132,330
106,093
64,044
$343,861
129,703
77,546
26,058
5,948
$1,057,426
120,896
$122,254
469,625
$0.26
*$61,948
$104,606
470,080
$0.22
$700,899
454,281
$1.54
.
Total profit
Deprec. and depletion..
Federal income tax, &c.
Interest, discount, &c..
Extraordinary expense..
Net profit
Shs. cap. stk. (no par)..
per
1Q3S
$1,785,429
1,462,812
$384,410
Other income-
Earnings
1QQQ
$1,999,759
1,673,197
share.
469.603
$0.13
200,714
34,917
The above net income figures are exclusive of subsidiary companies,
The earnings of subsidiaries for the first quarter of 1939 amounted
$1,021—V. 150, p. 2254.
x
earnings.
to
.
__
General Theatres
3 Mos. End. Mar. 31
1939
Shares
common
Earnings
per
1938
1937
$1,938,448
xl940
Sales
Net inc. after deprec. &
Federal income taxes.
x
—
Equipment Corp. (& Subs.)—Earns.
$2,212,067
$212,681
$145,544
120,265
291,464
592,887
597.887
601.092
$0.36
stock...
share
$0.24
$0.20
540,666
$0.54
Excluding Cinema Building Corp.'
V. 150, p. 2254.
Georgia & Florida RR.—Earnings—Week Ended April 14—•
1940
1939
Oper.
(est.)
2577.
$20,275
revenues
—V. 150, p.
$18,050
-Jan. 1 to
1940
$311,414
April 14
1939
$293,009
Georgia Power Co.—Earnings—
Period End. Mar. 31—
Gross
revenue.
Oper.
exps.
& taxes
Prov. for depreciation
1940—Month—1939
1940—12 Mos.—1939
$2,671,115
$2,482,662 $32,137,948 $29,490,546
1,459,648
1,211,853
17,506,444
14,944,379
290,000
270,000
3,300,000
2,887,500
$1,000,809 $11,331,504 $11,658,667
543,610
6,621,775
6,589,308
Int. & other deductions.
$921,467
548,560
Net income
Divs. on pref. stock
$372,906
245,862
$457,199
245,862
$4,709,728
2,950,350
$5,069,359
2,950,350
$127,044
$211,336
$1,759,378
$2,119,009
-V.
150, p. 2098.
(Adolf) Gobel, Inc.—RFC Loan—
The adjourned annual meeting has been further adjourned for a 30-day
period pending final action on the company's application to the Reconstruc¬
tion Finance Corporation for a loan of $900,000.
The application for the
loan was approved by the stockholders at a special meeting in February.—
V. 150, p. 1279.
Georgia Southern & Florida Ry.—Annual Report—
Traffic Statistics for Calendar Years
1939'
57 253 810
subsidiaries_II"
Total
....
Electric Co.
thereof-..!:
349
Cost of reacquired capital stocks—Gen. Gas & Electric
Balance, Dec. 31
$119,533,277 $26,278,579
-
Charge—Write-down of carrying value of invest¬
6 639
III"
paid out
of surplus at Dec. 31, 1937...
Balance
Discount on reacquisitions of pref. stocks of
Miscellaneous credits
Assets
-
Balance
plicable thereto credited in prior years to earned surplus.
Fixed
Electric Co.
Balance, Jan. 1, 1939
$72,203,702
Credit—Provision through charge to surplus as of
Dec. 31, 1937
47,329,575 $26,278,579
Gross income
To provide reserves:
Adjustment of
1,923,573
Liabilities—
11,400
156,593
63,645,490
value (entitled to $100
to
392,974
•
197,128 ,547 240,884,044
Total
b Represented bj:
Transfer
55,744
181", 194
Investments
bl6,069,501
—-
Matured notes and note Interest, &c
Accounts payable
Dividends accrued on $5 prior pref. stock
a
181,352
1,067,060
Capital stock
i6,069.501
Earned surplus
1,747,349
Capital surplus
7,261,971
Capital stock (preferred) of subsidiaries
19,606,800
Long-term debt—General Gas & Elec. Corp
1,079,366
Subsidiary companies
92,496,356
Mat. unpresented int.-bearing scrip & int. thereon
139,696
Notes and accounts payable to affiliated companies
604,778
Matured bond interest, &c. (contra)
629,547
Notes payable
919,536
Federal income tax settle—prior years
2,572,917
Long-term debt due currently of subs
1,326,945
Accounts payable..
1,502,894
Dividends declared or accrued on preferred stocks.
48,848
Taxes accrued
1,340,276
Interest and miscellaneous accruals
1,484,673
Consumers' service and line deposits
1,559,029
695,161
Appliance accounts receivable sold (contra)
Retirement reserve
17,182,200
Reserve applicable to fixed capital
-__a26,278,579
$28,018,726 $81,710,030
-
Jyfjih'infi•
Capital stock
Long-term debt
or
124,051
6,111,276
in
-
in
912,546
695,161
142,860
...
47,329.575
y
1938
wholly-owned sub.
(non-oper.)
companies (at corporation's valuation):
Southeastern Eiectrlc & Gas Co
c$27,969,325 $34,295,990
Southern Electric Co
See c
47,363,137
Investment in other affiliated company
36,000
36,000
Other receivables
5,533
Deposits for matured notes and note interest, &c_.
5,064
8,486
Cash
8,336
885
tive, no par
See a
181,352
47,765
—
Balance Sheet Dec. 31 (Parent Company Only)
"1939
Assets—
Investments
$
G. & E. Co., income securities to
Investments in other affiliated companies
Miscellaneous investments
For quarter ended in March,
1942).
in Assoc.
Contribution for extension, non-refundable
on
due Dec. 30,
1938
$
180,405,702 180,213,845
-
_ _ _ _
con¬
vertible
Income from affil.
1939
Assets—
Fixed capital
-
(nonoperating cos.):
Div. on common stock
Int.
April 27, 1940
Consolidated Balance Sheet Dec. 31
as
'
7*640
'757
$7 262 207
CorpII
*
237
$7,261,971
Miles
1938
398
121,812
20,793,532
2.232 cts.
865,428
1937
1936
398
398
182,541
201,953
28,454,702
27,008,282
1.894 cts.
1.782 cts.
1,067,473
1,059,544
Tons freight car'd 1 mile 176,207,796 143,366,914 167,420,235 152,019,113
Rate per ton per mile
0.909 cts.
0.944 cts.
0.950 cts.
1.033 cts.
Gross earns, per mile
$5,804
$5,179
$6,051
$5,784
398
144,048
Pass, carried 1 mile
24,498,252
Rets, per pass, per mile.
1.881 cts.
Tons freight carried
1,003,163
operated
Passengers carried
-
Volume
Income Statement for Calendar
Operating Revenue—
Freight
Passenger
Mail, express, &c
Incidental
Joint
facility
Balance Sheet Dec. 31
Years
1938
1937
1936
$1,353,733
464,129
187,761
52,002
3,481
1939
$1,601,831
460,697
196,122
47,343
3,599
$1,590,028
$1,570,839
538,822
214,991
60,563
3,674
481,372
195,878
49,949
3,509
$2,061,107
$2,408,078
$2,301,547
353,431
427,780
21,245
924,281
52,900
31,307
402,815
493,468
20,985
954,357
61,785
30,538
377,668
497,998
21,514
970,993
4
130
$1,899,643
409,949
177,910
99,445
13,816
$1,810,942
$1,963,818
$1,949,114
250,164
186,285
21,234
352,433
127,529
12,856
444,260
161,027
25,675
15,817
$118,778
$29,789
$241,741
Traffic
378,806
434,334
20,860
984,593
51,548
29,502
*.
Transportation
Miscellaneous operations
General
Transp. for invest.—Cr.
Total oper. expenses._
Net revenue from oper..
Taxes
i
Hire of equipment.Joint facility rents
Operating income
50.457
12
118
285
263
67
72
$37,364
$251,939
$145,572
265
265
240
Gross income.
Int.
1,730
2,451
293,525
Cr637
6,045
2,254
293,525
9,937
Cr3,965
2,328
293,525
13,777
$266,652
$53,381
$160,334
4,012
1,498
1,684
607
2,459
291,070
2,258
funded debt
equip, obligations
on
249,004
Accounts payable.
8,069
158,084
Accrued interest._
68,542
64,949
93,541
48,274
Customers deposits
Pref. divs. payable
2,833
13,125
43,850
7,662
11,514
2,333
13,125
45,523
6,276
3,468
Depreciation res.. 2,048.156
1,907,096
Cash
Notes & accts.
rec.
118,697
93,342
Rec. fr.
cos.
2,746
2,725
Accrued taxes
3,231
1,952
Misc. current
Mat'Is & suppllesPrel'm. survey
&
15,685
13,538
Deficit
assoc.
Prepayments
invest,
$169,628
Balance Sheet
General
Dec.
609
609
charges.
iabil
Deferred credit
Contrlbu. in aid of
2,443
460
1,578,635
1,424,573
construction
Earned surpulus..
Total
z
12,834,829
12,681,3451
12,834,829 12,681,345
Total
3533.
Represented by 30,000 no par shares.—V. 148, p.
Great Northern
Ry,—Annual Report—
1936
1938
1937
8,188
8,072
8,072
8,087
1,457,725
1,083,607
1*146,447 0.L|9Z'ooo
258,427,249 271,001,010 311,557,322 301,706,187
1.648 cts.
L683 cts.
1,677 cts.
1.630 cts.
32,821,757
23,264,183
41,513,174 34.203,355
8664,572456
8,701,383,343 7017295,740 9477,756018
0.889 cts.
0.918 cts.
0.975 cts.
0.859 cts.
Pass.carried 1 mile
Rev. pass, per mile
Revenue tons carried
Tons carried 1 mile
Rev. per ton per mile
rev. from ry. oper.
Net
oort
_
Income Account for
$1,818
$1,820
$1,500
$0,000
train mile
Calendar Years
1936
1939
1938
1937
$80,001,678 568,544,001 581,560,214 $77,150,514
4,977,601
4,350,621
4,544,458
j^'S^n'on?
3,684,501
3,821,741
3,601,251
927,573
852,403
HR'iao
2,862,617
2,767,503
1,963,103
3,450,360
22,299
Drl0,573
Dr208,058
22,446
Freight revenue
Passenger revenue
Mail and express
Other transportation
Incidental.-.
Joint facility (net)
31
Calendar Years
1939
Aver, miles of road oper.
No. of pass, carried
per
Deductions—
Miscellaneous rents
Int. on unfunded debt..
Misc. income charges
on
12,113,817
240
securs.
Miscellaneous income
Int.
5,063
1,146
1,767
4,548
1,452
1,767
2,364
4,630
1,431
1,894
2,050,000
6,320,000
228,746
163,263
& exp.
in proc. of amort
Statistics for
$127,030
Dividend income
Income from fund.
2,050,000
Long-term debt— 6,250,000
19,214
Non-Oper. Income—
Miscell. rent income
Misc. non-op. phys. prop.
750,000
78,346
Bond disc.
30,541
68,166
750,000
$7 pref. stock
z Common stock..
$137,524
Operating Expenses—
Maint. of way & struc__
Maint. of equipment
$
$
Liabilities—
$
57
$2,309,592
1938
1939
1938
1939
Assets—
Plant, prop., rights
♦
franchises, &C..12 ,223,606
Investments
Total oper. revenues..
2727
Commercial & Financial Chronicle
The
ISO
,
"
•
1939
.Assets—
"
$
$
in road...12 ,583,736
in equip.. 2 ,435,841
Invest,
Invest,
Sinking fund for
1939
1938
H
2,000,000
1st pref. stock
2d pref. stock
2,000,000
684,000
Common stock...
684,000
tirement of debs,
269,349
218,092
Funded debt
15,872
16,141
Govt, grants
1,084,000
1,084,000
6,419,699
Misc. phys. prop..
Inv. in affil. cos.:
3,094
re¬
bals. payable...
Audited accts. and
54,709
payable..
974,416
791,205
Misc. accts. pay..
Int. mat'd unpaid,
50,181
99,219
67,590
106,548
79,357
71,048
serv.
wages
Balances due from
agents & conduc.
792
136,319
115,405
2,325
105,966
Other
54,426
Jan. 1.
154,716
2,718
1,650
Deferred assets...
26,262
6,277
Unadjust. debits..
1,048,120
980,611
.
Total oper. expenses..$60,462,670
Net rev. from ry. oper_- 31,320,703
oper.
Miscell. rent income.--i.
47,416
1,021,502
153,278
46,351
45,450
Non-oper. Income—
Miscell. non-oper.
physi¬
1,332,967
1,515,614
215,477
16,998,720
Goodyear Tire & Rubber Co.—Vacation Plan—
March—
the company
RR.—Earnings—
1Q40
..
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net from railway
1Q3Q
1Q38
1937
$2,141,083
563,794
346,875
$1,883,944
353,698
159,948
$1,451,909
defl2,520
def215.626
$2,651,311
966,297
695,938
6,286,383
5,395,722
940,331
4,147,293
def46,007
def622,367
6,387,978
1,770,526
912,984
..
1,556,279
912,997
-
Net ry. oper. income.
340,251
$23,712,243 $18,153,990 $27,009,790
Oper¬
Gross income
Deductions from
$28,608,740
unfunded debt-Amort,
of discount on
funded debt
on
Income
$8,686,425
—
9 Weeks
Ended
Mar. 2, '40
13
income taxes.
Weeks
51 Weeks
Ended
Apr. 1, '39 Mar. 2, '40
$72,914
$63,353
$551,173
Retail sales for nine weeks ended March 2, 1940, amounted to $5,279,522
$4,968,814 in corresponding period of 1939.—V. 150,
1137.
Knight Co.—New President—
Allen N. Bennett has been elected President of this company,
Frederick E. Barth, resigned.
Mr. Bennett
continues also
as
succeeding
Treasurer.
a
the
holders of record May 6.
Lke amount was paid on
Dec. 28 last, and previous dividend was the regular
per
Great Lakes Power
Years End. Dec. 31—
x
Co., Ltd.—Earnings—
1939
$906,297
revenues
1938
$798,776
1936
1937
$913,119
267,152
$487,411
30.947
$459,173
$537,938
46.095
43,215
$518,358
280,625
7,894
23,411
$505,268
$581,153
280,505
2,206
25,255
280,625
Crl34
Crl8,243
y$206,562
y$215,543
$273,960
52,500
52,500
52,500
144,000
Net oper. income
Non-operating income..
Gross income
long-term debt
General
Int.
interest
deduction
i
charges to construc'n
Net
income
Preferred
Common
dividends
$2,683,756
$5,062,065
$9,873,547
y2,498,923
y2,498,923
y2,485,583
$1.09
$4.04
of income.
x
1938
$
$
Inv. in road and
561,801,837 557,681,897
equipment
108,029
73
27,354
dividends
$163,043
$221,460
stock in 1938.
1939
.
526,298
526,386
Funded debt un¬
Deposit in lieu of
mtg. prop, sold
5,075
45,275
Non-negot. debt
163,500
10,000
351,960
balances
wages
Other curr. liabs.
'
882,567
Other def. liabll.
Tax liablity
Ins. & cas. res..
from agents &
conductors—
816,339
706,405
5,999,517
9,402,517
601,522
3,572,456
308,000
338,900
149,470
191,914
75,205
210,753
7,492,442
429,757
5,361,501
417,842
5,741,291
62,151,129
5,571,937
61,948,546
Road
Equipment
8,469,983
Int. & divs. rec.
29,166
31,330
Rents receivable
41,917
27,536
42,399
Other curr .assets
Work, fund adv.
22,221
27,729
26,079
79,430
1,087,017
6,818,315
163.250
46,654
Accrued deprec.:
6,012,980
$537,928
36,099
254,437
..
Miscell. phys.
property—
102,747
102,747
Oth. unadj. cred
1,275,404
1,318,890
3,637,276
3,558,880
27,337,675
26,856,517
204,772
Add'ns to
prop,
through Inc. &
surplus
Rents and insur.
Funded debt re¬
paid in
39,157
61,814
2.632,973
advance—
2,421,026
through
tired
inc. & surplus
Other unadjusted
Misc. fund res..
Sink,
fund res..
not
invested 18,526,504
18,526,504
98,853,566
surp.
spec,
x
197,520
250,030
Profit and lossl06,281,950
Appr.
$217,187
52,500
$74,687
699,895
3,800,841
1,024,491
6,737,032
Funded debt ma¬
accrued
1,094,690
-
pay.
payable
Int. mat'd unpd.
car
—
349,000
7,000,000
Traf. & car serv.
tured unpaid.
balances
debits--
522,780
34,575 Unmatured int.
23,754
receivable
prems.
cos—
Misc. accts. pay,
Special deposits.
Loans and bills
and
affil.
Loans & bills pay
158,500
5,000
314,598
deposits
serv.
to
Audited accts. &
Demand loans &
Traffic
333,140,242 330,761,515
matured
5,958,067
6,018,037
Inv. in affil. cos.213,865,737 213,947,277
Other invests.3,379,512
3,308,958
Cash.
24,054,090
22,748,203
Misc. phys. prop
199,254
108,102
$574,028
147,751
194,210
14,879
1938
$
Liabilities—
$
Capital stock
249,092,150 249,092,150
Grants in aid of
1,004,583
construction
1,117,216
property..
ry.
Mat'l & supplies
Dominion and Provincial income taxes,
y Equivalent to
share of common stock in 1939 and $5.43 per share of common
Includes
per
$3.98
.
Impts. on leased
90.000
$154,062
$5.13
15,439
15,000
./
Income bal. transf. for
Misc. accts. rec.
$845,284
Cr859
Depreciation..--
Miscell.
15,067
15,000
4,997,788
$8,408,425
profit and loss
Shs. of capital stock out¬
standing
y2,498.923
Earns, per sh. on cap. stk
$3.47
y No par value shares.
Div. approp.
Other def. assets
231,433
108,170
274,886
tax
on
$9,903,986
13,804
Net balance rec.
Oper. exps. maint. and
Int.
246.805
$2,712,560 $10,089,920
15,000
receivable
Operating
250,299
15,000
deposits
dividend of $1.75 per share on account of ac¬
7% cumulative preferred stock, payable May 15 to
P'eb. 15 last, and on
quarterly dividend of
share distributed on Nov. 15, 1938.—V. 150, p. 1279.
on
-
263,000
Time drafts and
Pay Preferred Dividend—
Directors have declared
cumulations
426,042
•
applic. to sinking
and reserve funds
Income approp. for inv.
in physical property._
As set 8—
Ended
.
Period—
To
541,191
3,495
75,172
74,050
17,298,166
39,833
269",435
Misc. income charges
1939
(& Subs.)—Earnings-
Net profit after charges and Federal
$1.75
652,464
30.835
75,331
70.836
14,121,823
120,706
185",648
Int. on funded debt
503,538
25,530
75,050
68,019
15,571.487
18,361
407,586
23,539
74,731
82,751
14,032,595
159,636
486,918
rents
Net income-.
3,841
1 54,987
65,020
91,749
ating Income—
Separately oper. prop
Int.
238,755
.
General Balance Sheet Dec. 31
Grand Union Co.
Graton &
534,637
5,716
211,331
—V. 150, p. 2098.
p.
637,272
11,231
165,465
Miscell. tax accruals
from two to five
years will be given one week's vacation with pay.
In the past one week's
vacation with pay has been granted to those in the company's employ from
five to ten years.—V. 150, p. 1279.
Gross from railway
Net from railway
176,668
3,882",151
unfunded
from
Miscellaneous
Company has put into effect a new vacation with pay plan for factory
employees in this country which will affect about 900 of the 15,000 workers.
Under the new plan employees with five years or more of service will
receive two weeks with pay, whereas formerly only 10-year workers received
Grand Trunk Western
168,097
45,875
1,982,889
396,348
Inc. from funded secure.
Rent for leased roads
have worked for
209,488
2,205,150
securities & accounts.
17,033,298
133,414
401,134
2,645*934
cal property
Separately oper. prop
Income
$23,559,571
142,677
327,800
142,530
324,081
138,374
333,822
Miscellaneous income
-V. 150, p. 2098.
who
$54,517,108 $61,377,723 $56,880,722
32,744,383
33,564,569
24,698,423
7,842,526
8,425.163
8,364,234
income-$19,584,595 $14,479,276 $23,769,408
Net ry. oper.
939,297
32,595
Since J'ne 30 '07
Those
8,660,007
13,623,780
2,152,655
29,098,139
844,366
2,556,346
54,571
10,247.812
14,927,846
2.282.051
30,709,734
921,402
2.380.052
91,174
income_$21,199,234 $16,334,189 $25,139,406 $24,901,857
889,029
965,016
1,314,181
1,479,331
453,257
404,982
300,458
375,582
10,837
1,022,787
159,300
thru.inc. & surp.
Profit and loss
compared with
10,121,469
Railway tax accruals
Dividend income
equipment
as
149,737
Transp. for inv.—Cr—
Railway
8,652,584
13,257,006
2,254,863
27,296,664
867,528
2,246,750
58,287
11,259,128
15,431,415
2,276,335
28,501,753
859,003
2,284,773
Inc. from lease of road--
reserves
Other unadj. cred.
Add'ns to property
weeks.
General
678
Accrued deprec. on
two
.
Miscellaneous
51,264
Taxes accrued
17,033,298 16,998,720
Transportation
.
4,494
liab...
Total
Maintenance of way
Maintenance of equip..
Traffic
1,014,985
32,336
Deferred liabilities
Total
$91,783,373 $79,215,531 $94,942,292 $89,625,105
revenue-
678
Other
curr.
oper.
3,802
12,294
curr. assets.
Operating
705,870
786,435
Divs. mat'd unpd.
Unmat. int. accr'd
625
Total
Equip, rents (net debit)
Jt. facil. ients (net deb.)
incl. interest due
862
Misc. accts. recelv.
Mat'Is & supplies.
Int. & divs. receiv.
1,300,000
17,017
88,040
bals. receivable.
1,300,656
Loans & bills pay.
Traffic & car serv.
107,112
Special deposits...
car
86,000
105,500
105,500
16,550
Cash
Traffic &
6,419,699
3,136
Equip, trust oblig.
Stocks
Advances
1938
S
S
Liabilities—
•
12,623,745
2,522,331
-
n
830,282,931 823,767,817
x Does not include net losses to Dec. 31, 1939 amounting to $12,161,090
($12,028,522 in 1938) of subsidiaries, in which this company holds directyl
or indirectly a majority of the outstanding capital stock.—V. 150, p. 2098
Total
830,282,931 823,767,8171
Total
The Commercial & Financial Chronicle
2728
Sugar Co.—To Reduce Directorate—
Great Western
the number
Stockholders will be asked to vote on a proposition reducing
of directors from 11 to 9 through amendment of the by-laws at the annual
stockholders meeting, according to the proxy statement of the company.
The meeting will be held May 8,—V, 150, p.
2255.
Elimination of 4,777 shares of redeemed 2d preferred stock from the
capital structure of this company was approved by stockholders at the
meeting.
Kedesignation of 80,000 shares of authorized but
unissued 1st preferred to preferred also was approved.—V. 150, p. 2425.
recent annual
Greenfield Tap & Die Corp .—Earnings—
To
1939
'
$35,137
Nil
1940
$116,633
$0.53
Quarter Ended March 31—
Net profit after charges & Federal income taxes—
per share on common
$776,866
396,986
116,500
81,375
102,290
378,641
127,931
90,780
95,417
$120,206
Interest on bonds..—.
Other interest, &c_
40,504
9,609
$84,097
43,523
6,723
Maintenance.
Greyhound Corp .—New Director—
Gulf Mobile & Northern
March—
Gross from railway*Net from railway......
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway......
Netry. oper. income...
—V, 150, p. 2099.
RR.—Earnings—
1937
$694,403
273,955
143,402
$589,146
182,600
78.401
$597,799
216,184
125,219
193,601
103,229
*
1938
1939
1940
$596,912
Taxes..
—
1,843,137
646,990
1,649,321
443,630
130,139
1,586,847
484,191
232,754
1,689,933
514,836
250,094
294,778
„V,-.
■
.
727
Comparative Balance Sheet March 31
1940
,
1939
S
$
Assets—
a
x After depreciation and Federal income taxes,
y On common stock in
the hands of the public at the close of the period.—-V. 150, p. 691.
Net profit for period..
$1,742,573
Divs. on pref. stock
131,232
Divs. on com. stock—
790,026
Shs. com. out. (no par).
1,316,710
Earnings per share.....
$1.22
x
From all
$7,864,128 $11,366,983
744,257
1,897,963
±88,230
*422,373
$1,087,322
131,232
526,684
1,316,710
$0.73
.
$1,475,590
131,232
875,819
595,390
$2.29
$656,027
131,232
526,684
1,316,710
$0.40
dents; depreciation, Ac.
z, Includes other deductions of $607
($37,821
in 1937) and undistributed profits tax of $71,774 In 1937, none in 1938.
a Includes other deductions of $17,756 ($2,790 in
1939) and Federal income
and capital stock taxes of $452,816
($236,566 in 1939).
b Including
subsidiaries in Canada, England, and Holland.
Note—The net earnings of foreign subsidiaries consolidated amounted to
$84,929.
Consolidated Balance Sheet March 31
yl940
Assets—
1939
$
yl940
$
Liabilities—
Plants & property.20,958,138
19,029,907
Cash....i....... 7,947,182
9,930,228
3,809,234
Acc'ts receivable.,. 4,331,315
Hercules Powd.Co.
are
capital stock...
1,677,474
Other assets
Invest,
20,476
securities.
Govt, securities...
Marketable
secure.
Mat'l A supplies..
Finished products.
Deterred charges..
Goodwill.........
Total....
147,327
83,364
38,807
5,900,005
4,314,118
278,262
5,000,000
1940—Month—1939_
1940—12 Mos.—1939
$953,519
$920,072 $12,311,036 $11,658,011
130,917
92,428
365.014
120,388
83,527
5,551,458
1,581,490
1,321,249
4,477.997
1,546,740
1,523,152
$333,136
$351,143
$3,856,839
764
868
25,929
$4,110,122
19,259
$333,900
80,208
15,130
$351,011
80.208
$3,882,768
962,500
173,405
$4,129,381
13.115
$238,562
$258,688
$2,746,863
$3,010,041
397,038
Gross income—
Int. on mtge. bonds
Other int. & deductions-
Divs. applic. to
—
—
—
--
962,500
156,840
315,078
315,078
$2,431,785
$2,694,963
pref. stocks for the period....
Balance-.-.
—
—V. 150, p. 2426.
Hudson Bay
Mining & Smelting Co., Ltd.—Earnings—
Per share——
x
—
-
—
—■
—
—
—
After deducting all operating costs,
1939
408,346
1940
457,351
$1,383,823
$0.50
3 Months Ended March 31—
Ore from the company's properties, milled, tons._
x Extimated net earnings..
—
$1,169,255
$0.42
incl. administration, depreciation
and estimated income taxes, but without depletion.—V. 149, p. 2691.
Hudson Coal Co.
Period End. Mar. 31—
Net
revenues
Taxes-.
Fixed
Subs.)—Earnings1940—12 Mos.—1939
$1,996,303
$2,180,513
1,511,617
1,445,280
1,496,456
1,403,304
1.471,922
1,746,550
1940—3 Mos.—1939
$1,077,902
$848,150
360,403
377,231
348,454
418,021
Net deficit..
360,477
401,207
$48,976
charges..
Depletion & deprecia'n.
1,377,880
131,232
$290,765
Hudson & Manhattan
$2,299,482
$2,598,831
RR.—Earnings-
1940—Month—1939
$644,642
$664,294
Period End. Mar. 31—
1940—3 Mos.—1939
Oper. exps. and taxes—
445,097
451,553
$1,896,704
1,320,691
$1,890,098
1,326,496
Operating income
Non-operating income..
$199,544
10,544
$212,740
10,469
$576,014
31,979
$563,602
33,242
$210,089
154,547
117,392
$223,210
156,807
127,142
$607,993
463,771
361,950
$596,844
469,601
381,425
$61,850
$60,739
$217,728
$254,182
Gross oper. revenue
Gross income
Income charges...
a Interest
Deficit
Total...
V-vV1,
Earnings—
—V. 149, p. 3558.
1,577,474
27,929
40,874
315,303 Fed. taxes (est.).. 1,408,681
936,237
184,043 Reserves......... 4,327,724
4,228,322
38,807 Profit and loss
16,094,728 14,055,378
3,820,667
3,903,607
292,081
5,000,000
..60,608,468 47,935,180'
10,980,123 10,681,555
Total...
Lighting & Power Co.
$
2,046,979
Pref. div. payable.
131,232
Deferred credits..
33,875
Surplus
of the 1st mtge. indenture, the company covenants
dividends on its capital stock until the series B
Net oper. revenues...
Other income......
10,945,850
9,019,400
...
746,132
a
reserves
retired.—V. 150, p. 436.
Houston
Acc'ts pay. A accr.
accounts
563,607
64,546
29,556
1939
$
Common stock.. 10,945,850
Preferred stock... 9,619,400
x
1,323,158
103,933
.....10,980,122 10,681,5551
Under the provisions
bonds
after deducting all expenses incident to manufacturing
sources
and sale, ordinary and extraordinary repairs, maintenance of plants, acci¬
16,562
Retirement res've.
Operating
Net income..--
1937
1938
1939
$8,788,593
1,326,597
a239,274
Miscell. liabilities.
28
95,371
62,541
57,986
16,546
1,188,460
97,637
not to declare or pay any
Inc. (& Subs.
i.)—Earnings—
3 Mos. End. Mar. 31—
M940
Gross receipts....
$12,133,684
x Net earnings.........
2,213,145
Fed. Income tax (est.)..
470,572
Accounts payableTaxes accrued
5,464
Corp.-—Earnings—
1940—9 Mo.?,—1939
$932,965
$1,478,410
$0.59
$0.87
2,899,300
517,575
6s, 1950
Equipment notes.
28,899
98,020
20,270
Prop, retire, res. approp.
1940—3 Mo?.—1939
$243,025
$407,472
$0.15
$0,24
5,000,000
2,700,300
1,066,959
92,098
58,154
Interest accrued..
55,351
10,099,976
364,351
Unamort. debt dis¬
count A expense
$
$
5,000,000
1st mtge. series B
28
Special deposits—
1939
1940
Liabilities—
Cap.stk.(«100 par)
Prop., plant and
equip, (incl. in¬
tangibles)
-10, 437,913
342,101
Cash.
18,247
Accts. receivable..
115,092
Materials A supp's
31,722
Prepayments
5,464
Miscell. invest'ts.
Stores, Inc.—Preferred Dividend—
Hercules Powder Co.,
$231,439
See footnote a of balance sheet.
Direct taxes
Earnings per share
6,173
$274,091
a
.....
1938.-—V. 150, p. 691.
y
3.374
$32,406
Net income...
Period End. Feb. 29—
Operating revenues. . .
Operating expenses,
Hecker Products
1.445
$69,365
expense
Directors have declared a dividend of 75 cents per share, on the 6%
cumulative convertible preferred stock, par $50, payable May 1 to holders
of record April 29.
Like amounts were paid on Jan. 26 last, and on Nov. 1,
Period End. Mar. 31—
xNet profit-..........
$438,043
177,992
22,439
$472,758
164,373
30,919
Amortiz. of debt disct. &
Total
Hearn Department
—.——
Retirement accruals
a
R, A. L. Bougan, a Vice-President, has been elected a director of the
Corporation.—V. 150, p. 2099.
1940—12 Mos.—1939
$3,273,257
$3,100,578
1,496,100
1,586,625
491,611
465,175
341,841
324,800
359,420
397,463
1940—3 Mos.—1939
$817,356
Pay $1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the $6 preferred
stock, payable May 15 to holders of record May 1.
Dividend of $2 was
paid on Dec. 18 last; one of $3 was paid on Nov. 15 last, and $1 was paid
on July 25,1939, this latter being the first dividend paid since Dec. 15,1937,
when a regular quarterly dividend of $1.50 per share was distributed.—V.
150, p. 1137.
1940
Co.-^-Earnings-
Houston Electric
Period End. Mar. 31—
Operating revenues—...
Operation
.—.....
Net oper. revenues...
(H. L.) Green Co.—Preferred Stock Redeemed—
Earnings
April 27,
$555,004 arising from conversion of Canadian assets and liabilities as of
March 31, 1940, has been charged against the reserves for Canadian ex¬
change fluctuations and contingencies.—V. 150, p. 1938.
50,608,468 47,935,180
—
—
—
On adjustment income bonds outstanding in the hands of the public
5%.—V. 150, p. 2100.
a
Represented by 1.355,668 shares of
above.—V. 150, p. 1437.
x
Hoskins
no
value,
par
See b footnote
1940
Manufacturing profit-....
Selling, general and administration
on
1939
...
$244,989
59,026
$175,805
56,805
bonds and miscellaneous items.....
$185,963
4,908
$119,001
8,182
$190,871
9,493
$127,183
10,203
19,000
Operating profit.—
at
Hydraulic Press Mfg. Co.—Earnings—
Mfg. Co.—Earnings—
3 Months Ended March 31—
Net income
y
expenses—
——
3 Months Ended March 31—
Earnings
per
share on 160,000 shs.
Idaho Power
Co.-
Period End. Feb. 29—
Profit—
.
Depreciation
——
—
Provision for Federal income tax..
......
32,100
......
$149,279
......
$
$0 31
97,980
$0.20
—V. 150, P. 1938.
Household Finance Corr. (& Subs.)—Earninos-
PeriodEnd. Mar. 31—
Gross Inc. from opers
a
Operating expenses
Frov. for losses
on
Gross income.
1940t-3_Mos.—1939
$4,966,534
2,364,313
1940—12 Mos.—1939
$4,440,065 $18,735,433 $17,779,549
2,142,612
9,539,980
8,647,851
...
Int. on mtge. bonds....
Other int. & deductions.
258,423
294,804
1,086,648
1,589,398
Net income from oper.
$2,343,799
2,515
$2,002,650
3,043
$8,108,805
13,582
$7,542,301
$8,122,388
333,387
$7,557,714
242,583
Other income credits...
Interest paid
Prov. for Fed. &
$2,346,314
67,162
;
$2,005,692
41,862
Dom.
income taxes
428,889
75,000
2,000
con tins
Other changes
inc.
before
380,320
1,470,330
75,000
2,000
15,414
1.187,468
.
earns,
of
sub......
Net income
Dividends—Cash:
5% preferred
Common stock
a
$482,058
149,393
107,000
37,500
$6,171,484
1,889,480
$5,780,788
1,721,272
1,502,043
487,500
1,130,967
450,000
$188,165
,564
330
$2,292,461
8,198
$2,478,549
10.080
$178,401
$188,495
56,250
$2,300,659
675,000
$2,488,629
56.250
8.343
9,775
111,654
112,796
675.000
Crl.291
Cr597
$1,515,296
414,342
$1,701,430
414,342
$1,100,954
$1,287,088
—
Net income—.
$113,808
$122,470
Divs. applic. to pref. stocks for the period
■
—
Balance—...
—
—V. 150, p. 2579.
Illinois Central RR.—New Director—
Election of Oscar Johnston to the board of directors of this railroad
announced on
He succeeds Charles A. Munroe.—V. 150,
April 18.
Illinois Terminal RR. Co.
min.
int. in earns, of subs.
Min. int. in
1940—12 Mo?.—1939
$500,995
154,458
125,000
43,700
Int. chgd. to construct'n
March—
Net
$0.24
instal¬
ment notes receivable.
Provision for
Net oper. revenues...
Other income (net)
.
$177,837
_
res. approp.
stock.
1940—Month—1939
'
Prop, retire,
Net Profit..
Net profit per share.....
common
$47,671
$62,741
$0.33
-Earnings—
Operating revenues.
Operating expenses
Direct taxes.
1939
1940
Net profit after all expenses, including estimated
provision for Federal income taxes...
$1,773,263
$1,583,510
$6,241,671
$6,127,663
1,210
1.913
6,198
3,893
a
$1,772,054
$1,581,597
225,000
737,306
Excluding provisions for losses
225,000
737,264
on
$6,235,473
900,000
3,685,180
$6,123,770
900,000
3.604)530
instalment notes receivable.
Note—The net income of the Canadian
subsidiary included above for the
three and 12-month periods ended March 31,
1940, amounted to $47,175
and $24! ,746, respectively, or approximately 2.66
% and 3.87 %, respectively
The unrealized loss of
of the consolidated net income for those periods.
Gross from railway
Net from railway
1940
_
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—.
—V. 150, p. 2100.
Independent
1939
1938
$464,564
145,542
86,943
$429,628
118,176
61,361
1,481,583
1,314,510
360,527
192,037
1,230,026
Pneumatic
was
2579.
-Earnings—
$475,345
148,261
80,013
487,933
271,872
p.
Tool
315,874
126,613
1937
$588,539
235,612
164,525
,
1,618,486
618,604
413,306
Co.- -To Extend
Voting
TrustCompany is asking holders of its voting trust certificates to approve
which expires May 16 next.
extension for five years of the voting trust,
—V. 150, p. 997.
Volume
Indiana Associated
Period End. Mar. 31—
Balance Sheet Dec. 31
Telephone Corp.—Earnings—
1939
1940—3 Mos.—1939
1940—Month—1939
Operating revenues
Operating expenses
$129,803
126
$425,963
414
$393,228
381
Utility plant
$142,788
75,244
revenues
Uncollectible oper. rev..
$129,677
68,607
$425,549
$392,837
Special
222,354
197,956
Debt
in
50
50
150
150
20,087
61,553
60,161
Net oper. income.
.;
$134,580
99,410
$141,492
$40,933
28,152
$47,032
35,610
_
76,703
104.829
—V. 150* p. 2579.
(no par)
1 ,452,811
35,952
2,032,246
stock
(no par)
1 ,247,800
Long-term debt
16 ,604,500
Note pay. to bank
775,000
Accounts payable73,359
55,812
XJ. S. Gov't secure.
7,899
10,802
479,386
455,236
rec.
16,657,000
Materials and sup¬
plies
Cash.
220,440
708,678
1st
pref. stock
(no par)
$7 2d pref.
15,960
31,084
Prepayments
251,868
402,934
RR.—Acquisition—
4,500
19,000
788,930
105,857
536,263
Dividends payable
Def'.d liabilities-„
Other
reserves
Contrib.
__
in aid
1939
1940
a
$2,744,577
or
811,069
577,406
deprec. expenses
All Federal and local taxes
112,373
L,234,483
483,945
125,118
$674,123
Interest charges..
483,945
■;
Other deductions
....
Balance available for dividends.
—V. 150, p. 1938.
-
4
69,910
redemption
on
first mortgage 3 M % bonds series D
June 20 at 105 and accrued interest.
First National Bank of Chicago or at
Trust Co. of New York.—V. 150, p. 2426^r
/ *
-*••/• - at
Retirement of L.
p.
the
have been
Payment
the Guaranty
f
-
r
•
monthly report states:
during the month of March carried
66,841,706 passengers, a decrease of 3,586,675, or approximately 5.09%
as compared
with March, 1939.
All lines on this division reported less
traffic than in the corresponding month of last year, ranging from 4.33%
on the Queens Line to 5.84% on the Lexington Avenue Line.
There were
two factors which affected the results in March.
The month had one more
Sunday and one more Saturday than in March of last year, and Easter
Sunday occurred in March this year as against April last year.
The net
effect was to increase the ioss by approximately 3%.
The Manhattan Division during the month of March carried 12,297,365
passengers, a loss of 1,027,958 or approximately 7.71% as compared with
March, 1939.
All lines on this division reported less traffic than in the
corresponding month of last year.
Correcting for the variations in the
calendar, the rate of traffic was off approximately 4.5% from the traffic
last year.
The number
79,139,071,
a
"wit/Ii iViurch
Co.—Official Retires—
Thayer, Vice-President in charge of foreign
sales
19.
He will retire May 1
of foreign sales.—V. 150,
2257.
International Rys. of Central
America—Pref. Div.—
dividend of $1.25 per share on account of
a
5% cum. pref. stock, par $100, payable May 1.5 to
holders of record May 8.
Dividend of $2 was paid on Feb. 15, last, dividends
of $1.25 were paid on Nov. 15, and on Aug. 15, last; $2 paid on May 15,
1939; $1.25 paid on Feb. 15, 1939. and on Nov. 15, Aug. 15, May 16 and
Feb. 15, 1938, and a dividend of $5 per share paid on Dec. 10, 1397, this
on
the
latter being the first
15, 1931, when a regular
distributed.—V. 150, p. 2257.
dividend paid since Aug.
quarterly dividend of $2.25 per share was
Interborough Rapid Transit Co.—Earnings—
Jefferson Lake Sulphur
Co., Inc.—Earnings—
Income Account 3 Months Ended March 31, 1940
Division
Subway
P.
The directors have declared
Thomas E. Murray, Receiver, in his
Traffic—The
2,118,432
2 ,459,181
35,283,911 33,773,154
Total
after 39 years of service, was announced on April
and be succeeded by E. A. Brittenham, director
accumulations
Inland Steel Co.—-Bonds Called—
of the outstanding
of
...
Represented by 412,000 shares $15 par.—V. 150, p. 280.
International Harvester
$625,421
$1,270,441
Net income
118,664
2,584,049
267,581
J,622,959
849,337
624,799
revenues
15,326
..
construction
35,283,911 33,773,154
89,755
2 ,899,869
218,531
Res. for deprec'n.
Total
12 Months Ended March 31— '
Oper., maint. & retire,
made
113", 464
Long-term debt due
Surplus-...
will be
1,247,800
within 1 year...
Indianapolis Water Co.—Earnings-
'
357,700
2 ,032,246
$6
774,546
1179.
All
357,700
(no par)
The Interstate Commerce Commission on April 8 issued a certificate au¬
thorizing acquisition and operation by the Indiana RR. (Bowman Elder,
receiver) of a part of a line of railroad formerly owned by the Terre Haute
Electric Co. extending from a connection with the Binkley mine spur to
Vigo siding, approximately 2.27 miles, in Vigo County, Ind.—V. 149, p.
called for
1,451,200
pref. stock
Accrued accounts.
Indiana
Gross
1st
$6.50 1st pref. stk.
process
Accts. & notes
$
6,180,000
1, 451,200
Common stock..
$7
1,764,979
32,257
Deferred charges..
20,462
property
Operating taxes
a
ex¬
of amortization-
$194,891
$203,195
$61,070
$67,544
&
$
6 ,180,000
Liabilities—
1 ,755,336
deposits._
disc't
pense
Net oper. revenues
Rent for lease of oper.
$
30 ,584,216 29,940,162
Investments, &c..
1938
1939
1938
$
Assets—
$142,927
1,39
Operating
Net income.
2729
The Commercial & Financial Chronicle
ISO
x
Net earnings
$163,079
—
Provision for Federal and State income taxes
Net profit
Previous surplus
21,800
(estimated)
$141,279
651,269
—
—
$792,548
Total surplus
Preferred dividends
51,322
116,503
Common sividends
$544,723
providing for depreciation of fixed assets and depletion of sulphu
Earned surplus March
x
After
80,000
written off
Lake Peigneur Oil develio. exp.
31, 1940
and oil domes.
of passengers
carried
the entire system in March was
approximately 5.51% as compared
on
decrease of 4,614,633, or
1030
'■ Vv'
j•
■
liquid assets (including cash of $1,399,027) amounted
This does not include inventories of sulphur oil, or material
Current liabilities (including provision for current taxes of
At March 31, 1940,
to
$1,966,922.
and supplies.
During the first nine months of the fiscal year starting July 1, 1939, the
of passengers carried was 678,791,748, a decrease of 11,334,878,
approximately 1.64% as compared with the corresponding months of the
preceding fiscal year.
Subway Division Operations
number
$214,916, severance taxes
—V. 150, p. 1939.
and royalties of $100,715) amounted to $342,333.
or
1940— Month—1939
Period End. Mar. 31—
Gross oper. revenue
$.3,864,790 $31,111,654 $30,953,227
$3,672,961
Operating expens^.....
1940—9 Mos.—1939
2,292,854
2,322,980
20,731,872
19,817,102
$1,349,981
207,625
$1,571,935 $10,379,782 $11,136,125
216,968
1,814,012
1,785,968
Income from operation
$1,142,356
$1,354,968
$8,565,770
Current rent deductions-
218,708
218,708
1,968,368
1,968,368
$923,648
$1,136,260
$6,597,401
$7,381,789
Net oper. revenue
Taxes
Balance
$9,350,157
Used for purchase of
enterprise—
Cr29,221
Cr4,474
334,558
297,589
Balance—City & Co..
>
Payable to city under
$952,870
$1,140,734
$6,262,843
Jersey Central Power & Light Co. (& Subs.)—Earns.—
Period End. Mar. 31—
Gross oper. revenue....
Gross mdse. revenue
Non-oper. revenue
Total gross revenue.General oper. expense..
Mdse. oper. expense
„
Maintenance expense
Taxes (incl. Federal)
Retirement expense
$3,171,680
1,156,616
158,135
226,238
411,773
226,280
Bond interest
Amort .debt, disct. & exp
Other miscell. deductions
$7,084,200
assets of
1940—3 Mos.—1939
1940—12 Mos.—1939
$3,031,700
$2,791,302 $12,532,596 $11,806,865
149,201
149,505
1,184,618
1,132,604
Dr9,222
3,625
5,222
20,839
487,812
35,634
13,909
$455,282
Net income
1940
Gross inc. from oper_.
Fixed charges
...
$1,140,734
882,049
$952,870
879,851
$6,262,843
7,917,105
$7,084,200
7,916,641
Liabilities
$
79,448,259 78,336,979
1,830,107
2,019,654
Fixed capital—
Loss
Drll2
4,310
Accts. receivable..
1,785,345
1,630,066
544,812
555,921
Mat'ls & supplies.
959,705
107,570
894,963
61,091
—.
15,679
12,282
14,935
11,495
c larges..
2,701,508
2,826,592
x$832,123
$258,617 x$l,655,151
$72,906
.....
or
Notes receivable..
318
$258,685 x$l ,654,262
DrQS
Dr889
$73,019
_
x$832,441
Unbilled income..
Net inc. from oper—
x
$2,061,184
Prepayments
^1
deficit.
1939
1940
1939
$
Assets—
Cash
Balance
$2,289,715
$400,817
Consolidated Balance Sheet Mar. 31
Contract No. 3.
~~
Non-operating income.
$2,944,433 $13,722,436 $12,960,307
4,531,174
4,262,656
1,051,015
161,494
1,133,400
1,088,548
799,730
811,403
195,586
374,163
1,733,840
1,615,829
1,077,933
959,615
223,098
487,812
1,951,250
1,951,250
142,534
142,534
35,634
62,858
14,814
67,287
$
$
7% cum. preferred
($100 par) stock 7,100,000
7,100,000
6% cum, preferred
($100 par) stock 7,030,300
7,030,300
5)4%
cum.
pref.
($100 par) stock 7,910,800
7,910,800
a Common stock
10,537,700 10,537,700
1940—Month—1939
Period End. Mar. 31—
Gross oper. revenue
$668,712
817,370
Operating expenses
Net operating loss____
Rental
of
jointly
$723,080
860,836
$137,756
$148,657
Misc.. assets
-
.
1940—9 Mos.—1939
$7,094,625
7,923,975
$6,026,215
7,399,708
Deferred
own
132,200
132,200
$829,350
$1,373,493
3,582
2,244
31,496
18,716
46,195
32,755
33,462
37,776
$162,626
$151,892
$1,498,879
$979,540
Other rent items
Bal., net oper. deficit—V. 150, p. 2101.
46,479
28,695
5,127
3,182
'
.
1939
1938
1937
$2,807,817
$2,522,670
$2,361,467
profits of $342,642 in 1940, $237,374
in 1939, $196,408 in 1938 and $210,844 in 1937, but before providing for
3 Mos. End. Mar. 31—
Net income.
1940
$3,075,504
After deducting blocked foreign net
iFcdorft) taxes
after providing for estimated Federal
1940 was $2,437,504, equivalent to $2.71
shares outstanding April 1, 1940.
income
of
taxes for the three
a share on 898,178
565,208
565,208
338,472
116,955
72,569
5,668,502
6,066,320
...
776,931
3,647,888
a
Represented by 1,053,770 no par
Joliet & Chicago
The Securities and
Total
515,692
769,338
2,725,513
87,537,468 86,488,207
shares.—V. 150, p. 2101.
RR.—Delisting—
Exchange Commission April 25 announced that it had
granted the application of the New York Stock Exchange to strike from
listing and registration the common stock (unstamped), $100 par value, of
the company.
The application stated, among other things, that in the
opinion of the Exchange's Committee on Stock List the outstanding amount
of the security has been so reduced as to make further dealings in it on the
Exchange
inadvisable.
The order granting the application becomes
of the trading session on April 29.—V. 150, p. 1603.
effective at the close
Jones &
Laughlin Steel Corp. (& Subs.)—Earnings—
March 31—
Total earnings
depreciation & depletion—
3 Months Ended
Pro v. for
Interest charges
1940
1939
$3,503,998
$1,731,690
xl938
$711,538
1,832,781
532,600
1,540,523
564,499
1,375,113
451,325
4,006
3,193
32,606
1939
1938
1937
1936
$4,915,107
23,041
$4,619,635
15,324
$4,575,871
45,771
$4,427,153
38,211
Adjustment for minority interest
profits of sub. consolidated
$4,465,364
1,907,786
308,513
400,000
438,030
*$376,525 *$1,147,506
x Includes
Frick-Reid Supply Corp. for comparative purposes as the
accounts of that company are now included in the consolidated accounts,
y After deducting all expenses incident to operations, including repairs and
maintenance of plants and estimated provision for all local, State and
Calendar Years—
revenues
Non-oper. revenues
.
.
Maintenance
Depreciation reserve..
Taxes, incl. Federal—
Net earnings
Interest
Co.—Earnings-
87,537,468 86,488,207
Total
y
Iowa Public Service
Gross earnings
Operation
619,567
Earned surplus-..
It compares with net income for the corresponding 1939 period of $2,244,817 after deducting Federal taxes, an increase of $192,687.—V. 150, p. 2257.
Operating
770,808
Capital surplus
.
International Business Machines Corp .—-Earnings—
Net
136,321
Taxes accrued.-..
Misc. curr. liabil—
5,226
3,191
3,557
1,994
White Plains Rd. Line
months
273,226
dep.-
217,524
505,578
Reserves
Queensboro Line
Lexington Ave. Line..
x
66,456
Accounts payable.
Divs. accrued
oper¬
ated lines:
x
42,225,000
contracts..
Disci.
Consumers'
pref.
stock held--...
Co.'s
Funded debt-....42,225,000
Interest accrued—
Misc. curr. assets.
Manhattan Division Operations
charges
Amort, of dt. disc. & exp
$4,621,642
1,985,835
286,267
$4,938,148
1,974,467
256,698
590,286
580,738
$4,634,959
1,933,156
$1,535,959
796,218
53,496
$1,418,695
837,581
38,727
$686,245
334,902
$542,387
334.902
$608,926
334,902
$559,797
$351,342
$207,484
$274,024
$76,575
266,189
546,309
470,610
445,946
452,639
-
Profit
Federal taxes.
Net income
Preferred dividends
$1,450,954
803,185
38,844
Common dividends
Balance
$1,411,034
812,381
38,855
334,902
148.320
—
$1,134,611
zLoss.—V. 150, p. 2102.
Kansas City
The company
in
Southern Ry.—Equipment Issue—
has asked the
Interstate Commerce Commission for au¬
thority to issue $1,112,000 of series G equipment trust certificates.
The
certificates are to be purchased by the Reconstruction Finance Corporation
and accrued dividends.
The proposed issue of equipment trust certificates, according to the ap¬
plication, is for the purpose of providing diesel-electric locomotives and
light-weight, new type passenger train cars.
at par
The Commercial & Financial Chronicle
2730
The certificates are to be dated March 1, 1940, and are payable serially
in 20 serai-annual instalments.
The certificates will carry a 'IM% Interest
rate.—V. 150, p. 2581.
Kansas Gas & Electric
#552.411
55.000
...
204,184
79,097
for May 8 in the Securities and Exchange Com¬
office on the application (File 32-194) of company
regarding the Issuance and sale of a $300,000 5% promissory note due
serially to 1945.
The note will be sold to the Oil City Trust Co. of Oil
City, Pa., It is stated and the Titusviile Trust Co. of Titusville, Pa., will
acquire a 50% participation in the note.—V. 150, p. 1139.
55,000
Kings County Lighting Co,
appropriations.
Amort,
of
.
660,000
660,COO
Total operating revenues
limited-term
—...
391
457
5,216
Net oper. revenues...
$192,326
$2,208,693
246
$184,109
:
114
$2,206,316
Other income (net).....
7,012
1940—12 Mos.—1939
$3,129,965 $3,088,585
1,541.634
190,094
102,773
516,045
392,716
439,815
Operating expenses...—
5,814
Subs.)—Earnings—
(&
1940—3 fos.—1939
$863,993
#825,443
Period End. Mar. 31—
Property retirement re¬
serve
Co.*—Hearing—
Keystone Public Service
A hearing has been set
1940—12 Mo#.—1939
$6,362,544
46,228.654
2,596.893
2,458,405
894,119
895,742
4522,847
218,785
85.909
Operating revenues—...
Operating expenses—.
Direct taxes....
1940
mission's Washington
Co.—Earnings—
1940—Month—1939
Period End. Feb. 29—
April 27,
1,539,913
199,695
89,739
505,603
7,592
-
investments
Maintenance-
51,203
55,275
-—
Depreciation—.
Gross income
Interest
#184,223
mtge. bonds.
Int. on debenture bonds
Other int. and deduct'ns
#2,213,328
60,000
15,000
9,532
$192,572
60,000
15,000
9,254
...
on
720,000
180,000
112,501
CY632
$1,246,018
520,784
520,784
Int. charged to construe.
138,564
on
$219,506
324
$770,419
7,417
$753,635
4,822
$193,694
68,845
10,453
$219,830
68,845
10,681
$786,836
275,380
41,807
$756,457
275,380
43,277
1,410
2,575
1,350
1,230
5,460
7,428
5,225
4,073
$137,724
$456,761
$430,502
...
Gross income
Int.
137,044
$192,231
1,463
$110,411
Taxes
Operating income
Nonoper. income (net)..
$2,216,285
720,000
i»o,ooo
109,059
038,792
$1,201,459
a
Jong-term debt-
Other interest—
Amort, of debt discount
Net income..
Divs. applic. to
Balance
$108,318
...
#99,691
pref. stocks for the period
$680,675 '
....................
and
$725,234
outstanding first mortgage gold bonds AlA% series due 1980
and accrued interest.
Kingston Products Corp. (& Subs.)—Earnings—
have been called for redemption on May 25 at 101H
Y.—V. 150,
p.
2581.
Kansas Oklahoma & Gulf Ry. Co.—Notes Called—Holders of 4% serial notes are being notified that the company will
redeem, on June 1, 1940, all of the serial notes, and that there will be due
and payaole on said notes on such date, at the office of the railway company
in the city of Philadelphia, Pennsylvania, the principal thereof,
with
accrued interest to June 1, 1940.—v.
Kansas Power Co.
r
Calendar Years—
(& Subs.)—Earnings—
1937
$1,647,897
923,486
191.946
1938
1939
1936
Operating revenues..... $1,674,357
Operating expenses..
1,009,094
Taxes....
i
179,553
Charges in lieu of income
taxes........
29,346
$1,670,608
1,016,548
...
......
Lake
$456,363
$458,736
$532,463
69
660
901
$513,188
1,451
Gross income.---—
#456,432
248,876
6,651
$459,397
272,861
8,784
$533,365
264,371
Int. on long-term debt..
Misc. int. deduct, (net).
Amort, of debt discount
al74,028
$514,639
262,630
6,539
12,372
38,145
33,897
34,305
$7 pref. stock dividends.
$6 pref. stock dividends.
b$143,854
26,348
93,192
$222,317
26,348
93,192
$210,782
26,348
93,192
Balance, surplus.....
$43,219
$24,314
$102,777
$91,242
Net
a
income.—.....
Including
of undistributed
$35
profits tax of subsidiary company,
stock in 1939 and $0.15 per
b Equivalent to $0.27 per share of common
share of common stock in 1938.
$
Pref. stk. dlsc't &
exp.
in process of
amortization...
65,722
'
Due
from
Inland
Pr. & Lt. Corp.
In
60,000
Accrued taxes
325,786
amortization...
<
Prepaid acc'ts and
9,572
215,878
133,044
deferred charges
Cash.........i..
Special deposits...
a
73,631
109,417
Accrued interest—
of
process
Divs. payable on
preferred stock.
30,226
9,753 Misc. curr. liabils.
6,795
257,356 Reserves......... 1,010,304
35,054 Contrlb. in aid of
construction.
and note reo_...
184,720
180,102
173,518
132,786
a
—11,201,456 10,820,9311
After
in 1938.
reserve
1,553,200
5,426,815
19,500
$390,001
$447,378
746,371
$0.59
746,371
$0.58
746,371
$0.52
746,371
$0.60
Lehigh & New England RR.—Earnings1940
858,369
239,638
202*382
Gross from railway
Net from railway
Net ry. oper. Income...
—V. 150. p. 2103.
1937
$341,610
113,040
102,062
751,192
$305,334
91,730
75,524
994,921
324,774
251,949
1938
$275,483
57,927
48,954
1939
$325,846
100,924
79,575
Net ry. oper. Income—.
From Jan. 1—
98,664
93,212
30,226
7,491
843,548
884,770
168,172
140,502
110,021
100,877
1940—12 Mos.- -1939
1940—3 Mos.—1939
$747,781
Dil 1,818
$380,899
Drl9,963
$997,397
Z>r88,983
$649,176
JDr94,699
$735,963
247,905
$360,936
295,887
$908,415
866,982
$554,477
1,110,747
$983,867
102,792
$656,823
100,072
$1,775,397
429,233
$1,665,224
396,061
181,195
76,660
25,252
3,180
1,000
1,931
329,516
188,045
70,296
22,649
2,930
13,635
8
349,431
725,849
305,795
100.632
7,447
47,500
Cr8,389
1,362,242
775,559
282,315
89,074
14,403
40,527
07,904
1,446,274
—prof $26^,340
$90,243
$1,194,912
$1,371,085
selling coal—
Inc. from other oper
Total inc. from oper..
Other income
Gross income
Idle property expense.
Interest on funded and
x
unfunded debt.----..
Fed. & State unempl.tax
Fed. old age benefit tax.
Federal taxes
Miscell.
48,118
46,945
455,354
Surplus.
Period End. Mar. 31—
112,793
412,134
Total..........11,201,456 10,820,931
■
deductions
Minority interest
Deprec. & depletion
loss-
-
x Cost of carrying idle properties and reserve coal lands in
Western Middle Anthracite Coal Fields.—V. 150, p. 2258.
Southern and
b Represented by 160,000 no-par shares.—V. 149, p. 3560.
Lehigh Valley Transit Co. (& Subs.)—Earnings—
Light Co.—Transfer Agent—
[Excludes earnings of Julius (Australia) Ptg., Ltd.J
Quar. End. Mar. 31
1940
1939
1938
1937
$111,566
$221,652
$77,453
$275,169
2,653
4,183
59,106
1,057
34,279
2.433
1,402
5,431
66,897
,
-
Depreciation
55,853
Int.
$45,725
#130,463
1939
1938
8,293
$8,855,919
y5,594,495
$8,565,069
y5,161,876
Net earnings....
$3,807,550
Miscellaneous income.
2,120
$3,407,969
63,641
$3,261,424
160,221
$3,403,193
110,192
$3,809,670
2,067,426
$3,471,610
2,194,315
$3,421,645
2,194,146
$3,513,384
2,166,241
$1,742,244
834,790
205,892
(no par).
102,946
$1,277,295
942,967
$1,227,499
956,501
$1,347,143
102,946
102:946
$3.81
102*946
...
Net income..
Preferred dividendsCommon dividends
com. out,
—
...
Earns, per sh. on com.
.
$8.81
$4.30
Including provision for Federal undistributed profits
tax.
1,060,160
$4.98
-V.
150.
1603.
Keystone Steel & Wire Co.—Earnings—
x
y
Earns,
—
per
share.—.
1940—3 Mos.—1939
$279,385
$0.37
$317,608
$0.42
1940—9 Mo#.—1939
$971,797
$516,560
$1.28
$0.68
x After all charges, including provision for Federal
Income taxes,
y On
757,632 shares capital stock.
Net sales for the three-month period amounted to $2,964,653
compared
with $3,299,942 for the same months a year ago, a decrease of
10.4%.
Sales on a tonnage basis in the same comparison showed a decline of
12%.
*—V* 150, p* 1282.
$536,501
479,042
29,940
x$46,328
$45,868
$13,001
$27,519
Loss.—V. 148, p. 1812.
Inc.—-Earnings—
1937
1938
1939
1940
$145,514
$138,097
$145,947
138,113
133,625
138,425
145,703
$7,401
$4,473
$7,522
$11,857
$157,561
Cost of sales, oper. and
general expenses
601
Total income-Prov.
for
v
597
546
460
$8,002
$5,070
$8,068
$12,317
Federal
and
1,575
975
1,475
2,450
$6,427
4,321
$4,095
$6,593
4,500
$9,867
4,500
$2,106
$0.07
$4,095
$0.05
$2,093
$0.07
$5,367
$0.11
State taxes
Net income
Dividends paid.
Earnings
per share-
Balance Sheet March 31
Assets—
Accts. & notes rec.
Prepaid expenses.
Investments
Fixed assets
After
reserve
Cap. stk. (par $1).
Ear ned surplus
41,394
89,200
49,473
$145,611
$155,317
State taxes——
l
1
$155,317
...
481
$145,611
Total....
x
261
2,368
Res. for Federal &
1,303
...
$14,015
2,560
85,939
186
11,157
1,648
25,489
87,687
80,892
charges__
1939
$15,185
533
198
Inventories
Deferred
1939
$25,833 Accounts payable.
2,836 Accrued payroll-.
10,444
1,609
25,480
Accrued interest..
Goodwill
1940
Liabilities—
1940
522,553
3,130
Cash——
x
Period End. Mar. 31—
Net income.
$457,660
434,968
9,690
372.650
Balance
Gross Income
Interest charges, &c~
$435,495
380,667
8,959
long-term debt—
Lessing's,
1936
$9,259,937
5,851,968
.
$393,867
142,634
„
1937
Operating revenues
$9,949,688
Oper. exp., incl. taxes..
6,142,137
.
$326,543
131,116
Profit from operations
Other income,
Kentucky Utilities Co. (& Subs.)— •EarningsCalendar Years—
on
Sales
The Fidelity-Philadelphia Trust Co., Philadelphia, Pa., will until 12
o'clock noon June 1, receive bids for the sale to it of sufficient bonds to ex¬
haust the sum of $10,588.—Y. 148, p. 2591.
$316,467
119,027
$334,616
(net)-/!
Quar. End. Mar. 31—
Kanawha Bridge & Terminal Co.-—Tenders—
$2,686,763
2,292,896
Net income
#181,305
$2,692
1936
$2,513,639
2,187,096
Other deductions
x
Net profit....-.-.-.
—V. 150, p. 842.
1937
1,826,357
$220,379
114,237
from oper'n
Gross income
29,390
63,073
Interest.......
Reserve for taxes..
earns,
Other income
Income from operations.
1938
$2,142,825
Years Ended Dec. 31—
1939
Total gross earnings
$2,228,369
Total oper. exp.,incl .tax.
2,007.990
Net
(Julius) Kayser & Co. (& Subs.)—Earnings—
y
1937
1938
1939
$433,443
1,800,000
The Chase National Bank of the city of New York has been appointed
transfer agent for the preferred stock, 4H% series, of this company.
■—V. 150, P» 2581.
p.
138,035
defl03,202
defl59,483
1940
$439,240
March—
Gross from railway
Net from railway
376,400
for uncollectible accounts of $15,096 in 1939 and $16,916
Kansas Power &
Shs.
defl27,487
def202,475
Earnings—
(& Subs.)-
Quar. End. Mar. 31—
profits atfer taxes..
Shares capital stock out¬
standing (no par)
Earnings per share
—V. 150, p. 1604.
Net
Total
108,090
defl43,068
def207,577
def37,596
def56,866
Income from mining and
234,418
Customers' acc'ts
Mat'ls & supplies.
•$
376,400
1,553,200
9,847,323
b Common stock. 1,800,000
Long-term debt
5,601,376
70,722 Accounts payable.
25,980
Customers' depos.,
with int. thereon
60,000
110,756
Debt dlsc't & exp.
defl95,472
Net
1938
$
Liabilities—
$7 cum. pref. stock
$6 cum. pref. stock
Plant, prop., r'ts,
franchises, Ac.. 10,026,631
70,791
$51,030
;
Lehigh Valley Coal Corp. (& Subs.)—Earnings—
1939
1938
$
$39,750
def46,250
def68,035
^
Net ry. oper. income..
-V. 150, p. 2103.
Lambert Co.
1937
$23,557
def46,804
def65,583
def45,887
def66,411
Gross from railway.....
84,683
Net from railway
defl33,414
Consolidated Balance Sheet Dec. 31
1939
Assets—
$85,414
1938
1939
1940
$25,750
_—
Net ry. oper. income...
From Jan, 1—
34,688
b$162,759
26,348
93,192
and expense...
_
$23,731 prof$63,661
Superior & Ishpeming RR.—Earnings—
March—
——
Operating income
Non-operating income..
195,323
....
$1,539,714
852,497
1938
1939
Federal
—V. 149, p. 3560.
Net from railway
"':
1940
Quarter Ended March 31—
Net loss after depreciation,
income taxes, &c
Gross from railway_
150, p. 2102.
—
Including estimated provision for Federal income tax.—V. 150, p. 1441.
a
Payment will be made at Guaranty Trust Co, of N.
—
.
Net income
Bonds Called—
Ail of the
expense..
Miscell. deductions.
for depreciation
Total
—
of $147,462 in 1940 and $138,695
in 1939*
—V. 150, p. 1772.
Lindsay Light & Chemical Co.—Earnings—
3 Months Ended March 31—
Net profit after taxes, deprec. & other charges
Earns, per sh. on 60.000 shs. of com. stock ($ 10 par)
1940
$30,789
$0.44
1939
$16,563
$0.21
Volume
To
The Commercial & Financial Chronicle
ISO
Los
Pay Id-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable May 13 to holders of record May 3.
Like amount was paid
on Feb. 15, iast, and dividends of 10 cents were
paid on Nov. 27 and May 29,
1939, May 25, 1938 and on Aug. 30, 1937.—V. 149, p. 437.
Link-Belt Co.
(& Subs.)—Earnings—
Period End. Mar. 31—
Sales to customersCost of sales..-
x
Net profit on sales...
Other income.
Total income........
Sundnf charges to inc
Federal tax estimate
Unrealized
loss
arising
Fluctuation
$207,849
51,983
$494,305
60,279
......
from
1940—12 Mos.—1939
$4,533,553 $24,517,495 $18,165,937
4,325,704
22,174,185
17,042,456
1940—3 Mos.—1939
$6,101,067
5,606,763
$554,584
37,890
92,738
$259,832
23,682
36,989
$2,343,310
299,450
$2,642,760
185,862
437,811
$1,123,481
298,272
$1,421,753
149,765
200,878
Angeles Ry. Corp.—Earnings—
3 Months Ended March 31—
Passenger
Other
....
....
Dec. 31, 1939.......
......
Net credit to surplus.
Earnings per share com.
x
Deprec. (incl. above).
—V. 150, p. 2430.
61,231
—
$1,957,855
$2.56
$1,071,111
$1.27
$102,871
$450,997
$420,704
359,619
$405,400
230,761
...
239,947
—...
$86,458
...........................
.
.
464
$174,639
2,138
$86,922
$176,778
200",053
1,255
Gross income
Miscellaneous rents..
212,882
1,898
$114,386
$38,302
....
.
300
^
on
funded debt
on
unfunded debt
—V.
...
....
...........
150,
p.
26,893
$326,405
-
Operating income
Non-operating income.
Net loss
$199,161
$0.22
$423,956
$0.54
$111,723
$2,990,868
2,225,848
2259.
Louisville & Nashville RR.—Annual Report—
Comparison of Principal Traffic Statistics for Calendar Years
1939
Lion Oil Refineries Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1938
1937
$300,932
$175,252
1939
1940
Freight
Profit after deprec., de¬
pletion, &c.,but before
Federal income taxes.
x
After all
loss$ll,819
—V. 150, p. 2259.
A total of
$320,00010-year 4% convertible sinking fund debentures, due
June 15,1947, has been called for redemption on June 15 at 104 and accrued
interest.
Payment will be made at the Guaranty Trust Co. of N. Y.—
•V. 150, p. 1441.
•'
- ;
.r/.
'• : , .
-
Loblaw Groceterias
-
■
Co.* Ltd.—Extra Dividend—
Directors have declared an extra dividend of 12H cents per share in
addition to the regular quarterly dividend of 25 cents per share on the class
A and class B common stocks, all payable June 1 to holders of record May 10.
Similar amounts
were paid on Dec. 1 and June 1, 1939, Dec. 1 and June 1.
1938, and Dec. 1 and June 1, 1937.—V. 150, p. 2430.
Lone Star Cement
Sales.
1940
$4,230,105
1939
$4,377,799
Revenue per ton-mile (mills)
Passenger
1938
1937
$4,548,795
$4,282,839
2,236,809
606,836
2,450,313
609,507
2,125,344
563,756
$1,384,801
Miscellaneous income...
59,488
$1,534,155
49,876
$1,488,976
43,872
$1,593,739
40,831
$1,584,031
$1,532,848
$1,634,570
Int.
on
$1,444,288
funded debt (incl.
taxes
&
..
on
int.
count & expenses
for
1,582
Total oper.
Railway
oxpenses:
...»
Total oper. expenses..$64,989,535
Net ry. oper. revenues.. 23,358,721
Railway
oper.
for
-
29,801,624
5,939,686
$61,008,799 $68,104,747 $65,648,761
18,385,761
22,090,246
25,391,390
7,114,734
7,716,721
6,626,087
Crl,226,466 Cr2,143,291 Crl.834,487
Pr874,522
Pr965,694 Pr1,342,426
$16,962,791 $12,500,358 $16,772,777 $20,172,409
Gross income
$7,394,231
489,017
575,096
Other deductions
148,054
120,410
148,134
Net income....
Miscell. approp. of inc.-
$586,058
$726,237
735,704
964,756
$0.61
961,395
$0.76
967,070
$0.76
1940
$7
414
1938
$30
1937
$1,528
205
106
$296
$235
$1,634
The corporation as of March 31, 1940, was the owner of certificates of
beneficial interest for 100,780.1 shares of the common stock of The LongBell Lumber Co., which at the time had outstanding 197,683 shares of
common stock (par $50) and 134,127 shares of preferred stock (par $100).
The
Inv. in rd. &
§
eq.443,111,165 443,687,316
Impts. on leased
2,340,777
1,519,998
2,449,314
1,606,082
2,131
2,363,134
Inv. in affll. cos. 25,893,451
Other invest'ts.
5,713,663
Cash
31,042,101
11,364
2,447,806
26,064,401
12,163,824
17,261,117
ry. property..
Sinking funds
Deps. in lieu of
mtg. prop.sold
Misc. phys. prop
..
Rents receivable
92,609
411,541
5,643,095
734,845
1,689,857
79,350
4,523,375
745,891
1,696,049
82,350
tured unpaid.
7,000
1,495,381
1,423,125
7,629,118 Unmat. int. accr
55,773
96,581 Unmat .rents acc
480,761
73,425 Oth. curr. llabs.
2,881,267
156,617 Deferred llabs..
2,861,224
46,976 Tax liability...
5 Accrued deprec. 91,619,027
7,020,186 Oth. unadj. cred
4,309,565
7,000
1,423,125
>
784,710
loss$6,096
168,685
145,571
40,630
$802,644
$1,809 loss$234,989 loss$360.983
*
$133,510
162,942
172,829
32,728
$365,887
3,328,354
40,965
56,631
158,108
3,060,670
1,437,587
88,669,268
4,355,326
3,322,816
40,224
Approp. sur. not
180,768
204,692
51.298
specif. Invest.
-V. 150, p.
280,074
P. & L. balance.
76,421,595
Total.
538,087,130 529,507,915
Total...
ended
March 31
—V. 149, p. 2518.
Add'ns to prop.
thr. inc. & sur.
Sink. fund res've
debits..
Gain before deduc'ns for
$503,055
232,258
245,178
23,810
-
Funded debt ma¬
5
(JnadJ.
5,913,500
433,306
508,104
559,065
1,573,378
8,903,745
87,231
73,001
217,695
47,268
7,447,244
3,141,068
deple'n, deprec. & int.
Depletion
Depreciation
5,913,500
car. serv
Int. mat'dunpd.
Dlvs. mat. unpd
Ins. A oth. funds
1937
with
this company.
2,764,641
Oth. def d assets
Wkg. fund ad vs.
jointly
Non-negot. debt
to affll. cos...
bals. payable.
3,127,354
105,816 Aud. accts. and
wages payable
7,777
Net bal. rec. fr.
rec.
Liab. of Sou.Ry.
of bds. issued
Misc. accts. pay
agts. & conduc
$
117,000,000
Prem.on cap.stk
12,117
12,117
Govt, grants...
898,202
529,407
Fd. dt. (unmat.)221,881,530 220,488,530
92,595
Traf. & car-serv.
Mat'l <fc supplies
Int. & dlvs. rec.
1938
$
2,757,241
Special deposits.
Loans & bills rec.
Misc. accts.
1939
Liabilities—
22,500
118,040
1,153,227
Earnings of Long-Bell Lumber Co. for Quarter Ended March 31
1938
$9,597,599
7,020,000
Capital stock...117,000,000
Traf. &
.....
Oth. curr. assets
1939
$7,100,346
7,020,000
$2,706,016
4,680,000
1938
$
n
Long-Bell Lumber Corp. owns practically no other assets.
There¬
fore, in addition to giving its own'income account, the corporation giyes
also the income account for the period of the Long-Bell Lumber Co.:
1940
"$9,628,472
General Balance Sheet Dec. 31
1939
A QSCtS
deposits
1939
$7
289
—
418,516
30,873
to profit and loss... $7,394,231
Dividends........
5,850,000
balances rec..
$421
..
Time drafts and
Long-Bell Lumber Corp.—Earnings-
Loss for 3 months
$7,100,346
10,098,079.
26,360
419,498
Income balance trans,
Note—-The results for the 1st quarter of 1940 are after provision for de¬
preciation and depletion of fixed assets of foreign subsidiaries based on the
dollar value of such fixed assets at the time or acquisition.
A change to
this basis was made at the request of the Securities and Exchange Com¬
mission, effective with the 2d quarterly report of 1939.
The results for the
1st quarter of 1939 have been restated to conform to this change and have
accordingly been reduced by an amount of $60,971 as compared with the
results previously reported for that quarter.
The results of the Cuba, Argentine, Uruguay and Brazil companies in¬
cluded above are figured at the average exchange rates except as to the
provision for depreciation and depletion as explained above.—V. 150, p. 695.
...
$2,706,016
9,112,790
624,582
966,597
$0.57
3 Mos. End. Mar. 31—
Loss before deducJfor int.
9,148,432
213,168
432,742
9,253,915
455,769
Interest.....
Separ .oper .props (loss)
174,054
$553,555
ing (no par)
Earnings per share.
mos.
•
29,907,450
31,690,500
5,967,237
Net ry. oper. lnoome.$15,848,660 $11,622,971 $15,551,121 $19,257,364
Non-oper. income:
Inc. from lease of road
225,432
225,827
227,194
227,671
Dividend income
80,522
52,228
67,931
53,859
Other income
808,177
599,332
926,531633,515
116,583
...
Profit for 3
...
30,447,010
29,345,559
5,426,536
income.$15,223,021 $11,271,027 $14,373,525 $18,765,303
Hireof equipment (net).Cr1,536,266
Joint facil. rents (net)
Pr910,629
197,184
and
.
Net profit
Shs. com. stk. outstand¬
Interest
■■
26,236,704
Deduct, from gross inc.:
contingencies).
Interest.
8,135,700
225,338
prov.
acts. &
doubtful
:
.
29,696,084
29,987,122
5,306,329
Transportation.
220,775
depletion
Misc. charges Unci.
_
106.6
1.99
revenues..$88,348,257 $79,394,560 $90,194,993 $91,040,151
oper.
Maintenance-
553,376
deprec.
109.3
1.71
dis¬
Inc. taxes, cap. stock &
franchise taxes, &c
Prov.
-
...
—...
-
paym'ts)
of deb.
amort,
—
Comparative Income Account for Calendar Years
1939
1938
1937
1936
Avge. miles of road oper.
4,907
4,937
4,941
4,986
Ry.oper.revenues: • "
v••••: Freight—
.$76,492,009 $67,605,607 $76,863,874 $78,278,272
Passenger
6,013,272
6,199,037
7,208,546
6,594,986
All other—
5,842,976
5,589,916
6,122,573
6,166,893
-
Total income
— —
...
Railway tax accruals...
Operating profit
-
revenue
Number of passengers
Number passengers one mile
All other
Corp.—Earnings—
2,225,310
619,995
Sell. & admin, expenses.
—— ...
Average haul—miles—
;.—
Revenue per passenger-mile (cents)
Liquid Carbonic Corp.—Bonds Called—
Mfg. & shipping costs
(excl. of deprec. and
depletion)
Tons revenue freight
Tons revenue freight one mile
1938
...$76,492,009
$67,605,607
42,093,172
36,912,679
.9,437,933,490 8,346,535,227
224.2
226.1
8.10
8.10
$6,013,272
$6,199,037
3,202,442
2,916,960
350,186,909
311,000,399
revenue
Average haul—miles
x$l71,096
charges and tax provisions is equal to 39 cents per share.
3 Mos. End. Mar. 31—
„
348,820
Net operating revenue...
Taxes
$2,963,632
342
$3,137,064
2,461,839
Operating revenue...—•
Operating expenses
Depreciation
1939
$3,121,682
241
15,141
...
from transportation
Revenue from other rail and coach operations....
Interest
Canadian exch. rates,
1940
revenue
revenue
Interest
of
2731
..
.
_
.
290,862
75.191,931
.538,087,130 529,507,915
2105.
McCrory Stores Corp.—Namebjffnderwriters—
Long Island Lighting Co,—Earnings—
Period End. Mar. 31—
Operating expenses——
Maintenance
Depreciation
1940—3 Mos —1939
$3,294,154
Totaloper. revenues
—
...
1,381,138
268,548
357,716
1940—12 Mos.—1939
$3,080,615 $12,644,103 $11,818,898
1,279,615
233,223
299,409
5,149,007
1,005,625
1,356,684
5,091,588
1,133,781
1.050,312
Taxes (inc. prov. for inc.
497,407
435,822
1,886,728
1,639.529
$789,345
Dr 1,679
$832,546
Drl,792
$3,246,059
JDr2,282
$2,903,688
tax)
Operating income
Other income (net)—
14,599
The corporation has named seven underwriters for its offering of $3,000,000 15-year sinking fund deoentures.
The underwirters and the principal
amount of debentures which each will underwrite are as follows: Merrill
Lynch, E. A. Pierce & Cassatt and Kidder. Peabody & Co., $825,000 each;
Goldman, Sachs & Co., $500,000; Hemphill, Noyes & Co., Hornblower &
Weeks and Baker, Watts & Co., $250,000 each ; Fuller, Rodney & Co.,
$100,000 —V. 150, P. 2430.
McKesson & Robbins, Inc.
(& Subs.)—Earnings—
3 Months Ended March 31—
Net profit after Federal income taxes
.1940L
Reorganization expenses paid by trustee..
Gross income.
Int. on long-term debt—
Other interest—
$787,666
375,641
81,186
$830,754
375,641
89,190
$3,243,777
1,502,565
336,526
$2,918,287
1,499,243
310,494
5,626
486
19,491
6,360
$325,213
$365,437
$1,385,195
$1,102,190
144,000
144,000
576,000
568,000
$181,213
$221,437
$809,195
$534,190
Balance after deducting
reorganization expenses.
Recoveries made by trustee.
.....
1939
$982,017
22,016
$728,568
104,957
$960,002
3,185
$623,611
14,955
$963,187
$638,566
Amort, of debt discount,
& exp.
deductions.
prem.
-
Net income
reservations
Miscell.
net income—
Bal. transf.
Balance........—,.
& misc.
—
of
—_
——
150, p. 2430.
Madison
Rys.—Reorganized—
A reorganization plan was approved Nov, 28.1939 by the Federal District
Court for the "Western District of Wisconsin.
A new company, the Madison
Bus Co. has been organized as successor, which has
common stock (no par) .
For 1939 company reports
to earned
surplus
—V. 150, p. 2258.
—V.
issued, 7,134 shares of
total income of $411,-
585, operating expenses and taxes, $336,553, depreciation, $52,789, leaving
a balance income of $22,243.—V. 149, p. 1624.
The Commercial & Financial Chronicle
2732
McLellan Stores Co.—New Director—
Earie G.
May, Treasurer, has been elected
A. Powdrell.—V. 150, p. 2583.
Maytag Co.—Earnings
director of the company.
a
Net
a
dividend of 35 cents per share on the com¬
May 19,
on
1939; 25 cents paid
Feb. 28, 1939 and
on
on
Nov. 30,
Operating
Operating
revenues
expenses
,
$1,104,234
763,411
Total income
Net oper. revenues
Profit
$3,197,144
2.291,518
$340,823
81,755
43,989
r,
23,641
$321,411
67,166
43,910
27,470
$980,243
237,371
88,702
69,164
$191,438
$182,865
35,643
35,366
$585,006
99,501
$227,081
$218,231
$684,507
86,000
Dr3,510
20,000
CrlO.344
109,000
$390,929
$88,323
$616,205
$0.07
14,059
63,815
period.
securities sold.
on
Net profit
$518,514
105,127
r Gross
$177,618
9,557
Earns, per sh. on 1,617,922 no par sh. com. stk
$905,626
201,519
112,466
73,, 127
Net ry. oper. income.
Other income
$557,493
12,321
64,733
3.000,481
10,908
Nil
$623,641
Taxes
Equip, rents Dr
Joint fac. rents Dr
-
>
income
—V.
167,678
...
168,810
494.490
Mead
$49,421
$190,017
have
declared
Other
$116,256
extra
dividend
Total oper. revenues
$244,256
1,644
$3,169,186
20,572
$245,900
111,301
17,806
5,575
16,635
20,036
$3,189,758
$1,008,104
364,000
26,893
per
$357,511
$0.40
share of common stock
Listing of Bonds—
$2,934,277
1,294,118
212,894
65,192
220,466
215,245
$80,184
$610,852
367,780
$77,110
Nil
-
~
••
-
-
■
117,917
30,322
11,855
5,867
•
-
The New York Stock Exchange has authorized the listing of $6,000,000
15-year AlA% first mortgage bonds, due March 1, 1955 which are out¬
standing.
See also V. 150, p. 2106, 2261.
$2,905,343
28,933
$261,847
115,375
17,563
9,522
14,150
25,052
355,559
$573,953
36,898
$950,437
345,270
109,865
20,695
93,748
23,348
....
Net income.
Earnings
1940—12 Mos.—1939
$260,234
1,612
Non-operating income,,
income
Minority interest
Co.—Earnings—
1940—Month—1939
376,715
$911,313
39,124
Federal and State income taxes
^
Marion-Reserve Power
Mar. 23, '40 Mar.,25, '39
$5,614,616
$4,734,851
4,326,588
3,805,339
Depreciation
addition to
Period End. Mar. 31—
Corp. (& Subs.)—Earnings—
Interest and expenses on funded debt.
Other deductions
of
$0.21
.
income.
Gross
10 cents per share in
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 15 preceding quarters,—V. 150,
P. 695.
I '
^ ■
an
'V.
'
.
Selling and administrative expenses
Manufacturers Casualty Insurance Co.—Extra Div.—
Directors
:
Cost of sales
507,385
$59,403
&c.)
1773.
150, p.
12 Weeks Ended—
Net sales, less discounts
Deductions (rentals, int.
JP Net income..
—V. 150, p. 2106.
$811,380
19,001
67,174
70,081
.
Fed. & State inc. tax—
est. prov. curr.
$3,294,070
2,313,827
$756,833
14,738
31,036
8,773
Sundry deductions
Depreciation.
1940—3 Mos.—1939
$1,119,660
798,249
$159,050
7,661
$0.06
Sundry income
RR.—Earnings—
1940—Month—1939
$514,446
3,721
35,650
3,675
$356,385
Discounts and royalties.
1937; one of 20 cents paid on Feb. 26, 1937, and previously quarterly divi¬
dends of 15 cents per share were distributed.
