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TV
nntmatiai §•
RCOt u. s
COPYRIOHTED IN 1041 0Y WILLIAM t. DANA COMPANY, NEW
VOL.152.
IssOBd Vl/Mkl^40 Oente a Copy
YORK.
ENTERED AS SECONO-CLASS MATTER JUNE 23, 1R79, AT THE POST OPPIOE AT NEW YORK, NEW YORK, UNDER TH E ACT OF MARCH 3, 1070
NEW YORK, APRIL 5, 1941
William B. Dana Co., Publishers,
25
Chartered 1866
B AN K
'
*;.
OF
OF THE CITY OF NEW YORK
Maintaining effective cor¬
respondent bank service
President
NEW YORK
BANK
NATIONAL
..
George V. McLaughlin
.
CHASE
THE
BROOKLYN TRUST
COMPANY
NO. 3954.
Spruce * St., New York City
is
BROOKLYN
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Broaden your customer
Corporation
service with
Chase
cor¬
respondent facilities.
Member Federal
Established 1850
new
Deposit Insurance
'
Halllgarten & Co,
Corporation
y
Railroad
york
City of
Chicago
London
Bonds
Philadelphia
Bonds
"When,
as
and
if
Securities of
issued"
Chgo., Mil. St. Paul & Pac. R. R. Co.
Chicago & North Western Rwy.Co.
Norfolk Southern Railway Co.
Erie R. R. CO.
•
Bought—Sold—Quoted
^Thc
FIRST BOSTON
\
CORPORATION
'
NEW YORK'
'
SAN FRANCISCO
PHILADELPHIA
AND OTHER
PHILADELPHIA
BOSTON
;
CHICAGO
Publishers of "Guide To Defaulted
Railroad Bends"
PRINCIPAL CITIES.
Pflugfelder, Bampton & Rust
Riter & Co.
Members New Yoi k Stock Exchange
61
New York
Broadway
DIbgy 4-4933
Moncure Biddle & Co.
Bell Tele.: NY 1-310
Members New York Stock
Members
New York Trust
New York Curb
48 Wall
Company
Exchange (Associate)
Street, New York
CHICAGO
Capital
Exchange
Chicago Stock Exchange
PHILADELPHIA
$37,500,000
Funds.
OTIS &. CO.
Morristown
St. Paul
Milwaukee
Rochester
Hartford
Easton
(Incorporated)
IOO
Established 1899
NewYork
cleveland
BROADWAY
Chicago
Com. of Pa.
Turnpike Rev. 3%s, '68
City of Philadelphia Bonds
Lehigh Vail. Coal 5s, 1954, '64, '74
Strawbridge & Clothier 1st 5s, '48
r. h.johnson & co,
madison avenue
Phila. & Read. Term. 1st
and 40th street
Lehigh Coal & Nav. Fdg. 4s, 1948
3K*» 1966
Phila. Electric Co, Common Stock
INVESTMENT SECURITIES
United Gas Imp. $5 Pref. Stock
64 Wall
BOSTON
Street
.
New York
one east
PHILADELPHIA
5
7th street
BROADWAY
Member of
NEWYORK
•
London
Philadelphia
Canadian Securities
Carl M. Loeb, Rhoades & Co.
61
Yvrnall at Co.
1528 Walnut Street,
Geneva
Buenoe Aires
the
,Federal Deposit
Insurance Corporation
HART SMITH & CO.
52 William St.
Montreal
NEWYORK
Toranto
,
The Commercial & Financial Chronicle
n
Interest Exempt, in the Opinion of
April 5, 1941
Counsel, from all present Federal Income Taxation
$7,663,000
City of Miami, Florida
Water Revenue Bonds
Due
Callable prior to
or
serially December 1, 1941 to 1969, inclusive
1, 1943,
maturity at the option of the City, either In part on any Interest payment date not earlier than June
In whole on any date, at the
principal amount thereof and accrued interest, together with a premium of H of 1% of such
redemption and the date of the
maturity thereof, provided that In no event shall the premium exceed 5% of the principal amount.
Bonds are callable In
Inverse order of maturities If less than all outstanding bonds are called, and by lot if less than all of one maturity is called.
principal amount for each twelve months period or fraction thereof between the date of such
These Bonds
will, in the opinion of counsel, constitute valid and binding special obligations of the City of
Miami, Florida, payable solely from revenues to be derived from the operation of the City's waterworks
The City will, in their opinion, have power and be obligated to fix rates and collect charges for
system.
facilities and commodities furnished by the municipal waterworks system so as to provide
the services,
revenues
sufficient to pay
the cost of maintaining, repairing and operating the system and to provide for the
payment of the principal of and the interest on the bonds as the same become due.
$780,000 2^% Bonds due 1946 to 1949
$508,000 1^% Bonds due 1941 to 1945
Prices to
Prices to yield 1.75% to 2.20%
yield 0.40% to 1.50%
$2,125,000 3% Bonds due 1955 to 1961
$1,150,000 2%% Bonds due 1950 to 1954
Prices to
Prices to yield 2.70% to 2.75%
yield 2.40% to 2.60%
$3,100,000 2 M% Bonds due 1962 to 1969
Prices to yield
These bonds
offered when,
are
as
2.75% to 2.80%
and if issued and received by us and subject to approval of legality by Messrs. Masslich
Mitchell, whose opinion will be furnished upon delivery.