In addition, an extra dividend
of 10 cents was paid on May 29, 1936.—V. 150, p. 2260.
Maine Central
1937
$4,276,861
3,520,027
78,500
Int. & divs. received.
1938; 20 cents paid on Aug. 31. 1938; $1 on May 20, 1938; 20 cents paid in
each of the three preceding quarters; a dividend of 75 cents paid on May 20,
Period End. Mar .31—■
1938
$2,525,136
2,366,087
$512,758
Operating profit-
stock, no par value, payable May 21 to holders of record May 10.
This compares with 25 cents paid in the three preceding quarters; 60 cents
mon
paid
1939
$3,514,927
$489,742
2,839
15,706
4,470
sales
Cost of sales & expenses.
Square Garden Corp.—35-Cent Dividend—
The directors have declared
1940
$2,966,120
2,476,378
3 Mos. End. Mar. 31—
He succeds F.
Madison
April 21, 1940
Mergenthaler Linotype Co.—Earnings—
Gross
revenues
Operation
General taxes
Federal income taxes—
Maintenance
Prov, for retire't reserve
Net
earnings
1,403,384
206,653
96,976
187,261
287,380
Int.
on
mtge. debt
22,604
Int.
on
serial notes
2,995
$74,547
31,3.54
2,312
& other deduct'ns
5,027
3,158
$49,558
13,461
$37,722
advertising, development and admin,
Other non-manufacturing income
Total income
$576,201
167,402
...
$926,362
Bal. avail, for
com.
stk
$36,098
13,944
$23,778
Michigan Public Service Co.—EarningsCalendar Years—
Operating
Operating
revenues
...
_
_
...
1939
$6,413,738
4,551,156
717,719
500,000
424,000
$6,397,718
4,633,876
845,615
Net operating Income
income
Int.
$397,742
1,436
$340,268
$386,174
$312,425
181
6,220
726
$399,178
194,516
42,623
$340,449
189,981
42,641
$392,395
42,571
$313,151
194,488
40,233
24,001
23,513
23,885
24,074
$138,038
45,234
$84,313
45,234
$132,938
45,234
$51,617
45,234
$92,804
$39,079
$87,704
$6,383
of
debt
Loss
on
$3,742
335,846
20,908
104,401
3,949
$461,362
bonds red. thru
2,739
Net income
on
pref. stocks
Balance
—V. 150, p. 2107.
Michigan Steel Casting Co.—Earnings—
First Quarter—
1940
April 1 Interest Paid—
7%
85% of the
having
accepted
the
plan
and
deposited
11,618
10,472
Capital stock tax
225
225
45,963
36,861
$3,318
loss$9,675
*
AI1 other expenses (net)
their
$213,183
164,419
12,315
9,038
257,108
Taxes
The company's plan for extension of maturity of its first mortgage
was declared operative as of March 30, 1940, more than
1939
$328,704
Net sales to customers
Manufacturing cost
Depreciation
bonds
193.000
dis¬
count and expense
Loss.
bondholders
long-term debt..
on
Misc. int. deductions
x$6,772
10,514
$219,933
...
Net loss
outstanding
98,243
$944,706
544,157
88,123
;
Amortiz.
Divs.
funded debt
Other income deductions
.
1936
$1,082,554
598.136
sinking fund
$227,384
334,304
20,659
88,526
3,827
income—
Amortization of debt discount and expense
Other interest..
...
x
1937
706,519
111,990
Gross income
500,000
425,000
$220,864
6,520
Other
on
1938
$1,158,777
733,676
131,454
Non-operating income
1940
Appropriation for retirement reserve
Taxes (other than income taxes)
Gross
1939
$1,262,872
revenue
expenses
Taxes
$408,799
Ry.—Earnings—
Maintenance and repairs
Interest
$9,281 loss$303,313
Net operating income.
Market Street
Operating
Operation
$162,243 loss$136,624
152,962
166,689
Net income
—V. 150, p. 2106.
Years Ended Feb. 29—
1939
1940
$33,894 loss$280,411
128,350
143,787
—V. 149, p. 3119.
Amort, of debt disc't and
exp.
expenses..
Depreciation
41,010
Net income
Div. accr. on $5 pref. stk
6 Months Ended March 31—
Net oper. profit after deduction of factory, selling,
bonds in accordance therewith.
No provision has been made for the pay¬
ment of the undeposited bonds which matured April 1, 1940.
The interest
due on the latter date was paid on the deposited and undeposited bonds.
Net
Minneapolis-Honeywell Regulator Co. (& Subs.)—
Master Electric
Co.—Earnings—
Cost of goods
sold
Repairs, incl. the rebuilding of equipment
Depreciation and amortization
Taxes (other than income taxes)
Rents and royalties....
Selling, general and administrative expenses
1940
180,964
Income deductions
M
$259,368
6,354
$118,183
3,206
20,700
$94,277
$0.39
Provision for Federal income taxes
Net income
Earnings per share
Condensed Balance Sheet March 31
Assets—
Cash
on
1940
in banks—
U.
S.
—
Govt,
Canadian
x
1939
hand and
$671,901
$693,318
and
bonds
25,525
Inventories
(est.).
414,655
7,075
Other accts.receiv.
6,713
823,289
17,764
21,088
$54,426
11,482
74,237
241", 500
210,000
349,252
1,680,852
81,667
15,000
19,074
1,185
532,800
Paid-in surplus
Earned surplus
5,000
349,252
1,977,923
Fixed assets, at
z
conting's.
Long term liabil..
Cap. stock (par $1)
$93,262
11,191
116,576
190,187
15,000
Patents and legal
cost
...
incident
patent app lc.
expense
to
Deferred charges
Total
.
_
Total
..$2,994,891 $2,481,917
After reserve for doubtful accounts of $15,500 in 1940 and
$17 000 in
y After reserve for depreciation of $579,867 in 1940 and
$528 856
In 1939.
z After reserve for amortization of
$30,383 in 1940 and
x
1939.
in 1939.—V.
$27*875
149,
p.
3877.
Metropolitan Industries Co.—Dividend—
Directors
have
declared
a
dividend of 20 cents
per share
on
the fullv
paid pref. stock, $55 par, now outstanding (one-half the number of shares
originally called for by the allotment certificates in holders' hands)
The
dividend is payable April 27 to stockholders of record April 25 —V 149
p.
1921.
116,616
$108,478
7,073
$17,619
8,909
$523,751
2,422
$115,550 "
31,014
17,247
$26,527
27,606
16,332
$526,174
xl05,757
13,950
Total income...
$395,093
93,053
..
7,337
Federal taxes.
Other
deductions
Net profit....
Earns, per sh. on
y
.
$294,704
com
$67,289
$0.42
$0.11
.stk
loss$17,410
Nil
$406,468
.
$0.60
Includes provision for normal Federal income taxes. No provision has
been made for the liability of the company, if any, for surtaxes on un¬
distributed net income imposed by the Federal Revenue Act of 1936, as
x
the amount of any such
liability is not determinable until the end of the
year.
*
Extra Dividend—
,
Directors have declared
an
extra dividend
of 25 cents per share in addi¬
tion to $j^gular quarterly dividend of ,50 cents per share on the common
stock, both payable June 10 to holders of record May 25.—Y. 150, p. 1141.
Midland United Co —Given SEC
Exemption from U. G. I.
Integration—
The first exemption from an integration proceeding was granted
by the
Securities and Exchange Commission April 25.
The Commission exempted 40 companies all in the so-called Midland
United group, from the necessity of participating in the integration pro¬
ceedings against the United Gas Improvement Co.
The original order
against U. G. I. had claimed that these 40 companies were subsidiaries
as respondents in the U. G. I. case.
The com¬
panies asked that they be exempt.
The SEC said it appeared "unlikely that the Commission will find it
necessary" to require the 40 companies named "to take any action" under
the integration section of the Public Utility Act of 1935.
Therefore it
granted the exemption, but reserved the right to issue future orders directing
U. G. I. to dispose of its "direct or indirect security holdings" in these
40 companies, if it decided that such orders are necessary.
The principal companies granted exemption by the order are:
Midland
United Co. and Midland Utilities Co., subsidiaries of the United Gas
Improvement Co.; Gary Electric & Gas Co., Northern Indiana Power
Co., Public Service Co. of Indiana. Dresser Power Corp., Indiana HydroElec. Pow. Co., Hary Heat Lt. & Water Co., Hobart Light & Water Co.
Indiana Service Corp., Northern Indiana Public Service Co., Berrien Gas
& Electric Co., Terre Haute & Western Ry., Terre Haute Electric Co., Inc.,
Traction Light & Power Co., Union City Electric Co., West Indiana Utilities
and therefore named them
26,413
—..$2,994,891 $2,481,9171
$2,878,214
2,262,502
91,960
$393,056
2,038
Other income
1939
752,471
Other assets
y
for Fed. tax
Res. for
560,471
1,505
866,274
1940
Accts. pay., trade.
Accts. pay., others
Accrued items
35,288 Prov.
Notes and accts.
receivable
Liabilities—
1937
1938
$1,958,847
1,815,606
125,622
$2,325,178
2,095,916
120,784
Operating profit
$115,049
3,134
.45,400
.
$254,600
4,768
$207,613
$0.86
income
1939
Depreciation.....
$787,355
447,043
51,973
17,276
20,814
1,307
133,892
18,703
28,810
1,963
income.
Net
1939
$1,140,169
576,637
78,493
.
Gross
3 Mos. End. Mar. 31—
1940
sales.
$2,772,202
Cost of sales & expenses.
2,262,532
,
3 Months Ended March 31—
Gross sales, less discounts, returns and allowances.
Other
profit
-V. 150, p.1940.
—V. 150, p. 2260.
Volume
The
ISO
Co., Brazil Electric Co., Central Indiana Power Co., South Construction
Co., Inc., Terminal Realty Corp., Indiana Industrial Land Co., Indiana
RR., Indiana Motor Transit Co., Interstate Public Service Realty Co.,
Killbuck Milling Co., Chicago South Shore & South Bend RR. (Ind.),
Chicago South Shore & South Bend RR. (Mich.), Michigan City Terminal,
Inc., Indiana & Kensington RR., Shore Line Shops, Inc., Utilities Building,
Inc., M. XI., Securities Corp., Shirley Realty Co., Traction Land Co.,
Wabash Hydro-Electric Co., Michigan City Terminal, Midland Subsidiary
Corp., Midland Stock Transfer Co., and Subsidiary Service Corp.-—
V. 147, p. 1494.
[Including Wisconsin Central Ry.]
1940
March—
Net from railway.
$1,881,665
127,362
defl26,154
$1,853,798
6,110,864
5,230,038
833,984
133,600
47,912
def671,284
aa;*/aAA,
aa/a: w,
5,086,909
def47,514
def963,007
344,372
77,994
Net ry. oper. income
From Jan. 1—
Net from railway.
Net ry. oper. income
—'Y. 150, p. 2108.
-
A
rapidly growing leader
the soft drink industry
in
Analysis
$2,195,264
128,133
defl99,356
Cross from railway.,...
Common Stock
1937
1938
1939
aa
$2,137,400
_
MISSION DRY CORP.
-Earnings
Minneapolis St. Paul & Sault Ste. Marie Ry.
Cross from rail way
2733
Commercial & Financial Chronicle
496,449
Broadway, New York
25
Bell System
Tel. Digby 4-8700
Mission Dry
Request
Hanson & Hanson
5,797,262
def225,726
A-a aaa
A.
on
433,684
229,211
■
Teletype N.Y. 1-137
Corp.—Financial Date—
corporation manufactures and distributes a diversified line of soft
beverages, although the major portion of its sales is derived from its orange
beverage called "Mission
Orange."
National distribution is effected
through franchised bottlers in every State in the Union.
The present company was formed in 1933 in part to continue the soft
drink business of a predecessor company, but primarily to engage in the
distribution of alcoholic beverages.
During the depression the bottling
policy of the company necessitated a price that was too high to maintain
the widespread distribution of its soft drink, and since the Alcoholic Bever¬
age Division did not produce profitable operations, a change in policy was
The
effected.
A new management was installed.
The liquor business was gradually
•liquidated, and steps were immediately taken to place the soft drink busi¬
ness on a more profitable basis with modern and economic methods of dis.tribution.- ■■■
A;■AAT AAAAa A,..' A',.'.
: AA
For the fiscal year ended Oct. 31, 1939, earnings were equal to $1.15 per
share, as compared with 10c. a share for the previous year.
In the first
four months of the current fiscal year, the company, it is reported, showed
a modest profit as compared with a sizeable loss for the compatable period
-ayearago.
—A'aa'AACaAAa.
'
a
Currently 60c. a share annually is being paid in quarterly disbursements.
During the past four years, the company has increased its net working
capital by $240,000 in addition to retiring during this period $160,000 of
notes and preferred stock.
Option—An option for the purchase of 8,500 shares of common stock at
$3 per share is held by the President for the benefit of himself and other
employees.
Earnings for Year Ended Oct. 31, 1939
Acetanilide, acetophenetidin and sodium salicylate are used on pre¬
scription and in various preparations for the relief of fever and paid.
Salicylic acid is the base material from which aspirin and other medicinal
products are made.—Y. 150, p. 1775.
Montana Power Co. (& Subs.)—Earnings—
1940—Month—1939
1940—12 Mos. -1939
$1,553,436 $1,271,007 $15,388,942 $13,371,924
352,308
4,767,664
4,196,672
403,611
230,188
2,654,390
2,297,376
Direct taxes
*252,308
Period End. Feb. 29—
Operating revenues
Operating expenses
_
Property retire, and depl.
reserve appropriations
,149,246
133,860
1,647,535
1,533,117
Net oper. revenues
Other income (net)
$748,271
Dr3,956
$554,651
Dr5,556
$6,319,353
JDrl ,644
$5,344,759
$744,315
$549,095
159,419
44,125
35,571
$6,317,709
1,903,030
529,495
$5,293,740
1,924,479
■
Net sales
$994,081
.
Cost of goods sold
$492,650
5,957
Gross profit
Other income
Int.
on
...
157,976
mtge. bonds
Interest
Cr8,527
44,125
35,642
_
Other int. and deductions
„
Total income...
Net income
Dividends applic. to pref.
$506,572
$309,980
stock for the period
_
Balance....
-V.
150,
$498,607
299,776
63,792
.
....
.
$135,039
Net profit......
Balance Sheet Oct. 31, 1939
Co.—President Resigns—
Montgomery Ward &
Raymond H. Fogler has resigned as President and director of this com¬
according to an announcement made on April 25 by Sewell Avery,
Chairman of the board.—V. 150, p. 2585.
Co.—Earnings—
Montreal Tramways
Car earnings
Autobus earnings
1939
1938
1937
$10,944,107 $10,991,224 $11,126,288
1,979,325
1,852,314
1,738,564
426,079
349,043
362,521
A
-
Miscellaneous earnings
Common stock (par
a$118,704
23,756
Dispensing equipment
Current assets
Surplus
:
...
a ...A.-...
..
Current liabilities
(including
8,115,466
2,254,135
on
.
bonds and foreign exchange..
Line Co.—Loses Intervention Plea
Missouri-Kansas Pipe
Judge John P. Nields of the U. 8. District Court at Wilmington, on
April 23 denied a petition of the company to intervene in the Government's
case against the Columbia Gas & Electric Corp. and the Columbia Oil &
Gasoline Corp.
The Court heard
<
in
the
case,
arguments
on
report by William Prickett, special
confirmation of a modified plan tor
1936.
The plan was proposed by
a
recommending
observance of a consent decree issued in
Columbia Gas.—V. 149, p. 4035.
a-aa
Af A':a a;a y;;A';aAA;A> >;a
8,040,134
1,850,095
$2,979,911
2,484,208
$2,955,507
2,430,778
$3,337,144
2,422,409
351,668
500,000
472,500
$524,728
1,000,000
630,000
$563,067
1,000,000
$476,797
Balance
Reserve for financing
8,046,338
2,190,737
$495,703
depreciation)
Maintenance and renewals
autobus
Int.
$247,196.—V. 150, p. 2261.
After reserve for depreciation of
.*-$13,349,511 $13,192,581 $13,227,373
Gross re venues
Oper. expenses and taxes
$650,485
Total.
$650,485
Total
$116,830
372,109
28,111
133,435
$1).
*
Reserves
33,132
474,893
Other assets
master
$1,735,327
Liabilities—
A;' 'A" A<Ayy
Plant, equipment, &c_
•
$2,692,837
957,510
2584.
p.
Calendar Years—
a
$3,454,208
957,529
439,503
charged to construe.
Int.
pany,
Belling and administrative expense
Depreciation, taxes, &c
Assets
529,495
417,345
0270,416
$2,496,679
debentures.
on
Dr51,019
501,431
—
...
Gross income.
$1,105,272
$1,066,933
—-
Balance
Transferred to res. for
depreciation..
Dividends for the year
—
Balance, deficit
V. 148, p. 3853.
.
630,000
A"'';.A AY' AA
A\;,Y;
Co.—Proposed Merger—
Morris Finance
Co. above.—V. 150, p. 1606.
See Associates Investment
Missouri-Kansas-Texas Lines—Earnings—
Period End. Mar. 31—
Operating revenues.
Operating expenses
Inc. avail, for fixed chgs.
Fixed charges
1,761,076
101,432
366,904
Loss after fixed chgs_.
-V.
150,
p.
$265,472...
1,859,530
115,265
363,822
5,235,559
292,828
1,097,306
5,468,988
109,382
1,089,559
$248,557
$804,478
$980,178
2108.
Missouri
RR.—ICC
Pacific
Refuses
to
Modify
Reor¬
.
Commission in a report dated April 9 re¬
equity remains to the stockholders and there¬
affirmed its decision that no
fore refused to modify its reorganization
plan so as to permit participation
by present holders of shares in the company.
a \ A
;
A A .
All of the allocations of the new securities as stated in the Commission's
final plan issued Jan. 20 were likewise affirmed.
In its supplemental report, the Commission did, however, make a few
modifications in its provisions relating to the special sinking fund provided
for in the new first mortgage.
The changes were suggested by the MOP
first and refunding committee.
Hearing
on
assigned a hearing for May 15 on the application of
the road to acquire control through stock purchase of the Union Terminal
Ry. and the St. Joseph Belt Ry., terminal properties located at St. Joseph,
Missouri.
• •■AaaA'- A a"
The purchase agreement is designed to settle long-standing litigation
over the terminal shares contracts under which the MOP contracted in
1930 to purchase the St. Joseph properties and other facilities at North
Kansas City for $20,000,000.
»
Under the proposal placed before the ICC the company will pay Terminal
Shares, Inc., which owns the properties, $400,000 in cash.—V. 150, p. 2431.
Mobile & Ohio
RR.—Earnings1939
1940
March—
Gross from railway
$998,514
$1,014,981
213,815
223,784
72,528
82,209
Net ry. oper. income
From Jan. 1—
2,759,781
435,943
Gross from railway
Net from railway
2,783,251
504,587
24,767
94,895
Net ry. oper. income
366,725
241,664
2,873,636
2,985.891
614,942
183,260
642,909
292,289
2584.
Div.—
dividend of 30 cents per share on the common
stock, payable May 28 to holders of record May 15.
Last previous distri¬
bution was the 35 cents dividend paid on Dec. 28, 1937.—V. 149, p. 2697.
•
Monsanto Chemical
board of directors on
be started at once.
These are
.....
pharmaceutical products, which heretofore have been
mainly in the United States
and Europe.
—
produced
.
....
.,—
.
_
......
taxes*
on
Other interest*
*__*-- --—- -—-
Net income
Dividends
on
common
stock....
...
$3,265,061
3,363,479
$504,233
-—- - -.
Amortization of debt expense
$4,370,793
$3,867,712
3,363,479
——
$4,316,715
54,078
$4,863,504
975,000
17,305
3,487
fixed charges....
376,258
2,368,467
$4,892,957
Br29,453
income——
income
debentures.
$7,702,084
640,644
2,561,871
—
—
—
Income available for
$8,577,229
739,693
382,708
...
Net non-operating
Interest
.
.
Net operating revenues.
Social security
Other taxes
x$98,418
...
Balance.,
551,309
572,303
2,119
Deficit.
Balance Sheet Dec. 31
1939
Liabilities—
111,340,738 107,745,763
Telep. plant
35,028
Inv.in affil. cos.
7,756
94,580
Other investm'ts
264,089
270,414
Cash & spec, dep
861,243
59,356
17,823
3,212,461
2,253,657
1,359,402
Misc.phys. prop
funds.
Notes receivable
Acc'ts receivable
Mat'l &
supplies
232,464
Prepayments
1939
1938
$
Assets—
94,580
(S100
par)
Premium
S
1938
$
stock
Common
48,049,700
48,049,700
on cap.
78,574
78,574
57,753
30-yr. 3 K % debs 30,000,000
Customers' deps
34,170
30,000,000
31,108
21,064
Adv. billing and
2,110,491
1,219,871
228,749
pay. for serv.
Acc'ts pay.& oth
607,240
578,677
llabll...
1,852,328
1,185,905
3,368,615
3,124,977
fitnplr
curr.
Acer,
Unamortiz. debt
•_
99,402
fund*
36,342
101,942
36,342
Other def. chges.
93,960
89,228
liabilities
not due
84,383
80,389
31,219,909
1,425,893
Unapprop. surp.
Insurance
April 19 approved plans for an expansion
of the activities of the company in Australia.
Establishment of facilities
at Melbourne, Australia, for the manufacture of aspirin, acetanilide, acetophenetidin, sodium saliculate, salicylic acid, and other products, will
The
.
—
Federal income taxes..
expense..
Co.—Expansion Program—
...
General and miscellaneous expenses
Working
Equipment Co.—To Pay Common
Directors have declared a
.
Commercial expenses....
Operating rents
.$25,527,313 $24,360,802
4,001,110
4,225,310
3,569,565
3,640,787
4,350,575
4,332,205
2,275,149
2,279,470
434,986
461,192
2,027,333
2,011,120
—
.—. .— -—- -
amortization expenses.
Traffic expenses
$1,167,200
221,386
71.043
..
Total operating revenues
Depreciation and
1937
1938
$1,036,151
.$25,596,056 $24,477,841
68,743
117,039
Total—.*
x
Net from railway.
Monroe Auto
/
1939
1938
revenues—-...----$17,261,862 $16,516,692
7,245,216
6,887,283
Miscellaneous revenues..
...
1,088,978
1,073,865
Calendar Ypars—
Toll service revenues
Net operating
Purchase Proposal—
The Commission has
—V. 150, p.
Telephone & Telegraph Co.—Earns.
Local service
Current maintenance.
■
,
_
Commerce
Intel state
Mountain States
Uncollectible operating revenues.
ganization Plan—
The
1939
1940—3 Mos
,458,344
$6,505,980
1940—Month—1939
$2,202,655
$2,313,973
31,146,717
Total—... *116,720,812
115,223,688
Def'd credits
Deprec. & amort
reserves
Total
116,720,812 115,223,688
-V. 150, p. 2585.
947,640
The Commercial & Financial Chronicle
2734
Nashville Chattanooga & St.
March—
1938
Net ry. oper.
From Jan. 1—
3,688,701
694,348
366,307
.
Net ry. oper. income—
Corp.—Stock Offered—W. H. Newbold's
Co., Philadelphia are offering (as a speculation)
50,000 shares of common stock at par ($10 per share).
$1,437,900
339,874
229,784
3,322,810
516,884
199,058
3,852,537
710,370
432,604
Son
Should either of these two events not occur, all the liabilities of the corpo¬
Nassau & Suffolk
Period End. Mar. 31—
ration will be met by the underwriter.
Lighting Co.—Earnings—
1940—3 Mos.—1939
Total oper. revenues
$679,230
435,294
21,344
42,384
40,891
$124,331
280
$128,660
238
$124,611
41,947
19,446
Depreciation...
$128,898
in connection with the promotion and organization of the
corporation and
the registration and sale of the stock.
History and Business—Company was incorporated March 19, 1940.
Corporation intends to engage in the business of mining, reducing and
selling quicksilver, which is often called "mercury," from the New Almaden
mine in Santa Clara County, Calif.
Taxes (inc. prov. for in¬
tax)
Operating income
Other income (net)
Gross income
long-term debt-
on
Other interest
209,056
177,086
$412,008
940
$403,835
577
$412,948
167,815
77,955
$404,412
172,093
91,814
,
41,956
22,647
Corporation has an option expiring May 1, 1940, and conditioned upon
paid-in capital or $500,000 by that time, to obtain a lease of
its obtaining a
the New Almaden Mine.
The New Almaden Mine was discovered
& miscell. deduct.
8,192
8,233
33,868
33,874
$55,026
Net income
$56,062
$133,310
$106,631
—V. 150, p. 1775.
(Conde) Nast Publications, Inc. (& Subs.)—Earnings
Consolidated Earnings for 3 Months Ended March 31
1940
1939
1938
Net
profit after taxes
and depreciation
$199:837
$0.59
National Automotive
York
New
1937
'
.
Earnings per share——
—V. 150, p. 696.
The
100 years ago.
over
$221,044
$0.65 *
$213,841
$0.63
$167,720
$0.49
National Cash Register
12 Months Ended March 31—
no
large scale operations
on
by the ex¬
less money and work for this purpose.
The lower
Large parts of the upper mine workings,
particularly those on Mine Hill, are still accessible.
The equipment and machinery formerly used has been
sold, so that there
is very little remaining on the property that would be of
any use in present
operations, saving only roads and water lines.
There are a number of
buildings and the remains of an old Scott Furnace at the Senator Mine,
penditure of
more
or
parts of the mine are under water
tion
Corps
camp,
.
and these buildings may be usefulV. 150, p. 2263.
New
England
Output—
Gas
&
Electric
Association—System
For the week ended April 19, New England Gas & Electric
System re¬
ports electric output of 7,617,693 kwh. This is an increase of 544,012 kwh.,
or 7.69% above production of 7,073,681 kwh. for the
corresponding week
a
year ago.
Gas output is reported at 103,791,000 cu.ft.
or
increase of 13,880,000 cu.ft.
an
15.44% above production of 89,911.000 cu.ft. in the correspondingwe ek
ago.—V. 150, p. 2586.
1940
New
1939
Idea, Inc.—Earnings—
3 Months Ended March 31—
1940
..
$1.39
$1.10
-
Net sales for the quarter ended March 31, 1940, amounted to $9,589,895,
against $9,028,902 in March quarter of previous year.
Sales as stated above exclude German, Austrian, Czechoslovakian and
Japanese sales.
Current assets as of March 31, 1940 amounted to $27,062,014, and cur¬
rent liabilities were $4,164,548, comparing with $26,509,099 and $4,250,144,
respectively, on March 31, 1939.
Cost of goods sold.
C.
President
tinues
In
of
$510,500
265,731
$323,159
204,642
9,626
..
$231,100
6,734
Vice-President and General Manager, has been elected
this company, succeeding Col. Edward A, Deeds, who con¬
$115,034
53,500
Interest charges.
Provision for Fed
$108,892
$237,834
-
Interest, purchase discounts and miscell. income-
29,500
6,142
614
Chairman.
as
statement
a
$850,451
527,291
-
Allyn,
1939
$1,222,839
712,339
Provision for deoubtful receivables.
New President—
S.
a
year
.$41,064,844 $38,478,699
1,801,932
2,268,168
share on 1,628,000 shs. capital stock.
the property since 1926,
but it is doubtful if these will be used in future operations.
On Mine Hill
are a number of buildings formerly used as a Civilian
Conserva¬
Co.—Earnings—
Net sales
As there have been
the shafts and tunnels used in former operations are in a state of
greater or
less disrepair, but many of them could again be made to serve
Net profit after charges & Federal income taxes..
per
names
itself, there
Fibres, Inc.—Listing—
Stock
Exchange has authorized the listing of 200,000
shares of 6% cum. conv. pref. stock (par $10) all of which are issued and
outstanding, and 502,874 shares of common stock (par $1) all of which
are
issued and outstanding, and 200,000 additional shares of common
stock upon official notice of issuance in conversion of the 6% cum. conv.
pref. stock, and 10,000 additional shares of common stock upon official
notice of issuance upon the exercise of options for the same by certain
officers and employees of the corporation; making a total of 200,000 shares
of 6% cum. conv. pref. stock and 712,874 shares of common stock.—
V. 150, p. 2585.
Earnings
The
of all previous operators are therefore not known to the
corporation, and
not reasonably available to it because the obtaining thereof would in¬
volve unreasonable effort and expense in connection with the
searching of
old records of various types where such names
might be found.
are
Amortiz. of debt dlsct. &
exp.
.
Capital Structure—Corporation has no securities of any kind outstanding
except 100 shares ($10 par) common stock.
It has an authorized capital
stock of 57,500 such shares, 50,000 of which are now offered and 7 400 of
which are expected to be issued to counsel and the underwriter for services
1940—12 Mos.—1939
$2,315,001
$2,209,243
1,435,258
1,366,536
80,666
81.426
178,013
180,360
$618,719
382,963
21,247
44,958
55,877
Operating expenses
Maintenance
Int.
&
Transfer agent, First National Bank of Philadelphia.
The stock certificates initially issued will provide that, unless prior to
July 1, 1940, the corporation sells 40,000 of the shares offered and obtains
a lease of the New Almaden quicksilver mine in Santa Clara
County, Calif.,
the subscription price of shares offered will be returned to the stockholders.
—V. 150, p. 2108.
come
Almaden
New
1937
$2,200,289
232,990
112,913
3,725,893
886,756
556,196
,$1,255,127
200,174
income—
98,714
Gross from railway
Net from railway
Louis Ry.—Earnings—
1939
$1,313,077
325,745
200,735
1940
Gross from railway
Net from railway
April 27, 1940
following the directors' meeting, Col. Deeds said:
"Mr.
operation in any way at all, although as President Mr. Ahyn will have even
greater official freedom to work along the lines he helped establish in the
past."—V. 150, p. 1942.
$84,920
VEarns. per sh. on 272,000 shs. cap. stk. (no par)..
Allyn's election to the Presidency of National Cash Register is simply
official recognition of what he has actually been doing since his appointment
as Vice-President and General Manager in 1934.
This will not change our
Balance Sheet March 31,
$0.68
$0.32
1940
Assets—Cash, $174,943; U. S. Treasury bills, at cost, $599,970; accounts
and notes receivable (less reserve for doubtful
accounts, discounts, &c., of
$214,061), $1,688,077; inventories, $1,682,129; deferred charges. $94,912;
plant and equipment, less depreciation, $613,107; patents and designs,
$1;
total, $4,853,140.
Liabilities—Accounts payable,
$61,358; accrued liabilities, $140,079;
Federal taxes on income, $151,189; reserve for price decline and contin¬
gencies, $300,000; capital stock (272,000 common shares of no par
value),
$2,252,000; surplus, $1,948,514; total, $4,853,140.—V. 149. p. 3723.
•
National City Lines, Inc. (&
3 Months Ended March 31—
Subs.)—Earnings—
1940
Operating income
Operating expense—
1939
1938
$1,738,872
1,445,388
$1,292,065
1,136,950
$1,234,401
1,121,776
$293,483
3,396
$155,115
2,709
$112,626
2,276
$296,879
16,509
42,290
5,223
12,496
$157,824
15,142
$114,901
21,729
15,500
2,452
$220,362
$116,631
$75,220
$0.78
-
$0-38
$0.19
New York New Haven & Hartford
Profit....
Other income
Total income
Interest
Federal income taxes—
Miscellaneous deductions
Amortization of intangibles
Net
...
profit before prov. for
stock
—V. 150, p. 1942.
National Cylinder Gas
3 Mos. End. Mar. 31—
Net profit after all chgs.,
incl. Fed. inc. tax, sec.
Co.—Earnings—
1940
$251,136
$0.27
Earns, per sh. on cap.stk.
xl939
National
'
1937
$190,194
$103,577
$293,117
$0.20
$0.11
$0.30
Gypsum Co.—Earnings—
1940
$90,545
$0.02
1939
$190,198
$0.10
New York
Trust Co., trustee for the company's debentures, has
postponed to May 22 from April 24, the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Light Co. common
stock,
collateral
supporting
the debentures.
The stock was originally
Sept. 28, 1936, but the sale has been post¬
poned from time to time.—V. 150, p. 1287.
'
scheduled to be auctioned
National Tea
12
x
on
Co.—Earnings—
Weeks Ended—
Earnings
y
x
Mar. 27 '37
$152,761 loss$109,732loss$207,096
$0.25
Nil
Nil
$109,829
$0.14
per
share
After interest, depreciation and Federal taxes,
—V.
150,
p.
y
On
acommon stock-
dividend of three cents per share on the series B
certificates payable May 1 to holders of record April 15.
This compares
with nine cents paid on Feb. 1. last; three cents on Nov.
1, last; four cents
Aug. 1, last: three cents on May 1, 1939, and dividend of five cents
Feb. 1", 1939.—V. 150, p. 2262.
Gross from
are
c For
the purpose of showing the complete account for the
operated
system, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties and accrued and unpaid charges
against said properties for Boston Terminal Co. taxes and 1940 bond
interest.
d Before guarantees on
separately operated properties.—Y. 150, p. 2587.
Chicago & St. Louis RR.—Earnings—
March—
1940
per
1940
From Jan. 1—
Gross from railway
Net from rail way
railway
Net from railway
Net ry. oper. income—
$62,089
35,464
26,051
1938
$54,139
23,708
15,414
$41,471
15,596
11,605
From Jan. 1—
Gross from railway
Net from railway
Net ry. operating income
—V. 150, p. 2586.
New York Dock
Net ry. oper. income.__
—V. 150. p. 2109.
155,934
71,437
48,404
-•
120,873
38,934
26,555
$4,103,433
1,561,360
957,689
9.968,291
3,009,976
8,473,851
1,879,740
459,092
11,453,766
4,201,056
456,150
3,491,780
1,815,515
1,564,732
2,462.530
Co.—Earnings—
[Including New York Dock Trade Facilities Corp.]
Depreciation
Other expenses
Taxes
Other income
Gross income
Bond interest
Serial gold note interest.
Interest on 5^% Trade
1938
1937
1936
$3,026,990
331,741
269,367
972,862
721,886
$3,169,454
1,014,798
690,115
$2,814,568
360,090
270,154
833,950
686,633
$523,735
96,318
Maintenance
1939
$2,869,581
a455,221
271,129
926,571
692,926
Total revenue
$731,134
68,649
$802,382
98,583
$663,740
110,632
$620,053
489,400
163,551
$799,783
489,400
180,359
$900,965
489,400
222,336
$774,372
489,400
241,625
87,070
48,811
88,413
43,959
93,043
48,081
140,269
$168,779
21,165
$2,347
prof$48,105
$96,922
$2,347 prof$48,105
$96,922
394,245
267,914
1937
$56,351
27,318
19,535
Profit from other
prop'ty
Profit on term. of lease.
.
Adjust, of bk. val. credit
168,730
88,466
61,766
1937
$2,923,459
679,711
196,391
11,434,309
Other deductions
1939
1938
$3,506,396
1,096,670
593,676
1,042,327
Facilities Bldg mtge__
Ry.—Earnings-
1939
$3,744,482
Gross from railway
Net from rail way
a
share paid on
Nevada Northern
2,146,140
cl,242,125
included covering the Old Colony RR., Hartford & Connecticut
Western
RR., Providence Warren & Bristol RR., and Boston & Providence RR.
Net oper. income
Nation-Wide Securities Co.—Series B Dividend—
March—
837,210
2,007.421
c295,228 bcl,350,864
properties; Old Colony RR., June 2, 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence Warren & Bristol
RR., Feb. 11,
1937: Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these
dates, no charges for the stated leased rentals
2432.
Directors have declared
on
707,429
bc414,227
1940—3 Mos.—1939
The leases of the following companies were
rejected on dates stated
below, but net railway operating income includes the results of operations of
Years End. Dec. 31—
Mar. 23'40 Mar. 25 '39 Mar. 26 *38
Net profit
fixed
charges.__
d Net def. after charges.
Net ry. operating income
National Public Service Corp.—Sale Postponed—
.
for
New York
Quarter Ended March 31—
Net profit after charges and taxes
Earns, per sh. on 1,261,458 com. shs. (par $1)
—V. 150, p. 1445.
The
avail,
Corp. leases.
1938
Includes suosidiary.—V. 150, p. 2432.
x
Income
RR.—Earnings—
$6,772,211 $20,182,230 $19,247,839
646,671
al,518,012
1,585,028
these
sh. on 200,000 shs. com.
per
1940—Month—1939
Total oper. revenue
$6,752,379
Net railway oper. income
a539v837
a
excess
profits taxes
Earns,
22,100
3,951
Per. End. March 31—
160,368
72,351
51,117
Net loss
12,000
4,792
a$130,822
a Included
in "Maintenance"
are
expenditures totaling in excess of
$71,000 incurred in preparing space for 12 new tenants and. foqr renewal-.
Volume
The Commercial & Financial Chronicle
150
with present tenants, such leases, some of which do not become
until 1940, having various expiration daces to 1950.
effective
[Including New York Dock Trade Facilities Corp.]
Quar, End. Mar. 31—
1940
$771,680
433,316
349,330
—
Expenses
Taxes, interest, &c.—
..
Net loss.
$10,966
....
1938
$767,429
433,075
362,199
1937
$732,218
385,145
366,654
$27,845
1939
$703,834
392,501
352,109
Assets—
1939
$
a Capital
assets..29,591,076 29 791,173
Temporary invest.
223,850
300,000
Com pens. ins. fd_.
81,524
81,524
Cash.
405,301
467,167
Curr. balances due
Preferred stock
8,718
159,398
Accts. <fc notes rec.
Charges accrued..
169,966
6,300
27,548
3,683
19,497
Interest accrued..
Special deposits-..
Prepaid exps. and
deferred charges
12,083
22,448
203,917
40,891
19,497
other taxes
Accrued note int.
_
100,834
80,966
Current account
242,335
Property acct..
258,889
300
276,568
258,889
N. Y.DockRy.:
Com. cap. stock.
25,552
41,373
65,716
262,734
4,895,825
Reserves.
4,885,832
pany
Earned surplus--defcl27,912
Mr. Shea said.
31,138,968 31,483.580
Total..
"We started out primarily interested in transportation.
We saw op¬
portunities to serve the public and make a return on our Investment in
the then infant electric business.
Thus, if today or tomorrow an oppor¬
tunity were offered to develop in another field which promised to produce
more of the things the people of the country need and want and at the same
time enhance And protect the interests of our stockholders—we would
not feel that tradition would stand In the way Of our availing ourselves of
such an opportunity."
<
Mr. Shea declared that because he had not "grown up in the utility busi¬
ness" his point of view was fresh and called attention to the parallel organi¬
zation of utility companies and companies in other industries.
The North American Co., he said, "is not different in its concept of
service to the public, and in its economic function, from the world's greatest
automobile company, which aids more than 400 subsidiaries with capital
and expert management advice; or a huge chemical concern, which similarly
stimulates the production of indispensable chemicals among more than
70 subsidiaries, or a large farm equipment company, which renders the
same services for nearly 90 operating companies.
"All of these are holding companies, with many intermediate holding
companies and subsidiaries, and together they have created employment for
millions of workers engaged in bringing motor cars and engines, fertilizers
and chemicals, tractors and plows to America at prices so low that every¬
one can enjoy their benefits.
"Many of us have come to think of holding companies as referring only to
utility holding companies, but to a large extent holding companies are the
very sinews of all American industry.
When we look back on the service
this company has performed in the past, and consider the constructive
work we can do in the years ahead, we think
.
.
.
we have every
reason to face the future with confidence."
He also dwelt upon the company's large investments in its subsidiaries
and its financial aid to them—as much as $17,000,000 having been ad¬
vanced at one time to a single company for construction purposes.
He
also spoke of the millions of dollars North American had left in the business
of the operating companies and had not taken out in dividends, and the
millions also plowed back into their business by paying North American
dividends In common stock instead of in cash for an 11-year period, 1923
Shipbuilding Corp.—Transfer Agent—
Schroder Trust Co. has been appointed transfer agent for the preferred,
participating and founders shares of this corporation.—V. 150, p. 2589.
"
New York Westchester & Boston Ry.—Sale
Final approval of the sale of the company's property in
to the
City of New York for $1,875,000
was
Approved—
Bronx County
granted April 23 by Federal
Judge John C. Knox.
The property is being taken over by the city for unification with the
subway lines.
The price was offered by the city and accepted after the
Court had obtained valuations placed on the property by three independent
appraisers.
The city has
claim of $400,000 against the line for taxes,
The remainder
a
and this is to be deducted from the proceeds of the sale.
will be set aside for the benefit of bondholders.—V. 150, p. 2588.
Niagara Share Corp. of Md. (& Subs.)- -Earnings—3 Mos. End. Mar. 31—
Dividends and interest.
1940
1939
1938
1937
$273,564
1,270
$309,117
$261,920
4,527
9,143
$337,751
30.572
$274,834
$313,644
32,944
$271,062
38,073
$368,323
29,160
$240,551
144,029
$280,699
$232,989
172,087
$339,163
174,164
$96,521
1,161,759
$106,536
1,265,947
$60,902
1.264,702
$161,044
1,243,845
$1,258,281
$1,372,482
$1,325,604
$1,404,889
302
42,599
301
875
45,000
45,240
1,273
45,557
$1,215,381
$1,327,182
$1,279,489
$1,358,060
.
Other income
Gross income.....
General
34.283
expenses
Income before interest,
taxes,
&c
Int., taxes, reserves, &c.
Net
income
Earned surplus Jan. 1__
Total surplus..
178.119
Tax
adjust, applic. to
prior years
Di vs. on cl. A pf. stk. ,&c.
to 1934.
Other specific contributions of the company over its 50-year history
Shea included laying the first high voltage underground
cable, which helped nave the way for the elimination of overhead wires
in large cities, and developing the first use of pulverized fuel in electric
power plants, a step which he said had been so revolutionary, from the
standpoint of efficiency and economy, that it was not long before the ex¬
ample was followed in the construction of practically every large generating
station using coal as fuel.
Mr. Shea said: "Our achievements have been made possible by the wise
employment of the savings of our stockholders who by their Investments
have demonstrated their faith in our company.
"It is such venture capital which has made possible the magnificent
industrial progress of America and the steady upward trend in the nation's
standard of living.
Every stockholder in the country has played an Im¬
portant part in this.
"The money which has made America*has come from the savings of
millions of our citizens.
Of the nearly 59,000 holders of North
American common stock who have placed their savings in our bands with
confidence that the money would be put to work in creative enterprises,
30,000 own not more than 25 shares each, and 15,000 of these own not
more than 10 shares each.
"Capital, it seems, is after all only a large amount of small money risked
by hardworking people big enough to have confidence in the future of the
country."
Turning to current business activity, Mr. Shea disclosed that total
revenues of the North American system in the first quarter were nearly
9more than In the comparable period of 1939.
Electric output was up
named by Mr.
Consolidated Balance Sheet March 31
1940
Assets—
x
1939
$
Cash......
$
Accts. & notes re¬
ceivable..
1940
Liabilities—
Int. A dlvs. pay..
95,685
$
60,223
258,271
1,025
211,693
144,115
66,662
1939
$
487,804 Accounts payable.
817,454
113,768
20-yr. 5H% conv.
debs., due 1950. 9,196,000 11,228,000
Reserves for taxes.
53,292
68,750
notes A stocks) .28,430,201 30,521,592 Res. for contings..
1,500.000
Unamort, bond dis¬
Class A pref. stock 2,839,900
3,000,000
count A expense
236,976
318,034 Class B com. stock
Mlscell. assets....
17,393
20,623
(par $5).
7,333,395
7,353,395
Capital surplus
8,813,685
6,810,114
Earned surplus... 1,215,381
1,327,182
.
xlnt. &divs.rec__
y
Invest'ts (bonds,
—....
Total
x
29,664,370 31,605,935
After reserves,
Noranda
y
Total
.
29,664,370 31,605,935
Indicated present value.—V. 150, p. 1002.
Mines, Ltd.—$1 Dividend—
The directors have declared
a dividend of $1 per share
stock, payable June 15 to holders of record May 20.
paid in preceding quarters.—V. 149, p. 3120.
common
were
on
the
no
par
Like amounts
1
Norfolk Southern
March—
Gross from railway
Net from railway
RR.—Earnings—
1940
1938
$372,830
63,029
13,181
$360,279
54,949
5,979
980,537
82,904
def49,064
942,691
58,016
def77,555
1,082,592
184,502
33,873
Norfolk & Western
.
per share of North American common stock.
This
with net of $1.71 in the previous 12 months period.
Earnings
to 54 cents a share compared
compares
that the operating companies of North American
bringing 12% more electricity to consumers than the national
at a price 18% lower than the national average.
Mr. Shea said that "the fundamental obligation of every business is to
provide the best service at the lowest cost.
.
.
.
I think we can sum
up the philosophy of the North American Co. by saying that we are primarily
Interested in rendering a useful service to the public.
We want to give
our customers the lowest possible rates, the most efficient service and, by
the worth and merit of what we give, earn a large enough return on our
capital to attract additional investors and permit us to maintain and expand
our facilities to the continuing benefits of the public as a whole.
"Low rates and good service are possible only if the savings of investors
employed In the enterprise earn a fair return.
That is because the growing
capital needs of our business must be met by additional investment from
the savings of the people.
Now, if we cannot attract the additional money,
we cannot expand the service we must render to satisfy the Increasing
demands of the growing communities we serve."—V. 150, p. 2589.
M
Mr. Shea pointed out
were
now
average
Ry.—Earnings—
,
.
$6,833,593 $24,995,756 $20,647,729
722,522
2,366,419
2,052,330
1,488,945
5,080,660
4,397,947
140,862
425,024
410,186
1,736,584
5,566,536
5,033,100
14,368
55,109
49,337
164,481
561,049
518,989
Cr2,167
Or44,391
09,367
income for the 12 months ended March 31 of this year
$21,000,000, which he said was equal, after preferred
for the quarter alone, he added, amounted
with 61 cents in the first quarter of 1939.
1940—Month—1939
1940—3 Mos.—1939
Freight revenues
$7,703,917
$6,471,750 $23,832,934 $19,614,705
Pass., mail & exp. rev..
313,716
287,032
887,233
808,897
Other transp. revenues.
29,417
27.953
89,565
81,400
Incidental & joint fac.
revenues
59,344
142.727
46,857
186,025
Railway cper. revs... $8,106,394
Maint. of way & struc
814,514
Maint. of equipment
1,730,903
Traffic expenses. .
138,912
Transportation rail line1,801,532
Miscellaneous operations
18,861
General expenses
192,508
Cr25.981
Transp. for investment.
.
dividends, to $2.01
Period End. Mar. 31—
»
.
Consolidated net
he estimated at
1937
$429,218
112,621
55,902
971,985
52,907
def90,887
Net from railway.
Net ry. oper. income...
—V. 150, p. 2589.
1939
$337,988
23,391
def24,995
Net ry. oper. income...
From Jan. 1—
Gross from railway
North American Finance
Corp.-—Earnings—
Consolidated"Income Statement for Quarter Ended March 31
1940
\
$3,435,144
Railway tax accruals...
1,184,384
$2,567,997 $10,985,351
866,206
3,628,140
$8,195,207
2,842,971
nr>*ratsng income.
Railway opei. income $2,250,760
Equipment rents (net).. 0263,207
Joint fac. rents (net)
Drl0,888
$1,701,791
0187,674
Pr20,065
$5,352,237
0580,938
Pr45,604
Net Income from operations—
Other income........
,■»
Other deductions..
Net ry. oper. revs
$7,357,211
Cr837,834
Dr35,492
Net ry. oper. income.
$2,503,079
Other Inc. items (bai.)_.
47,075
$1,869,401
3,060
$8,159,553
78,504
$2,550,155
funded debt.
177,664
$1,872,460
178,417
$8,238,057
533,000
$1,694,044
$7,705,057
on
Net income
To
-
$2,372,490
$5,887,570
44,546
Company on April 23 changed its charter "to effect staggering of terms in
It was the first change in the charter
the office of its board of directors."
..
Total
79,180
76,136
$47,692
$35,022
5.961
8,346
Cr307
5,712
5,923
49,142
93
$82,621
...
paid in cash—Prior preferred
Preferred 7%
Balance, March 31
$111,158
$33,385
.......
.......
Dividends
Class A common
1939
$126,872
—
Net income.
Balance, Jan. 1
Refund for prior years taxes...
I
"Stagger" Board—
—
Estimated provision for Fed. & State income taxes
$5,396,827
Interest
....
Operating expenses..........
$5,932,116
535,289
Gross income
Utility Com¬
Act.
Anticipating the concern of stockholders as to how enforcement of the
death sentence section of the Act might affect their holdings, the North
American President said:
2981.
New York
.
in answering the recent order of the Commission, will
propose such further steps along these lines as they determine, subject to
due corporate action, may serve our guiding objective—coinciding the
interests of our stockholders with public policy and the general welfare,"
a After reserve for
depreciation of $8,234,637 in 1939 and $7,976,660 in
1938.
b includes accrued expenses,
c Since
Dec. 31, 1938.—V. 149,
p.
Comply with Law-
"The directors,
300
31,138,968 31,483,5801
Considers Making In-
ments of the so-called "death-sentence" section of the Public
14,585
113,053
314,894
14,505
Capital surplus
Total.....
203,917
interest
Deferred credits..
Co .—Company
Utility Fields—Will
spirit with the law of the land."
Mr. Shea frankly analyzed the functions
of holding companies and outlined North American's position.
Referring to the SEC's show cause integration order, which the company
must answer by May 18, the North American President pointed out that
directors have already made important moves designed to simplify cor¬
porate structures and dispose of certain assets—two of the principal require¬
Accrd. other mort¬
gage
Outside
Discussing pending integration proceedings of the Securities and Exchange
71,021
payable..
Accrd. bond int
2589.
Commission, E. L. Shea, President, April 25, told stockholders at the
annual meeting that the company "intends to comply fairly and in good
Funded debt.....17,163,950 17,213,450
Vouch. & payrolls.
99,902
84,812"
Accrd. Federal and
14,650
29,126
3,471
Mat'ls & supplies.
p.
American
Quarter's Income Up—
5,000.000
3,500,000
5,000,000
3,500,000
Common stock...
b Accts.
from affiliates..
S
Liabilities—
$
April 11.—V. 150,
North
1938
S
1938
-
on
vestments
Consolidated Balance Sheet Dec. 31
1939
office and so effect "staggered" terms.
The charter revision was approved by the board of directors at Phila¬
delphia on Feb. 27 and it was endorsed at a stockholders' meeting at Roanoke
$19,581
$40,776
road's .on Jan. 15.
The change, approved by the State Corporation Commission, will enable
the railway to classify its board of directors according to duration of term in
Earnings for 3 Months Ended March 31
Revenues
2735
since the State's Gneeral Assembly granted license the
1896.
719
1.095
........
$23,693
35,062
$58,755
805
18,675
1,439
17,686
$62,132
$38,826
The Commercial & Financial Chronicle
2736
Consolidated Balance Sheet March 31
Assets—
on
hand
$165,156
Notes receivable..x1,431,496
Cash value of life
insurance
Other
$154,156
1,216,806
22,638
27,697
offset
maturity)
Repossessed
41,360
4,575
due
&
_
Northwestern Bell Telephone
Reserves.........
Prior pref. stock..
Preferred stock
16,771
Class A
CI. B
62,550
64,050
141,484
150,000
shs. outstanding
25,000
520,608
62,132
38,826
Earned surplus
$2,166,207 $1,745,1411
x
Total...
Net operating
income
Electric
&
—V. 150, p.
Corp.—Acquisition
petition of the corporation
for consent to acquire the capital stock of the Long Island Water Corp.
and of the Spring Brook Water CO.
The Long Island and the Spring
Brook company are units of the Associated System, the capital stock
being owned by NY PA NJ Utilities Co.—-V. 150, p. 283, 1448.
—V,
—t
Certificates and dvidend warrants payable to bearer with option to
as to principal only.
Red. as a whole at any time, at option of
upon 30 days' notice, at the principal amount thereof and ac¬
crued divs. to date of redemption and a premium on said principal amount
Int.
stocks
Bal.
of
of
1939
361,179
382,568
Provision for depreciation..
Taxes, other than income taxes
Rents and royalties
435,418
432,373
33,641
Selling, general and admin,
158,159
on
expenses.
;
$582,906
equip. trust certificates.
_
Dr9,397
$585,157
115,284
equipment trust certificates
299,302
25,249
336,666
43,278
361,828
304,498
1,119,232
1,119,255
286,039
277,768
534,858
$351,781
$11,336
$182,863
13,999
$523,237
130,249
133,284
29.258
•
Direct taxes
Prop, retire't
res. approp
Co.—Earnings-
1940—Month—1939
$399,219
$410,227
187,469
176,329
71,084
71,395
25,000
25,000
Net operating revs
1940—12 Mos.—1939
$4,796,644
$4,382,291
2,378,910
2,081,846
771,148
740,897
300,000
300,000
24
23
$115,666
18,065
Int.
on
mtge. bonds
Int.
on
debentures
Other int. & deductions.
Int. charged to construe.
Net
$1,259,525
209,913
$119,913
$1,132,980
4,162
$1,049,612
Dr74
$98,101
30,292
10,500
2,899
Gross income
$1,346,562
213,582
500
Operating income
$137,503
17,590
$97,601
Rent for lease of plant—
$119,839
26,860
$1,137,142
336,827
43,750
163,940
$1,050,068
'
■
14,492
252
59,161
1,051
46,529
$369,814
Assets—
$275,296
Liabilities—
Cash in banks and
on
hand...
Accounts receivable—trade
Inventories
$178,917
220,829
80,994
(net)
3,790,315
Deferred charges
87,917
Accounts payable—trade
Accrued liabilities
Equipment
trust
$74,749
130,603
certificates
487,999
Purchase
obligation
10,000
Reserve for replacements
Capital stock
Total
$4,358,974
946,915
Total
....$4,358,974
-V. 150, p.2264.
Norwich Pharmacal
The
New
York
Stock
Co.—Listing—
Consolidated Income Account for Calendar Years
1939
Cost of products sold
for
additiona.
comp.
to
gen. exp.
executives
.
under
59,430
49,892
$992,955
23,238
$911,664
26,557
$1,016,194
47,026
27,018
156,603
$938,222
43,605
Net profit
Total income
ished—
....
Discounts allowed, less discounts taken.
on securities sold, bad
debts, &c
Net loss
Prov. for U. S. and Canadian taxes
on
inc.—est..
Adjust, for translation of
net assets of Canadian
sub. at rate of exchange prevail, at Dec. 31,1939
Net
profit
41,901
138,987
2,269
$783,282
Cash dividends paid
'
798,135
x$0.89
per share
On 797,887 shs. par $2.50 each.
x
1938
$4,179,458
1,633,555
1,584,345
$4,470,255
1,731,120
1,686,749
profit sharing plan
y
_
On 400,000 shs.
$713,728
800,000
y$1.96
par $5 each.
Note—In the above consolidated profit and loss statements
the operating
accounts of the Canadian
subsidiary have been included on a dollar for
dollar basis, the Canadian
profit
so
included being nominal in comparison
1939 a deduction of $2,269,63
profit for the exchange differential
with the consolidated total.
For the year
has been made from the consolidated
translating the Canadian amounts for the subsidiary into U. S. dollar
equivalents at Dec. 31, 1939.
No such adjustment was necessary for the
1938 as the exchange rate prevailing at Dec. 31,1938 was
approximately
$1.00
year
Earnings for 3 Months Ended March 31
1940
x
Net
profit
after
all
Equal to 25
1939
1938
$206,562
$165,785
$136,275
charges incl.
prov. for inc. taxes
x
Service—Chairmanship Abol¬
334,182
Exchange has authorized the listing of 800,000
are issued and outstanding.
Gross sales—less returns and allowances
common
Northern Indiana Public
$152,279
shares of capital stock (par $2.50), all of which
193,707
surplus
Cr257
$486,461
-V. 150, p. 2433.
250,000
Earned
230,207
$258,611
in
maturing during year
Equipment trust certificates._ 2,265,000
333,657
$592,799
334,188
$54,410
Balance
$252,631
31, 1939
456
Crl74
income
$78,487
Divs. applicable to preferred stocks for the period
92.774
372
863,357
re¬
de¬
Shipping, advertising, selling, admin. &
74,306
prof, taxes
excess
Balance Sheet Dec.
cents per
stock in
in 1938.
share on presently outstanding 797,887 shares of
1940, 20 cents per share in 1939, and 17 cents per share
Consolidated Balance Sheets Dec. 31
have
approved
an
amendment
Assess—
to
company's
by-laws
abolishing the offices of chairman and vice-chairman which has been
1934.—V. 150, p. 2589.
vacant
since
Pacific
March—
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 150, p. 2111.
$5,130,620
1,086,387
.
804,981
1939
1939
Cash
Market,
2,233,439
1,496,246
$355,478
securities
(net)
1938
1937
767,574
718,152
772,981
765,718
860,642
822,862
39,229
39,674
1,263.486
Invest., &c. assets
Prop.,
plant and
equipment (net)
1,072,244
Goodwill, formulae
11,487,046
14,588,642
Deferred charges..
424,166
1,535,881
1939
5117,745
151,729
126,621
156,464
taxes, &c
U. S. & Can. taxes
on
1938
$110,216
.
138,987
2,000,000
salaries,
income (est).
2,123,321
def350,262
Liabilities—
Accounts payable
Accrued
Inventories
$4,581,040
382,674
108,408
$4,239,032
471,314
209,175
12,524,928
980,932
165,886
$5,522,566
,
&c
13,941,509
1938
$265,763
Receivables, trade
Ry.—Earnings—
1940
Gross from railway
Net from railway
$3,857,099
1,954,707
16,815
Amort, of lim.term inv__
Earnings
Northern
$3,646,592
1,841,657
20,746
1,836,495
14,757
Prov.
$520,863
2,374
$497,253
25,379
Other interest charges
Stockholders
$3,988,249
28,209
6,266
148,568
$506,651
2,251
Prov. for Fed. inc. &
Fixed assets
$4,246,153
1,817,720
15,972
393.405
6,335
142,339
Amortization of discount and expense
on
$3,846,892
10,207
Other income
Net income
Other income
Interest
30.445
31,287
$3,613,986
32,606
130,144
div.
Operating revenues
Operating expenses
240,000
$1,500,109
402,795
Subs.)—Earnings—
$4,127,580$3,939,838
118,573
48,411
Northwestern Electric
1937
$1,503,908
868,234
25,060
def49,901
cos.
Period End. Feb. 29—
90,000
700,000
1938
$1,599,395
493,810
def364,118
def448,342
-V.149,p.3565.
trust
will have the
revenues, car service
Maintenance of cars.
sub.
curr.
Income Account, Years Ended Dec. 31
Operating
654,813
def127,826
def205,385
Net income
Capitalization—After giving effect to sale of $700,000 equipment
250,000
644,434
defl58,409
def249,362
pref.
on
quirements not
clared or paid
can
...
1937
$314,203
21,406
def2,439
held by public:
Ir. Ingails'
Surchase thisvendorsfrom deliver clearIngahs, for $lo,000 at such time as
plant
J. Kibben title to the property.
to 1943
1938
$147,080
defl39,198
del 166,150
$677,482
for divs.
Div. paid or declared.
Company was incorp. in Delaware on Nov. 13, 1925.
Company was
organized primarily to furnish and is engaged in furnishing superior refrig¬
erator cars to protect the perishable shipments originating on the
Chicago &
North Western Ry. System.
Company also supplies refrigerator cars for
business originating on various other railroads.
The earnings are derived
from car hire paid by all railroads using the cars.
In some instances shippers
pay an additional rental for use of cars for special purposes.
Company owns and operates a fleet of in excess of 3,200 standard steel
underframe dairy type refrigerator cars, subject in part to equipment trusts,
which are engaged in handling perishable freight and are
moving on various
railroads throught the country.
Company occupies a plant without rental at Baraboo, Wis., which is not
owned in fee but where it maintains and repairs these refrigerator cars.
This plant is equipped for building cars.
Company has an agreement to
Equip, trust 2)4 % certificates series L due serially to 1950
Equip, trust '614.% certificates series L-2 (second lien) due
serially to June 15, 1945
Common stock (authorized and outstanding 10.000 shares no
par) stated value
i._._
1939
$251,168
def28,787
det56,747
and expense
certificates is to be secured by deposit of title with the
following new standard railroad equipment costing $959,336:
...
RR.—Earnings—
1,280,283
long-term debt..
on
Prov.
of
following outstanding capitalization:
Equip, trust 4% certificates series I due serially to 1943
$735,000
Equip, trust 4% certificates series J due serially to 1946
1,120,000
Equip. trust3J£% certificates series K due serially to 1948
663,000
Equip, trust 4% certificates series K-2 (second lien) due serially
$1,471,348
1,334,543
Miscell. inc. deductions.
100 new steel underframe refrigerator cars (80,000 lbs. capacity each), and
100 new steel underframe refrigerator cars (100,000 lbs. capacity each).
company
p.
...
General interest (net)
Amortiz. of bond disct.
equal to 2 14% thereof, if redemption date is prior to Sept. 15,1943, and prior
to the date or maturity thereof, and equal to 2% thereof if the red. date is
on or subsequent to Sept. 15, 1943, and prior to
Sept. 15, 1945, and prior
to the date of maturity thereof, and equal to 1H % thereof if the red. date
is on or subsequent to Sept. 15, 1945 and prior to Sept. 15, 1946, and
prior
to the date of maturity thereof, and equal to 1% thereof if the red. date is
on or subsequent to Sept. 15, 196 and pridr to Sept. 15,
fll950 and prior to
the date of maturity thereof.
the
150,
income.
2111.
Gross income
1940.
register
$240,000 series L-2
$1,463,799
1,316,335
$242,052
def48,998
def82,633
Net operating income.
company,
and
$518,652
481,179
Pacific
Other income
15, 1941 to Sept. 15, 1950, both incl.
Certificates in
denom. of $1,000 each.
Dividends payable M.& S., commencing Sept. 15,
L
$489,747
447,425
—
Calendar Years—
1939
1938
1937
1936
Operating revenues
$13,056,777 $12,554,275 $12,063,022 $11,467,938
Oper. expenses & taxes..
8,929,197
8,614,437
8,449,035
7,621,046
March
series
$2,634,589
1,163,241
North West Utilities Co. (&
To be unconditionally guaranteed by endorsement both as to principal
and dividends by North Western Refrigerator Line Co.
To be issued under
the Philadelphia plan.
City National Bank & Trust Co., Chicago, trutsee.J
Dated March 15, 1940.
Payable in semi-annual instalments of $35,000
certificates
$2,685,129
1,221,330
1940
Net ry. oper.
Western
Refrigerator Line Co .—Equipments
Privately— Freeman & Co.~ have placed privately an
issue of $700^000 23^% equipment trust certificates, series L.
issue
$907,921
389,269
Net ry. oper. income.
From Jan. 1—
North
This
$901,287
411,540
$8,459,253
2264.
Gross from railway—
Net from railway
Sold
trustee to the
$8,435,953
5,801,364
Gross from railway—
Net from railway.
The Public Service Commission has denied the
each from
$8,642,214
5,957,085
March—
Denied—
-
23,300
$2,881,700
1,973,779
income.
Net
$2,166,207 $1,745,141
Northwestern
Water
25,278
Operating taxes
After reserve for doubtful loans of $88,649.—V. 150, p. 2264.
Northeastern
5,739
Net oper. revenues—
25,000
560,278
Capital surplus
$8,667,492
8,070
$2,924,604
2,023.317
44,637
149,398
common..
com.
$2,887,439
Uncollectible oper. rev..
57,520
39,651
1940—3 Mos.—1939
$2,932,674
Operating revenues
273,640
72,757
Co.—Earnings—
1940—Month—1939
Period End. Mar. 31—
501,041
16,925
19,471
«.
Total
71,500
April 20, 1940, totaled 28,046,560 kilowatt-hours, an increase of
6.4% compared with the corresponding week last year.—V. 150, p. 2590
ended
matur¬
17,050
de¬
Deferred ch arges
25
6%,
ity)
2,566
_
at
Co. (Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
25
1951
notes
auto¬
fixts.
Northern States Power
2,085
...
69,500
debs.
Dividends of 15 cents
paid on Dec. 1 and on June 1, 1939.—V. 150. p. 1142.
were
(offset against
273,640
501,041
-
preciated value
7,308
20,542
Ctfs. of investment
Conv,
Line Co.—To Pay 40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, payable June 1 to holders of record May 17.
Ctfs.of inv,, contra
at
mobiles
Furn.
13,759
20,531
payable
Int. on debs
fully paid..
accts. receivable
be
1939
$ 480,000
Divs.
Notes rec'le, contra
(to
1940
$587,500
Notes payable,—.
Accounts payable.
and
notes
Northern Pipe
Liabilities—
1939
1940
Cash in banks and
April 27, 1940
Total
888,566
899,679
2,000,000
Earned surplus
1.342,699
20,744
20,744
1,326,671
Cap. stk. In treas.
l
145,905
(2,368
129,206
$3,740,663 $3,730,770
-V. 149, p. 2700.
Capital stock
Capital surplus
cost)
Total
shs.
at
Z>r41,190
$3,740,663 $3,730,770
Volume
Northwestern Public Service Co.—Accumulated
Divs.—
Directors have declared a dividend of $3.50 per share on the 7% cumula¬
tive preferred stock and a dividend of $3 per share on the 6% cumulative
Ereferred stock, both 20. Likeon account of accumulations onand Dec. to
June 1 1,
olders of record May payable
amounts
paid on March X
were
last.—V.
150.
848.
p.
2737
The Commercial & Financial Chronicle
ISO
paid
Sept. 20 last, and regular quarterly dividend of 15 cents per
previously distributed.—V. 150, p. 2434,
on
Ohio Water Service Co.-
Oper.
(Chas.F.) Noyes Co.—Dividends—
Company has declared dividends aggregating $97,987 to its stockholders.
dividends are as follows:
(a) A dividend on the pref. stock paid
April 22 amounting to $71,640 which represented all accumulated arrears
on this issue,
(b) A payment of $7,164 to pref. stockholders of record
April 27, payable May 1, 1940, being the regular dividend for the last
quarter of the company's fiscal year,
(c) A common stock dividend at the
rate of 20 cents per share on the outstanding common stock totaling 95,917
shares, amounting to .$19,183, payable May 1, 1940 to stockholders of
record April 27, 1940.
This is the first common stock dividend paid by the
company since Feb. 1, 1931, the company's profits since having been used
in part to reduce the pref. stock outstanding and to pay pref. stock divi¬
dends.
Originally the company had outstanding $2,400,000 of pref. stock
which required annual dividend payments of $144,000.
The company
today has pref. stock outstanding with a par value of $477,600 requiring
annual dividends of $28,656 as against $144,000.
As of May 19, 1938 the Noyes organization was mutualized by Mr.
Noyes, who at that time was elected chairman of the board and William
B. Falconer, associated with Mr. Noyes since 1901, became President.
Practically all employees of the company are stockholders. At the date of
mutalization the holdings of employees' common stock (.other than Mr.
Noyes' holdings) were increased from 14.26% to 78.45%.
Col. M.S. Keene, Treasurer of the company, in discussing the dividends
declared, stated:
"It has been Mr. Falconer's and Mr. Noyes' aim since
our
business was mutualized to pay pref. stock dividend arrears so the
common stock might
be placed on a dividend basis.
Business with the
company for its fiscal year ended April 30, 1940 is considerably better than
the previous year.
With the preferred stock dividend arrears now out of
the way, we are hopeful that the common stock will be placed on a regular
dividend basis.
Very definitely Messrs. Noyes, Falconer and Crawford
believ© the improved results of the company's business are largely due to
employee ownership, adopted in 1938, and the exceptionally fine morale
of the organization and the experience and ability of those in charge of
the company's various departments."—V. 147, p. 581.
These
,,
1 Q3Q
1938
1937
$608,559
308,541
$644,832
313,158
$655,026
293,356
$361,182
4,613
$300,018
3,014
$331,674
3,664
$361,669
3,224
$365,795
revenues
expenses & taxes._
Net
earnings
Other income (net)
Gross income
Int.
$303,033
191,000
$335,338
191,000
1,110
$364,894
191,000
long-term debt..
on
214,623
912
Miscellaneous
interest..
Amort, of debt discount
844
10,648
$99,467
$132,580
$162,563
Balance Sheet March 31,
1940
Assets—Property, plant and equipment, $7,412,854; miscellaneous in¬
$1,650; deferred municipal accounts receivable,
$115,293;
cash, $102,325; bonds of affiliates, $26,495; accounts receivable, $55,334;
accrued unbilled revenue, $18,640; materials and supplies, $40,222; prepaid
taxes, insurance, &c., $9,191; deferred charges, $267,309; total, $8,049,314.
Liabilities—Class A common stock (40,522 no-par shares), $3,155,898;
long-term debt, $3,805,000; accounts payable, $5,361; general taxes accrued,
$47,742; Federal income taxes accrued, $18,980; interest on long-term debt
accrued, $50,164; miscellaneous accruals, $5,069; customesr' deposits and
accrued interest thereon, $20,755; unamortized premium on debt, $18,519;
reserve
for retirements
and replacements,
$477,108; contributions for
extensions, $20,743; capital surplus, $213,900; earned surplus, $210,074;
total, $8,049,313.—V. 150, p. 1780.
Natural
Gas
Operating
Operation
the
recent
annual
meeting/ Denis
Driscoll
and
1940
revenues
1939
$9,092,343
3,151,245
...
58,172,761
2,960,953
238,305
General taxes
240,057
744,617
278,855
721,374
148,123
$4,677,569
$4,104,005
Maintenance
Net operating revenues.
_
.
.
;
Non-operating income (net).:..
in
Earnings for Quarter Ended March 31, 1940
16,824
Tons treated
.
_
!x Cost per, ton
Estimated profit
Before
deferred
taxes, depreciation and
other revenue.—V. 148, p. 286.
x
Ohio Associated
development,
y
$265,675
$15.79
134,307
$7.98
y136,389
Including
Operating revenues
Uncollectible oper. rev..
$66,729
$64,981
$200,061
Balance for
147
468
441
Operating revenues...
Operating expenses
$66,573
43,189
$64,834
44,443
$199,593
$190,635
127,636
130,548
common
operating income.
—V. 150, p. 2111.
Ohio Central
$20,391
6,934
$69,045
24,110
$62,999
20,501
Estimated
$13,457
$44,935
$42,498
Telephone Corp.—1939 Refinancing—
December, 1939, the company called the $1,517,600 of 6% bonds
outstanding.
In addition, the company acquired, as of Oct. 1, 1936, the
physical and certain other assets of the Berlin Center, Damascus, and
Eastern Telephone companies.
To provide the necessary funds with which
to retire the old bonds and acquire the above described assets, Ohio Central
sold at private sale $1,150,000 of A\i% bonds, series A, dated Dec. 1.
1939, and due Dec. 1, 1962.
In addition, the Telephone Service Co. of
Ohio purchased 600 shares of its 1936 series preferred at $100 per share and
45,320 shares of class B common for $211,191.
The balance of funds
required was raised by borrowing $200,000 from banks and $150,000 from
the Telephone 8ervice Co. of Ohio.
Bonds
authorized
and
outstanding,
$1,150,000.
Interest
payable
June 1 and Dec. 1 at the Huntington National Bank, trustee, Columbus,
Ohio.
Graduated sinking fund commencing with $11,000 in 1945 and
increasing to $18,000 by 1961.
Callable at any time upon 30 days' notice
on
or before June
1, 1944, at 105; premium thereafter reducing every
four years 1%.—V. 149, p. 2983.
Gross
revenue
Gross income
1940—12 Mos.—1939
$1,654,464 $19,600,056 $18,766,882
1940— Month—1939
$1,697,589
Oper. exps. and taxes...
Provision for depreciat'n
...
Int. & other deductions.
273", 150
$1,162,868
...
802,705
225,000
776,458
200,000
9,423,467
2,575,000
9,012,205
2,400,000
$669,884
283,926
$678,006
289.446
$7,601,588
3,407,187
$7,354,676
3,444,049
Divs.
on
and
:
„
C;
s
V
?
r
?
Y
633,750
1955
203,500
52,533
C'r5,000
Amortization of premium on debt
Taxes on tax free covenant securities
—
12,140
$2,520,641
Net income
319,000
$5.50 convertible prior preferred dividends
Preferred
C
42,882
273,165
dividends..
F
Balance for
-
common
$1,928,476
stock and surplus
V. 150, p.2590.
Otter Tail Power Co.
(Minn.)- -Earnings—
Gross earnings
Operating expense.
......
...
......
Maintenance
General
......
debts...
154,981
310,881
147,834
2,594
540,000
6,000
......
......
—.. — ...—...
Depreciation reserve....
Casualty insurance reserve—.
-
......
......
......
$682,436
Net earnings
Other income
32,554
Gross income
on
$3,047,829
1,203,102
......
—.
taxes
Federal and State income taxes—_
Interest
1938
1939
Calendar Years—
$714,991
157,983
—
funded debt
—
9,108
5,328
52,847,580
1,219,574
172,913
301,434
105,831
1,024
510,000
10,200
$526,603
33,067
"$559,670
138,000
9,550
12,983
$388,560
155,577
$4,194,401
1,866,923
$3,910,628
1,866,923
Miscellaneous interest
$232,983
$2,327,478
$2,043,705
Preferred stock dividends—,..
229,447
Common stock dividends.....
161,406
$399,137
290,892
53,802
$151,718
$54,443
2111.
Co.—Earnings—
Calendar Years—
1938
Balance Sheet Dec. 31
1939
...
496,647
Maintenance
Provision for replacements
Selling, general and administrative expenses
Taxes...
840,000
1,381,507
958,851
682,603
840,000
1,560,485
956,423
TAabilllies—
14,331,654 13,628,488
plant
Utility
$4,789,548
Net operating revenue.
32,923
$3,998,829
34,465
accounts
Working
&
funds
$4,822,470
1,205,600
income
590
State taxes on bond interest coupons
Interest earned on instalment sales
Provision for Federal income tax
Net income.
Preferred stocks dividends
2,800
Cr80,638
308,060
$2,968,063
959,787
Other interest
$4,033,294
1,230,429
159,191
20,967
36
15,000
Cr91,285
542,799
Interest on funded debt
1,872,395
Common stock dividends
191,651
70,048
Special com. stock
$5.50 dlv. pref. stk 1,344,900
360,117
$6 div, pref.
—
Prem.
12,489
on
stock. 1,347,400
cap. stk. 1,273,520
7,202
282,202
6,652
stock
...—
Long-term debt
receivable
840
281,782
1,678
Mat'ls & supplies.
139,353
146,726
due after one yr.
Prepayments
Deferred debits
13,415
211,352
11,294
144,179
Accounts payable.
162,861
201,567
Taxes accrued....
Acc'ts receivable..
Interest
Cap.
stock
—
Divs. declared....
Interest
33,484
730,808
Reserves
accrued..
.....
construction
Capital surplus...
Earned surplus...
Oregon Pacific & Eastern Ry.—Reorganization—
The Interstate Commerce Commission on April 12 authorized the issuance
(no par) common stock, in effecting a reorganization of the Oregon
Pacific & Eastern Ry.—V. 149, p. 3567.
shares
70,048
1,722,900
3,180,600
1,273,520
1,262,200
4,200,000
7,766
207,936
3,602,000
57,545
118,364
391,857
63,516
3,688,027
5,085
98,220
58,077
145,868
343,886
50,068
3,148,396
Contrlbs. in aid of
3078.
of not exceeding 15,132 shares of 5% preferred stock (par $10) and 15,137
%
25,600
Claims & contracts
Consumers' depos.
disc't
and expense
Reacquired capital
stock (at cost)..
1938
Called $6 div. pref.
$2,392,449
959,787
1,289,190
162,214
19,489
$
25,600
529,859
warrants
receivable-.....
Amortizationofbonddiscountandexpen.se
Interest on consumers' deposits.
Founders com. stk.
689,271
Investment & fund
Notes
1939
1938
Assets—
Cash............
Other income...
$542,572
±
.$11,266,505 $10,359,810
2,799,953
2,321,470
Operating expenses
— --
Balance to surplus.
1939
Gross operating revenue
—V. 148, p.
1
•
$385,957
155,577
Ohio Public Service
Gross
t:
•:
$3,417,564
Net income
—V. 150, p.
,
V
$230,380
preferred stock.
Balance
■
—$3,460,447
State income taxes due to
Amortization of debt discount
Net income..
'■
••
Ended March 31, 1940
Other interest
Bad
Co.—Earnings—
...
133,200
decreased interest charges
Bond interest, series B 3Ms,
Interest on bank loans
Period End. Mar. 31—
$1,569,218
;\a
111,128
12,351
B alance
In
Ohio Edison
Federal
additional
\
:ir-
•v.-
:
$15,180
Net
$3,042,921
1,297,976
52,247
[To give effect to present capitalization resulting from refinancing by sale of
securities in August, 1939 showing current
level of earnings based on
operations for the 12 months ended March 31, 1940]
$23,384
8,204
Net oper. revenues
$3,460,447
1,042,403
52,533
46,256
12,140
,
Pro Forma Statement for the 12 Months
<"'
■
.
stock and surplus
Gross income
Operating taxes
$4,108,100
1,065,179
$1,811,509
(net)..
'■
4,094
Dividend Requirements-
Preferred Stock
Convertible 6% prior preference
$5.50 convertible prior preferred
Preferred
$191,076
156
; 4.; '
67,340
155,112
273,154
_*
Amortiz. of debt premium, discount & exp.
Taxes on tax free covenant securities
1940—3 Mos.r-1939
1940—Month—1939
1,093
$4,678,662
1,218,216
...
Other interest.
Telephone Co.—Earnings—
Period End. Mar. 31—
—
$2,307,115
Balance
Retirement accruals
O'Brien Gold Mines, Ltd.—Earnings—
Recovery
Recovery per ton
Operating costs
,\.v';
1
Willard J. Thorp,
President; R. D. Jennison, Vice-President, and C. E. Yates, Secretary.—
V. 150, p. 2433.
x
!
Co.—Earnings—
12 Months Ended March 31—
NY PA NJ Utilities Co.—New Directors—
At
■1
vestments,
Oklahoma
I
10,648
Federal and State income taxes
trustees; Stanley Clarke and Allen Throop were elected directors.
R. D.
Jennison was reelected.
Officers were elected as follows:
D. J. Driscoll,
>'
.■
10,648
1,073
$134,462
income
/r
,
682
11,358
4,440
and expense
Miscell. deductions..
Net
-Earnings-
1940
$691,505
330,323
12 Mos. End. Mar. 31
Total oper.
share
16,413,982 15,704,944
Total
New
Total
365,617
1,275,701
713,986
1,052,976
353,100
16,4 1 3,982
15,704,944
574,599
Preferred Issued—
On Nov.
29.
1939, company called for redemption 12,622 shares of $6
Directors have declared a dividend of 20 cents per share on the common
pref. stock at $100 and accrued div. and offered $4.50 pref. stock in
exchange at $97 a share.
The balance of the preferred (13,241 shs.) was
called Feb. 29 for redemption April 1, 1940, and $4.50 div. pref. was offered
in exchange at $98.
The $4.50 preferred stock is the same as the called $6
stock, payable June 20 to holders of record May 24.
This compares with
15 cents paid on March 20 last, 35 cents paid on Dec. 20 last; 25 cents
pref. and $5.50 pref. except for lower dividend rate.
To Feb. 29, 1940,
9,896 shs. of $4.50 stock had been issued pursuant to the Jan. 1 call.
Otis Elevator Co.—20-Cent Common Dividend—
I
div.
;
f
:
The Commercial & Financial Chronicle
2738
Files Preferred and
Note Issue with FPC—
Pan American
An application for authority to issue 13,346 shares of $4,50 pref. and an
unsecured note of $900,000 to First National Bank, Minneapolis were filed
Panhandle Eastern Pipe Line
Interest
bonds
on
Other
Net earnings.
1,080,849
$3,642,759
$2,173,867
1939
1940
CI. B pref. stock..
213,487
Investments
Ser. A
1,000,000
1,000,000
4% bonds—22,512,000 23,014,000
Cash
4,798,172
1,255,801
1,645,264
1,059,996
Mat'l & supplies—
168,786
168,286
Oth. long-term dt.
228,400
Accounts payable.
Pref. divs. declared
Non-curr.
notes &
receivable
23,279
21,213
Special deposits-—
Prepaid accts., &c.
deferred charges
165,040
129,672
Debt dlsct. & exp-
2,461,242
2,774,889
Bank loans...
1,000,000
37,391
332,592
165,000
1,452,738
79,990
Accrued taxes
Accrued interest..
Other
current
accrued
156,185
165,000
1,260,876
82,865
&
llabs—
8,263
Deferred liabilities
57,768
b Res. for depl.,&c 8,131,202
Other reserves.--.
753,548
Surplus
7,278,179
71,992,845 67,182,452
Total
1939
•
Liabilities—
5
$
Common stock..20,184,175 18,216,300
CI. A pref. stock—10,000,000 10,000,000
c
Accts. & notes rec.
$426,086
199,236
48,419
41,604
-
1,148,510
$3,590,130
1940
(& Subs.)—Earnings—
Provision for Federal income taxes
$4,791,269" $3,254,716
Prop., plant & eq.60,615,280 58,569,441
a Intangibles
2,291,759
2,585,293
Consolidated Income Account for 3 Months Ended March 31, 1940
Gain from operations before depreciation
$394,382
Other income (net)-—.—
31,704
Total
$4,890,950
1,300,821
Consolidated Balance Sheet March 31
accts.
Depreciation.-
1937
$6,985,061
3,730,345
4,913,754
$4,868,242
Net income
borrow from First National Bank, Minneapolis
such amount, not to exceed $900,000, as is necessary with moneys available
for such purpose in its treasury (which applicant states will not be less
than $450,000), to redeem the $5.50 preferred shares called for redemption,
less at least $95 for each $4.50 dividend preferred share accepted in exchange.
Company states there will be no underwriters or finders' fees in connec¬
tion with the proposed issue of $4.50 dividend preferred shares and that no
commission or other remuneration will be paid to any one for soliciting
exchanges of securities.
Expenses in connection with the issue, aside from
the cash payments to exchanging shareholders, are estimated by it at $2,600.
—V. 150, p. 1944.
1938
$9,705,023
1,210.003
Net operating revenue $6,078,246
Total int. deducts, (net)
in cash not yet determined but not to exceed $5 a share, will be offered
in the exchange proposed.
The company proposes to
Oxford Paper Co.
Co.—Earnings-
12 Mos. End. Mar. 311940
1939
Gross revenues
$12,779,192 $10,730,126
Total oper. expenses
6,700,946
5,839,175
are now
outstanding 13,346 of the $5.60 shares, the application states, and the
$4.50 shares will be issued only to such holders of $5.50 shares called for
redemption as may desire to make the exchange.
The new shares plus, a
sum
1944.
—V. 150, p.
The company previously applied for and has been granted authority by
the Commission in connection with similar exchanges of $4.50 pref, dividend
There
Stock Increase
on
effected by the retirement of 50,000 shares now owned by the corporation.
1 of all its outstanding $5.50 dividend preferred
shares for then outstanding $6 dividend preferred shares.
Airways Corp.—To Vote
Stockholders at their annual and special meeting on May 16 will consider
increasing the authorized capital stock from 2,000,000 shares to 3.000,000
shares, and to reduce the capital of the corporation by $250,000 to be
by company April 23 with the Federal Power Commission,
The pref, and
the note are to be issued in connection with the company's proposed call
for redemption on July
shares.
April 27, 1940
Total
93,378
6,247,961
532,565
5,413,323
71,992,845 67,182,452
a Representing gas sale and purchase contracts, &c.
b For depreciation,
depletion and amortization,
c Represented by 807,367 (728,652 in 1939)
par shares.—V. 150, p. 1782.
.
$136,827
—V. 150, p. 1944.
no
Pacific Gas & Electric Co.—High Court Rules Contract
of City of San Francisco with Company Is Raker Act Violation—
The City of San Francisco was under mandate from the U. S. Supreme
Court April 22 to abandon its contract with the Pacific Gas & Electric Co.
for distribution of power developed at the Hetch-Hetchy project.
In
Paraffine Companies,
Period End. Mar. 31—
x
y
Earnings per share—-
ruling ending 15 years or controversy over the city's method of de¬
livering power from the Federal project, the Supreme Court held that
a
San Francisco was in violation of the 1913 Kaker Act when it contracted
with the power company to distribute the energy.
Under the terms of the Raker Act giving the municipality the
right to
certain national park and forest lands for its
Hetch-Hetchy Mountain
water supply and power plants, the city was forbidden from "ever
After all charges,
x
Paramount
Inc.—Earnings—
1940—3 Mos.—1939
Net profit-.-^-*---
$361,874
$0.71
On
y
1940—9 Mos.—1939
$336,398
$0.66
common stock.—V.
$1,317,500
$2.62
150,
p.
$1,037,061
$2.03
1450.
Pictures, Inc.—Film Trade Suit—
A proposal by officials of the Commerce Department for compromising,
a consent decree,
the Government's anti-trust action against a large
via
use
segment of the moving picture industry has been rejected by the Department
selling
letting to any corporation or individual the right to sell or sublet" the
water or electric energy from the project.
It was contended by the city that the contract with the
power company
was not of the type that was prohibited by the Act but
only an arrange¬
ment under which the company took over the task of
distributing the
energy.
It was argued that the energy was not sold to the company for
of
or
resale.
Justice Black, who wrote the opinion from which only Justice
McReynolds
dissented, ruled otherwise and also sustained validity of the provision in
the Raker Act on grounds that the Constitution
gave the Federal Govern¬
ment exclusive control over national parks.—V. 150,
p. 2112.
Pacific
Lighting Corp. (& Subs.)—Earninns—
12 Mas. End. Mar. 31—*
a
Gross revenues
Operating
expenses
Taxes
Int.
on
funded debt and
1940
1939
1938
Int. charged to constr'nDepreciation
1,914,488
Crl.3,594
5,803,501
Amort, of bd.disc. & exp.
567,721
ship and operation of motion picture threatres by the producing companies.
The Department is seeking to outlaw these distribution practices and to
force the producers to divest themselves of their theatre chains.
Among the companies named in the complaint are: Paramount Pictures,
Inc.: Loew's, Inc.; trustee for Radio-Keith-Orpheum Corp.; "Warner Bros.
Pictures, Inc.; Twentieth Century-Fox Film Corp.; Columbia Pictures
Corp.; Universal
Corp., and United Artists Corp.—together with
or subsidiary companies.
their
officers and certain associated
The plan of the Commerce Department for compromising this suit was
drafted by Department officials after more than a year of negotiation with
of the
officials
1937
$44,162,989 $47,344,815 $45,306,148 $53,138,288
21,875,706
21,361,175
22,125,526
23,589,578
7,017,187
7,562,442
7,063,897
7,906,936
other interest
Justice.
The Justice Department's action is directed at the so-called practices of
block booking and "blind selling" of motion picture films and at the owner¬
Justice Department, the
defendant companies and
repre¬
sentatives of the independent theatre operators.
The plan was submitted
to Mr. Arnold, chief of the Justice Department anti-trust section, about a
month ago.
The substance of the Commerce Department plan was that the motion
picture industry voluntarily abandon the practice of distributing its films
in large "blocks" and "sight unseen" by the theatre operators.
The Com¬
merce plan outlined a fair trade code which it suggested the industry adopt.
This included detailed specifications for the terms of picture rental leases and
machinery for arbitrating disputes between distributors and theatre opera¬
2,040,591
Cr 16,909
5,828,433
324,421
2,023,654
Crl 1,214
5,639,173
527,150
Net profit-" $6,997,980 $10,244,663
Div.on pref .stks.of subs1,350,278
1,353,292
Div.on com.stk. of subs154
154
Div. on pref. stock of
$7,937,961
1,424,953
$10,262,653
1,510,635
99
264
agreement by the industry, the Justice Department either withdraw its
anti-trust suits or enter into a consent decree with the defendant companies.
1,179,990
1,179,990
1,179,990
4,825,893
b.5,630,208
4,825,893
$2,885,333 def$297,290
$2,745,871
This plan is reported to have been generally acceptable to the producing
companies and their distributors but strongly opposed by the independent
theatre operators as well as by some high officials in the Justice Department.
Furthermore, the manner in which the Department of Commerce drafted
the proposed compromise is said to have created some friction between the
—
Pacific Lighting Corp.
Cash div. on com. stock
of Pacific Ltg. Corp..
1,056,730
4,825.893
Remainder to surplus-def$235,075
of com. stock out¬
Shs.
standing (no par)
Earnings per share
aJ?SIucle?
ion! o?ra
$543,007
1,608,631
$2.85
,
wvj()4
j>0
1
in 1937.
1,608,631
1,608,631
$3.32
$4.79
3,554,042Crl4,262
6,938,933
900,408
$4.71
18.8 in 194°* $311,992 in 1939, $524,405
b Incl. extra div. on common stock of
*)«
1940
1939
$
$
Assets—
prop,
and
securities
4,404,983
3,689,750
Cash.,
Due from
Accts.
banks
&
4,472,751
3,806,930
7,000,000
notes
receivable
deferments
Disc. & exps. on
securities
7,801,226
2,192,846
8,934,471
1,935,443
1,176,110
Mat'ls & suppl's
Gas storage and
1940
Liabilities—x
franchises.. —188,818,283 195,859,842
Investments
in
979,401
4,230,993
20,000,000
yCommonstock 29,937,924
Pref.
cap.
_
;
$
19,666,500
29,937,924
stock
of subsidiaries
22,454,375
1,527
com.
stock
&
4,276,851
construction.
822,171
.
46,000,000
redemption
.
362,500
6,413,815
586,818
Def'd credit..-.
745,779
Reserves
62,385,219
Earned surplus. 21,189,727
Accrued taxes._
Acer. divs. pay.
y
Period Ended Feb. 29—
Park
Place-Dodge Corp.—No May 1 Interest—
70,528", 147
ing period ended Feb. 29, 1940, prepared in accordance with the provisions
of the mortgage indenture securing the 20-year gen. mtge. bonds, showed
applicable net income of $2,862.
Pursuant to the mortgage, this applicable
net income, being less than H of 1 % of the principal amount of the bonds
outstanding, no interest payment can be made for the period ended Feb. 29,
1940.
Therefore, coupon dated May 1, 1940, sholud not be presented
21,133,286
for collection.
362,500
7,039,812
632,988
212,360,050 228,330,240
1940--,Month—1939
$504,143
57,908
Net oper. revenues...
Rent from lease of plant
(net)
Gross income...
—
mortgage bonds.
Other int. & deductions.
Int. charged to construe.
57,908
694,900
694,900
131
Net income
Divs. applicable to
Balance
—V. 150, p. 2434.
only be used in determining the applicable net income for a full fiscal
ending Aug. 31 and not at the end of any interim six months' period.
Louis
2,347,213
869,269
W.
Landman
has
elected
President
and
a
director
of the
been
Pennsylvania Coal & Coke Corp. (& Subs.)—Earngs.—
Period End. Mar. 31—
$169,125
18,064
$172,469
17,590
$1,926,990
213,583
$1,987,203
209,913
Oper. expenses & taxes—
$187,189
$190,059
$2,140,573
DrZ ,988
$2,197,116
y
298
106
Divs. from allied
Sundry income
$186,344
85,417
20,932
$190,357
85,417
$2,136,585
1,025,000
242,313
Cr2,575
$2,197,222
1,025,000
$918,609
458,478
458.478
$413,369
$460,131
1940—12 Mos.—1939
$1,138,707
1,190,742
$4,426,779
4,539,540
$4,057,441
4,353,520
$17,963
8,500
13,140
$52,035
$112,761
27,259
41,261
$296,078
14,152
26,652
$3,677
Charges to income
$871,847
1940—3 Mos.—1939
$1,288,711
1,306,674
Loss
$79,995
$89,978
pref. stocks for the period
been
company to succeed Levin Rank, resigned.
Carroll J. Sinnot has
named Executive Vice-President and a director.—V. 149, p. 2701.
Gross earnings
14,962
of $2,792 remaining as of Aug. 31, 1939, has
of applicable net income reported
the calculation
Z>r845
Operating income
income
reserve
in
Parmelee Transportation Co.—New President, &c.—
$5,898,716
77,318
136
Amortization of limitedterm investments
can
1940—12 Mos.—1939
$6,046,731
2,534,187
890,518
196.448
considered
above as, in accordance with the terms of the mortgage, any such reserve
year
Property
retirement re¬
appropriations—
been
not
—V. 149. p. 2701.
Subs.)—Earnings—
$515,130
210,252
77,845
Direct taxes
on
^R.—Bonds Called—
The statement of operation of the corporation for the six month's account¬
no Par 8hares in 1940 and 196,665 no par shares
Represented by 1,608,631 no par shares.—V. 150,
p. 2112.
Operating revenues
Operating expenses
Int.
Paris-Orleans
Company has drawn for redemption on June 1, 1940, at 100 francs,
principal amount of its 6%
bonds, foreign series, due 1956.
Payment will be made on and after June 1 at the New York office of J. P.
Morgan & Co., Inc., in French francs on Paris, or, at the request ot the
holder, at the dollar equivalent of the franc amount on the basis of J. P.
Morgan & Co.'s buying rate of exchange on Paris at the time of presenta¬
tion.—V. 147, p. 2709.
The income interest
Total
Pacific Power & Light Co.
(&
Other
no
2,112,309
?n^nprese?,ted by 200-9P0
1939.
serve
departments.
reason
200,000
1,960,196
Notes payable.
Accr'd bond Int. ~
212,360,050 228,330,240'
adoption of this
600,000
7,140,000
1,110,409 Accts. payable..
Total
upon
&
premium
charges
1,042,646
Deben. called for
Department then suggested that
for rejecting this plan, it was said here officially, was
provision for divesting the producing companies of their
theatre outlets, pne of the main results sought by the Justice Department.
In the District Court action, the Justice Department is asking for an
injunction to prohibit any of the defendant companies from acquiring any
additional theatres, or any interest in them.
It then asks that Paramount,
Twentieth Century-Fox and Warner Bros, be required to divest themselves
of the theatres they now own and that pending such divesture the theatres
be managed by court-appointed trustees.
Loew's, Inc. and R-K-O would
be required to divest themselves of all interest in producing companies or
companies engaged in distributing the finished films.—V. 150, p. 2112.
22,532,600
surplus of sub.
1,526
Long-term debt. 45,500,000
Consumers' dep.
The main
that it made
Minority int. in
& advances for
Mlscell. deferred
n
1939
$
Pref. stock..
The Commerce
two Government
1,608,631
Consolidated Balance Sheet March 31
Plant,
tors.
cos.
Gross income
5,400
8,518
1,322
loss$38,117
1,002
Net loss (before Fed.
income taxes)
prof$2,355
$39,120
a
After deplet. & deprec.
25,928
24,265
$50,981
91,213
$257,530
82,942
y
Note
8,190
12,899
17,534
18,661
253.613
a
Net inc. of Allied
Cos. (P. C. & C. Corp.
share)
—V. 150, p. 699.
loss$44,241 loss$255,274
6,740
2,256
Volume
The Commercial & Financial Chronicle
ISO
Peabody Coal Co.—-Accumulated Dividend—
Directors
have declared
accumulations on the
a
dividend
of
Pennsylvania-Dixie
of
$1.50 per share on account
6% cum. pref. stock,
$100, payable April 26 to
par
holders of record April 25.
Dividend of $2 was paid on March
and one of $1 was paid on June 1, 1939.—V. 150, p. 1143.
1 last,
Bal. Sheet
Cement Corp.—Consol.
adjusted to reflect changes In the classifications of certain items
certain items applicable to the period charged directly to surplus
1939.—V.
March 31.—
Pere
1940
1939
S
$
Assets—
Cash..
Notes &
120,757
103,983
accounts
401,047
1,551,413
XT. 8. Govt, secur.
35,000
Sundry inv. & def
12,631
b Fixed assets.... 7,400,947
Deferred charges.
149,551
...
_
pay.
(trade)
,
.
150,
Marquette Ry.—Earnings—
Period End. Mar. 31—
Net oper. revenue....
$588,207
156,093
$1,936,536
531,937
$1,473,034
$432,114
69,819
67,321
$1,404,599
$1,011,952
Jt. facil. rents (net)
$407,353
96,756
54,976
261,095
46,268
253,758
47,524
Net ry. oper. income.
Other income.
$255,621
28,627
$304,974
16,264
$1,(1)7,236
167,302
$710,670
127,267
$284,248
5,234
$321,238
6,523
$1,264,538
17,467
$837,937
19,345
5,368
267,737
8,033
271,187
18,253
803,160
19,300
813,408
$5,909
$35,495
$425,658
x$14,115
315
315
575
575
$5,594
2113.
$35,180
$425,083
x$14,690
Railway tax accruals.
152,683
3,030,000
400,000
Operating income.
Equipment rents (net)..
951,936
def25,849
11,745,464
..
...
shares
Earnings for 12 months ended March 31
were
Penn Valley Crude Oil Corp. (&
9 Months Ended March 31
Revenue—Oil sales..
Inc. transf. to profit &
•
$313,464
273,122
$189,739
184.544
•
4,474
...
'Z
_
$40,342
4,638
$2,319
loss$8,298
...
.....
loss
1938
$243,055
70,409
1939
$187,524
2,215
2,876
Net operating revenue
Other income
Net Income
Inc. applied to sink, fund
Subs.)—Earnings—
$219,241
227,538
.
c.
equipment.....
Interest on debt
& other reserves.....
1940
revenue
Miscell. inc. deductions.
Rent for lease of roads &
published in V. 150, p. 2591.
$217,196
2,044
Drilling and cleaning
2,946 "
x
$44,980
$6,793
loss$ll,243
Philadelphia Electric Co.—Earnings—
Consolidated Earnings of the System
b Oper. rev. deductions.
Calendar Years-
Railway
.
1938
1937
1936
$1,067,320
$1,008,850
878,552
855,203
$1,131,796
938,680
$1,227,799
912,628
oper. expenses.
$188,768
$153,647
$193,116
$315,171
165,803
Cr238,809
.
10,748,748
Divs.
Balance...
a
ing
160,551
164,222
0232,091
167,988
0206,644
$6,286,483
590,072
$6,121,228 $22,760,776 $21*911,256
690,072
2,360,290
2,360,290
$5,531,156 $20,400,486 $19,550,966
.....
Restated and adjusted for comparative purposes,
b Including operat¬
expenses, depreciation and renewals and replacements, and taxes.
New Chairman, &c.—
John E. Zimmermann was elected Chairman of the Board and William
W. Bodine, Chairman of the Executive Committee at the recent organiza¬
tion meeting of the Board.
Mr. Zimmermann succeeds William H. Taylor
who recently resigned from the Board, while Mr. Bodine succeeds
Zimmermann as Chairman of Executive Committee.—V. 150, p. 2591.
Total income
Deductions—
.
Cr222,562
$261,774
202,505
Net income...--...
Dividends paid .......
$215,658
189,244
$260,985
215,818
$353,827
240,828
$59,269
30,000
.
....
$26,414
$45,167
60,000
$112,999
150,000
1940
revenues
$29,269
$26,414
1939
—
Amortization and other deductions
'
Federal income tax..
Retirement expenses (or depreciation).
.....
I
Balance available for dividends.
3 Months Ended March 31—
Gross
Prem.
Net bal. rec. from
Long-term debt
agts. & condrs—
Deferred assets
18,624
2,853
153,883
121,464
6,109
17,613
106,790
1,399
17,038
Unadjusted debits
134,862
150,150
Mlsc. accts. ree'le.
Mat'Ls &
supplies.
23,057
16.500
16,500
552
2,932,000
2,984,000
Traffic & car serv.
6,208
Audited accts. and
20,747
21,107
101,753
74,852
Int. mat. & unpd.
Unmat. Int. accr'd
3,190
67,192
109
407
Deferred liabilities
curr. assets.
Mlscell. accts. pay.
Other current liab.
Other
418
838
431,574
75,000
370,896
699,734
699,734
payable..
Loans A bills pay.
Unadjust. credits.
Add's to prop, thru
inc. & surplus-
Profit
other
before
1.170,000
5,000
x
1940
'
1939
....$44,758,884 $40,437,279
15,141,949
14,232,910
Maintenance and repairs
3,231,318
3,106,932
Appropriations for retire, and depletion reserves..
5,688,708
5,399,455
Amort, of limited-term utility invests., leaseholds,
Ac—
——
22,152
23,464
—...—
—_
z5,247
x8.698
...
$185,206
31,089
$94,026
25,359
amortization
of bond
discount and
expense
Provision for Federal and State income taxes
3,067,128
2,377,477
of $1,970.
y
$77,689
24,773
of $478 and
Provision for
taxes only,
z Includes amortization of discount
funded debt of $2,897 and other interest of $2,350.
income
expense on
and
Consolidated Balance Sheet March 31
1940
Notes A accts. rec
-
Deps. in bank.
Long-term receiv.
Investments
y
—
$
Liabilities-
$
Note
708,061
870,889
1,676,996
pay'le—Bank
437,479 Accts. payable
627,384 Accrued liabilities.
2,681,839 Dlv. pay. on pref.
———
119,260
86,407
91,511
c45,346
3,117,750
3,161,489
lng blast furnace
84,513
$5 pref, stock.
2,328,583
Common stock.. 6,124,723
81,730
1,909,813
6,104,554
736,813
192,840 Res. for Fed. taxes
Funded and long-
205,425
9,173,538
178,982
term debt.
Reserve
z
2,979,275
1,918,492
a
$
266,018
Sink. fd. payments
due within a year
chin'y, eqpt.,Ac. 9,834,972
1939
160,000
396,682
201,949
30,928
b159,057
18,000
Land, bldgs.,ma-
Deferred charges..
1940
1939
8
Cash In banks and
—
.
5,000
20,767
Includes interest on bank loan of $6,250, other Interest
Inventories
.
Taxes—
5,000
9,193
.....
....
Net profit...—
Dividends on preferred stock—
x
Philadelphia Co. (& Subs.)—Earnings—
—
$137,271
33,826
y37,669
Other charges
—V. 148, P. 2131.
Years Ended Jan. 31—
$146,937
30,020
income taxes
onhand—
Operating revenues
Operation.
$269,693
36,571
-
parts
—:
Prov. for Federal and Pennsylvania
Assets—
$9,401,970 $9,487,959
—
$124,491
12,780
.
Profit before other charges..
1,170,000
Total.
$132,062
14,876
1,250,149
and
...
2,909,976
—.59,401,970 $9,487,959
$1,374,640
Interest on funded debt.
Prov. for obsolescence of replacement
Federal
Profit A loss bai'ce 2,883,349
Total.
income
other charges
Other income
Fund. debt retired
thru inc.Asurp.
•
$1,428,302
1,296,240
$253,433
16,259
...
—
95,717
67,038
2,585
73,609
wages
.
_
$2,209,937
1,956,504
..
—
balances payable
169,622
_
552
construction
—
Int. & divs. recle.
In
1938
1939
1940
and earnings, less dis¬
outward freight, returns
sales
and allowances._
Capital stock. .—$1,000,000 $ 1,000,000
Ac.88,627,773 $8,721,645
Cash
302,474
201,465
Special deposits.
16,315
90,585
Grants
$617,219
11,588
99,588
239,309
1938
1939
Investm't in road,
stk.
aid of
$1,643,716
676,012
—V. 150, p. 1945.
Cost of sales and operations.
► equipment,
on cap.
.....
$1,627,834
676.000
11,781
95,515
244,061
$600,477
Net earnings
Interest charges
def$37,001
def$14,833
Liabilities—
1938
$2,439,453
664,542
131,196
691,650
129,304
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings—
Comparative Condensed Balance Sheet Dec. 31
Assets—
1939
$2,448,788
....
Taxes—
counts,
Balance, surplus.....
Mr.
Philadelphia Suburban Water Co.—JEarnings—
12 Months Ended March 31-
...
Non-operating income-
40,520,996
$5,696,411
—
pref. stock..—
on
43,162,354
$7,881,547 $29,796,634 $28,754,342
1,760,319
7,035,858
6,843,086
Operation (incl. maintenance) expense......
1939
revenue.
11,854,105
Gross income.
$8,071,457
Income deductions_i-.
1,784,974
Gross
Annual Report-
al940—12 Mso.—al939
1940—3 AIos.—1939a
utility income.......$19,925,562 $18,630,295 $72,958,989 $69,275,338
.
Net income.....
banks, $746; accounts receivable, $10,254; crude oil
inventory, $5,899; deferred assets, $14,322; land, buildings and equipment
(less: depreciation reserve of $152,700), $457,801; oil reserves (less: depletion
reserve of $304,650), $659,855; drilling and shooting (less: amortization
reserve of $177,836),
$138,565; prepaid expenses, $3,705; total, $1,291,147.
Liabilities—Notes payable, $111,904; accounts payable, $7,280; accrued
taxes, $5,424; accrued expenses, $2,532; contingent tax reserve, $3,697;
long-term obligations, $114,180; deferred income. $5,899; capital stock,
class A, 130,754 shares, $784,524; capital stock, class B
273,519 shares,
$2,735; capital surplus, $204,095; earned surplus, $48,877; total, $1,291,147.
Note—No provision has been made for $9,459 additional 1938 Federal
income taxes.
Application for resettlement has been made which may
eliminate all additional tax except $1,139.
Any additional such tax will
reflect a charge (first) to contingent tax reserve and the remainder will be
charged to earned surplus.—V. 150, p. 699.
Railway oper.
P.
Period End. Mar. 31—
Oper. revenue and other
Consolidated Balance Sheet March 31, 1940
Peoria & Pekin Union Ryv
Deficit.—V, )
.—.—.
Assets—Cash in
-
461,083
...11,598,297 11,745,464
Total
a Represented
by 400,000 no par shares,
b After reserve for depletion
depreciation as at June 30, 1926, together with provisions out of
earnings since that date, $18,433,940 ($18,493,556 in 1939); transferred
from special reserve since Jan. 1,1937, $2,382,938 ($1,706,424 in 1939), and
special reserve created out of capital surplus for elimination of appreciation,
included in appraisals of June 30, 1926, remaining in accounts at Mar. 31,
1940, $6,882,777 ($7,668,989 in 1939).
c Represented by 121,200 no par
Net drilling loss..
$2,553,125
1,964,918
$586,472
179,118
103,154
6,831,000
and
Total
1940—3 Mos.—-1939
$8,162,189
$7,166,749
6.225,653
5,693,716
1940—Month—1939
Operating revenues
$2,671,742
Operating expenses.....
2.085,270
.....
Total .........11,598,297
and to
during
2265.
p.
198,657
2,512,185 Accts.
receivable (net).
Inventories
S
Accrued liabilities.
221,911
298,913 Res. for Fed. inc.
1,539,441
tax and surtax..
202,838
35,000 lstmtge. 6s
6,229,000
33,894 Res. for self lnsur.
163,402
7,199,249 c$7 cum. pref.stk. 3,030*000
126,782 a Common stock..
400,000
Capital surplus...
951,931
Earned surplus
278,453
2,047,708
...
1939
S
1940
Liabilities—
2739
Notes (1)—This statement excludes Pittsburgh Rys, and its subsidiaries,
street railway subsidiaries of Philadelphia Co., and Beaver Valley Traction
Co., and its subsidiary.
(2) In the above statement of income the previous year figures have been
for
-
141,653
relin-
—
Earned surplus ac¬
cumulated since
Net operating revenue.„—
——
—$15,230,152 $12,776,751
Other income less non-oper. revenue deductions.
Dr284,023
Dr 156,133
Jan. 31, 1936—
1,719,427
1,239,948
.
Total—
Gross Income..
Interest
on
—
funded debt
Amortization of debt discount and expense.
Interest on Federal income tax settlement.
.
Other interest......
/
.——
...
Interest charged to construction.
a
——
_
—
_
$14,946,129 $12,620,618
5.463,554
5.469,454
507,795
509,937
54,851
173,185
16,858
17,629
CV43.648
Crl62,861
Appropriation to reserve for payments (made to
others)
—
b Guaranteed payments
519,298
'524,468
69,192
69,192
199,876
64,299
$8,094,055
Dividends on capital stocks of subs, held by others
1,588;437
Minority Interest in undistributed net income of a
$5,757,474
1,588,125
4,349
3,515
$6,501,269
$4,165,834
.—. —
Miscellaneous deductions
...
63,907
.—14,209.212 13,192,0621
Phoenix
Securities Corp.—Earnings—Earnings for 6 Months Ended Feb. 29,1940
Interest income..—
——........—...——....
Operating expenses—
Net income before minority interests
subsidiary
Consolidated net income
r
a
On
...
obligations of street railway companies guaranteed by Philadelphia
Interest........—
Net loss........
b On Consolidated Gas Co. or the City of Pittsburgh preferred capital
stock.
„
Co.
14,209,212 13,192,062
Total.—
x After reserve of $94,404 in 1940 and $86,118 in 1939.
y After reserves
for depreciation and depletion of $3,508,203 in 1940 and $3,187,508 in
1939.
z Represented by 24,742 (20,287 in 1939) no par shares,
a Repre¬
sented by 621,491 *619,250 in 1939) no par shares,
b Restricted to use for additions to fixed assets.
c Reserve for Federal and Pennsylvania income taxes.—V. 150, p. 1784,
198,232
Taxes assumed on interest and dividends.
—
.—.
*—......
....
...
—........
$16,109
92,577
22,613
$99,081
Balance Sheet Feb. 29. 1940
Assets—Cash in banks and on hand, $20,785; investments, $8,701,240;
notes
receivable (coll. held, 3,800 shares
of the Celotex Corp.,
common
stock). $5,644; miscellaneous account and note receivable, $6,076; accrued
interest receivable, $10,322; prepaid expenses and other deferred items,
$6,267; deferred costs of preparation of registration statements for certain
Chronicle
The Commercial & Financial
2740
securities in portfolio, $25,000; furniture
l0tLiabflilies—Bank
and fixtures, at nominal value, $1;
loans payable, $2,909,187; accounts payable, $84,532;
accrued taxes, salaries and other expenses,
deferred costs of preparation of registration
$28,786; estimated liability for
statements for certain securities
portfolio, $25,000; reserve for possible additional taxes for prior years.
$88,000; $3 convertible preferred stock, series A (par $1C), $773,060;
common stock, (par $1) $833,769; capital surplus, $4,033,001 ;total, $8,775,335.—V. 150, p. 2435.
in
RR.—Stock Offered—Joseph
New York Stock Exchange,
are offering publicly 1,500 shares of stock of the company.
The shares, which do not represent new financing, are
priced at the market (approximately 57).—V. 150, p. 2435.
Pittsburgh
Pittsburgh Shawraut & Northern RR.—Earnings—
$97,669
30,787
16,349
$80,179
24,168
12,840
$72,693
13,097
1,298
$111,547
29,756
15,223
$325,889
$263,566
Gross from railway
89.480
Net from railway
income—
2113.
Net ry. oper.
—V. 150, p.
50,864
58,407
23,875
from the new
iC: J Fo
kta
nnn fimt. mnrto-ace
1939
1939
1940
1940
$72,214
$72,214
14,939
4,133
4,133
Gross from railway
Net from railway.
Net ry. oper. income
From Jan. 1—
$63,444
$63,444
10,524
10.524
5,359
5,359
344
Net ry. oper. income
—v. 150, P. 2113.
14,289
25,154
23,866
230,015
38,873
35,617
134,443
def23,563
def23,069
170.664
4,853
20,899
1939
1938
1937
$93,044
y$79,276
y$4,554 prof$ll,602
Before provision for surtax on undistributed profits.—V. 150, p. 1611.
Net loss I.:..--,
y
Plymouth Oil Co. (& Subs.)—Earnings—
March 31—
1940
1938
1939
_
profit after
deprec., depl., Federal mcome
&C
taxes
March net profit was
3881.
p.
$619,762
$0.61
$o86,441
—-
—
sh.'on 1,038,433 shs. capital stock.
Earns, per
$0.56
$249,771, against $229,140 in March, 1939.—V. 149.
>
•; '
.
Portland Gas & Coke
,
Co.—Earnings
1940—12 Mos.—1939
1940—Month—1939
$321,262
$315,577
195,676
196,197
42,658
42,738
22,916
22,916
Period End. Feb. 29Operating revenues
Operating expenses
$3,459,790
1,971,656
447.183
275,000
1,597
158
10
rH
Net oper. revenues...
Other income (net).....
$3,452,112
1,976,361
437,780
275,000
$764,354
5,307
s?
Dr346
$757,664
Dr2,063
deductions.
$54,025
$764,008
40,604
4,438
487,250
45,665
$755,601
487,250
54,545
034
Gross income
Other int. &
•/>
tO
$59,246
40,604
•
545
Interest on mtge. bonds.
Cr519
GV669
$9,017
$231,612
430,167
5214,475
,
Int. charged to construe.
a
-.1936
$3 856,901
1937
Railway oper. revs
Railway oper. expenses.
Railway tax accruals._.
$3,670,691
2,418,070
282,326
$2,984,439
2,323,374
234,276
$4,092,692
3,165,133
249,273
Railway oper. income.
Equipment rents—C'r—
rents—Dr.
$970,295
$426,789
$678,286
131,967
226.583
25,510
489.852
$866,822
422,925
25,408
25,347
24,437
income. $1,076,854
335,760
$627,862
97,659
$1,142,791
404,217
$1,265,311
37,498
$1,412,614
$725,521
898,466
$1,547,008
882,856
$1,302,809
904,613
27,788
27,270
25,611
Joint facility
Total income
Total interest accrued.
_
deductions
income
2,692,239
297,840
,
Divs.
$18,097
—
applicable to pref. stocks for the period
$480,212 def$200,215
Net income..
Dividends on these stocks are
$376,956
cumulative.
Portland General Electric Co.—Earnings—
xl936
1938
$9,699,195
Dr7,380
xl937
$9,752,702
4,661
$9,691,815
2,973.072
$9,757,363
3,175,785
575,394
605,639
864,117
1,721,417
816,252
1,630,681
516,379
12,854
796,420
1,501,873
$4,085,890
$3,666,170
$4,159,112
$3,719,491
2,322,741
2,351,035
2,457,684
18,410
11,295
2.524,551
6,065
1939
revenues.-.$10,425,606
Dr3,003
Total oper.
Non-oper. revs.—net
r'
"
Unlisted Trading—
The certificates of deposit representing 1st & ret. mtge. 5% gold bonds
due Jan
1, 1940, have been removed from unlisted trading; the 1st & ref.
mtge
5% gold bonds due Jan. 1, 1940, stamped to indicate extension of
maturity date to Jan. 1, 1950, in accordance with extension plan dated
Oct. 27, 1939, have been admitted to unlisted trading.—V. 150, p. 2435.
911,2.59
14.593
$638,540
430,167
$198,555 ■
$215,692
a Dividends
accumulated and unpaid to Feb. 29, 1940, amounted to
$2 548 023.
Latest dividends, amounting to $1.25 a share on 7% pref.
stock and $1.07 a share on 6% pref. stock, were paid on Oct. 1, 1938.
Balance, deficit-..—------------------"----
Calendar Years—
$8,997,917
Dr20,717
Balance Sheet Dec. 31
1939
1939
$
Liabilities—
S
Common stock
30,235,100 30,235,100
57, 339,424 57,847,058 Fund.debt unmat.18,149,607 18,449,607
104,427
104,427
314,105
314,378 Government grants
111,800
Traf.,Ac.,bals. pay
195,120
Deposit in lieu of
equipment
Misc. phys. prop..
Loans A bills pay.
mtge. prop, sold
105,388
Invest, in affil.cos.
559,119
511,772
Accts. A wages pay
investments 4, 372,544
Misc. accts. pay..
Int. mat'd unpaid.
20,198
318,972
47,615
4,374,093
486,287
6,664
Unmat'd int. accrd
130,897
3,464,538
291,516
29,061
3,978
141,360
527,052
146,674
Other curr. liabs..
41,831
12,847
liabilities
2,317
liabilities....
170,076
4,230
151,916
Accr.deprec., eqpt. 4,058,952
Unadjust. credits.
206,025
Cash
Special deposits.._
91,864
53,811
Traffic, Ac., bals.
105,390
Misc. accts.recelv.
146,803
Other curr. assets.
1,122
157,908
263,370
143,138
147,955
1,311
10,056
173,331
Deferred assets.
..
Unadjusted debits
Deferred
Tax
5,053
Prov. for
depreciation__
Taxes.....
——
Gross income
(incl. coll. note)
18,765
Miscellaneous interest..
Amort, of debt discount
„
175,628
190,496
175,988
59,389
92,030
.$1,509,366
Net income
$1,014,198
$1,456,919
7,193,864
on
Readjustment Plan Under Discussion—
of
all
outstanding
short-term
loans
$1,015,336
Balance Sheet Dec. 31
$
company,
and
involving
extension
of
plant
Invests,
2,472,988
Sinking funds and
192,781
178,278
3,289,736
3,475,361
484,731
expenses
...
1938
$
Liabilities—
$
Cap. stk. (236,819
..15,357,712 15,357,712
Earned surplus... 4,776,850
3,321,556
Funded debt
50,449,600 51,209,600
Deferred liabilities
100,996
127,158
Current liabilities. 2,315,583
2,231,387
Deferred credits
30,575
174,043
Reserves
4,747,576
4,180,209
shares no par)
503,609
special deposits.
Debt discount and
The proposed
plan was adopted by the board of directors at a meeting in
Pittsburgh, March 26.
It proposes to consolidate all RFC, bank and
Pennroad Corp. loans, which at June 1, 1940, will total $7,400,000.
Under
the proposal, RFC and Pennroad Corp. would take an equal participation
and long-
receivables 2,408,089
term
the
$2,564,000 Pittsburgh Terminal Coal Corp. bonds which the road guarantees
currently, Is being discussed by officials of the Interstate Commerce Com¬
mission and Reconstruction Finance Corporation and the company.
1939
1938
$
Assets—
65,902,744 65.043,955
Non-oper. property 2,426,196
2,073,767
readjusting the capital structure of the
173,539
Includes subsidiary companies that were merged with parent company
April 30, 1938.
Utility
A plan for
-
57,226
and expense
Misc. inc. deductions
1939
consolidation
821,700
1,459,776
Interest on funded debt
64,350,678 64,302,353
Total
$8,977,200
2,487,629
402,380
86,223
x
155,098
6,869,568
155,069
sur.
Profit A loss bal..
....64,350,678 64,302,353
Total
2,770,724
Prov. for uncollect, accts
Add'ns to property
thru. inc. A
$10,422,603
Maintenance
4,149,469
127,838
Mat'ls A supplies.
Bal. from agts., Ac
3,478,354
203,787
_
Operation
Invest. In road and
85,825
Total gross earnings.
1938
$
1938
$
Assets—
Other
1939
Quarter Ended
Net
Net
Pittsburgh & West Virginia Ry.—Annual Report—
Other
SR.047.000
.
Calendar Years—
Net ry. oper,
Other income
•
1
$88,155
$44,041
215,128
46,842
Gross from railway
Net from railway
1937
1938
bonds of P. A W. Va
1940
End.Mar.31~~-
Prop, retire't res. approp
Amort, of Jim.-term inv.
Pittsburgh & Shawmut RR.—Earnings
4 U
Operating Co.—Earnings—
Plaza
3 Mos
Direct taxes
March—
will eliminate certain cash losses in connection
operations and will enjoy a substantial additional
Avella operation.
The consolidated loan to be put up by the RFC and Pennroad Corp.
would be secured by the following collateral: 14,600 shares of 5H% stock
nf Wheeling & Lake Erie; 59,400 shares of common stock of Wheeling &
$291,978
117,013
71,742
$229,526
40,362
def5,800
Net ry. oper. income.,..
From Jan. 1—
1940
the coal company
tonnage
1937
1938
1939
1940
March—
Gross from railway
Net from railway..
The railway company
(4)
with
Erie
Lake
&
Walker & Sons, members of the
April 27,
Prepaid accts. and
deferred charges
184,609
Other assets
Cash
1,286,545
958", 069
proposed extension of the Pittsburgh Terminal
Notes A accts. rec.
1,200,071
Coal bonds, the majority of which are held by four institutional investors.
These bonds mature July 1, 1942.
Matls. A supplies.
462,721
1,100,030
652,141
with RFC in
The plan
a
new
involves also
The consolidated
with
new
consolidated loan.
loan would
be secured by
the collateral
now
banks which hold the outstanding loans.
The
loan would be funded for a period of at least four years, subject to the
any
affiliated
Other
in part.
Arthur B.
indicated a willingness to approve extension of the bonds.
The
Metropolitan Life Insurance Co., holder of $1,765,000 of the outstanding
issue, has indicated a willingness to go along with a 15-year extension if the
?lan can be workedand Granting Annuities has indicated it would agree
Lives
out satisfactorily. Also the Pennsulvania Co. for
nsurances on
to
as
a 10-year extension of the $237,000 of bonds which the
company holds.
Both institutions, Mr. Van Buskirk said, are interested in a fair allocation
between the Pittsburgh & West Virginia first 4j^s and the Terminal
Coal bonds of investments made by the railway in the open market from the
Wheeling & Lake Erie dividends.
"1 feel confident that the third and fourth
largest holders, who together
hold about $90,000 additional bonds, will follow the lead of the two
largest
holders in this matter," Mr. Van Buskirk said.
Inasmuch as about 82%
of the Terminal Coal bonds are held by the four
holders, it would seem
readily possible to obtain extensions from the holders of more than 90%
of the bonds within a reasonable
period of time, he said, adding that the
consolidation of the loans should be carried out when at least
90% of the
bonds have been extended.
If the policy of investing Wheeling & Lake Erie dividends in bonds is
adopted, the attorney said there would be no doubt but that a substantial
proportion of the non-extended bonds could be bought up in the open
market prior to their maturity on July 1, 1942.
The railway s proposal also outlines plans for
dealing with the Terminal
Coal bonds in reorganization of the Terminal Coal
Corp.
In connection
with reorganization of this company, the
opening of a new coal operation
near Avella, Pa., is proposed.
The accomplishment of this proposal would require a loan from the RFC
to the reorganized coal company of about $1,000,000.
/uNi:' Jan Buskirk
these adjustments, coupled with those recently
effected with respect
to the railway's equipment trust certificates "should
materially improve its financial outlook, ' because:
(!) The constantly maturing bank loans with their complicated and
unsatisfactory collateral structure will be eliminated
(2) The overhanging threat of the July, 1942, maturity of the Terminal
Coal
bonds
will have
been
77,922,360 76,458,198
Total....
Porto Rican American Tobacco
Co., Inc.—Plan—-
W. Goddard on April 22 stated that he will refer
proposed reorganization plan of the company to the Securities and
Exchange Commission for a report and recommendation as to its fairness,
equitableness and feasiblility.
The plan, filed by Gordon Auchincloss,
trustee, is based on an offer by Consolidated Cigar Co. to purchase for
$4,0G0,000 the assets of ConRress Cigar Co., Inc.
The payment would be
made in 4%, 10-year notes, which could be discounted immediately at
90% of their face value.
Porto Rican American owns approximately 81.1%
of the 293,300 common shares of Congress outstanding.
Opposition to the plan was based on the contention that the offer was
too low.
Owners of the minority of Congress stock not owned by Porto
Rican have been authorized to state their attitude toward the offer.
Action
on the matter must be taken by June 21.—V. 150, p. 2591.
Federal Judge Henry
Postal Telegraph,
Inc.—$5,000,000 RFC Loan—
President of Postal Telegraph, Inc., which operates
land lines in the United States, announces approval
by the Reconstruction Finance Corporation in Washington of a seven-year
loan of $5,000,000 to provide for plant improvements and to raise still
further the standards of service in the telegraph industry.
"The program worked out by the company for utilization of the loan,
together with other plans already in process," said Mr, Chinlund, "con¬
templates increasing the speed and accuracy of Postal Telegraph service
to the public and the development and handling of a larger volume of
traffic.
The plans of the company will result in raising the efficiency of
its service to the highest point in its 54-year history."
The funds authorized under the RFC loan agreement,
accordin to
Edwin F. Chinlund,
the Postal Telegraph
may be drawn upon as required over a period of two and
provision being made for monthly amortization from the
through the seventh year.
If all the loan is utilized, there will
remain $4,280,000 outstanding at the end of the seventh year.—V. 150.
Mr.
a
Chinlund,
half* years,
fourtn
p.
2435.
Procter & Gamble Co. (&
Period End. Mar. 31—
(3)
maturities without resort to the railway's net income.
15,782
....77,922,360 76,458,198
the
eliminated.
The only remaining loans wiU be those from the RFC and the Penn¬
road Corp. and there will be no bond maturities prior to 1957 if a
15-year
extension is obtained on the Terminal Coal bonds-—the cash
resulting from
depreciation charges is almost sufficient to meet equipment trust principal
68,354
Including sinking fund deposit.—V. 150, p. 1145.
a
have
from
cos
curr. assets.
Total
time to anticipate payments of principal in whole
Van Buskirk, General Counsel for the company has advised
the RFC that certain holders of the outstanding Pittsburgh terminal bonds
'
ree'le
Accts.
pledged
RFC and the several
right of the railway at
or
a
a
Net profit—
z
Earnings
a
per
share
After interest
150, p. 2436.
Subs.)—Earnings—
1940—9 Mos.—1939
$6,586,778 $22,273,148 $17,469,039
$3.40
$2.79
$1.00
1940—3 Mos.—1939
$7,686,610
$1.18
depreciation and Federal taxes.
z
Common stock.—V*
Volume
ISO
Prudential
Assets—
a
The Commercial &
>
Mar.31'40 Dec. 31 *39
Investments—
payable
on
preferred, stock.
((at cost):
banks—
In
demand deposits
Accts. receivable..
Due lor
1,171,983
14,275
sold
2,417
19,152
1,800,000
4,200,000
383,450
3,242,424
117,887
Accrued int. rec'le
$58,038
$56,463
$278,353 Reserve for taxes,
12,791
1,565,410 b $6 cumul. pref.
stock
i. 1,800,000
7,325,586
c Common stock._ 4,200,000
519,688 Operating surplus
391,753
7,831 Capital surplus
3,091,175
$292,524
1,519,120
stocks
Common stocks. 6,429,948
Cash
Afar.31 40 Dec. 31 '39
Liabilities—
Furn.
secure,
and fixtures
1,750
1
1
4,028
4,444
Total.....—..$9,552,182
$9,703,063
Deferred charge
_
.
Total.........$9,552,182 $9,703;063
Aggregate market value of the investments as of March 31, 1940,
$8,213,291 as of Dec. §1, 1939, $9,100,066, taxablecost as of Maich31,
1940, was $8,139,041. as o. Dec. 31, 1939, $9,092,5/9.
b Represented by
37,642 (38,692 in 1939) no par shares,
c Represented by 490,200 no par
a
was
shares.
Note—There is
possibility that the corporation,
a
as a
former stockholder
of the Central Republic Bank & Trust Co.
(of Illinois) during the period
from Feb. 1, 1929 to Jan. 13, 1932, may
^become liable for approximately
$30,000
as a consequence of a
suit against the stockholders of that bank.
—V. 150. P. 442.
Prudential
—New
Personal
financing
Finance Corp.—Securities Offered
announced April 22 with the public
was
offering of $250,000 25-year 6%
debenture bonds,
stock (no par)
The bonds are priced
conv.
series B, and 17,000 shares of class A
common
by W. W. Henry & Co., New York.
at par and the stock at $15 per shaer.
2741
Quincy Market Cold
Accumulated Dividend—
DIv.
Bonds
Preferred
Balance Sheet—•
Investors, Inc
Financial Chronicle
Storage
&
Warehouse
Co,-
Directors have declared
a dividend of $2.75 per share on account of
accumulations on the 5% cum. pref. stock, par $100,
payable May 1 to
holders of record April 24.
Accruals after the current payment will amount to $3.50 per share.—
V. 150, p. 701.
Red Rock Bottlers,
Inc.—Stock Offered—An issue of
166,250 shares of common stock (par $1) was offered publicly
April 23 by a selling group headed by Satterfield & Lohrke,
New York.
The stock, offered as a speculation, is priced
at $4 per share.
1
The offering
150,000 shares of the stock is made subject to the
of record April 20 "to subscribe for three$4 a share. This privilege will expire
on May 5.
In addition, 20,000 shares are being offeredlby the company to
holders of the 6% preferred stock by granting to each holder the
right to
convert one share of preferred into 25 shares of common at
any time to and
including March 31. 1943. The offering also embraces 16,250 shares pur¬
chased by the underwriters from certain individuals.
right of
.
as
to
common stockholders
fourths of
a
snare for each share held at
Company
was incorp. in Georgia,
Dec. 8, 1938.
Company is engaged
in the business of
selling concentrates for soft drinks and Red Rock Cola,
under exclusive franchises from The Red Rock Cola Co. and The Red Rock
Co., in the United States, (with the exception of the Atlanta, Ga. sales
area, certain areas in South Carolina, and the entire State of North Caro¬
lina). Recently, the company's Red Rock Cola franchise was extended to
include the Dominion of Canada, but no Canadian sub-franchises have as
yet been granted by the company.
The franchise from The Red Rock Cola Co. covers Red Rock Cola and
the franchise from The Red Rock Co. covers Red Rock Golden
Ginger Ale,
Red Rock Pale Dry Ginger Ale, Red Rock Grape, Red Rock
Strawberry
and Red Rock
Orange.
Th6new6% debenture bonds are dated Jan. 15,1940, and are due Jan. 15.
1965; convertible into class A common stock at the rate of seven shares of
stock for each $100 of debentures between Jan. 15, 1944, and Jan. 15, 1945,
and are redeemable by company on any interest date, on 30 days' notice,
The Red Rock Cola and soft drink concentrates are not manufactured by
the company, but are manufactured,
respectively, by The Rea Rock Cola
Co. and The Red Rock Co.
at 105 and interest to Jan.
company in the event all of the 150,000 of its shares of common stock are
sold is $492,000.
Company is now engaged in the process of selling and
15, 1945 and at 103 and interest thereafter.
Proceeds from this financing will be used as working capital for expansion
of the company's business by increasing the volume of existing offices and
adding new offices.
Corporation, formed in 1932, is engaged in the personal loan business in
Maryland and Virginia under supervision of the banking departments of
those States,
In 1939 it made 3,317 loans aggregating $370,474, compared
with 2,808 loans totaling $297,548 in 1938.
Outstanding capitalization upon completion of this financing will consist
of the present issue of series B debenture bonds, $104,100 of 25-year
6%
series A debenture bonds, 24,982 shares of no par class a common stock and
82,191 shares of no par class B common stock.
Consolidated net profit of the company and its subsidiary, after taxes
and debenture interest, was equal to $2.27 per share of outstanding class A
common stock in 1939, against $2.53 a share for 1938.
Dividends of $1
per share have been paid on the class A stock in each of the past three years.
Consolidated balance sheet at Nov. 30,
of $226,937.
1939, shows total current assets
p. 1453.
The maximum net proceeds which it is estimated may be received
developing, advertising and promoting the sales of the syrups for which it
holds franchise, and intends to conduct similar operations with respect to
Red Rock Cola in Canada, for which purposes additional capital is needed.
Capitalization—
Groups Make,
The movement to unify the various Washington public utility districts
to facilitate the purchase of the complete properties of the Puget Sound
Power & Light Co. has encountered difficulties with the development of
factional fight within the ranks.
As a result, a new plan to
purchase the properties is being drafted by
the Puget Sound Public Utility District Commissioners' Association to be
promulgated in the name of a proposed new corporation, the Washington
Public Power Corp.
The new plan will be in opposition to one to be advanced shortly by the
a
Consumers Non-profit Public Power Corp., headed by James I. Metcalf,
who stated an offer would be made for the Puget Sound utility within the
next month.—V. 150, p. 2592.
Puget Sound Pulp & Timber Co.-
*
Exclusive of 8,182 shares turned back into the treasury by certain stock¬
holders since Dec. 31, 1939. 20,000 shares of the authorized but unissuedcommon stock are reserved against the conversion of the 6% cumulative
preferred stock outstanding and 18,150 shares of common stock against the
exercise by Fowler Manning of his option.
Statement of Income for Period From
Net sales
;
_
_
_
_
Net profit after all charges.
_.
$384,271
56,435
61,549
_________
_
_____
__
_
_
$266,286
$0.91
_____
Queens Borough Gas & Electric Co.
31—
1940—S Mos.—1939
Earnings-
b531,746
Other operating revenues
14,341
'
expenses
Maintenance.
Depreciation
Taxes (inc. pro v. for inc.
tax)
_
_
_
_
_
__________
$763,466
1940—12 Mos
-1939
a$707,558 a$3,100,477 a$3,359.777
b50d,400
b2.0l6,578
bl,971,380
100.229
15,485
88,887
Net loss
$116,684
Balance Sheet Dec. 31, 1939
Liabilities—
Assets—
_
$1,223,443
610,600
78,483
108,087
$5,217,284
2,587,563
322,047
432,826
S5.42C.044
2,451,078
330,989
437,190
221.250
232,500
850.455
866,175
$193,078
14,794
_
Gross income
long-term debt__
Other interest
Amort, of debt discount,
exp.
$193,773
13.863
$1,024,393
54,436
*1.334,612
47,977
$207,872
187,172
13.352
$207,636
187,172
14,963
$1,078,829
748,690
58,158
$1,382,589
Total,
Excl. of
amounts
refunded to elec.
tomers
rates
to be
/
7,421
2,368
$5,918
$5,767
$264,560
$559,808
18,818
138,615
cus.
excess
138,615
in
proposed & filed
with P. S. Commission
Consol.
Total
$79,028
net
1940—12 Mos.—1939
1940—3 Months—1939
$1,676,147
$1,391,651
$9,601,235
$7,687,070
loss85,084
lossl42,892
576,394
84,773
profit after
charges
.
v
.
See Schick Dry Shaver, Inc., below.—V. 150, p.
Revere
1947.
•
Copper & Brass, Inc.—Earnings—
[Including wholly-owned subsidiaries]
1940
1939
1938
$1,402,755
$731,685 loss$387,950
57,426
31,256
26,466
Operating profit-._____
Other income.
Total income.
Int. paid except on own
bonds__,_
Cash discounts, &c_
Loss on bonds purchased
book
value of securities.
Interest.,
Prov.
to
$762,941 loss$361,484
$1,460,182
9,511
65,530
4,5001
107,169
~
-
-
-
f
*
100,213
1937
$2,243,602
45,703
$2,289,305
132,728
2,950
reduce
Amortiz., discount, &c_
Depreciation _________
_
_
3,000
86,071'
13,288 J
345,958
180,000
Hurricane loss
Net profit
_
-
i
_ -
$720,196
Earns per sh.on com .stk.
—V. 150, p. 1948.
Reynolds Investing
organization Plan—
$0.61
Co.,
3,000
90,808
13,437
335,889
,
101,478 f
346,959
47,000
11,081
300,000
$156,210 loss$879,659
Nil
95,210
16,949
326,756
-
$1,414,712
Nil
Inc.—Court ' Approves
$1.98
Re¬
the plan of reorganization filed by the trustees,
signed April 19 by Guy L. Fake, U. 8. District Judge in Newark, N. J.
supplemental report filed
April 12, had previously found, the plan to be fair and equitable and feasible,
and had recommended approval by the court.
The plan provides that the trustees shall pay all claims arising during
their administration and all creditor claims other than those of holders
of debentures.
Votes on the plan must be received by John Grimsbaw,
referee in bankruptcy, Jersey City, N. J., on or before May 20.
Only
holders of debentures and shares of preferred and common stock who have
filed proofs of claim on or before that date, may vote.
Under the plan, the name of the company is to be changed to Reynolds
Realization Corp.
A complete liquidation of the assets of the company
order approving
The Securities and Exchange Commission, in a
proceeding by the
Comm. amounting to.
34,158
30,355
Reading Co.—42d Annual Report—1
153,801
30,355
Ended Dec. 31,
1939—Extracts from the remarks of Edward W. Scheer,
President, together with income account and balance sheet,
are given in the advertising pages of this issue.
ear
Railway oper. revenues. $4,920,077
Railway oper. expenses.
3,511,313
1940—3 Mos —1939
$4,595,789 $15,195,728 $13,326,774
3,306,497
10,835,304
9,650,846
Net rev. from ry. oper. $1,408,764
Railway tax accruals-402,825
$1,289,292
330,485
1940—Month—1939
$4,360,424
1,212,392
within 6 yfears under the control of the holders of the old debentures, and a
distribution of the proceeds of such liquidation among the holders of the
old debentures, old preferred stock and common
Earnings for March and Year to Date
$3,675,928
967,661
Railway oper. income. $1,005,939
Equipment rents (net)__
Dr63,267
Joint facility rents (net).
CY477
$943,149
$958,807
Dr46,189
Drl 1,153
$3,148,032
Dr298,256
CY7.177
$2,708,267
Drl 19,303
Dr 9,203
$901,465
$2,856,953
$2,579,761
stock, is proposed.
Capitalization of the reorganized company will consist or $3,439,900 5%
debentures, due April 1, 1946, 9,915 shares of new preferred stock ($10 par)
entitled in voluntary or Involuntary liquidation to $145 a share and 178,786
shares of new common (50 cents par).
Each holder of old debentures will
receive an equal amount of new debentures, with interest currently payable
at the old rate of
5%.
Holders of old preferred stock will receive
class A liquidation voting
ownership rights in an equal number of shares of
These new shares will be entitled to payment of $145 a
share before any payment is made to common stockholders.
Holders of old common stock will receive a class B liquidation voting
trust certificate giving ownership rights in shares of new common stock
in the proportion of 1 share of new common stock for each 10 shares of
trust certificates giving
Net ry. oper. income.
-V. 150, p. 2436.
Stk. disc't & prem.—net__.
749
1,390
80,000
.213,000
.Dr. 108,526
.__.116,684
was
—V. J 50, p. 1785.
Period End. Mar. 31—
% preferred stock
Common stock (par
Remington Rand Co.-—Patent Claim Dismissed—
An
over former rates; and
held in suspense under
Sec. 113 of the Public
Service
law
pending
determination of gas
rate
6
.___
Reliable Stores Corp .—Earnings—
Period End. Mar. SI—
Consol. net sales
Federal income taxes—
Cr266
approximating
b Excl. of est.
71,723
1,430
Net income
a
_______
Accrued taxes, &c_
.$79,028
_
748.690
& misc.
deductions
Due to stockholder
1
_
$7,633
1,467
Employees' accounts
—V. 150, p. 2266.
______
Operating income
Other income (net)
Trade accounts
Cash___________________^_____$48,365
Due from bottlers
21,042
Employees' accounts.
714
Inventory, ___________________
1,275
Transportation deposit
425
Prop. & eqpt. (at cost)
7,206
3 Mos. End. Mar. 31—
$1,309,553
699,634
87,025
108,566
—
$41,164
157,848
Expenses (includes development expenditures).
—V. 150, p. 1947.
Operating Revenues—
From sales of elec. energy
From sales of gas______
475
Total income__________
all
Period End. Mar
$40,689
Net loss....
Earns, per sh. on 251.836H shs. common stock.____
—V. 150, p. 1946, 1784.
&
48,677
Gross profit from sales.
Interest and discount.
Franchises & bottling rights._
______
_
_
prem.
$89,366
___________________
1940
Provision for Federal income taxes
on
Dec. 8, 1938 to Dec. 31, 1939
__________
Cost of sales______
Earnings—
Earnings for 3 Months Ended March 31
Operating profit
Depreciation.
Int.
Authorized
Outstanding
______500.000 shs. *204,8lt Bhs.
800 shs.
<*00 shs.
Common stock ($1 par)___________
6% cum. pref. stock ($100par).
against current liabilities of $53,832.—V. 150,
Puget Sound Power & Light Co.—Two
Plans for Buying Puget Sound Unit—
Operating
by the
new
preferred.
old stock.
of the 5 directors until the
St. Louis
outstanding debentures is more than 200% of the amount
principal and unpaid cumulated interest and the principal amount
of outstanding debentures is less than $750,000.
Until then, holders of
the preferred stock will elect one director and the common stock 1 director.
Thereafter the debenture holders will elect 2 directors, the preferred holders
2 directors, and the common stockholders 1 director.
Investments of funds may not be made except in the company's own
debentures until all have been retired; thereafter Its preferred stock may be
purchased.—V. 150, p. 2436.
of the
Mar. 30 '40
,
$193,933
1,022.742
$0.59
Earnings per share
y
Before surtax on undistributed profits,
taxes, &c.—V. 150, p. 1786.
$860,858
266,131
112,925
$796,892
191,905
65,598
149,538
Net from railway
Net ry. oper. income.,.
2,367,320
669,130
266,812
2,192,724
2,524,277
788,616
392,046
451,867
123,839
making the total amount of 5% preferred
for 190,000 shares.
See also Y. 150, p. 2437, 2592.
notice of issuance,
S
Assets******
1939
'
Liabilities—
$
19,010
31,279
Special deposits... 2,622,588
Cash........
3,085,871
2,494,838
2,439,411
1,705
Investments
1,236
Notes receivable..
prem.
Ser.
bds.
extension
Cap. stock expense
150,856
253,428
150,856
Misc. items......
402,268
440,959
500
Divs. accrued
90,841,069 89,720,133
1,041,817
1,018,801
80,000
80,000
4,074,986
4,069,406
42,414
176,569
77,366
84,054
171,982
78,624
43,429
169,647
78,188
y$308,451
68,751
210,000
dividends
$320,082
68,752
262,500
$287,053
68,752
262,500
$341,766
68,751
840,000
Electric Co.
Equivalent to $1.14 per share of
y
stock.—V. 149, p. 2987.
gan Antonio Gold Mines,
Statement Showing
,
Operating Period—
$469,755
bank
Investments—Bonds, &c_
on hand
Cash and
2.54,232
76,922
50,254
142,138
5,015
Bullion
.
"Chronicie"
Ore in process
Stores and supplies
Accounts receivable
1940—3 Mos.—1939
1940—Month—1939
Ltd.-—Liquid Position-
Liquid Position as at End of Third
March 24, 1940
Liquid and Current Assets—
Telephone Corp.—Earnings—
Period End. Mar. 31—
44,144
177,511
91,143
21",441
__
Excludes Saguenay
common
90,841,069 89,720,133
Total
(net).
Earnings for the year ended Dec. 31, 1939 appeared in the
of Feb. 17, page 1145.—V. 150, p. 1613.
Debt discount, and expense
Rochester
$996,062
359,750
3,281
—
Common dividends
pref.
Earned surplus
a
222
•
.
income
Preferred
6,696,531
stock issued
Total
Net
x
7,608,270
on
$976,429
354,494
463
'
ex¬
tensions
Premium
$964,438
347,544
368,685
funded debt-
bds., notes & pref. stk.
Provision for deprecia'n.
107,239
Unamort. prem.
for
$981,677
14,384
prof, on oxch.
Amort, of exp. of issues of
653,826
649,820
448,031
116,102
390,616
116,102
Taxes accrued
a
on
Prov. for income taxes
Reserve
$972,826
3,603
Unrealized
2,500
587,569
484,093
dep..
Interest accrued..
Contribs.
11,548
757,259
due cur¬
rently
Consumers' & line
&
expense....
61,540
$946,035
18,403
19,354
Other interest
141.528
912,641
divs. payable...
Unamort. debt dis¬
prem.
Interest
Accounts payable.
1,089,783
7,535
59,417
$992,022
$1,011,376
&
int.
63,723
Other income
pf. stock
called I or red. &
89,281
Prepayments
121,639
;
Bonds &
1,751,254
1,727,362
72,256
Materials & suppl. 1,023,116
Loans to employees
5,057
Accts. receivable..
count,
Long-term debt
131,039
136,361
80,887
Net oper. profit
38,270,308 38,270,308
37,025,500 37,046,000
80,969,802 Capital stock
Prop., plant & eq.81,731,449
1937
$1,179,581
165,373
taxes)
$
1938
$1,131,397
1938
$
$1,238,282
$1,163,281
xl939
xl940
31—
Operating revenue
Oper., maint., adm., &c.
Taxes (other than income
-Balance Sheet Dec. 31
.1938
1939
stock applied
-Earnings—
3 Mos. End. Mar.
—V. 150, P. 2114.
Rochester Gas & Electric Corp.
of 147,688
(cumulative) preferred stock ($100 par) on official
Exchange has authorized the listing
York Stock Exchar
additional shares of 5%
280,462
2,706.405
842,454
360,590
►
From Jan. 1—
Gross from railway
April 13, 1940 amounting
Listing of Preferred Stock
The New
$942,854
300.997
133,947
Gross from railway
sales for the four weeks ended
$30,704,1.54, a gain of 5.91% over sales of $28,989,479 reported for the
four weeks ended April 15. 1939.
For the 16 weeks ended April 13, 1940.
sales were $118,214,340, against $111,165,937 for the same period ended
April 15, 1939, an increase of 6.34%.
Stores in operation during the 1940
period were 2,775, against 3,017 a year earlier.
<$876,976
Net from railway
Net ry. oper. income
$43,945
$13,677
Inc.—Sales—
Safeway Stores,
Company reports
1937
1938
19,502
to
960.322
$0.12
$0.08
$0.49
z After depreciation, Federal
1939
1940
$25,567
264,193
28,938
—V. 150, p. 1786.
Fredericksburg & Potomac RR.- -Earnings
Richmond
$7,878
—
$338,200
Net income
ncome
March—
$249,414
196,362
28,375
16,799
Deprec. & depletion
y$542,958
y$157,603
1,023,662
1940—12 Mos.—1939
$1,069,629
$1,246,899
870,405
1,005,183
114,450
122,901
71,097
74,870
1940—3 Mos.—1939
31
Expenses, taxes, &c
Interest, &c
Mar. 31 -37
Apr. 2 '38
Apr. 1 '39
$671,666
1,023,662
profit
Shares common stock
Rocky Mountain & Pacific Co.—Earnings—
Period End. Mar.
Gross earnings
Reynolds Metals Co. (8c Subs.)—Earnings—
3 Months Ended—
Rock Island & Pacific Ry. in 1926.
The cost of the
the 'Frisco was $10,506,090.
The Appellate Division
affirmed the decision.—V. 150, p. 2438.
Rock Island stock to
of the lower court
asset value of the
Net
April 27, 1940
stock of the Chicago
will be dissolved in 1946 unless all of Its debentures and
preferred stock shall have then been paid or redeemed and a majority of
¥ The company
stockholders shall vote against dissolution.
Holders of debentures will elect, a majority
z
Chronicle
The Commercial & Financial
2742
Uncollectible oper. rev..
$463,657
995
$440,991
932
$1,375,358
3,027
$1,304,881
2,863
Operating revenues...
Operating expenses
$462,662
319,602
$440,059
313,214
$1,372,331
908,916
$998,316
78,561
77,500
-
$1,302,018
939,627
...
Total
Less—Accounts and payroll
Income tax 1939
Operating revenues
$143,060
62,063
Net oper. income
Net income
$126,845
58,765
$432,704
$246,627
165,422
$216,769
139,987
i
53,607
M
—V. 150, p. 2115.
-I —'
San Diego
(George D.) Roper Corp.—Underwriters Named-
Depreciation
.
Amortization of limited-term investments
Taxes
$2,163,159
$2,847,191
$2,064,420
$2,163,679
3,040,949
620,000
61,954
7,569
CY20.131
8,263
620,000
61,954
10,495
010,188
7,670
$1,386,766
$1,473,748
Apr. 2 '39
$4,161,119
Apr. 4 '38
$4,276,944
Apr. 4 *37
$3,448,566
3,184,390
259,567
2,473,493
2,557,602
187,196
2,003,679
213,095
1,260,033
1,067,406
1,098,873
946,739
$556,290
y52,833
$407,125
y59,152
$433,272
y59,192
$343,690
11,579
$466,277
19,683
$492,465
32,811
$355,269
114,185
84,821
70,015
56,156
51,479
39,039
33,223
41,359
$442,382
63,143
267,176
$322,734
33,750
246,402
$356,414
$257,276
227",994
142,495
$112,063
$42,581
$128,420
$114,781
$0.40
z$0.56
$0.40
$0.40
$0.46
$0.62
$0.25
$0.45
Gross income
Interest
funded debt.
on
Amortization of debt discount and expense
Other interest
x
Loss for period
x
Does
not
$94,427
$193,759
equity in the earnings of the
$60,723
include the
Ruberoid Co.'s
Interest charged to construction.
Miscellaneous deductions
Ruberoid Co. Ltd. (England).
Commenting on the quarter's business, Mr. Abraham said:
"Despite exceptionally severe weather conditions in many parts of the
country, always a retarding factor in the construction industry, the first
quarter of this year was marked by one distinctly encouraging sign.
Al¬
though there was a substantial lag in the total valuation of all construction
contracts awarded for both public and private ownership,
noteworthy
gains were made in the number of new homes started in the price class
ranging from $2,500 to $5,000, largely financed by families of moderate
income under the favorable payment terms of the Federal Housing Ad¬
ministration plan.
A continuance of this small-home building activity
into the second quarter, possibly at an accelerated pace, is indicated by a
recent announcement from Washington that, for the week ended April 13,
all previous records for home financing under the FHA program had been
surpassed.
This trend has been reflected in the substantial, seasonal in¬
crease
in sales of Ruberoid products, many of which are
to home
building and modernization."—V. 150,
p.
particularly adapted
1453.
y
.
End. Mar. 31—
Net profit.
1940
z$312,847
(
„
x$193,724_loss$62,651
z
$171,012
EquaLto"31^cents * per share
Current assets of the corporation at the end of March totaled
including cash of $1,219,941,
—V.
as
on
$3.290,208,
agaihst total current liabilities of $991,157-
150, p. 1294.
Rutland
.
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
railway
Net ry. oper. income
1940
$285,760
38,059
18,014
1939
1938
$282,194
9,243
def9,608
$241,823
def39,021
def68,561
1937
$314,136
8,976
def6,434
Louis-San
Paper Co.—Earnings
Mar. 30 '40
$5,260,281
Net sales...
Mat'is,
labor,
repairs,
maint., and expenses,
&c., incl. local taxes._
•
Depreciation
818,287
81,640
16,788
777,465
def8,238
def76,717
664,826
def150,227
def239,312
863,508
35,777
def 12,726
Francisco
Ry.—Road
Seeks
Appeal in
Rock Island Stock Case—
Federal Judge George H. Moore has authorized the trustees to employ
Crane of New York as counsel to apply to the Court of Appeals of
154,458
Sell., adm. & gen. exps.,
incl. freight paid
on
Profit
Int.
on
Prov.
3
$609,123
1,077
% deb. bonds
Fed.
for
income
■
and capital stock taxes
Prov. for Pa. income and
capital stock taxes
Net earnings
Divs. on pref. stock
stock dividend
Balance for surplus
Per
share
comparisons
based
shares
on
477
'
569,983
outstanding:
Dividends
—V. 150, p. 2436.
St.
Scott
3 Mos. Ended—
Common
RR.—Earnings—
March—
Gross from railway
Net from railway
Net income.
Total income
1937
1938
1939
_
x Adjusted.
y After
all charges.
926,229 shares of common stock.
520
—V. 150, p. 2439.
Other income
Rustless Iron & Steel Corp.—Earnings—
Z Mo.
460
1,048,942
263,586
$2,062,227
2,193
Net operating income
2,748,011
628,086
1,355,000
429
1,178,821
236,025
1938
$2,653,584
1939
$8,567,689
3,108,456
:
Other income
1939
1940
.....$3,070,138
Cost of goods sold, expenses, depreciation&Fed.taxes,less other income
3,130,861
—
Provision for Federal income taxes
Co. (& Subs.)—Earnings—
Net sales.
1940
$8,689,659
3,098,222
734,083
1,379,851
Maintenance and repairs
shares
3 Months Ended March 31—
Consolidated Gas & Electric Co.— -Earnings
Years Ended Feb. 29—
r
Ruberoid
$12.35
$4,257
& internal shaft)...
Operating revenues
Operation
Company has reported the underwriters for its proposed offering of 50,000
($5 par) common stock as follows: Central Republic Co., 17,500;
shares, Paul H. Davis & Co., 12,500; Sills, Troxell & Ilinton, Inc., 7.500;
Kalman & Co., Inc.. and Otis & Co., 5,000 each, and Alfred O'Gara &C o.,
2,500.—V. 150, p. 2437.
= •
•
$842,255
346,394
periods)
—V. 150, p. 1786.
_
I
production Jan. 1, 1940, to March 24,1940 (3
Gold
176,333
$68,080
42,330
—
Tons milled (3 periods only)28,055; per ton
Cost per ton (excl. of income taxes, deprec.
$393,102
186,077
$80,997
Net oper. revenues...
Operating taxes.
payable
Earnings
Brunswick Pulp & Paper Co. bonds
and $45,431 in 1938.
z Based on
1940.
Comparing Current Assets and Current Liabilities
1940
1939
1938
1937
$3,156,778
$1,342,568 $1,146,837 $1,899,620
4,367,255
3,714,821
2,555,116
2,326,857
y Includes interest on investment in
in 1940, $41,760 in 1939,
667,941 shares outstanding March 30,
of $39,321
Condensed Statement
Current Assets—
Cash
_T
Allother
F. E
New York for an appeal in the suit instituted in New York Supreme Court
against E.N. Brown and the banking firms of Speyer & Co. and J. & W
Seligman & Co., New York, involving the acquisition of Rock Island stock
by the 'Frisco in 1926.
The New York Supreme Court on Oct. 13, 1939 found the above named
defendants not guilty of alleged fraud and conspiracy in losses sustained by
the 'Frisco on purchase from the bankers of 183,333 shares of common
Total current assets..
Total current Uabilities-
$7,524,033
1,589,350
$5,057,389
1,617,110
$3,701,953
1,600,725
$4,226,477
1,042,764
World's Fair Contract—
Company
announced that it has again received a contract
supply ScotTissue and ScotTissue towels
washrooms during the coming season.
World's Fair Corp. to
all World's Fair operated
from the
for use In
Volume
The Commercial & Financial Chronicle
150
SootTissue products will be available to the public the same as last year
when over 3,000,000 towels
packaged in red and blue glassine envelopes
bearing the World's Fair and 8cotTissue insignias were used by World's
Fair visitors.
These envelopes each contained 2 ScotTissue towels and
sold for 1 cent in all World's Fair washrooms.
The World's Fair operated washrooms contain more than 5,000
Liabilities—Accounts payable,
$4,836; suspense (contra), $596,685»
capital stock, $2,400,000; surplus. $958,287; total, $3,959,708.—V. 148,
P. 2286.
were
35% of which
Judge Carroll C. Hincks, of the Federal District Court at New Haven,
Conn., has filed a finding in fact dismissing patent infringement claims
brought by the Shick Dry Shaver, Inc., of Stamford, manufacturers of
electric razors, against the Remington Rand Co. and General Shaver Corp.
Judge Hincks disallowed one patent infringement claim brought by the
Schick firm last February and his action on April 20 disposed of litigation
begun two years ago in Hartford before former Judge Edwin S. Thomas.—
V. 150, p. 1454.
■
Corp.—Options—
The corporation has granted four
options, as follows:
(1) An option to purchase at any time after March 31,1941, and prior to
June 30, 1945, all or any part of 7,500 shares of class A common stock at
the price of $5 per share, and all or any part of 22,500 shares of class B com¬
mon stock at th6 price of $2 per share.
(2) Two ootions, each of which grants the right to purchase 2.500 shares
of the class B common stock at a price of $2 per share at any time within
five years from March 12, 1940.
(35 An option to purchase 2,500 shares of class A common stock at a
price of $5 per share, and 7,500 shares of class B common stock at a price of
$2 per share, as part of an employment contract extending for a five-year
period from March 16,1940, with the exercise of the option contingent upon
certain sales volume of the products of the company.—V. 149, p. 1928.
At the annual meeting held
a
April 18 Forsyth Wickes
150, p. 2593.
was
elected
a
direc¬
vacancy in the board.—V.
Sierra Pacific Power
Period End. Mar. 31-
Co.—Earnings-—
1940-—Month—1939
$170,837
$152,989
60,398
51,790
10,119
9,646
25,430
23.123
Operating revenues
Operation.
Maintenance
Taxes
1940—12 Mos.—1939
$2,151,452
$1,991,049
705,457
658,455
109,002
104,255
322.495
294.806
Net oper. revenues...
$74,889
$68,430
$1,014,498
Non-oper. Income (net).
959
1.119
3.592
$75,848
$69,549
8,079
$1,018,091
103,391
$937,357
11,746
$64,102
11,379
$61,470
11,346
$914,800
134,470
$846,106
134,085
$52,722
$50,124
$780,330
210,000
339.628
$712,021
210,000
339,626
Balance
Retirement accruals....
Gross income
Int. & amortization, &c.
Net Income
Preferred dividends
Common dividends.....
—V. 150, p. 2593.
Simmons Hardware & Paint
$933,533
3,824
91.251
Corp .—May Be Sold—
Approval for sale of the assets of this corporation to Shapleigh Hardware
will be sought at a stockholders' meeting June 21, L. E. Crandall,
President of Simmons announced on April 19.
Purchase price, including
the business and assets of Simmons' subsidiaries, was set at $2,712,497.
—V. 145, p. 1274.
Co.
Simms Petroleum
Co.—Liquidating Dividend—
The trustees on April 22 declared a liquidating dividend of 50 cents per
share on the common stock, par $10, payable May 15 to holders of record
May 3.
Similar amount was paid on Dec. 11. July 11 and on April 11,
1939; Oct. 10 and on Feb. 28, 1938.
A dividend or 75 cents was paid on
Nov. 3,1937; dividends of 50 cents were paid on Aug. 3, April 30 and Jan. 9,
1937; $1.25 was paid
Oct. 18,1935, and
on
on
one
July 29, 1936; $1 on Jan. 27, 1936; one of $1.25
of $10 per share on July 5,1935.—V. 150, p. 1455
Skelly Oil Co.—Listing of Debentures—
The New York Stock Exchange has authorized the listing of $10,000,000
3% debentures, due Feb. 1, 1950, all of which are issued and outstanding.
See also V. 150, p. 1295, 1455.
p Southern Advance Bag & Paper Co., Inc.—Registers
with SEC-—
;
See list given on first page of this
department.—V. 124,
p.
3511.
Co.—Earnings—
1940
1939
1938
1937
$12,747,080 $12,904,162 $11,696,675 $14,553,439
2,418,351
3,156,655
1,557,853
3,480,470
545,164
1,296,569
def321,935
1,773,366
From Jan. 1—
Gross from railway
37,588,946
7,601,076
Net from railway
Net ry. oper. income
2,039,170
34,990,279
32.763,737
7,108,261
3.928,370
1,865,308 def1540,473
41,811,598
10.077,489
5,163,966
Earnings of the Transportation System
Period End. Mar. 31—
1940—Month—1939
1940—3 Mos.—1939
Railway oper. revenues_$17,281,161 $17,236,073 $51,088,209 $47,200,332
Railway oper. expenses- 13,829,170
13,070,223
40,334,745
37,379,618
Net
from ry. oper.
Railway tax accruals—
Equipment rents (net)-Joint facil. rents (net)—
$3,451,991
1.509.724
901,530
64,565
Net ry. oper. income.
$976,171
rev.
$4,165,850 $10,753,463
1,507,562
4,556,106
829,269
2,632,568
78,975
204,889
$9,820,713
4,463,527
2,230,754
179,646
$1,750,043
$2,946,786
$3,359,900
—V. 150, p. 2440.
Southern Ry.—Earnings—
—Second Week of April
1940
1939
Gross
—V.
earnings (est.)— $2,573,700
150, p. 2593.
Southern Street Ry.
a
on
Defd. amt. short of
to April 14—
1939
(Chicago)—Earnings—
1939
1938
1937
$90,628
$90,592
$90,585
119,453
121,878
'81,108
23,511
2,317
5%
of purch. price for year
Other income
6,978
7,170
9,930
b$21,769
b$24,081
$19,414
$69,392
986,284
1,031,150
1,011,736
942,344
Dr6,228
Net income
Dr20,785
$958,287
$986,284
$1,031,150
$1,011,736
Surp. at beginning of yr.
Adjust, of prior years'
—
Total surplus
a
1
1940-
1940
capital
earnings
Jan.
$2,427,854 $38,673,570 $36,209,830
$90,705
Years End. Jan. 31—
Interest
.
——
b Loss.
Balance Sheet Jan. 31, 1940
Assets—Purchase price of property in terms of ordinance, $1,816,621;
franchises, $800,000; cash on hand, $452,592; notes receivable and accrued
Interest, $293,909; deferred asset (amount short of 5% of purchase price
for years
ended Jan. 31,1932 to 1940, incl., provided to be paid from future
receipts under 1909 and subsequent ordinances,
$3,959,808.
Financial—This company's income from dividends and interest for 1939
income deductions decreased, chiefly as a result of the acquisition in the
open market of notes and debentures of this company, with a consequent
improvement of $483,387 in net income.
In addition to the net income for
the year 1939, which amounted to $823,357, credits
arising from the
reacquisition of notes and debentures, aggregating $373,069, were made
direct to surplus.
The principal balance sheet change since Dec. 31, 1938, is a reduction in
net current position from $6,470,645 to
declined from $7,510,770 to $4,335,407.'
$4,258,629, cash on hand having
This reduction is due principally
affiliated companies of the insurance
reserve
representing accruals under a tentative self-insurance plan which, at
Dec. 31, 1938, amounted to $2,328,001, and to the acquisiton of $1,018,000
principal amount of notes and debentures of the company.
At the end of 1939 accrued and unpaid dividends on the prior preference
stocks of this company amounted to $41.65 per share on tne $7 series and
$35.70 per share on the $6 series.
Accrued and unpaid dividends on the
$4 cumulative preferred stock amounted to $27 per share at Nov. 30, 1939.
The arrearages of dividends on the prior preference stocks at the close of
1939 were $18,911,694 and the arrearages on the $4 cumulative preferred
stock were $20,450,934.
The annual dividend requirements on the $6 and
$7 cumulative prior preference stocks of this company amount to $3,178,436
and on the $4 cumulative preferred stock amount to $3,029,768.
In January, 1940 Wisconsin Public Service Corp. paid ail arrears on its
preferred stocks, thereby opening the way to resumption of dividends on its
common stock, all of which is owned by Standard Gas & Electric Co. and
on which dividends have not been paid for six years.
The California Oregon Power Co. declared an extra quarterly dividend
instalment on its preferred stocks during
1939, thereby reducing the
arrearages to $5.25 per share on its 7% cumulative preferred stock and to
$4.50 per share each on the two classes of its 6 % cumulative preferred stock.
Northern States Power Co. (Del.), in March, 1940, declared dividends
on its 7% and 6% preferred stocks at the fuxl cumulative rates, for the
quarter ended March 31, 1940.
The dividends in arrears at Dec. 31, 1939,
amounted to $3,0625 per share on the 7% cumulative preferred stock and
to $2,625 per share on the 6% cumulative preferred stock.
Operations—Increased operating revenues, gross income and net income
of Standard Gas & Electric Co. System, embracing all the subsidiary and
affiliated companies, clearly reflect the Improvement in general business
conditions which began in the latter part of 1938 and continued throughout
1939 in the territories served.
Gross operating revenues of the subsidiary public utility companies
increased $5,290,198 in 1939.
Operating expenses, maintenance and repairs
increased $499,625, while appropriations for retirement, depreciation and
depletion reserves increased $793,363 and appropriations for taxes increased
$920,309, a total of $2,213,297. Net operating income, therefore, increased
$3,076,900.
Consolidated net income for 1939 increased $2,491,057 over
the preceding year.
These increases are based upon revisions of the 1938
statement or consolidated income reflecting certain reclassifications and
adjustments.
• ■
•'
Total gross operating revenues of the system amounted to $141,530,103,
an increase of $7,394,814 over 1938.
'■
.■
The electric operating revenues of subsidiary companies increased $4,116,349 in 1939 over 1938 and those of the affiliated companies increased
$2,256,061, an aggregate increase for the system, after Inter-company
eliminations, of $6,271,501.
The electric output of the system increased
595,260,522 kwh., or 10.99%, a portion of which resulted from the require¬
ments of 37,431 new customers.
■ '
The gas operating revenues of subsidiary companies increased $1,159,647,
and the gas operating revenues of the system increased $1,196,173, due
largely to improved industrial activities in territories served with natural
gas and to the requirements of 11,518 new gas customers.
The gas output
of the system for 1939 amounted to 42,4977224,000 cubic feet, an increase
of 2,609,187,000 cubic feet over 1938.
•
At the end of the year, the electric generating capacity in the plants of
the system amounted to 1,731,281 kw., of which 401,517 were water power
and 1,329,764 steam and oil.
The total amount of electricity generated in
these plants In 1939 was 5,792,652,939 kwh.
The unusually dry weather
and consequent low water which prevailed during the latter part of the year
resulted in a net reduction in output of the hydro-electric plants of the
system of 3,694,894 kwh. below that of 1938, with resultant increased steam
production. Total hydro-electric output is currently still below that of the
early part of 1939.
'
.
•
'
/
During 1939 electric and gas rate reductions made by the companies in
the system resulted in
an estimated annual saving
to customers of
$1,085,000.
The average annual use of electricity by the residential customers of the
companies in the system was 998 kwh. per customer, compared to 942 kwh.
in 1938; the average price paid was 3.71 cents per kilowatt-hour compared
to 3.82 cents In 1938.
The 1939 average use was 10.89% greater and the
unit price was 8.62 % less than the national average annual usage of 900 kwh.
to the distribution to subsidiary and
,
.
,
,
.
,
^
In 1929 the average
Ser residential customer andannual usage ratethe 4.06 cents per kilowattthe average by of residential customers of
our.
the companies in the system was 659 kwh. per customer and the average
price paid was 5.740 cents per kilowatt-hour.
In commercial service the
average price per kilowatt-hour dropped from 4.967 cents
cents in 1939, and in wholesale industrial service dropped
to 1.300 cents in the same period.
As an indication of the downward trend
in 1929 to 3.382
from 1.592 cents
in rates and of the long-established
policy of the companies in the system of sharing the benefits of economies
and efficiencies with customers, the average electric sale price for the com¬
bined residential, rural, commercial, and industrial service in 1939 was
2.301 cents per
1929.
fcilowatt-hour,
as
compared to 2.770 cents per kilowatt-
hour in
Payroll is one of the largest items of expense, since the public utility
industry requires highly skilled employees in the office, in the field and for
construction.
Shall be paid out of receipts of subsequent year or years, as per or¬
dinance.
of securities of the company.
The extension was granted by the Commission on April 12, 1940.
The report of the President, Bernard W. Lynch, affords the following:
.
Harold F. Pitcairn has been elected President of this corporation, a
subsidiary of the Pittsburgh Plate Glass Co., succeeding Hugh A. Gait,
who retired recently, it-was announced on April 25.—V. 139, p. 1120.
Southern Pacific
companies, requiring, in effect, that answers setting forth a plan for integra¬
tion of the properties of Standard Power & Light Corp. System in accord¬
11 (b) of the Public Utility Holding Company
Act of 1935 be filed with the Commission on or before April 16, 1940.
Similar orders have been issued to most major unitlity holding systems.
This company is taking the first step in its program of compliance with
that order by preparing an application, to be filed with the SEC,
providing
for disposition of its holdings of securities in some or all of the following
corporations:
San Diego Consolidated Gas & Electric Co., California
Oregon Power Co., and Mountain States Power Co.
It is proposed to
exchange securities of these companies for notes and debentures of Standard
Gas & Electric Co., thereby reducing the indebtedness of this company.
On April 10, 1940, the company requested an extension of 60 days from
the date
previously set by the Commission for the filing of the company's
answer outlining an over-all
program for integration of the properties in
its system.
This extension was requested by the officers of the company to
permit them to prepare for final submission a considered program, developed
in the best interests of the
security holders of this company, as well as in
compliance with the spirit of the Act,
The existing debt and capital struc¬
tures of Standard Gas & Electric Co. make it essential that progressive
steps be taken to improve the company's financial condition.
In formulat¬
ing these steps the officers have in mind their responsibility to th8 holders
ance with terms of Section
_
Southern Alkali Corp.—New President—
March—
Gross from railwayNet from railway.
Net ry. oper. income
Report—
Crowley, Chairman, states:
Public Utility Holding Company Act of 1935—On March 6, 1940, the
Securities and Exchange Commission issued an order to Standard Power &
Light Corp. (which owns a majority of the common stock of Standard Gas
& Electric
Co.), Standard Gas & Electric Co. and each of their subsidiary
amounted to $5,782,179, an increase of $409,478 over the preceding year.
While operating expenses and taxes increased, interest charges and other
Shell Union Oil Co .-—New Director-—
tor to fill
Leo T.
are
Schick Dry Shaver, Inc. —Patent Claim Dismissed-^
Serrick
Standard Gas & Electric Co., Inc.—Annual
toilets,
"pay toilets," the remaining 65% are free.
In the pay
toilets both ScotTissue and Scot! issue towels will be free.
In the free
toilets ScotTissue will be available at no cost but ScotTissue towels will be
dispensed in the special World's Fair envelope from, a special vending
machine.