The offering circular may be obtained in any slate in
registered dealers
which this announcement is circulated from only such of the undersigned as are
and
are
offering these securities in compliance with the securities law in such stale.
HALSEY, STUART A CO. |NC
DARBY A CO.
OTIS A
INC.
SPENCER TRASK A CO.
SHIELDS A COMPANY
DICK A MERLE-SMITH
GEO. B. GIBBONS A CO.
KAISER A CO.
CO.
(incorporated)
STERN, WAMPLER A CO. INC.
incorporated
G. M.-P. MURPHY A CO.
SCHWABACHER A CO.
R. S. DICKSON A COMPANY
DOUGHERTY, CORKRAN A CO.
CAMPBELL, PHELPS A CO.
PHILADELPHIA
incorporated
LEEDY, WHEELER A CO.
incorporated
MOORE, LEONARD A LYNCH
CHILDRESS AND COMPANY
ORLANDO
JACKSONVILLE
H. M. BYLLESBY AND COMPANY
SEASONGOOD A MAYER
POLK-PETERSON CORPORATION
DES MOINES
CINCINNATI
BACON, WHIPPLE A CO.
WATLING, LERCHEN A CO.
VAN LAHR, DOLL A ISPHORDING, INC.
DETROIT
CINCINNATI
CHICAGO
WALTER, WOODY AND HEIMERDINGER
STARKWEATHER A CO.
MACKUBIN, LEGG A COMPANY
CINCINNATI
CHARLES K. MORRIS A
COMPANY, INC.
MULLANEY, ROSS A COMPANY
MARX AND CO.
CHICAGO
BIRMINGHAM
CHICAGO
McDOUGAL AND CONDON, INC.
J. M. DAIN A, COMPANY
DANIEL F. RICE A COMPANY
MINNEAPOLIS
CHICAGO
CHICAGO
Dated December 1, 1940.
Principal and semi-annual interest, June 1 and December 1, payable in New York City.
of $1,000, registerable as to principal only or as to principal and interest, and, if registered as to both principal and
bonds.
Coupon bonds in the denomination
interest reconvertible into coupon
guaranteed as to completeness or
The information contained herein has been carefully compiled from sources considered reliable, and while not
accuracy, we
April 5,
believe it to be correct as of this date.
1941.
Dividends
Dividends
Meetings
CANADIAN PACIFIC RAILWAY COMPANY
ol c,n
American Car
NOTICE
and
The
Foundry
Sixtieth
SHAREHOLDERS
TO
Annual
Meeting of the
General
Shareholders of this Company, for the election of
Company
Church Street
30
New
of
one
the
pany,
of
and
April
Transfer
will
of
a
erally,
be
New
said stock at the
12,
mailed
York
will
The
closed
close of busi¬
be
April 19,
Chari.es J.
Howard
April 1, 1941
will be held on
Ordinary
in
Stock
closed.
of business gen¬
Wednesday, the seventh
Checks
April.
The
Transfer
Toronto,
Montreal,
London at 3 p.m. on
of
not
Books will
New
York
be
and
Tuesday, the fifteenth day
Preference
Stock
Books will
be
closed in London at the same time.
by Guaranty Trust Company
on
the transaction
daylight saving time.
1941.
books
and for
Company, at Montreal, at twelve o'clock noon,
three-quarters per cent (1 }i%)
of
Di¬
take the places of the retiring
day of May next, at the principal office of the
quarterly dividend
preferred capital stock of this Com¬
payable. April 19, 1941 to the holders
record
ness
rectors
York, N. Y<
There has been declared
on
Directors to
All
1941.
books will
be re-opened on
Thursday, the
eighth day of May.
IIardy,- President
By order of the Board,
C. Wick, Secretary
F.
For other dividends
see
page
iv.
BRAMLEY,
Montreal, March 10, 1941.
Seaetary.
Thf
ontmrcrW f
Editorials
The Financial Situation
2127
Temporary National Economic Committee
Ireland
..2139
______.2141
.
Comment and Review
Capital Flotations in March and Since Jan. 1, 1941
2145
Text of $7,000,000,000
2150
Appropriation Bill
The Business Man's Bookshelf.
Week
the
on
..2144
European Stock Exchanges
2131
Foreign Political and Economic Situation..
2132
Foreign Exchange Rates and Comment
2137 & 2186
Course of the Bond Market
..2144
Indications of Business Activity
-
.2151
Week
on
the New York Stock Exchange
2130
Week
on
the New York Curb Exchange
2182
News
Current Events and Discussions
2160
Bank and Trust Company Items
2179
General
2226
-
Corporation and Investment News
Dry Goods Trade
State and
2267
...