In addition, Scott products will be indentified through the use
of an attractive plate placed upon the
dispensing fixtures.—V. 150, p. 1455.
2743
contra), $596,685; total,
The total
payrolls of all public utility companies in the system amounted
$41,513,319 for the year 1939 as against $42,247,542 for 1938.
At
1939, 22,736 men and women made up the organizations of those
companies, and at the close of 1938. 23,127 were employed.
Maintenance and Depreciation—The operating companies in the system,
to
Dec. 31,
in keeping with the exacting standards of the utility industry, continued
their policy of adequately maintaining facilities to Insure continuity of
earning capacity, and of accruing adequate reserves for retirements, depre¬
ciation and depletion, to provide for the replacement of property retired
from service or depleted.
During 1939 maintenance expenditures by the
subsidiaries amounted to $6,296,649, equivalent to 6.7% of total operating
The Commercial & Financial Chronicle
2744
the appropriations for retirement, depreciation and depletion
$11,685,366, equivalent to 12.5% of total operating
Accordingly, the subsidiaries spent for maintenance and appro¬
priated for retirement, depreciation and depletion reserves $17,982,016, or
revenues, and
amounted to
reserves
revenues.
19.2 cents out of each dollar of total operating revenues.
Including the expenditures by affiliated companies, total maintanance
the system was $8,888,484, equivalent to 6.3% of total operating
of $141,530,103, and the appropriation for retirement, deprecia¬
tion and depletion reserves amounted to $16,074,356, equivalent to 11.4%
of total operating revenues.
the court over the
_
of the largest Bingle items of expense.
Property Development—During 1939 there was expended $19,747,932 for
additions and betterments to the properties in the System, most of which
was for extensions to transmission and distribution systems.
$37,933,564 for additions and better¬
1940 have been approved.
Of this
amount $4,998,647 was carried over from the 1939 construction program
for projects not completed during the past year.
Of the $37,933,564
construction budget, $26,422,847 is on account of expenditures for ad¬
ditions to property of subsidiary companies and the remainder of $11,510,717
is for additions to properties of affiliated companies.
Estimated expendi¬
tures during 1940 on these construction budgets aggregate approximately
Construction budgets amounting to
for the entire System during
ments
$27,500,000.
The
for
estimates
the
$33,580,396 and include
installations,
totaling
projects:
following
department in the System aggregate
the cost of six major electric generating plant
electric
160,000
kilowatts of generating capacity,
60,000 kilowatt capacity unit by Duquesne
for the
Light Co. in the James H. Reed
of the court may be taken by the special trustee has not
expired.
yet
Earnings for the year 1939 appeared in the "Chronicle"
of March 9, p.
t
fjave the holdersdefault instocks greater powers in the election of directors
of these the payment of cumulative dividends thereon.
,J?u
event of
*
The
foregoing transactions were approved by the stockholders of Phila¬
delphia Co. on March 12.
During the year, the funded debt of Oklahoma Gas & Electric Co. was
reduced $461,000 through the operation of the sinking fund for that
company s 4% deoentures due 1946.
Wisconsin Public Service Corp. reduced its funded debt $250,000 through
the operation of the
sinking fund for that company's first mortgage 4%
bonds series due 1961.
In March, 1939, Northern States Power Co.
(Wis.), an affiliate, sold to
$17,500,000 first mortgage 3bonds due 1964.
The
bonds yielded a premium to that
company.
The proceeds were used to
retire $14,905,300 of its bonds and those of a
subsidiary company bearing
underwriter
interest rates
struction
In
varying from 5% to 7% and the balance
was
used for con¬
purposes.
Nov
1939, Market Street Ry. Co., an affiliate, proposed to the
7% first mortgage bonds due April 1, 1940, that the bonds
,
holders of its
be extended five years and the interest rate reduced to
5% and that during
the
period of extension the bonds be retired in part through the operation
fund of 2% of the amount of bonds outstanding.
On March
30, 1940, the plan for extension was declared effective and
operative.
In
the plan Market Street
Ry. Co. agreed that no payment o* principal or
mterest
Co.
would
be
made
on
its indebtedness
to
Standard
Gas
&
Electric
existing
on the effective date of the plan until the bonds as extended
paid in full and that the interest on such indebtedness would accrue
at the rate of
4% instead of 6% per annum.
Litigation
Litigation with respect to the validity of the assessments
were
made against
™
the company by Cook County, 111., in which
an
office of the
i?Pian<£o^a.8vr.^°rmeriy located, for personal property taxes of approxifor the year 1937 and approximately $618,000 for the year
?noQ
i
i
1/138 is pending in the Superior Court of Cook County in an action brought
7.^1
y
company.
The foregoing amounts are exclusive of penalty
The oificers of the company believe that the assessments
i
*
*
apd interest.
excess of any
amounts for which the company night ultimately
liable, for the reason that the company is a Delaware corporation
a?,?*!
state
Pr«Pert.y during those
Illinois
years was located principally outside of the
opinion of attorneys for the company such
property was not taxable under the laws of that State.
Accordingly no
provision has been made in the accounts of the
company for such assess¬
of
and
in
5,462
dem.
28, 1939, an order was entered by the U. S. District Court
District of Delaware
dismissing a suit instituted therein by a special
upon causes of action alleged to exist in favor of
trustee of the
company
^»?iJa?I?iP^ny' which
which that court
ngs n 1938.
reorganiza-
Under the terms of his appointment, the special
empowered to institute suits and to negotiate for the compromise,
or adjustment ot
any such causes of action.
The order was
entered upon motions of the
dexendants, all of whom have denied the merits
or the
72,227,500
599,244
127,058
1,344,932
799,211
2,080,533
884,106
Total....... 184,603,716
35,526
187,584,334
.
41,595
_
Reserves
Earned surplus.
DIvh. rec. & int.
accr. onsecur.
recelv.
Div.
987,579
1,360,470
of affiliates...
on
100,210
100,210
disct. & exp._
1,200,563
Other def. chgs.
8,069
1,308,926
9,068
other Inv. sec.
debt
Unamort.
Total....... 184,603,716
See footnote
187,584,334'
(a) of consolidated balance sheet.
Consolidated Balance Sheet Dec. 31, 1939
[Exclusive of Deep Rock Oil Corp. and Pittsburgh Ry. Co., and the sub¬
Philadelphia Co.
and Beaver Valley Traction Co. and Its subsidiary.)
J,;
^
sidiaries of those companies, street railway subsidiaries of
r
.
Property, plant, and equipment, &c._.
1...
$570,151,456
Intangibles
—
—
13,728,868
Excess of owning companies' ledger values of securities of sub¬
sidiaries consolidated over the latter's book value thereof.. 122,064,319
Investment and fund accounts (including $587,501 pledged as
collateral to funded debt and note payable)—
Securities of affiliated companies
8,770,952
Other investments
8,243,262
Indebtedness of affiliated company, not current
893,456
Securities of, and accounts receivable from, Deep Rock Oil
Corp. a subsidiary—
Applicable to Standard Gas & Electric Co
34,244,182
Accounts receivable by subsidiaries of Standard Gas &
...
Electric
105,376
Co
Securities of, and account receivable from,
Power Co.,
an
Mountain States
affiliate
11,203,601
—
Investments of subsidiaries in securities of, and receivables
from, Pittsburgh Rys. Co. and subsidiaries, street rail¬
way subsidiaries
of
Philadelphia
Co.,
and other
street
railway companies (including $13,952,674
of
matured bonds):
52,458.916
Securities
Indebtedness of Pittsburgh
current—Federal
Rys. Co. and subsidiaries, not
income
settlement
tax
accounts originating prior to receivership
Other indebtedness—offset by deferred credits
and
sundry
2,544,753
—...
and reserves
(contra)—
Interest and rents receivable...
■/■I -'-
/V
•
•
•
7,336,284
.......—
Payments on obligations guaranteed by Philadelphia
Co. applicable to securities heid
by:
2,547,986
Philadelphia Co. and consolidated subsidiaries
.
822,146
Others
765,432
Sinking funds and other deposits—
_Crl27,666,166
Reserve of Standard Gas & Electric Co. for invetments.
Reserve of Philadelphia Co. for revaluation of assets—
Cash
Cr23,000,000
21,011,733
....
436,591
hand, demand deposits, and time deposits
on
Cash deposited for payment of interest, dividends,
Accounts and notes receivable customers..
Materials
and
&c
7,278,351
;
7,079,191
93,081
supplies
Indebtedness of affiliated companies
Accounts receivable—Pittsburgh Rys.
Co.
and
originating since receivership.
subsdiaiary.
214,978
—
—
403,690
100,210
Unamortized debt discount and expense.— —
Retirement work in progress..
—
.....
30,174,755
1,257,849
Accounts and notes receivable—other.
Dividend receivable on other investment——
Unbilled electricity and gas
947,038
636,726
Prepayments
Loss
on
property abandoned or sold and
abandoned
preliminary costs of
projects
1,454,137
—
Flood and rehabilitation expense in process of amortization..
Contractual capital expenditures in process of amortization—
Expenses in connection with reclassification of property..
Prepaid rents and royalities
Other
deferred
charges
967,097
330,398
1,136,476
— -
839,695
599.595
6,168,305
........
Commissions and expenses on capital
stocks
Total
.
*
$766,344,718
-
Liabilities—
a Capital stock of Standard Gas & Electric Co.
_.__$108 977,013
Minority interest in capital stocks and surplus of subsidiaries. . 159 658,905
Funded
debt—
Standard Gas & Electric Co__—
Subsidiaries
-
-
Notes payable
71 209,500
268 599,300
3 667,667
4 073,007
2,008
1 313,967
611,558
14 107,082
3 082,113
278,650
1 681,961
25,000
298,960
95,834
-
—
Accounts payable
Indebtedness to affiliated
—
companies
Customers' deposits.....
Accrued salaries and wages
Accrued
-
—
—
—
taxes
—
Accrued interest
Other accrued liabilities
__________
/
Dividends declared
Serial funded debt maturity in 1940.
Customers' advances for construction
—
Flood conservancy and paving
Advances made by Deep Rock
assessments.
Oil Corp. to Deep Rock Oil &
Refining Co. for additions to leased property owned by such
515,062
company
Interest and rents receivable, Pittsburgh Rys.
Interest and rents received—Pittsburgh
Customers' payments in advance.
Other deferred liabilities and unadjusted
9
Co. (contra)...
Rys. Co
.....
—
208,021
109 ,606,562
credits
Reserves
Contributions in aid of construction
3 ,490,242
...
Surplus of subsidiary invested in its common
Consolidated earned surplus
.
,884,269
622,876
95,103
stock reacquired
.
4
3,371
,236,686
Totala
Arrived at
$766,344,718
-
as
follows;
Preferred stocks of Standard Gas
& Electric Co-
by 368,348 shares of $7 cumulative preferred, 100,000 shares
of $6 cumulative preferred and 757,442 shares of $4 cumulative preferred,
(all of no par value), $87,350,943; common stock (2,162,607 no par shares),
21,626,070.
represented
were referred to in its plan of reorganization and over
reserved jurisdiction at the termination of the
H.?, «pr^ce
21,626,070
99,352
accrued
Other accruals
1,059
Accts. receivable
87,350,943
1,414,197
24,000
3,331,215
Interest
7,510,770
4,335,407
deposits
Cash,spec, dep.
5
$
Preferred stock
Taxes accrued-.
hand &
on
1938
1939
a
furniture
and fixtures..
Cash
Only)
87,350,943
aCommonstock 21,626,070
Funded debt
71,209,500
Accts. payable.
51,578
305,259,700 305,227,025
Res. for inv.Cr.127,666,166 127,595,831
Investments
Office
(Company
Liabilities—
the
ments.
-
31
S
$
the Twin Cities area;
present station at Pueblo, Col.
The gas department contemplates the expenditure of $3,524,170 for
additions, and other departments will expend $828,998.
Reorganization of Mountain States Power Co.—The amended plan of re¬
organization of Mountain States Power Co., dated as of Sept. 30, 1938,
was confirmed by the U.S. District Court for the District or Delaware on
Feb. 5, 1940.
On March 18, 1940, pursuant ro the plan, Standard Gas &
Electric Co. received 140,614 shares of common stock (56.38% of toral
issue of common stock and 46.49% of the shares of voting stock) of Mountain
States Power Co., as reorganized, in settlement of its claim as a creditor on
an unsecured open account aggregating $6,947,293 plus all interest accrued
thereon, and or its rights as holder of 88,530.38 shares of common stock.
Reorganization of Deep Rock Oil Corporation—Following the decision of
the U. S. Supreme Court in Feb., 1939, reversing that of the U. S. Circuit
Court of Appeals for the Tenth Circuit, with respect to a plan of reorganiza¬
tion of Deep Rock Oil Corp., negotiations continued throughout the year
for the formulation of a new plan.
On Feb. 29, 1940, the U. S. District
Court for the Northern District of Oklahoma, at Tulsa, entered an order
holding that Standard Gas & Electric Co. was not entitled to participate
in the reorganization and that Deep Rock Oil Corp. was the owner of all
the Stock of Deep Rock Oil & Refining Co., and directing that the note
and the stock of the latter company held by this company be surrendered.
This company has appealed from that decision.
Capital Changes and Refunding—During 1939, Standard Gas & Electric
Co. acquired in the open market $1,018,000 principal amount of Its notes
and debentures.
These, together with $1,422,000 principal amount pur¬
chased in 1938, completed the program undertaken during the closing
months of 1938 when the board of directors appropriated $1,500,000 with
which to acquire these securities.
In Feb., 1940, the company purchased
in the open market $685,000 principal amount of its notes and debentures
at a cost of approximately $450,000.
These notes and debentures, together
with those acquired in 1938, are held in this company's treasury, the
aggregate principal amount being $3,125,000.
In Sept.,
1935, Standard Gas & Electric Co. sold, at cost to it, the
capital stock of Public Utility Engineering & Service Corp. to certain
operating companies in the system.
Since that date services of that cor¬
poration have been rendered to the companies in the system on the basis
of actual cost.
In 1939 an application by Public Utility Engineering &
Service Corp. to the SEC for approval as a service company for companies
in the system was approved by the
Commission, and the capital stock of
the Service Corporation was reacquired by Standard Gas & Electric Co.
At the same time the capital of the Service Corporation was reduced.
On Jan. 30, 1940, the SEC approved, subject to certain conditions, the
declaration of Philadelphia Co., under the Public Utility Holding Company
Act of 1935, which provided, among other things, for the reduction in the
capital of its common stock from $10 per share to $7.25 per share, and the
creation of a reserve of $23,000,000 ior revaluation of assets.
The Com¬
mission also approved changes in voting rights of preferred stocks which
Dec.
1938
1939
Power Co. (Minn.) in
7,500 kilowatt capacity new generating station by Northern States Power
Co. (Minn.) at Saint Cloud, Minn.
/
10,000 kilowatt capacity generating statioq by Northern States Power Co.
(Wis.) at LaCrosse, Wis.
25,000 kilowatt capacity unit by Louisville Gas & Electric Co. in the
Canal Street Station at Louisville, Ky.;
7,500 kilowatt capacity unit by Southern Colorado Power Co. in its
1615.
Balance Sheet
'
A* $&ci&
a
Station at Pittsburgh;
50,000 kilowatt capacity unit by Northern States
The period within which an appeal
in that court.
the special trustee to sue
from the order
one
An appeal is
subject-matter and over the defendants.
revenues
Taxes—Taxes still constitute
1940
being taken by the special trustee.
On March 13, 1940, the Supreme Court of the State of New York, New
York County, dismissed a similar suit Drought in that Court by the special
trustee on Feo.
16, 1940.
This decision was rendered upon motions made
in behalf of certain of the defendants on the ground of lack of capacity of
for
Including Federal income taxes, but excluding certain taxes which are
charged into accounts other than taxes, the aggregate taxes of the sub¬
sidiary companies for 1939 amounted to $13,474,662, such taxes repre¬
senting nearly 14.5 cents out of each dollar of operating revenues.
Taxes
for all of the operating public utility companies in the System amounted
to $21,172,688, or nearly 15% of gross operating revenues, an increase of
7.61% over 1938.
April 27,
action, to dismiss the suit
on
the ground of lack of jurisdiction of
Weekly Output—
Electric output of the public utility operating companies in
& Electric Co. system for the week ended April 20,
Gas
119,689,580 kilowatt-hours, an increase of 12.4%
corresponding week last year.—Y. 150, p. 2594.
the Standard
1940, totaled
compared with the
Volume
The Commercial <£ Financial Chronicle
ISO
Southwestern Associated Telephone
Period End. Mar. 31—
Operating
$111,453
300
Operating revenues...
Operating expenses.
$342,474
900
$102,060
63.282
66,568
"
$313,563
7 50
$341,574
205,581
$102,310
250
$111,153
revenues
Uncollectible oper. rev._
Co.—Earnings—
1940—3 Mos.—1939
1940—Month—1939
$312,813
189,726
2745
of the oil business, having acquired and developed proven oil reserves
located chiefly in the State of Texas and represented by interests both in
leases and in royalties.
Company's
Conroe and East Texas fields.
To
principal properties
are
in the Hastings,
Pay 60-Cent Dividend—
Directors have declared
a dividend of 60 cents per share on the common
payable May 4 to holders of record April 29.
Last previous dis¬
was the $2 dividend paid on Dec. 8, 1938.—V. 150, p. 2270.
■
stock,
tribution
$44,585
10,592
$38,778
$135,993
9,819
31.852
$123,087
29,499
$33,993
Net oper. revenues
Operating taxes
$28,959
'•:.■■■■
$104,141
$93,588
Superior Water, Light & Power Co.—Earnings—
Pencd End. Feb. 29—
Net operating income.
—V.
150. p. 2117.
•
■
:•
Operating
Operating
Direct taxes
Southwestern Bell Telephone
3 Mos. End. Mar. 31—
1940
Co.—Earnings—
Total revenue........x$23,911,961 x$22594,193
Total exps., incl. taxes..
Interest
Net income
18,300.049
774,257
$1,837,655
3.892,500
...
......
Dividends paid
...
17,460,378
772.729
$4,239,677
4,273,746
$4,376,783
3,841,246
def$34.069
$535,537
x Includes an amount estimated at
$56,25-j in 1940, $7,495 in 1939 and
$59,400 in 1938, which may be refunded in whole or in part in the event
of adverse rate decisions.—V. 150, p. 2269.
Surplus.........
$468,586
$945,155
Gross from
48,000
$18,843
$18,941
$210,583
$206,805
7
108
Gross income
Interest on mtge. bonds
Other interest and deduc.
Int.- charged to construe.
$18,843
$18,948
$210,691
5,450
83,895
.....
$57,882
12,578
$61,373
12,033
5,402
4,57 1
-V.
150,
172,581
40,838
19,670
145,818
10,374
181,717
34,046
defl0,266
(A. E.) Staley M*g. Co. (& Subs.)-1—Earnings—
Other
Total.
1939
$953,219
279,287
275,197
617,298
$1,170,669
590,627
196,634
(est.)
168,834
Net profit
$427,452
$692,188
Standard Brands, Inc. (&
Period End. Mar. 31—
$332,128
1940—12 Mos.—1939
Comparative
$9,287,503 $37,997,057 $37,507,920
a
Notes
on
76,580
$3,195,515
259,832
...
Net inc. for the period
x
Deprec.
incl.
Based
$2,195,456 $16,797,703 $10,185,698
35,292
1.127.665
378,508
1.683,506
$2,341,998
$1,767,110
..-7,931,195
$8,123,684
$0.1674
$0.1219
$0.5560
426,841
(Va.)-
1,761,079
allow,
Liabilities—
8
$
689,354
4,280,795
Total
60,000
Inventories
5,370,769
5,379,296
Carried
212,438
83,344
550,405
expenses,
631,490
512,717
828,258
6.686,987
6,786,085
1
Note—Asset
'■
.
1
.
750,000
&
other
85,825
85,000
424,783
265,567
Reserve for possible
on
156,770
proximately $5,089,000 (1939—$4,674,000).
Included herein are certain
of trust dated Feb. 14, 1938.
c Represented by 2,104,391 no par shares.
securities deposited under a declaration
Comparative Consolidated Income Statement
1940—3 Mos.—1939
1940—12 Mos—1939
earnings-_._._.a$l ,711,540
$1,503,389 a$6,490,777 a$5,937,002
Period End. Mar. 31—
Int.
Total
5.451,951
3,425,714
3,001,025
18.925,612
18,678,622
to
1933,
March 31 were published in V. 150, p. 2595.
P Standard Oil Co. of Kansas—Arranges $3,600,000 of
Financing—Company has just completed $3,600,000 of
finacing, consisting of a $1,800,000 secured 2% note and
$1,800,000 of secured 3x/i% debentures placed with a group
of banks and other institutions through Eastman, Dillon &
Co., New York.
The note matures in annual instalments of
one
to six years, and the debentures mature in 10 years.
A sinking fund will reduce the debentures to $600,000 prior
maturity.
proceeds of the sale will be used to retire existing debt and for general
corporate purposes.
Company is the successor to the Standard Oil Co. (Kansas) which was
one of the subsidiaries of the old Standard Oil Co. of New Jersey.
Followy
ing.distribution of the stock of the predecessor company to stockholders of
company in 1911, control was acquired by C. B. Wrightsof Houston, Texas.
Company is now solely in the producing end
the'New Jersey
man,
4,175,792
1 67,130
693,733
648,096
$432,562
on
$335,376
68,019
$1,621,252
66,360
$1,446,022
277,870
1,926
1,999
8,264
8,815
114
231
49,401
154
197,993
197,793
2,535
$215,727
5,019
$1,147,665
22,074
$960,157
60,471
$312,216
bonds & mtge
$210,708
$1,125,591
$899,686
267,176
of debt discount
^
49,412
$314,751
Amt. appiic. to min.
int.
Net income....
1.388
Includes, in addition to the customary profits and losses on security
transactions of Stone & Webster and Blodget, Inc., incident to its business,
a
profits of $102,126 for three months of 1940 and $275,396 for 12 months of
1940 (1939—$2,634) realized on sales of investment securities by other
companies.
Notes—The consolidated financial statements include the accounts of ali
subsidiaries of Stone & Webster, Inc., other than two small companies, the
assets and net income of which are relatively insignificant.
The earnings as stated do not take account of the difference between book
amount and quoted market or estimated fair value of securities owned.
Comparative Consolidated Balance Sheet March 31
102,354
appraisal values per report by Coats and Burchard as of Dec. 31,
The
1,000,883
170,495
and expense
Other interest.
1940
5,447,834
Earned surplus
3,842,883
1,108,483
Balance-
Assets—
a
Office
bldgs.
1940
1939
$
6,209,235
Capital surplus
subsequent additions at cost.
to
1932 and cost of sub¬
1,
of Jan.
1937, such remaining shares having been written down to quoted market
The quoted market or management's estimated fair
31, 1940 ap¬
reposses¬
sions.
value and reserve for depreciation of buildings adjusted
It Earnings for 3 months ended
.....14,362,105 14,040,612
Total
as
value, of all securities carried in this account, was at March
$
8,881,190
6,684,823
Accounts
8,272,417
7,027,333
Unadjusted credits
1,145,856
b Securities-
hand.
44,467
464,820
502,811
1,592,302
40,539
1,397,677
73,747
1 repayments.....
40,816
9,024
stk.
1,322.830
48,570
less res've.
fund,
int.
&
in
cap.
surp.
of
senting cash held
958
754
53,057
274,776
5,000,000
9,183,206
1,550,577
957,650
24,732,660
24,151,071
sub..
c
Capital stock...
60,091
38,918
187,280
5,000,000
Capital surplus... 9,218,839
Earned surp.(since
repre¬
by bond trustees
$
643,200
Deprec. reserves
Mln.
Materials & suppls.
1939
6,118,000
Int. & taxes accr'd
a
Accts., int. & notes
Sink,
5,911,000
payable767,299
8,881,190
6,192,287
Cash in banks & on
rec.,-
8
Liabilities—
Bond & mtge
&
real estate
18.925,612 18,678,623
Total
717,496
patent
on
claims
loss
goodwill, &c
.
180,000
Com. stock (85 par) 6,215,315
licenses,
k
25,791
1,047,551
120,000
Reserve for product
Plant and equip, at
Patents,
1,204,665
guarantee
used in opers
down values
1,164,266
acceptances
Purch. money oblig
Res. for cap. losses
litigation
prepaid
&c
Land and bldgs. not
Supplies,
cost
Trade
loss
receivables
at written
Balance..
8400,000
923,091
Reserve for possible
155,000
non-current
2,699
..14,362,105 14,040,612
value of Dec. 31, 1937.
$
8200,000
Accounts payable.
Accrued liabilities.
Mtge. rec. instl. due
Other
3,506
debits
1939
S
Bank loans
Mortgage note rec.
19,648
3,932
2,058
for depr.
Depreciation..
1940
1,152,453
4,224,842
rec.
14,838
450,185
1,720,648
-Consolidated Balance Sheet
1939
Cash in banks and
1941
12,332
Operating expenses
Taxes........
433,863
1940
Jan. 1,
23,887
65,308
less
rec.,
Sundry assets
Amort,
Accts. & notes
8,492,827
3,661,452
Capital surplus... 8,505,573
Earned surp.(since
Jan. 1, 1938)
765.537
&
hand
Gross
Stewart-Warner Corp.
March 31—
hand
banks
54,553
Capital stock
Furn. & eqpt., less
on
Assets—
5,000,000
reserve.*... J..
$0.5711
cost &
before ar¬
12,648,108 shares in hands of public March 31, 1940 and 1939.
-V. 150, p.1615.
on
23,059
5,000,000
Taxes accrued
sequent purchases except in the case of shares of common stock of Engineers
Public Service Co. remaining after the distribution to stockholders Dec. 27,
1,738.844
riving at net inc. for
the period
x
22,905
c
$9,652,368
533,330
in
other accts.
Unadjusted credits
4,381,645
27,855,552
393,056
Net income per share of
common stock
1,272,500
4,281,909
3,963,576
cos.
13,538
27.578,083
7,175,676
593,686
>v
V
9,233
Accounts payable.
$2,111,828 $10.41o,974
83,630
378,730
Prov. for Fed. & foreign
income taxes
$
4,686,830
4,799,405
sequent purchases except in the case of the investments in subsidiary com¬
panies owning land and office buildings which were 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 sub¬
gen.
6,703,355
in
1939
$
Liabilities—
1,272,500
...
b Sees, of oth.
Cash
1940
$
from
rec.
sub. cos
Only)
Corporation
(Parent
1939
$
Invs. in sub. cos.
a
$3,118,935
March 31
Sheet
1940
$26,828,802 $108883.854 $108,509199
17,541,298
70,886,797
71,001.279
expenses
Balance
Assets—
Unadjusted
$9,822,290
take account of the difference between
owned.
book amount and quoted market or estimated fair value of securities
accts.
17,036.211
Gross income
$533,371
Net income..
Other notes, int. &
Subs.)—Earnings1—
1940—3 Mos.—1939
Gross sales, less discts.,
returns & allowances.$26,858,501
Income charges
...
Note—The earnings as stated do not
[Operations in foreign countries of certain subsidiaries included for
similar periods ended Jan. 31, or Feb. 29, 1940, and Jan. 31, or Feb. 28,
1939 ]
-
Net profit xromopers.
Income credits
$1,143,850
571,694
38,784
$841,450
.....
...
a
Expenses include, in addition to fixed rental payments for space occu"
pied, $107,249 (1939—$129,708) paid to Stone & Webster Realty Corp'
under the terms of its lease of the Boston office building owned by that
57,246
...
,
Note—No provision has been made in this statement of earnings for the
liability, if any, for excess profits taxes or for surtax on undistributed net
income imposed by the Federal Revenue Acts, as such liability, if any, is
not determinable until the end of the year.—Y. 150, p. 1614.
&
$1,507,703
588,492
.77,761
...
Total earnings..
Operating expenses
190,668
151,943
Depreciation
adminis.
$905,813
238,037
....
Other divs. int. & miscell. earnings.
on sales of securities.
Profit
1938
$1,410,218
205,090
earnings
Expenses
Sell.,
T939
$809,520
64,518
31,775
1940
$856,985
62,271
33,964
corporation.
1940
$1,759,645
710,424
3 Months Ended March 31—
Gross profit
$70,613
2441.
p.
Son«—Transfer Agent—
Gross
Cost of gooos sold
35,000
$86,421
Comparative Income Statement (Parent Corporation Only)
a
Guaranty Trust Co. of New York has been appointed transfer agent for
the $5 cumulative preferred stock, series A, of this company.—V. 150,
p. 2440.
Fed. income taxes
Cr 67
$105,613
35,000
.......
Taxes
(E. R.) Squibb &
5,450
96,065
Stone & Webster, Inc.—Earnings-
9,557
—V. 150, p. 2594.
$207,061
$121,431
$12,085
$11,754
256
1
Cr85
'
Dividends applicable to pref. stocks for the period
$64,504
16,767
8,737
16,726
.
6,409
...
Interest
166,572
41,070
Net from railway
Net ry. oper. income
454
454
6,635
Net income
1937
1938
$55,536
9,549
1,685
railway
railway......
156,755
12 Months Ended March 31—
Revenue from subs.—Dividends
Spokane International Ry.—Earnings—
Net ry. oper. income...
From Jan. 1—
J
Gross from railway
161,908
Net oper. revenues...
Other income
Company has notified the New York Stock Exchange of the appointment
Bank of the City of New York as Registrar of its
common stock in lieu of Guaranty Trust Co. of New York, effective June 30,
1940 —V. 150, p. 2440.
1939
649,813
48,000
Balance
1940
$1,061,373
4,000
of the Chase National
Net from
.
...
676,259
4,000
Spiegel, Inc.—Registrar—
March—
_
_
retire, reserve
appropriat ions.......
x$21654.875 $20,980,713
16,890,041
16,12^,848
'
525,157
483,082
$4,361,086
3,892,500
_
-1939
1940—12 Mos.
$1,096,750
Property
1937
1938
1 939
1940—Month—1939
$91,615
$94,962
54,261
57,510
14,413
14,609
revenues
expenses
48,523
67,932
Jan.
1, 1938)
..
Furn. & eqpt., less
allow, for depr'n
Unamort. debt dis¬
count & exp
Unadjusted
Total.
debits
62,694
24,732,660 24,151,071
Total...
buildings and real estate and depreciation reserves are stated at
31, 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 subsequent
a
Office
Dec.
gurchases except in theafter theshares of common stock of Engineers Public
ervice Co. remaining
case of 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
March 31, 1940 approxi¬
herein are certain
Feb. 14, 1938.
shares.—V. 150, p. 1616.
Represented by 2,104,391 no par
-Earnings—
1940
3 Mos. End. Mar. 31—
Tolls, &c—
Profit on sale of com¬
$105,162
pany's bonds retired ..
208
Income from investm'ts_
1937
1938
1939
April 27, 1940
& Pacific Ry.—Earnings—
Texas
carried in this account, was at
mately
S7.018.0C0
(1939—f6.616,000). deluded
securities deposited under declarations of trust dated
c
Chronicle
TieCommercial & Financial
2746
1940—Month—1939
$2,303,932 $2,266,957
1,644,262
1,574,828
Period End. Mar. 31
Operatingrevenues___..
Operating expenses
162,709
108,350
5,547
Railway tax accruals
Equip, rentals (net)
Joint facility rents (net) _
175,886
income.
$460,766
$346,089
31,293
31,460
$492,059
*3,382
$377,549
8,956
Fixed charges
Net income
91,042
1,410
1940—3 Mos.—1939
$6,502,675
$6,355,001
4,546,813
4,543,749
458,896
496,448
321,233
278,732
13,669
6,997
200
$94,366
$98,400
$98,112
22.737
19,994
8,631
21,113
4,800
Admin. & gen. expenses .
Taxes
Interest
Financing costs
Fed"
4,969
5,006
11,318*
15,196
8,098
11,208
18,000
15,005
8,041
27,600
Misc. deductions
1,003
3,690
5,041
& State tax
"2" 993
5% cum. conv. pref. divs.
Class A dividends
18,000
Common dividends..—
1~,629
$9,962
11,875
15,000
12,000
$11,219
11.095
23,666
Net profit
"2",744
$11,646
11,875
15,000
$7,841
11,875
15,000
12,000
12,000
Co.—Earnings—
1940—Month—1939
$399,902
$427,615
139,968
169,119
23,779
61,989
23,831
58,846
$172,728
$177,257
Maintenance
,
Net oper. revenues...
1940—12 Mos.—1939
$4,785,836
$4,477,765
1,879,083
1,630,704
285,699
274,853
699,093
646,396
$1,921,961
3,057
$1,925,812
2,724
80
112
$172,808
./
35,833
$177,369
35,833
$1,925,018
430,000
$136,975
$141,535
428
359
$1,495,018
7,071
356,448
Direct taxes
87,493
90,050
90,343
1,088,717
386
146
3.536
1,975
$305,353
$347,059
$4,572,643
Gross income.
306
Gross income
Int.
on
Int.
on
mtge. bonds....
deben. bonds...
Other int. & deductions.
$141,176
$136,547
—
$1,487,947
$1,490,551
70,000
1,338,943
Net Income
70,000
1,338,902
_
Common dividends
.
-V. 150, p.
120.000
$2,238,234
$1,968,951
865.050
$147,271
stocks for the period
1940
$1,632,822
1,448,382
1,234,415
Costs and expense
1939
1938*
1937
$1,748,978
$1,468,712
1.297,681
1,081,277
$1,644,920
1.536,991
1,223,571
43,934
41,537
Earnings for 3 Months Ended
$269,485
13,307
$171,310
18,359
$329,547
21,399
$189,669
16,743
55,040
$350,946
$239,403
$183,912
$282,792
41,816
35,173
40,695
58,178
$106,923
103,739
36,707
$183,919
103,983
36,706
$117,886
104,377
36.706
36.706
$33,522
sur$43.229
$23,197
sur$94,139
$0.02
$0.54
$0.09
$0.89
Total income
Net profit
dividends
Common di vidends
Selling, general and administrative expense
$26,298
12,529
Profit from operations.
Other income
$13,769
3,124
Deficit
Earn, per sh.on com .stk.
Profit
liquor ware, on July 9, 1935; earnings statement for
operating results of this subsidiary.—Y. 150, p. 1617.
Thermoid Co. (& Domestic
$8,682
i
Profit
Pro v. for depreciation
Interest charges.
Balance Sheet March 31, 1940
on hand, $52,560; U.S. Government securities
receivable—trade (less reserve for bad
$52,735; inventories, $177,171; other current assets,
corporate stocks, $4,105; property, plant and equipment
(less
for depreciation of $523,466), $309,088; deferred charges, $6,330;
Assets—Cash in banks and
Amortiz.
of
$1,353;
reserves
$2,500),
total, $604,359.
Liabilities—Accounts
of
bond
__
29,258
4,215
12,685
16,731
123,004
18,402
19,008
Net profit
Propor. of net income of
$135,368
$65,150
$503,004
$180,844
$13,861; unclaimed wages, $5; accrued
liabilities, $35,541;
contingencies, $17,000; common stock
(par $5), $372,465; treasury stock, 909 shares at cost, Dr%3,636; surplus,
$169,123; total, $604,359—V. 149, p. 4187.
4,215
Southern Asbestos Co.
applic. to min. stock-
,
160
Operating I
Co.—Earnings-
1940—Month—1939
$700,745
revenues
$642,294
266,065
78,270
269,049
Operating expenses
Direct taxes
92,752
Property retirement re¬
serve appropriations..
Gross income
$8,398,796
3.541,616
1,031,905
83,333
1,000,000
(John R.) Thompson Co. (& Subs.)—Earnings—
12,631
$256,495
140,542
2,693
$214,365
140,542
2,627
$3,17,399
1,686,500
31,840
$2,837,906
1,686,500
31,383
$1,120,023
375,678
$1,073,381
$744,345
—V. 150, p. 2595.
3 Mos. End. Mar. 31—
1940
Net income
$2,045,008
Accts. & notes rec.
12,978
222,304
1,313,949
1,309,828
Inventories
x
per
After
share
depreciation,
1939
1938
1937
3,840,000
$1,434,466
3,840,000
$1,839,687
3,840,000
$0.37
$0.48
64,747
58,247
165,832
167,137
contingency
and
Federal
48,129
170,132
14,005,193
14,124,236
purch.
Total
.
As of March 31, current assets, including cash of $12,128,815, amounted
or
This does not include inventories of sulphur above ground
materials and
rent taxes of
supplies.
Current liabilities, including provision for
$1,701,440, amounted to $2,170,631.—V. 150, p. 1297.
Texas Mexican
March—
Gross from railway
1940
$63,672
3,526
def3,958
1939
$86,969
25,274
16,385
1938
$94,803
9.8Q9
1937
$135,373
47,001
32,713
'
def4,355
Jbrom tidTi, l—#
Gross from railway
Net from railway.
Net ry
oper.
income...
196,427
22,628
def4,475
219,927
35,531
9,426
286,921
37,494
163
360,302
112,514
69,312
V, 150, p. 2117.
Texas Pacific Coal & Oil Co.
Operating profit
income
1940
(& Subs.)—Earnings—
1939
and
$910,760
$898,338
548,073
Expenses..
Other
After deducting depreciation and
522,494
$362,687
$375,844
1938
$967,718
568,339
$399,379
1937
$895,872
541,604
$354,268
non¬
recurring income..
Deductions
Res. for depr., depl., &c
Sales
Costs & sell, expenses
Profit
...
Other income
1,500,000
4,157,978
4,210,528
stock...
Dr70,878
Dr61,578
Treasury
..14,005,193 14,124,236
Total
amortization.—V. 150, p. 2271
(& Subs.)—Earnings—
1938
1937
$35,289,340 $30,159,749 $33,839,692 $32,806,200
24,870,410
22,685,570 24,056,570
23,374,865
1940
1939
$7,474,180
—...
4,006
9,232
10,386
$10 ,686,400
Gen. & admin, expenses.
741,216
Ordinary taxes
1 ,115,141
Insurance
230,433
360,581
Interest, discount, &c._
Amort,
of exps.
$409,765
160,944
$385,075
25,106
153,609
147,348
$364,876
31,919
112,457
$179,692
$206,360
$240,218
$220,500
$9,783,122
289,203
$9,431,335
$7,727,612 $10,072,325
253,432
338,699
772,377
1,150,379
235,640
348,895
727,011
1,175,754
220,922
359,566
$9,770,034
734,347
996,340
193,955
372,740
23,219
3,181,386
31,800
14,619
3,221,937
314,157
3,213,672
455,300
of deb.
issue
Deprec. & depl. chgd. off
Prov. for Fed. inc. tax..
of invest,
4 ,016,009
442,800
and
undeveloped leases
Prop, retirement (net)
Prov. for contingencies.
Credits (net)
490,156
259,575
392,117
365,979
30,000
291,998
183,379
260,134
$4,040,354
$1,234,182
$3,250,264
562,500
955,338
562,500
1,593,888
562,500
1,592,360
$3,328,303
848,641
944,235
Surplus
$2,522,516 def$922,206
Earns.persh.on com.stk.
$0.50
$0.11
$1,095,404
$0.42
$1,535,428
$0.39
Net profit.
Preferred dividends
10,608
$366,693
26,057
267,470
Total income
Common dividends..
22,199
Extra Dividend—
on April 25 declared an extra dividend
the regular quarterly dividend of 15 cents per
stock, both payable June 1 to holders of record May
Directors
y
Profit
y
Before Federal income and undistributed profits taxes.—V. 150,
312,413
12,244
1,500,000
$10,418,930
3 Mos. End. Mar. 31—
Amortiz.
3 Mos. End. Mar. 31—
Gross earnings
5,786
Capital surplus
360,099
cur¬
Ry.—Earnings—
Net from railway
Net ry. oper. income.._
257,857
Tide Water Associated Oil Co.
income
taxes.
to $14,445,409.
258,352
In¬
terest, &c
employ.
for stock
x
Insurance reserve.
Accrued taxes,
8,799
46,450
191,007
Deposits as secur¬
ity on leases
$0.55
392,772
.
Deferred Income__
leases
Due from
293,856
stock
Earned surplus.._
Cash
$2,100,050
3,840,000
amortization,
13,793
221,766
$
7,500,000
Accounts payable
Common
4,000,000
Dec. 31*39
$
7,500.000
8.107,212
4,000,000
Deferred assets
$0.53
Shs. cap. stk. (no par)..
Earnings
Llabtlilies—
$
Prop, and equip. 8,007,122
Miscell. assets
Sulphur Co., Inc.—Earnings—
$127,494
Mar. 22 *40
Mar. 22 '40 Dec. 31'39
Assets—
x
Cash deposit under
$1,449,059
375,678
1939
1940
$53,916
Consolidated Balance Sheet
Goodwill
Balance..
x
$180,475
12 Weeks Ended March 22—
$2,825,275
239
$3,155,295
12,104
Net income.........
$113,260
$71,196
Dividends applicable to pref. stock for the period-
Texas Gulf
370
$502,439
Net loss after all charges
1,000,000
$214,126
884
bonds
on
mtge.
Other interest
$8,612,308
3,341,861
1,115,152
83,333
i
Interest
565
$65,074
-V. 150, p. 1458.
1940—12 Mos.—1939
$255,611
Net oper. revenues
Other income (net)
77
$135,208
holders' interest
Net income
Texas Electric Service
1940—12 Mos. - -1939
$547,391
$981,593
207,716
219,372
121,421
119,483
disc.
and expense
payable,
reserve for
Period End. Feb. 29—
1940 includes the
Prov. for Fed. inc. taxes
at cost, $1,018; accounts and notes
debts
108,558
Sub.)—Earnings—
1940—3 Mos—1939
$163,975
$252,622
51,563
54,277
30,362
29,504
Period End. Mar. 31—
Net prof it
19,624
91,919
Note—Thatcher Manufacturing Co. acquired all of the capital stock of
Olean Glass Co., Inc., of Olean, N. Y., manufacturers of packers' and
$16,892
8,211
Provision for depreciation
1,078,968
51,109
Federal income tax, &c_
March 31, 1940
Gross profit from sales
45.094
Miscell. deductions
Preferred
Corp.—Earnings—
1,459,624
11,481
$172,430
Other income
pany to
Terre Haute Malleable & Mfg.
$1,103,901
Ms •
Earnings—
Co.*
sales
167,254
865,050
$1,373,184
'
Gross sales
Net
12,523
2596.
Profit
April 10 authorized the com¬
issue 3-year 5% promissory notes in a face amount of not exceeding
$40,000, to be disposed of at not less than par, and the proceeds applied to
new construction and the purchase of equipment.
The notes are to be dated as of the date of issue, to bear interest at the
rate of 5% per annum, to mature three years after the dates thereof and to
be sold or otherwise disposed of at not less than par.—V. 147. p. 3172.
$4,388,705
2,132,500
120,000
124,726
.......
Thatcher Mfg.
Authorized—
Tennessee RR.—Notes
The Interstate Commerce Commission on
$4,586,293
2,103,333
...
Depreciation
—V. 150, p. 2595.
13,650
$347,502
177,708
10,000
$119,474
Net income
3 Mos. End. Mar. 31—
Preferred dividends
443
$4,381,878
6,827
Dividends applic. to preferred
Balance..
1,085,284
$305,659
170,417
10,000
5,768
Net oper. revenues—
Other income (net)
$1,498,536
7,985
Interest
Earnings—
1940—12 Mos.—1939
$893,617 $11,432,969 $11,237,492
365,824
4,559.748
4,680,327
90,245
1,209,025
1,088,028
$839,730
Property retire, reserve
appropriations
Amortiz. of limited-term
$1,928,536
430,COO
Non-oper. income (net)
Balance
$112,981
investmentsa
Period End. Mar. 31—
Operating revenues
Operation
Taxes
$293,079
24,719
975,995
1—1939
1940—Month
Operating revenues
Operating expenses
—V. 150, P. 1457.
Tampa Electric
$43,580
Light Co.
Texas Power &
Period End. Feb. 29—
~
$1,277,635
14,481
970,075
$1,113,695
325,013
2118.
—V. 150, p.
closed
Loss on deposits in
bSiIlkS
Res. for
25,163
18,000
15,157
8,202
26,400
12,385
Oper. & maint. expenses
Depreciation
$94,366
*98,473
$98,112
12,231
19,500
$105,570
—
$1,014,390
99,305
$166,388
Total income
Total income
$1,176,749
100,886
322,289
Net ry. oper.
Other income
73
p.
1952.
to
of 10 cents in addition
share on the common
8.—V. 150, p. 2595.
Volume
The Commercial
150
Tilo Roofing
Stocks, Inc.—To Pay SI Dividend—
Directors have declared a dividend of $1 per share on the common
stock, payable May 15 to holders of record May 6.
This compares with
$1.40 paid on Dec. 28, last; $1 paid on Oct. 30 and May 1, 1939, and on
Dec. 28, 1938; $2 paid on Nov. 1, 1938; $1 on July 15, 1938;
Dec. 24, 1937.
See 148, p. 3776 for record of previous dividend
—V. 150, p. 2441.
Toledo
Edison
and $3 on
payments.
^
Oversubscribed—A
Co.—Securities
group
headed
by the First Boston Corp. made public offering
April 19 of $3,000,000 1st mtge. 334% bonds and $7,250,000
sinking fund debentures.
The first mortgage bonds
were priced at 1043^ and int. and the debentures were offered
at 102 and interest.
Both issues were oversubscribed.
The
offering was made immediately following approval of the
financing by the SEC.
First Mortgage Bonds—Issued under an indenture dated as of July 1,
1938 and supplemental indenture dated as of Dec. 30,1938, as supplemented
by a proposed supplemental indenture to be dated as of April 1, 1940,
between the company and Chase National Bank, New
The issue has been authorized by the P. U. Commission
Bonds will be dated April 1, 1940 and mature April 1,
York, as trustee.
of Ohio.
1970. Principal,
and int. (A-O) payable at office or agency of company in New York.
Coupon bonds in denom. of $1,000, registerable as to principal, and as
registered bonds without coupons in denom. of $1,000 and such multiples
Ked. at any time prior to maturity
least 30 days' published notice, in whole, or in part by lot, at the
option of the company, by payment of the principal amount of the bonds
to be redeemed and accrued int. thereon to the date of redemption and a
of $1,000 as may hereafter be authorized.
upon at
premium equal to a percentage of the principal amount thereof determined
as follows: a premium of 8% reduced successively by ^ of 1% effective on
April 1 of each of the years 1941 through 1946, inclusive, and by M of 1%
effective on April 1 of each of the years 1947, 1949, 1951 and on April 1
of each of the years 1952 to and including the year 1968, and without
premium on or after April 1, 1968.
Maintenance and Replacement Fund
Provisions—Mortgage provides that,
long as any of the bonds of the 3 M % series due 1970 and any bonds of
the 3 H % series due 1968 (which are issued and outstanding under the in¬
denture dated as of July 1, 1938) are outstanding, company shall for each
calendar year pay to the trustee on May 1 next succeeding the close of each
so
accounting period as a maintenance and replacement fund an amount in
cash not less than the sum of 15% of the gross electric operating revenues
and 10% of the gross gas, steam and hot water heating revenues derived
from the mortgaged property during the accounting period, less, however,
the following optional credits: (1) All amounts expended during the account¬
ing period for repairs and maintenance of the mortgaged property; (2) the
cost of property additions, not theretofore funded, acquired, made or con¬
structed- during the accounting period (less 142 6-7% of the principal
amount of any outstanding prior lien bonds secured by lien on such property
additions not theretofore deducted in computing the amount of net property
additions which have been funded) to renew or replace or in renewal, re¬
placement or substitution for or in lieu of any of the mortgaged property
retired or abandoned since May 31, 1938, up to the close of the accounting
period, and not renewed or replaced prior to the beginning of the accounting
period, and for this purpose any property additions made, acquired or
constructed during the accounting period shall be deemed to be in renewal,
replacement or substitution for or in lieu of such property so retired or
abandoned to an amount equivalent to the property retirements resulting
from the retirement or abandonment of such property (the taking of a
credit under this subdivision (2), although the property additions forming
the basis of such credit thereby become funded, shall not prevent or pre¬
clude the
use
of the amount of such credit as
an
offset
or
reduction of prop¬
erty retirements for the purpose Of the computation of net property addi¬
tions); (3) the principal amount of all bonds or 142 6-7% of the principal
amount of all prior lien bonds, retired or redeemed and cancelled and for
which
no
bonds have been
or
will
be issued
or
other credit taken
or
cash
withdrawn; (4) any net property additions which might otherwise be made
the basis for the issue of bonds.
Credit for the purpose of this fund on the
basis of net property additions
shall be to the extent of 100% thereof.
The delivery by the company to the trustee of outstanding bonds or prior
lien bonds shall be deemed equivalent to the payment of cash to an amount
equal the aggregate principal amount of bonds or 142 6-7% of the principal
amount of prior lien bonds so delivered.
Any cash balance at any time held in the maintenance and replacement
fund may be applied by the trustee at the request of the company to the
purchase
or redemption of bonds, but at not in excess of the principal
thereof, or may be withdrawn by the company (a) upon the delivery
outstanding bonds or prior, lien bonds in an amount equal
to the aggregate principal amount of bonds and 142 6-7% of the aggregate
principal amount of prior lien bonds so delivered; or (b) to reimburse the
company for net property additions which might otherwise be made the
basis for the issue of bonds, e~cept that such moneys shall be withdrawn
to the extent of 100% thereof instead of 70 % as provided in the case of the
issue of the bonds.
In the computation of such net property additions for
the purpose of such withdrawal there shall not be deducted property retire¬
amount
to the trustee of
ments, nor shall there be added the amount of certain credits
of any proceeds thereof.
in respect
All bonds purchased or otherwise acquired by or delivered to the trustee
for this fund shall forthwith be cancelled and shall not thereafter be made
the basis for the issue of bonds
or
the withdrawal of cash
or
the
taking of
credit under any provisions of the mortgage.
Sinking Fund Debentures Due 1960
Dated April 1, 1940, and mature April 1, 1960.
Principal and interest
(A-O) payable at the office or agency of the company in New York. Coupons
registerable as to principal only.
Redeemable at
option of company, at any time prior to maturity, upon at least 30 days'
published notice, in whole, or in part by lot, by payment of the principal
in the denom. of $1,000,
amount of debentures to
be outstanding the company will not declare or pay any dividends
(other than dividends payable in shares of its common stock) on any shares
common stock unless the earned surplus, after making such declara¬
shall
Co.—Listing—
The New York Curb Exchange has approved the listing of 199,042 addi¬
common stock, par $1. upon official notice
of
issuance.—V. 150, p. 2272.
tional unissued shares of
Tobacco & Allied
2747
& Financial Chronicle
be redeemed and accrued interest thereon to
the
date of redemption and a premium equal to a percentage of the principal
amount thereof determined as follows: a premium of 5% reduced suc¬
of its
tion, is equal to or greater than the sum of (1) the earned surplus at Dec. 31,
1939, of $2,830,455 and (2) an amount at the rate of $362,500 per annum
(being equal to the aggregate annual principal amount of the 3 H % sinking
fund debentures due 1960 to be retired through the sinking fund); provided,
however, that such earned surplus required to remain after declaration of
the purpose of this computation by the
resulting from the writing down or writ¬
ing off of (a) excess of cost or carrying value of property to the company and
now owned by it over the original cost of such property when first devoted
to public use (b) discount, premium and expense existing at March 31, 1940,
on capital stock not presently being amortized and (c) investments owned
at Dec. 31, 1939.
This provision is subject to revocation in whole or in
part by the Commission at any time upon its own motion or upon applica¬
such dividends may be reduced for
amount of any surplus adjustments
tion of the company.
Application of Proceeds—The net proceeds (estimated to be approximately
$10,239,674, exclusive of accrued interest but after deduction of $85,326
of estimated expenses) from the sale of the bonds and debentures offered
hereby are to be applied as follows:
(a)
Redemption, at 102, of $6,013,000 4% sinking fund deben¬
1948, less $507 cash held by the trustee (exclusive of
tures due
accrued interest)
(b)
the trustee of the making by the company of net additions and
betterments to its properties, to the extent of 70% of lesser of
the cost or fair value of such net additions and betterments
(c) To construction of net additions and betterments to be made
by the company to its properties
(d) To reimbursement of treasury for net additions and fcetterments heretofore made to its properties, to the extent of 70%
of the lesser of the cost or fair value of such net additions and
__
2,750,000
1,000,000
250,000
betterments
The balance of the net proceeds will be applied to payment of interest
overlap, estimated at approximately $20,000, and the remainder, if any,
will be added to working capital.
Construction Program—During the course of the next 18 months, the
company intends to carry out a construction program under which it will
expend approximately $4,000,000 of the above proceeds for fundable addi¬
tions, betterments and improvements which will be composed principally
of the installation in its Acme Electric Generating Station of a 50,000 kw.
turbo-generator unit (to be purchased from Westinghouse Electric &
Manufacturing Co. at a cost of about $800,000) and two high-pressure
boilers (presently intended to be purchased from the Babcock &
Wilcox Co. at a cost of about $780,000), complete with all accessories and
other equipment, and certain additions to its sub-station equipment and dis¬
tribution system, all of which the company considers to be in the ordinary
course of its business.
'
steam
Capitalization (Giving Effect to Present Financing)
Outstanding
Authorized
1st mtge. bonds: 3
3 J^% series due
% series due 1970
1968
33^% sinking fund debentures due 1960
Preferred shares, 7% cum. ($100 par)
Preferred shares, 6% cum. ($100 par)
Preferred shares, 5% cum. ($100 par)
Preferred shares ($100 par).y
Common shares (stated value $10 each)
($3,000,000
1
x
J
7,250,000
52,238
54,619
100,000
103,143
\30,000,000
7,250,000
shs.
45,563 shs.
shs.
46,837 shs.
shs.
68,964 shs.
shs.
None
1,500,000 shs. 1,387,500 shs.
x Authorized
amount of first mortgage bonds is unlimited but further
issuance is subject to restrictions of the mortgage and authorized issue of
3J£% series due 1970 is limited to $3,000,000.
y Cumulative dividend
rate to be fixed at not exceeding
...
8% per annum.
History and Business—Company was incorp. in Ohio June 29,
In 1921 the company disposed of
Toledo Railways & Light Co.
1901 as
its street
railway properties and changed its name to its present form.
Company is
an operating public utility engaged primarily in the production, purchase,
transmission, distribution and sale of electric energy.
It also provides a
relatively small amount of steam and hot water heating service and a
small amount of natural and manufactured gas service.
For the year 1939
approximately 97.0% of its gross operating revenue was derived from electric
operations, approximately 2.6% from heating service and approximately
0.4% from gas service.
Company's operations are wholly within the State
of Onioand largely in the City of Toledo and surrounding suburbs.
The territory at present directly served with electric energy by the
company comprises the City of Toledo,
80 nearby municipalities and
communities, and intervening rural territory.
This territory surrounds
Toledo and extends principally to the west and southwest an average
distance of about 60 miles, to the east about 15 miles and in a southeasterly
direction a distance of about 37 miles, and covers an area of about 2,500
square miles.
On the basis of the 1930 Federal Census, the company
estimates that the population of the territory directly served was approxi¬
mately 503,000 at Dec. 31, 1939, of which approximately 325,000 were
located in the City of Toledo.
Territory served at wholesale through 12
municipally owned and 5 privately owned distribution systems had a popu¬
lation at the same date, similarly estimated, of approximately 19,300.
At Dec. 31,1939 the company served 119.710 electric customers, of whom
104,823 were domestic customers.
For the year 1939 approximately 35.2%
of the electric operating revenue of the company was derived from sales
to domestic customers, approximately 21.6% from commercial customers,
approximately 35.8% from power customers and approximately 7.4% from
sales to municipalities and to other companies and from other sources.
Stock Ownership—Toledo Light & Power Co.
owns of record and benefically 1,364,840 shares of common stock, constituting 98.4% of the voting
power of the company.
Cities Service Power & Light Co. owns approxi¬
mately 99% of the voting power of Toledo Light & Power Co.
Principal Underwriters—The names of the principal underwriters or the
first mortgage bonds, 3M% series due 1970, and the
sinking fund
debentures due 1960, and the respective principal amounts thereof which
they have severally agreed to purchase, are as follows:
Bonds
Debentures
$810,000 $1,913,000
Name
The First Boston Corp._
Halsey, Stuart & Co., Inc
Smith, Barney & Co
Harris, Hall & Co., Inc
E. H. Rollins & Sons, Inc
405,000
975,000
150,000
§62,000
150.000
April 1, 1959; provided, however, that for the purposes of the sinking fund,
the debentures will be redeemable at the sinking fund redemption prices.
Hayden, Miller & Co
Sinking Fund Provisions—The indenture will provide that the company
shall, so long as any of the debentures are outstanding, deposit with the
trustee on or before the sinking fund payment dates (Oct. 1 and April 1 in
each year, to and incl. Oct. 1, 1959), as and for a sinking fund for the benefit
of the debentures, sums sufficient to redeem on each Dec. 1 following each
Oct. 1 sinking fund payment date and on each June 1 following each April 1
sinking fund payment date, at the then prevailing sinking fund redemption
price, $181,250 aggregate principal amount of debentures.
The deposit of
debentures shall be deemed equivalent to payment of cash equal to the
amount required to redeem the debentures so delivered at the sinking fund
redemption price.
The sinking fund redemption price will be the principal
Otis &
—
375,000
150,000
150,000
?£§'£§§
§75,000
§75,000
§75.000
§75,000
150,000
150,000
90,000
6o
Mellon Securities Corp.
975,000
405,000
.
Blyth & Co., Inc.
Bonbright & Co., Inc
Harriman Ripley & Co., Inc
Goldman, Sachs & Co
Stone & Webster and Blodget, Inc
cessively by % of 1% effective on April 1 of each of the years 1941, 1943,
1945 and 1947 and by K of 1% effective on April 1 of each of the years
1948 to and including the year 1959, and without premium on or after
$6,132,753
_;
To deposit of cash with trustee of the indenture securing
the company's first mortgage bonds, the same to be drawn
down by the company from time to time upon certification to
90,000
150,000
.
375,000
200,000
200,000
375,000
Statement of Income for Staled Periods
Year Ended 3 Mos.End. —Years
Dec. 31, '39
Total gross oper.
revs.._$11,322,991
Ended Sept. 30—
1938
1937
$2,735,053 $10,207,139 $10,533,922
Dec. 31, '38
Oper. exps. and taxes:
4,023,101
946,034
3,827,444
Maintenance & repairs
723,416
146,804
623,804
depreciation
943,706
254,557
768,377
1,224.228
497,998
297,314
1,190,433
accrued interest thereon to the
Taxes—General.
Prov. for Fed. inc. tax
80,148
294.196
date of redemption and a premium equal to a percentage of the principal
amount thereof determined as follows: a premium of 2% reduced successively
Net oper. income..
$4,093,087
$1,090,343
$3,716,055
52,423
amount of debentures
to be redeemed and
by M of 1% effective on April 1 of each of the years 1943, 1946, 1949,
1951, 1953, 1955, 1957 and 1959, and without premium on or after April 1,
3,840,556
Operation
Prov.
for
137,492
66,957
$3,716,933
141,721
$4,230,580
Interest on funded debt.
1,302,426
Int. on unfunded debt:
To parent company..
Toothers.
12,110
Amort,
of debt disct.,
premium and expense.
143,857
$1,157,300
327.500
$3,858,654
1,553,388
$3,768,478
1,511,741
Other income..
Gross income
1959.
the trustee to the purchase of
commissions) not exceeding the
sinking fund redemption price, or, under conditions specified in the in¬
denture, to the redemption of debentures at the sinking fund redemption
price, provided, however, that debentures may not be redeemed at the
sinking fund redemption price except out of sinking fund payments thereto¬
The sinking fund cash shall be applied by
debentures at prices (including brokerage
fore required to be made.
The sinking fund is calculated to
599,115
756,000
1,145,455
57,183
25.007
5,706
43,836
44.767
32,044
74,228
57,192
4,297
7,502
37.634
30,279
$2,767,887
$784,546
Federal & State taxes on
provide, by maturity, for the retirement
bond interest
of the entire issue of debentures.
$2,092,382
$2,099,489
application filed by the company
7% preferred dividends.
318,941
79,735
318,941
318,941
it from the provisions of Section 6(b) of the Public Utility Holding
Company Act of 1935.
Said order contains, among other things, the con¬
dition that so long as any of the 3 H % sinking fund debentures due 1960
6% preferred dividends.
5% preferred dividends.
Common dividends
281.022
344,820
1,803,750
70.256
86,205
281,022
344,820
485,625
1.179,375
Dividend Restrictions—On
April
19, 1940, the Securities and Exchange
Commission issued its order granting the
to exempt
Net Income
281,022
344,820
1.387,50
The Commercial & Financial Chronicle
2748
Balance Sheet Dec. 31. 1939
equip't.-$70,520,017 7% preferred stock
226,179 6% preferred stock.,
Dlsct.
Common shares
_
_
_
1,408,622
accts. receivable
Current accts. with affil. cos,
Other accts., notes & Int. rec.
Merchandise held tor resale.
Constr.
& oper.
supplies
_
Prepaid insurance, taxes, <fec_
Total
a
132,077
11,522
8,052,032
...
Earned surplus
..$78,903,8781
—
2,830,455
.$78,903,878
Total.
Including an undetermined amount of intangibles.
but the full redemption price may be
date, according to the announcement.
Trustee—
,
Central Hanover Bank
& Trust Co. has been appointed trustee of the
Authorized issue—$7,250,000.
3H% sinking fund debentures due 1960.
—V. 150, p. 2596.
1618.
revenues..
Total
...
revenues...
441,804
Mail revenues
Incidental
revenues
expenses
38,477
$1,311,880
$355,288
9,554
$391,458
$364,841
2273.
Telegraph Co.—Earnings—
$1,549,156
607,623
V 1,781,467
21,504
151,112
$4,323,005
1,737,758
114,947
$977,994
$920,029
$3,187,368
$2,470,300
Netry. oper. income..
150, p. 1954.
$542,011
$1,601,051
$1,603,856
120
748
4,422
3,755
Union Premier Food
—
-
Stores, Inc.—Sales—
1940—4 Weeks—1939
Apr.20—
Period End.
$2,236,819
$1,794,262
388,492
$1,600,101
1,127,549
$1,596,629
1,155,883
$541,263
387,919
$538,708
1940—16 Weeks—1939
$6,884,340
$9,106,588
2596.
Stores Corp. (& Subs.)—Earns.
1940
1939
$11,492,145 $ll,e64,598
prof$19,( 65
$79,504
3 Months Ended March 31—
Net sales after deducting stamp and
sales taxes
Loss from score and agency operations.
Operating revenues,.
Operating expenses
$5,119,947
—V.
United Cigar-Whelan
1940—3 Mos.—1939
$538,828
Uncollectible oper. rev..
1,369,640
Cr 501
$9,164,427
$8,159,359
4.044,4803,836,354
Railway oper. income. $1,661,811
Equipment rents (net).,
645,728
Joint facility rents (net).
38,089
—Y. 150, p.
1940— Month—1939
GY273
$2,848,352
1,299,196
$3,031,451
Railway tax accruals
Sales
revenues
1,250,871
2,591,980
398,524
4,394,030
236,274
448,123
& structs.
equipment. __
542,337
20,661
18,134
Net loss.
$12,070,262 $35,986,162 $34,222,341
3,092,945
2,861,926
1,203,159
7,173,8(5
7,174.138
2,552,865
1,179,812
392,229
1,127,028
13,318.701
12,817.409
4,374,207
720,864
751,146
251,472
448,251
1,335,608
1,331,836
revenues—$12,351,253
Ry. oper.
Netrev. fromry. opers
$373,324
—
Tri-State Telephone &
298,259
146,946
Transp. for investment.
1,433,590
233,578
Net operating loss
Period End. Mar. 31—
202,873
Express revenues
All other transp. revs—
Traffic
1,944,600
205,766
Other charges—net
Operating
1,176,755
Passenger revenues
1940—3 Mos.—1939
$9,777,528 $29,364,248 $27,833,019
1,198,978
3,451,234
3.383,260
448,785
1,304,514
1,257,187
198,898
439.504
423,358
311,171
934,368
946,305
134,902
492,294
379,212
__$10.084,616
Freight revenues
22,525
$710,404
$1,777,041
-
Operating expenses (incl. taxes)
Depreciation and retirements
—V. 150, p.
31— 1940—Month—1939
Transporation expenses.
Miscell. operations
General expenses
$1,117,684
revenues-
Other
Mar.
Period End.
55,734
_T_
....
Express revenues
Mail
RR.—Earnings—
Union Pacific
577,427
26,197
miles
passenger
Revenue passengers
Passenger revenues-_—
80,978
$149,216
$153,344
$440,746
$472,552
47,300
Net oper. revenues
52,857
143,677[
158,262
Net operating income
Net income
—Y. 150. p.
$100,487
$297,069
$314,290
36,744
$101,916
34.154
93,319
Bond
operations after bond interest
2442.
-V. 150, p.
3 Mos. End. Mar. 31—
Deprec. & other charges-
Corp. (& Subs.)—Earnings—
1940
1938
1939
306,058
2,736,769
$10,468,706
Com. shs. outstanding—'
9,090,288
Earnings per share
$1.13
—V. 150, p. 2596.
1937
$6,987,175 $12,539,524
187,651
197,508
2,590,191
2,394,304
$8,336,712
3,076,911
$5,293,885
9,090,288
$0.58
$9,947,712
9,000,743
,
$1.10
$4,209,333
9,000,743
$0.47
(& Subs.)—Earnings—
Calendar Years—•
1939
Total operating revenues
1938
$32,531,076 $30,172,675
19,825,135
18,265,390
Operating expenses and taxes
1940—12 Mos—1939
revenues.,..$14,507,256 $12,115,297 $43,222,747 $40,865,789
$12,705,941 $11,907,285
Drl 0,062
3,568
Non-operating revenues
Gross
income
Interest on funded debt
Amortization of bond discount and expense
,
Other interest charges
Int. during construction charged to prop. & plant.
Preferred dividends of subsidiaries.....
Minority interast
from operations
development company
Net loss
of subsidiary land
$12,695,878 $11,910,852
4,446,850
4,460,745
483,249
482,659
21,754
40,008
Cr30,709
Crl9,310
494,069
501,569
2,973
4,575
and
Common
___
dividends
Earnings
per
share
on common
19,553,787
4,265,675
18,613,098
3.573,548
3,026,335
2,517,425
9,420,005
8,836,489
$4,603,988
47,431
$3,546,260
208,219
$9,983,280
$9,842,654
357,434
410,882
113,955
80,393
365,066
369,723
$4,537,464
$3,674,086
77,220
49,028
$9,975,648
$9,883,813
304,380
195.000
405,062
1,620,250
354,626
199,028
1,620,250
483,598
27,966
482,268
179,169
Cr2,748
1,935,049
212
212
847
847
71,670
27,335
170,951
98,093
$3,424,786
$2,456,540
$5,701,544
$5,468,249
Other income deductions
(including taxes)
Gross income
Int.
on
75,420
48,750
405,062
mortgage bonds.
on
coll. trust bonds.
Interest
Other
on
debentures..
interest
(notes,
loans, Ac.)
Other
deductions
_
Int. charged to constr'n.
Pref. divs. to public—
Subsidiary
58,019
Crl0.392
1,948,710
215,115
Cr21,105
Portion applicable to mi¬
nority interests
Bal. carried to consol.
136,520
1
1,041,923
Property retirement and
36,180
j
Other deductions
Net income.
Preferred dividends
5,009,689
5,383,765
1,493,168
Oper.exps. (excl. taxes).
Int.
Net operating revenues
30,356
1940—3 Mos—1939
Other income
Union Electric Co. of Missouri
a
$193,679
(& Subs.)—Earnings—
United Gas Corp.
Period End. Feb. 29—
Total oper.
Taxes
Net profit
$163,323
$89,675
interest
Loss from
Net after Federal taxes..$13,851,675
Interest
306,058
$59,318
30,356
operations.
127,857
2272.
Union Carbide & Carbon
$183,449
20,126
2,594
Other income (net).,
Loss from
103,944
$61,913
Deprec. & amort, applic. to store & agency oper.,
Loss from store and agency operations.
Operating taxes
the litigation,
Elliott, Fisher Co., Royal Type¬
writer Co
Remington Rand, Inc., L. C. Smith & Corona Typewriters,
Inc
and their principal officers.
The indictment alleged that those forms
were charging identical prices for their products, were granting uniform
trade-in allowances on used typewriters and were offering uniform discount
terms to purchasers , all pursuant to agreements between them.
The decree prohibits the companies from agreeing among themselves or
with others upon prices, trade-in allowances, or discounts.
It outlaws, the
the Department said, the practice of breaking up used machines of com¬
peting makers for the purpose of eliminating competitors and the practice
of buying up all used typewriters of competitors in order to maintain prices.
A further provision prevents mergers among the defendants except on direc¬
tion of the court after notice to the Justice Department and hearing.—V. 150
1939
2,231,198
13,800,429
1940
2,982,109
22,392,652
38,646
... — —
Southern Dis¬
the Department has announced.
Defendants in the case are Underwood,
Maint. of
Transcontinental & Western Air, Inc.—Earnings—
Revenue
suit in which typewriter makers had been named is being
acceptances of a consent decree by the Justice Department.
by
Filing of a proposed civil decree in the Federal Court for the
trict of New York, if approved by the court, will terminate
Maint. of way
3 Months Ended Mar. 31—*
Revenue miles.
Decree Ends
An anti-trust
settled
p.
Debenture* Called—
Company will redeem on May 23, 1930, at 102% and accrued interest,
all its outstanding 4% sinking fund debentures due 1948 and has deposited
funds with Central Hanover Bank & Trust Co., trustee, for this purpose.
The bonds will become payable on May 23 at the principal office of the
trustee, 70 Broadway, New York,
obtained at any time before that
Co.—Consent
Anti-Trust Action—
,
6,000
1,241,741
176,606
3,313,339
-
Deferred charges,--,,-.-.,,
.
Reserves
712,044
172,397
-
Other assets.
331,610
110,040
Deferred liabilities
materials <fe,
-
36,177,000
645,319 Accounts payable
1,385,074 Wages <fc salaries payable
108,313 Current acct, with affiliated
mutual service company.,
25,836
37,704 Accrued taxes
129,054 Customers' security deposits.
_
Customers' accts. receivable,
Mdse.
13,875,000
Funded debt
original
& expense on
preferred shares
Cash
5% preferred stock
42,772
Investments——
$4,556,300
4,683,700
6,896,400
Fisher
Elliott
Underwood
Liabilities—
Property, plant &
Other property
a
April 27, 1940
$7,094,183
731,250
6,035,850
$6,412,838
869,967
5,278,500
$2.41
earned surplus
38,577
stock.
$2.77
Includes depreciation amounting to $4,163,761 in 1939 and $4,070,330
in 1938, and income taxes of $1,400,000 in 1939 and $1,382,000 in 1938.
a
„
Income
Account
of Company Only
1940—3 Afos.—1939
Period End. Feb. 29—
250,900
i,394,727
2,125,581
205,318
242,100
$1,074,374
2,583,242
Oper. revs.—Nat'igas..
Operating expenses
$821,728
1,548,365
$4,186,288
2,614,381
Taxes
246,633
Prop. retire.
res. approp.
1939
1940—12 Mos,
$8,437,844
$9,661,176
5.987.747
6,779,628
652,300
673,247
659,600
$1,466,640
6.943.864
$1,117,250
6,744,769
762,608
Net operating revenues
Consolidated Balance Sheet Dec. 31
1939
A
&
,
1938
$
d Cum.
Cash
c
deposit
$
Other income deductions
13,000,000
13,000,000
Common stock 52,500,000
159,890
182,960
Pref.stk.of subs.
Other lnvestm'ts
165,896
al77,700
Minority int. in
on
hand &
b
4,462,724
Accounts
from
5,007,827
3,089,782
2,874,625
and
affil.
cos. on current
14,086
54,261
of
in
Of company.. 95,000,000
Of subsidiaries 19,422,000
20,074,900
23,234
485,134
605,258
324,319
300,913
acct.
2,814
326,953
,
Taxes accrued
Interest accrued
2,895,710
2,461,118
80
2,153,100
2,179,964
9,389,840
9,925,368
Dividends pay..
286,017
123,517
81,250
on
Divs.
curr.
cos.
accrued..
286*386
334,529
148,159
Consumers' dep.
399,173
Other current &
accrd.
liabils.
Contrib. by cust.
for
constr.
property
Reserve
Surplus
256,984,003
255,963,4971
res5rve of $42,694.
619,016
551,326
45,813,135
15,723,400
43,821,505
15,660,202
Feb. 29, 1940
Total
Capital
Earned *1
$39,298,633 $14,467,819 $24,830,815
Surplus,March 1,1939
Add restoration to capital surplus
gen. reserve approp.
of
therefrom
'
4,464,591
Balance....
Net
4,464,591
$43,763,224 $18,932,409 $24,830,815
Total
4,291
Deduct miscell. adjustments (net)
income
for
12
months
Dividends
4,522
4,330,308
4,330.308
$48,089,241 $18,932,640 $29,156,601
....
on
Cr230
$43,758,933 $18,932,640 $24,826,293
ended
M
Feb. 29, 1940
Total..
of
$7 preferred stock
3,823,487
3,823,487
$44,265,754 $18,932,640 $25,333,114
Surplus, Feb. 29, 1940
Accumulated Dividend—
Total
b After
256.984,003 255,963,497
reserve for doubtful
accounts
$236,192 in 1939 and $222,505 in 1938.
c
Represented by 2,295,000
shares,
d Represented by 130,000 shares of $5 preferred stock of
par value.—V. 150, p. 447.
par
$4,330,308
deductions
Net
501,525
433,875
438,696
239,103
1,921,378
Due to affil.
—
Total
$1,364,371
on
notes and loans._
interest..
Summary of Surplus for 12 Months Ended
called for red.
2,522,606
banks
1,408
income..$2,613,430
on
Other
Other
1,777,779
Deferred charges
$3,781,549
10,115
$3,564,450
debentures..
501,525
95,000,000
2,483,632
closed
270.596
$7,591,423
2,006,100
1,759.604
38,855
5,315
8,629
2,170
Interest
Int.
surp. of subs.
Payrolls payable
ma¬
Inventories
Bals.
69,310
&
Accts. payable..
Deposits for pay¬
tured Int., &c.
67,103
268,095
$8,142,409
2,006,100
1,764,425
35,007
6,569
Gross income
Pref. stks. & bds.
account
ment
8,234,475
stock
Funded debt—
notes receiv..
Due
8,234,475
com.
in bank
58,799
~$2 ,3Tl294
93,166
(including taxes)
52,500,000
pf. stk.
with trustees.
Cash
gas...
Other income
1938
$
Liabilities—
Prop. & plant..235,440,372 233,296,692
on
—Natural
1939
of
no
no
dividend of $2.25 per share on account of
pref. stock, no par value, payable
Dividend of like amount was paid
on June 1 last, Dec.
1, and Sept. 1, 1939, and dividends of $1.75 per share
were paid in previous quarters.—V. 150, p. 2442.
Directors
have
accumulations
June
1
to
on
declared
a
the $7 cum. non-voting
holders of record
May 10.
Volume
The Commercial & Financial Chronicle
\
150
United Aircraft Corp. (&
3 Mos. End. Mar. 31—
Subs.)—Earnings—
1940
$9,209,893
7,815,950
170,339
Sales & oper. revenue
$16,666,622 $ 9,786,319
&oper.exps 13,489,214
7,807,967
Depreciation
463,333
189,720
Cost of sales
Operating profit
$2,714,075
293,599
1937
1938
1939
$6,077,105
5,184,565
152,988
112,966
501,363
341,805
13.314
2,842
8,707
2,030
profit for period.. $2,380,029
2,656,691
Earnings per share
$0.89
$1,490,800
2,649,437
$1,072,299
z2.531,482
$0.42
$698,852
z2,518,722
$0.27
Other
income—Or
Other
deductions.
Fed. & Canad. inc. tax..
50,445
3,631
of the defendant corporation contained gold and chromium in quantities
sufficient for commercially profitable mining operations, but which failed
to disclose that at least one of these mining engineers reported subsequent
to the date of his original report that the operation of these properties would
$739,553
$1,223,604
40,504
1,109
*181,992
$1,788,632
2749
be commercially
not
profitable.
The complaint charged that the defendants were obtaining money
property by means of these untrue statements and omissions.
United States Hoffman Machinery Corp.
79,508
2,873
xll5,305
x
Does
not
include
$0.56
Federal surtax
on
undistributed profits,
$1,279,618
816,520
378,376
.
Backlog, &c. Quarter Ended March 31, 1940
Backlog of unfilled orders at Jan. 1,1940
New business booked during quarter ended March 31, 1940—Sales (shipments) during quarter ended March 31,1940___
Backlog of unfilled orders at March 31, 1940
—V. 150. p. 2274.
$127,004,032
25,884,497
16.550,720
136,337,809
*
Gross
income
Directors have declared
accumulations
record May
$6
was
paid
a
Dividend—
dividend of 75 cents per share on
account of
the $3 cum. pref. stock, payable June 1 to holders or
Like amount was paid on March 1 last and dividend of
Dec. 1 last.—V. 150, p. 1954.
on
on
Co.—Weekly Output—
United Gas Improvement
The electric output for the United Gas Improvement System companies
for the week just closed and the figures for the same week last year are as
20,1940,104,769,649 kwh.; same week last year,
increase of 9,609,860 kwh. or 10.1%.—V. 150, p. 2596.
week ended April
follows:
95,159,789 kwh.;
an
Net income for period
12 Months Ended Jan. 31—
$339,472
$399,050
4,069,196
b Other accts. rec.
4,170,783
573,273
Inventories..
1,365,044
1,262,595
57,204
24,119
24,070
10,640,706
9,241,154
of
Proprtion
common
earns.,
attributable
stock
$9,521,600
$7,731,617
1,989,302
1,927,964
minority
to
-
-
42,670
1
$7,532,298
&c—
1.
Total
24,089
$7,552,394
$5,827,743
441,965
1
After
of
reserve
c
United Public Utilities
1938
1937
$4,283,279
2,925,048
$4,120,932
2,627,845
$4,104,526
2,922,350
$3,924,445
2,846,820
377,350
116,913
360,990
91,665
333,651
296,251
65,642
37,070
10,090
$863,968
16,595
$740,431
14,690
$734,195
21,276
$705,641
37,413
$880,563
$755,121
$755,471
$743,054
14,359
12,246
10,280
11,667
405,920
29,632
4,714
409,475
33,537
4,683
411,211
40,384
4,678
411,894
47,159
$425,938
95,664
76,833
revenues
oper.
Operating expenses
State, local & miscell.
2,417,076
$4,712,609
$3,119,235
on
Corp. (& Subs.)—Earnings—
1939
$295,180
59,790
$288,917
47,832
38,416
$272,334
95,664
76,833
Calendar Years—
$5,536,311
2,397,8j20
—$7,494,478 $7,307,527
Total
$250,0()0. b After reserves of $64,620 in 1940 and
At nominal value after deducting reserve of $375,923.
dAfter reserves of $443,234 in 1940 and $442,985 in 1939.
e Includes taxes
estimated to become payable within one year,
f 7,000 shares of common
stock at cost.—V. 150, p. 1299.
a
$60,372 in 1939.
291,432
$7,110,429
1,291,450
1,266,450
1,130,082
1,130,082
1,382,596
Capital surplus.— 1,391,867
Earned surplus
1,247,239 .1,213,239
..$7,494,478 $7,307,527 j
$5,803,654
20,097
of
5H%
par)...:
1
Fed. surtax
I
of subsidiaries
Income of United Light & Power Co. (exclusive
income received from subsidiaries)
con/.
pref. stock ($50
goodwill,
Fed. & State inc. taxes.-
Equity of United Light & Power Co. in earnings
257,593
800,667
Total
—
6,115
266,835
income taxes
in
804,284
Interest, amortiz. & preferred dividends of suds.—
Balance
276,452
9,678
Com. stick (par $5)
subs.
---v—$25,205,467 $23,675,439
15,683,867
15,943,822
Total income of subsidiaries
15,319
42,670
f Treas. stock
4,789,445
$23,273,047 $22,281,417
1,932,421
1,394,022
Net earnings from operations of subs
Non-operating income of subs
15,319
cost
Investments
332,327
uncomplet'd sales
5,972
94,350
Sundry invest., at
$87,269,227
40,316,505
9,549,556
11,871,332
Provision for depreciation
Gen. taxes & estimated Federal income taxes
crued accts., &c.
Deps. on acct. of
Cum.
8,060
94,250
d Plant property..
4,711,888
Accts. pay. A ac¬
Reserve for Federal
&c._
Patents,
42,766,018
General operating expenses
Maintenance
e
549,258
rec., at cost
contracts,
Mtges.
Mar. 31 '40 Dec. 31'39
Liabilities—
Notes pay.,, banks$l,850,000 $1,750,000
44,378
Prep. & del. charges
Due fr, employees
incl. exp. funds.
Deposits on leases,
European
1939
1940
\
*
of subs, (after eliminating inter¬
company transfers)
$92,171,841
17,414
Mar. 31'40 Dec. 31*39
Instal. accts. rec.
Co. (& Subs.)—Earnings—
Gross oper. earns,
loss$28,288
18,514
$51,414
Consolidated Balance Sheet
c
United Light & Power
$55,120
42,080
40.572
756
44,291
11.130
Preferred dividends
a
10.
$154,762
47,927
Depreciation of physical property
Interest and other income charges
Provision for Federal & foreign income taxes (est.).
Assets—
Inc.—Accumulated
loss$7,715
62,836
Profit from operations
Interest and other income
Cash
United Chemicals,
$979,971
660,993
326,693
$84,722
70,040
Cost of goods sold
Which
z
stock of United Aircraft
will be outstanding when all exchanges for common
& Transport Corp. have been effected.
1939
1940'
Selling, administrative and general expenses.
Net
Shs. cap.stockoutst
(& Subs.)—
(Exclusive of European S"h«ldl»rlpfirt
3 Months Ended March 31—
Minor, propor'n of profs,
of sub. company—__
and
xl936
77,259
undistrib.
profits
—-—
„
Total.
Expenses and taxes of United Light & Power Co—
Net oper. income
Other income (net)
Gross income
Inc. & other deductions
Balance.
Interest
-
long-term debt, bond discount and
&c., of holding company
on
expense,
mmm
_
of sub. companies
Int. & other deduc'ns of
Un. P. U. Corp.:
Int.
Balance transferred to consolidated surplus
Gross income
1940
$5,179,310
-
-
1939
$3,335,410
441,965
Other deductions
—
2,378,232
38,844
$2,339,525
Interest and amortization of debt discount and exp.
$626,903
Misc. income deduc'ns
291,433
2,359,594
38,226
Expenses and taxes
Net
-
-
on
$3 pref. stock.-
on
$2.75 pref. stk.
Consolidated Balance Sheet Dec. 31
1939
the
must
company
April 19 postponed the date
the show-cause integration order
Hearings on the answer by United were
Plant,
against it from April 18 to May 2.
postponed until May 27.—V. 150, p. 2597.
United Light & Rys. Co.
prop.,
franchises,
answer
S
56,498
($1
43,241
Class B
1940
1939
earnings of sub. & controlled cos. (after
eliminating intercompany transfers).
$81,701,440 $77,524,134
General operating expenses
37,895,378
35,755,709
Maintenance
i
4,247,532
4,280,267
Provision for depreciation
8,625,866
8,210,499
General taxes & estimated Federal income taxes
10,461,202
9,369,887
12 Months Ended Jan. 31—
Gross oper.
($1
com.
110,000
b
230,878
Long-term
dt. of
Un. P. U. Corp. 7,594,474
A accts. recelv'le
429,135
Mat'ls A supplies.
244,168
449,812
221,327
Deferred charges..
3,758
7,062
Depos. for paym't
of bond Interest,
a
Notes,
with
—
144,911
237,315
Liability on contr't
work (contra)..
Customers' depos_
268,400
220,536
257,783
257,026
378,374
222,916
taxes,
268,400
Federal
13,100,047
Ac
and
116,983
30,841
Proportion of earnings,
common stock
Earned surplus...
attributable to minority
construction
Equity of United Light & Rys. Co. in earnings
of subsidiary and controlled companies
$6,405,016
Rys. Co. (excl. of income
received from subsidiaries)
-—
999,700
$5,581,337
Total
$7,404,71
——
Balance.
247,742
$7,199,636
-
137,838
93,732
$5,991,310
1,343,320
1,348,350
41,998
17,995
2,768
42,183
18,371
$5,796,323
—
$4,579,638
Other interest.
Amortization of debenture discount & expense
Taxes
on
debenture interest.
consolidated surplus
preferred stock dividends
Balance t ransferred to
Prior
Balance
-
1,214,949
—
1,214,586
$4,581,374
$3,365,052
U. S. Chromium,
Inc.—Enjoined—
Commission announced April 19, that
Judge William H. Holly of the U. S. District Court at Chicago, had entered
a final judgment enjoining U.
S. Chromium, Inc., William M. Muchow,
Carl F. Stone and Avis Hart from further violating the registration and
fraud provisions of the Securities Act of 1933.
The Commission in its complaint alleged that since about Sept. 7, 1937,
the defendant corporation bad been selling securities, namely, shares of its
common stock, without registration of the securities under the Securities
Securities
and
Exchange
alleged that in the sale of these securities the defend¬
circulated among purchasers and prospective purchasers excerpts
purported reports of mining engineers which stated that the properties
The complaint also
ants had
from
a
22,292,202 21,518,195
$52,674 in 1939 and $50,988 in 1938.
Peoples Service Co.—V. 149, p. 4188.
United States Playing Card
At
Total
1,163,917
b In common
Co.—New President—
meeting of the board of directors held April 25,
Clifford E. Albert,
President, requested that he not be reelected to that office and that Matthew
A. Follman, Vice-President and General Sales Manager, succeed him as
The
President.
board
thereupon elected Mr. Albert, Chairman of the
Mr. Follman, President.
Mr. Albert will con¬
Executive Committee, and
tinue to participate in the active management of the company.
Allison F. Stanley, Secretary and Western Sales Manager, was
elected
the board of directors, taking the place of Frank F. Dinsmore, who
resigned.
Other members re-elected to the board are: Clifford E. Albert,
Erwin P. Bosworth, Matthew A. Follman, Edward E. Gauche, John M.
Hancock, William Ottmann, Benjamin Rosenthal and Ethan B. Stanley.
—V. 150, p. 2130.
to
United States Realty & Improvement Co. (& Subs.)—
Earnings—
—V. 150, p. 448.
The
After reserve of
stock and surplus of
$6,376,890
111,348
.
Holding Company Deductions— ^
Interest on 5H % debentures, due 1952
795,553
22,292,202 21,518,195
Total
a
Income of United Light
Expenses of United Light & Rys. Co.
Taxes of United Light & Rys. Co.
135,201
916,761
Contrlbs. in aid of
1,927,964
3,744,434
135,928
$7,509,301
20,653
4,008,292
$8,394,318
T
208*488
State
Miscell. curr. liab.
1,989,302
Balance
229,864
Income tax
13,328,853
Reserves
,
7,674,781
129,661
Accounts payable.
Acer. State A local
constr'n projects
(contra)
Minority Interest
Accrued Interest..
Contrac. obllga. In
connection
...
Deferred liabilities
warrants
$21^494,365 $20,838,154
controlled cos. _
224,352
9,108
229,364
U. S. Treas. bonds
of sub. & controlled cos.$20,471,462 $19,907,772
Non-operating income of sub. & controlled cos
1,022,903
930,382
Total inc. of sub. & controlled cos
149,568
224,352
9,110
stock
par)
1,026,011
Net earnings from opers.
Int., amort. & pref. divs. of sub. &
149,568
par)..
831,182
615,000
Cash
3,986,000
3,492,400
Class A com. stock
134,214
63,224
44,441
Special deposits—
$
3,986,000
3,492,400
129,530
Investment
1938
$
Liabilities—
rts.,
&c..19,433,998 19,239,151
Prepayments
(& Subs.)—Earnings—
1939
1938
$
Assets—
The Securities and Exchange Commission,
which
consolidated income account for the year 1936 includes
subsidiary company which was consolidated for
1937.
Light & Power Co., above.
Integration Hearing Postponed—
on
The adjusted
48.U20
the income account of a
the year
New Vice-President—
See American
income
Divs.
Divs.
x
Net income
funded debt:
on
Collateral trust bds.
Ten-year int. scrip
Earnings of the Company Only
12 Months Ended Jan. 31—
Mar. 31—
after deprec.,
3 Mos. End.
Net
loss
int.. Fed. taxes, &c
zl939
zl940
$129,989
$112,046
zl938
x$103.283
yl937
x$118.197
undistributed profits,
y Exclusive of
Fuller Co. and subsidiaries and Plaza Operating Co. and sub¬
Exclusive of Plaza Operating Co.
Note—Interest on the $3,710,500 20-year 5b4% sinking fund gold loan
certificates of Trinity Buildings Corp. of New York outstanding is included
in the 1940 figures at the rate of 5M % per annum.
Any reduction in this
interest rate obtained as a result of the pending proceedings for the modifi¬
cation and extension of this loan would affect the consolidated earnings of
the company proportionately.
These figures are exclusive of Plaza Oper¬
ating Co.—V. 150, p. 1620.
f
x
Before provision for surtax on
George A.
sidiaries.
z
/
The Commercial & Financial
2750
United States Steel Corp.—Registers
public at 100% and the underwriting spread will be IK%, it is stated.
proceeds from the sale of the debentures, together with approximaterly $24,559,617 of cash funds, are to be used to redeem on or before
July 15, 1940 at 103% plus accrued interest to July 15, 1940, $95,140,000
of the corporation's 10-year 3 34% debentures due July 1
1948.
The
aggregate amount required for such purpose will be $98,372,117, it is stated.
The remainder of the 10-year 3 34 % debentures outstanding in the principal
amount of $2,441,500 will be called for redemption on or before June 1,
1940, it is stated, and funds for such redemption have been deposited in the
The net
sinking fund.
names
of the underwriters and the amount to be taken by each are
follows:
Name—
Amount
Name—
-
Blddle, Wbelen A Co
Blair & Co., Inc
Blair, Bonner & Co
Blyth A Co., Inc
397
29,667
2,864
22,517
Vr0c:mTJ^n^.na:
56.000
65,700
65.600
26,900
51,200
9,800
$287,255
26,187
139,903
Surtax on undis. profits-
1,200,000
150,000
W. L.
Lyons A Co
Mackubin, I.egg A Co
Laurence M. Marks A Co....
120,000
Mellon Securities Corp
Merrill Lynch, E. A. Pierce A
Cassatt
120,000
3,300,000
120,000
G. M.-P. Murphy A Co
390,000
W. H. Newbold's Son & Co..
Newton, Abbe & Co..
150,000
Paine, Webber A Co
510,000
Arthur Perry A Co., Inc
210,000
R. W. Pressprich & Co
450,000
Reinboldt A Gardner....—>120,000
Rlter A Co..
270,000
120,000
300,000
Dillon, Read & Co
3,300,000
E. H. Rollins A Sons.
Domlnlck A Dominick
1,200,000
L. F. Rothschild & Co
420,000
Drexel & Co.
1,800,000
390,000
180,000
Salomon Bros. A Hutzler
600,000
160,000
surplus, $381,259; total,
Equitable Securities Corp
600,000
Ferris A Hardgrove
150,000
3,300,000
240,000
120,000
480,000
The First Boston Corp
First of Michigan Corp
Robert Garrett A Sons
Glore, Forgan A Co
1,200,000
Graham, Parsons A Co
390,000
Green, Ellis A Anderson
210,000
Hallgarten & Co., N. Y. City.
420,000
Harriman Ripley A Co
3,300,000
Harris, Hall A Co. (Inc.)
'540,000
Hawley, Huller A Co
160,000
Hayden, Miller A Co..
390,000
Hayden, Stone A Co
720,000
Hemphill, Noyes A Co
600,000
Goldman, dacha A Co
Richmond
Singer, Deane A Scribner
Smith, Barney A Co
Smith, Moore A Co
William
R.
Staats
Starkweather
A
150,000
510,000
300,000
3,300,000
120,000
$1.70
(& Subs.)—Earnings—
returns
Cost of
5,592,074
& allowances-
$6,658,288
4,441,630
$5,730,984
3,697,746
$5,521,531
$2^01,508
$2,216,658
$2,033,238
1,336,377
119,031
1,208,201
124,029
,1,060,821
$1,946,017
887,236
$8,393,582
goods sold
Gross
Stein Bros. A Boyce
Stern, Wampler & Co., Inc
Stone A Webster A Blodget—
Stroud & Co., Inc
profit
*
x Sell., gen. & admin. exp
Research & develop. exps
210,000
120,000
180,000
Stern Brothers A Co.
Profit from operations
Other income
1
$1,346,100
54,653
Total income———
600,000
Swiss American Corp...
J. J. B. HUliard A Son
180,000
Tucker, Anthony A Co
Union Securities Corp
420,000
720,000
150,026
$884,428
38,698
$814,516
22,960
$908,755
56,373
$1,400,753
$923,126
$837,476
$965,129
a2,801
22,528
246,593
173,247
119,976
151,982
Hornblower A Weeks
720,000
900,000
G. H. Walker A Co
150,000
160,000
$1,128,830
$749,879
$811,584
19,787
$717,059
13,971
$730,092
626,400
$703,087
739,875
$811,248
776,250
Normal Fed. inc. tax
yl,520
undistributed
on
240,000
Watling, Lerchen & Co
AdjustmentInterest paid
Surtax
W. E. Hutton A Co.
The Illinois Co. of Chicago...
Jackson
180,000
450,000
Weeden A Co..
Wells-Dickey Co
180,000
120,000
300,000
1,920,000
3,900,000
Wertheim & Co
240,000
White, Weld & Co
Whiting, Weeks & Stubbs, Inc.
720,000
300,000
600,000
360,000
180,000
Curtis
A
Kalman A Co
Kean, Taylor A Co
Kidder, Peabody A Co
Kuhn, Loeb A Co
720,000
Laird, Bissell A Meeds
....
Dean Witter & Co
300,000
120,000
Ladenburg, Thalmann & Co..
W. W. Lanahan A Co
The Wisconsin Co
Yarnall & Co
The prospectus states
that in order to facilitate the distribution of the
debentures by attempting to stabilize the prices, Morgan Stanley & Co.,
Inc. reserves the right, for the accounts of itself and the other underwriters,
to purchase and sell debentures in the open market or otherwise, for either
long or short account. This is not an assurance, it states, that the prices of
the debentures will be stablized or that the stabilizing, if commenced, may
not be discontinued at any time.
The debentures are redeemable at any time at the option of the corpora¬
tion as a whole or any maturity as a whole, on any interest date after 30days' notice, or on any other date after 60-days' notice, at the principal
amount and accrued interest, plus 8-100% of the principal amount for each
six months or fraction thereof from the date fixed for redemption to the
interest payment date next preceding the date of maturity.
Interest on
the debentures is payable May 1 and Nov. 1, it is stated.
Balance
Equity
24,427
.—
Net profit
Cash dividends
Earns. per sh. on 696,000
shares capital stock
x
Incl.
additional
company,
V.
$1,104,404
974,400
officers
to
3 Mos. End. Mar. 31—
After all
x
undistributed
Consolidated Balance Sheet Dec. 31
1939
Assets—
Cash
Liabilities—
1938
$1,485,311 $1,182,186
rec'ble (trade)—
Inventories
c
673,504
1,504,398
577,628
1,556,306
shares.
Of the
37,437
20,500
9,232
5,653
31,763
than Fed. inc.)-
85,815
Acer. Fed. inc. tax
246,552
139,219
64,613
173,005
a63,000
96.249
61,140
3,480,000
859,895
2,430,895
3,480,000
859,894
2,300,891
compensation
54,275
Accrued interest--
1
78,013
119,771
Deferred charges..
March 31, 1940, 2,464,191 shares, or
Acer,
were in brokers' names, representing an increase or 24,304
the 2,439,887 shares, or 28.03%, held by brokers on Dec. 31,
shares
1939.
Investors' common stockholdings March 31, 1940, were 6,239,061 shares,
or 71.69%, compared with 6,263,365 shares, or 71.97%, Dec. 31, 1939.
(other
Derd liabilities
contr. for sale of
int. in
y
cons,
sub-
Capital stock
Paid-in surplus
Earned surplus
58,163
or
amounted
oli
1939.
New
York State brokers' holdings of common stock March 31, 1940,
2,062,806 shares, or 23.70%, against 2,041,219 shares, or 23.45%,
1939.
Brokers' holdings of preferred stock were 341,148 shares,
or
9.47%, March 31, 1940, compared with 338,205 shares,/or 9.39%,
Dec. 31, 1939.
were
Dec. 31,
New York
State investors'
shares,
^ec*
194.0-
16,410
7.426
Equity attached to
Of the preferred stock outstanding 423,641 shares, or 11.76%, were in
brokers' names March 31, 1940, an increase of 4,060 shares over the 419,581
11.65%, held Dec. 31, 1939.
Investors' holdings of preferred
to 3,179,170 shares, or 88.24%
of the outstanding issue, on
March 31, 1940, compared with 3,183,230 shares, or 88.35%, held by them
z
taxes
Operating res'ves-
28.31%,
shares,
_
Accr'd liab. lnsur-
3,865,060
value
.
payroll
14,231
23,542
51,737
4,898,495
1
d Fixed assets
$218,044
$338,663
el,000,000
Balance of add'l
Accrued
Mis cell, notes and
—
x
1938
1939
>
Acc'ts pay., tradeNotes payable
b Notes and acc'ts
Other assets
stock outstanding
1937
1938
$233,615
$0.34
$226,990
$0.32
profit
Earnings per share
y
1939
1940
$156,247
$183,874
$0.22
$0.26
charges including Federal taxes but without deduction for
profits tax.
y On 696,000 shares capital stock.
Net
x
Patents at recorded
common
$1.16
of parent
employees
and
Arizing from disposal of part interest in consolidated sub
y
Common stock of the United States Steel Corp. outstanding March 31,
1940, amounted to 8.703,252 shares while preferred stock totaled 3,602,811
over
335
$1.01
$1.05
$1.59
compensation
43
\
sidiary.
z Attaching to minority interest in the net profits of subsidiary,
a Adjustment in respect of foreign exchange fluctuations.
acc'ts receivable
Stockholdings—
442
profits of subsidiary—
z
3,575,514
157,900
180,000
180,000
510,000
420,000
dpencer Trask A Co
1936
disc'ts,
Gross sales, less
150,000
Co
Co
After deprec., taxes, profit
y
charges.—V. 150, p. 1621.
Consolidated Income Account for Calendar Years
1938
1937
1939
360,000
150,000
$1.76
-
•
$1.54
Victor Chemical Works
Schwabacher A Co
Scott A Stringfellow,
Shields A Co
•
1937
x$258.868
$1.18
$249,346
$229,107
sharing and inventory reserve and
>
1938
x$183,003
1939
1940
undistributed profits,
Before surtax on
Co.,
Co
210,000
Estabrook A Co
A
$2,677,233.—V. 150, p. 1009.
Quar. End. Mar. 31—
y Net profit
Earns, per sh.on 129,281
shares common stockx
$60,000; accounts payable,
Co., Inc.—Earnings—
Van Raalte
510,000
Inc
Rockefeller
$526,809;
$230,255),
$11,845; patents, patent rights and goodwill,
$151,288; total, $2,677,233.
Liabilities—Note payable, due Dec., 1940,
Schoellkopf, Hutton A PomeSchroeder
$922,304; life insurance, cash surrender value, $10,312;
receivable, less reserve for bad debts of $14,774).
notes
accounts receivable (other),
$2,604; inventories,
property, plant and equipment (less reserves for depreciation of
450,000
roy,
and
$184,920; accrued liabilities, $130,380; customers' deposits against future
shipments, $370,174; notes payable, due 1941 to 1949, $540,000; common
stock, ($5 par), issued 88,829 shares, $444,145; paid in surplus, $566,355;
360,000
270,000
Assets—Cash,
accounts
$428,975;
210,000
150,000
300,000
840,000
300,000
300,000
E. W. Clark & Co
1,200,(XX)
610,000
$3.23
$623,096; deferred charges,
Central Republic Co
Emanuel A Co
$3.88
510,000
F. 8. Moseley A Co
Elklns, Morris A Co
$3.41
------
— --
Balance Sheet Dec. 31, 1939
360,000
McDonald-Coolidge A Co
Burr, Gannett A Co
Eastman, Dillon A Co
195,424
-
($5 par)-------
120,000
120,000
...
Mitchum, Tully A Co
...
$345,019
159,892
$256,546
Earns, per sh. on 88,829
shares of common stk.
Moore, Leonard A Lynch
------
$303,297
177,658
$2.88
1,800,000
Merrill, Turben A Co..
Dick A Merle-Smith
.^
.
profit for the year
Net
Lehman Brothers
120,000
R. L. Day A Co..
$467,584
6,059
44,085
Lee Hlgginson Corp
300,000
Paul H. Davis A Co
$373,637
$419,142
4,529
63,535
Adolph Lewlsohn & Sons
Lough-
Clark, Dodge A Co
Coffin A Burr, Inc., Boston..
$369,095
4,542
paid--.
Alex. Brown A Sons
Wm. Cavalier & Co
$461,829
5,755
paid—
1,200,000
Bonbrlght & Co—
336,082
$417,393
1,749
$380,611
Total income
Com. stock di vs.
120,000
Boettcher A Co
360,853
& miscel. chgs.
Depreciation
Pref. stock divs.
390,000
240,000
460,000
180,000
2,400,000
A. G. Becker A Co., Inc
983,315
$778,246
Int. paid
120,000
Baker, Watts A Co..
Bancobio Securities Co
$797,911
$670,733
301,638
$378,433
2,178
J
Operating profit
Non-operating income--
180,000
210,000
Bacon, Whipple & Co
$1,654,048
$746,676
368,243
Gross profit
Operating expenses
A mount
Langley A Co
1936
$2,052,665
1,254,754
$2,012,893
1,234,647
1,414,288
-
360,000
1,800,000
120,000
Bosworth,
Chanute,
ridge & Co.—
W. C.
Cost of sales
1937.
1938
NwSt?..—$2,160,964
Lazard Freres A Co
Morgan Stanley & Co., Inc—$8,400,000
Almstedt Brothers
Calendar Years
1939
the
The
April 27, 1940
Income Account for
with SEC—
Corporation on April 25 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-4390, Form A-2) under the Securi¬
ties Act of 1933 covering $75,000,000 of serial debentures maturing $2,500,000 semi-annually Nov. 1, 1940 to May 1, 1955.
The interest rates
are to be furnished by amendment.
The debentures are to be offered to
as
Chronicle
we
or
holdings of common stock March 31, 1940,
13.35%, compared with 1,168,164 shares, or
1^39.
Investors' holdings of preferred stock March 31,
1.202,342 shares, or 33.37%,- against 1,206,258 shares, or
Total
..$8,715,000 $7,369,460
y
in
Includes
$21,000 current Instalment,
Respresented by 696,000 shares of $5 par value,
connection
with
Consolidated Income Account for
^hsres °r 8.24% of the issue, compared with 738,368 shares,
held Dec.
31, 1939.
owned abroad
Of the preferred stock 74,152 shares,
or
or 8.48%,
2.06%, were
March^g1 194U,^against 75,210 shares, or 2.09%, so held
Profit
Stockyards Corp.—May Delist Stock—
Special meeting of convertible preferred stockholders will be held on
4 to consider making application to the Securities and Exchange
Commission to strike the convertible preferred stock from listing on the
New York Stock Exchange, and from registration under the Securities
and Exchange Act of 1934.—Y. 150,
p. 1458.
June
Van Norman Machine Tool Co.—Annual
During 1939 directors authorized
Report—
outlay of approximately $250,000
for the purchase of additional plant site, additions to the plant building
proper and installation of new machinery.
Construction of this additions
plant capacity has now been completed and should be in full operation by
April 1, 1940.
To finance the above plant additions, to discharge the company's then
outstanding bank loans of $100,000 and to add to working capital, the
company borrowed in Dec., 1939 (through its agent Jackson & Curtis), the
sum of $600,000 (due serially 1940-1949) from a
large insurance company.
an
1938
1939
$39,196
$6,434
$8,615
Deprec. of buildings and equipment-
2,897
Amortization of patents
1,151
6,305
1,151
6,124
1,147
Profit before Federal income tax—
-V. 150, p.
United
3 Months Ended March 31
1940
March 31, 1940, amounted to 717,272
Deferred liability
(payable in semi¬
Victor Equipment Co.—Earnings—
oo.4o%, Doc. 31,
common
z
phosphate rock purchase contract
150, p. 1954.
annual instalments of $7,000 each).—V.
a
1939.
Foreign holdings of Steel
$8,715,000 $7,369,460
Total
b After deducting reserve for
doubtful accounts,
c At approximate cost or market, whichever is lower,
d After reserves for depreciation and obsolescence,
e $100,000 payable
March 8, 1940.
x Payable to officers and employees of parent company,
a
$35,148
$1,344
loss$l ,022
1954.
Wabash
Ry.—Earnings—
March—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income
$3,801,575
$3,670,366
815,337
260,927
851,496
265,005
1938
$3,220,551
492,634
def74.985
11,325,520
2,458,444
756,197
10,490,580
2,182,613
430,478
9,241,987
1,065,446
def652,478
1940
1939
1937*
$4,520,683
1,231,554
718,925
12,252,953
3,303,829
1,714,652
—V. 150, p. 2443.
Walker & Co.—Accumulated Dividend—
Directors have declared
a
dividend of 62 34 cents per
share on account of
on the $2.50 cum. class A conv. stock, no par value, payable
June 1 to holders of record
May 20. Like amount was paid on March 1, last
dividend of 75 cents was paid on Dec. 23 last and dividends of 50 cents
accumulations
were
paid Dec. 1, Sept. 1, July 15 and March 1, 1939, and on
1, 1938.—V. 150, p. 1148.
^
and Dec.
Dec. 20
Volume
The Commercial & Financial
150
34,823,897
$1,991,302
97.897
Total income
—
Other charges
Federal taxes
Net profit
$1,596,112
129.313
$1,143,241
107,538
$1,589,394
169,341
$2,089,199
175,590
323,532
$1,725,425
95,119
$1,250,779
$1,758,735
288,594
224,708
144,240
274,882
223,133
$1,590,078
ODerating profit
Other oper. income
$1,341,712
$881,832
$1,260,719
217,344
218,244
646,243
224,995
1,292,433
y4,779,991
Walgreen 6H% pf. divs.
Walgreen 4H% pf. divB.
1,033,988
Common dividends
stock
com.
out¬
Consists of $828,796 paid in cash and $3,951,195 paid in
dividend of 445,654 H shares paid March 9, 1937 at the then
value of common shares, $8,866 per share.—V. 150, p. 2443.
y
1940—Month—1939
1940—12 Mos.—1939
$909,468 $10,851,799 $10,154,219
$980,334
322.798
4.022,997
3,731,404
355,960
164,423
al ,668.564
1,747,393
179,963
93.132
1,112,912
1,114,186
92.887
Period End. Jan. 31—
Operating revenues
Operating expenses
Direct taxes
Prop, retire, res.approp.
$41,473
Dr2,919
Balance
Weeden
&
Co.—Earnings—
Gross income
88,857
Earned per share.
$168,912
1,242,545
1,764,039
$330,788
82,963
14,115
$4,076,552
$3,591,267
883,052
115,021
Crl.506
995,550
67,295
Cr2,383
fixtures
Furn.,
Prepaid
$3,079,985
$2,530,805
622,518
$233,710
622,518
a
the company in 1939,
Co.—To Pay Extra Div.—
(& Subs.)—Earnings
1939
$69,948
1940
$81,542
1940
1939
1938
$1,280,595
812,767
$1,193,642
732,798
$1,189,099
718,705
$467,828
$460,844
$470,394
Net earnings
27,001*
20,351
23,559
$494,829
$481,195
$493,953
239,536
233,902
10,078
45,675
229,400
9,640
45,513
$191,540
$209,399
120,750
100,000
172,500
Other income
Gross income
long-term debt
Miscellaneous interest (net), &c
Amort, of debt disct., prem. & exp__
on
9,808
45,504
$199,981
69,000
100,000
Net income
—
Balance Sheet March 31
1940
$
9,892,311
9,640,953
175,045
116,878
60,449
Utility plant
1940
Liabilities—
5,895,000
to
W.
Va.
10,000
31,795
141,961
95,859
25,000
10,000
129,283
48,506
Accounts payable.
53,746
Accrued Items
42,651
147,196
Mat'Is «fc supplies.
114,498
96,573
Consum. dep., &c.
103,118
Comm's
25,000
Divs. payable
pref.
capital stock
on
154,000
154,000
Def'd liability and
47,145
57,572
720,754
732,691
31,223
27,050
$6 cum. pref. stock
1,114,000
1,114,000
2d pf. stk.
365,000
Common stock..
552,000
652,000
Capital surplus
1,517,268
Earned surplus...
425,164
& exp.
Reserves
In process
588,739
of amortization.
Prepaid
lnsurance,
649,258
Contrib.
in aid of
construction
in-
taxes,
5,490
&c_.
9,212
56
126,540
Special deposits
c
cum.
p.
Total
11,330,947 10,942,069
b After
reserves,
c
Represented by
365,000
387,299
39.075
405,131
6,053
46,123
Crl,562
38,958
377,842
3,689
45,507
Net oper. revenue
Taxes
$555,292
$448,641
110,000
75,000
Operating income
expenses
Transp. for invest.
Cr232
$445,292
$373,641
Equipment rents
Crl4,878
Jointfac. rents (net)
Drl2,026
Crl3,671
Drl3.096
Net ry. oper. income.
Other income
$448,144
$374,216
10,489
6.096
charges
$458,633
279.149
$380,312
275,738
income
$179,484
$104,574
Gross income
Fixed
Net
-Y. 150, p.
1940—3 Mos.—1939
$4,846,378
$4,015,935
436,557
542,700
928,784
1,017,594
119,398
119,437
R094.173
1,272,450
12,741
22,015
134,955
138,207
Crl5.174
Cr4,279
$1,749,149
330,000
&
Sons, Winnipeg, Man., are offering
bonds, series A, at 99%.
The
Prin. and int. (F-A) payable
option at the Dominion Bank
Coupon bonds in denom.
as to principal only.Red. in whole or part at the
any time prior to maturity on 60 days* notice at 100
31, 1956.
1, 1936; due Jan.
Dated Feb.
of $1,000 registerable
option of company at
and interest.
Trustee,
National Trust Co., Ltd.
£uthwized
Outstanding
$1,500,000
$700,000
150,000 shs. 117,983 shs.
Company—Corporation, by change of name in 1937, acquired as a going
concern the assets and undertakings of Western Steel Products Ltd., a
company incorporated in Canada, April 23, 1928.
This latter company
Capitali:ation—
'
5% general mtge. bonds, ser. A,
Common shares (no par)
had succeeded
a
_
,
due Jan. 31,1956
Manitoba corporation
succeed Winnipeg
Ceiling and Roofing
of the same name formed in 1920 to
Co., Ltd., established in 1904.
On
Steel Products Ltd. was obliged, on account of an
impaired liquid position, to defer interest payments on the $2,058,500 6%
May 1, 1932, Western
mortgage
bonds then
trustee for the bonds, was
Court of King's
outstanding.
The National Trust Co., Ltd.,
appointed receiver and manager by order of the
Bench of the Province
of Manitoba and continued to act
reorganization was effected, the company taking
the management of its affairs again on Nov. 1, 1937.
A plan of
reorganization of Western Steel Products Ltd. was submitted and approved
by bondholders, unsecured creditors, preferred shareholders and common
shareholders on May 31, 1937.
The plan provided for the settlement of
in that capacity until a
over
pre-receivership creditors, bondholders and preference and common share¬
holders' claims by an issue of no par value common stock.
The receivers*
discharged by the issue of $700,000 of 5% general mortgage
bonds, due Jan. 31,1956, and the balance was taken care of by a bank loan,
which has since been paid off.
Company does business throughout Canada and in recent years about 60%
certificates were
^
x
,
obtained in the Eastern Provinces.
It occupies a
leading position in the sheet metal industry of Canada.
Over a period
of years the businesses of a number of companies engaged in similar lines were
of its business has been
acquired, including the Metallic Roofing Co., Ltd., Toronto; Sheet Metal
Manufacturing Co., Ltd., Calgary; Edmonton Metal Works Ltd., and
Pacific Sheet Metal Works Ltd., Vancouver and Victoria; the Winnipeg,
Saskatoon and Calgary plants of the Metal Shingle & Siding Co. Ltd.;
Company
contracting business of Hastings & Willoughby, Regina;
Montreal, and Henry Hope & Sons of Canada Ltd.
and operates eight plants in Montreal, Toronto,
metal
now
owns
Winnipeg, Iiegina, Saskatoon, Calgary, Edmonton
Earnings for Stated Periods
and Vancouver.
Years EndedDec. 31 '38
Dec. 31 '39
profit on sales
Selling, admin, and financial
Depreciation
Gross
expenses
--
executive officers..
Remuneration to
Bon interest.
Receivership management
fees & exps.
5675,762
359,769
185'?^
24,107
35,000
$705,882
362,545
137,212
35,928
35,000
------
11 Mos. to
Dec. 31 '37
$740,598
354,685
165,695
30,805
5,833
1
15,320
"4",243
*»936
Legal fees
$148,018
27,793
34.200
Rentals and
Net profit
$130,954
26,599
25,000
$168,260
23,973
37,000
$141,611
operating profit
sundry income
provision for income tax
Net
$1,419,149
Cr42.736
Dr37,095
$1,068,606
Cr68,901
Dr39.2l3
$1,424,790
32,409
$1,098,294
each year since
$132,553
$155,234
$700,000 series A 5% bonds presently
have been substantially covered in
removal from receivership.—V. 147, p. 3175.
requirements of the
to $35,000 and
Westinghouse Electric
225,000
19,483
$1,457,199 / $1,117,777
841,718'
829,323
$615,481
$288,454
& Mfg. Co.—87%-Cent Common
Dividend—
Directors have
declared a dividend of 87 y2 cents per
share on the common
payable May 29 to holders of record May 7.
Like amount
Feb. 29 last, and compares with $1 paid on Dec. 22 last;
75 cents paid on Nov. 29 and Aug. 31 last, and previously regular quarterly
dividends of 50 cents per share were distributed.—V. 150, p. 2444.
stock (par $50)
was
paid on
Westmoreland
$1,293,606
Virginia Water Service Co,—Bonds Sold—Com¬
sold recently to institutional investors an additional
issue of $200,000 1st mtge. 4s, due April 1, 1961, at 105^
and int.
Proceeds were used for additions and betterments.
—V. 149, p. 2711.
West
Products Corp., Ltd.—Bonds Offered—
outstanding amount
2131.
pany
Total
$1,445,007 $2,004,657
shares.—V. 150, p. 1009.
in lawful money of Canada at the holder's
in the Cities of Winnipeg, Toronto or Montreal.
149,
Maryland Ry.—Earnings—
Transportation expenses
Miscell. operations
General expenses
Surplus
Richardson
Annual Interest
Western
9,737
700,000
131,477
offering does not represent new financing on the part of the
company, since the issue was held by banks subsequent to
the reorganization of the company in 1937.
11,330,947 10,942,069
12,000 no par shares.—V.
Period End. Mar. 31— 1 1940—Month—1939
Operating revenues
$1,528,632
$1,386,679
Maint. of way & struc..
177,851
154,724
Maint. of equipment...
300,669
317,550
10,880
$700,000 5% gen. mtge.
2711.
Traffic
9,698
Western Steel
Less
Total
5,346
700,000
144,211
$1,445,007 $2,004,656
James
1,517,268
unadj. credit
Debt disct., prem.
bon'sl
Geo. W. Reed & Co.,
Pro¬
Acer, unbilled rec.
160,130
a
expenses.
the sheet
Demand note pay.
duction Co
b Accts. and notes
receivable
$
4% 1st mtge. bds. 6,220,000
97,406
Investments
Cash
1939
$
1939
$
Assets—
12,385
Represented by 25,000 no par
first
Water Service Co.—Earnings—
(secured)
Fed.taxesJ
Common stock..
11,511
1939
$546,000 $1,099,000
44,200
49,400
5,250
15,042
pay.(unsec'd)
Acer. exps. &
Prov.for
&
autos.
1940
(se¬
cured)
Due cust.
depreciation
preferred stock
2d preference stock
Notes payable
525
12 Months Ended March 31—
on
loss$9,890
loss$0.46
Liabilities—
1939
$149,504
Inventory
81,576
$891
$0.04
March 31
Balance Sheet
1940
Assets—
Cash
88,687
$6,262
$0.25
Net income.._
L'ns
Virginia Coal & Coke Corp.
on
1940
1939
1938
$22,566,793 $30,041,974 $18,935,555
95,119
89,578
71,679
3 Months Ended March 31—
Sales
600
136.
Dividends
$63,518
surplus.
12,535
West Shore RR.—New Director—
Jacob Aronson was chosen a director of this company at the annual
meeting held April 17 to succeed the late Edward S. Harkness.—V. 148,
Dividends
$29,355
Balance for common stock and
$604,462
-V. 150. p. 2444.
35,304
dividend of 10 cents per share in
addition to the regular quarterly dividend of 30 cents per snare on the
common stock, par $10, payable May 1 to holders of record April 20.
Similar payments were made in preceding quarters.—V. 150, p. 706.
Interest
$182,970
119,452
9,098
$272,038
Operating revenues
Operating expenses and taxes
119,452
22,126
Westchester Fire Insurance
West Virginia
$148,807
Due from cust'ers.
The directors have declared an extra
West
$8,389
Preferred dividend requirements
Acer. Int. receiv..
stock for the period
Quarter Ended March 31—
Operating loss after charges and
—V. 150, p. 858.
$531,907
348,938
30,031
$2,457,467
$1,908,287
extraordinary
deductions lor income tax purposes of debt disscount and expense, call
premiums on bonds retired, and other related items, reduced taxable income
for the year 1939. The above statement includes provisions for Federal and
State income taxes in the approximate amount or $313,000.
Provisions of
approximately $563,000 would have been required except for such extraor¬
dinary deductions.—V. 150, p. 1300.
p.
$469,814
321,007
$3,561,236
17,382
In connection with refinancing by
$37,378
28,989
$12,141
Interest and amortiz
Balance
a
D/-72.554
29,226
64,167
—
$537,176
Dr67,362
$38,554
26,413
Net oper. revenues
Other income (net)
Total
Net income
$44,257
Dr6,879
Taxes
$4,047,326
Int. chgd. to construct'n
Divs. applic. to pref.
1,031,298
139,411
229,202
191,600
1,673
$353,587
on mtge. bonds.
Other int. & deductions.
124,618
263,224
212,437
Depreciation
Dep. on bd. purch.
Interest
994,918
$329,115
revenues.$351,524
2,063
Other income (net)
Gross income
$2,195,974
79,024
9,455
19,364
16,410
Expenses and taxes..
Subs.)—Earnings—
Washington Water Power Co. (&
Net oper.
$0.87
stock; 50%
stated book
$2,132,373
83,224
9,794
21,758
17,583
revenues
Maintenance
1,292 791
1,292,485
$0.51
1,292,485
$0.87
1,292,485
$1.06
standing (no par)
Earnings per share
Operating
Operation
1940—12 Mos.—1939
1940—Month—1939
$173,832
$168,512
Period End. Feb. 29—
Balance
128,294
7,500
$477,226 def$635,596 df$3,655,066
$338,746
Surplus
Shares
1937
$34,214,223
34.057,054 32,624,829
1939
1938
$36,420,009 $35,200,295
35,869,691
Costs, expenses, &c
(& Subs.)—Earnings—
Western Public Service Co.
Walgreen Co. (& Subs.)—Earnings—
6 Mos. End. Mar. 31—
1940
Net sales
$37,860,993
2751
Chronicle
Value
Coal
Co.—Management
Reelected—Par
Changed—
The management's ticket to fill the three vacancies on the board of this
named without a dissenting vote at the annual meeting held
April 19. thus re-electing E. B. Leisenring, President of the company,
John Hampton Barnes and James D. Winsor Jr.
The meeting had been preceded by a contest for proxies in which Ben¬
jamin Graham and Jerome A. Newman, both of Graham-Newman Corp.,
sought to elect the latter to the board of directors, but who a few days ago
dropped the fight when it developed that it would be waged for the seat
held by Mr. Leisenring, President of the company.
Stockholders overwhelmingly approved amendments to the by-laws
changing the capital stock to $20 par from no-par value and reducing stated
capital of the company to $3,100,000 from $5,000,000 and at the same time
authorized the retirement of 45,000 shares of the company's stock now held
<n its treasury.
This proposal of the management had been approved
during the fight for proxies also by the Graham-Newman Corp.—V. 150,
company was
p.
2278.
Weston Electrical Instrument
Corp.—Capital Reduced
of this corporation was reduced on April 15
$2,500,000 to $2,050,000 by a conversion of ail outstanding common
The value of the capital stock
rom
The Commercial & Financial Chronicle
2752
*
stock to fully paid and non-assessable stock with a value of $12.60 a share.
The change was affirmed at the annual meeting of stockholders.
Ail direc¬
tors and officers were reelected.
The board of directors also were authorized to make and alter the by-laws
of the company, subject to the approval of the stockholders.
Ail reference
in the concern's certificate of incorporation relative to the class A stock was
eliminated.
p.
This
stock recently
retired
was
by the company.—V.
Wisconsin Central
150,
Wheeling Steel Corp. (& Subs.)—Earnings—
...
taxes, Ac
Repairs A maintenance.
Selling, general A admin.
expenses, Ac
Depreciation A depletion
13,438.599
-ll, 167,921
Total income-
Interest and discount—
Federal income taxes...
371,973
151,296
Net profit—...
Willson
abandon operation thereof.—V. 150, p. 2131.
Wisconsin Electric Power Co.—Plan
17,205.068
1,402,254
$1,082,639loss$189,265
138.735
112,026
$1,600,011
os7$77,239
$1,756755
402,200
51,596
387,170
60,678
$728,661 loss$531,035
$1,308,807
$1,221,374
381,803
110.910
$0.44
$0.29
mission.
The SEC
$1.89
,
plan is ineffective unless at least 60% of the stock held by others than the
North American Co., which owns 78,710 shares is deposited in exchange for
the
new
4%% pref. stock and a share of the $10 par value common
be sold to the public through an
First Wisconsin Co.—V. 150,
p.
underwriting syndicate headed by the
2598.
Worthington Pump & Machinery Corp. (& Subs.)—
...
....
Consolidated Income Account for Calendar Years
1939
1938
1937
$420,180
283,860
$136,320
82,784
... ....
$53,536
......
Other income.................
3,364
1936
$73,368
52,667
$2,060,636
4,555
94,883
$659,525
149,936
$976,706
160,000
$126,036
13,000
$2,155,519
291,000
202,000
$809,461
24,729
31,271
$972,151
Operating profit——
x
Other income
Gross profit on sales.
........
Selling, administrative and general expenses....
operations
share of
stock plus a dividend adjustment of 31.25 cents a share on their present
stock m exchange for each pref. share now held.
The portion of the new 4 % % pref. stock not taken up In exchange .will
Earnings for 3 Months Ended March 31, 1940
Net profit from
4*A% pref. stock and new $10 par value common stock.
or the 262.098 shares of outstanding 6% pref. stock are offered
new
Holders
one
Inc.-—Earnings—
Products,
Gross sales, less discounts, returns and allowances
Cost of sales..............
opinion stated that It is "Intended to have the right*>f exchange
(CT) on April 29, 1940."
The
extend for 10 days, expiring at 4:30 p. m.
156,644
Nil
Approved
plan involving a current exchange offering by company to its 6% pref.
was approved April 24 by the Securities and Exchange Com¬
A
stockholders
1,569,254
1,287,816
1,673,190
1,065,544
$644,652
Earns, per share on com.
—V. 150, p. 1955.
989,009
1.588,541
1.024,407
1,735,973
1.121,247
$1,022,455
Other income-.......-.
145,466
10.051.213
Ry,—Abandonment—
City, approximately 11.46 miles, all in fit. Croix County, Wis., and author¬
ized the trustees of the Minneapolis, St. Paul A Sault Ste. Marie Ry. to
1937
$13,463,905 $23,064,403
13,049.378
1,212,209
1,360,546
Profit
1938
Gross profit
Federal income tax._...
Surtax on undist. profits
Abandonment of certain
fixed assets
Red. of obsolete invent'y
'
183,823
321,141
—...
Net profit before provision for Income taxes
Pro vision for income taxes...
—
$56,901
13,350
....
Net profit.............. ..U...............
Assets—Cash, $20,691; accounts receivable (less reserve for bad debts
of $7,858), $199,118; inventories, $411,923; cash surrender value life in¬
surance, $72,895; notes receivable, not current (less reserve of $6,000),
$2,413; prepaid expenses and deferred charges, $16,011; plant, property
and equipment (less reserves of $138,074), $818,380; total, $1,541,431,
Liabilities—notes payable, $50,000; accounts payable, $83,790; accrued
items, $14,945; provision for Federal and State income taxes, $51,759;
capital stock, $137,000; capital surplus, $632,237: earned surplus, $604,325;
treasury stock, Dr$32.624; total, $1,541,431.—V. 150, P. 2445.
Winchester Water Works Co.—Bond Issue—
July 1, 1964.
Proceeds were used to retire $242,000 outstanding 1st mtge.
6s, due 1945, and note indebtedness, and to reimburse company's treasury
for expenditures made for physical property additions.
Total authorized,
$1,000,000.
Interest payable Jan. 1 and July 1.
Trustee, Empire Trust
Co., New York, N. Y.
Callable at the option of the company on any int.
date, as a whole on in part, at 105 and int. to July 1, 1943, the premium
decreasing % of 1% each year to Jan. 1, 1964.
Company covenants that during the calendar year 1939 and during each
calendar year thereafter while any of the bonds of series of 4s are outstand¬
ing, it will appropriate for the purpose of its retirement or depreciation
reserve an amount which shall be not less than \3M%oi its gross operating
revenues for such calendar year, less, however, any amounts expended by
the company in such calendar year for the maintenance of its property,
or for physical
property additions.
Any physical property additions so
appropriated shall not be used as a basis for the issue of additional bonds.
Additional bonds of any series may be issued from time to time for the
?>urpose of refunding, principal amountseries may be amount, anytime to
yinig bonds. Additional bonds of any for principal issued from undertime to the extent of 66 2-3%
of net bondable expenditures for physical
property additions made or acquired subsequent to July 1, 1939.
Addi¬
tional bonds may also be issued against cash.
Company's outstanding $200,000 capital stock (par $100) is all owned
by General Water Gas A Electric Co. and held in its treasury.
Net profit...
$72,534
Net operating revenue...
—....
Provision for depreciation......................
$31,394
3,253
.....
Cash.......
..........
Total income............
Interest and other charges
Federal income tax
Net
....
—...
income.....
...............
...
......
......
...
Inventories
Sec.
ot
Dividends paid-—
.....
834.859
447,903
449,685
507.944
4^,507,201
.
.
affil.
8,796,570
rec.
470,146
3,837,640
8,608,915
485.343
Accts. & notes
cos.
not consolidated
(foreign)
Deferred charges..
1938
'
$
-
Adv. pay. on contr
Mtge.
payable
___
228",648
of
sub. company..
Capital surplus— 2,309,460
1,304,470
Profit A loss surp.
Total.........26,576,535 25,456,259
?
Capital stock .....17,009,499a17,003,782
Notes payable.... 3,250,000
3,400,000
Accounts payable
1,704,035
1,069,678
Accrued payrolls..
100,062
72,547
Accrued taxes
137,651
123,428
Res. for Fed. taxes
160,000
340,729
M see 11. curr. liab.
208,628
225,818
Res. for self. Ins..
100,000
Accrued commis.
50,992
63,553
Misc. accruals
241,703
25,000
2,315.313
587,763
Total.........26,576,535 25,456,259
a Represented
by 65,038 (64,701 in 1938) shares 4H% conv. series (par
$100); 65,038 (64,701 in 1938) shares 4H% series (par $100); 6,193 3,365 in
1938) shares class A 7% cum. pref. stock (par $100); 8,790 (9,292 in 1938)
shares class B 6% cum. pref. stock (par $100); and 250,364 (249,783 in
1938) no par shares common stock,
x After dpreciation of $9,703,258 in
1939 and $9,307,153 in 1938.
Includes property in liquidation amounting
to $256,676 in 1939 and $350,000 in 1938.—V. 150, p. 1955.
Yale & Towne
Mfg. Co.—Earnings—
1939
1940
Net-
earnings-$340,802
Depreciation....
126,780
e
$126,400
119,795
....
1938
$116,252
111,156
1937
$492,224
101,799
41,139
$28,142
13
$28,154
15,186
606
i
...
.....................
Liabilities—
$
965,495
531,499
Miscell. securities.
x
.
$12,362
12,000
Balance Sheet Dec. 31, 1939
Assets—Property, plant and equipment, including Intangibles (less re¬
for depreciation of $52,315), $575,497; special deposits (insurance) ,
$412; cash in banks and on hand, $6,094; accounts receivable (net), $1,534;
unbilled revenue (est.), $1,269; due from affiliated company, $12; inven¬
tories. $5,348; deferred charges, Ac., $5,267; total, $595,434.
Shs.
com.
Earnings
sur$68,026
out.
per
6,605
2,998
$214,022
145,996
...
Dividends...4
Deficit...
Net operating revenue....
Other income
1939
1938
$
Property, plant
and equipment. 10,841,740 10,748,853
Net income..
....
$248,497
Consolidated Balance Sheet Dec. 31
1939
Quar. End. Mar. 31—
Operating revenue—water
Operation, maintenance, taxes (other than Federal income tax),
provision for bad debts, Ac--..........
$29,711 a$1,621,979
$816,706
Assets,—
Year Ended Dec. 31, 1939
—
x40,540
x After deducting cost of sales, including all operating and maintenance
charges, depreciation of plants and equipment, selling, general and admin¬
istrative expenses,
z Expenses
in connection with liquidation of the
Virginia corporation,
a Whereof, amounts are applicable as follows to
the Virginia corporation period from Jan. 1, 1937 to March 20, 1937.
$93,199 and to the Delaware corporation period from March 21, i937 to
Dec. 31, 1937, $1,528,779.
x
The company in July, 1939, sold privately at par, to institutional in¬
vestors, $300,000 1st mtge. 20-year 4% bonds, dated July 1, 1939, due
83,325
...—
Special charge
$43,551
Balance Sheet March 31, 1940
Income Account
1940
The Interstate Commerce Commission on April 6, issued a certificate
permitting abandonment by the company and its receiver of a line of rail¬
road extending from Cylon Junction switch, near Cylon. to Glen wood
2278.
3 Mos. End. Mar. 31—
1940
1939
Gross sales,*...
$18,678,820 $18,082,960
Cost of sales, ordinary
April 27,
Liabilities—First mortgage 4s (1964), $300,000; current liabilities, $4,765;
consumers' deposits (refundable), $2,434; contributions for extensions,
$172; capital stock (2,000 shares, par $100), $200,000; capital surplus
$13,919; earned surplus, $74,144; total, $595,434.
$66,393
486,656
$0.44
486,656
(par $25)
share.....
$0.01
$5,096
72,998
$390,425
72,998
$67,902 sur$317,427
486,656
$0.01
$0.80
486,656
« Includes other income of $9,180 in
1940; $11,074 in 1939; $11,857 in
1938 and $21,109 in 1937.
x Estimated by Editor.—V. 150, p.
1955.
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1940
Total income...
$4,270,114
Depreciation A depletion
1,904,906
931,292
179,986
Interest, Ac.......
Miscellaneous charges..
1939
1938
$2,984,796
1,670,990
937,963
1937
$2,610,302
1,687,877
632,840
429,115
$7,974,362
1,771,416
$217,107 loss?139,529
$4,886,019
$3.05
158,736
758,295
558,632
serve
Net profit...........
Earns, per share on com.
$1,253,929
$0.63
Nil
Nil
—V. 150, p. 2445.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY* GOODS—WOOL—ETC.
COMMERCIAL EPITOME
lots, all in the Santos contract.
Santos futures
Friday Nightj April 26, 1940.
Coffee—On the 20th inst. futures closed 3 to 5
points net
lower, with sales of 10 lots, all in the Santos contract. The
market seemed to be quiet sensitive to
pressure, and ruled
heavy during most of the short session.
No changes in
actuals
were
reported and prices in Brazil remained un¬
For the third successive day there were no receipts
1,799,000 bags.
Afloat supplies from Brazil were 546,000
bags and stock of
Brazilian coffee 479,000 bags, which in addition to the
494,000 bags of other than Brazilian coffee, made the
visible, supply 1,519,000 bags.
On the 22d inst. futures
closed 1 point down to unchanged, with sales
totaling 22
changed.
at the Port of Santos and stock declined to
were
4 to 5
During early afternoon
points lower on a small volume.
In Rio de Janeiro the
spot price on spot 7s was off 300 reis
10 kilos. According to reports, registered
spot sales in Santos last week were 182,000 bags for the
United States and 10,000 bags for Europe against 134,000
and 54,000 bags respectively, the previous week.
Mild
to 13.1 milreis per
coffees
were
I slightly easier with Manizales for shipment
said to be ofiered at
cents.
Spot Manizales and choice
still well above that level.
On the 23d inst. futures closed 3 to 4 points net lower for
the Santos contract, with sales totaling 20 lots.
Trading
for the first three hours was confined to switches from May
grades
were
into December contracts at 28 points premium on Decem¬
ber.
There was nothing new from Brazil,
Actuals were
Volume
quiet
and
The Commercial & Financial Chronicle
ISO
generally
unchanged.
Traders
here
are
On the 25th inst. futures closed 8 to 5 points net higher.
Cocoa futures were firm in
still
Transactions totaled 429 lots.
wondering when Brazilian authorities will come to some
decision regarding the next crop, which should be starting to
fairly active trading.
the full
regulations regarding the movement, sacrifice quota and
other pertinent matters were known sometime in March.
Perhaps the uncertain conditions in Europe have caused
Brazilian officials to delay action until the very last moment.
On the 24th inst. futures closed 5 to 6 points net higher for
the Santos contract, with sales totaling 43 lots.
.The Rio
contract closed 1 point off to 3 points up, with sales totaling
14 lots.
Friday will be first notice day for May contracts.
In the Rio "A" contract May sold at 3.98 cents, off 2 points.
Actuals were quiet and generally unchanged although con¬
cessions were believed possible from the openly quoted prices.
In Brazil spot Rio 7s were up 200 reis to 13.3 milreis per
10 kilos.
The trade talked of the possibilities of sending
shipments into Sweden via the Artie.
Generally, however,
it was believed the shipment of coffee in that manner would
not attain large proportions.
One ship is currently on the
way to Sweden from Brazil, fate unknown, while still another
is reported held at some unnamed British control port.
On the 25th inst. futures closed 4 to 6 points net lower,
with sales totaling 34 lots, all in the Santos contract. Santos
coffee futures were 4 to 5 points lower erasing yesterday's
gains.
Tomorrow will be the first notice day for May con¬
tracts.
In Brazil the spot price on Rio 7s was off 100 reis
per 10 kilos to 13.2 milreis.
Receipts at the port of Santos
from the interior have been nil for a full week.
However,
move
around the middle of June
.
In recent years
nothing has cleared this week for either the United States or
Europe and the stock in ports has remained static at about
1,797,000 bags. While actual coffees in the New York market
were not openly offered at lower prices, it was thought con¬
cessions would be made on Brazilian cost and freight offers
Today futures
closed 1 point up to 3 points net lower for the Santos contract,
with sales totaling 36 lots.
Five transferable notices were
issued against May Santos contracts and stopped early. The
market at the end of the third hour stood 1 point higher to 2
points lower, with December selling at 5.97c., off 2 points.
There was nothing new from Brazil. Reports from Colombia,
as yet unconfirmed, said that an export premium of two pesos
per bag, about %c. per pound, had been voted.
The funds,
it was said, would be supplied by the Bank of the Republic
and the bounty would continue for eight months or until the
price of Manizales coffee reached 10c. per pound in the New
York market.
Manizales coffee is quoted currently in New
York at from 8 to 9c. per pound, depending on the selection
and the tone of mild coffees was
and the amount
Rio coffee
barely steady.
bought.
prices closed
as
rollows:
3.991 December
—4.01 (March
4.051
May
July
September.
Santos coffee
prices closed
as
.5.96
5.79
September
6.06
[March
5.88)
...
Cocoa—On
the 20th inst.
futures closed 1
to 4 points
higher.
On the 23d inst. futures closed 7 to 8 points net lower.
Transactions totaled 309 lots.
Rumors current in the
cocoa
shipping would be available for service in
Hemisphere, were responsible for easing of the
cocoa futures market some 5 to 6 points on a turnover of
225 lots to early afternoon.
On the bulletin board of the
Cocoa Exchange was posted an announcement that a steam¬
ship had sailed from West Africa for New York with a cargo
of 59,000 bags of cocoa.
Warehouse stocks decreased 1,700
bags overnight.
They now total 1,056,724 bags against
1,308,994 bags a year ago.
Local closing: "May, 5.80; July,
5.86; Sept., 5.90; Dec., 5.99; March, 6.08.
On the 24th
inst. futures closed 8 to 11 points net higher. Transactions
totaled 511 lots.
Trading in cocoa futures picked up and
trade that
more
the Western
"
prices advanced when the cocoa trade turned good buyers
of May contracts.
Liquidation in May has dried up, sellers
now
preferring to switch into later months.
Prices this
afternoon stood 4 to 5 points net higher, with May standing
at 5.84 cents, up 4 points.
Warehouse stocks increased
7,700 bags.
They now total 1,064,499 bags compared with
1,308,994 bags a year ago.
Local closing: May, 5.89; July,
5.97; Sept., 5.98; Oct., 6.01; Dec., 6.08; March, 6.17.
Brazils
are
afloat.
Arrivals
since
800,000 bags behind the movement of
Jan.
a
closing: May 5.99; July 6.02; Sept. 6.05;
6.15; Mar. 6.21.
1
are
about
Local
Dec. 6.12; Jan.
year
ago.
Sugar—On the 20th inst. futures closed 1 point higher to
point lower, with sales totaling 254 lots. The world sugar
contract closed 3 to 4 points net higher, with sales totaling
118 lots.
A leading Cuban interest was reported as support¬
ing the May position in the domestic contract. With the
curtailment of offerings in the No. 4 contract there was
simultaneous new buying and short covering to promote the
firmness.
The situation in the freight market continues to
1
be of
some
concern
to the trade.
On the 22d inst. futures
closed 1 to 2
points net lower for the domestic contract, with
sales totaling 189 lots.
The world sugar contract closed
unchanged to 1 point net lower, with sales totaling 60 lots.
Although trading was less active than during the advance
last week, sugar futures held or added to recent gains.
In
the domestic market July during early afteronon stood at
2.02 cents, up 2 points.
No sales of raws were reported, nor
have any been reported since last Wednesday, when the
largest buying movement of the year to date culminated
It is believed that refiners have all they want for the present.
One parcel of Pureto Ricos due today could have been bought
for 2.88 cents a pound.
One for early May arrival was held
at 2.93
cents.
Other offers ranged up
to 2.95 cents.
Refiners, it was said, would pay 2.90 cents for May and
later arrival, preferring June arrivals
Refined sugar
quotations remained unchanged.
The freight problems
On the 23d inst. futures
closed 1
to 3
points net lower
for the domestic contract, with sales totaling 244 lots.
The
world sugar contract closed 3 points to
point net lower,
with sales totaling 85 lots.
Rumors of easier freight position
caused
selling and liquidation of the spot May domestic
position which broke 4 points, while other deliveries
were 1 to 2 points lower.
The sugar trade heard that the
Norwegian Consul had received orders releasing Norwegian
boats for trade in the Western Hemisphere with the exception
of Cuba, Mexico, Chile and the Dutch West Indies, but
sugar
Transactions totaled 240 lots.
Switches of
July cocoa futures into the December delivery featured an
otherwise quiet session today.
With the previous day's
profit-taking not in evidence, prices moved slightly higher
on trade buying.
A total of 62 July contracts was trans¬
ferred into December at a differential of 12 points, while
one transaction was done at
13 points.
Spreads generally
showed a tendency to widen slightly during the day.
Local
closing: May, 5.90; July, 5.98; Sept., 6.03; Dec., 6.11;
Jan., 6.15; March, 6.21.
On the 22d inst. futures closed
3 to 5 points net lower.
Transactions totaled 272 lots.
Cocoa futures had a steady undertone in diminished volume
of trading.
Prices this afternoon stood 2 points higher on
May at 5.98 cents, to unchanged in later positions.
The
trade heard rumors of a freight rate increase on shipments
from West Africa, starting May 1.
Arrivals of cocoa so far
this year are about 750,000 bags behind the movement a
year ago.
Warehouse stocks decreased 1,100 bags over the
week-end.
They now total 1,055,000 bags compared with
1,304,057 bags a year ago.
Local closing: May, 5.87; July,
5.94; Sept., 5.98; Dec., 6.06; March, 6.16.
net
No
4.09
-
5.701 December
July
Prices during early afternoon stood
points higher, with May selling at 5.94 cents, up 5
points. Trading to that time totaled 285 lots. The feature
of the trading was the drying up of liquidation in May.
Holders preferred to switch into later deliveries. Warehouse
stocks decreased 900 bags.
They now total 1,063,540 bags,
compared with 1,317,786 bags a year ago.
Local closing:
May 5.97; July 6.03; Sept, 6.04; Oct. 6.07; Dec. 6.13;
Mar. 6.22.
Today futures closed 2 points up to 1 point net
lower, with sales totaling 508 lots. Cocoa futures touched
new highs
today, when May notices on this, the first May
notice day, were stopped promptly by an important manu¬
facturer. May this afternoon was selling at 6c., up 3 points.
Other deliveries then were unchanged.
There was good de¬
mand for May contracts from trade shorts.
Warehouse
stocks decreased 2,300 bags.
They total 1,061,200 bags
against 1,328,837 bags a year ago.
Only 81,525 bags are
afloat from West Africa against 251,572 bags a year ago.
5 to 6
remained unsolved.
...
follows:
May
2753
trade circles believed that Cuba also would be removed from
the restricted
area.
Offers of
raw
increased.
sugar
In the
meanwhile it developed that a refiner had bought a lot of
5,000 bags of Puerto Ricos in port at 2.88 cents
thereby shading the spot price 2 points.
Offers
cluded two parcels of Puerto Ricos nearby at 2.93
half a dozen lots at 2.95 cents.
Also 2,000 tons
a pound,
today in¬
cents and
of Philip¬
pines due May 5 were offered at 2.93 cents, while 1,000
due in June
tons
were
held at 2.95 cents.
points down to unchanged
domestic contract, with sales totaling 1,045 lots.
The world sugar contract closed 2H points net higher to
On the 24th inst futures closed 3
for
the
unchanged, with sales totaling 137 lots.
FRavv liquidation
May contracts upset the domestic sugar market, following
circulation of 141 notices today.
Sales totaled 1,045 lots,
of
52,250 tons, largest turnover since the first week of the
About half of it was either in liquidation of May or
switches out of that position into distant months.
The raw
or
war.
sugar
market was easier, reflecting indications that Nor¬
wegian tonnage may be made available for the Cuban sugar
trade.
The American Sugar Refining Co. bought 15,000
bags of Puerto Ricos clearing May 1 at 2.85 cents a pound,
a drop of 3 points in the spot price.
Two parcels of Puerto
Ricos, early May clearance, were held at 2.90 cents.
Cubas
for May were held at 2 cents, while for June 2.02 to 2.03
cents was asked.
Refiners were showing no interest.
On the 25th inst. futures closed unchanged to 1 point
net lower for the domestic contract, with sales totaling 398
lots.
The world sugar contract closed
to 3 points net
with sales totaling 70 lots.
Sugar futures were
irregular. The domestic market was 1 point lower on May
when 11 transferable notices were issued, that delivery sell¬
ing at 1.89c. On the other hand distant months were gener¬
ally 1 point higher.
About 200 lots had been traded up toearly afternoon.
In the sugar market another sale at 2.85c.
a pound took place when the American Sugar Refining Com¬
pany bought 13,500 bags clearing Puerto Rico May 4th at
that price.
Further sugars were offered at 2.88c. and up.
The trade heard that Norwegian ships had been released for
the Chilean trade and expected that Cuba and Mexico soon.
higher,
The Commercial & Financial Chronicle
2754
would be
opened to them.
Reports of German victories
attracted
a new demand in the world contract.
France was
believed interested in further Cuban sugar for June arrival.
Today futures closed 1 to 3 points net higher for the domestic
contract, with sales totaling 65 lots.
The world sugar con¬
tract closed 1 point up to 1 H points down, with sales
totaling
93 lots.
tracts
Domestic sugar futures were firm, but world
easy.
The domestic market this afternoon
were
were
reoffered at that
price.
It is presumed the seller
indifferent.
were
It
is
only fair.
pound.
sugar
a
Prices closed
as
that
withdrawals
1.91 (November
1.97) January
2.021 March
of refined
2.07
-
2.06
2.C8
Lard—On the 20th inst. futures closed 5 to 7
points net
Lard futures at Chicago ruled very steady through¬
today and prices on the active de¬
liveries finished moderately higher.
No export clearances
of lard were reported today.
Hog prices at Chicago were
unchanged.
Western hog marketings totaled 10,600 head
against 6,700 head for the same day last year.
On the 22d
inst. futures closed 2 points net higher for the active de¬
liveries.
The opening range was 8 to 10 points above
pre¬
vious finals.
Heavy realizing took the edge off the market
and there was virtually no rally, prices
closing at the lows of
the day.
No lard exports were reported from the Port of
New York over the week-end.
The hog run for the prin¬
cipal packing centers in the West totaled 65,400 head,
against 3,400 head for the same day last year.
Prices of
hogs at Chicago closed 15c. to 25c. net higher, with sales
ranging from $5.65 to $6.25.
higher.
out
the
short session
On the
The lard
2^d inst. futures closed 3 to 5 points net higher.
market was fairly active today, with the undertone
steady during most of the session, influenced apparently by
the firmness displayed in the
hog market.
The hog trade
continued active today, with prices
mostly 15 to 25 cents net
higher.
The top price was $6.50, the best since Nov. 10,
1939.
On the 24th inst.
futures closed 7 to 8 points net
reported hedging against receipts of
lard and support was stated to be
limited, with many in the
trade fearing that new lard supplies would
expand shortly.
Hog marketings have fallen sharply during the past few
days, as is to be expected.
Farmers usually are held back
lower.
Packers
were
in
hog marketing by rainy weather and also by planting and
year is no exception.
Receipts of hogs at principal
Western markets again were
restricted, the run yesterday
being estimated at 55,600 head as compared with 57,200 a
year ago.
Prices for hogs accordingly advanced further, the
top at Chicago going to $6.65, up 15e. from Tuesday.
This
compares with a top of $5.15 earlier this month.
Gains of
10c. to 15c. were shown
today with the price range $5.25 to
$6.50. Exports of lard today totaled 28,125
pounds.
this
On the 25th inst. futures closed 12 to 15
points net lower.
hedging of lard combined with some commission
house liquidation was reported the chief influence in
Packer
about
were
a
bringing
drop in lard prices today. Western hog marketings
larger today, totaling 70,500 head as com¬
somewhat
pared with 55,200 head on the corresponding day last year.
No lard exports from the
port of New York were reported
today.
Hog prices reacted after the recent very sharp
advances, with losses ranging from 15c. to 25c. Prices at
Chicago ranged from $5.25 to $6.40. Today futures closed
5 to 8 points net lower. Prices tended lower
in sympathy with
the
decline
in
other
commodity
markets,
grains.
_
_
DAILY CLOSING PRICES OP LARD
FUTURES
Sat.
Mon.
Tues.
Wed.
May
6.42
o.45
6.50
6.4 2
July- —September-
6.65
6.67
6.70
6.62
6.85
6.95
6.87
6.90
6.82
6.97
7.02
6.95
October
December
Pork—(Export),
mess,
especially the
IN
CHICAGO
Thurs.
6.27
6.50
6.70
6.80
FriZ
6.22
6.45
6.65
6.75
6#90
$20.75
(8-10 pieces to barrel,;
family (50-60 pieces to barrel), $16.25 (200 pound
barrel).
Beef: (export),
steady. Family (export), unquoted.
Cut
Meats:
Pickled Hams:
Picnic, Loose, c.a.f.—4 to 6 lbs.,
10h£c.; 6 to 8 lbs., 10c.; 8 to 10 lbs., 9%c.
Skinned, Loose,
c.a.L—14 to 16 lbs.,
14%c.; 18 to 20 lbs., 14c. Bellies:
Clear, f o.b New York: 6 to 8 lbs., 11c.; 8 to 10
lbs., lOHc.;
J? to 14dbs., 9He. Bellies: Clear, Dry Salted, Boxed,
N-Y.—16 to 18 lbs.,
7Mc.; 18 to 20 lbs., 7%e.; 20 to 25 lbs.,
7/£c.; 25 to 30 lbs., 7He.
Butter: Creamery, Firsts to
Higher than Extra and Premium Marks: 27
H to 27-He
Cheese: State, Held
'38, 21 to 22c.; Held '39, 20 to 20He.
Eggs: Mixed Colors: Checks to Special Packs: 15 to
19Mc.
Oils—Linseed oil
buying is at
report.
Prices, however,
10.2 inside for tank car
a
remain
rather low ebb, crushers
firm at a basis of
very
shipments: Quotations: Chinawood:
Tanks, spot—22 H to 25He.; tank shipment—22e.
bid;
drums—23 H to 26He. Cocoanut:
Crude, tanks— .03 H to
.03 He-; Pacific Coast—.03 bid nominal.
Corn:
Drums,
Crude,
Crude,
contracts.
S.
yesterday, including switches, 294
E., val. 5H-6n.
Prices closed as
follows:
6.76®
May
6.82®
July
August.-
-—
6.88®
6.90®
September
6.92®
6.93
October
n
6.91(9)
November
6.85(9)
6.95
December
n
-—
6.96 @
6.97
Rubber—On the 20th inst. futures closed 9 points lower
was
A parcel
Refiners
follows:
May
July
September
tanks,
Cottonseed Oil sales,
was
Offshore refined again is offered at
are
4.25c.
said
shipment.
a pound.
nearby—.06He- hid nominal.
Olive:
De¬
spot, afloat—95c. to $1.00.
Soy Bean:
Tanks, West—.05H bid; New York, l.c.l., raw—.075 bid.
Edible:
Cocoanut: 76 degrees—.08He. bid. Lard:
Ex.
winter prime—8He- offer.
Cod: Crude: Norwegian, dark
filtered—64 offer; light—70 offer.
/'
West,
natured:
con¬
holding gains of 1 point, with September selling at 2.01c.,
but trading was slow pending renewed activity in raw
sugar.
The trade still expects to see Norwegian ships released for
the Cuban sugar trade.
In the raw market 23,000 bags of
Cubas which cleared yesterday and were sold
early this
week to the American Sugar Refining
Company at 1.95c.,
unable to meet the refiner's terms for
of Puerto Ricos was offered at 2.88c.
April 27, 1940
to 7
points higher.
Sales totaled 1,240 tons.
The opening
7 points lower to only 1 point better.
The Singa¬
pore rubber market closed steady, showing gains of 1-32 to
3-32d over the previous day. The outside market was quiet
and steady.
Spot standard No. 1 ribbed smoked sheets in
the trade remained unchanged at 20c. per pound.
Local
closing: April, 19.68; May, 19.68; July, 19.08; Sept., 18.72;
Dec., 18.50; Jan., 18.44.
On the 22d inst. futures closed
50 to 27 points net lower.
Transactions totaled 300 lots.
Liquidation caused a sharp decline in rubber futures. Dur¬
ing early afternoon the market was 37 points lower on May
and 33 points down on the July delivery
The weakness of
May reflected withdrawal from that position in anticipation
of first notice day.
The open May position this morning
was 283 lots.
As a result of to-day's decline the premium
over July was further reduced to 46
points.
Sales to early
afternoon totaled 160 lots.
At that time May stood at
19.21 cents.
The London market closed l-16d. to Hd
lower.
Singapore also declined.
The London rubber mar¬
ket will close at 1 p.m. on Friday, May 10, and will not
reopen until Tuesday, May 14.
Singapore markets will
remain closed May 13.
Local closing: May, 19.08; July,
18.68; Sept., 18.45; Dec., 18.15.
On the 23d inst. futures closed unchanged to 7
points net
higher. Transactions totaled 115 lots.
The chief character¬
range was
.
istic of the rubber market was the absence of the
liquidation
which weighed on it yesterday.
The tone was steady on
sales of 54 lots to early afternoon.
At that time
September
stood at 18.47, up 2 points, and December at
18.23, up to
8
points.
It
reported that dealers were buyers on
balance.
Fair shipment orders were reported.
In London
prices were unchanged to 11-16d. higher, but Singapore
was
closed l-32d lower.
Local closing: May, 19.08; July, 18.75;
On the 24th inst futures closed
Sept., 18.48; Dec., 18.22.
3 to 8 points net higher.
Rubber futures
were
Transactions totaled
105
lots.
firm in
sympathy with higher prices
Singapore and news that shipment offerings were slightly
higher.
Trading was light, totaling only 47 lots to early
afternoon.
Of that total 110 tons were
exchanged for
physicals.
Certificated stocks of rubber in licensed ware¬
in
houses decreased 90 tons.
They now total only 1,060 tons.
London closed unchanged to l-16d. lower, but
Singapore
closed l-32d. higher.
Rumors of a tighter freight situation
were
current.
Local
closing: May, 1915; July, 18.82; Sept.
18.51; Dec., 18.30.
On the 25th inst. futures closed 36 to 17
points net higher.
Transactions totaled 132 lots. Rubber futures opened 7 to
13
points higher and continued to strengthen
session passed, on an increased volume of
trading.
as
the
During
early afternoon July stood at 19c., up 18 points, and Sept.
at 18.70, up 19 points, while Dec. It 18.47 was
up 17 points.
Uneasiness over the ocean freight situation in the East Indies
and firm
cables were the main influences in the market.
Sales to that time totaled 103 lots. Certified stocks of rubber
decreased ten tons. They now total 1,050 tons. The London
rubber market closed
unchanged to l-6d. higher, while Singa¬
advanced 1-32 to l-16d.
Local closing: May, 19.51;
July, 19.06; Sept., 18.69; Dec., 18.48; Mar., 18.30. Today
futures closed 13 points off to 2
points net higher. Transac¬
pore
tions totaled 153 lots.
There was good demand for May
rubber from trade and dealer sources
today, partly offset by
selling of May against purchases of July, with trade interests
buyers of July. Shipment offers were less plentiful, it was
said. The market opened 2 to 11
points higher but failed to
hold all of its advances. During
early afternoon prices were
6 lower to 8
Sales
to
that
points higher with May at 19.50, off 1 point.
time
totaled
106
lots.
The London market
closed
unchanged, but Singapore was l-16d. to 5-32d. higher.
Local closing: May, 19.38; July, 18.95; Sept., 18.69;
Dec.,
18.50; Mar., 18.32.
Hides—On the 20th inst. futures closed 1 to 6 points net
higher. The opening
1 point lower to 2 points higher.
pounds.
There were no im¬
portant developments reported in the domestic spot hide
situation today.
Local closing: June, 13.99; Sept., 14.25;
Dec., 14.48; March, 14.71. On the 22d inst. futures closed
20 to 24 points net lower.
Transactions totaled 96 lots.
The market opened 9 points to 1 point lower, with the ex¬
ception of December, which was 2 points higher.
Sales
totaled 18 lots during the morning.
June sold at 14.01,
up 2 points and September at 14.25, unchanged.
Certifi¬
cated stocks of hides in warehouses licensed by the exchange
decreased by 982 hides to a total of 939,942 hides in store.
Trading was purely local in character.
Local closing:
June, 13.76; Sept., 14.01; Dec., 14.26; March, 14.51.
range was
Transactions totaled 2,680,000
Volume
The
150
On the 23d inst. futures closed 14 to 16
Transactions
totaled
136 lots.
points net higher.
opened
Raw bide futures
today at 5 points higher to 3 points lower. The market was
steady during the morning, sales totaling 95 lots. September
sold at 14.04 up 3 points and December at 14.30, up 4
points during the early session.
trend
traders
as
hesitated.
The market lacked
Local
definite
June,
closing:
13.92;
Sept., 14.15; Dec., 14.41; March, 14.66.
On the 24th inst.
futures closed 1 point off to 4 points up compared with pre¬
vious finals.
Raw hide futures opened 1 to 17 points lower,
the
with
17
point drop registered in the June delivery.
The market was dull during
Transactions totaled 39 lots.
the morning
with
was
no
sales totaling only 26 lots.
Trading was local,
The Chicago packer market
incentive to activity.
Heavy sales of calf skin at advances
quiet.
of lA to
cents a pound took place yesterday.
Local closing:
June, 13.91; Sept., 14.19; Dec., 14.44.
On the 25th inst. futures closed 2 points up to 1 point off
y>
compared with previous finals.
Transactions totaled 121
lots.
Raw hide futures opened with Sept. 1 point higher,
while other months were 7 points lower to unchanged. The
market was firm during the morning on sales of 52 lots.
June sold at 13.93, up 2 points and Sept. at 14.23, up 4
points. Selling pressure was limited, but the market lacked
fresh incentive.
Certificated stocks of hides in warehouses
licensed by the exchange increased by 1,000 hides to a total
13.93; Sept.,
closed 19 to
13 points net lower.
Transactions totaled 145 lots. Raw
hide futures opened 5 to 13 points lower.
The market held
easy on sales of 50 lots.
Trading was local in character and
governed largely by the movement of the stock market.
hides in store. Local closing: June
14.20; Dec., 14.43; Mar., 14.66.Today futures
of 941,195
Certificated
stocks of hides in warehouses
licensed by the
exchange increased to 943,706 hides in store.
June, 13.74; Sept., 14.01; Dec., 14.27; Mar.,
Ocean
Local closing:
14.53.
Freights—Indications that the uncertainty sur¬
rounding Norwegian tonnage has been ended by the official
co-operation of this merchant fleet with the Allies, was seen
in the fixing of four vessels on time charters, presumably in
the Canadian trade.
Charters included: Grain: New York
Australia to North Atlantic,
$25.50 per ton May.
(linseed)$8.50.
A
steamer,
River Plate to
West Coast
United King¬
dom, 127s 6d per ton. A steamer, River Plate to Antwerp,
May, $25.50 per ton.
Grain Booked: Eleven loads, New
York to Antwerp, end-April, 70c. per 100 pounds (booked
within past few days). Sugar: Atlantic, $12 per ton. Brazil
to Antwerp, $24 per ton.
San Domingo to Marseilles, $20
per ton.
San Domingo to Casablanca, $19 per ton. Cuba
to Bordeaux, $21 per ton.
San Domingo to Nantes, $20 per
ton.
Philippines to U. S. Atlantic, $12 per ton.
Time
charter: West Indies trade, $5 per ton.
Coal: Hampton
Roads to Rosaria, May, $9.75 per ton.
Another steamer,
Hampton Roads to Rio de Janeiro or Buenos Aires, May,
$9.25 per ton.
Steamer, Hampton Roads to Buenos Aires,
available at about $9.25 per ton. Hampton Roads to Rosario,
$9.75 per ton. Hampton Roads to Italy, $15 per ton asked
to
Antwerp (berth) April 70c.
$17 per ton. Buenos Aires to Antwerp,
Buenos Aires to north of
Hatteras
May-June.
,
,
coal has been somewhat slow
develop to proportions expected both by mine operators
and the railroads engaged in rolling the fuel down to tide¬
water.
In addition to the obvious difficulty in obtaining
Coal—Movement of export
to
prevailing high freight rates, observers
snagged on the problem
of credit for foreign buyers.
The operators get cash on the
line for filling coal orders and for many potential purchasers
this has been an insuperable difficulty.
A certain amount
of South American buying has been handled through the
Export-Import Bank and some coal has been going to Italy,
but not in major amounts, according to those watching the
situation.
If Italy should go to war, even this business
would be lost, it is believed.
Spring retail anthracite prices
in Brooklyn and Queens were announced, showing reductions
of 25c. per ton on the larger steam sizes, while buckwheat
was reduced 75c. per ton, pea remain* unchanged and rice
coal advanced 25c. per ton.
These prices are effective as
of May 1st, the Brooklyn dealers further reported.
The
new
schedule is about in line with the new quotations
announced by the Manhattan dealers recently.
bottoms
and
the
here state the movement also has
Tops—On the 20th inst. futures closed unchanged
points higher today, with the market quiet. Spot tops
declined y$. to $1.01^ a pound.
Local closing:
May,
97.2; July, 96.4; Oct., 95.9; Dec., 95.6; March (1941),
95.3.
On the 22d inst. futures closed 1 to 4 points net lower.
Wool
to 2
privately estimated at about 300,000 pounds.
Spot tops lost Mc. and were quoted at $1.01 a pound?. Local
closing:
May, 97.0; July, 96.0; Oct., 95.7; Dec., 95.5;
March, 95.1.
On the 23d inst. futures closed 1 to 2
points net higher.
The market was fairly active, total
transactions to noon approximating 175,000 pounds of tops.
A large portion of the trading consisted of switching commit¬
ments from the nearby to the more distant deliveries. Trade
interests were active on both sides of the market.
Local
closing:
May, 97.1; July, 96.1; Oct., 95.8; Dec., 95.6;
March, 95.3. On the 24th inst. futures closed 1 point down
to 2 points net higher.
Transactions totaled 1,000,000
Sales
2755
Commercial & Financial Chronicle
according to private estimates.
The wool top
generally steady today. A large portion
of the trading consisted of switching from May to the more
distant deliveries.
Spot eased
to 100.5c.
Local clos¬
ing: May, 97.0; July, 96.3; Oct., 96.0; Dec., 95.7; March,
pounds,
futures market held
95.4.
*
On the 25th inst. futures closed 2 points
lower.
higher to 1 point
Transactions totaled 325,000 pounds,
according to
private estimates. At 100.5 the spot remained unchanged.
Activity mainly comprised switching from the May position,
first notice day for which was today.
Only one notice was
issued, that reportedly by Nichols & Co. for delivery at
Boston.
Quotations at Boston were showing a firming
tendency, private reports said.
Local closing: May 97.2;
July 96.5; Oct. 95.9; Dec. 95.7; Mar. 95.6. Today futures
closed 2 to 4 points net lower.
Interest in the wool top
futures market was at a low ebb today. Total sales to mid¬
day were estimated in the trade at approximately only
125,000 pounds of tops,
A large portion of the trading
consisted of switching from May into the more distant
positions.
Prices on the New York exchange were in line
with to slightly above the lows recorded yesterday.
Local
closing: May 96.9; July 95.9; Oct. 95.5; Dec. 95.5; Mar. 95.2.
Silk—On the 22d inst. futures closed 2 to 5
higher. Transactions totaled 47
Strength in Japanese markets
rally.
During early afternoon
stood 3 to 31/2 cents higher,
points net
lots, all in the No. 1 contract.
caused silk futures here to
in small trading the market
with July selling at $2.40.
in the No. 1 contract.
market crack double extra silk advanced
pound.
The Yokohama Bourse closed
1 to 19 yen higher.
Spot grade D silk advanced 25 yen to
1,465 yen a bale.
Local closing: April, 2.54; May, 2.50;
July, 2.40; Aug., 2.32; Sept., 2.34; Oct., 2.30; Nov., 2.31.
On the 23d inst. futures closed 1 to 4 cents net lower.
Transactions totaled 20 lots, all in the No. 1 contract.
Lower cables caused silk futures to ease several cents.
Sales to that time totaled 33 lots, all
In the uptown spot
7 cents to $2.68 a
During early afternoon November stood at $2.28, off 3 cents.
Trading was very quiet, totaling only 12 lots to that time,
all in the No. 1 contract.
The price of crack double extra
silk in the New York spot market declined Sy cents to
$2.64H a pound.
In Yokohama Bourse prices were 6 to 22
yen lower.
Spot grade D silk declined 20 yen to 1,445
yen a bale.
Local closing: May, 2.48; July, 2.36; Aug.,
2.31; Sept., 2.30; Nov., 2.28^.
On the 24th inst. futures closed 6 to 4 cents net higher.
Transactions totaled 89 lots, all in the No. 1 contract.
led to readjustment of values on
Initial prices were 2 to 6 cents
lower, but the market later turned strong, standing 3 to 3%
cents net higher during early afternoon.
Sales to that time
totaled 28 lots, all in the No. 1 contract.
In the uptown
spot silk market crack double extra silk declined Sy cents
to $2.61 a pound.
The Yokohama Bourse closed 23 to 40
yen lower.
Spot grade D silk was 7y yen lower at 1,4373^
yen a bale.
Local closing: No. 1 contracts—June, 2.44;
July, 2.40^; Aug., 2.36; Sept., 2.34)^; Oct., 2.34H; Nov.,
2.323^.
^ :
■ : '
■
On the 25th inst. futures closed 2 to 4c. net higher.
Trans¬
actions totaled 100 lots.
In the absence of silk quotations
from Japan futures here advanced as much as 6c. on the May
position when that delivery sold at $2.56 this afternoon.
July sold at $2.45, up 5c. Trading to that time totaled 62
lots.
Light liquidation of May was easily absorbed by trade
interests. The price of crack double extra silk in the uptown
market was one cent higher at $2.62 a pound.
Deliveries on
April contracts totaled 110 bales, bringing the total to 1,320
bales for the full month.
This was the last day on which
such deliveries could be made.
The Japanese markets
observed a holiday.
Local closing: No. 1 contracts: May,
2.52; July, 2.44; Aug., 2.40; Sept., 2.38; Nov., 2.353^;
Dec., 2.34. Today futures closed 1 to 4c. net lower for the
No. 1 contract, with sales totaling 90 lots.
Silk futures were
steady with sales to early afternoon totaling 59 lots, all in
the No. 1 contract.
Liquidation of May contracts was
easily absorbed as there was demand for that month. July
sold at $2.42^5, off lHe. this afternoon.
In the New York
spot market crack double extra silk advanced 4c. to $2.66
a
pound. Tenders on May contracts totaled 110 bales
toaay, which was first notice day.
The Yokohama Bourse
closed 54 to 63 yen higher and spot Grade D silk was 22 3^2
yen higher at 1,460 yen a bale.
Local closing: May, 2.51;
July, 2.43; Aug., 2.36M; Sept., 2.34; Oct., 2.34; Nov., 2.33;
Easier Japanese markets
the silk futures market.
.
Dec., 2.32.
COTTON
were
Friday Night, April 26,
The
grams
Movement
of the Crop, as
1940.
indicated by pur tele¬
from the South tonight, is given below.
For the week
have reached 50,671
bales, against 46,091 bales last week and 54,785 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,737,514 bales, against 3,243,022 bales for the same period
of 1938-39, showing an increase since Aug. 1, 1939 of 3,494,-
ending this evening the total receipts
492 bales.
2756
The Commercial & Financial Chronicle
Receipts at—
Sat.
Galveston
Houston
Corpus Christi.
3.990
1,372
380
...
Tues.
Mon.
1,631
Wed.
Thurs.
Fri.
T0U1I
1,721
8,417
15,697
15,022
2,256
1,359
2,016
906
"255
255
14,664
3,676
2",281
2",682
3,691
1J26
"922
3,962
75
192
5
2.632
767
5
29
Mobile
Pensacola, Ac
Jacksonville
Savannah
13
13
3
8
8
3
""22
Wilmington
3
""16
'228
"106
I8
8.361
10,407
7,605
"12
f' '
Galveston
Houston...
Orleans..
Savannah
654
Total" 1939.
15,079
1938-39
Galveston
This
1939
1938
1940
795
938,077
41,153
Brownsville
Houston
X
15",022
._
Mobile
Pensacola & G'p't
Jacksonville
3
596
62,380
38,470
45,970
8,715
20,822
"654
18,892
—
Charleston—
Lake Charles
Wilmington
8
v
3
32
—
Norfolk
New York
Boston
mm
m
m
m
^
m
^
"431
m
m
m
91.815
m
50.671 6,737,514
5,634
9,743
26,931
15.431
28,282
500
comparison
irregular.
Gulfport
1939-40
Receipts at—
Galveston
Houston
New Orleans
Mobile
1938-39
15.697
15,022
14,664
3,676
-
Savannah
Brunswick
...
mm
795
1,365
172
m
Wilmington
32
_.
m
U
m
1934-35
768
310
641
264
591
""554
296
351
97
678
353
"
U mm m
~
All others
973
"m
-
455
m
m
957
m
~
m
'mm*,
mm**
"573
812
m
m
m
""371
Total this wk_
50,671
12.397
45,944
44,904
20.044
15,791
Since Aug. 1__ 6,737,514 3,243,022
8,885,835 6,015,695 6,340,725 3,856,197
The exports for
of 47,742
the week ending this evening reach a total
bales, of which 6,943 were to Great Britain, nil to
France, nil to Germany, 13,178 to Italy, 15,948 to
Japan,
3,487
to
China and
8,186 to
corresponding week last
For the
season
year
other
to date
aggregate exports
bales, against 2,964,822 bales in the
vious
destinations.
total exports
Below
season.
are
were
In
the
37,328 bales.
have been 5,527,744
same
cotton
for
moderately
future
active,
3,000
4,006
4,175
72,275 2,444,108
35,357 1,946,847
59,855 2,644,002
delivery
with
the
26,931
214,783
—
during
price
the
trend
The promptness with which leading spot houses
of cotton offered on May contracts caused
delivery
Washington reported that
Senate and House conferees
on
the agricultural
an
appro¬
agreement, after
period of the
pre¬
higher.
unchanged to 3 points lower, with the
some light
foreign selling orders,
chiefly from Bombay, some near month liquidation and
southern selling.
The foreign offerings were not
heavy, as
all overseas cotton futures
markets, except Bombay were
closed for the day. The market soon
displayed a steady tone
with the appearance of
buying orders for several thousand
bales of July by brokers with mill
connections.
Slowness of
May liquidation gained considerable attention, in view of
Opening
range
was
market called upon to absorb
fact
that
there
are
only three more trading sessions
day for this deliveiy next Thursday. The
Exchange Administration report for
Friday
Commodity
open
interest of 342,600 bales in these contracts at the start
Saturday's trading. May was selling at a premium of 27
or 28 points over
July but holders were said to be expecting
an even
greater premium.
Today spot sales at reporting
markets totaled 9,225 bales
against 6,042 bales last year.
On the 22d inst. prices closed 3 to 8
points net higher.
The opening range was
unchanged to 2 points lower. Early
Bombay and Liverpool brokers bought moder¬
ately in the October and March positions, while there con¬
tinued to be some commission house
liquidation and spot
house selling in old
crop months.
Selling in May was not
aggressive, spot houses having orders in the
ring at fixed
limits above the
market, or 28 points over July.
First
notice day for May contracts on
Thursday indicated to
ring traders that active evening up will be
accomplished this
week because the
open interest in May is around
335,000
bales.
Foreign cables were stronger, Liverpool
being better
than due, and
Bombay higher in their half day session.
in the session
Manchester reported that new business
will be difficult until
the trade becomes
adjusted to new control regulations.
Washington sent
the exports for the week:
very little information
regarding the agri¬
appropriations bill, which has been in conference
for over a month, and which
contains funds for the
export
subsidy and farm parity payments.
Conferees have yet
been unable to
agree on these funds.
Spot sales in the South
were 5,020
bales, against 3,111 last year.
On the 23d inst.
prices closed 1 to 5 points net higher.
Covering by trade shorts in the May position and fears of a
bullish weekly weather
report tomorrow, limited
cultural
Week Ended
April 26,
Exported to—
1940
Exports from—
Great
Ger¬
Britain France
Galveston
Italy
many
Houston
New Orleans
5,348
4", 100
Los
Japan
3,607
mm mm
2,843
Angeles
Total
4,223
6,943
13,178
Total
1939
5,819
1938
6,881
6,279
675
14",409
From
Aug. 1.1939*0
April 26, 1940
Exports from,—
Galveston
Houston
Corpus Christi
Brownsville
Orleans.
Britain
Pensacola, &c
Savannah
Charleston
Wilmington
__
Norfolk
50
3,487
17,809
1,387
15,948
6*749
11,837
6,771
8,186
47,742
21,750
19,402
4,978
3,638
2,615
11,143
37,328
65,832
GerFrance
366,226 141,176
447,338 149,351
71,308 27,424
8,496
6,861
677,621 405,264
16,290
1,135
66,184 22,878
Jacksonville..
Gulf port..
5,103
many
Italy
Japan
286 136,938
550
6,182
42,314
26,235
82", 708
194,781
491
4,179
5,231
19,494
585
64,343 215,390 1648,276
9,324
31,419
10*510
1,936
126,233
50
"75
"486
Total
185
211
5,498
Other
50,381 404,474 1287,897
228,936 193,697 357,341 1571,373
37,586 10,390 25,452
200,731
4,309
3,922
27,922
8,257 186,453
10,242
18,329
4,334
"8,169
China
198,416
400
Lake Charles.
Mobile
Total
11,325
Exported to—
Great
Beaumont
New
3*487
Other
811
11,267
70,109
"2", 106
2*708
196
11,170
1,704
8.837
100
1,575
27,810
6,773
11,135
11,507
17,182
1*825
6,773
"l",271
7,004
x
New York..
Boston
x
San Fran
50
100
51,626
21,367
7",821
Seattle
Total
8,686
1
1
27,073
60,928
10,986
20,158
332,128
114,415
12
"214
184,266
1,336
60,568
33,456 545,876
428,469 377,530
408,977 277,831
796,447 466,980
Total
1938-39
1937-38 1524,496 723,395
1,050
200
200
1838,784 770,983
Total
x
9,839
8,336
284
199
Baltimore
Los Angeles.
21,235
11,791
28,270
12
x
.
834,788 378,925 1124932
5527,744
795,244
570,871
82,931 593,840 2964,822
84.571 913,493 5080,253
Figures revised.
In addition to above
exports, our
give
telegrams tonight also
the following amounts of cotton
cleared, at the ports named:
us
selling in
the local cotton
market, and the undertone remained steady
all
468
Total
China
7,718
2,225
2,127
3,878
on
shipboard,
a
>
On the 20th inst. prices closed 4 to 5
points net
of
3,252
4,258
5,828
"963
115,161
28,719
73,332
May deliveries had been
during that day.
This left an
—
"657
500
671,533
668,700
revealed that open interest in old
reduced only 10,300 bales
■
mm
1
Newport News
963
-
562
596
...
mm
years,
3,132
3,828
7,290
2,037
1,247
25,847
7,094
644.949
before first notice
seasons:
1935-36
4,607
3,982
767
""154
8
1,150
not included.
1936-37
5,407
6,444
29,170
1,794
mm'—'*-
Charleston
Norfolk
1937-38
3.549
5,344
3
1,989
be made with other
may
in
was
3",760
4,834
month's deadlock.
the
z
give below the totals at leading ports for six
we
100
1,291
1,275
*»
12.397 3,243,022 2,516,383 1.982,204
Receipts included in Corpus Christi.
In order that
147,853
34,069
4,221
^
■"mm<m
33,614
20,578
36,521
priations bill had abandoned hope of
45,797
31,796
489,659
52.277
z4,038
1,570
685,151
73,332
64,769
1,460
120,161
28,719
21",935
5,305
8,816
.
.
week
6,285
1,708
5,509
617". 042
704,257
39,709
■
mm
mm
•
1938.
29,376
the
*.
-
-—
Baltimore.
mm*m
1940..
505,517
663,049
3,549 1,001,101
3
290,382
16,678
5",344
784,928
1,365
61,889
11,354
"20
1,892
172
34,198
154
15,987
1
38,760
562
12,796
1
14,045
255
67,185
14,664 2,342,224
3,676
162,214
29
54,593
13
1,882
New Orleans
Savannah
2,002,040
178.826
19
Beaumont
1939
X
Corpus Christi—
*
1
15,697 1,692,148
—
Stock
18,100
32,724
16,451
5,000
in old crop months, but
improvement in the
weather and uncertainty regarding the
export subsidy pro¬
gram caused new crops to ease under foreign
selling.
Con¬
siderable selling developed when
Stock
Since Aug
Week
3,000
steadiness
Receipts to
1
1~,285
Leaving
Total
5,000
Speculation
past
took
Since Aug
7,400
18,798
7,416
50,671
with last year:
This
wise
Norfolk
Other ports—
Total
following table shows the week's total receipts, the
1939, and the stocks tonight, compared
Week
Coast¬
Foreign
...
596
total since Aug. 1,
Apr. 26
Other
many
Charleston—_
Mobile....
Total
1939-40
France
7,700
13,926
7,750
New
654
4,621
Ger¬
Britain
32
"232
4,598
Totals this week.
The
29
3
Charleston
Lake Charles
Norfolk
Baltimore
Great
19
Beaumont
New Orleans
Shipboard Not Cleared for—
Apr. 26 at—
4,0SS
2,588
19
.
On
April 27, 1940
not
day.
The opening range was 1 point lower to 2
points
higher, but early levels were the lowest of the
day, and
subsequently there was persistent price fixing in the
May
position.
Spot houses sold May on the scale
up.
Leading
spot interests also switched about
5,000 short July into
December at 42 and 43
points.
There is some
uncertainty
about the May
position because of large amounts of cotton
that might be tendered on that
month if the
above 11 cents.
The belief is current that
of loan cotton would be
tendered
on
advance, and there
Scandinavian
is
countries
also
cotton
under
the
price advances
large quantities
May should the price
that
had
been
sold
to
export
subsidy, aggre¬
gating possibly 75,000 to 100,000 bales, which
might be
thrown back on the American
markets.
Sales in the
leading
spot markets of the South totaled
11,263 bales, compared
with 4,557 bales last
year.
Prices were unchanged to
5 points higher in Southern
spot markets.
On the 24th inst.
prices closed 5 to 15 points net lower.
opening range was 1 point lower to 2 points
higher.
There was a little
early foreign buying in distant months
and also some
support on the bullish weekly weather
report
and continued
showery weather in the cotton belt.
Around
noon the
market broke to losses of 6 to 13
points on the
The
selling of about 15,000 bales of May and
July, credited to
domestic mills.
Contracts were absorbed, but the rallies
the remainder of the
day were feeble.
The Liverpool market
was
lower, but foreign markets had only monetary influence
on local
sentiment.
Unfavorable weather in the South soon
lost its influence and
prices continued to sag in late trading.
Trade shorts
bought on the scale down.
Switching out of
Volume
The Commercial & Financial Chronicle
150
May to the distant months was fairly active and the MayJuly spread narrowed from 26 points in the morning to
21
points on the close.
Tomorrow is first notice day for
May contracts, and there have been rumors that there will
be a sharp increase in the certificated stock before
May goes
off
the
board.
Spot sales at leading southern markets
totaled 13,382 bales,
compared with 6,388 bales last year.
On the 25th inst. prices closed 5
points up to 9
points off
compared with previous finals.
Prompt stoppage of May
notices strengthened the near
months, but better weather
news
caused selling of new
crop deliveries in the cotton
York for the past week have been
Saturday
prices standing 4 points higher to 6 points
during early afternoon.
Trading was active on the
opening, with prices 1 point lower to 2 points higher.
For¬
eign selling of July. October and December was a feature.
Shorts, New Orleans and local professional traders furn¬
ished the buying support.
This was the first notice day
on
May contracts.
Tender of 10,9€0 bales was made on
the contract
by
large international firm, but the notices
were stopped
promptly, supposedly by an important South¬
ern
spot house.
Stoppage of the notices caused short cover¬
ing in the May position, which quickly advanced about 5
points. In addition to short covering, there was trade buy¬
a
ing in both May and July.
On the other hand, the foreign
selling of new crop positions continued, with the result that
they worked lower, losing as much as 5 points.
Notices for
1C,900 bales also
where, too, they
demand for
issued
were
in
the New Orleans market,
It appeared that there was
stopped.
were
cotton.
.
market
was
trading affair in
a
a
narrow
The cotton
range,
standing
Tuesday
follows:
Wednesday
April 23
Thursday
Friday
April 25
April 24
April 26
{old)
Range.. 10.69-10.75 10.73-10.80 10.79-10.83 10.68-10.83
10.69-10.74 10.72-10.77
Closing
10.75 —
10.80 —
10.83 —
10.68-10.69 10.72-10.74 10.75
.
May {new)
Range.. 10.8&-10.90 10.89-10.92 10.92-10.95 10.81-10.95
10.85-10.89 10.89-10.89
Closing
10.90 —
10.9371
10.95 —
10.81 —
10.86 —
10.89
.
June
{old)
Range..
Closing
June
10.61n
10.6671
10.6977
10.5777
10.5977
10.6677
10.77n
_
10.8071
10.8377
10.7177
10.7377
10.7677
{new)
Range..
Closing
July
{old)
10.42-10.48 10.45-10.53 10.52-10.56 10.46-10.57 10.44-10.47
10.44-10.50
Closing
10.48 10.52-10.53 10.56 —
10.47 —
10.45-10.46 10.48
July {new)
Range
.
Range.
Closing
.
10.57-10.60 10.62-10.65 10.68-10.69
_
10.58-10.58 10.63-10.63
10.64n
10.6771
10.7177
10.6177
10.6077
10.6377
10.54n
10.5777
10.6177
10.5177
10.5077
10.5377
10.34n
_
10.3971
10.4277
10.3577
10.3277
10.3577
Aug.—
Range..
Closing
Sept.—
Range
_
..
Closing
Oct.—
Range.. 10.08-10.14 10.14-10.21 10.20-10.24
10.17-10.26 10.14-10.18 10.13-10.19
Closing
10.14
_
10.21
-
10.24
-
10.19
—
10.14
-
Nov.—
10.18-10.19
-
Range..
Closing
10.08n
.
10.1677
10.1877
10.1277
10.0677
Dec.—
Range..
9.96-10.02 10.03-10.11 10.10-10.14 10.05-10.12
Closing. 10.03n
10.11 10.12 —
10.06 -
Jan.
.
,
Today prices closed 3 to 6 points net higher.
Monday
April 22
April 20
as
May (1940)
market, with
lower
2757
Futures—The highest, lowest and closing prices at New
10.1177
9.99-10.03
9.99
9.98-10.05
10.05
-
(1941)
Range..
9.91-
Closing
9.98 n
10.0577
10.06
9.9371
10.0077
10.0177
.
9.95
10.06-10.06 10.06-10.06
9.95- 9.95
10.0177
9.9477
9.9977
9.9677
9.8977
9.9477
9.90- 9.1
9.85- 9.88
9.84- 9.88
9.9177
—
9.85
9.8977
Feb.—
unchanged to 2 points higher this afternoon
Range..
turnover.
Closing
Futures
in a moderate
2 to 5 points higher at the
opening
were
in sympathy with
stronger markets in Liverpool and Bom¬
bay.
Bombay was a buyer of July and March in the initial
trading, which was light.
Eight May notices were issued,
but they were stopped promptly and were
ignored by the
market.
on
Bombay cabled that
reports of
the market there
was
firmer
better business done with Shanghai.
Liver¬
reported that the market felt the absence of
a
pool cables
American hedging,
but
was
tracts.
by
encouraged
Bombay that the British Government
had
reports
Mar.—
9.82- 9.89
Closing
April—
.
9.89-
9.89
Range..
9.95
Wednesday and 10,800 bales
con¬
a
Apr. 20 to Apr. 26—•
Sat.
9.96
~
n
Tues.
Wed.
Thurs.
10.96
10.99
10.84
10.89
10.93
11.16
11.19
11.04
11.09
11.13
Fri.
Premiums and Discounts for Grade and
Staple—The
table below gives the
premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the
average quotations of 10
markets designated by the
Secretary of Agriculture.
Old Contract—Basis
Middling
inch, established for de¬
May 2, and staple premiums repre¬
average premiums over J^-inch cotton at
the 10 markets on April 25.
on
contract
on
60% of the
New Contract—Basis
Middling 15-16 inch, established for
deliveries on contract on
May 2, and staple premiums and
discounts represent full discount for
staple and 75% of the
cotton at the
Nominal.
Option for—
Range for Week
May
old--_ 10.68 Apr. 24 10.83 Apr. 23
New
10.81 Apr. 24 10.95 Apr. 23
June old-._
average
10 markets
on
premiums
over
H
15-16
Inch
Inch
1 In.
16342 Apr"." 20 16357 "Apr." 24
10.57 Apr.
20 10.69 Apr. 23
August
October
10.08 Apr. 20 10.21 Apr. 22
Mid
.65
on
.49
8t. Good Mid—
on
on
.59
on
,74
December..
.69
9.28
Jan.
29
10.18 Apr.
17 1940
9.07
Jan.
23 1940 10.14 Apr.
17 1940
9.82 Apr.
20
9.33
Mar. 18 1940 10.08
9.96 Apr.
New York
Apr. 19 Apr. 20 Apr. 22 Apr. 23 Apr. 24 Apr. 25
18,600
19,100
1,300
11,100
22,600
1,600
19,300
36,300
59,800
2,300
29,900
3,300
25",700
1,600
54,000
30,200
500
200
700
16", 100
on
45
on
.54
on
60
on
.66
on
on
.39
on
.49
on
55
on
.61
on
.43
49
on
7",200
10,700
8", 100
153666
.25
on
,33
on
on
.55
on
.12
on
.20
on
37
on
.44
on
.18 off
.10 otf
Basis
06
on
.14
on
.30 off
.67 off
.60 off
.51 off
46 off
.43
i
on
.30
-
St. Mid
.87 off
.21 off 1 .14 off 1.05 off 1 00
off
.69 off 1 .65 off 1.55 off 1 53 off
.21 off 2 .18 off 2.10 off 2 08 off
on
Even
.53
.63
on
.25
on
.40 on
.51
on
,12
on
.11
.21
on
.18 off
on
on
.33
on
.20
on
.10 off
.43
on
.30
on
Even
St. Low Mid
.50 off
.40 ofi
.30 off
.67 off
.60 off
.51
1.04 off
.94 off
.87 off 1.21 off 1.14 off 1.05
•St. Good Ord.. 1.52 off 1.44 off 1.38 off 1.69 off
1.65 off 1.55
•Good Ord
2.09 off 1.99 off 1.95 off 2.21 off
2.18 off 2.10
Low Mid
.
Spotted—
43666
9,600
173500
100
100
4.800
7,300
3,800
.08
on
.18
on
.27
on
.11 9ff
.02 off
.06
.07 off
.03
on
.13 on
.25 off
.16 off
.07 off
•St. Low Mid
•Low Mid
Tinged—
Good Mid
St. Mid
•Mid
*8t. Low Mid...
♦Low Mid
.49 off
.41 off
.69 off
.62 off
.34 off *.67 off *.62 off *.54
.55 off *.87 off •.83 off ♦.75
1.26 off 1.22 off 1.19 off 1.42 off 1.14 off 1.37
1.83 off 1.81 off 1.80 off 1.99 off 1.98 off
1.96
2.32 off 2.31 off 2.31 off 2.49 off 2.49 of
♦Mid
Gray—
.49 off
.49
on
.52 off
.43
.74 off
.66 off
.57 off
on
off1*.77
.92
.14
Total all futures...
New Orleans
off!
.88 oir
.79
on
future
contract,
a
Middling spotted
only when and If the Secretary of Agriculture establishes
a
800
3,800
87,200
48,700
221,500
2",600
l"09",466
200
.12
on
.01 off
.19
off, *.60 off
.74 off
off
70,100 1,472,500
6,850
1,500
6,300
1,650
2,500
12,250
2,650
5",850
3,900
2",600
143650
4",206
7",450
2",950
5", 800
5,150
2,500
2,550
550
2,300
New
July—Old--.-.--.
on
October—Old
*.52 off
.67 off
be tenderabio
Open
Contracts
1940
May—Old...
off
.06 on
type for such grade.
68,800 102,200 150,800
Apr. 17 Apr. 18 Apr. 19 Apr. 20 Apr. 22 Apr. 23
100
New
December
...
Re port
N ot
Re celved
1941—
100
100
500
200
3,050
2,400
2,550
450
January
shall
8",600
on
off *.50 off *.44 off
off *.72 off *.66 off
off|
9", 800
Apr. 23
off
off
off 1.36 off 1.33 off
off 1.95 off 1.94 off
12.49 off 2.48 olf 2.47 off
off *.73 oft *.65
333",600
August, 1940—...
.44 on
on
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32 off!
1.29 off 1.25 off
•Not deliverable
*
10,800
March
.
100
May...
Total all futures
Includes
10,800
41,650
2,300
50
13,350
25,250
9,700'
15,500
bales
against which notices have been Issued,
open contracts of 241,200 bales,
b Includes 100 bales
against which
been Issued, leaving net open contracts of
13,700 bales.
The Visible
.60 off
7", 100
Inactive months—
.55 on
.37
.06
.86 off *1.18off *1.15off *1.06 off *1.03off
*.96 off
1.36 off 1.35 off 1.33 off| 1.54 off 1.53 off 1.52
off 1.51 off! 1.49 off
1.86 off 1.85 off 1.85 off;2.03 off 2.03 oft 2.03
off 2.02 off 2.01 off
Good Mid
•Mid
900
.05 off
.94 off
St. Mid
39,300
20",000
1941—
a
1.01 off
bl3,800
490,000
100
.95 off
.60 off
.49 off
.41 off a.77 oft a .69 off a.60 off
a.55 off a.49 off
1.22 off 1.14 off 1.08 off 1.39 off 1.35
off 1.26 off 1.24 off 1.18 off
1.87 off 1.82 off 1.79 off 2.05 off 2.03 off
1.97 off 1.95 off 1.92 off
Yellow Stained•St. Mid
on
19,900 «252,000
December—Old
New..
Good Mid
Mid
.39 off
off
.46 off
.39
off 1.00 off
.95
off 1.53 off 1.49
off 2.08 off 2,05
St. Mid
Good Mid..
New
on
.21
.38 off
Good Mid
..
March
on
on
.51
.95 off
Mid
—
January
on
.30
.63
on
1.52 off 1.44 off
Open
Contracts
October—Old
1 In.
and Up
on
2.09 off 1.99 off
17 1940
Commodity
100
.31
White—
Apr.
Apr. 25
Inch
on
•St. Good Ord..
Ord
22
Volume of Sales for Future Delivery—The
31-32
.11
.94 off
1940
Exchange Administration of the United States Department
of Agriculture makes public each
day the volume of sales
for future delivery and open contracts on the New
York
Cotton Exchange and the New Orleans Cotton
Exchange,
from which we have compiled the
following table.
The
figures are given in bales of 500 lb. gross weight.
Inch
.53
1.04 off
17 1940
20 10.06 Apr. 23
February
15-16
.40
.40 off
7 1939
1 1939 10.29 Apr.
April
Inch
on
•Good
Extra
Nov.
3 1940
Dec.
20 10.12 Apr. 24
New
on
.50 off
Low Mid
8.25
9.54
9.91 Apr.
July—Old...
.30
Basis
Low Mid
10.82 Jan.
1940—
.43
Mid
Mid
l63eO "J an .""31940
9.96 Apr.
March
.36
on
V1939
Aug. 31 1939
1941—
29-32
on
3 1940
1 1939
Sept"."
7.90 Sept.
November..
New.....*.
.54
26 1940
.
May—Old..
wMtefair
7.63
8.08
September
Inch
Up
May 17 1939 10.95 Feb.
1 1939 11.07 Jan.
15-16-inch
April 25.
New Contract
and
7.54
8.05 Sept.
New
New
St
Range Since Beginning of Option
1940—
J^-inch and 29-32-inch
Old Contract
Good
-
Range of future prices at New York for the week ended
April k6,1940, and since trading began on each option:
January
St.
9.98
| Closing.
New
Mon.
Middling upland % (nominal).. 10.91
Middling upland 15-16 (nom'l)_l 1.11
ma.
9.95-
Range..
July old
year ago.
quotation for middling upland cotton in the
New York market each
day for the last week has been:
sent
9.96
The
The official
liveries
-
from
placed large
budget statement, added the cable, was con¬
strued by the financial press as
likely to stimulate the in¬
flation of domestic prices.
Spot cotton sales yesterday
totaled 11,200
bales, which compared with 13,700 bales
op
.
Supply of Cotton—Due
cotton statistics
to war
not
leaving
a
net
notice has
conditions,
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of
the
visible supply of cotton and can
give only the stock at
are
Alexandria and the spot prices at
Liverpool.
The Commercial &
2758
383,000
4.80d.
4".0id'
4~.b9d".
*6.04d"
8.62d.
5.15d.
6.95d.
8.77d.
4.24d.
4.16d.
5.94d.
8.07d.
11.53d.
7.18d.
*
L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
Interior
the
At
the movement, that is, the
Towns,
Aug, 1, the shipments for
and the same items for the
corresponding period of the previous year—is set out in
over
receipts for the week and since
the week and the stocks tonight,
Movement to April 28,
ments
5
Eufaula
853
Montgom'y
79
Selma
26
Ark., Blytbev.
Forest City
101
313
Helena
2
Hope—
Jonesboro—
*
1,152
Rock
Little
19,283
8,623
74,090
54
Ga.f Albany.
■'
'
m
■
m
Atlanta
2" 653
Augusta
1,186
500
Columbus..
74,299
47
60,249
362
38,924
19,315
213
115
34,607
624
40,176
39
130,274
40,003
134,888
1,987
<■>«.«.-»
326
25,255
74,417
36,755
1
211
7
13,307
795
600
40,092
9
35,996
111,727
123,579
1,034
3,276
2,559
93,658
1,203
31,563
114,163
118,293
335
4,585
2,746
138,624
500
200
10,900
200
34,300
565
200
30,100
31,061
37,432
16
16,813
40
500
61,063
102
85,995
614
692
131,843
3,172
38
519
27,628
198,348
32,631
2,525
77,558
47,499
37,970
81,532
36,653
16,122
2
28,700
211
19,771
45,429
120
45,964
4,092
3,183
63
147
27,857
685
512
45,877
34,828
951
3,421
64,490
"46
33,823
7,258
27,382
1,022
47,916
544
16,490
14,304
16,354
33,558
317,994
4,633
6,494
5,425
4,002
365
1,802
69
159,332
5,454
1,283 329,128
1,893 111,361
35,413 3192,346
2
26,944
6,178
195,331
31
338,525
981
2,897
72,690
1,147
85,595
2,529
36,214
698,230
15,387 1886,946
29,178
170
-
Miss., Clarksd
724
Columbus
561
__
Greenwood
Jackson
Natchez
Vlcksburg..
Yazoo City.
...
Mo., St. Louis
6,462
N.C., Gr'boro
16
.
15
towns *_
Tenn., Mem's
Texas, Abilene
1,511
*»*•
-
-
88
628
759
-
7,841
34
9,797
1,691
3
7,406
15,691
50,652
75,893
6,618
45
1,400
17
34,211
24,423
Austin
Brenham
5
..
Dallas
635
Paris
106
Robstown..
Ban
Texarkana
162
11
Vi
In.
Total,66 towns
211
totals
above
The
show
...
.
7.50c.
...
...
...
...
.
.
.
1931
1930
1929
1928
1927
1926
690,885
12,531
4,662
2,906
45,478
340
40,637
61
63,229
42,645
729
2
2,359
27,529
242
54,455
36
29
New Orleans
Mobile
Savannah
35,437
22,876
62,337 2795,440
stocks have
interior
1916
12.20c.
28.35c.
18.35c.
1915
...10.50c.
1914
12.30c,
41.35c.
1913
1912
...13.10c.
...11.70c.
29.50c.
1911
1918
26.90c.
1910
1917
20.65c.
1909
,
1923
.
1922
.
1921
.
1920
1919
.
...11.75c.
...15.35c.
...14.85c.
...10.75c.
Total
Contract
100
417
600
•■1 •■t 111 11<
•tt1
"400
100
11 1
«
1
1
97,056
10.58 10.7810.58 10.78
10.35 10.45 10.38 10.48
Memphis
...
10.40 10.60
lO.SOi 10.60
Hoi.
10.58 10.73
Hoi.
Hol.l
Little Rock- 10.30 10.5010.30
10.10 10.30 Hol.l
Dallas
WW
'm.
mm.
10.93 11.08 10.96 11.11
10.25 10.45 10.30 10.50
10.42 10.62 10.43 10.63
Hoi.(10.48
10.68 10
10.50,10.35
Hol.ll0.18
10.5510
10.25 10.4510.30 10.50
10.38 10 09'10
10.07 10.2710.10 10.30
New Orleans Contract
Market—The closing quotations
leading contracts in the New Orleans cotton market
the past week have been as follows:
for
Saturday
Monday
Tuesday
April 20
April 22
April 23
for
Thursday
Friday
April 25
Wednesday
April 24
April 26
1940—
10.91
May old- 10.87
10.87
10.83
10.93-10.94 10.83
10.986
..
11.026
11.01&-.05a 10.916
10.916
10.956
10.57
New
July old
10.61
10.64
10.58
10.57
10.57-10.59
10.776
10.716
10.706
10.706
10.23
10.20
10.20
10.706-.72a 10.746
New
October
10.24
10.17
—
10.29
10.106-.11a 1004&-1005a 10.076
December. 10.066-.07a 10.146-.15a 10.17
1941—
January
10.026
..
...
10.00d-.02a
9.946
9.986
10.016
9.896
10.096-.11a 10.106-. 11a 10.04&-.06a
9.916-9.93a 9.996-10a
9.926
Tone—
Steady
Quiet.
Quiet,
Steady
Quiet
Steady
Steady
Steady.
Steady.
Steady
Steady
Steady
Steady.
Steady.
Quiet
Quiet
Steady
New fut'es
Steady
Spot
Activity in the Cotton Spinning Industry for March,
Census announced on April 20
1940—The Bureau of the
according to preliminary figures 24,959,362 cotton
spinning spindles were in place in the United States on
March 31, 1940, of which 22,555,036 were operated at some
time during the month, compared with 22,803,796 for
February, 22,872,414 for January, 22,777,936 for December,
22,774,170 for November, 22,658,994 for October, and 22,503,480 for March, 1939.
The aggregate number of active
spindle hours reported for the month was 7,920,884,543.
Based on an activity of 80 hours per week, the cotton spindles
in the United States were operated during March, 1940, at
94.4% capacity.
This percentage compares, on the same
basis, with 99.6 for February, 102.6 for January, 100.7, for
December, 101.3 for November, 97.9 for October, and 86.7
for March, 1939.
The average number of active spindle
hours per spindle in place for the month was 317.
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 follow¬
ing statement:
that,
417
1
1,517
Total week
Since Aug. 1
New
Old
New
Old
10.57 10.7710.61 10.8110.64 10.84 10
10.50 10.6010.55 10.6510.58 10.68 10
Old futures
29.80c.
1924
10.36 10.5610.40 10.60
Hoi.
10.9010.80,
Houston
March
26,082 4461,070
the
New
"400
Wednesday
In.
Hoi. 10.47 10.67 10
Galveston— 10.42 10.62
10.95 11.1011.00 11.1511.04 11.19 10
10.30 10.5010.301 10.50 10.35 10.55 10
50
600
Tuesday
In.
Augusta
210
Spot
Old
Thursday
Friday
In
29,200
Market and Sales at New York
Saturday.
Monday
In.
32,714
13,306
that
6.15c.
9.95c.
16.26c.
19.85c.
21.75c.
15.35c.
18.85c.
24.00c.
1925
—.
15-16
In.
10.40 10.5010.40 10.50
Quotations for 32 Years
1932
...
.10.93c.
8.09c.
8.81c.
8.76c.
.13.26c.
.11.60c.
.12.20c.
...
1A
In.
'
15-16
10.50 10.60 10
week last year.
New York
1940
1939
1938
1937
1936
1935
1934
1933
In.
%
10.45 10.55
during the week 25,348 bales and are tonight
340,671 bales less than at the same period last year.
The
receipts of all the towns have been 29,652 bales more than
same
In.
I In.
15-16
Montgomery
decreased
in the
In.
1A
15-16
Norfolk
of 15 towns In Oklahoma
Includes the combined totals
In.
%
Friday
Thursday
| Wednesday
15-16
10.70 10.8510.70 10.85
14,740
6,479
81,082 2454,769
55,734 6116,609
A
15-16
10.60 10.7510.65 10.80 10.68 10.83 10
10.95 10.85 11.00 10
10.75
15,469
1,298
23,811
13,470
9
56,296
.
~
2
21,982
577
4,106
36,897
mmm
Waco
*
334
130
Marcos
Tuesday
Apr 2Q
Oklahoma—
S. C,. Gr'vllle
1936
1935
Closing Quotations for Middling Cotton on—
J Monday
Saturday
Week Ended
270,360
65,139
13,023
37,203
-
14,052,405
13,411,681
12,426,519
1,804
703
48,575
16,567
107,904
161,042
20,696
236,741
m>
60,207
40,925
14,661
353
30
Rome
Bales
1-
....
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:
116,257
27,447
128,985
39
111
Macon
La., Shrevep't
1937
Below
47,428
104,581
Since Aug.
Bales
136,776
160.764
108,293
51,860
1
416
14,872
39,930
144,661
147,491
13,900
m
_
Athens
in previous years:
169,385
2,071
246
3
88
321
34,212
429
Walnut Rge
44,160
131,518
38,998
915
38,658
8,733
67,115
1
1,432
136,820
62,708
35.972
31
2,478
1
39,030
39,313
847
13
Bluff.
51
54,811
134,414
776
1,308
2,834
70,987
12,843
86.036
120
61
1,255
28
l,lQo,167
25,238
1,368,502
Decrease.
1938—Apr. 29
1937—Apr. 30
1936—May
1
April
Week
Season
Week
881
204
Newport
Pine
26
49,405
16,276
62,789
28,624
169,946
32,263
67,584
40,995
9,257
109,133
376
Ala., BLrm'am
ments
April
Week
Season
Week
9.712.023
14,085,100
Movement into sight
Stocks
226,557
108,518
spinn's'takings to April 26 20,059
North,
1939
Ship¬
Receipts
Stocks
8.642.919
842,547
757.053
April 26
Week—
Ship¬
Receipts
Towns
144,773
*36,255
646,H97
4,753.000
I
Southern mill takings
consumption to April 1—
of
Total in sight
*
1940
13.289,286
38.761
13,318
151,641
detail below:
Movement to April 26
3,243.022
26.113,000
consumption to April
176,989
*25,348
Excess
6,737,514
1,080,772
5,471,000
12.397
12,376
120,000
50,671
Receipts at ports to April 26
Net overland to April 26_.
Aug. 1
Week
Aug. 1
Week
Takings
Southern
Since
Since
and Spinners'
In Sight
242,000
7.22d.
6.98d.
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair,
363.000
S.OOd.
339,000
Egypt
1938-39-
-1939-40-
1937
1938
1939
1940
April 26—
Stock In Alexandria,
April 27, 1940
Financial Chronicle
Active Spindle Hours
1,517
—
for March
Spinning Spindles
59,800
....
2.000 156,856
State
2,000
In Place
March 31
ing March
United States
24,959,362
Cotton growing States
18,237,384
Average per
Active Dur¬
Total
Spindle in Place
22,555,036
7,920,884,543
317
6,351,685,777
348
5,970,518
17,054,870
4,907,038
593,128
1,396,681,258
172,517,608
234
751,460
1,823,452
524,852
3,219,920
1,703,610
635,452,365
348
486,436
130,728,081
249
2,941,248
583,010
1,104,904,551
343
684,572
3,338,568
150,704
2,658,956
150,704
714,258,776
214
351
376,230
268,068
52,923,198
97,679,099
y
Futures Market Closed
Spot Market Closed
New
Old
Saturday..
Monday
Nominal..
Tuesday
Nominal
Wednesday
Thursday..
Friday
Nominal
Steady
Steady
Steady
Steady
Steady
Steady
Barely steady.. Barely steady
Steady
Steady
Steady
Steady
Nominal
Nominal
Nominal
New
England States.
All other States
Alabama
Connecticut
Georgia
Maine
Overland Movement for the Week and Since Aug. 1
1939-40
1938-39
Since
Shipped—
Week
Since
Aug. 1
Via St. Louis
6,494
2,575
483
250
314,904
231,550
10,934
8,005
4,092
4,075
3,754
148,461
3,431
10,853
686,385
9,484
24,409
1,400,239
654
431
192
18,914
7,652
10,245
292,901
8,064
22,246
8,039
347.841
11,091
219,467
8.706
378,126
Leaving total net overland *...13,318 1,080,772
12,376
646,897
Apr. 26—
Via Mounds, &c
Via Rock Island..,
Via Louisville
z*
Via
Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c...
Between interior towns
Inland, &c., from South
Total to be deducted
*
Including movement by rail to Canada.
Week
«.
•
—
_
Mississippi
New Hampshire
330,616
New York
230
77,598,376
261,968
5,448,572
267
*
235
1,908,627,564
257,972,352
327
380
Rhode Island
5,845,012
947,784
159,413
South Carolina
5,578,748
156.421
Tennessee
553,860
5.314,072
552,584
Texas
236,002
222,782
2,122,174,156
228,539,856
78,478,463
Virginia
639,706
708,336
570,724
181,998.260
285
562,374
146,822,368
207
Aug. 1
2,714
7,239
146,066
553,170
21.082 1,025,023
211
Massachusetts
182,727,078
230
North Carolina
AH other States...
829,928
272
412
333
CCC Accepts Proposals to Exchange Low-Grade for
High-Grade Cotton—The Commodity Credit Corporation
that it had accepted proposals from
25,563 bales of low-grade shortstaple Government-owned cotton for high-grade long-staple
privately-owned cotton under the cotton exchange program
announced in January.
With previous acceptances by CCC,
the total amount of Government-owned cotton to be ex-
announced
April 23
19 cotton firms to exchange
Volume
The Commercial & Financial Chronicle
150
changed under the
The Corporation's
program now amounts to
186,158 bales.
This
cotton of better
grade and staple in exchange.
The value of the cotton Is
basis of certified reweights of warehousemen and the
average grade and staple differences quoted on 10 designated spot markets
on Dec.
15, 1939.
The private owner of cotton pays 10 points to cover
on
Since
This
Since
Week
Aug. 1
Week
Aug. 1
This
Week
To Liverpool
9.000
To Manchester, &c
To Continent & India.
To America
188.202 6,900
139,910 11,500
508,198 17.050
39,328
1.300
146,828
14«,79»
5~200
77666
543,b38 12,200
23,432
600
154,719
147,167
593,850
23.263
875,638 36,750
862,896 18,000
918,999
announcement added:
Under the program the CCC, which holds title to large stocks of the lowgrade cotton, of which there has been a shortage in the market, accepts
determined
the
costs of the CCC.
b*When the exchange program began, CCC issued catalogs showing the
grade, staple and location of low-grade cotton available for exchange.
The catalogs were sold at $5 each to cover costs.
Supplements to the
catalog showing additional stocks of Government-owned cotton available
for exchange will be made as more cotton is classed.
The supplements
will be forwarded to catalog holders.
The Corporation considers proposals to exchange cotton on the first and
15th of each month.
by Telegraph—Telegraphic advices to us this
evening denote that warm and dry weather is badly needed in
central and eastern cotton States.
planting is
tricts.
necessary,
In Texas considerable re-
especially in the north and central dis-
Total exports
Rain
Texas—Galveston
Rainfall
Inches
1
--
Amarillo
We
have
ended
also
78
Brownsville
Alexandria, Egypt.*
April 3
1939-40
86
50
56
147,000
7,736,653
-
0.12
Paso
1
0.01
84
47
Houston
1
0.32
82
42
62
Kerrville
1
38
66
1
1.34
0.02
94
Lampasas
Luling
Nacogdoches
98
40
69
2
2
0.06
0.12
94
48
71
80
44
62
3
84
52
68
1
0.28
1.26
82
42
62
2
0.18
93
48
71
1
0.30
90
44
67
f
Weatherford
Oklahoma—Oklahoma City—
Arkansas—Eldorado
Fort
42
68
82
75
45
42
74
46
0.41
Pine
2
0.57
73
74
2
0.15
0.06
80
Amite.-New Orleans
1
2
Shreveport
4
——»
-
Mississippi—Meridian
Vicksburg
"
Alabama—Mobile
0.90
1
Birmingham
Montgomery
Florida—Jacksonville--
1
3
2
Miami
2
Pensacola
3
Tampa
80
65
60
79
44
62
64
ings, Common
Middl'g
Upl'ds
32s Cop
Twist
to Finest
66
d.
s.
12
i*$@12
4*s
8.30
8*4® 9*4
8
9
@
9
5.10
1M012
1*4@12
1*4@12
1*4@12
4*4
4*4
8.29
9
@
9
5.13
8
9
@
9
5.07
8.12
8
9
@
9
5.15
4*4
8.04
8H@ 9*4
8*4® 9*4
8*4 @ 9*4
8*4® 9*4
8
4*4
8
9
@
9
5.15
4*4
7.99
8
9
@
9
8
9
@
9
9
@
9
d.
s.
12
12
12
50
68
23-
Unquoted
12
82
52
77
85
51
67
64
14.54
12
64
80
8-
14.54
12
1*4@12
1*4@12
4*4
8.01
8*4® 9*4
8*4 @ 9*4
44
16-
14.18
12
@12
3
7.68
9
8*4
8*4
44
63
49
0.50
79
1.20
82
48
40
0.30
0.87
1.26
0.83
61
37
68
72
40
54
36
2
Raleigh
2
1
!
;
0.36
1.14
74
74
40
3
2
42
56
72
3
0.72
72
38
35
54
55
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Apr. 26, 1940
Apr. 28, 1939
Feet
Feet
Above
zero
of gauge-
9.1
36.4
Above
zero
of gauge-
28.1
Nashville
Above
zero
of gauge.
33.3
d.
d.
Mar.
1
—
21-
14 20
12
@12
3
7.55
29-
14.31
12
@12
3
7.70
@10
9*4
8
@ 9*4
8
@
10*4@ 9
9
@
5.29
5.40
3
5.27
1*4
5.16
9
4.95
Apr.
14.40
12
3
@12 6
12-
14.65
12
3
@12
19-
14.75
12
26-
14.78
12
4*4@12
4*4@12
5-
7.84
8*4@ 9*4
8
9
@
9
6
8.12
7*4@
00
8.09
8*4@ 9*4
8*4@ 9*4
8*4@ 9*4
8
7*4
7*4
8
9
9
4.99
8
7*4@
9 10*4
5.00
8.07
Above
Above
zero
of gaugeof gauge-
12.2
17.6
25.3
39.3
zero
To Italy
To Japan
Bales
2,127
1,065
Receipts from Plantations
End.
1940
1939
1938
1940
1939
1938
322
To Great Britain
268
5,318
-
To Japan
To Manila
2,843
3,878
60
700
America
Cotton
York
4,223
3.487
To China
To Spain
To Greece
To South
4,100
To Japan
To Italy
To Spain
To South America
4,223
2,225 LOS ANGELES—
-
To Portugal.
Stocks at Interior Towns
4.93
NEW ORLEANS—
To Great Britain
3,607
7,718
To Japan..
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:
4.92
0£
Bales
GALVESTON—
sTo Italy
Plantations—The
@
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week
have reached 47,742 bales.
The shipments in detail, as
made up from mail and telegraphic reports, are as follows:
HOUSTON—
14.9
Shreveport-Vicksburg
Total
463
47,742
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the
war
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
Liverpool Imports, Stocks, &c.
Jan.
20-
8.29
15.6
1938
8.
54
57
d.
Feb.
Unquoted
1
Receipts at Ports
s.
Unquoted
65
64
61
49
Charlotte
1939
d.
Unquoted
1
1940
d.
d.
9..
47
Upl'ds
Nominal
J6--
3_.
64
61
Cotton
Middl'g
JMI.
17-
2
Week
32s Cop
Twist
85
0.39
North Carolina—Asheville
the
8*4 Lbs. Shirt¬
ings, Common
to Finest
57
80
Receipts from
21,827
871,299
1939
Cotton
61
0.97
-
1940
8M Lbs. Shirt¬
43
0.73
Memphis
136.384
Egyptian bales weigh about 750 lbs.
47
0.59
New Orleans
151,988
561.100
Market—Our report received
40
2
-
774,946 25.650
80
2
Nashville
804,638 39.100
78
2
*
122,47b 7,700
131,398
500,938 17,550
20,132
400
73
Macon
Wilmington
Tennessee—Memphis
Chattanooga
162,202
2.700
132.910 11.000
472,198 23,800
37,328
1.600
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for home trade is good.
We give prices today below and leave those for
previous
weeks of this and last year for comparison:
62
43
Augusta
Carolina—Charleston^.
Since
Aug. 1
60
52
49
83
75
82
Conway
Manchester
57
81
0.64
3
Atlanta
This
Week
Note—A cantar is 99 lbs.
59
76
0.09
0.71
.1
Georgia—Savannah—
82
0.27
0.12
0.20
0.37
0.03
0.18
0.37
3
2
Since
Aug. 1
30,950
58
2
Louisiana—Alexandria
This
Week
60
43
39
42
40
dry
Little Rock
Bluff
Since
Aug. 1
59
0.20
1
Smith
Total exports
94
dry
dry
-
170.000
8,827,582
44
1
El
Antonio
125,000
6,822,166
Receipts (cantars)—
This week..
Since Aug. 1
To Liverpool.
8,400
To Manchester, &c
9.900
To Continent & India... 12,650
To America
Dallas
San
1937-38
Exports (bales)—
48
93
90
Taylor
1938-39
This
38
dry
Palestine
Paris
figures below for the week
Week
50
85
0.08
1
the
received
Low
96
0.04
dry
Brenham
Egyptian bales weigh about 750 lbs.
April 3:
-Thermometer-
High
0.28
1
Abilene
South
16,000
Note—A cantar is 99 lbs.
Fair progress has been made in the western belt.
Bays
Since
Aug. 1
Exports (bales)—
Returns
°
o
2759
149,768
43,199 120,588 3072,688 3291,719 2628,795
94,692
35,546 104,958 3010,68/
29,078 112,608 2956.982
25,681 101,785 2897.280
21,337 86,337 2845,482
81,631
6,798 119,744
India Cotton Movement from All Ports.
Feb.
2. 137,632
9. 168,665
16. 177.019
23. 122.734
3246,632
3212,973
3174,825
3138,203
2598,040
Nil
2576,215 108,960
Nil
74,203
135.433
2570,224 117,323
2543,310 70,930
Nil
90,794
Nil
59,413
Nil
39,957
Nil
71,853
49,069
17,929
10,815
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Mar.
1. 138,982
25,736
8.
27,264
32,430
107.381
15. 115,052
2129.
74,870
87.760
21,973
19,979
82,058 2795,204
92,663 2737,778
67,994 2705,278
47,032 2066,756
3096,651 2500,609
3051,323 2479,799
3012,260 2460,874
2980,570 2431,771
44,595 2017.890 2951,233 2397,991
88,704
49.955
51,480
20,976
30,087
45,944
82,552
Nil
36,348
Nil
38,925
Nil
25,074
Nil
10,110
11,165
Nil
13,146
25,323
Nil
3,173
14,040
13,710
Apr.
5.
72,250
12.
54,785
46,094
19.
26.
50,671
The
11,788
21,385
13,296
12,397
2570,714 2907,928 2362,621
2527,094 2870,759 2338,818
2480,117 2831,695 2322,171
2454,769 2795,440 2289,937
above statement shows:
Nil
(1) That the total receipts
from the plantations since Aug. 1, 1939, are 6,834,683 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
8,410,924 bales.
(2) That, although the receipts at the
outports the past week were 50,671 bales, the actual move-,
ment from plantations was 25,323 bales, stock at interior
towns having decreased 25,348 bales during the week.
Receipts and Shipments—The following
shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:
Tuesday
Wednesday
Thursday
Friday
Quiet
12:15
Quiet
Quiet
Quiet
Quiet
1
P. M.
8 lid.
8.12d.
Mid. upl'ds
8.04d.
8.07d.
7.07d.
CLOSED
Quiet at
Futures
Quiet
at
1 to 3 pts.
advance
Quiet, st'y,
■
opened
Market,
4
P. M.
3 to 4 pts.
Quiet, un¬
unch'd to 6
Market
changed to
pts. adv.
,
advance
pt.
adv.
Quiet but
St'y,
dec.
st'y, 2 to 3
pts. dec.
Quiet
Prices of futures at
Sat.
April 20
Tues.
Wed.
to
Q'det
at
1 to 2 pts.
advance
Quiet but
st'y, 2 pts. st'y, 4 to 5
decline
Liverpool for each day
Mon.
pt.
Quiet but
at
4 to 6 pts.
1
1 pt. adv.
dec. to 2
pts.
are
pts. adv.
adv.
given below:
Thurs.
Fri.
to
Alexandria
are
Monday
Saturday
Spot
Market,
Close Noon Close Noon Close Noon Close Noon Close Noon Close
April 26
the receipts and
d.
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
♦
8.02
7.99
8.01
8.00
7.93
7.96
7.96
7.94
7.96
7.98
*
May, 1940
July
8.06
8.04
8.07
8.05
7.99
8.01
8.01
8.00
8.02
8.04
*
October
'
1938-39
1937-38
7.91
{Receipts Cantars)—
This week
Since Aug. 1
7.84
7.87
7.89
7.88
7.91
7.93
7.80
7.83
7.81
7.74
7.78
7.78
7.78
7.81
7.82
*
7.75
7.76
7.97
7.77
7.70
7.72
7.74
7.74
7.76
7.78
112.000
8,049,653
145,000
7,163,214
90,000
9,142,975
*
July
*
*
December
January,
7.90
7.93
7.80
May
1939-40
*
March
Alexandria, Egypt,
April 24
_
1941
♦Closed.
—
7.90
7.83
7.82
7.78
7.80
7.71
7.72
7.67
7.69
7.67
7.67
7.62
7.64
7.84
mmfrnmrn
7.73
7.68
The Commercial & Financial Chronicle
2760
sac
j
in local flour circles
have ample
Bakers for the most part
several days.
tiiP rvast
■
tr?x sbvskshm nsst sssusts
that while winter wheat conditions
-rsrr-si
continuing, the lack of demand was I ltne
emp
also tended to make buyers
cautious.
Iteports from Northwestern and Southwestern
areas also failed to indicate any activity in flour, but the
nresent
present slow demand had been more or less expected folsiow utn
nays
and night to plant the crop.
Today prices closed 1% to 2%c. net lower. Wheat puces
dropped 2c. today to the lowest levels since April 13 as the
market absorbed selling inspired by good rains in the do-
to
%c.
of
slnmt)
Tour when
\\m ii
liour,
attract profit-taking and sales
absorbing
closed
finals.
up
were
_
to
immediately but will be held by private interests
harvests will be
that European
nmRTWf-
in
iV#«
for
the
No. 2 red
Board"in
years—$1.13 for May,—but later fell lc.
three
more.
After advancing
or
October—
belt
the
of
and
of
prospects
scattered
season
and
against
reports
showers,
tended
to
weaken
Some interests also
lower world production
profit-taking and
at most terminals, kept
the
session
there
were
rains in some Kansas localities,
of good
the
deferred
wheat
deliveries,
understood to be switching hedges
were
from May contracts into July and
On the 23d inst. prices closed
September.
VsC.
up to %c. down.
Wheat
fluctuated nervously today, but after losing more
than lc. a bushel, rallied to close steady to only
fractionally
lower.
The market sagged at the opening, influenced by
overnight rains in the domestic grain belt, reacted to
prices
slightly above the previous close, and then fell again
as
it encountered increased selling attributed to longs and
hedging against redemption of loan wheat.
Tending to lift
prices from the lows, however, were comparative strength
at Minneapolis and Kansas City, war reports, and a
sharp)
rise
at
also
the basis easier in tone.
Buenos
Aires.
Pessimistic European crop reports
given attention by traders. Continued heavy flow
of loan grain was reflected in receipts at the 12
principal
interior terminals, which totaled 1,597,000
bushels, compared with 1,118,000 bushels a week ago, and 753,000 busha
year ago.
.
prices continued to sag today despite intermittent
rallies, as hedging sales against larger than normal marketings at this time of year dominated the trade.
Selling
based
on
of some crop improvement in certain
appeared, but this, as well as the hedging,
absorbed by purchases based on Southwestern
dust
districts
was
ixnf111? a
Wheat
reports
also
war situation without material price losses.
off as much as % to %e. at one
time, but
frequent rallies, and net gains of V$ to %c. were
up during one recovery move.
The 12 principal
terminals received 972,000 bushels of
wheat, the
a week ago, but almost
300,000 more than a year
was
there were
marked
interior
same
as
ago.
Minneapolis and Duluth receipts were 468
cars, 157
than a week ago, and 304 more
than a year ago.
more
1 armers
who
Government
off loan#
wish
to
retain
loans and
not
by next Tuesday,
control
of
wheat
still
eligible for resealins
an!
as a
scale'although not «»
wheat
On
was
the
Wheat
ho sort
beingmarketed.
25th inst. prices
prices
ton
closed
%.
to
1 Vao
*
1
,
pasea on prospects of showers
S0?Je le&i°ns*
vauea over
l0^er-
bushel today, due to Selling
over much of the grain belt
Favorable growing conditions
much
nof
of this section of the belt
have
pre-
recently, and
89%
90%
94% 94% 94
92%
Receipts totaled 75
cars,
bookings
from central Illinois said "free" corn was scarce.
Trade
reports were that some corn received at terminal markets
was believed to be coming from steel tanks.
Corn was sold®
at Duluth for
shipment to Buffalo.
On the 25th inst. prices closed *4 to %c. net lower. Corn
was off lc. or more at times, with larger receipts, totaling
121
ears, and % to lc. lower cash prices a factor.
Handlers
booked 51,000 bushels to arrive, while shippers sold 45,000
bushels.
Buying by cash interests helped the late rally in
Shipments included 308,000 bushels by lake boat
to Buffalo. Today prices closed % to %c. net lower.
This
grain was heavy during most of the session, in sympathy
futures.
with the downtrend of wheat values.
Cora receipts of 77
cars were not burdening, but dealers reported offerings
from the country had contracted.
Open interests in corn
tonight was 35,566,000 bushels.
daily closing prices
of corn
Sat.
No.2ye.iow
Mon.
six six
in new york
Tues.
Wed.
———
Thurs.
fh.
six
six siH son
64%
64%
daily closing prices
May—
slnmTVid
nrnoniwifc.
ot
90%
92%
unsettled, although prices were fairly steady in the face
Receipts were only 64 cars and
60,000 bushels were booked to arrive, while shippers sold
15,000 bushels. Farmers near Chicago were bid around 60c.
for No. 2 yellow, or about 3c. over the loan rate, but reports
mv
^
ISs
94% 94%
91
92%
of heavy wheat markets.
under
must
91
92%
was
•
.
Pn the 24th inst. prices closed % to %c. net lower,
W heat
——
91
92% 92%
43,000 bushels.
Shipping sales totaled only 9,000 bushels,
On the 24th inst. prices closed %$. off to J4c. up. Corn trade
were
els
91%
—
higher. Small volume of corn receipts and the unchanged
J^c. higher spot market, strengthened futures. Shipping
sales were only 4,000 bushels.
Another vessel was loaded
and is expected to go to an eastern Canadian port. Bookings
to arrive were 52,000 bushels.
While market receipts this
week were a little larger, they were not normal, and traders
said reports indicated little grain would be for sale until
farmers could receive around 60 cents for Nos. 2 yellow at
rural stations.
Best mixed corn, mainly white, was quoted
up to 74at Chicago.
On the 22d inst. prices closed unchanged to
higher.
The upturn in corn today was in
the face of 155 cars received, largest in some time, and bookings of 112,000 bushels to come from the country. Shippers
however, sold 50,000 bushels, and spot prices were ]/2 to lc.
higher. Traders estimated more than 1,000,000 bushels will
be cleared by boat the next 10 days for eastern Lake ports,
On the 23d inst. prices closed ^c. to %c. net lower.
Corn
prices ruled fractionally lower during most of the session in
a small trade.
Cash corn prices were % to %g. down and
reflected
receipts
During
heavy
unsettled.
market
which
that
selling
When Made
July 24, 1939
to
the war, as well as prospects of
private
Low and
63%
net
Throughout the session alternating waves of buying, based
tlie
s
Corn—On the 20th inst. prices closed unchanged to
contracts,
hedging
110% 109% 107%
ill
whe^utures^n Winnipeg
——
Jub^-—----------
July and September wheat
representing the 1940 .crop, led the late slump,
dropping about 2c. from highs established earlier in the
session, due to reports of favorable weather conditions over
fh.
%. 19; \S5S
May.———
gains of more than lc., wheat
to
Thurs.
—.109% 109% 109% 108% 108% 106%
109% 109% 108% 108% 106%
«aily closing prices op
closed %c. lower to %c. higher.
this
wed.
.....ilO
—
—
b«n quoted on the Chicago
almost
on
new york
fcber
I"ufatVhavePnot
wheat
p^reh^in Chicago
ink
Season's High and When Made
I
Season
May------113
Apr. 22, 1940!May—
showers next week.
o„ the.
much
—...—111%
September
in
Tues.
in
—131% 131% 131% 130% 129% 127%
-----
July--.-.—
moistuie was in piospect tor the bOUtnwest except po&SlDlJ
some
Mon.
daily closing prices of wheat
May
and no
nossiblv
Southwest excent
wheat
sat.
smaller this season,
in parts
grain belt had little rain overnight, except
the Ohio Valley and the spring wheat zone,
The
of
DAily closing prices of
has been
man-power
Open interest
willing to take risk of ownership.
tonight was 119,862,000 bushels.
warfare, encouraged the belief
diverted from agriculture to
here
much
that
fact
the
grain purchased at country eleLiquidation of loan wheat is to
against
warehouses.
be completed by the end of the month, but traders said it
is quite likely that much of this grain may not be mar-
belt encouraged enough wheat
profit-taking and hedge selling, some of
i
to
^
®
inspired by reports of lessened tension in the
Mediterranean.
Unfavorable crop reports fronr Europe,
with
and
vators
was
coupled
judges
p]acjng
offset
uii-tL
to
iu
buyin"
oujm*
which
readily.
supplies
the
for cash grain there was
commercial dealers were
Announcement that the
Some accepting belatedly traders Who had profits which they
selling came from and also from commercial interests
lc. to score net overnight gains
®
iirecinitation over the grain
Despite large receipts at Minne-
indicating
German Foreign Minister will make a statement early tomorrow caused many dealers to operate with caution.
iic.
Thereafter quotations steadied and
unchanged to %c. higher, compared with previous
Strength in securities and prospects of only little
ranging
months,
jn
j>est
jjie
within the first half
wiped out
was
rallied
ia
prices
piiceij
and heavy marketing, particularly at
apolis, trade reports said demand
today, which resulted in
throughout the short session. An
price fluctuations
Southwest
mestic
>P*ing wheat terminals
,
.
accounts
trading
up
even
oariv
,
week continued to
nervous
s
gains v
chalked up by the wheat marl
j
Three cent net
mite cent net
this
ket
h1ifllTIO«,
prices closed unchanged to VjC.
Wheat—On the 20tli inst.
hiJher
highei.
ample to germinate
materially, with surface moisture now
seed and farmers working day
-
good volume of
lowing the recent
«aj<i
otper
Tlie
^
are* pessimjstic, the spring wheat outlook has improved
wheat
in
Easiness
sized.
experts
some
l<r\day Night, April 26,1940.
dulness prevailed
Flour—General
April 27, 1940
/"
have stressed the possibility of small prodnetion in areas where wheat previously had been congidered lost.
Several private reports on wheat condition
were construed as bearish, particularly reports of two iraportant elevator interests, one of which estimated Kansas
RRFADSTUFFS
SM?.
.64%
€5
64%
63%
____
...
65% 65%
65% 65% 65
64%
September- — ..-.
66% 66%
66% 66% 65% 65%
Season's High and When Made
I
Season's Low and When Made
July
Ma?
——
64%
Apr. 22,1940(May
42
July
26,1939
Oats—On the 20th inst. prices closed
to 34e. net higher,
Trading was light, with the market's firmness influenced
Volume
The Commercial & Financial Chronicle
150
largely by the steadiness of wheat and corn.
On the 22d
inst. prices closed
to He. net lower.
Oats trade was dull
although shippers sold 20,000 bushels.
On the 23d inst.
prices closed unchanged to He. lower.
Trading was very
light, with the undertone of the market barely steady.
On
the 24th inst. prices closed unchanged to \ie. down.
Trad¬
ing was light and without feature.
On the 25th inst. prices closed Ys to Y2c. net lower.
Oats
eased with other grains, but found support from outside
Today
prices closed l%c. net lower.
Offerings were rather free,
and there being no appreciable support, prices sagged and
dealers, who bought 25,000 bushels from shippers.
closed
at
DAILY
about the
CLOSING
lows
the
of
PRICES
42%
Season's High and
May
July
September
DAILY
When Made
Apr. 19, 1940
Apr. 19, 1940
Apr. 19, 1940
43 lA
38 Vi
36
PRICES
CLOSING
OF
I
42^
42H
38
35 H
38
3 5H
FUTURES
3956
3856
3656
40^
37K
34 M
42
37^
34 %
July
26,1939
Oct.
Oats
bush 32 lbs
New
York.
139,000
61,000
29,000
287,000
1,000
10,000
2,000
53,000
28,000
New Orl'M*
21,000
9,000
90,000
12,000
Galveston..
CLOSING
PRICES
OF
RYE
Sat.
Boston
7756
76 ;
7656
Dec.
Tues.
Wed.
7156
7356
74>6
18, 1939 July...
3SY,
3756
3556
PRICES
Sat.
May.
July..
FUTURES
RYE
OF
Mon.
Tues.
7156
7256
7256
38^
3756
3556
6856
70
71
Oct.
9.1939
Feb.
2, 1940
WINNIPEG
IN
7056
7156
72
7056
7256
73
Fri.
When Made
Aug. 12,1939
Wed.
7256
7356
October
Thurs.
7156
7356
7456
5256
6456
Apr. 22, 19401 September
CLOSING
DAILY
CLOSING PRICES
OF
Thurs.
6956
7056
7156
Fri.
64
6556
May
July
5356
5256
Wed.
53
5256
5156
52 56
5156
Closing quotations
Tues.
Mon.
5356
'
October.....
5056
5256
5156
5056
Thurs.
5256
5156
5056
Fri.
5056
5056
4956
follows:
were as
3,000
2,000
75",000
292",000
■
f
Tot. wk. '40
210,000
939,000
253,000
153,000
44,000
20,000
3,925,000
35,077,000
12,401,000
1,775,000
1,432,000
1,084,000
Since Jan. 1
1940
—
Week 1939.
243,000
988,000
278,000
81,000
14,000
2,000
4,714,000
18,843,000
7,595,000
977,000
314,000
614,000
i
1939
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
from the several seaboard ports for the week
Saturday, April 30, and since July 1, are shown in
ended
the annexed statement:
Corn,
Flour,
Oats,
Rye,
Barley,
Bushels
Exports from—
New
Bushels
Barrels
Bushels
Bushels
Bushels
York
51,000
Albany
61,355
1,238,000
Boston
314,000
287,000
Baltimore
New
240,000
284",000
625,000
Orleans
3,000
St. John West
264,000
Halifax
75,000
292,000
...
'
Total week 1940.
3,071,000
524,000
a64,355
75,000
Since July 1, 1939 115,398,000 25,833,000 3,499,791 4,069,000 3,522,000
10,250,000
Week 1939
1,085,000
.
146,000
104,475
14,000
Since July 1, 1938 110,860,000 66,622,000 4,550,116 3,435,000
a
8 000
.
1,838,666
16,528,000
Complete flour export data not available from Canadian ports.
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, April 20, were as follows:
at
granary
GRAIN
Wheat
United States—
"
195,000
Barley
Bushels
5,000
19,000
96,000
281,000
288,000
371,000
(x)__
New Orleans
Galveston
774,000
38,000
12,000
298,000
146,000
9,000
14,000
116,000
"15", 000
"14,666
46,000
464,000
3,000
323,000
249,000
198,000
19,000
432,000
129,000
7,000
4,000
6,000
18,000
2,000
2,000
2,236,000
Fort Worth
6,310,000
Hutchinson
133,000
—2,264,000
5,343,000
Wichita
2,000
1,915,000
20,875,000
589,000
1,512,000
2,145,000
381,000
1,234,000
St. Joseph
Kansas City
—
_
Omaha
5,582,000
City
St. Louis—
—
893,000
3,030,000
732,000
216,000
4,043,000 15,829,000
Peoria
Chicago—
Minneapolis-.-
16,416,000
Duluth
23,330,000
2,000
1,092,000
190",000
522,000
4,699,000
4,980,000
1,496,000
1,293,000
110,000
2,000
3,196,000
644,000
5,000
318,000
97,198,000 35,385,000
6,000,000
Detroit....
Buffalo..-..
—
Total Apr. 20,1940...
9,000
109,000
173,000
afloat
Milwaukee.—rsTooo
34,000
179,000
561,000
Indianapolis
u
Rye
Bushels
107,000
Philadelphia..
Sioux
-
Oats
Busehls
164,000
afloat
Baltimore
STOCKS
Corn
Bushels
Bushels
New York
6656
IN WINNIPEG
BARLEY FUTURES
Sat.
15,000
14,666
11,000
Halifax
x
DAILY
30,000
Fri.
CHICAGO
IN
When Made
Season's Low and
Dec. 26.1939 May
43 56
Season's High and
May
July
September
FUTURES
7256
7356
75
7356
7456
-
32,000
Wheat,
Thurs.
3956
38
3656
3856
3656
Mon.
7156
May
July
September...
109,000
24,000
264,000
St. John W.
WINNIPEG
IN
Rye—On the 20th inst. prices closed H to
net higher.
Rye futures made the best showing of the grain markets
today.
At one time during the morning prices scored net
gains of Yi to le. and these levels held fairly well to the
close.
On the 22d inst. prices closed Yi to Y%c. net higher.
Rye showed net gains of 2c. or more at one stage, with the
market receiving a large volume of small lot orders.
On
the 23d inst. prices closed unchanged to He. lower.
There
was little disposition to trade, and the market drifted lower
in sympathy with wheat, though prices rallied Yi to He.
from the lows of the day.
On the 24th inst. prices closed
H to Ye. net lower.
The market ruled heavy with prices
holding within a narrow range.
On the 25th inst. prices closed lVs to 1^4c. net lower.
Rye weakness reflected good weather conditions in the
major producing belt and the decline of wheat values.
To¬
day prices closed IYa to 2%c. net lower.
The weakness of
wheat, together with the bearish crop and weather reports,
influenced considerable liquidation and short selling, and
prices fell off rather sharply, closing at the lows of the day.
DAILY
Barley
6,000
Baltimore..
Philadelphia
October
Rye
bush 56 lbs bush 48 lbs
23, 1939
1,1940
Feb.
Wed.
Tues.
Mon.
395*
3856
3656
Corn
bush 56 lbs
Philadelphia
Fri.
When Made
—
OATS
May
July..
Thurs.
Wed.
Tues.
Season's Low and
May
42
July
52 M
September
55 Ys
Sat.
Wheat
bush 60 lbs
Since Jan. 1
42%
38 V*
35 %
38^
355-6
Flour
bbls 196 lbs
Receipts at—
CHICAGO
IN
FUTURES
Man.
Sat.
May
July
September
day.
OATS
OF
2761
94,000
_
m
38,666
-
------
884,000
634,000
199,000
1,020,000
1,729,000
2,773,000
5,266,000
3,313,000
2,000
1,253,000
532,000
959,000
------
300,000
9,690,000 10.362,000
Baltimore also has 33,000 bushels Argentine oats in store.
Note—Bonded grain not included above: Oats—Erie, 20,000 bushels; Buffalo,
71,000; total, $91,000 bushels, against none In 1939.
Barley—New York, 217,000
bushels; New York afloat, 13,000; Buffalo, 883,000; Baltimore, 156,000; total,
1,269,000 bushels, against none in 1939.
Wheat—New York, 327,000 bushels;
Boston, 486,000; Philadelphia, 1,704,000; Baltimore, 2,527,000; Portland, 953,000;
Buffalo, 3,705,000; Duluth, 2,731,000; Erie, 662,000; Albany, 6,299,000; total,
19,394,000 bushels, against 1,032,000 bushels in 1939.
Wheat
FLOUR
Fancy pearl (new) Nos.
1.2-0.3-0.2
Rye
Barley
Bushels
Bushels
Bushels
82,163,000
907,000
3,024,000
1,227,000
498,000
2,040,000
Other Can. & other elev.167,464,000
6.976,000
1,677,000
5,847,000
Ft. William & Pt. Arthur
Total Apr. 20,
1940—.284,602,000
310,000
10,907,000
3,214,000
8,385,000
6,000,000
9,690,000
10.362,000
3,214,000
8.385,000
Summary—
97,198,000 35,385,000
American
4.75 @6.75
Oats
Bushels
Lake, bay, river & seab'd 34,975,000
Prices Withdrawn
Coarse
Nominal
Hard winter clears
Corn
Bushels
'-'Canadian—
patents
5.20@5.45
Spring pat. high protein..6.25@6.50 Rye flour•pa
Spring patents
*.-6.05 @6.25 Seminola,bbl., bulk basis.6.65@
..3.00
Clears, first spring
5.55@5.75 Oats good
Hard winter straights
2.30
6.05@6.25 Corn flour
Hard winter patents
6.25(^6.50 Barley goods—
284,602,000
Canadian
10,907,000
GRAIN
Total Apr. 20,
No. 2 white
No. 2 red,c.i.f.. domestic—12756
Manitoba No. 1. f.o.b. N. Y.10356
Corn, New York—
No. 2 yellow, all rail
Rye, United States, c.i.f
8056
Barley, New York—
40 lbs. feeding
Chicago, cash
5456
8656
6556
53-64N
The world's
shipments of wheat and corn, as furnished by
Exchange for the week
April 19 and since July 1, 1939 and July 1, 1938, are
shown in the following:
Broomhall to the New York Produce
ended
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange,
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Wheat
Week
Exports
Apr. 19,
1940
Bushels
of the last three years:
No. Amer.
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
Barley
Argentina.
Australia
Chicago
180.000
..
Duluth
330,000
21,000
262,000
178,000
304,000
230,000
14,000
2,000
60,000
12,000
44,000
4,000
1,000
130,000
Louis.
56,000
22,000
Indianapolis
229,000
98,000
22,000
98,000
254,000
76,000
4,000
44,000
19,000
105,000
Peoria
39,000
21,000
312.000
82,000
Kansas City
25,000
1,495,000
321,000
218,000
155,000
16,000
65,000
57,000
7,000
34,000
45",000
"2,666
24,000
211,000
76.000
Omaha
Joseph.
Wichita
Sioux
241,000
...
City.
Buffalo
6,000
16,000
387,000
6,828,000
3,065,000
1,059,000
364,000
1,398,000
Same wk '39
471,000
3,905,000
2,435,000
931,000
422,000
3,589,000
8,385,000
1,568,000
214,000
141,000
1,615,000
Same wk '38
1,106,000
1938
1937
Total
78,194,000 23.090,000 94,497,000
84,216,000121,678,000 81,652,000
90,839.000'23,325,009 83.721,000
receipts of flour and grain at the seaboard ports for
April 20, 1940, follow:
1939
Bushels
Bushels
July
I,
1938
Bushels
Bushels
293,000
25,687,000
69,096,000
34,692,000
80,895,000
163,000
3,721,000
15,137,000
2,651,000 135,310,000
70,370,000
2,417,000
91,531,000 106,812,000
11,293,000
82,890,000
7,344,000
20,096,000
29,376,000
1,268,000
38,522,000
704,000
.
200,000
countries
Total.
__
8,251,000 367,539,000 465,021,000
37,117,000
4,141,000 159,461,000 228,162,000
Weather Report for the Week Ended April 24—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the inrluence of the
weather for the week ended April 24, follows:
half of the country the week was characterized by ab¬
temperatures rather generally and frequent, substantial to
precipitation over large areas.
In the western half mostly fair
weather, with above-normal temperatures, prevailed.
The weekly mean temperatures In the interior valleys and Northeast
-were mostly from 4 degrees to 6 degrees below normal, while the defici¬
encies were only slightly smaller in the South from eastern Texas eastward.
normally low
heavy
middle Atlantic area
Mountains westward
the week ended Saturday,
•
Since
July 1,
1940
Other
The
Since Aug. 1
16,423,000 281,514,000 179,849.000
17,182.000 263,187,000 206,471,000
14,548,000 241,385,000 234,263.000
Bushels
Apr. 19,
1938
1,
1939
1,
Since
In the eastern
3,000
Tot. wk. '40
1939
July
Week
1,000
10,000
St.
July
Since
India
567,000
21,000
376,000
93". 000
Toledo
St.
1,119,000
114,000
.174,000
3,494,000
849,000
13,000
Milwaukee
bush 56 lbs bush 48 lbs
Corn
Since
4,696,000 166,148,000 194,146,000
Black Sea.
Minneapolis
12,904,000 18,747,000
Oats, New York—
Wheat, New York—
Receipts at—
1940—.381,800,000 35,385,000 16,907,000
6
had about-normal warmth.
From
the week was mostly from 2 degrees to
degrees to 7 degrees warmer than normal,
the
as
Rocky
many as
the largest plus departures
appearing in the Great Basin and Pacific Coast States.
While temperatures persisted low for the season in much of the East,
minimum readings were not markedly so.
In the Atlantic States freezing
weather was not reported from first-order
and Albany,
stations south of Boston, Mass.,
Kentucky,
N. Y., and In the interior only to northeastern
The Commercial & Financial
2762
Fruit trees damaged somewhat by cold and high winds, buf
generally fair.
Oklahoma—Oklahoma City: Mostly favorable warmth; enough rain for
immediate needs, but subsoil dry. except in south-central and south-east.
Moderate frost damage in Panhandle on 18th.
Winter wheat improved in
southwest, central, and northeast, but progress generally only fair, due to
dry subsoil; condition spotted, ranging from varey poor to fairly good;
heaviest abandonment in years in prospect.
Oats fair growth. Late corn
condition
minima ranged from
west and
Tennessee—Nashville:
Cotton planting slow first 2 days; none there¬
Corn planting backward.
Winter wheat good progress; condition
Substantial to heavy precipitation occurred practically everywhere from
eastern Great Plains eastward to the Atlantic Ocean, although the
amounts were light to only moderate in most of Texas and Oklahoma, parts
of the Southeast, the upper Mississippi Valley, and the Lake region.
The
heaviest falls occurred in the Ohio and lower Mississippi Valleys, especially
the former.
Some stations in Ohio, Indiana, and Kentucky reported from
4 to nearly 7 inches of rain during the week.
lw
The north Atlantic coast had heavy falls, with several inches additional
new snow in some northeastern sections.
Rainfall was heavy also in some
portions of the northern Great Plains, especially northwestern South
Dakota, southeastern North Dkaota and north-central Montana.
West
of the Rocky Mountains there was little or no rainfall, except in northern
sections
The week was practically rainless in the Great Basin and central
and southern Pacific coast areas, as well as throughout most of the Rio
Grande Valley.
In the interior and eastern portions of the country frequent rains and
persistent low temperatures ere decidedly unfavorable for agricultural
operations, while heavy rains flooded much low land in the Ohio Valley.
In fact, field operations were largely at a standstill east of the Mississippi
River
except in some southeastern areas.
In most eastern sections both
vegetation and farm work are 2 to 3 weeks late.
In the Lake region and
rather generally from the Plains States westward the weather was mostly
favorable and field operations advanced satisfactorily.
Late reports from the freeze of last week emphasize the damage done to
early fruit and tender begetables throughout the southeastern portion of
the country, but in some central areas, such as Missiouri, the damage
appears to have been previously overestimated.
In the Southern States
Mississippi
after
except some uneven stands.
Spring oats good stands.
Potatoes
coming up* growing slowly.
Tobacco beds good, but conditions favor
good!
disease.
although
In
most
New York, Friday
by the better demand, the call for homefurnishings, too, re¬
mained fairly active.
Department store sales the country
over for the week ended April 13, according to the Federal
Reserve Board, exceeded those of the corresponding 1939
week by 5%.
New York and Brooklyn stores registered a
gain of 9.4%, while in Newark establishments the increase
in the sales volume reached 13.7%.
northwestern Great
the southern Plains,
moisture toll in southwestern areas.
Rocky Mountains the general outlook con¬
Trading in the wholesale dry goods markets continued to
feel the adverse effects of the recent protracted spell of un¬
favorable.
favorable weather,
and heavy rains winter
of the Ohio Valley. There were
some complaints, especially in southern valley sections, of plants yellow¬
ing because of wetness.
In Missouri the crop shows improvement, while in
Texas conditions are fairly good, but high, drying winds were detrimental
in some localities.
In Oklahoma wheat shows improvement in the wouthwest, central, and northeastern portions, but prom-ess was generally only
fair largely because of lack of subsoil moisture.
In the eastern two-thirds
of Kansas, improvement is definitely noted, while the weekly progress was
fairly good in southeastern and western Nebraska, but unfavorable in the
wouth-central portion where dryness continued.
In Montana winter wheat
continues in favorable condition, while in the Pacific Northwest the out¬
Small
wheat
Grains—Because of low temperatures
made only fair progress in parts
the market.
With the arrival of
improvement in sales is generally
anticipated, inasmuch as many stores heretofore refrained
from covering their spring requirements of merchandise in full.
A feature of the week was the increased activity in blankets
as numerous buyers entered the market, prior to the enact¬
ment of an advance in prices announced by a leading pro¬
as
weather bulletin furnished
warmth
active
the following resume of
at
beginning,
then
too
cold.
Cotton planting
Corn and potatoes in south recovering. Slow
replanting other vegetables.
Pastures improved.
Thee fruits
indicate smaU crop.
Strawberries fair; on market in south, near maturity in
middle.
Tung crop badly damaged last week.
Nights generally too cold; too much rain
Progress of cotton planting, replainting, and germi¬
especially in north and central.
Progress of corn planting,
replanting, and growth mostly poor.
Strawberries on market.
Gardens
and truck poor advance.
Pastures fair to good; about average.
Farm
work delayed.
Sunshine and warmth needed.
Mississippi—Vicksburg:
soil too wet to work.
nation poor,
Louisiana—New Orleans:
Ground
Cotton
plant.
too
wet
to
Favorably
plant and farm
warm, except too cool at middle.
work at standstill in most sections.
planting slow progress; some seed rotting in ground; much to re¬
Progress of corn poor: condition mostly fair. Truck and gardens not
killed making slow receovery:
coming up to good stands.
acreage yet to plow under.
Texas—Houston:
much to replant.
Pastures improved.
Plantings of early rice
Considerable cover-crop
Too cold first part; high winds dried soil rapidly latter
Adequate rains in most of east, but more
part and hindered plant growth.
needed elsewhere.
Slight frost
damage
to
winter
wheat
in
northwest,
but most not jointed yet and escaped damage; condition fairly good, but
locally poor due to drying winds.
Oats fair to good condition.
Corn
some
planting continues: early planted hurt slightly by frost and drying winds;
condition and stands fairly good.
Considerable cotton replanting necessary,
especially in north-central where planted early; elsewhere planting fair
progress, except in extreme northwest where still too cold and in northeast
where soil too wet.
Considerable frost damage to truck and gardens in
north and light to moderate in central and on uppercoast.
Harvesting
potatoes, beans, and onions in extreme south.
Ranges mostly fair to good
condition, but much diying in extreme west and extreme south; rain needed,
except extreme east.
Livestock fair to good condition.
Some rice hurt by
frost, but no replanting necessary; stands generally excellent.
Fields
extended
of
period of mild spring weather in¬
merchandise
in
distributive channels.
sales
purchases before re¬
Business in fine goods continued in¬
confined
to
occasional
fill-in
lots.
In¬
Woolen
Peach crop near total loss in some important areas; enough left
Unfavorably cold and rainy.
with
Goods—Trading in men's wear fabrics gave indi¬
early expansion as clothing manufacturers en¬
couraged by a better flow of goods in distributive channels
displayed more willingness to cover their requirements for
the fall season.
The intensification of the European war¬
fare and the resulting uncertainty with regard to the future
availability of the raw material were contributing factors in
causing users to consider abandoning their previous hesitant
attitude.
Meanwhile, mill operations remained at low levels
although an early expansion was held to be likely, inasmuch
as producers are said to be without extensive surplus stocks
to face a seasonal pickup in sales.
Reports from retail
clothing centers made a better showing, reflecting the effect
of improved weather conditions on consumer buying.
Busi¬
ness in women's wear materials remained in its previous desul¬
tory state, largely because garment manufacturers maintained
their waiting attitude, in view of the adverse influence of
the recent protracted period of unseasonal weather on the
flow of goods in retail channels.
Some interest existed in
lightweight dress goods as well as in worsteds used for dressy
coats.
With the advent of real spring weather a quick im¬
provement in the volume of sales is confidently anticipated.
cations of
in others for grood crop.
progress
an
bidding for combed goods and broadcloths devel¬
oped during the week, but at prices that proved unattractive
to the mills.
Piques moved in relatively good volume.
Closing prices in print cloths were as follows: 39-inch 80s,
6%c.; 39-inch 72-76s, 6^ to 6^c.; 39-inch 68-72s, 5%c.;
3834-inch 64-60s, 5c.; 38^-inch 60-48s, 4^e.
Potatoes and oats favored; oats beginning
Generally too cold for winter wheat, corn, tobacco, and sweet
Alabama—Montgomery:
slow; none up since freeze.
as
the flow
creased
Cotton planting slow advance.
potatoes.
Cotton
entering the market.
North Carolina—Raleigh: Warmth favored crops first and middle periods.
Spring plowing and garden planting good advance, but delayed by too
19-20th.
Fruit and vegetation retarded latter part by cold.
Satisfactory progress transplanting tobacco. Pastures fair progress. Cotton
planting fairly active, but slow after 18th.
South Carolina—Columbia:
Favorable warmth first part, followed by
adequate rain, favored recovery, but considerable replanting of truck and
gardens killed by freeze of 13th, especially in north interior where fruit and
peaches severely damaged in many orchards.
Last half unfavorably cold
and windy, retarding crop progress.
Coastal truck fairly good. Transplant¬
ing eastern tobacco.
Cotton planting fairly active in north, about over
locally in south; germination slow.
Favorable
re¬
work off their recent substantial cloth
much rain on
Georgia—Atlanta:
with interest
dull
Meanwhile, orders for finished goods showed an improve¬
ment, although converters for the time being were disposed to
conditions in different States:
to head.
soon
creases
Seeds are sprouting fairly well in
southern Oklahoma.
In the central and eastern portions of the belt con¬
ditions continued decidedly unfavorable, with field work largely at a stand¬
still because of cold, wet weather, except that in the Atlantic States con¬
siderable planting was accomplished, with fair to good progress in much
of South Carolina and in North Carolina during the first part of the week.
Warm, dry weather is badly needed in the central and eastern Cotton States.
The
remained
latter felt enabled to wait for the inevitable turn in business
the western belt, although
especially in north-central
early.
was
silks
Goods—Trading in the gray cloths
previous dull fashion although prices
held quite steady, owing to the fact that mills refrained from
pressing their goods on the market.
Recent large sales hav¬
ing greatly improved the statistical position of producers, the
Domestic
Cotton—Cotton planting made iair progress in
seeding
some
markets continued in its
little or no field work was possible in the
Corn Belt from the Ohio Valley eastward and the preparation for planting
was largely at a standstill, except that considerable plowing was accom¬
plished in the western Ohio Valley.
Planting was delayed in Missouri by
cold, wet weather, but progressed in the wouthern Great Plains.
In Iowa
preparations made good advance and are up to about normal.,
where
in
of the sheer fabrics.
Trading in rayon yarns
continued active, notably in the finer counts, in which a
tightening delivery situation appeared to be developing.
Particular interest existed in acetate numbers.
Weaving
plants continued to display active interest in yarn offerings,
whereas the demand on the part of knitting mills remained
below expectations.
stricted to
Corn—Because of wet soil
districts,
Business
ducer.
Belt conditions were more favorable than recently
for farm work and seeding made good progress.
Most of the crop has
been sown in extreme southern Minnesota and southeastern South Dakota,
while seeding is progressing to the northern border of the latter State;
some is up in the southeast.
In North Dakota moisture is sufficient for the
present, with seeding in full swing in the south and beginning in the north.
Early spring grains are coming up nicely in Montana and the weather con¬
tinues favorable farther west.
Oats have been mostlj seeded in Illinois, and
Iowa, except in some less favored localities.
About half the crop is up to
good stands in the latter State, with negligible damage showing from last
week's freeze.
Seeding made good progress in the Great Plains, while
stands of rice are generally excellent in Texas.
necessary,
although considerable numbers of small
orders by retailers reached
real spring weather a quick
look is still promising.
In the Spring Wheat
in Texas considerable replanting is
Night, April 26, 1940.
Improved weather conditions served to enliven retail trade
during the past week as consumers started to cover part of
their pent-up spring requirements.
While apparel lines,
which had heretofore been neglected, were chiefly affected
high winds took a heavy
tinues unusually
and applies fair prospect.
THE DRY GOODS TRADE
Valley eastward the recovery of truck crops was
sections west of the
Early fruits mostly killed; later varieties
Kentucky—Louisville:
Four cold days; too much rain. Plowing posible
only first day.
Corn and cotton planting begun in extreme west; prepara¬
tion much delayed.
Increased flooding of bottom lands in west. Tobacco
plants just up; growth slow due to lack of sunshine; 2 weeks late.
Winter
grains improved in size; yellowing in spots from too much water.
Hill
pastures
improved.
Gardening barely started; far behind.
Peaches
mostly killed; other fruits, except apples, varying damage.
retarded, because or low temperatures, with replantings germinating slowly.
While there was too much rain in most of the Last, there were sub¬
stantial to heavy falls in considerable areas of the Northwest which were
decidedly beneficial.
This Is true of the northern and
Plains northern Rocky Mountain sections, and parts of
due to previous freezes; much replanting of late sprout¬
Stock water locally scarce in
Cotton planting fairly active in south.
central.
Livestock rather thin.
ing.
the
the
,
.
mostly poor growth,
warmth
from
April 27, 1940
weedy.
and northwestern Missouri,
In the Plains States the
about 25 degrees in North Dakota to 35 degrees in
west-central Texas, and In the Mississippi Valley from slightly below
freezing at Minneapolis-St. Paul, Minn., to 52 degrees at New Orleans. La.
Since the first of the year there has been a remarkable and persistent
tendency for contrasts In temperature conditions over the eastern United
States with those of the western portion.
In general, for the 16 weeks
since the last of December, 13 have had above-normal temperature in the
western half, 2 below normal, and 1 week with an average of about normal.
On the other hand, for the eastern half, 9 weeks have been definitely below
normal and only 4 above normal, while 3 weeks averaged about normal in
Illinois,
central
Chronicle
.
an
Foreign Dry Goods—Trading in linens remained spotty
and
lots
as
for
heretofore
transactions
were
confined to occasional
immediate
delivery.
An interesting occurrence,
cabled from abroad, was the formation of a special linen
export group to develop the export of Irish linens to this
country.
Business in burlap was fairly active and prices
held firm, reflecting the growing scarcity of available spot
supplies in this -center.
Domestically
quoted at 5.75c., heavies at 7.60c.
lightweights
were
Volume
The Commercial & Financial Chronicle
150
"It also proposed to vest in the Board of Estimate power to fix and
adjust the rate of fare on such transit facility from, on and after June 1,
1940.
The bill further proposes to extend from eight to ten years after
commencement of operation the authority of the Board of Estimate to
provide necessary working capital and to provide for any operating deficit
in municipal operation."
If it were not for the Moffat bill, as the Mayor pointed out, the city,
after Sept. 1, would have to charge on its transit system a fare that would
produce sufficient revenue to cover the costs of the system.
At present
the five-cent fare charged on the municipally operated Independent Subway
System is sufficient to pay the operating expenses of the railroad but not
the fixed charges.
Specialists in
Illinois & Missouri Bonds
Stifel. Nicolaus & Cojnc.
Pennsylvania—Special Legislative Session Scheduled—A
special dispatch from Harrisburg on April 25 to the NewYork "Times" reported as follows:
Founded 1890
196 W. Adams St.
•
314 N. Broadway
DIRECT
CHICAGO
ST.
WIRE
2763
LOUIS
Governor
said today that he would convene the Legislature in
May 6 to replenish a depleted relief treasury. He added
would include no
James
special session
on
that bis formal proclamation, to be issued on Monday,
other major subjects and that the session ought not to last
two weeks."
If anything else was included in his call,
controversial.
News Items
"a day more than
Mr. Jones said, it would be non-
Governor
James has given repeated assurances that there will oe no
imposed by the special session.
These statements were streng¬
a final analysis of funds available for transfer to relief, which
showed a total exceeding $80,000,000, far more than the highest estimate
of the relief needs until the next regular session of the Legislature in January.
new
California—Comparative County Statistics Compiled—A
circular containing comparative county statistics has been
prepared by Heller, Bruce & Co. of San Francisco, for dis¬
tribution to interested parties. The study, which is alphabeti¬
cally arranged by counties, includes the following informa¬
tion: estimated population; assessed valuation for 1938-39;
direct debt as of June 30, 1939; total debt, including direct
and overlapping; tax-supported debt; debt to assessed valua¬
tion; per capita debt; retail sales per capita; percentage of
population filing income tax returns for 1934, 1936 and
1937, and tax delinquency for each of the years 1933 through
1939.
Massachusetts—Changes in List of Legal Investments—
The following is the text of a bulletin (No. 7), showing the
latest revisions in trie list of investments considered legal for
savings banks, issued by the Commissioner of
April 24:
ADDED
TO
THE
Railroad Bonds—As of April
LIST
OF JULY
1,
Banks
12,
Bond
Proposals and Negotiations
ALABAMA
MOBILE, Ala.—BOND TENDERS INVITED—In accordance with the
provisions of the bond ordinance of the city, adopted Jan. 8, 1936, it is
stated by H. G. Zeigler, City Comptroller, that he will accept sealed
tenders until May 8 at 10 a. m. for the purchase by said city for the account
of its interest and sinking funds, bonds of the series listed below.
The
tenders so made to be in amounts not greater than the amount shown as
available in each sinking fund for the purchase of bonds of that issue, and
the price at which the said bonds are tendered not to exceed their face
value and accrued interest:
Special Sinking Funds
(coupon and (or) registered)
Public Works refunding or funding
1939
17, 1940, Elgin Joliet & Eastern By. Co.*
Trusts—As of April
by
on
first mortgage series A, 3 Ks, 1970.
Railroad Equipment
taxes
thened
1940, Southern By. Co.,
bonds, series O, dated Jan. 1, 1936, available
Public Works refunding bonds, series B, dated Jan. 1,1936, avail.
Public Works refunding bonds, series T, dated Jan. 1, 1936. avail.
Public Works refunding or funding (coupon and (or) registered)
$382.14
1,112.44
3,617.88
1,229.30
dated Jan. 1, 1936, avail. 1,272.81
W, dated Jan. 1,1936, avail. 5,855.53
Public Works refunding or funding (coupon and (or) registered)
bonds, series X, dated Jan. 1, 1936 available
7,511.33
Public Works refunding bonds, series Y, dated Jan. 1,1936, avail_13,580.97
Public Works refunding or funding (coupon and (or) registered)
bonds, series Z, dated Jan. 1, 1936, available
1,304.46
Public Works refunding or funding (coupon and (or) registered)
bonds, series U, dated Jan. 1, 1936, available
equipment trust, series DD (serially), 2s, 1949.
Public Works refunding bonds, series V,
first mortgage
3.^8, 1969. As of Apr.i 22, 1940. New York State Electric & Gas Corp.,
first mortgage, 4Ms. 1980.
As of April 18, 1940, West Penn Power Co.,
first mortgage, series K, 3s, 1970.
Public Works refunding bonds, series
Public Utilities—As of April 8,1940, Consumers Power Co..
BEMOVED
FBOM
THE
LIST
Municipal Bonds and Notes—Town ot Orono, Me.
bonds, series AB, dated Jan. 1, 1936,
New York State—Governor
Signs Bill to Ban Relief Politics
—Governor Lehman signed without comment on April 23 the
Ryan bill, known as "the little Hatch bill," designed to ex¬
tend provisions of the Federal Hatch Act to New York State.
Effective Sept. 1, the bill makes it a punishable offense to
influence or attempt to influence votes of persons on relief
with promises of employment or other benefits resulting from
an
act of Congress or of the State Legislature, or with
threats of or deprivation of employment in connection with
projects financed by Congressional or legislative appropria¬
tions, or the solicitation of political funds from persons on
relief or holding work-relief jobs.
New York,
N. Y.—Spending Holiday and Increased Sub¬
Fare Proposed—A seven-cent subway fare and suspension
of all public improvements for five years were proposed by
the Citizens Budget Commission as first steps in a "Save
New York Plan," made public April 21.
The commission
in a 2,000-word memorandum to the Board of Estimate,
way
presented 'the plan to the city with the suggestion that a
commission be appointed to examine the entire subject of
local finances and work out a long-range program for the
city's financial rehabilitation.
The
Public Works refunding or funding
27,433.25
available
(coupon and (or) registered)
bonds, series CD, dated Jan. 1, 1936, available
Public Works refunding or funding (coupon and (or)
1,321.36
registered)
bonds, series I J, dated Jan. 1, 1936. available
37,968.28
Public Works refunding or funding (coupon and (or) registered)
bonds, series KL, dated Jan. 1, 1936, available
1,471.83
Public Works refunding bonds, series MN, dated Jan. 1, 1936,
_
available
Public Works refunding or funding (coupon
_
18,806.29
-
General Sinking Funds
;
and (or) registered)
1, 1936, any one or more of the following
T, U, V, W, X, Y, Z, AB, CD, EF, IJ, KL
and MN, available
$53,000.00
General Corporate bonds, series BL, dated Jan. 1, 1936, available. 1,976.38
General refunding and general funding (coupon and (or) registered)
bonds, series GO, dated Jan. 1, 1936, available
__25,952.72
General Corporate bonds, series CI, or funding (coupon and (or)
registered) bonds, series CI, dated Jan. 1, 193o, available.____ 11,178.33
General Corporate bonds, series IW, or funding (coupon and (or)
registered) bonds, series IW, dated Jan. 1, 1936, available
11,342.64
bonds,
dated Jan.
series: O, P. B, S,
received by the City Comptroller and each tender must
certified check upon an incorporated bank or trust
of the face amount of bonds tendered for purchase. Bonds
accepted on tenders by the city shall be delivered on May
24.1940, to the Irving Trust Co. in New York, or to one of the following
banks in Mobile, viz: The First National Bank, The Merchants National
Bank or The American National Bank and Trust Co., or the check accomp¬
anying bid will be forfeited by the successful bidder.
Bidders should stipulate in their tenders: (1) the series and numbers of
bonds tendered (bonds delivered must be identical with bonds tendered),
(2) if desired, that their tenders are for the purchase of all or none or the
bonds tendered, and (3) the place where delivery of bonds will be made.
Tenders will be
be accompanied by a
company for 1 %
which have been
.
proposal to Increase the subway fare by two cents followed the
by the Legislature of a measure transferring from the State
recent passage
to
New York City the control over the rate of fare in the city's unified
subway system.
Unification takes place on June 1, and the bill empowers
Estimate, after June 1, to "fix and adjust" the subway fares,
thus reviving the most stormy, controversial issue of local politics.
If this
feature of the "Save New York Plan" is pressed, it is likely to dominate
the 1941 Mayoralty campaign.
ARIZONA BONDS
the Board of
The "Save New York Plan" also recommended a more expeditious
efficient
Markets in all Municipal Issues
and
housing program for the city, revision of mandatory legislation
which exempts large-salary groups from budgetary control, re-examination
of the city government with a view toward abolishing "dispensable posi¬
tions," better financing of the city's pension systems and a review or the
tax structure.
REFSNES, ELY, BECK & CO.
PHOENIX, ARIZONA
.
The Citizens Budget Commission of which
William Church Osborne is
chairman of the executive committee and Peter Grimm is chairman of the
board
of trustees,
is
a
civic
group
whose major function is to analyze,
ARIZONA
criticize and publicize the citys fiscal affairs.
New York, N. Y.—Bill Permitting Increase in Transit Fare
Signed by Governor-—Governor Lehman signed on April 25
the Moffat bill authorizing the Board of Estimate after
June 1 to "fix and adjust" the rate of fare to be charged on
any subway, elevated or surface line operated by the Board
of Transportation.
The Governor made public a letter from
Mayor F. H. LaGuardia approving the bill.
"I wish to express my approval of the above legislation, which is pending
you," Mayor LaGuardia wrote.
"This measure is part of New York
City's general transit program.
This legislation proposed to amend Sec¬
tion 135 of the public service law by extending the time in which the rate
of fare in any transit facility owned and operated by the City of New York
be not more than five cents for an initial period of 10 years, instead of
before
eight years, as the statute now provides.
MARICOPA COUNTY SCHOOL DISTRICT NO. 4 (P. O. Phoenix),
Ariz .—BONDS SOLD—It is stated by the Clerk of the Board of Super¬
visors that $56,000 refunding bonds have been purchased by Befsnes, Ely.
Beck & Co. of Phoenix, divided as follows: $25,000 as 2 J^s, due $5,000 on
April 1 in 1941 to 1945; the remaining $31,000 as 2Ks. due on April 1:
$6,000 in 1946 to 1949, and $7,000
in 1950.
HIGH SCHOOL DISTRICT (P. O. Phoenix), Ariz.-BONDS SOLD—It is Stated by James E. De Souza, Clerk of the Board of
Supervisors, that $60,000 3% semi-annual refunding bonds have been pur¬
chased by Refsnes, Ely, Beck & Co. of Phoenix, for a premium of $375, equal
to 100.625, a basis of about 2.88%.
Dated March 1, 1940. Due $6,000 on
May 1 in 1941 to 1950, incl.
Legality approved by Gust, Bosenfeld,
Divelbess, Robinette & Coolidge of Phoenix.
PEORIA
BONDS
offered for
OFFERED FOR INVESTMENT—The above bonds were republic subscription at prices to yield from 2.40 to 2.70%, accord¬
ing to maturity.
Principal and interest (M-N
the Treasurer of Maricopa County in Phoenix.
15) payable at the office of
*
The Commercial & Financial
2764
Chronicle
April
1940
21
bear.
Principal and int jpayable at the County Treasurer's office.
Enclose
certified check for 10% of the bonds bid for, payable to the Chairman,
a
Board of Supervisors.
ARKANSAS BONDS
Markets in all State, County
COLORADO
& Town Issues
ALAMOSA COUNTY SCHOOL DISTRICT NO.
1 (P. O. Alamosa)
Colo.—PRE-ELECTION SALE—It is reported that $8,CC0 school building
by Brown-Schlessman-Owen & Co. of Denver,
bonds have been purchased
subject to being approved
SCHERCK, RICHTER COMPANY
LANDRETH
by the voters at an election scheduled for May 7.
GREEN MOUNTAIN FALLS, Colo.—BONDS SOLD—It is stated by
the Town Clerk that $5,900 park improvement bonds have been purchased
BUILDING, ST. LOUIS, MO.
by Weller & Co. of Denver.
STERLING, Colo.—BONDS SOLD—It is reported that $20,000 «%
improvement bonds have been purchased by a local investor.
ARKANSAS
street
State of—BOND SALE—'The $200,000 revolving loan
ARKANSAS,
fund bonds offered for sale on
April 19—V. 150, p. 1968—were awarded to
Co. of Little Rock, as 3 He, paying a premium of $61, equal
100.03, according to the Commissioner of Education.
Coupon bonds,
dated May 1, 1940.
Denom. $1,000.
Due on March 1, 1941 to 1961,
incl.
Interest payable M-S.
M. W, Klkin8 &
to
Colo .—BONDS SOLD—A $15,000 issue of
improvement bonds was sold recently to A.
premium of $7.50, equal to 100.05, a basis of
Due $1,000 in 1941 to 1955 incl.
WALSENBURG,
semi-ann.
works
water
about 3.74%.
CONNECTICUT
ARKANSAS. State of—SCHOOL DISTRICT BONDS APPROVED—The
State Board of Education is said to have approved on April 19 the issuance
of the following bonds;
$15,000 Drew County School District No. 18 construction and repair bonds.
130,000 England School District refunding bonds.
17,500 Kingsland School District refunding bonds.
120,000 Stuttgart School District refunding bonds.
491.000 Texarkana School District refunding bonds.
68,238.14 Wynne School District refunding bonds.
_
Shaver & Co. of Pueblo, for a
BRITAIN, Conn.—PLANS BOND ISSUES—To finance the
building of a big new supply line from Shuttle Meadow Reservoir into the
city and the installation of numerous new sewer lines in expanding sections
of the city, the Finance Board recently voted to recommend issuance of
$230,000 worth of water bonds and $100,000 worth of sewer bonds.
The
recommendations will probably be heard by a special meeting of the com¬
mon Council so that sale of the bonds can catch what Chairman W. H. Judd
of the Finance Board described as the most favorable municipal bond mar¬
NEW
ket in years.
Also the following
$140,000 Eudora School District refunding bonds.
156,000 Hulbert School District refunding bonds.
34,000 Newark School District refunding bonds.
11,500 Ulm School District retunding bonds.
SOUTHINGTON
(P.
Municipals
BANKAMERICA COMPANY
Los Angeles
San Francisco
New York
Representative
Telephone WHitehall 3-3470
62 Wall St.
CALIFORNIA
CALIFORNIA, State of—WARRANTS SOLD—An issue of $1,885,809
general fund registered warrants was offered for sale on April 22 and was
awarded to the Merchants National Bank of Sacramento, at 2^s, plus a
premium of $1.00. The warrants, dated as of April 25,1940, will be payable
on or about May 28, 1941.
CASTRO
VALLEY
SANITARY
DISTRICT
(P.
O.
Hayward),
Calif.—BOND SALE—The $130,000 cooupon sewage disposal system
offered for sale on April 12—V. 150, p. 2294—were awarded to
Donellan & Co. of San Francisco, paying a premium of $381.25, equal to
bonds
100.293, a net interest cost of about 3.11%, on the bonds divided as fodows:
$28,000 as 5s, due $3,500 on Jan. 15 in 1941 to 1948: $31,000 as 3 He, due
Jan. 15:
$3,500 in 1949 and 1950, and $4,000 in 1951 to 1956; the
on
remaining $71,000 as 3s, due on Jan. 15: $4,000, 1957 to 1960, and $5,000
1961
to
1971.
COSTA COUNTY (P. O. Martinez), Calif .—SCHOOL
11 a. m. on May 6
by S. C. Wells, County Clerk, for the purchase of a $20,000 issue of school
bonds.
Interest rate is not to exceed 5%, payable J-D.
Dated June 1,
1940.
Denom. $1,000.
Due $1,000 in 1942 to 1959 and $2,000 in 1960.
The bonds will be sold for cash, lawful money of the United States, for not
less than par and accrued interest to date of delivery, and each bid must
state that the bidder offers par and accrued interest to date of delivery and
state separately the premium, if any, offered for bonds for which the bid is
made.
Prin. and int. payable at the County Treasurer's office.
The
CONTRA
BOND OFFERING—Sealed bids will be received until
approving opinion of Orrick, Dahlquist, Neff & Herrington of San Fran¬
cisco will be furnished.
Enclose
a
certified check for 5% of the bonds bid
for, payable to the County Treasurer.
FALLBROOK
PUBLIC
UTILITY
DISTRICT
(P.
O.
Fallbrook),
water revenue bonds, noted in our issue of April 20—V.
2611—we are advised as follows by Shelley J. Higgins, Attorney for the
a letter dated April 19:
The .»14,000 block of Fallbrook Public
Utility District bonds recently
sold to Charles B. Corser through the agency or Ellis Bishop & Co. were
p.
District, in
part of an original issue of $150,000 voted by the people of Fallbrook on
Dec. 14, 1938.
These bonds were dated Jan. 2, 1939, are of the denomina¬
tion of $1,000 each, bear interest at the rate of 4% per annum and mature
in blocks of six each year, commencing Jan. 2,1944.
The interest is pay bale
semi-annually,
Jan. 2 and July 2 of each year.
The bonds are coupon bonds and were voted for the purpose of providing
money for the development of additional water from the San Luis Rey
River, in the County of San Diego, Calif.
The bonds have been sold in
blocks to various people, the last sale being made on March 8, 1940, to
Charles B. Corser of Pasadena, Calif., through the brokerage firm of Ellis
Bishop & Co., of Pasadena, Calif.
All of the bonds have been sold for par and accrued interest.
The bonds
bear the approval of the law firm of O'Melveny & Myers, 433 South Spring
St., Los Angeles, Calif.
IMPERIAL
on
COUNTY
(P. O. El Centro), Calif.—SCHOOL BOND
SALE—The $32,000 Imperial Valley Union High School District semi-ann.
bonds offered for sale on April 15—-V. 150, p. 2294—were awarded to
Miller, Hall & Co. of San Diego, as 4hs, paying a premium of $57, equal
to 100.178, a basis of about 4.69%.
Dated April 15, 1940.
Due on April
15 in 1941 to 1945, incl.
KERN COUNTY (P. O. Bakersfield), Calif.—SCHOOL BOND SALE—
The $95,000 issue of Beardsley School District semi-annual bonds offered
for sale on April 22—V. 150, p. 2459—was awarded to the American Trust
Co. of San Francisco as lMs, paying a premium of $56, equal to 100.058,
a
basis of about 1.23%.
Dated March 25, 1940.
Due $19,000
on
March
25 in 1941 to 1945, inclusive.
LOS
ANGELES
COUNTY
(P.
O. Los Angeles), Calif.—SCHOOL
BONDS SOLD—It is stated by the Assistant Bond Clerk that the $13,000
Palos
Verdes
School District
noted here—V.
FLORIDA
ORANGE
bonds offered without success
on
Feb.
(P. O. Santa Ana), Calif.—SCHOOL BONDS
informed by B. J. Smith, County Clerk, that at
April 12 the voters defeated the proposal to issue
$554,000 in Fulletton School District construction bonds.
election
held
adversely.
The
Everglades
Drainage
are
on
ers, hopes to reconcile the differences in ideas
themselves.
between the bondholders and
At the expiration of the six months specified in the contract there should
be some clarification of the whole situation to the extent at least of definitely
defining the points of disagreement as to the basis on which refunding can be
We cannot, however, see any hope for an early agreement but
a long-drawn-out
controversy.
We hope we are wrong but both
sides seem pretty well set in their ideas as to what constitutes the proper
refunding program.
'
In our March bulletin we stated Coral Gables was asking for consents
undertaken.
from the holders of refunding bonds to go under the Municipal Bankruptcy
Act.
We are happy to report that the responses to the City's appeal have
been exceptionally good and already the consents of nearly 60% of all out¬
standing bonds have been secured.
This is more than enough to enable
the City to stay all proceedings until the necessary 66 2-3% can be secured
which will enable final action to be taken.
We again earnestly urge that
every
holder of bonds and (or) tax participation certificates of Coral Gables,
effort
and every municipal dealer who has handled any of these, use every
to
protect their interests by having the holders of these securities send in
their consents at the earliest possible date.
Another bad situation, Fort Myers, seems
after long litigation and con¬
troversy to be on its way to a settlement of its debt problems. Enough bond¬
holders have approved the latest refunding plan to enable the City to take
preliminary steps towards filing the application with the Federal Court to go
under the Municipal Bankruptcy Act.
This has been one of the worst
State as regards litigation and controversy and we are
hopeful that within the next few months the City will be well on its way
situations in the
towards financial rehabilitation.
LAKE PARK,
Fla.—ADDITIONAL INFORMATION—In connection
exchanged with the original
with the $259,000 refunding bonds which were
holders, as noted here in January, it is now reported by Mayor Walter
Hastey that ail the bonds were exchanged for all of the outstanding bonds
of Kelsey City, and bear interest as follows:
2H% from July 1, 1941 to
July 1, 1943: 3% from July 1, 1943 to July 1, 1946:3^% from Juiy 1, 1946
to July 1, 1949; 4% from July 1, 1949 to July 1, 1954; 4H% from July 1,
1954 to July 1, 1959, and 5% from July 1, 1959 to maturity.
SARASOTA
COUNTY
(P.
O.
Sarasota),
Fla.—BOND
TENDERS
R. Peacock, Clerk of the Board of County
Commissioners, that he will receive sealed tenders until May 6, at 11:30
a. m., of court house refunding bonds, dated Oct. 1,
1932.
The amount
of bonds to De purchased will be determined by the Chairman of the
Board of County Commissioners, and offerings must be firm for at least
INVITED—It is stated by J.
10 days in order to be considered.
SACRAMENTO COUNTY
(P. O. Sacramento), Calif.—SCHOOL
10 a. m. on May 6
by T. F.' Patterson, County Clerk, for the purchase of an issue of $100,000
Grant Union High School District bonds.
Interest rate is not to exceed
5%, payable J-D.
Dated June 1, 1940.
Denom. $1,000.
Due $6,000
in 1941 to 1946, $7,000 in 1947 to 1954 and $8,000 in 1955.
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 ac¬
crued interest to the date of delivery and state separately the premium
if any, offered for the bonds bid for, and the rate of interest said bonds shall
IDAHO
Idaho—BOND SALE DETAILS—It is reported that the
$12,000 water system bonds sold to Sudler, Wegener & Co. of Boise, as
noted here—V. 150, p. 2459-—were sold as 4s.
Dated April 1, 1940. Due
on April 1 as follows: $500 in 1942 to 1955, and $1,000 in 1956 to I860.
HANSEN,
ILLINOIS
BOND OFFERING—Sealed bids will be received until
District Board, after prolonged discussion,
has authorized the signing of a contract with a fiscal agent to attempt the
refunding of the outstanding debt.
The Board, representing the land own¬
27,
COUNTY
DEFEATED—We
the
FLORIDA, State of—MUNICIPAL SITUATION DISCUSSED—'The
following information is taken from the April bond bulletin issued by A. B.
Morrison & Co. of Miami:
The recent war activity in Europe had (at the time this bulletin was
written) little or nor depressing effect on prices of Florida municipal bonds.
As a matter of fact dollar bonds are, in many cases, selling above previous
levels.
Nor have yield bonds softened to any appreciable extent.
Un¬
questionably the scarcity of bonds has contributed to this result.
Offerings
are few and at present prices yields are attractive as compared with similar
situations outside of Florida.
With few bonds showing and fairly good
buying demand, there has been no necessity for shading prices in order
"t/O effect S3.16S
■'
The recent sale of City of Miami bonds afforded a good test of the market.
The ideas of the two accounts bidding were practically the same.
The
bonds sold well, especially the long 3 H %, and are fairly well distributed
in the hands of the public.
Prices on the whole seem to be attractive
although some of the maturities have not sold quite as well as hoped for.
The Town of Palm Beach recently sold nine-year average bonds at par
for 2.30%.
This was on the day after Germany invaded Norway when the
war news was decidedly disturbing.
Even allowing fcr the fact that this
particular bond has a special market, the price paid, in our opinion, showed
conclusively the strong demand for high grade Florida municipal obligations;
Had the sale been a day or two earlier the bonds would have sold even
higher.
It seems impossible to predict the immediate future trend of prices on
Florida municipals.
At present levels the current yield in some cases seems
low but the chances for future appreciation on bonds with graduated interest
rates look good.
We have heard men. in whose judgment we have a great
deal of confidence, express the opinion that prices will continue to work
upwards or at least not recede.
Their opinion is based on the fact that there
is so much money available seeking attractive investment and so few good
Florida municipals showing in the market that any desirable bonds available
will be quickly snapped up.
There are equally sound opinions that prices
on many bonds are out of line, that they have gone up too quickly and that
present unsettled world conditions are bound to affect Florida bond prices
150, p.
1637—were sold on April 9 to Redfield & Co.
of Lps Angeles, as 4%s, paying a premium of $10, equal to 100.076, a
basis of about 4.74%.
Due $1,000 on Jan. 1 in 1941 to 1953 incl.
as
RE¬
look for
Calif.—ADDITIONAL INFORMATION— In connection with the sale of
the $14,000 4%
Conn.—PROPOSED
refunding bonds.
BATESVILLE, Ark.—BONDS DEFEA TED—It is stated by the City
held on April 16 the voters turned down the
proposal to issue $66,000 in auditorium bonds.
Recorder that at the election
California
Southington),
O.
FUNDING—The Town Board of Finance on April 15 voted to take up with
the Board of Water Commissioners the matter of an issue of $222,000 2%
BLANDINSVILLE, III.—BOND ELECTION—An election will be held
June 3 on the question of issuing $66,000 water system bonds.
CHENOA, III.—BOND SALE—An issue of $ 12,000.street improvement
of Chicago.
bonds was sold to Lewis, Pickett & Co., Inc.,
CHICAGO
call
PARK
for tenders
DISTRICT, III.—INTO BONDS TENDERED—The
23 of $28,000 funding bonds of 1938, dated
2459—was unproductive of offers.
until April
Dec. 1, 1938—V. 150, p.
Volume
The Commercial & Financial Chronicle
ISO
CLAREMONT
SCHOOL
DISTRICT, 111.—BONDS SOLD—An issue
of $8,0CM3 3M% gymnasium bonds, authorized at an election on
has been sold.
Dated April 1, 1940 and due in 16 years.
April 13,
legal opinion and the printed bonds.
A certified check for 5% of the issue
is required.
EAST
OTTUMWA INDEPENDENT SCHOOL DISTRICT (P. O. Ottumwa)
.
Iowa—BOND SALE—The
offered for sale at
DUPAGE COUNTY SCHOOL DISTRICT NO. 41 (P. O. Glen Ellyn),
III.—BOND OFFERING—Mildred Barloga, Secretary of Board of Educa¬
tion, will receive sealed bids until 8:15 p. m. on April 29 for the purchase of
$58,000 school bonds.
Dated June 1, 1940 and due June 1 as follows:
$15,000 from 1952 to 1954 incl. and $13,000 in 1955.
District will furnish
MOLINE,
III.—BONDS VOTED—The $185,000 paving bonds
previously sold as 2Ms, at 100.12, to the White-Phillips Corp. of Davenport
—V. 150, p. 1472—were approved by the voters at the April 18 election,
according to Arnold Neihaus, City Clerk.
school
plant bonds
NEW
III.—BONDS
was
VOTED—An
authorized by the
BADEN,
issue
of
$6,000
sewage
disposal
Building securities
Total value
$1,162,090
May 1, 1940)
Other indebtedness, none.
Population estimated, 30,000.
area of school district,
approximately 9,600 acres, 15 sq. miles.
Tax Collections
1938
-
.
.
,
Levied
April 16 the
on
PLYMOUTH, III.—BOND ELECTION—An election will be held May 21
on
the
question of issuing $10,000 street improvement bonds.
Collections
*
Ice of Indianapolis will be furnished the successful
1938
1939
*$145,235
1936
1937
$475,356
$474,252
$448,570
$469,285
$475,939
$448,789
1937
April 10, 1940.
SIDNEY, Iowa—BOND SALE—The $16,000 sewer bonds offered for
on April 23—V.
150, p. 2612—were purchased by the Wachob-Bender
Corp. of Omaha, as 2s, paying a premium of $141, equal to 100.88. accord¬
ing to the Town Clerk.
Coupon bonds, dated May 1, 1940. Denom. $1,000. Due on Nov. 1 as
follows: $1,000, 1943 to 1946; $2,000, 1947 to 1949, and $3,000 in 1950 and
1951; the last $6,000 becoming optional in 1948. Interest payable M-N.
WAPELLO COUNTY
INDIANA
EVANSVILLE, Ind.—BOND OFFERING—Gilbert H. Bosse, City Con¬
troller, will receive sealed bids until 2 p.m. on May 21 for the purchase
of $150,000 pot to exceed 4% interest unlimited tax airport improvement
bonds.
Dated Jan. 1, 1940.
Denom. $1,000.
Due Jan. 1 as follows:
$8,000 from 1941 to 1950 incl. and $7,000 from 1951 to 1960 incl.
Bidder
to name a single rate of interest, expressed in a multiple of M of 1%.
In¬
terest J-J.
A certified check for $3,0C0. raj able to order of the city, must
accompany each proposal.
Legal opinion of Matson, Ross, McCord &
bidder.
Ind.—BOND OFFERING—Raymond
Kolb, trustee, will receive
sealed bids at the courthouse in Lawrenceburg, until 1 p. m. on May 4
for the purchase of $4,860 not to exceed 4% interest school bonds.
Denom.
$324.
Due $324 on Jan. 1 from 1942 to 1956 incl.
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 from unlimited ad
valorem taxes on all of its taxable property.
A certified check for $500,
payable to order of the School Township, is required.
(P.
O.
Ottumwa).
Iowa—BOND SALE—'The
$55,000 funding bonds offered for sale at public auction on April 23—V.
150, p. 2612—were awarded to the White-Phillips Corp. of Davenport, as
0.50s, paying a premium of $5, equal to 100.009, a basis of about 0.49%,
Dated May 1, 1940.
Due
on
May 1, Nov. 1 and Dec. 1 in 1941.
KANSAS
GREENSBURG,
Kan .—BOND SALE DETAILS—It is now reported
swimming pool bonds sold as 1Mb, and 2 Ms, as noted here
Feb. 17, were purchased by the Sullivan-Brooks Co. of Wichita, at par.
that the $10,000
on
HARRISON TOWNSHIP SCHOOL TOWNSHIP (P. O. Lawrence-
burg),
To
820,000
Total land
sale
SALEM,
111.—GAS
REVENUE
CERTIFICATES
VOTED—Grace
Alderson, City Clerk, reports that at the election on April 17 the voters
approved an issue of $275,000 gas revenue certificates, previously sold to
-the H. C. Speer & Sons Co. of Chicago.
.
$495,000
1940
voters authorized an issue of
5,486,913
30,047
($25,000 of
this is to be retired
•
$17,724,841
$23,241,801
Debt limit of property values (5%)_L_
Total
bonded indebtedness
including this issue
voterts^t an election on xMarch 26.
III.—BONDS VOTED—At an election
$5,000 village hall bonds.
bonds
Property Valuation 1939
Assessed value of taxable property (based on 60% of worth)
Moneys and credits not included above (based on 60% of worth)
1939
MACON,
building
on April 23—V, 150, p. 2612—were awarded
Chicago, as 1 Ms. paying a premium of $2,476,
equal to 100.76, a basis of about 1.68%.
Dated May 1, 1940.
Due on
Nov. 1 in 1941 to 1959, incl.
-
EAST
semi-annual
.*325,000
public auction
to the First National Bank of
DUNDEE, III.—BONDS SOLD—C. W. McNear & Co. of Chicago
onds aggregating election $14,000 general obligation and $26,000 revenue.
Purchased prior to $40,000: to be held in July, the following sewage system
2765
JACKSON AND JEFFERSON COUNTIES, RURAL HIGH SCHOOL
DISTRICT NO. 2 (P. O. Denison), Kan.—BONDS SOLD—A $20,000
issue of high school construction bonds approved,by
has been purchased by the Columbian Securities Corp.
the voters last May,
of Topeka, at a price
1.84%, on the bonds divided as
follows: $12,500 as 1 Ms, due on Feb. 1: $1,000, 1941 to 1945, and $1,500,
1946 to 1950; the remaining $7,500 as 2s, due on Feb. 1, $1,500 in 1951 to
1955.
Denom. $500.
Dated Jan. 1, 1940.
of 100.423,
a
net interest cost of about
—
LOGAN TOWNSHIP SCHOOL TOWNSHIP (P. O. Lawrenceburg),
.
Ind.—BOND OFFERING—Irven Glardon, Trustee, will receive sealed bids
at the courthouse in Lawrenceburg, until 1 p.m. on May 4 for the purchase
of $5,220 not to exceed 4% interest unlimited ad valorem tax school bonds.
Denom. $348.
Due $348 on Jan. 1 from 1942 to 1956 incl.
Bidder to
single rate of interest, expressed in a multiple of M of 1 %.
Interest
A certified check for $500, payable to order of the school township,
name a
J.J.
is required.
KANSAS
CITY, Kan.—BONDS SOLD—It is Rtated by the City Clerk
that
the $149,000
1M% general improvement bonds were awarded on
April 25 to the Northern Trust Co. of Chicago and Soden & Co. of Kansas
a price of 101.623, a basis of about 1.19%.
Dated April 1,
April 1 as follows: $14,000 in 1941 and $15,000 in 1942 to
(A-O) payable at the office of the State Treasurer.
Legality approved by Bowersock, Fizzell & Rhodes of Kansas City.
City, jointly, at
1940.
Due
1950.
Prin. and int.
on
in
PARSONS, Kan.—BONDS DEFEATED—At an election held on
April 2 the voters are said to have defeated a proposal calling tor the issuance
of $450,000 in municipal distribution system bonds.
the bid form, the award on April 16 of $200,000 warrants to the Union
Trust Co. of Indianapolis, and associates, at 0.375% interest rate, plus
$38.54 premium—V. 150, p. 2612—was not consummated.
New bids will
be received by Glenn B. Ralston, County Auditor, until 10 a.m. (CST)
on April 29.
Warrants are dated April 30, 1940, in $5,000 denoms. and
mature June 15, 1940.
SEDGWICK COUNTY (P. O. Wichita) Kan.—BONDS SOLD—An
$80,000 issue of 1M% public works relief bonds has been purchased by the
Harris Trust & Savings Bank of Chicago. Denom. $1,000. Dated April 15,
1940.
Due $8,000 on April 15 in 1941 to 1950 incl.
Prin. and int. (A-O)
payable at the State Treasurer's office in Topeka. Legality to be approved
by Chapman & Cutler of Chicago.
MILLER TOWNSHIP (P. O. Guilford), Ind.—BOND OFFERING—
Robert J. Nowlin, Trustee, will receive sealed bids at the courthouse in
Lawrenceburg, until 1 p.m. (CST) on May 4 for the purchase of $28,000
not to exceed 4% interest school building bonds, divided as follows:
SOLD—It is stated by the Secretary-Treasurer of the Board of Education
that the following bonds aggregating $184,000, have been purchased jointly
MARION
NOT
COUNTY
(P. O.
Indianapolis), Ind.— WARRANT SALE
CONSUMMATED—NEW BIDS
$14,000 school township bonds.
ASKED—Because
Due $1,400
on
of
an
error
Jan. 1 from 1942 to 1951
inclusive.
14,000 civil township bonds.
Due $1,400
on
WICHITA
Jan. 1 from 1942 to 1951 incl,
YORK TOWNSHIP SCHOOL TOWNSHIP
(P. O. Lawrenecburg),
Ind.—BOND OFFERING—Sealed bids will be -received by Trustee of the
School
Township at the courthouse in Lawrenceburg. until 1 p. m. on
May 4 for the purchase of $15,900 not to exceed 4% interset school bonds.
Denom. $1,060.
Due $1,060 on Jan. 1 from 1942 to 1956 incl.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1 %.
Interest
J-J.
The bonds are unlimited tax obligations of the School Township and
proposals must be accompanied by a certified check for $500, payable to
order of the School Township.
IOWA
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Algona),
Iowa—BONDS SOLD—It is stated by the Secretary of the Board of Direc¬
that an issue of $117,000 refunding bonds was offered for sale on
tors
April 24 and was awarded to the Harris Trust & Savings Bank of Chicago,
the Iowa-Des Moines National Bank & Trust Co. of Des Moines, and the
White-Phillips Corp. of Davenport, jointly, as 1Mb, paying a price of
101.025, a basis of about 1.56%.
Dated May 1, 1940.
Due as follows:
$4,000 Nov. 1, 1940, $5,000 May and $4,000 Nov. 1, 1941, $5,000 May and
Nov. 1, 1942. and 1943, $6,000 May and $5,000 Nov. 1, 1944 and 1945,
$6,000 May and Nov. 1, 1946 to 1948, $7,000 May and Nov. 1, 1949, and
$12,000 May 1, 1950.
BEDFORD,
Iowa—MA TURITY—It is stated by the City Clerk that
Beh
due
Dec. 1, in 1941 to 1950, inclusive.
on
DODGE,
Iowa—BOND SALE—The $38,000 refunding bonds
offered for sale on April 22—V. 150. p. 2612—were purchased jointly by
the White-Phillips Corp. and Vieth, Duncan & Wood, both of Davenport,
as 2Ms, at par, according to the City Clerk.
as
Coupon bonds, dated May 1, 1940.
Denom. $1,000.
Due on Nov. 1
follows: $8,000 in 1947; $15,000, 1948 and 1949.
Interest payable M-N.
SCHOOL DISTRICT (P. O. Marion),
Iowa—MATURITY—It is stated by the Secretary of the Board of Educa¬
tion that the $22,000 building bonds sold to W. D. Hanna & Co. of Burling¬
MARION
INDEPENDENT
ton. as 1Mb, at a price
on
Dec. 1
as
follows:
of 101.59,
as
noted here—V. 150, p. 2612—are due
$5,000 in 1946 and 1947, $10,000 in 1948, and $2,000
in 1949, giving a basis of about 1.51%.
NEWHALL CONSOLIDATED SCHOOL DISTRICT (P.O.
Newhall),
Iowa—BONDS SOLD—An issue of $18,000 refunding bonds is said to have
been sold recently.
NORTH
North
ENGLISH
English),
SCHOOL DISTRICT (P. O.
SALE—The $13,000 building bonds
INDEPENDENT
Iowa—BOND
April 20—V. 150, p. 2612—were awarded to the WhitePhillips Corp. of Davenport, as 1Mb, paying a price of 100.038, according
to the Secretary of the School Board.
offered for sale
school
semi-annual
on
of Wichita:
bonds.
Due
$15,000 on Aug.
1 in
for all expenses incident to the issuance of the
Commission.
KENTUCKY
DAVIESS
COUNTY
SCHOOL BUILDING CORPORA¬
Ky.—BOND SALE— The $55,000 3M% semi-
PUBLIC
TION (P. O. Owensboro),
building bonds offered for sale on April 20—V. 150, p,
2612—were awarded to Pohl & Co. of Cincinnati, paving a premium of
$600, equal to 101.09, a basis of about 3.63%,
Dated April 1, 1940. Due
on April 1 in 1943 to 1959, incl.
ann.
first mortgage
PUBLIC SCHOOL IMPROVEMENT COROwnesboro), Ky.—BOND SALE—The $5,000 3M%
bonds offered for sale on April 20—
V. 150, p. 2612—were awarded to Pohl & Co. of Cincinnati, paying a
premium of $60, equal to 101.20, a basis of about 3.60%.
Datea April 1,
1940.
Due on April 1 in 1943 to 1957.
DAVIESS
COUNTY
PORATION (P. O.
semi-ann. first mortgage improvement
LOUISIANA
RIVER, ATCHAFALAYA AND BAYOU BOEUF LEVEE DIS¬
(P. O. Alexandria), La .—BOND SALE DETAILS—It is now
reported that the $216,000 refunding bonds sold to the National Bank of
Commerce in New Orleans, at a net interest cost of about 2.64%, as noted
here—y. 150, p. 2296—were purchased at a price of 100.023, as follows:
$133,000 maturing May 15, $5,000 in 1941 and 1942, $6,000 in 1943 to 1946,
$7,000 in 1947 to 1950, $8,000 in 1951 to 1953, $9,000 in 1954: to 1956,
$10,000 in 1957 and 1958, as 2Ms. and $83,000 maturing May 15, $11,000
in IS59 to 1961, $12,000 in 1962 and 1963, $13,000 in 1964 and 1965, as 2Ms
RED
TRICT
MAINE
LEWISTON, Me.—NOTE SALE—The $650,000 revenue anticipation
notes offered April 23—V. 150, p. 2613—were awarded to the Merchants
National Bank of Boston, at 0.246% discount.
Dated Apu-il 26. 19401 and
due Dec. 26, 1940.
Other bids: Second National Bank of Boston, 0.247%;
Chace, Whiteside & Symonds, 0.27%; E. H. Rollins & Sons, Inc., 0.30%.
the $10,000 water works revenue bonds sold at par to the Carleton D.
Co. of Des Moines, as 2Mb, as noted here—V. 150, p. 2612—are
FORT
Kan.—BONDS
bonds.
Due on Aug. 1 as follows:
$19,000, 1944, and $15,000 in 1945
bonds, subject to their rejection by the State School Fund
Indianapolis), Ind.—NOTE OFFERING—John W. George, Trustee, will
(CST) on May 10 for the purchase of
$11,000 not to exceed 6% interest emergency loan notes.
Dated June 1,
1940.
Due $5,500 on June 30 and Dec. 30. 1941.
Bidder to name one
rate of interest, expressed in a multiple of M of 1%.
The notes are the
direct obligation of the school township, and at the next annual. levy
meeting session of the Board to be held in September, 1940, a levy is to be
-made to the credit of the fund in an amount sufficient to repay the loan
together with the interest thereon.
The approving opinion of Matson,
Ross, McCord & Ice of Indianapolis will be furnished.
$1,000
Wichita),
1947 to 1950 incl.
The purchaser will pay
receive sealed bids until 7:30 p. m.
ALGONA
O.
and 1946.
60,000 1M%
PERRY TOWNSHIP SCHOOL TOWNSHIP (P. O. 1130 Epler Ave.,
.
(P.
by the Small-Millburn Co. and the Sullivan-Brooks Co., both
$124,000 1M% semi-annual school
$25,000 in 1941 to 1943,
Denom. $1,400.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1%.
Interest J-J.
The bonds are the unlimited tax
obligations of the issuing units.
Transcript of proceedings will be furnished
the successful bidder.
DISTRICT
SCHOOL
MARYLAND
ANNAPOLIS
amount of bonds
is
HOUSING
AUTHORITY,
Md.—
scheduled to be sold by the above
$74,000, not $530,000 as stated in our
The
Authority on May 1
issue of April 20, page 2610.
MASSACHUSETTS
R. F. D. No. 1, Taunton), Mass.—NOTE SALE—
anticipation notes offered April 18—V. 150, p. 2460—were
awarded to Lee Higginson Corp., Boston, at 0.26% discount. Dated April
19, 1940 and due Dec. 1.9, 1940.
Blair & Co., Inc., Boston, other bidder,
named a rate of 0.277%.
BERKLEY (P. O.
The $10,000 tax
BEVERLY, Mass.—BOND OFFERING—John C. Lovett, City Treas¬
will receive sealed bids until 11 a.m. (DST) on May 1 for the purchase
municipal relief bonds.
Dated April 1, 1940.
Denom.
$1,000.
Due $13,000 on April 1 from 1941 to 1950 incl.
Bidder to name
one rate of interest in a multiple of M of 1 %.
Principal and interest (A-O)
payable at the First National Bank of Boston.
The bonds are unlimited
tax obligations of the city and will be engraved under the supervision of
and authenticated as to their genuineness by the aforementioned bank.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished
urer,
of $130,000 coupon
the successful bidder.
The Commercial & Financial Chronicle
2766
BOSTON,
York,
Mass.—NOTE SALE—Halsey,
awarded
was
Stuart & Co., Inc.,
on April 25 an issue or $5,000,000 notes on a bid of
a premium of $52.
Dated April 29, 1940, and due
Bankers reoffered the notes to yield 0.20%.
Other bids:
Bidder—
First Boston Corp. and Bank of the Manhattan Co
Chase National Bank of New York (plus $25 premium)
Rate
Total general obligation
Water Board net debt
of Int.
0.27%
a
multiple
of
4
of
1%.
Principal
payable at the National Shawmut Bank of Boston.
Dy
and
24.091,552.55
30,881,391.76
$340,527,428.27
$377,661,251.92
11,351,626.84
21,660,931.70
37,133,823.65
Operating -deficit (estimated)
Reduction in operating deficit
interest
(M-N)
Legality to be approved
10,309,304.86
Total debt reduction
$47,443,128.51
BERRIEN COUNTY
Ropes, Gray, Boyden & Perkins of Boston.
EVERETT, Mass .—NOTE OFFERING—Emil W. Lundgren, City Treas¬
urer, will receive bids until 11 a. m. (DST) on April 30 for the purchase
at discount of $250,000 revenue anticipation notes or 1940.
Dated April 30,
1940, and payable Dec. 27, 1940, at the National Shawmut Bank of Boston.
be authenticated as to genuineness and validity by the afore¬
mentioned bank, under advice of Storey, Thorndike, Palmer & Dodge of
Boston.
(P. O. St. Joseph), Mich.—LIST OF BIDS—
list of the bids submitted for the $185,000 highway refunding
Co. of Chicago, as 1Mb, at
basis of about 1.24%, as previously reported in V. 150, p. 2296:
Following is
a
bonds awarded March 29 to John Nuveen &
100.047,
a
County Highway Bonds
Notes will
HAMPDEN COUNTY (P. O.
Springfield), Mass.—NOTE SALE—Th
issue of $35,000 notes offered April 24—V. 150, p. 2613—was awarded to
R. L. Day & Co. of Boston at 0.09% discount.
Dated April 25, 1940, and
due April 1,1941.
Other bids: Third National Bank & Trust Co, of Spring¬
field, 0.115%; Boston Safe Deposit & Trust Co., 0.137%; First National
Bank of Boston, 0.138%.
LUNENBURG WATER DISTRICT. Ma**.—BOND SALE DETAILS
—The $40,000 2M % water bonds recently publicly offered by Bond, Judge
& Co. of Boston—V. 150, p. 2296—were originally purchased
by the First
National Bank of Boston at 100.50, a basis or about 2.20%.
LYNN,
April 23
issue of $500,000 notes offered
awarded to the First National Bank of Boston, at 0.16%
Due
Nov.
12,
1940.
Other
biddeis: First
Boston
Corp.,
0.187%; Leavitt & Co., 0.19%; Security Trust Co., Lynn, 0.23%; Day
Trust Co., 0.235%, Second National Bank of Boston, 0.239% and Bates,
Converse & Co., 0.25%.
-
MARLBOROUGH, Mass.—NOTE SALE— The $75,000 coupon mu¬
nicipal relief bonds offered April 23—V. 150, p. 2613—were awarded to
R. L. Day & Co. of Boston, as 1Mb, at a price of 100.29, a basis of about
1.19%.
Dated May 1, 1940, and due May 1 as follows: $8,000 from 1941
to 1945, incl., and $7,000 from 1946 to 1950, incl.
Other bids, for 14s,
follows:
Bidder—
were as
Rate Bid
Newton, Abbe & Co
Tyler & Co
John Nuveen & Co
First of Michigan Corp
Braun, Bos worth & Co_
14%
MASSACHUSETTS
(State of)—NOTE SALE—The $2,724,700 notes
150, p. 2613—were sold in equal amounts to the
National Shawmut Bank and the Second National Bank, both of
Boston,
each having submitted a bid of 0.08% for the entire loan.
Dated April 25,
1940 and due Nov. 22, 1940.
Interest payable at maturity.
Other bids:
Bankers Trust Co. of New York; The Merchants National Bank of
Boston,
and Day Trust Co., Jointly, 0.09%; The First National Bank of
Boston,
0.10%, and Whiting, Weeks & Stubbs, 0.11%, plus $22.
April 22—V.
14%
14%
14%
14%
14%
14%
14%
34%
14%
14%
14%
35.00
14%
14%
24%
14%
1M%
14%
24%
14%
2%
14%
.14%
2%%
1M%
_3%
14 %
3%
1M %
24%
24%
44%
14%
24%
14%
$39.00
85.77
32.00
14.20
(*)
(y)
17.00
91.00
1.00
7.00
59.50
13.10
14%
1M%
2%
__2M%
3%
2%
-
14%
Township Highway Bonds
John Nuveen & Co
First of Michigan Corp...
Braun, Bosworth & Co
Watling, Lerchen & Co
H. V. Sattley & Co., Inc
„
:...
Stranahan, Harris & Co
McDonald, Moore & Hayes, Inc
Campbell, McCarty & Co
(Alternate)
Hood, Truettner & Thisted, Inc
Channer Securities Co
To Nov. 1,1942.
x
BIRMINGHAM,
ON SPECIAL
y
,
To Nov. 1,1944.
Mich.—FUNDS
ASSESSMENT
AVAILABLE
DEBT— H.
FOR
PAYMENT
Corson, City Treasurer,
H.
that sufficient moneys have been collected in the strictly
assessment funds listed below to warrant pro rata disbursement:
announces
% of Original
Face Value of
A. D: No.
Bonds Outstanding
10
96
116
117
of $50,000 notes offered
April 25 were awarded to the Second National Bank of Boston, at 0.258%
discount.
Due April 9, 1941.
The First National Bank of Boston, second
a
2%
14%
Crouse& Co
METHUEN, Mass .—NOTE SALE— The issue
high bidder, named
34%
$49.00
41.77
27.00
21.07
23.80
32.00
77.00
51.00
17.00
60.00
Watling, Lerchen & Co
H. V.8attley&Co., Inc
Stranahan, Harris & Co., Inc
Campbell, McCarty & Co., Inc
(Alternate)
Hood, Truettner & Thisted, Inc
McDonald, Moore & Hayes, Inc.
(On $50,000)
(On $50,000)
..100.65
-—
Rate
Thereafter Premium
1)4%
1*4%
101.035
100.899
Estabrook & Co
offered
Rate to
Nov. 1.'40
Bidder—
— -
Mass.—JVOTE SALE—The
was
discount.
June 30,1933
$284,701,066.53
62,078,793.63
Reduction in outstanding bonded debt
$1,000.
Coupon in form, with privilege of full registration.
Due $40,000 on May 1 from 1941 to 1945 incl.
Bidder to name one rate
in
„
Total outstanding bonded debt
Denom.
interest
April 1, 1940
$261,199,830.16
55,236,045.56
bonds
Street railway net debt
0.30%
BROCKTON,
Mass.—BOND
OFFERING—Loo
V.
Clancy,
City
Treasurer, will receive sealed bids until noon (DST) on May 1 for the
purchase of $200,000 macadam pavement obnds.
Dated May 1, 1940.
of
the city's
operating deficit which stood at
$21,660,932 on June 30, 1933. as against $11,351,627 on April 1, 1940.
Comparative figures in condensed form are as follows:
0.26% interest, plus
Nov. 6, 1940.
April 27, 1940
of $10,309,305 In
reduction
New
142
22
12
131
;
31
9
7
.
149
158
;
7
128
130
>
147
13
122
rate of 0.28%.
A. D. No.
14
166
:
special
% of Original
Face Value of
Bonds Outstanding
20
7
'
1
171
11
12
174
14
Mass.—NOTE
135
14
SALE—The issue of $400,000 notes olfered April 23 was awarded to the
Merchants Natipnal Bank of Boston, at 0.09% discount.
Dated April 24,
138
139
20
32
175
179
182
15
8
10
140
28
187
25
MIDDLESEX
COUNTY
(P.
O.
East
Cambridge),
1940, and due April 24, 1941. Other bidders: Day Trust Co., 0.093%; Na¬
Shawmut Bank, 0.096%; Bates, Converse & Co.,
0.11%; Second
National Bank of Boston, 0.117%; United States Trust Co.,
0.125% and
tional
the First National Bank of Boston,
.
NEW
0.138%.
MARLBORO, Mass.—NOTE SALE—An Issue
of $10,000 notes
awarded April 22 to Lincoln R. Young & Co. of Hartford, at
0.29%
Due in 6 1-5 months.
Other bids: Blair & Co., Inc., 0.317%;
F. W. Home Co., 0.44%.
To participate In this disbursement, bondholders must, prior to Nov. 1,
1940, forward their bonds (if by mail, registered), to the City Treasurer,
Birmingham, who will, within 10 days, return the bonds with the payment
endorsed thereon together with check for the payment.
was
discount.
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE SALE— The
$200,000 tuberculosis hospital notes offered April 23—V. 150, p. 2613—
awarded to the Merchants National Bank of Boston, at
0.09% dis¬
count.
Dated April 23, 1940, and due April 11, 1941.
Other bidders:
Boston Safe Deposit & Trust Co., 0.117%; Second National Bank of
were
Boston,
0.119%; Bates, Converse & Co., 0.12%; Norfolk County Trust Co., Ded¬
ham, 0.124%; United States Trust Co., 0.125%, and First National Bank
of Boston, 0.138%.
NORTHAMPTON,
Mass .—BOND SALE—The $71,000 coupon flood
control bonds offered April 24—V. 150, p. 2613—were awarded to
Hornblower & Weeks of Boston, as 14s, at a price of
101.112, a basis of about
1.38%.
Dated May 1, 1940 and due May 1 as follows: $4,000 from
1941 to 1951 incl. and $3,000 from 1952 to 1960 incl.
Other bids:
PEABODY, Mass.—NOTE SALE—The $300,000
revenue anticipation
April 23—V. 150, p. 2613—were awarded to F'irst National
Bank of Boston, as follows: $200,000 at
0.27% discount, due $100,000 each
onDec.5andDec. 19,1940'$100,000at0.34% discount,due Apiil24,1941.
Other bidders: National Shawmut
Bank, 0.39%: Chace, Whiteside &
Symonds, 0.46% for December maturities and 0.56% for April.
notes offered
Mass.—NOTE SALE—An issue of $45,000 notes*was
April 19 to the Second National Bank of Boston, at 0.21% dis¬
REHOBOTH,
awarded
Due $25,000 each on Nov. 20 and Dec. 20, 194G. Other bids: First
National Bank of Attleboro, 0.24%; Lee Higginson
Corp., 0.26%; Stephen
R. Tourtellot of Providence, 0.26%.
count.
»
■
SOMERVILLE, Mass.—BOND OFFERING—John J. Donahue, City
Treasurer, will receive sealed bids until 11 a.m. on April 30 for the pur¬
of $125,000 coupon macadam pavement bonds.
Dated April 1,
1940.
Denom. $1,000.
Due $25,000 on April 1 from 1941 to 1945 incl.
Bidder to name rate of interest, expressed in a
multiple of )4 of 1 %.
Prin¬
cipal and interest (A-O) payable at the National Shawmut Bank of Boston.
The bonds will be engraved under the
supervision of and authenticated as
to their genuineness
by the aforementioned bank.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished the successful
DRYDEN,
^
WESTFORD, Mass.—NOTE SALE—The isuse of $50,000 notes offered
April 23—V. 150, p. 2613—was awarded to the Second National Bank of
Boston at
0.148% discount.
Due Nov. 25, 1940.
Other bids: Union
Old Lowell Bank,
0.18%; First Boston Corp., 0.283%; First National Bank
of Boston, 0.28%.
WILBRAHAM, Mass.—NOTE SALE— The issue of $50,000 notes
offered April 17—V. 150. p. 2461—was awarded to the
Third National
Bank & Trust Co. of Springfield, at
0.125% discount. Due Dec. 2, 1940.
Other bids:
Union Trust Co. of Springfield,
0.148%; Springfield Safe
Deposit & Trust Co., 0.184%; Springfield National Bank,
0.124%; Palmer
National Bank, 0.25% and First National Bank of Boston.
0.283%.
Mich.—BONDS
DEFEATED—An
system bonds was turned down by the voters at
issue
a recent
of
$20,000
water
election.
GRAND
RAPIDS
AND
PARIS
TOWNSHIPS
FRACTIONAL
GRADED SCHOOL DISTRICT NO. 3 (P. O. East Grand
Rapids),
Mich.—OTHER BIDS—The 3il8,000 refunding bonds awarded to First
National Bank & Trust Co. of Grand Rapids, as 2Ms, at par plus $77 pre¬
mium, equal to 100.427,
also bid for
as
a
basis of about 2.20%—V. 150,
p.
2461—were
follows:
Bidder—
Int. Rate
Crouse & Co
John Nuveen & Co
Kneeland & Co
Premium
24%
2M%
2M'%-2M%
24%
2 4 %-2 4 %
2%-2M %
Braun, Bosworth & Co
First of Michigan Corp
Paine, Webber & Co
$63.65
12.12
174.60
116.00
47.00
43.80
KALAMAZOO COUNTY (P. O. Kalamazoo), Mich.—BOND OFFER¬
ING—Karl Gibson, Clerk of the Board of Supervisors, will receive sealed
bids until 1:30 p. m. (EST) on April 29, for the purchase of $190,000 not to
exceed 24% interest courthouse and jail refunding bonds.
Dated May 15,
1940.
Due $19,000 on Dec. 1 from 1946 to 1955, incl.
Redeemable in
inverse numberical order at par and accrued interest on
any interest pay¬
ment date prior to maturity on four weeks' notice by
pulbication,
Principal
and
interest (J-D) payable at the County Treasurer's office or at the
National City Bank of New York City.
A certified check for $3,800 must
accompany each proposal.
Legal opinion of Miller, Canfield, Paddock &
Stone of Detroit will be furnished the successful bidder.
The bonds to be
refunded are dated Dec. 1, 1934 were issued in accordance with the
provi¬
Michigan, 1929,
the property in said
sions of Sections 2347 to 2350, inclusive, Compiled Laws of
and are payable from ad valorem taxes levied
upon
county within the limits prescribed by law.
ROCKFORD,
chase
bidder.
.
Mich.—BOND
OFFERING— Carl
Dennis,
City
Clerk,
will receive sealed bids until 10 a. m. (EST) on
May 6 for the purchase of
$20,000 not to exceed 4% interest general obligation street and sewer
improvement bonds.
Dated March
1,
1940.
Coupon bonds in $500
denoms.
Due Sept. 1, as follows: $2,500 from 1941 to 1945, incl., and
$1,500 from 1946 to 1950, incl.
Principal and semi-annual interest payable
the Rockford State Bank, Rockford.
Rate or rates of interest to be
expressed in multiples of 4 of 1 %.
The bonds are payable from unlimited
at
ad valorem taxes and a certified check for
2% of the issue bid for, payable
to order of the City Treasurer, is required.
Successful bidder to furnish
legal opinion and pay for printing of the bonds.
WATERFORD TOWNSHIP SCHOOL DISTRICT NO. 1
(P. OR. F. D. No. 2, Pontiac), Mich.—BOND SALE—The $150,000
coupon
refunding bonds offered April 22—V. 150, p. 2613—were awarded to
Campbell, McCarty & Co. and Miller, Kenower & Co., both of Detroit,
jointly, as 3s and 4s, at a price of 100.031, a net interest cost of about
3.412%.
Dated May 1, 1940.
Bonds due May 1 from 1941 to 1950, incl.
bear 3% interest; 1951 to 1955 incl. bear
3% to May 1, 1944 and 4%
thereafter.
WYOMING
TOWNSHIP
(P.
O.
Grand
Rapids),
Mich.—BOND
SALE—The $85,000 w~ter
revenue bonds offered April 23—V. 150, p. 2614
Bliss, Bowman & Co. of Toledo, as 3s, at par plus a
premium of $95.05, equal to 100.11, a basis of about 2.99%.
Dated May 1,
—were
MICHIGAN
BAY
CITY, Mich.—NOTE SALE—The $45,000 tax anticipation notes
April 15—V. 150, p. 2461—were awarded to the Peoples Com¬
Savings Bank and the National Bank of Bay City, jointly, the
only bidder, as lMs, at par. Dated April 1,1940 and due Sept. 27,1940.
offered
mercial &
DETROIT,
Mich.—BONDS PURCHASED—Donald
of the Board of Trustees,
chased $125,000 bonds
p.2613.
REPORT
on
Slutz,
Secretary
1940 and due May 1, as follows:
$2,000 from 1943 to 1951, incl.; $3,000,
1952 to 1959, incl.; $4,000, 1960 to 1966, incl., and $5,000 from 1967 to
1969, incl.
Bonds maturing on and after May 1, 1962 are callable in inverse
numberical order at 103 and accrued interest on May 1, 1951. or on
any
subsequent interest date.
The H. C. Speer & Sons Co. of Chicago, second
high bidder, offered 100.112 for $66,000 3Ms and $19,000 3s.
reports that the City Retirement System pur¬
tenders, at an average yield of 3.28%.—V. 150,
CITES $47,443,129 DEBT REDUCTION
debt reduction of $47,443,129 since 1933, when the
SINCE
1933—A
city inaugurated its
refinancing program, is disclosed in a statement released April 26by Donald
Slutz, City Controller.
Detroit's bonded debt, which stood at $377,661,252
on June 30, 1933, has been lowered
to $340,527,428 as of April 1,
1940,
according to the Controller's figures.
In addition, Mr. Slutz reports a
awarded to
MINNESOTA
COKATO, Minn.—BOND OFFERING— Sealed and
oral bids will be
received until May 3, at 7.30 p.m., by A. M. Anderson, Village Clerk for
the purchase of $55,000 not to exceed 3% semi-annual
sewage disposal
plant
as
bonds.
Denom. $1,000.
Dated May 1, 1940.
Due on May 1
$2,000, 1944 to 1945, and $3,000 in 1946 to 1960.
The village
approving legal opinion of Fletcher,
follows:
will furnish the printed bonds and the
Volume
Dorsey, Barker, Colman & Barber of Minneapolis.
The bonds will be
the office of the Village Treasurer, or, at the option of the
purchaser, at his office in Minneapolis, or St. Paul, on or before June 1.
A certified check for $2,750, payable to the village, must accompany the
MISSOURI
delivered at
bid.
COTTONWOOD
COUNTY
CONSOLIDATED
INDEPENDENT
SCHOOL DISTRICT NO. 9 (P. O. Mountain Lake). Minn.—BOND
OFFERING—It is stated
by George P. Eitzen, Clerk of tne School
that he will receive sealed and oral bids until May 6, at 8 p.
m.,
Board,
for the
purchase of an issue of $100,000 building bonds.
Dated June 1, 1940.
Denom. $1,000.
Due July 1 as follows:
$3,000 in 1942. $5,000 in 1943 to
1953, and $6,000 in 1954 to 1960.
Bidder to designate rate of interest.
The bonds will be made payable at any suitable bank or trust company
designated by the purchaser. The district will furnish the printed bonds and
the approving legal opinion of Fletcher, Dorsey, Barker, Colman & Barber
of Minneapolis.
The bonds will be delivered within 30 days after the date
of sale at the District Treasurer's office, or, at the option of the purchaser,
at Minneapolis or St. Paul.
Enclose a certified check for $3,000.
OFFERING—Sealed bids will be
Clerk, for the purchase
is not to exceed 2M%.
payable M-N.
Dated May 15, 1940. Denom. $1,000. The bonds will be
delivered at the City Treasurer's office on May 15, or at the option of the
LAKE
CRYSTAL,
Minn.—BOND
received until 8 p. m. on May 3, by J. T. Wiger, City
of a $45,000 issue of refunding bonds.
Interest rate
Surchaser in Minneapolis or St. Paul. the purchaser. payable at any suitable
ank
company designated by Prin. and int. The approving opinion
or trust
of
Fletcher, Dorsey,
furnished.
PIKE
Barker, Colman & Barber, of
Enclose a certified check for $1,000,
BAY
Minn .—CERTIFICATE SALE— The
awarded to Mairs-Shaughnessy & Co. of St.
Due
on
Mo.-ELECTION CONFIRMED—Clarence G. Wessler,
ST. LOUIS, Mo.—BOND SALE—The $465,000 coupon semi-annual
public buildings and improvement bonds offered for sale on April 23—V.
150, p. 2461—were awarded to a syndicate composed of Blair & Co., Inc.,
B. J. Van Ingen & Co., Hemphill, Noyes & Co., all of New York, and the
Baum, Bernheimer Co. of Kansas City, as l%s, at a price of 100.56, a basis
of about 1.72%.
Dated May 1, 1940.
Due on May 1 in 1958 to 1960.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above
subscription at prices to yield 1.65%
bonds for public
for all maturities.
ADDITIONAL BOND SALE—It is stated by Louis Nolte,
City Comp¬
troller, that a total of $535,000 l^i% semi-ann. public buildings and im¬
provement bonds were sold on April 23 as follows: $500,000 to the Police
Retirement System, and $35,000 to the School Foundation Trustees.
CHOUTEAU
$10,000'5% semi-
19—V. 150, p. 2461
Paul, according to the
July 1 in 1941 to 1955.
by George P. Eitzen, Clerk of the Board of Education,
for the
COUNTY
SCHOOL DISTRICT NO.
HIGH
4 (P. O.
Mont.—BOND OFFERING—Sealed Dids will be received
on May 14, by Carl M. Gunderson, District Clerk, for the
purchase of a $28,000 issue of building Donds.
Interest rate is not to exceed
6%, payable J-J.
Dated July 1, 1940. Amortization bonds will be the first
choice and serial bonds will be the second cnoice of the school board.
If
amortization bonds are sold and issued, tne entire issue may be put into
one single bond or divided into several bonds, as the Board of Trustees may
determine upon at the time of sale, Doth principal and interest to be pay¬
able in semi-annual instalments during a period of 20 years from the date
of issue. The bonds
whether amortization or serial bonds, will be redeem¬
able in full on any interest payment date from and after 10 years from the
date of issue.
The bonds will be sold for not less than their par value with
accrued interest, and all bidders must state the lowest rate of interest at
which they will purchase the bonds at par.
Enclose a certified check for
$280, payaDle to the above Clerk.
Highwood),
until 8 p.
MOUNTAIN LAKE SCHOOL DISTRICT (P. O. Mountain Lake).
Minn.—BOND OFFERING—It is reported that bids will be received until
May 6,
ST. CHARLES,
City Clerk, confirms the report given here on April 20,—V. 150, p. 2614—
that an election will be held on May 6 in order to vote on the issuance
of $600,000 in municipal electric plant bonds.
MONTANA
certificates of indebtedness offered for sale on April
Village Clerk.
Mo—BONDS SOLD— It is stated by the City Clerk
that $51,000 1 % % semi-annual water works refunding bonds have been
purchased by the Mercantile-Commerce Bank & Trust Co. of St. Louis,
at a price of 100.97.
Dated April 1, 1940.
Due on April 1 in 1941 to 1953.
Legality approved by Charles & Trauernicht of St. Louis.
CHARLES,
Minneapolis, will be
(P. O. Cass Lake), Minn.—BONDS SOLD—It is stated
bonds were sold
MONTROSE,
—were
ST.
payable to the city.
by the Town Clerk that $2,000 3% semi-ann. funding
recently.
Due in 1945 to 1952; optional after 1945.
ann.
2767
The Commercial <fe Financial Chronicle
ISO
m.
,
eld
EurchaseFeb.$100,000 abuilding bonds approved by the voters at an election
of 21, by wide margin.
on
ST.
LOUIS COUNTY
(P. O. Duluth), Minn.—ADDITIONAL IN¬
FORMATION—It is stated by the Deputy County Auditor that the $400,000 tax anticipation certificates sold to the First & American National
Bank of Duluth, and associates, as noted here in
2%, and mature
February, were sold at
June 4, 1940.
on
purchased on April 9 an issue of
anticipation certificates at 2%.
Due on June 4, 1940.
It is also stated that the above group
$850,000 tax
Minn.—WARRANT SALE—The $5,625 sewer'
April 22—V. 150, p. 2614—were awarded to the
Northwestern National Bank & Trust Co. of Minneapolis, as 2%s, accord¬
ing to the Village Recorder. Dated April 1, 1940. Due on July 1 in 1941 to
ST.
LOUIS
PARK,
warrants offered for sale on
1945 incl.
SANDSTONE, Minn.—BOND SALE— The $15,000 sewage disposal
plant completion coupon semi-annual bonds offered for sale at public auc¬
tion on April 18—V. 150, p. 2297—were awarded to Mairs-Shaughnessy &
Co. of St. Paul, as 2Ks, paying a premium of $175, equal to 101.166, a
basis of aDout 2.10%.
Due on Jan. 1 in 1943 to 1953.
The second best Did was an offer of $170 premium on 2^8, tendered by
the Allison-Williams
Co. of Minneapolis.
SHAKOPEE, Minn.—BOND SALE—The $30,000 water system bonds
on April 5—V. 150, p. 2146—were awarded to the North¬
western National Bank & Trust Co. of Minneapolis, as
1Mb, paying a
premium of $11, equal to 100.036, a basis of about 1.24%.
Dated May 1,
1940.
Due $5,000 on May 1 in 1941 to 1946, incl.
offered for sale
THIEF RIVER
FALLS, Minn.—BOND OFFERING—Sealed bids will
by P. G. Pederson, City Clerk, for the
be received until 8 p. m. on May 6,
{mrchase of bonds. Dated July not1940. Denom.coupon semi-ann. electric
to exceed 4% $1,000. Due July 1, as
ight plant an issue of $130,000 1,
follows:
$12,000 in 1943 to 1952, and $10,000 in 1953.
Alternate bids will
provision and also
those maturing in 1947 and sub¬
sequent years at par and accrued interest at any time after July 1, 1947.
Prin. and int. payable at a bank or trust company designated by the pur¬
chaser.
Legality approved by the City Attorney. Enclose a certified check
for 2% of the bonds bid for, payable to the City Treasurer.
GLASGOW, Mont.—BOND OFFERING—It is stated by G. D. Peterson;
City Clerk, that he will receive bids until May 14, for the purchase of
$5,000 not to exceed 6% semi-ann. civic center bonds. Dated June 1, 1940.
These bonds were approved by the voters on April 8.
^
"bids
Mont.—BOND OFFERING—Sealed
wilfTe
received until 8 p. m. on May 13 by John Stubban, Town Clerk, for the
purchase of $6,000 not to exceed 6% semi-annual sewer system bonds.
Denom. $o00.
No bid is to be for less than par and accrued interest.^ A
certified check for $600 must accompany the bid.
MEDICINE
LAKE,
DISTRICT NO. 17 (P. O. CulbertOFFERING—Sealed bids will be received until
Clerk, for the purchase of $18,540 not
bonds. Dated May 17,1940. Amorti¬
zation bonds will be the first choice and serial bonds will be the second
choice of the school board.
If amortization bonds are sold and issued, the
entire issue may be put into one single bond or divided into several bonds,
as the board of trustees may determine upon at the time of sale, both prin¬
cipal and interest to be payable in semi-annual instalments during a period
of 10 years from the date of issue.
The bonds, whether amortization or
serial bonds, will be redeemable in full on any interest payment date from
and after five and a half years (half of the term for which the bonds are
issued) from the date of issue.
The bonds will be sold for not less than their
par value with accrued interest, and all bidders must state the lowest rate
of interest at which they will purchase the bonds at par.
Enclose a certified
check for $1,854, payable to the District Clerk.
ROOSEVELT COUNTY SCHOOL
son),
Mont.—BOND
8 p. m. on May 17, by the District
to exceed 4% semi-annual refunding
be received for all of said bonds without any prepayment
NEBRASKA
for bonds containing an option to prepay
WABASHA AND OLMSTEAD COUNTIES, JOINT SCHOOL DIS¬
NO. 57 (P. O. Elgin) Minn.—BOND OFFERING—Sealed and
8 p. m., by E. J. Lampe, District
Clerk, for the purchase of $42,000 refunding bonds.
Denom. $1,000. Due
June 1, as follows:
$2,000 in 1942 to 1953, and $3,000 in 1954 to 1959.
Bidders to name the rate of interest. Prin. and int. payable at any suitable
bank or trust company designated by the purchaser.
The district will fur¬
nish the printed bonds and the approving opinion of Fletcher, Dorsey,
Barker, Colmon & Barber of Minneapolis.
Enclose a certified check for
for $1,500, payable to the district.
TRICT
oral bids will be received until May 6, at
YORK (P. O. Lime Springs, R.
F. D., Iowa), Minn.—BOND OFFER¬
at 8 p. m., by
ING—Sealed and oral bids will be received until May 8,
Hugh M. Jones, Town Clerk, for the purchase of a $35,000 issue of road and
bridge bonds.
Dated May 1, 1940.
Denom. $1,000.
Due Jan. 1, as
follows:
$2,000 in 1942 to 1948, and $3,000 in 1949 to 1955.
Prin. and int.
(J-J) payable at any suitable bank or trust company designated by the
purchaser.
The bonds and approving opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, must be paid for by the purchaser at a
cost of $130.
The bonds will be delivered at Minneapolis or St. Paul, at
the option of the purchaser on or before June 1.
Enclose a certified check
for $1,000, payable to the Town Treasuruer.
MISSISSIPPI
SCHOOL
DISTRICT (P. O. Lincoln) Neb.—BOOT)
OFFERING— It is stated by J. G. Ludlam, Secretary of the Board of Edu¬
cation, that sealed bids will be received until 8:30 p. m. on May 10, for the
purchase of a $520,000 issue of school bonds. Of the total, a block of $330,000 was authorized at an election on Sept. 27, 1938, and the remaining
$190,000 were approved by the voters on April 9, 1940.
rLINCOLN
NEBRASKA
Neb.—BOND OFFERING—It Is reported that
April 29, by the City Clerk, for the pur¬
chase of a $300,000 issue of refunding bonds.
Dated June 1, 1940. Denom. $1,000. Due June
1941, $15,000 in 1942 and 1943, $20,000 in
1950, and $114,000 in 1955, all bonds
1, as follows: $10,000 in
1944, $25,000 in 1945, $101,000
to be optional after five years.
Interest payable June and Dec. 1.
These bonds are issued to refund a like
amount of an issue of refunding bonds dated June 1, 1935, optional June 1,
1940, interest rate 334 %. Enclose a certified check for $5,000.
in
NEW
HAMPSHIRE
H.—NOTE SALE—The issue of $100,000 notes offered
April 24 was awarded to the Nashua Trust Co. at 019% discount.
Due
March 28, 1941.
The Indian Head National Bank of Nashua bid a rate
NASHUA, N.
of 0.28%.
NEW
JERSEY
ELIZABETH, N. J.—SINKING FUND TO PURCHASE SECURITIES
F. McGann, City Comptroller, reports that the City Sinking
Fund Commission will purchase $37,000 public improvement bonds and
$7,000 bond anticipation notes.
fc*
—Patrick
ALCORN COUNTY (P. O. Corinth) Miss.—MATURITY—It Is stated
by the Clerk of the Chancery Court that the $35,000 3% semi-ann. refund¬
ing bonds sold to Cady & Co. of Columbus, as noted here—V. 150, p. 2614—
are due on March 1 as follows:
$2,000 in 1941 to 1950, and $3,000 in 1951
to 1955.
HADDONFIELD, N. J.—BOND
OFFERING—J. Ross Logan, Borough
sealed bids until 8 p. m. on April 30 for the purchase
$425,000 not to exceed 3% interest coupon or registered refunding: bonds.
Dated April 1, 1940.
Denom. $1,000.
Due Oct. 1 as follows: $15,000
in 1940 and 1941; $20,000 from 1942 to 1947 incl. and $25,000 from 1948
to 1958 incl.
Bidder must not name more than two rates of interest,
Clerk, will receive
of
COAHOMA COUNTY (P. O. Clarksdale), Mis a—BOND OFFERING
by T. F. Logan Jr., Clerk of the Board of Supervisors, that
June 3, for the purchase of an issue of
or registered refunding bonds.
Interest rate is not to
exceed 6%, payable J-J.
Denom. $1,000.
Dated July 1, 1940.
Due on
July 1 as follows:
$12,000 in 1945; $19,000 in 1946; $10,000 in 1947,
$20,000 in 1948, $54,000 in 1949, and $10,000 in 1950.
The bonds are not
to be sold for less than a price which will be equivalent to 96c. on the $1
for bonds bearing interest at the rate of 6% per annum, payable semi¬
annually, computed according to standard bond value tables.
The pur¬
chaser is to pay accrued interest to date of sale, and likewise is to pay the
cost of the printing of the bonds and the attorneys' fee of Charles & Trauernicht of St. Louis, for passing upon the validity of the issue.
Sealed bids
may be submitted.
Enclose a certified check for $5,000.
—It is stated
he will receive bids until 2 p. m. on
$125,000 coupon
DURANT, Miss.—BOND SALE—The $60,000 school bonds offered for
on April 23—V. 150, p. 2146—were awarded to the Deposit Guaranty
Bank & Trust Co. of Jackson, paying a premium of $10, equal to 100 016.
on the bonds divided as follows:
$8,000 as 3s, due in 1941 to 1944; $36,000
as 3Ms, due in 1945 to 1956, and $16,000 as 3Ks, due in 1957 to 1960.
sale
Grenada), Miss.—BONDS SOLD—It is
stated by the Clerk of the Chancery Court that $7,000 2M% semi-annual
court house bonds have been purchased at par by the First National Bank
of Memphis.
Denom. $1,000.
Dated Feb. 1, 1940.
Due $1,000 on
GRENADA COUNTY (P. O.
expressed in a multiple of M or 1-10 of 1%.
Principal and interest (A-O)
at the Haddonfield National Bank, Haddonfield.
The bonds
will be general obligations of the borough, payable from unlimited ad
valorem taxes.
A certified check for 2% of the bonds, offered, payable to
order of the borough, must accompany each proposal.
Legal opinion or
Caldwell & Raymond of New York City will be furnished the successful
payable
bidder.
HADDONFIELD,
HADDONFIELD SCHOOL DISTRICT, N. J .—BONDS DEFEATED
proposal to issue $295,000 construction bonds was defeated on April 23.
being 253 in favor and 1,766 opposed to the loan.'
The
the vote
HUDSON
COUNTY
(P. O. Tupelo), Miss.—BONDS SOLD—It is stated that
by M. A.
100.469, a
Dated Oct. 6, 1939.
Due on Oct. 1 as follows:
$5,000 in 1940, $6,000 in 1941 to 1944, and $4,000 in 1945.
basis of about 3.34%.
VAN CLEVE CONSOLIDATED SCHOOL DISTRICT (P. O. Pascagoula), Miss.—BONDS SOLD—It is stated by the County Superintendent
school bonds have been sold as 3s and 3^s.
of Education that $33,000
(P.
O.
Jersey City),
N. J .—BOND SALE—A
succ^ful
syndicate headed by Phelps, Fenn & Co., Inc.. New York was
bidder at the offering on April 25 of $1,877,000 bonds, Including $1,005,000
maternity hospital and $872,000 nurses' home obligations—V. 150, p. 2614.
The account bid for a total of $1,873,000 bonds, naming an interact rate
2.65% and paying a price of $1,877,232.98, equal to 100.226, a basis of
2.64%.
All of the bonds bear date of May 1, 1940 and mature
1 as follows: $45,000 in 1941 and 1942; $50,000. 1943: $55,000 in
1944 and 1945; $65,000 from 1946 to 1969 incl.; and $63,000 m 1970.
Associated with Phelps, Fenn & Co., Inc. in the purchase were Northern
Trust Co., Chicago; B. J. Van Ingen & Co., Inc., New York; Dougherty,
Corkran & Co., Philadelphia; Minsch, Monell & Co., Inc. and Mackey,
Dunn & Co., Inc., both of New York; H. V. Sattlev & Co., Detroit, and
NcDonald-Coolidge & Co., Cleveland.
The successful group reoffered the
bonds to yield from 0.30% to 2.75%, according to maturity.
Other bids
of
May
$33,000 3H% semi-annual funding bonds have been purchased
Saunders & Co. of Memphis for a premium of $155, equal to
N. J.—NO BONDS TENDERED—J. Ross Logan
that no tenders were received in connection with
outsnading bonds.—V. 150, p. 2462.
Borough Clerk, reports
the offer to purchase
about
Feb. 1 in 1941 to 1947, incl.
LEE COUNTY
CITY,
sealed bids will be received until
were as
follows:
The Commercial & Financial Chronicle
2768
No. Bonds
Int.
Hate
Bid
__
100.323
1,870
2H%
100.376
2%%
DUNKIRK, N. Y.—BOND OFFERING—R. D. Schmaltz, City Cxerk,
will receive sealed bids until 4 p. m. (DST) on May 14 for the purchase of
$80,000 not to exceed 6% interest public works bonds. Dated June 1, 1940.
Denom. $1,000. Due as follows: $9,000 In 1941 and 1942; $8,000 in 1943 and
$9,000 from 1944 to 1949 incl. Principal and interest (J-D) payable at the
City Treasurer's oifice, with New York exchange.
A certified check for
5% of the amount of the bid is required.
Co.: Eastman, Dillon & Co.;
Eldredge & Co.; Paine, Webber & Co.; A. C.
AlJyn k Co., Inc., et al
Lehman Bros.; Stone & Webster and Blodget,
Inc.: Charles Clark & Co.; Otis & Co. , et al—
100.26
■■
1,873
,i
100.266
2.80%
FULTON,
bonds
NEW JERSEY (State of)—BOND SALE—The $10,600,000 coupon or
registered series B unemployment relief bonds offered Apri» 23—V. 150,
p. 2462—were awarded to a syndicate headed jointly by Lehman Bros,
and Haisey, Stuart & Co., Inc., both of New York, as 1 Ms at a price of
100.622. a basis of about 1.07%.
The bonds are dated May 1, 1940. and
mature May las follows:
$1,260,000 in 1943; $1,270,000. 1944: $1,290,000,
1945; $1,300,000, 1946: 81,320,000, 1947: $1,340,000, 1948: $1,350,000 in
1949, and $1,370,000 in 1950.
Callable upon three months' notice at any
time after three years from date of issuance, at par and accrued interest.
BONDS PUBLICLY OFFERED—The group reoffered the bonds to yield
from 0.35% to 1.30%, according to maturity.
In addition to Lehman
Bros, and Haisey, Stuart & Co., Inc., the account consisted of;
Ladenburg,
Thalmann & Co.: Stone & Webster and Blodget, Inc.; Mercantile-Commerce
Bank & Trust Co.; Hallgarten & Co.; E. H. Rollins & Sons, Inc.; Manu¬
facturers & Traders Trust Co., Buffalo: Swiss American Corp.; Darby
& Co.,Inc.; Adams & Muelier, Newark; Stroud & Co., Inc.; Chanes Clark
& Co.; A. C. Allyn & Co., Inc.: Burr Ac Co., Inc.; C. C. Codings & Co.;
Philadelphia; Bioren & Co., Philadelphia; J. B. Hannauer & Co., Newark;
R. H. Moulton & Co., Inc.; R. D. White & Co.: The Wisconsin Co.,
Milwaukee; Stan Brothers & Co., Kansas City, Mo.: Arrowsmith Co.,
Inc., and Piper, Jaffray & Hopwood, Minneapolis.
of about
_________
N.
J.—BOND
R.
Morton,
City
1.30%
100.089
1.30%
1.40%
100.03
100.35
George B. Gibbons & Co., Inc__
Manufacturers & Traders Trust Co. and Kean,
Taylor & Co_____
—
Union Securities Corp. and Estabrook & Oo___
1.40%
100.115
1.40%
1.60%
100.089
100.269
GREENBURGH (P. O. Tarrytown), N. Y,—BOND SALE—The $85,000 coupon or registered highway bonds offered April 24—V. 150, p. 2614—
awarded to Campbell, Phelps & Co., Inc., and Sherwood & Co., both
of New York, jointly, as 2.70s, at a price of 100.33, a basis of about 2.66%.
Sale consisted of:
$70,500 series A bonds.
Due May 1 as follows: $3,500 in 1941; $3,000 from
1942 to 1950, incl., and $4,000 from 1951 to 1960, incl.
14,500 series B bonds.
Due May 1 as follows: $1,500 in 1941; $2,000
from 1942 to 1947, incl., and $1,000 in 1948.
All of the bonds will be dated May 1,
Bidder—
1941 and 1942 and $2,000 from 1943 to 1949, incl.
Bidder—
Campbell, Phelps & Co., Inc
H. B. Boland & Co--.Julius A. Kippel, Inc__
Other bids
Int. Rate
2M%
2.60%
—_
Colyer, Robinson & Co
„
M. M. Freeman & Co
__
_______
Wood-Ridge National Bank
new
2.70%
2.75%
3%
3M%
Premium
$45.39
26.27
35.35
Inc.
,
Int. Rate
White & Co
Traders
&
Co.,
Trust
and
R.
D.
—
100.297
E
100.159
100.11
100.54
100.17
2.80%
2.90%
3%
3.10%
-..
Roosevelt & Weigold, Inc
George B. Gibbons & Co., Inc_t
H. L. Allen & Co., and F. W. Reichard & Co.
...
JOHNSON CITY, N. Y.—BOND OFFERING—Clarence R. Nimmons'
Village Clerk, will receive sealed bids until 1 p. m. (DST) on May 3 for
not to exceed 5% interest coupon or registered
bonds, divided as follows:
the purchase of $28,000
improvement bonds.
Due May 1 as follows:
$3,000 in
1941 and 1942, and $4,000 In 1943 and 1944.
14,000 public works bonds.
Due May 1 as follows:
$3,000 in 1941 and
1942, and $4,000 in 1943 and 1944.
$14,000 street
All of the bonds will be dated May 1, 1940.
Denom. $1,000.
Bidder
single rate of interest, expressed in a multiple of Si or l-10tta of
1%.
Principal and interest (M-N) payable at the Workers Trust Co.,
Johnson City, with New York exchange.
The bonds are general obliga¬
to name a
tions of the village, payable from unlimited taxes.
A certified check for
$560, payable to order of the village, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
LONG
BEACH,
N. Y.—TENDERS
WANTED—Sealed proposals fo
sale to the city of $41,500 general refunding water refunding bonds, dated
Dec. 1. 1933, due Dec. 1, 1949, will be received by the Marine Midland
Trust Co., New York, until 3 p. m. on May 1.
Proposals should contain
maturity other than Dec.
MIDDLE RIO GRANDE CONSERVANCY DISTRICT (P. O, Albu¬
N.
Mex.—DEBT ADJUSTMENT PROGRAM BECOMES
EFFECTIVE—An adjustment program affecting $8,322,000 outstanding
bonds of the above named district, involving an exchange of present securi¬
ties for new bonds identical in every respect except as to date of issue, was
announced on April 23 by C. W. Laing Jr. of John Nuveen & Co. of Chicago,
a member of the bondholders committee.
The district is a large flood con¬
trol, irrigation and drainage project representing the major vame of four
counties in New Mexico including Albuquerque, largest city in the State.
In 1938, $8,398,000 of the district's bonds were refunded representing all
of those outstanding expcet $5,000 of bonds which could not be located.
This refunding was made necessary because of heavy delinquencies in the
payment of assessments on agricultural lands.
Since that time interest
has Deen paid promptly, and a few bonds have been retired, but the problem
of collecting taxes on uncultivated agricultural lands has not been soived.
It has not been possible to solve the problem, the committee states in its
letter to bondholders, because of a lack of legal authority to defer collec¬
tion of accumulated delinquent assessments until such land can become
productive and carry its share of annual assessments.
The present adustment program seeks to make this possible.
The committee's letter declares that the Governor of New Mexico' will
call a special session of the Legislature to pass enabling legislation to permit
the district to defer collection of present and delinquent assessments for a
period not later than July 1, 1955 on uncultivated agricultural lands.
This
legislation will also provide for a minium annual tax. of 25c. per acre on all
such land during the deferred period.
The session cannot be called, it was
said, until bondholders give their consent to the re-adjustment program
which has already been approved by the Reconstruction Finance Corpora¬
tion, holder of $5,814,000 bonds, over two-thirds of the district's debt.
Mr. Laing pointed out that the plan means securing 25c. per acre on
uncultivated lands most of wnich at the present time are contributing
practically nothing to the support of the district, and enabling such lands
to oe cleared and placed in cultivation so as to be later restored to full taxpaying responsibility.
The committee is headed bj Starling W. Price of Bosworth, Chanute,
Loughridge & Co. of Denver, as chairman.
Including Mr. Laing, other
members are:
Aaron W. Pleasants of the International Trust Co., Denver;
Frederick H. MacDonald of Collender Burke & MacDonald, Kansas City,
and W. W. Holloway of Martin-Holloway-Purceli, Kansas
City.
The
committee in its letter pointed out that the proposed revisions in the bond
resolutions are aimed at correcting the problem of
delinquent tax payments
on unproductive and uncultivated lands in the
district, which have accumu¬
lated to an amount exceeding value of the land.
querque),
accrued interest.
NIAGARA
1, 1949.
Sale price must not exceed par and
.
.
FALLS
BRIDGE
COMMISSION,
N. Y.—BOND SALE
DETAILS—In connection with the report of the sale of $4,000,000 4M%
taxable bridge revenue bonds to Stranahan, Harris & Co., Inc., of Toledo
—V. 150, p. 2615—we learn that the following other houses participated in
the underwriting of the issue:
B. J. Van Ingen & Co., Inc., and Blair &
Co., Inc., both of New York; John Nuveen & Co. and C. W. McNear &
Co., both of Chicago; Schoelikopf, Hutton & Pomeroy of Buffalo; H. O.
Wallace, Inc. of Rochester: McDonald-Coolldge & Co., Cleveland; Glenny,
Roth & Doolittle of Buffalo; Weil, Roth & Irving Co. of Cincinnati; Bankers
Bond Co. of Louisville; V. P. Oatis & Co. of Chicago; Barrett Herrick &
Co., Inc., New York: Reber, Mundt & Co., Vietor, Commons & Co.,
Wood, Trubee & Co., and Frost & Co., all of Buffalo; Almstedt Bros, and
O'Neal, Alden & Co., both of Louisville; O'Brian, Potter & Co., John H.
Baker & Co., A. W. Ernest & Co., Hayes & Wagner, D. Rochester Co.,
A. H. Sawtelie Co., all of Buffalo; Thomas & Co. and S. K. Cunningham &
Co., both of Pittsburgh: and Hocart & Co., of New York.
Legality of the
bond issue to be approved by Thomson, Wood & Hoffman of N. Y. City.
BOND ISSUE DETAILS—The bonds bear date of Jan. 1, 1940 and
Red. in whole or in part by lot, at the option of the
Bridge Commission, on any interest payment date after Jan. 1, 1941, on
not less than 30 days' notice at 105 if called for payment on or prior to
Jan. 1, 1946; therafter at 104 if called on or prior to Jan. 1, 1951; thereafter
at 103 if called on or prior to Jan. 1, 1956; thereafter at 102 if called on or
prior to Jan. 1, 1961; thereavter at 101 if called on or prior to Jan. 1, 1966;
thereafter at 100 if called on or prior to their maturity, Jan. 1, 1970.
Prin.
and int. (J-J), payable at the Guaranty Trust Co., New Ytok, or at the
main office of the Manufacturers & Traders Trust Co., Buffalo, trustee, at
holder's option.
The bonds and income therefrom are subject to Federal
and State taxation and are payable solely from the net revenues of the
Rainbow Bridge which is to cross the Niagara Gorge connecting Niagara
Falls, N. Y., and Niagara Falls, Ont.
The bonds are not an obligation
of the State of New York, or the Province of Ontario, or any of their political
subdivisions.
The bonds will be approved as to legaility by Thomson,
mature Jan. 1, 1970.
Wood & Hoffman of N. Y.
City.
ROCHESTER, N. Y.—NOTE SALE—The issue of $1,500,000 tax an¬
ticipation notes of 1940 offered April 19 was awarded to the First National
Bank of New York
at 0.075% interest.
Dated April 22, 1940.
Payable
July 22, 1940 at the Central Hanover Bank & Trust Co., N. Y. City.
Legality approved by Reed, Hoyt, Washburn & Clay of N. Y. City.
Other
,
bids:
Bidder—
Int. Rate
Chase National Bank of New York (plus $19 premium.
______
0.10%
National City Bank of New York and Bank of the Manhattan Co.,
jointly (plus $7premium)___.i
-
Rate Bid
2.80%
serial numbers of the bonds offered and should not be made for bonds of any
mexico
Municipal Bonds
Other bids:
____
Manufacturers
32.30
101.01
121.99
1940.
A. C. Allyn & Co., Inc., and E. H. Rollins & Sons,
furnished the successful bidder.
New York, as 2Ms. at par plus a premium of $50.49, equal to 100.29, a
oasis of about 2.20%.
Dated April 15, 1940 and due as follows; $1,500 in
_
__
were
Clerk,
WOODRIDGE, N. J.—BOND SALE—The $17,000 sewer bonds offered
April 24—V. 150, p. 2615—were awarded to B. J. Van Ingen & Co., Inc.,
____
Rate Bid
100.10
100.153
100.148
H. L. Allen & Co. and Minsch, Monell & Co., Inc__
Marine Trust Co. of Buffalo and R. D.White & Co.
_ _
OFFERING—8.
_____
Haisey, Stuart & Co., Inc.
_
RAHWAY,
Int. Rate
1M%
1.30%
1.30%
Bidder—
C. F. Childs & Co. and Sherwood & Co
Rate Bid
$150,000 not to exceed 4% interest coupon or registered water system
extension bonds of 1940.
Dated May 1, 1940.
Denom. $1,000.
Due
May 1 as follows:
$5,000 from 1941 to 1950 incl., and $10,000 from 1951
to i960 incl.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1 %.
Principal and interest (M-N) payable at the Rahway
National Bank, Rahway,
The sum required to be obtained at sale of the
bonds is $150,000.
These bonds are part of an authorized issue of $253,500
and are general obligations of the city, payable from unlimited ad valorem
taxes on ail of its taxable property.
A certified check for 2% of the bonds
offered, payable to order of the city, is required.
The approving legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
registered
Sale consisted of:
1.22%.
Blair & Co., Inc
E. H. Rollins & Sons, Inc
York, National
will receive sealed bids until 8 p. m. (DST) on May 8 tor the purchase of
or
51,000 public works (sewer and paving) bonds.
Due April 15 as follows:
$6,000 in 1941; $5,000 from 1942 to 1944 incl., and $6,000 from
1945 to 1949 incl.
All of the bonds will be dated April 15, 1940.
Other bids:
City Bank of New Yqrk, Harriman Ripley & Co., Inc.; First
Boston Corp., Chemical Bank & Trust Co., and Northern Trust
Co. of Chicago, et al
--—— —
_
100.269
Bankers Trust Co. of New York; Smith, Barney & Co.; Harris
Trust & Savings Bank; Phelps, Fenn & Co., Inc., et al
100.239
Lazard Freres & Co.; Union Securities Corp.; B. J. Van Ingen &
Co., Inc.; First-Mechanics National Bank of Trenton; Alex.
Brown & Sons, and Eastman, Dillon & Co., et al.,.—
100.186
»
coupon
$81,000 home relief bonds.
Due April 15 as follows:
$7,000 in 1941;
$8,000 from 1942 to 1948 incl., and $9,000 in 1949 and 1950.
OTHER BIDS—The following other bids, also for 1M % bonds, were sub¬
_
Y.—BOND SALE—The $132,000
N.
offered April 25—V. 150, p. 2463—were awarded to the Harris
Savings Bank of New York as 1Mb at a price of 100.159, a basis
Trust &
mitted to the State:
Bidder—
Chase National Bank, First National Bank of New
FIRE DISTRICT (P. O. Coram), Brookhaven, N. Y.—
VOTED—At an election held on April 18 the voters approved the
for construction of a fire house and purchase of
apparatus.
2.70%
1,873
_
__
BONDS
issuance of $6,000 bonds
Haisey, Stuart & Co., Inc.; Kean, Taylor & ,
Co.; Hemphill, Noyes & Co., and E. H. •
Rollins & Bom, Inc., et al_-_
1,871
Blair & Co.,Inc.: Goldman, Sachs & Co. ,Stranahan, Harris & Co., Inc.; Bacon, Stevenson
& do., et al
H. L. Allen &
1940
CORAM
Hate
Bid for
Bidder—
April 27,
Government Bonds
Housing Authority Bonds
0.11%
______
SCARSDALE (Village of), N. Y.—BOND SALE—The $100,000 coupon
or registered
highway improvement bonds offeied April 23—V. 150, p. 2615
—-were awarded to the
Scarsdale National Bank, as 0.4Cs, at 100.0175,
basis of about 0.39%.
Dated May 1, 1940 and due May 1 as follows:
$30,ou0 in 1941 and 1942 and $10,0u0 in 1943.
Other bids:
a
Tilney
&
76 BEAVER STREET
Company
NEW YORK,
N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
Bidder—
Int. Rate
National City Bank of New York
Haisey. Stuart & Co., Inc
_,
Union Securities Corp._
Adams, McEntee A Co., Inc
:
Manufacturers & Traders Trust Co
Fifth Avenue Bank of New York City.
new
york
BUFFALO, N. Y.—BOND SALE DETAILS—'The $500,000 Works
Project Administration bonds mentioned in V. 150, p. 2615 will be purchased
by the Water Board Sinking Fund sa 2s, at par, as follows:
$325,000 city contribution-relief project, series A bonds.
Due $32,500
from 1941 to 1950, incl.
175,000 city contribution-relief project, series B bonds.
Due $35,000
from 1941 to 1945, incl.
County Trust Co. of White Plains
Marine Trust Co. of Buffalo
Rate Bid
0.70%
0.70%
0.75%
1— 0.75%
0.75%
0.75%
0.9o%
1%
100.105
100.098
100.66
100.057
100.045
100.011
100.001
100.104
— __
-
—
UTICA, N. Y.—BOND SALE—The $638,361.08
coupon
or
registered
bonds offered April 18 were awarded to a group composed of the Union
Securities Corp., First of Michigan Corp., G. M.-P. Murphy & Co., and
Minsch, Monell & Co., all of New York, as 1.10s at 100.182, a basis of
about 1.06%,
Dated April 1, 1940, and due serially on April 1 from 1941
to 1950 incl.
Reoffered to yield from 0.15% to 1.25%, according to
maturity.
Volume
The
150
(A detailed report of the above award, describing the various issues in¬
given in the
cluded in the sale and the unsuccessful bids, was inadvertently
North Carolina section in our issue of April 20, page
2616.)
a
Dated May 1, 1940 and due $7,000 on March 1
1 from 1941 to 1945, incl.
Second high bid of 100.351 for lMs
by Paine, Webber & Co. of Toledo.
basis of about 1.11%.
and Sept.
was made
Bids for the issue
Chalmers*
6 for
1940,
public improvement bonds.
Dated May 15, 1940.
Denom. $1,000.
Due May 15 as follows:
$5,000 from 1941 to 1944 incl.; $3,000, 1945 to
1947, incl., and $4,000 from 1948 to 1959 incl.
Bidder to name a single
rate of interest, expressed in a multiple of % or 1-10th of 1%.
Principal
and interest (M-N) payable at the Valley Stream National Bank & Trust
Co., with New York exchange.
The bonds are general obligations of the
village, payable from unlimited ad valorem taxes.
Purpose of issue is to
acquire land for a village hall and park and other public purposes.
A
certified check for $1,540, payable to order of the village, is required.
Legal opinion of Dillon, Vandewater & Moore of New York City will be
VALLEY
STREAM,
N.
Y.—BOND
2769
Commercial & Financial Chronicle
OFFERING—F.
G.
Village Clerk, will receive sealed bids until 2 p. m. (DST) on May
the purchase of $77,000 not to exceed 5% interest coupon, series of
were as
follows:
1
Int. Rate
1M %
1M%
Bidder—
BancOhio Securities Co
Paine, Webber «& Co.
_
----
—
Stranahan, Harris & Co.
Provident Savings Bank & Trust Co
Seasongood & Maver
Peoples State Bank of Lisbon
Ryan, Sutherland & Co
—
___
Premium
$320.00
246.09
84.50
1M%
1M%
1M%
1M %
1M%
35.00
7.85
420.00
295.50
GREENVILLE, Ohio—BOND ELECTION—An election will be held
May 14 on the question of issuing $125,000 municipal building bonds.
City Tresaury Investment
bonds.
Dated April 1, 1940.
incl.
Principal and interest
the City Treasurer's office.
Ohio—BONDS SOLD—The
HAMILTON,
furnished the successful bidder.
Board purchased $13,000 3% storm drainage
Due $1,300 on Oct. 1 from 1941 to 1950,
YONKERS, N. Y.—MUST PAY $189,510 TO LOCAL BANK— The
Supreme Court decided unanimously April 22 that the city must repay to
First National Bank & Trust Co. (now the First National Bank in
Yonkers) $189,510 in deposits it withdrew after the bank became insolvent
in 1933.
The decision, written by Justice Mc Reynolds, held that the bank
had no power to pledge $535,000 in assets with the City of Yonkers to
protect the deposits of the city for itself and for three special funds.
Thus the court sustained the contention of the bank that under a Federal
IRONTON, Ohio—BOND SALE—The $82,000 refunding bonds offered
April 24—V. 150, p. 2464—were awarded to Fahey, Clark & Co. of Cleve¬
land, as 2 Ms, at par plus a premium of $887, equal to 101.081, a basis of
about 2.39%,
Dated May 1, 1940, and due May 1 as follows: $9,000 from
1947 to 1954, incl., and $10,000 in 1952.
Second high bid of 101.321 for
2Ms was made by Ryan, Sutherland & Co. of Toledo.
the
court rule, a National bank need not repay
deposits in order to obtain return
pledged as assets, as the Mrst National did, and rejected a
plea that under New York State law return of the deposits to the city was
(A-O) payable at
Bids for the isiue wtre as follows:
Int. Rale
Bidder—
$159,970; the Police Pension
Fund, $16,970; the Firemen's Pension Fund, $9,651, and the Saunders
Trade School Fund, $2,919.
These amounts represent 50% of the deposits,
with interest.
Braun, Bosworth & Co
$887.00
1,083.00
2M %
2M%
2M%
549.40
516.50
133.00
Ellis & Co
McReynolds decided that the bank was insolvent when the with¬
drawals were made, and that thereofre the city obtained unlawful prererences within the meaning of the National Bank Act.
The Federal district court for Southern New York, deciding without a
jury, gave Mr. Downey the judgments against the fund owners.
This
decision was sustained by the Second Circuit Court and now upheld again
Premium
2M%
2M%
Fahey, Clark & Co
Ryan, Sutherland & Co
Provident Savings Bank & Trust Co. and VanLahr,
Doll & Isphording
Pohl&Co., lnc
Stranahan, Harris & Co
Fox, Einhorn & Co., P. E. Kline, Inc., Katz & O'Brien,
and Walter, Woody & Heimerdinger.
of securities
proper.
The decision sustained
bank, to
sue
Under
the right of Walter F.
Downey, receiver of the
for 50% of the deposits.
Yonkers must repay,
the finding,
Justice
NORTH
...
Note—Bid of Hawley, Huller & Co.
for consideration.
CAROLINA
N.
j
CONCORD, N. C.—BOND SALE—The two issues of bonds aggregating
on April 23—V. 15d, p. 2615—were awarded jointly
to Lewis k Hall of Greensboro, and A. M. Kidder & Co. of New York,
$97,000, offered for sale
follows:
$20,000 street improvement bonds, $6,000 as 2Ms, due a>2.000 on
in 194o to 1945, and v 14,000 as 2s, due $2,000 on May 1
to
May 1
in 1946
1952.
77,000 public improvement bonds, ^,14,000 as 2Ms, due on May 1: $3,000
in 1943, $4,0C0, 1944, and $7,000 in 1945; the remaining $63,COO
as 2s, maturing on May 1, $7,000 in 1946 to 1954 inclusive.
CURRITUCK COUNTY (P. O. Currituck), N. C.—BOND SALE—
The $80,000 coupon semi-annual school building bonds offered for sale on
April 23—V. 150, p. 2616, were awarded to F, W. Craigie & Co. of
Richmond, as 3s, paying a premium of $157.60, equal to 10U.197, a basis
of about 2.98%.
Dated May 1, 1940.
Due on June 1 in 1942 to 1959.
REIDSVILLE, N. C.—BOND SALE—The $129,000 coupon or registered
offered for sale on April 23
semi-annual public improvement refunding bonds
150, p. 2616—were awarded to a syndicate composed of Campbell,
Phelps & Co. of New York, the First Securities Corp. of Durham, Fox,
Einhorn & Co., and P. E. Kline, Inc., both of Cincinnati, as 2 Ms, paying a
premium of $325, equal to 100.251. a basis of about 2.73%.
Dated May 1,
1940.
Due on May 1 in 1944 to 1960, incl.
—V.
OFFERING—We are informed by
Commission, that he
11 a. m. (EST), on
April 30, for the purchase of the following bonds aggregating $255,000, all
of which are dated May 1, 1940, maturing as follows, without option of
ROCKINGHAM,
N.
C —BOND
W. E. Easterling, Secretary of the Local Government
will receive sealed bids at his office in Raleigh, until
prior payment:
$110,000 water and sewer refunding bonds, maturing annually, May 1,
$5,000, 1941 to 1958, incl., $10,000, 1959 and $10,000, 1960.
89,000 street and sidewalk refunding bonsd, maturing annually, May 1,
$4,000, 1941, and $5,000, 1942 to 1958, incl.
56,000 general refunding bonds, maturing annually, May 1, $2,000,
1941 to 1945, $3,000, 1946 to 1959, incl., and $4,000, 1960.
Denom. $1,000; principal and interest
(M-N), payable in New York City
unlimited tax; coupon bonds registerable
principal alone; delivery on or about May 17 at place of purchaser's
in legal tender; general obligations;
as
to
choice.
There will be
no
auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1%; each bid may name one rath for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any
issue, and each bidder must specify in his bid the amount of the bonds of
each rate.
The bonds will be awarded to the bidder offering to purchase
the bonds at the lowest interest cost to the town, such cost to be determined
LORAIN, Ohio—BOND SALE—The $5,000 fire and police auto bonds
awarded to J. A. White k Co. of
equal to 100.367, a basis
$1,000 on Oct. 15 from
Int. Rate
Seasongood & Mayer.
Ryan, Sutherland & Co
Provident Savings Bank & Trust Co.
SALISBURY, N. C.—BOND SALE—The two issues of refunding bonds
aggregating $319,000, offered for sale on April 23—V. 150. p. 2616—were
Co. of Chicago, as 3M». paying a premium
of $3,611, equal to 101.131, a basis of about 3.59%.
The bonds are divided
awarded to Paine, Webber &
follows:
$60,000 school bonds.
Due on May 1 in 1941 to 1958.
259.000 improvement bonds.
Due on May 1 in 1941 to 1958.
NORTH
N.
DAKOTA
maturity.
OHIO
$10.50
9.50
6.50
2%
$6,000 poor relief bonds issued in anticipation of collection of delinquent
taxes.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to 1946,
incl.
A certified check for $40.00 payable to order of the City
Tro&surcr is r8Quir0d,»
31,200 street and' alley improvement bonds.
One bond
$1,000 each.
Due Oct. 1 as follows: $4,000 from
and $3,200 in 1950.
for $1,200, others
1943 to 1949, incl.
April 1, 1940. Bidder may name a different
fractional rates are expressed in a multiple
Legal opinion of Peck, Shaffer, Williams & Gorman of Cin¬
cinnati will be furnished the successful bidder.
(The above offering was
originally announced for award April 9, the sale having been postponed
to the later date.—V. 150, p. 2464.)
All of the bonds will be dated
rate of
of M
interest, provided that
of 1%.
NEW
WATERLOO, Ohio—BOND ELECTION—An election
the question of issuing $13,000 water bonds.
will be
held May 14 on
COMPOSE DEBTS—A petition
has been filed in the U„ S. District
Court for the Northern District of
Ohio, Eastern Division, under the terms of the Municipal Bankruptcy Act,
asking for the confirmation of a plan of composition for debts of the village.
A hearing is scheduled to be held in the court room, Federal Building,
Cleveland, Ohio, on June 24 at 10 o'clock a. m.
Claims and interests of
creditors should be evidenced in writing, duly verified, and filed in the court
on or before the date fixed for the hearing.
At any time not less than 10
days prior to the time fixed for the hearing, any creditor affected by the
plan may file an answer to the petition setting up any objection to the plan.
PARMA HEIGHTS. Ohio—SEEKS TO
OFFERING—Sumner
Ohio—BOND
OSBORN,
S.
Schauer,
Village
Clerk, will receive sealed bids until noon on May 11 for the purchase of
$20,000 4% series A sanitary sewer system bonds.
Dated May 1, 1940.
Denom. $1,000.
Due $1,000 on May 1 from 1942 to 1961, incl.
All or
any part
May 1, 1952 are callable May 1,
interest date, at par and accrued interest.
of the bonds maturing on or after
1951, or on any subsequent
Bidder may name a different
rate of interest,
provided that fractional rates
expressed in a multiple of M of 1%.
Principal and interest (M-N)
payable at the First National Bank, Osborn.
A certified check for $500,
payable to order of the Village Treasurer, must accompany each proposal.
are
POMEROY.
ELECTION—An issue of $25,000 street,
considered by the voters at the primary elec¬
Ohio—BOND
improvement bonds will be
tion on May 14.
PORTSMOUTH, Ohio—BOND OFFERING—James D. Williams, City
bids until 2 p. m. (EST) on May 10 for the
Auditor, will receive sealed
purchase of $283,000 not to
exceed 6% interest coupon bonds,
divided as
follows:
Oct. 1 as follows: $18,000 from
1949 to 1954, incl.
Of the bonds
$149,000 are payable from taxes which may be levied beyond the
10 but within the 15-mill limitation, and $19,000 are payable
from taxes which may be levied, if necessary, beyond all Imitation.
delinquent tax (poor relief) bonds.
Due Oct. 1 as follows: $7,000
1941 to 1947, incl., and $8,000 In 1948 and 1949.
Issued in
anticipation of collection of delinquent taxes to provide for poor
$168,000 general refunding bonds.
Due
1946 to 1948, incl.; $19,000 from
65.000
relief requirements in 1940.
50,000 city improvement bonds.
Due
1950, incl.
■
All
x
$5,000 on Oct. 1 from 1941 to
bonds are dated April 1, 1940.
Denom. $1,000.
Rate of
be expressed in multiples of M of 1%.
Interest A-O. No
of the
interest
to
Legal opinion ol Peck, Shaffer, Williams &
furnished the successful bidder.
Each bid
should be separate and independent of any
A certiiied cl eck for 1% of the bonds bid for, payable to
conditional bids will be received.
Gorman of Cincinnati will be
shall be for one issue only and
order of the city, is
Dak.—BOND
Premium
1M%
1M%
BOSTON, Ohio—BOND OFFERING—Ronald
Greene, City
Auditor, will receive sealed bids until noon on May 2, for the purchase of
$37,200 4% bonds, divided as follows:
other issue.
SALE—The $4,250 4% semi-annuarefunding bonds offered for sale on April 23—V. 150, p. 2616—were purl
chased at par by the Bank of North Dakota, of Bismarck.
No other bid
was received.
Dated May 1, 1940.
Due in 1941 to 1947, callable before
(FFLAXTON,
...
NEW
be accompanied
by a certified check upon an incorp9rated bank or
trust company, payable unconditionally to the Order of the State Treasurer
for $5,100.
The approving opinion of Masslich & Mitchell, New York City,
will be furnished the purchaser.
as
457.00
offered April 25—V. 150. p. 2148—were
by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information and
must
911.95
of Cleveland, was received too late
Bidder—
as
1,303.30
3%
Cincinnati, as lMs, at par plus $18.35 premium,
of about 1.68%.
Dated May 1, 1940 and due
1941 to 1945 incl.
Other bids:
C.—BOND SALE—The ^70,000 coupon semi-annual
street improvement bonds offered for sale on April 23—V. 150, p. 2615—
were awarded jointly to R. S. Dickson & Co., and the Southern Investment
Co., both of Charlotte, paying a premium of $104.28, equal to 100.148,
a net interest cost of about 2.45%, on the bonds divided as follows: $63,000
as 2Ms, maturing on May 1:
$3,000 in 1943 to 1947, and $6,000 in 1948
to 1955; the remaining $7,000 as 2Ms, due on May 1. 1956.
BELMONT,
3%
3%
:
-
required.
VERMILION
SCHOOL
DISTRICT,
Ohio—BOND OFFERING—
C
A. Trinter, Clerk of the Board of Education, will receive sealed bids
until noon on May 3 for the purchase of $11,500 3% coupon funding bonds.
Dated April 15, 1940.
One bond for $500, others $1,000 each.
Due
April 15 as follows: $2,000
Bidder may name a
from 1941 to 1945, incl., and $1,500 in
different rate of interest, provided that
1946.
fractional rates
expressed in a multiple of M of 1%.
Debt to be funded was incurred
prior to start of fiscal year, Jan. 1, 1940.
A certified check for $115, pay¬
able to order of the Board of Education, must accompany each proposal.
are
WELLSTON, Ohio—BOND SALE—An issue of $10,000 street improve
due from 1942 to 1951, incl., was awarded April 18 to Charles
Hinsch & Co. of Cincinnati as 2Ms at par plus a premium of $51.80,
equal to 100.518, a basis of about 2.66%.
Other bids:
ment bonds
BEACHWOOD, Cuyahoga County, Ohio—PLANS DEBT REFUND¬
ING—It is reported that the village is planning to refund general obligation
and special assessment bonds aggregating $1,900,000 by the issuance of new
refunding bonds bearing interest ranging from 1% to 5% and maturing in
30 years.
The old bonds carry 5% interest.
The refunding would be under
the provisions of the Federal Municipal Bankruptcy Act and before such a
petition can be filed consent of a majority of the bondholders is required.
A.
(P. O. Batesville), Ohio—
BOND SALE—The issue of $14,000 school bonds offered April 13—V. 150,
p. 2298—was awarded to Seasongood & Mayer of Cincinnati, as 2 Ms, at
par plus a premium of $85.85, equal to 100.611, a basis of about 2.66%.
Dated April 1, 1940 and due $1,000 on Oct. 1 from 1941 to 1954 incl.
Seasongood & Mayer
BEAVER
RURAL SCHOOL DISTRICT
COLUMBIANA COUNTY (P. O. Lisbon), Ohio—BOND
SALE— The
$70,000 poor relief bonds offered April 22—V. 150, p. 2298—were awarded
BancOhio Securities Co', of Columbus, as lMs. at a price of 100.457,
to the
Int. Rate
Bidder—
Fox, Einhorn & Co
Katz & O'Brien
First National Bank of Wellston
Milton Banking Co
2%
3M%
4%
4%
5%
Rate Bid
J00.10
100-402
100.75
100.25
100.105
OKLAHOMA
ANADARKO, Okla.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on April 29 by Daisy Campbell, City Clerk, for the pur¬
chase of $45,000 water works system bonds.
Due $7,000 in 1943 to 1948,
and $3,000 in 1949.
Bidders to name the rate of interest.
These bonds
The Commercial & Financial Chronicle
2770
were
approved by the voters on Nov. 10, 1938.
A certified check for 2%
of the bid is required.
COLBERT
SCHOOL
O.
(P.
EL RENO, Okla.—BOND SALE—The $30,000 sewage disposal plant
bonds offered for sale on April 15—V, 150, P. 2464—were purchased by the
Baum, Bernheimer Co. of Kansas City. Due $4,000 in 1943 to 1949 and
$2,000 in 1950.
DEFEATED—At the election held on
April 23—V, 150, p. 2464—the voters turned down the proposal to issue
$194,250 in gas system bonds by a count of 156 for to 226 against, according
to the City Clerk.
CITY,
Okla.—BONDS
GROVE SCHOOL DISTRICT (P. O. Grove), Okla.—BOND OFFER¬
ING—It is stated by V. H. McClure, Superintendent of the Board of Educa¬
tion, that he will receive sealed bids untfil April 26 for the purchase of $12,000
building bonds, approved by the voters on April 16.
Due $2,000 in 1943 to 1948. The bonds shall be sold to the bidder offering
the lowest rate of interest the bonds shall bear and agreeing to pay par and
accrued Interest for the bonds.
The bonds are issued in accordance with
Article 5, Chapter 32, of the Oklahoma Session Laws of 1935.
A certified
check for 2% of the amount of bid is required.
SHATTUCK,
Okla.—PURCHASER—It is stated by the City Clerk
that the $4,995 4% % semi-annual town hall bonds sold recently, as noted
here—V. 150, p. 2465—were purchased by B. J. Edwards, Inc. of Okla¬
homa
City.
Rate Bid
Int. Rate
Bidder—
Haisey, Stuart & Co., Inc., and E. Lowber Stokes & Co,
DISTRICT
Colbert) Okla.—BOND
OFFERING—It Is reported that bids will be received until May 2, by Jack
Hestily, Clerk of the Board of Education, for the purchase of $6,000 school
bonds. Due $1,000 in 1943 to 1948 incl.
ELK
April 27, 1940
Due in 1943 to 1947.
*
■
2%
101.466
First Boston Corp; and E. H, Rollins & Sons, Inc
Harriman Ripley & Co ..Inc
2%
2%
101.212
100.631
Blyth & Co., Inc., and Hemphill, Noyes & Co_._>>_»
Dougherty, Corkran & Co.; Graham/Parsons & Co.,
and Sing©-, Deane & Scribner
Blair & Co., Inc., and Stroud & Co_.»_.
Rambo, Keene, Close & Kerner, Inc.;Mackey, Dunn
& Co., Inc.; George E. Snyder & Co.; E. W. & R. O.
Miller & Co., and Charles Clark & Co
W. H. Newboid's Son & Co.; Eastman, Dillon & Co.,
2%
100.464
2%
2%
100.347
100.266
2%
100.059
2M%
101.378
—
Lynch.
and Moore, Leonard &
EAST LANSDOWNE SCHOOL DISTRICT (P. O.
Lansdowne), Pa.
—BONDS VOTED—At an election on April 23 the voters authorized an
issue of $50,000 refunding and rebuilding bonds, according to N. J. Kleckner. Secretary of the Board of Directors.
TOWNSHIP (P. O. Murrysville), Pa .—BOND SALE—
bonds offered April 23—V. 150, p. 2617—was
Philadelphia, as 2Kb, at par plus
a premium of $137.80, equal to 100.689, a basis of about 2.09%.
Dated
April 1, 1940, and due Oct. 1 as follows: $2,000 Li 1941 and $3,000 from
1942 to 1947, incl.
Second high bid of 100.389 for 2J£s was made by
Johnson & McLean, Inc., of Pittsburgh.
Other bids were as follows:
Bidder—
Int. Rate
Premium
Singer, Deane & Scribner
2X%
$68.00
PhiUips, Schmertz & Co
2M%
121.90
S. K. Cunningham & Co
2H%
88.00
Burr & Co., Incl--2H%
41.80
FRANKLIN
The issue of $20,000 coupon
awarded to E. H. Rollins & Sons, Inc., of
.
...
SHAWNEE, Okla.—BOND SALE DETAILS— In connection with the
sale of the $13,000 street improvement bonds to the Federal National Bank
of Shawnee, as noted here—V. 150, p. 2465—the following additional
information is furnished by the City Clerk:
The bonds were sold at a price of par, divided as follows:
$2,400 as
2s due $600 on May 1 in 1942 to 1945; the remaining $10,600 as 3>£s due
on May 1:
$600 in 1946 to 1962, and $400 in 1963;
LEBANON, Pa.—ISSUE WITHDRAWN FROM SALE—George HBlely, City Clerk, reports that the issue of $50,000 improvement bonds*
scheduled for sale on April 22—V. 150, p. 2465—was withdrawn from the
market.
.
MANHEIM TOWNSHIP SCHOOL DISTRICT (P. O. Lancaster),
Pa.—TO ISSUE BONDS—William B. Arnold, Attorney for the district,
reports that an issue of $80,000 school construction bonds will be issued
in July.
;•
•
OREGON
MT. ANGEL, Ore.—BOND SALE—The $4,750
coupon semi-annua
Improvement bonds offered for sale on April 19—V. 150, p. 2617—were
awarded to the Federal Securities Co. of Portland, as 2Ks, at a price of
100.08, a basis of about 2.23%.
Dated May 1, 1940.
Due on May 1 in
1948 to 1950.
OREGON STATE AGRICULTURAL COLLEGE (P. O. Corvallls),
Ore.—BOND SALE—The $160,000 building bonds offered for sale on
April 22—V. 150, p. 2299—were awarded to a syndicate composed of E. M.
Adams & Co., Hemphill, FentOD & Campbell, both of Portland, Richards &
Blum, Murphey, Favrc & Co., both of Spokane, and the Weils-Dickey Co.
of Minneapolis, paying a price of 100.011, a net interest cost of about
2.90%, on the bonds as follows: $55,000 maturing April 15, $3,000 in 1942
and 1943, #4,000 in 1944 to 1949, $5,000 in 1950 to 1954, as 2Hs, $28,000
maturing April 15, $5,000 in 1955 and 1956, $6,000 in 1957 to 1959, as 2^s,
and $77,000 maturing April, 15, $6,000 in 1960, $7,000 in 1961 to 1965,
$8,000 in 1966 to 1969. and $4,000 in 1970, as 3s.
NESCOPECK SCHOOL DISTRICT, Pa.—CORRECTED MATURITY
—The$30,000 3% school bonds sold to a group of local banks—V. 150, p.
2617—mature as follows:
$1,000 in 1941 to 1943, $2,000 in 1944, $1,000
in 1945 to 1948, $2,000 in 1949, $1,000 in 1950 to 1953, $2,000 in 1954,
$1,000 in 1955 to 1958, $2,000 in 1959, $1,000 in I960 to 1963, $2,000
in 1964. and $1,000 in 1965.
Callable on any interest payment date upon
30 days' notice.
NEW
KENSINGTON,
Pa .—BOND
SALE—The
According t6 the annual report of the Board
or
Township Commissioners,
Haisey, Stuart 8c Co., Inc
2%
2X%
2J*%
214%
2J£%
——
Blair & Co., Inc.
E. H. Rollins & Sons, Inc
~
-
-
100.028
101.971
101.819
101.388
100.753
NORTH BRADDOCK SCHOOL DISTRICT (P. O. Braddock), Pa.—
OFFERING—Charles R. Mihaly, District Secretary
wilt receive
BOND
sealed bids until 8 p. m. (DST) on May 8 for the purchase of $65,000 coupon
school bonds. Dated May 1, 1940. Denom. $1,000. Due Nov. 1 as follows:
$5,000 in 1943 and $10,000 from 1944 to 1949 incl. Bidder to name a single
expressed in a multiple of M of 1 %. Sale of bonds is subject
the bonds were authorized pursuant to various State laws for the construc¬
tion and operation of a comprehensive sanitary
rate of interest,
to approval of
disposal plant and pumping stations, for North Hills, Ardsley, Roslyn,
Crestmont, Roychester Park and parts of Glenside, Abington and McKinley.
A group of taxpayers attacked the various resolutions and ordinances
on the ground that they were unconstitutional, and
brought the matter to
court.
Following rulings by several lower courts, the case reached the
Pennsylvania Supreme Court, whose opinion, filed Nov. 27, 1939, held
that what was proposed to be done by the township is in violation of Sec¬
tion 20 of Article III of the Constitution in that township was without
authority to delegate to trustees for bondholders the power to take over and
operate the sewage system in event of default in the payment of principal
and interest due on the bonds issued to finance the project.
The Supreme
Court reversed the decree of the Court of Common Pleas, reinstated the bill
in equity and remitted the record with the instructions to
grant the in¬
junction, costs to be paid by the township.
A strong dissenting opinion
Affairs.
sewage system, including a
was
filed
by Justice Maxey.
burgh. Union Trust Co. of Pittsburgh: Bankers Trust Co., New York;
Drexel & Co., Philadelphia: R. W, Pressprich Sc Co., New York: E. W.
Clark & Co., Philadelphia; Shields & Co. and Kean, Taylor &
Co., both of
New York; and the Mellon National Bank of Pitts Durgh, as
2>£s, at a price
of 101.65, a basis of about 2.11 %, Sale consisted of:
$2,325,000 road bonds, series 46.
500,000
300,000
300,000
300,000
100,000
75,000
f
to
1960,
bridge bonds, series 28.
park bonds, series 9.
warehouse bonds, series I,
tunnei improvement bonds, series 7.
road bonds, series 47.
juveniie home bonds, series 7.
fncl.
and $120,000 from 1961
to'
•
1970, incl.
BONDS PUBLICLY OFFERED—The successful banking group reoffered
the bonds to yield from 0.20% to
2.25%, according to maturity.
Other
bids, also for 2>£s»
were as follows:
Bidder—
Rate Bid
Harriman Ripley & Co., Inc., Peoples-Pittsburgh Trust Co.,
Kidder, Peabody & Co., E. H. Rollins & Sons, Inc., et al
—101.634
National City Bank of New York, Estabrook &
Co., Phelps, Fenn
& Co., Inc., Stone & Webster and
Blodget, Inc., et al
101.33
Haisey .Stuart & Co., Inc., Ladenburg, Thalmann & Co., Blair &
Co., Inc., Hallgarten & Co., et al
101.048
Lazard Freres & Co., Lehman Bros., Eastman, Dillon & Co., B. J.
Van Ingen & Co., Inc., et al
100.783
Chase National Bank, Chemical Bank & Trust
Co., First Boston
Corp., Blyth & Co., Inc., et al——
-—>100.569
^
—
——
-^MBRIDGE, Pa .—BOND SALE—The issue
22-—V.
150. P. 2299—was awarded
of $55,000 coupon bonds
to
Hemphill, Noyes & Co,
as 2s, at a price
ni^jl^P®. Schmertz & Co., both of Pittsburgh, jointly,
1947
proceedings by the Pennsylvania Department of Internal
A certified check for $1,000, payable to order of the District Treas¬
is required. Legal opinion of Burgwin, Scully & Churchill of Pittsburgh
will be furnished the successful bidder,
urer,
PENNSYLVANIA TURNPIKE
COMMISSION
PatedrtA5ril !• 1949&ad du® April 1
as
anii $10,000 from 1948 to 1952 Incl.
Second high bid
of 101.448 for 2s was made
by the Union Trust Co. of Pittsburgh.
BROWNSVILLE SCHOOL
DISTRICT, Pa,—BOND OFFERING—
PHILADELPHIA, Pa .—REAL ESTATE ASSESSMENTS LOWER—
City's 1940 real estate assessments have dropped slightly since last year,
the ninth consecutive decline, and personal property assessments are down
sharply after rising a year
out in its weekly bulletin.
ago,
the Bureau of Municipal Research points
■
'
Total assessed real estate valuation at the opening of the 1940 tax books
.
$2,521,892,208. a decrease of $106,671,000, or a little more than 3%.
Personal property subject to city-county four-mill tax (almost entirely
stocks, bonds and mortgages) totaled $792,883,050, a drop of $100,109,439,
or more than 11 %.
A year ago personal property tax jumped $60,000,000
was
from the 1938 total.
Tax collections from all sources by the city in the first quarter
showed an increase of $4,358,502, Receiver of Taxes, Frank J.
,
Bidder
of 1%.
proceedings by the
Pennsylvania Department of Internal Affairs.
A certified checkfor $500.
payable to order of the District Treasurer, is required.
Purchaser will be
Jes*1 opinion of Burgwin, Scully &
Pittsburgh and district will provide the bonds.
EDGEWORTH
SCHOOL
DISTRICT
(P.
O.
Churchill of
Edgeworth).
Pa—
r®building bonds offered April*22
as
Dated
.CHESTER SCHOOL DISTRICT. Pa,—BOND SALE—The issue of
$450,000 school bonds offered April 22—V. 150, p. 2465—was awarded to
Schmidt, Poole & Co. and Barclay, Moore & Co., both of Philadelphia
Jointly, as l^s at a price of 101.161, a basis of about 1.65%.
Dated May 1.
1940, and due $18,000 on May 1 from 1941 to 1965 incl.
Other bids:
,
of 1940
Willard
Collections for the period amounted to $47,891,640 against
$43,533,138.
Payments for the first quarter included $3,023,202 col¬
lected on the wages and profits levy.
Returns on the latter levies were
below the $3,250,000 which was estimated would be brought in during the
reports.
first
three months.
Water rent receipts were down sharply due to postponement of the
penalty date to April 15.
Collections amounted to $1,391,046 compared
with $1,963,251 In the 1939 period.
City tax receipts were higher, totaling $24,295,167 against $24,088,611
a year ago, while school tax collections reached $16,704,190 against $14,469,063.
.
■
•
f.
There was a lag in collections in the delinquent department, city pay¬
ments totaling $1,017,661, a decrease of $161,845, while delinquent school
collections were $594,929, a drop of $37,517.
As of April 1 there remained $18,577,000 of the $42,872,168 city levy
still to be collected and $11,339,042 of the $28,043,233 school levy.
.
,
in 1942, 1943, 1944, 1946, 1947,
1949, 1950/195*1, 1952 and 1953.
to name a single rate of
interest, expressed in a multiple of H
Interest M-N.
Sale of bonds is subject to
approval of
u
(P. O. HarrUburg),
Pa.—$10,000,000 BONDS PUBLICLY OFFERED—A banking group headed
jointly by Blyth & Co., Inc. and B. J, Van*Ingen & Co., Inc., both of
New York, made public offering April 24 of $10,000,000 ZH% revenue
bonds at a price of par and accrued interest.
Other members of the offering
syndicate include Blair & Co., Inc.; E. H. Rollins & Sons, Inc.; A. C.
Allyn & Co., Inc.; Eastman, Dillon & Co.; John Nuveen & Co.; Yarnall &
Co.; Otis & Co., Inc.; Paine, Webber & Co.; E. W. Clark & Co.; Eldredge
& Co., Inc.; Stifel, Nicolaus & Co., Inc.; Welsh, Davis & Co.; Morris
Mather & Co., Inc.; and Walter, Woody & Heimerdinger.
The bonds are dated Aug. 1,1938.
Denomination $1,000.
Due Aug. 1,
1968, redeemable in whole, or in part by lot, at the option of the Turnpike
Commission, on Aug. 1, 1947, or on any interest payment date thereafter
prior to maturity, upon 30 days' notice at the principal amount thereof and
accrued interest, together with a premium of 4% of the principal amount
thereof if redeem©! on or prior to Feb. 1, 1952; 3% if redeemed thereafter
and on or prior to Feb. 1,1957; 2% if redeemed thereafter and on or prior
to Feb. 1, 1961; 1% if redeemed thereafter and on or prior to Feb. 1,1965,
and without premium if redeemed thereafter and before maturity.
Prin¬
cipal and interest payable at the Fidelity-Philadelphia Trust Co., Phil¬
adelphia, or at the Bankers Trust Co., New York.
These bonds are part
of a total of $40,800,000 authorized for purchase by the RFC to provide
funds to pay a portion of the cost of the new 160-mile Pennsylvania Turn¬
pike, which covers most of the distance between Harrisburg and Pittsburgh.
With this sale the RFC has taken down and resold $30,000,0000 of the bonds.
The remainder of the cost of the project is covered by a PWA grant of
approximately $29,250,000, or 45%, of the total cost.
The bonds are
payable solely from net revenues derived from the operation of the Turn¬
pike.
Legality approved by Masslich & Mitchell, of New York, and Townsend, Elliott &. Munson, of Philadelphia.
.
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—BOND SALE—
The $3,900,000 coupon bonds offered April 23—v. 150, p. 2465—were
awarded to a syndicate composed of the Mellon Securities Corp., Pitts¬
.
im¬
$10,000 from 1945 to 1949 incl., and $25,000 in 1953 and 1954.
Reoffered
yield from 1.25% to 1.75%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
Singer, Deane & Scribner—
PENNSYLVANIA
city
to
Phillips, Schmertz & Co
ABINGTON TOWNSHIP (P. O. A bins: ton),
ISSUE
INVALIDATED—The proposal to issue $1,500,000 sewage disposal plant
bonds was held invalid by the Pennsylvania Supreme Court.
$100,000
provement and funding bonds offered April 23—V. 150, p. 2465—were
awarded to M. M. Freeman & Co. of Philadelphia as 2s at a price of 101.56,
a basis of about 1.83%.
Dated May 1, 1940, and due May 1 as follows:
„
,
PHILADELPHIA, Pa.—BONDS VOTED—At the election on April 23
an issue of $18,000,000 bonds for the rehabilitation
the voters authorized
of the municipal water system.
Although the city has been
its constitutional debt limit for years, it is enabled to issue the
well beyond
water bonds
Interest and amortization charges
can be paid out of income from water revenues, according to a ruling on
legality of the loan by the Pennsylvania Supreme Court.
In connection
with the water loan, it is stated that the city intends to ask the voters to
approve a $40,000,000 sewage disposal plant improvement bond issue in
the latter part of the present year.
In this instance, too, the debt would
be repaid from revenues obtained through charges for sewage service.
because they will be self-supporting.
PITTSBURGH
SCHOOL
DISTRICT,
Pa.—BOND OFFERING—
H. W. Cramblet, Secretary of the Board of Education, will receive sealed
bids until May 21 for the purchase of $1,500,000 school bonds.
Volume
The
150
The bonds will be dated June 15,
from 1941 to 1965, incl.
of
Bidder to
1940 and mature $60,000 on June 15
the rate of interest in multiples
name
U of 1%, payable J-D 15.
QUEMAHONING TOWNSHIP SCHOOL DISTRICT (P. O. KantPa.—BOND OFFERING— Forrest Lohr, District Secretary, will
sealed bids until 7 p. m. on May 6 for the purchase of $12,000
3,334,334,334,4,434or434% coupon school bonds.
Dated May 1.1940,
Denom. $1,000.
Due May 1 as follows:
$1,000 from 1941 to 1948 incl.
and $2,000 in 1949 and 1950.
Interest M-N.
Bonds will be sold subject
to approval of proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for $200, payable to order of the District, is
ner),
receive
,
required.
SEWICKLEY,
Pa.—BOND
OFFERING—Edward Ellerton,
Borough
Secretary, will receive sealed bids until ? p.m. (EST) on May 15 for the
purchase of $72,000 coupon fire truck, street improvement and funding
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due $6,000 on June 1
from 1941 to 1952 incl.
Bidder to name a single rate of interest, expressed
in a multiple of 34 of 1%.
Registerable as to principal only.
Bonds will
be sold subject to approval of proceedings by the Pennsylvania Department
of Internal Affairs.
Principal and interest payable at the First National
Bank, Sewickley.
A certified check for $1,000, payable to order of the
Borough Treasurer, is required.
Legal opinion of Burgwin, Scully &
Churchill of Pittsburgh will be furnished the successful bidder.
^
SHARON
SCHOOL
HILL
DISTRICT,
WHITELAND
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Whitford), Pa.—BOND OFFERING—Doqald Mcllvaine, President of the
sealed bids until 7 p. m. (DST) on
May 8 for the purchase of $40.000 134. 1H, 2, 2 34, 2 34, 2 Hpv 3 % coupon
school bonds.
Dated May 1, 1940.
Denom. $1,000.
Due $2,000 on
May 1 from 1941 to 1960, incl.
Registerable as to principal only.
Bidder
to name a single rate of interest, payable M-N.
A certified check for 2%
of the bonds bid for, payable to order of the District Treasurer, is required.
Bonds will be issued subject to approval os to legality by Townsend, Elliott
& Munson of Philadelphia.
■
v"
Board of School Directors, will receive
WHITEHALL
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Hoken-
dauqua), Pa.—BOND SALE—The $59,000 refunding bonds offered April
22—V. 150, p. 2465—were awarded to Smith, Barney & Co. of Philadel¬
phia as 134s at a price of 100.671, a basis of about 1.33%.
Dated May 1,
1940, and due May 1 as follows: $8,000 from 1941 to 1944, incl., and S9.OO0
from 1945 to 1947, incl.
Second high bid of 100.31 for 134s was made by
Mackey, Dunn & Co. of Philadelphia.
PUERTO
RICO
AUTHORITY, Puerto Rico—NOTE SALE—The
$450,000 temporary loan notes offered for sale on April 22—V. 150, p.
2617—were purchased by a syndicate composed of the Chemical Bank &
Trust Co. or New York, the Banco de Ponce, and the Banco Popular de
Puerto Rico, of San Juan, at 0.50%. plus a premium of $10.15, according
to report.
Dated May 1, 1940.
Due on Nov. 1, 1940.
PONCE HOUSING
234%
425.25
234%
259.50
234%
Blyth & Co., Inc., New York; Equitable Securities Corp.,
Nashville, and Dargan, Brannon & Co., Spartanburg._
Halsey, Stuart & Co., New York; the Peoples National
Bank, Rock Hill, and Hamilton & Co., Chester
The Citizens & Southern National Bank, Spartanburg
and Stroud & Co., Philadelphia
Seasongood & Mayer, Cincinnati
$1,157.00
1,134.82
1,958.00
234%
1,846.75
234%
1,335.00
234%
1,179,25
234%
2%%
890.00
735.85
Successful bid.
TENNESSEE
Due
bonds.
234%
234%
Pittsburgh
♦
Premium
Int. Rate
Name—
♦Goldman, Sachs & Co., New York; Eldredge & Co.,
New York, and Frost, Read & Co., Charleston
E. H. Pringle & Co., Charleston
Harris Trust & Savings Bank, Chicago; Trust Co. of
Georgia, Atlanta, and C. W. Haynes & Co., Columbia
R. S. Dickson & Co., Charlotte; First of Michigan Corp.,
New York; Wells-Dickey Co., Minneapolis, and South¬
ern Investment Co., Charlotte
A. M. Law & Co., Spartanburg; Robinson Humphrey
Co., Atlanta; Provident Savings Bank & Trust Co.,
Cincinnati;
Weil, Roth & Irving Co., Cincinnati;
Breed & Harrison Co., Cincinnati, and J. H. Hilsman
Co., Atlanta
W. P. Coley & Co., Greenville and Johnson & McLean,
SALE-^TKe
Pa .—BOND
sinking fund purchased an issue of $8,500 2 34 % improvement
$500 annually on April 1 from 1941 to 1957 inclusive.
WEST
2771
Commercial & Financial Chronicle
KNOXVILLE, Tenn.—BOND TENDERS INVITED—It is stated by
A. P. Frierson, Director of Finance, that he will receive sealed tenders
until 10 a. m. on May 8, of $25,000 refunding bonds of the city, dated
Jan. 1, 1933. maturing on Jan. 1, 1958, for the purchase by the Sinking
authorizing same.
that their tenders are for purchase of
place of
delivery of the bonds, the interst rate and numbers of bonds offered.
The
City prefers that delivery be made at the Hamilton National Bank, Knoxville.
Enclose a certified check for 1 % of the face amount of bonds tendered
Fund Board in compliance with law
Bidders may stipulate, if desired,
all
or
for
bonds tendered, and shall state the time and
of the
none
purchase.
.
Selmer), Tenn.—BOND OFFERING—
Sealed bids will be received until 10:30 a. m. on May 20 by R. Carter Smith,
County Judge, for the purchase of the following 4 34 % coupon semi-annual
bonds, aggregating $81,380:
$41,380 school bonds.
Denom. $500, one for $330, $300 and $250.
40,000 school bonds.
Denom. $500.
Dated April 1, 1940.
Due April 1, 1962, optional for call on any interest
payment date.
Prin. and int. payable at the office of the County Trustee.
No bid for less than par will be accepted.
The bonds are payable from
unlimited ad valorem taxes levied against all taxable property in the county.
The approving opinion of Chapman & Cutler of Chicago will be furnished.
COUNTY
McNAIRY
COUNTY
OBION
(P.
(P.
O.
O.
Union
Tenn.—PRICE BID—It is
City),
reported that the $140,000 2 34% semi-annual school bonds sold jointly to
the First National Bank of Memphis, and the Nashville Securities Co. of
Nashville, as noted here.—V. 150, p. 2466—were purchased for a premium
of $3,260. equal to 102.328, a basis of about 2.47%.
Due on April 1 in
1942 to 1955.
RHODE
ISLAND
SULLIVAN
CRANSTON, R. I.—NOTE SALE—The issue of $200,000 notes
offered
April 24 was awarded to F. W. Horne & Co. of Hartford at 0.254% discount.
Due Feb. 25, 1941.
Whiting, Weeks & Stubbs of Boston, second high
bidder, named
a
rate of 0.28%.
May 1, 1940 and due May 1 as follows: $2,000 from 1941 to 1952
$1,000 in 1953.
R. K. Webster & Co. of Boston, second high
bidder, named a rate of 1?4%.
Dated
and
NEWPORT,
R.
I .—BOND SALE—The $140,000 coupon public im¬
provement bonds offered April 25—V. 150, p. 2618—were awarded to
Phelps, Fenn & Co., Inc., New York, as 134s, at a price of 100.75, a basis
of about 1.39%.
Dated May 1, 1940 and due $10,000 on May 1 from 1941
to 1954 incl.
Reoffered from a yield of 0.15% to a price of 99.50, according
to maturity.
Other bids:
Int. Rate
Bidder—
Blyth & Co., Inc
134%
Union Securities Corp
134 %
134 %
134s%
First of Michigan Corp
Halsey, Stuart & Co., Inc
%
Estabrook & Co. and Putnam & Co
Chace, Whiteside & Symonds and F.
First National Bank of Boston—
L. Dabney & Co. 1 34 %
134%
Rate Bid
100.51
100.052
100.032
100.023
100.609
100.46
100.399
PROVIDENCE, R. I.—PRICE PAID—The $1,000,000 20-year serial
bonds purchased by the sinking fund commission—V. 150, p.
funding
2618—were sold at par.
R. I.—NOTE SALE—The $100,000 current year tax
anticipation notes offered April 24—V. 150, p. 2618—were awarded to the
Second National Bank of Boston at 0.20% discount.
Dated April 24,
1940, and due Oct. 24, 1940.
The First National Bank of Boston, second
high bidder, named a rate of 0.30%.
WESTERLY,
SOUTH
CAROLINA
CHARLESTON COUNTY (P. O. Charleston), S. C
LOAN—It is stated by W. J. Leonard, County
& Southern
Treasurer, that the Citizens
National Bank of South Carolina, of Charleston, purchased on
April 15 a $100,000 temporary loan, at 1 %, plus a
Dec. 31, 1940.
premium of $25. Due on
SCHOOL DISTRICT NO. 10 (P. O. Charleston),
bonds offered for sale on April
10—V. 150, p. 2465—were awarded to Frost, Read & Co. of Charleston,
paying a premium of $1, equal to 100.007, a net Interest cost of about
2.70%, on the bonds divided as follows: $12,000 as 234s, due $2,000 on
Ajiril 15 in 1945 to 1950, the remaining $2,000 as 234s, due oq April 15,
SIMPSONVILLE, S. C.—BOND SALE DETAILS—The Town Clerk
now reports that the $15,000 refunding bonds sold to W. F. Coley & Co. of
Greenville, as 334s, as noted here—V. 150, p. 2465—were purchased at
par, and mature $1,000 on May 1 in 1943 to 1957, incl.
CAROLINA, State of—CERTIFICATE OFFERING—Sealed
until noon on May 9, by E. P. Miller, State Treasurer,
purchase of a $2,000,000 issue of State highway certificates of in¬
debtedness.
These certificates win be dated May 1, 1940,1 vill bear interest
at a rate to be named by the bidder, payable on Nov. 1 and May 1, and will
mature in annual series or instalments of $300,000 on May 1 in each of the
SOUTH
bids will be received
for the
1942 to 1947 incl., and $200,000 on May 1 in the year 1948.
is reserved to reject any or all proposals.
The certificates will
$1,000 each, and wilx be issued In coupon form, with the
The right
be of the denom. of
nterest.
Prin. and int. as
be payable only State Treasury in Columbia
Jiriviiege of registration willto principal at the or as to both principal and
agencies of the State in Charleston and New York.
multiple of 34 of 1 % and must oe the same for all of
the certificates bid for.
The certificates will be awarded to the bidder
or
at the
The rate must be a
of interest, at a price not less than
and accrued interest to the date of delivery of the certificates.
Cer¬
delivered in Columbia or New York, at the option of the
offering to take them at the lowest rate
par
notes were purchased recently
Bank & Trust Co. of Memphis, at 2%.
by the Union Planters National
Due on or before March 1,1941.
State of—BOND SALE—The three Issues of coupon
or registered semi-ann. bonds aggregating $2,844,000, offered for sale on
April 22—V. 150, p. 2466—were awarded to a syndicate composed of
Harriman
Ripley & Co., Inc., Stranahan, Harris & Co., Inc. of Toledo,
Field, Richards & Shepard, of Cleveland, Farwell,
Illinois Co. of Chicago,
Chapman & Co. of Chicago, F. L. Dabney & Co. of Boston, Trust Co. of
Georgia of Atlanta, Fahey, Clark & Co. of Cleveland, J. M. Dain & Co.
of Minneapolis, Mullaney, Ross & Co. of Chicago, Juran, Moody & Rice
of St. Paul, Cumberland Securities Corp. of Nashville, Soden & Co. of
Kansas City, and Leftwich & Ross of Memphis, paying a price of 100.0399,
a net interest cost of about 2.1965%, on the bonds divided as follows:
$1,715,000 charitable and
penal institutions bonds as 234s.
BONDS
offered
on
Due on Dec*
1956.
1,
785,000 institutional bonds as 2s.*
Due on Dec. 1,
344,000 consolidated bonds as 2Mb.
Due on Dec.
Denom. $1,000.
Dated April 1, 1940.
1956.
1, 1950.
OFFERED FOR INVESTMENT—The successful bidders reApril 23 a total of $2,500,000 of the bonds.
$785,000 bearing a
2% coupon are priced at
bearing a 234 % coupon are
9934, yielding about 2.05% and $1,715,000,
priced at 10134. yielding about 2.16%.
TEXAS
Bastrop), Texas—BONDS
bonds have been purchased
Co. of San Antonio and R. K. Dunbar &
BASTROP SCHOOL DISTRICT (P. O.
SOLD—It is reported that $35,000 refunding
jointly by Rauscher, Pierce &
Co. of Austin, as 3s and 334s.
CROSS ROADS CONSOLIDATED INDEPENDENT SCHOOL DIS¬
TRICT (P. O. Malakoff, Route 2), Texas—BONDS SOLD—It is reported
334% semi-annual refunding
by the First National Bank of Athens.
that $30,000
par
bonds have been purchased at
Due on March 15 in 1941 to
1952.
FISHER COUNTY
We are now
(P. O. Roby), Texas—BOND SALE DETAILS—
informed by the County Treasurer that the
house refunding bonds sold
$45,000 4 34 % court
recently, as noted here—V. 150, p.
2466—were
Eurchased by William N. Coupon bonds maturing serially.Denom. $1,000.
>ated March 1, 1940.
Edwards & Co. of Fort Worth.
Interest pay¬
able M-S.
ANDREWS
ST.
S. C.—BOND SALE—The $14,000 building
years
COUNTY (P. O. Kingsport), Tenn.—NOTES SOLD—
by T. R. Bandy, County Judge, that $15,000 tax antici¬
informed
are
pation
TENNESSEE,
MIDDLETOWN, R. I.—BOND SALE— The $25,000 coupon town hall
bonds offered April 24—V. 150, p. 2618—were awarded to Estabrook &
Co. of Boston, as 1Mb, at a price of 100.571, a basis of about 1.41%.
incl.
We
tificates will be
As between bidders naming the same rate of interest, the
amount of premiums will determine the award.
Each bid must be accom¬
panied by a certified check upon an incorporated bank or trust company
for 1% of the amount of certificates bid for, payable to the State Treasurer,
as security for the performance of such bid.
Purchasers will be furnished with the opinion of Reed, Hoyt, Washburn
& Clay, N. Y. City, that the certificates of indebtedness are valid obliga¬
tions of the State, such opinion to be paid for by the purchaser.
purchaser.
SPARTANBURG COUNTY (P. O. Spartanburg), S. C.—LIST OF
official tabulation of the bids received for the
March 26, as reported in
BIDS—The following is an
$222,500 refunding bonds that were awarded on
our issue of March 30—V. 150, p. 2149:
HEARNE,
Texas—BONDS SOLD—An issue of $100,000
water, electric and sewer
R. K. Dunbar & Co. of
1941 to 1955.
revenue
semi-annual
bonds is said to have been purchased by
Austin as 334s, paying par.
Due on April 15 in
These bonds were approved by the voters on March 26.
HIDALGO COUNTY (P. O. Edinburg), Texas—BOND TENDERS
INVITED—It is stated by B. F. McKee. County Auditor, that, pursuant
provisions of the several contracts and orders authorizing the issuance
of road district refunding bonds, series of 1935, and water improvement
refunding bonds, series or 1936, he will receive sealed tenders until 10 a. m.
on May 7, for the purchase of the bonds, for cancellation, by the various
sinking funds created to service same.
The following is a list of issues upon
to the
which
for
tenders are
requested, together with the amount of cash
purchases of the bonds under
available
the contracts and orders, to wit:
refunding series 1935
Road Dist. No. 2 refunding, series 1935
Road Dist. No. 3 refunding, series 1935
Road Dist. No. 5 refunding, series 1935
Road Dist. No. 6 refunding,-series 1935
Road Dist. No. 8 refunding, series 1935
Water improvement refunding, series 1935
Road Dist. No. 1
$30,000
3,500
2,000
10,000
3,000
2,500
35,000
NACOGDOCHES, Texas—BONDS VOTED—We are informed by J. E.
Reese, City Secretary-Treasurer, that the street improvement and fire
equipment bonds aggregating $60,000 sold subject to the election held
on April 2, as noted here in detail—V. 150, p. 1975—were voted.
Coupon
bonds, maturing serially over a 20-year period.
As already reported, they
were
purchased as 2J4s and 3s.
Prin. and int. (A-O)
National Bank of Nacogdoches.
Dated April
Stone Fort
payable at the
10, 1940.
by Mr. Reese that at the election
held on April 16 the voters approved the issuance of the $150,000 not to
exceed 4% semi-annual gas plant bonds by a substantial margin.
Due in
20 years.
No date of sale has been fixed as yet.
BONDS VOTED—It is also stated
Texas—BOND AWARD DEFERRED—It is stated
that up to April 19 no award had been
pool revenue bonds offered on April 11.
Denom. $1,000.
Dated on or about April 1, 1940.
Due Oct. 1, as follows:
$8,000 in 1941 and 1942, $9,000 in 1943, $8,000 in 1944 and 1945, $9,000 in
1946, $8,000 in 1947 and 1948, $9,000 in 1949, $8,000 in 1950 and 1951,
$9,000 in 1952. $8,000 in 1953 and 1954, and $9,000 in 1955.
SAN
ANTONIO,
by T. N. Tucker, City Auditor,
made of the $125,000 swimming
The Commercial & Financial Chronicle
2772
sale
UTAH
at
PROVO, Utah—BONDS SOLD—Our Denver correspondent reports that
he has been advised $850,000 electric power revenue refunding bonds were
purchased by John Nuveen & Co, of Chicago.
VERMONT
HYDE
PARK, Vt.—BOND SALE— The $35,000
coupon refunding bonds
April 18—V, 150, p. 2460—were awarded to R. L. Day & Co. of
as 2*4 s, at a price of 100.50, a basis of about 2.19%. Dated April 1,
1940 and due April 1 as follows: $2,000 from 1941 to 1950 incl. and $1,500
from 1951 to 1960 incl.
Other bids: (for 2Mb) Arthur Perry & Co., 100.14;
National Shawmut Bank, 100.05; Ballou Adams & Whittemore, 100.0322;
(for 2Y,s) First Boston Corp., 100.80; Coffin & Burr, 100.491; Vermont
Securities Co., 100,33; E. H. Rollins & Sons, 100.13; Howard National
Bank, Burlington, par; (for 2%s) Webster, Kennedy & Co., 101; (for 3s)
Bond, Judge & Co., 100.567; Lyons & Co., 100.256.
March
RUTLAND,
Vt.—MAY PETITION
FOR
WATER
BOND
issuing between $400,000 and $500,000 water project bonds.
Coupon bonds, dated March 1, 1940.
•
•
*
Denominations $50C and $1,0GC.
TAYLOR COUNTY
(P. O. Medford), Wis.—BONDS SOLD—We
are
informed
by the County Clerk that $175,000 county bonds were sold
privately to the Channer SecuritiMs Co. of Chicago, at a net interest cost
of about
2M%.
WYOMING
KEMMERER, Wyo.—BOND OFFERING—Sealed bids will be received
a. m. on May 17 by Marie A. King, Town Clerk, for the purchase
not to exceed $250,000 general obligation* water bonds.
Dated as soon
legally possible.
Due Jan. 1 as follows: $7,000 in 1942 to 1944, $8,000
until 10
of
as
VIRGINIA
-
Interest payable M-S.
ISSUE—
It is reported that efforts will be made to hold an election on the question of
15, 1941.
STODDARD, Wis .—BOND SALE DETAILS—It is reported by the
Village Clerk that the $20,000 water system bonds sold recently, as noted
here—V. 150, p. 2466—were purchased by M airs-Bbaughnessy & Co. of
St. Paul, as 4s at 98.00, a basis of about 4.18%.
Due on March 1 as
follows:
$500 in 1943 to 1946, and $1,000 in 1947 to 1964.
offered
Boston,
April 21, 1940
April 23 and were awarded to the Channer Securities Co. of Chicago,
2M%Dated May 15, 1940.
Due on Aug. 15, 1941; callable on
on
1945 to 1947, $9,000 in 1948 to 1950, $10,000 in 1951 to 1953, $11,000
1954 to 1956, $12,000 in 1957 and 1958, $13,000 in 1959 and 1960,
$14,000 in 1961 and 1962, $15,000 in 1963 and 1964, and $7,000 in 1965.
Through the issuance of these bonds, operation of the water system will
be taken over from the Lincoln Service Corp. and in addition a pipe line
will be constructed, resulting in an ample and excellent supply of clear
water.
Based on operating statements of the Lincoln Service Corp. relat¬
ing to the water plant, the reduction in certain operating expenses through
the installation of modern equipment and the anticipated increase in water
revenues through a slight step-up in water charges, it is anticipated that
net earnings from the water plant will
be more than sufficient to cover in¬
terest and principal payments on the bonds without resorting to taxation.
The bonds, however, are a general obligation of the town and are payable
from unlimited ad valorem taxes.
The purchaser will be furnished with
a complete certified transcript of proceedings, blank bonds and final ap¬
proving opinion as to legality by Myles P. Tallmad^e of Denver.
Enclose
a certified check for 2% of the par value of the maximum amount of bonds
in
in
HENRICO
COUNTY
SANITARY
DISTRICT
NO.
5
(P.
O.
Rich-
mond), Va.—BOND OFFERING—It is stated by J. A. Gates, Director of
Finance, that the Clerk of the Board of Supervisors will receive sealed bids
1 p. m. on May 8, for the purchase of an issue of $125,000 coupon
water works, series A bonds.
Dated May 1, 1940.
Denom. $1,000.
Due
Nov. 1, as follows:
$4,000 in 1942 to 1946, $5,000 in 1947 to 1953, $6,000
in 1954 to 1960, and $7,000 in 1961 to 1964, callable at par and accrued
interest on any interest payment date on and after Nov. 1. 1950.
Bonds
are to bear interest of less than
4% per annum, expressed in a multiple of
% or one-tenth of 1 %, and each bidder must state in his bid a single rate of
interest which all bonds shall bear ,and must state the price offered for the
until
bonds.
The bonds will bear the lowest rate of Interest stated by any bidder
in
a duly acceptable bid.
As between bidders naming the same rate of
interest, the proposal of the bidder offering to pay the largest premium will
be accepted.
The right is reserved to reject any or all bids..
Bonds are
issued for the purpose of raising funds for the construction of a
public
water supply and distribution system for the district; are valid and binding
obligations of Sanitary District No. 5. and the full faith and credit of said
district are pledged for their payment.
Prin. and int. are payable at the
Department of Finance from ad valorem taxes which may be levied without
limit as to rate or amount upon all the taxalbe property within the corporate
limits of the district, and the income and revenues remaining after the
pay¬
ment of the cost of the operation and maintenance of the system.
Enclose
a certified check for
2% of the par value of the bonds offered, payable to the
county.
authorized.
WYOMING, State of—BOND CALL—The following notice of bond
redemption has been issued by Mart T. Christensen, State Treasurer:
Notice to the Holders of
State of
The
Wyoming 4% State Highway Bonds
Dated April 1, 1931
The above bonds are redeemable at the option of the State at any time
on and
after April 1, 1941.
Pursuant to this option the State has by
appropriate action called all of said bonds for payment April 1, 1941, at
their redemption price, namely at the principal amount thereof plus interest
accrued thereon to April 1, 1941.
Said bonds will cease to bear interest
Taber
from April 1, 1941.
NORFOLK,
Va .—DEBT REORGANIZATION PLAN ADOPTED—
City Council adopted on April 9 a plan formulated by Norman 8.
& Co. of New York, municipal finance consultants, for the reor¬
ganization of the city's bond debt service.
The Council is said to have
authorized the City Manager to prepare the necessary ordinances for
putting the plan into effect.
ORANGE,
Va.—BOND CALL—It is stated by R. L. Elankenship
Treasurer, that 5% water improvement, Series 1930, bonds Nos.
150, in denom. of $500 each, and sewerage, Series 1930, bonds Nos.
1 to 75, in denom. of $1,000 each, are called for
payment at the Citizens
National Bank of Orange, or at the National Bank of
Orange, on July 1.
Dated July 1, 1930.
Due July 1, 1960, callable July 1, 1940.
Interest
Town
1
to
ceases on
date called.
The holders of said bonds are hereby advised that the Treasurer of the
State of Wyoming will purchase all of said bonds, paying therefor the
principal amount thereof plus interest thereon at the rate of 4% per annum
to April 1, 1941, upon presentation thereof, with all unmatured coupons
attached, at his office, Cheyenne, Wyo.
The holders of said bonds are hereby advised that they may immediately
obtain payment of the full redemption price thereof upon presentation
thereof for purchase by the Treasurer of the State of Wyoming and are
requested to send their bonds direct or deposit them with their local bank
with a draft attached drawn on the Treasurer of the State of Wyoming
at the above-mentioned full redemption price, to be forwarded to either
the
WASH INGTON
American
bank
National
Cheyenne, Wyo.
HOQUIAM, Wash.—BOND SALE—The $12,500 water front semi¬
annual coupon bonds offered for sale on April 22—V. 150,
p. 215C—were
awarded to the State as 2s at par,
according to the City Clerk.
Due in
from two to seven years after date of issue.
Wash.—BOND SALE—The $5,000 school bonds offered for sale on April
150, p. 2300—were purchased by the State as 3Ms at par.
No
other bid was received, according to the County Treasurer.
Due in from
two to 22 years after date of
issue, optional after five years.
23—V.
SPOKANE COUNTY SCHOOL DISTRICT NO. 201
(P. O. Spokane),
Wash.—BOND SALE DETAILS—It is reported by the County Treasurer
that the $24,750 school bonds sold to the Washington Trust Co. of
Spokane,
at par, as noted here—V.
due
o
on
Bank,
National
CANADA
from 1941 to 1970 incl.
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue of
$30,000,000 Treasury bills was sold on April 15 at an average cost to the
Government of 0.739%.
Dated April 15, 1940 and due July 15, 1940.
DARTMOUTH. N. S.—BOND OFFERING—W. T. Smith, Town Clerk,
will receive sealed bids until 5 p. m. on April 30 for
WEST
VIRGINIA
MOUNT HOPE HOUSING AUTHORITY, W. Va
In connection with the offering scheduled for May 1 oi
long-term housing
bonds, it is stated that the amount to be sold will be $69,000, instead of
$302,000, as noted here on April 20.—V. 150, p. 2610.
the purchase of $110,000
3Y% refunding ferry bonds.
Dated May 1, 1940.
Denom. $500.
Due
May 1 as follows: $4,500 from 1941 to 1946 incl.: $5,000, 1947 to 1950 incl.;
$5,500, 1951 to 1953 incl.; $6,000 in 1954 and 1955; $6,500, 1956 and 1957;
$7,000 in 1958 and 1959 and $7,500 in 1960.
ITin. and int. payable at the
Town
HILBERT, Wis.—BOND SALE—The following bonds aggregating
or sale on April 22—V. 150, p. 2618—were awarded to the
State Bank of Hilbert, paying a premium of $290,
equal to 101.16, accord¬
ing to the Village Clerk:
$25,000, offered
$10,000 refunding bonds.
Due $500 in 1941 to 1960, incl.
15,000 sewer system bonds.
Due in 1941 to 1950, incl.
The bonds
were
sold
as
2*A&, giving a basis of about 2.40%. The second
$280 premium on 2Ms, by the Milwaukee Co.
was an offer of
of Milwaukee.
OUTAGAMIE COUNTY (P. O. Appleton), WiBOND OFFERING
are
informed by John E. Hantschel, County Clerk, that he will
—We
receive sealed and
oral bids until May 3, at 10 a.m., for the
purchase of
$385,000 Issue of 2% coupon semi-annual court house and jail bonds.
Denom. $1,000.
Dated April 1, 1940.
Due April 1, as follows: $38,000
in 1941 to 1949, and
$43,000 in 1950.
Bids must be at least par plus
accrued interest to date of
delivery.
The county will furnish the bonds
to the purchaser.
These bonds will be a direct general obligation of the
entire county payable from ad valorem taxes without limit
against all of
the taxable property in the
county.
A direct annual irrepealable tax has
been levied upon all the taxable
property in the county to pay the interest
and principal on the bonds as
they become due, which said sums, when
collected, shall be set apart in a separate fund, irrevocably pledged, to be
used solely for the
payment of the interest and principal on said bonds at
they become due.
The legal opinion of the Attorney General
approving
the proceedings covering this bond issue has been
obtained by the county
and will be
furnished to the successful bidder, together with a certified
copy of the legal proceedings covering this issue.
If the successful bidder
desires the legal opinion of other
attorneys, the bidder shall pay all of his
own legal expenses in this
connection.
Enclose a certified check for $2,500.
a
RICHLAND COUNTY (P. O. Richland Center) Wis.—BOND SALE—
The following highway bonds
aggregating $135,000, offered for sale on
April 25—-V. 150, p. 2466—were awarded jointly to the Marshall &
Ilsley
Bank, and the Marine National Exchange Bank, both of
1Mb, paying
a
premium of $205, equal to 100.151,
$55,000 series H bonds.
80.000 series I bonds.
Due
Due
on
on
a
Milwaukee, as
basis of about 1.69%;
purchased
annual
mortgage bonds, aggregating $85,000: $55,000 water works and
$30,000 sewer bonds.
Dated May 1, 1940.
Due on May 1 in 1943 to
1970; optional on or after May 1, 1951, in inverse numerical order, at 102.
City Clerk, that $250,000 corporate
purpose
an issue
stated
Dated April 1, 1940 and due from 1941 to 1950 incl.
LACHINE, Que.—BOND SALE—The issue of $18,000 nine-year aver¬
4% school bonds offered April 22 was awarded to A. E. Ames & Co.
of Toronto at a price of 98.08, a basis of about 4.26%.
The Banque
Canadienne Nationale. second high bidder, named a price of 96.09.
age
LANARK COUNTY (P. O. Lanark), Ont .—BOND SALE—Harris.
Ramsay A Co. of Toronto were awarded on April 16 an issue of $17,500
3A% county road construction bonds at a price of 102.06.
Due in from
1
to
10 years.
ONTARIO (Province oi)—LOCAL DEFAULTS ADJUSTED DURING
1939—We quote from the "Financial Post" ot Toronto of April 20:
"Nine
Ontario
municipalities emerged from default in 1939 under
stewardship of the Provincial Department of Municipal Affairs, according
to the annual report of the department for the year ended March 31, 1940.
This compares with seven in 1938 and eight in 1937, or a total of 24 since
the department first started supervision of municipalities in 1935.
"According to E. A. Horton, Deputy Minister, the major work in this
connection has been accomplished, and plans now pending may be cleaned
up before end of 1940.
*
"Total
await
of
35
refunding.
municipalities are under direct supervision and 11 still
Refunding plans for four of these, the towns of LaSalle
and
Riverside and the Townships of Sandwich East and Sandwich West,
have been approved by debenture hoidiers' committees.
"Three more, the Towns of Essex and Tecumseh and the Township of
Dysart,
four,
in
no
are expected to reach agreements in the near future.
The other
towns, East view, Hawkesbbry, Rockland and Sturgeon Falls, are
position to commence a refunding program yet, but preliminary
an
surveys are to be made.
"Municipalities
where
refunding
by Michael B.
were
offered for
plans
have
been
completed
are
as
follows:
Refunding Plans Completed
Towns—
Towns—
Cities—
Townships-
Blind River
Mimico
New Toronto
Niagara Falls
Sudbury
East York
Coliingwood
Fort Erie
Pembroke
Windsor
Calvert
Kingsville
Penetanguishene
Village—
Long Branch
York
—
Leamington
"
Etobicoke
North York
"
Thorold
Trenton
Scarborough
Weston
"Funded debt of the municipalities under supervision totaled $87,.
LAJ
900,000 at the end of 1939, a reduction of $11,200,000 11U111 A/DU. oil 1934from Dec. 31
department.
The per capita debt at
the year prior to the formation of the
$195.70 is down $46.94 in the period."
ONTARIO (Province of)— $21,285,000 BONDS ON MARKET—Premier
Mitchell Hepburn announced April 25 the offering in the Dominion by a
syndicate of investment dealers and banks of $21,285,000 bonds issued for
refunding purposes.
The offering includes $15,000,000 3*4% bonds, due
May 1, 1955, priced at 98.75, and $6,285,000 2s, due May 1 from 1941 to
1945 incl.
Mr. Hepburn said the proceeds would be sufficient to provide
Dec. 31, 1940.
He stated that it was ex¬
for all debenture maturities to
pected he would be able
notes
■
of $7,000 3 Yt % improvement bonds at a price of 101.327,
basis of about 3.23%.
Midland
ADDITIONAL OFFERING—Bids will also be received at the
same time
by the said Clerk for the purchase of the following not to exceed
4% semi¬
POINT, Wis.—NOTES SOLD— It is
1
Leaside
May 15, 1942.
May 15 in 1943 and 1944.
I?LD» Wis.—BOND OFFERING—It is stated by Eric Schuetze,
Village Clerk, that he will receive sealed and oral bids until May 6 at 7:30
p. m
(CST) for the purchase of two issues of not to exceed
2*4% semi¬
annual general ODligation
coupon
bonds, aggregating $20,000, divided
as follows: $10,000 water works and
$10,000 sewer bonds.
Dated May 1.
1940.
Due $1,000 on May 1 in 1941 to 1960, incl.
STEVENS
Clerk's office.
DUNNVILLE, Ont —BOND SALE—J. L. Graham & Co. of Toronto
a
WISCONSIN
Liss,
Growers
BRIDGEWATER, N. S.—BOND SALE—The Dominion Securities
Corp of Toronto purchased an issue of $30,000 4% improvement bonds at a
price of 102.02, a basis of about 3.83%.
Dated March 1, 1940 and due
150, p. 2618—are divided as follows: $9,750 as 2s,
May 1 in 1942 to 1951, and $15,000 as 2Ms, due on May 1 in 1952
1962.
highest bid
Stock
Eresentation only when accompanied by the names and addresses of the
olders, at the office of the Chase National Bank of the City of New York.
SOUTH CLE ELUM SCHOOL DISTRICT NO. 22 (P. O. Ellensburg),
.
the
or
These two banks will make no charge for their services.
due April 1, 1940, from said bonds will be paid upon
Interest coupons
to report a
at the end of the next fiscal year
of the Province."
"as
a
reduction in the gross debt of Ontario
result of the restricted capital program
@FedFRASER