Municipal Department
§33
2268
^
H —
Stocks and/ Bonds
Foreign Stock Exchange Quotations
..2186 & 2187
Bonds Called and Sinking Fund Notices
2186
Dividends Declared.
2187
Auction Sales
2186
New York Stock
Exchange—Stock Quotations
♦New York Stock
2194
Exchange—Bond Quotations.2194 & 2204
New York Curb Exchange—Stock Quotations...
♦New York Curb
Exchange—Bond Quotations
Zf
3 Egg!!*
2210
.2214
Other Exchanges—Stock and Bond Quotations
2216
Canadian Markets—Stock and Bond Quotations..
2220
Over-the-Counter Securities—Stock & Bond Quotations.2222
Reports
Foreign Bank Statements
-
Course of Bank Clearings.
2182
Federal Reserve Bank Statements
2160 & 2191
General Corporation and Investment News
2226
Commodities
The Commercial Markets and the
Crops...
Cotton
on
Attention Is directed to the
2258
2261
Breadstuff s
*
2265
new
column incorporated in our tables
New York Stock Exchange and New York Ourb Exchange bondjquota-
tlons
zrsS
tS
•
2136
pertaining^tOibank eligibility and rating.
H-O
The Commercial & Financial Chronicle
XIV
CHASE
THE
NATIONAL
OF
Statement
Cash
Due
and
guaranteed
State
and
Stock
of
RESOURCES
.
Obligations,
.
.
.
»
.
.
.
Federal Reserve Bank
Loans, Discounts
.
.
and
Banking Houses
.
.
Other Real Estate
Mortgages
.
.
.
.
.
.
.....
.
.
.
.....
.
...
.
1,252,184,981.13
.
136,659,915.35
.....
.
.
.
.
.
6,016,200.00
.
.
.
.
.
.
166,831,443.42
.
.
.
.
.
38,664,688.04
.
.
.
7,344,765.54
.
.
.
.
.
.
Bankers' Acceptances
.
....
.
690,342,489.95
...
....
.
.
...
...
.
.
.
.
.
.
.
.
.
.
.....
.
$1,557,500,958.47
direct and fully
Municipal Securities
Other Securities
YORK
NEW
Banks
from
U. S. Government
OF
BANK
of Condition, March 31, 1941
:
•
:
CITY
THE
April 5, 1941
.
.
.
Customers' Acceptance Liability
.
10,583,526.54
.
11,718,814.59
Other Assets
12,397,595.99
$3,890,245,3791)2
1
LIABILITIES
Capital Funds:
Capital Stock
$100,270,000.00
Surplus.
Undivided Profits
.
.
.
.
.
...
.
100,270,000.00
.
39,268,700.26
^
Reserve
for
Contingencies
Reserve
for
Taxes, Interest,
Deposits.
.
.
....
Acceptances Outstanding
Liability
as
Endorser
Other Liabilities
.
.
on
....
etc.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
....
...
.
.
Acceptances
....
,
.
and
.
.
.
.
.
deposits and for other
Member Federal
.
...
11,206,788.47
1,557,367.97
3,617,529,656.18
13,081,576.97
262,133.65
6,799,155.52
$3,890,245,379.02
United States Government and other securities carried
trust
.
....
Foreign Bills
,;:v
public and
.
239,808,700.26
at
purposes as
$162,455,805.00 are pledged to
required or permitted by law.
Deposit Insurance Corporation
secure
The Financial Situation
continuously ringing
"liberties," and
our
keep the welkin
with impotent
our
these terms,
"cherished
"labor
in such
general terms that they remain utterly
very
ingless
as
Strong
mean¬
and remedied if
is
It is the
land,
land,
"Enemies of Democracy"
"ene¬
mies," until it is suggested
that
highly
nary
from
law of the land against
politically powerful
all,
are
spite
that
President
scribed
himself
the
by which
de¬
"emergency"
faced
we are
than
use
serious
itself.
Impasses involving
by the
tration and
We
war
presenting sim¬
''complicated"
were
Department
the
or
Labor is
of
nonsense,"
tain
must
that
through
wage
the
in
on
are
same
and
more
sort while
of
law)
attacked,
in¬
are
being
jured and
matter
their
as
have
the
very
tactics
when
the
pursuing their
own
are,
warlike
of
course,
of
enemies
both
home and abroad.
ing
hardly
mouth
of
when this
thing is going
Not much
said of those
real
the
officials
timidly looking
other way
sort of
more
on.
can
content
with
preachments
themselves
about
the obligations of citizens
who
enjoy the "fruits of
democracy"
when
it
of
about wanton destruction of property,
while self-ap¬
doing what they
can
is
men
throughout the country
nothing at all
be
public leaders
who
clear that groups
say
at
democ¬
lies in
public
who stand
the
impediment in
the path of his plans, and those of the coun¬
try, is found in
this flagrant behavior of
utterly irresponsible mobs?
If so, why does he not say so in
"straight
flung words, and few"?
rights, to
a
Boast¬
"effective
of
racy"
affairs
within their admitted
the
of
we
hopeless impotency in the
killed while
even
inactivity
nearly approaching
face
that
imply
si¬
practical confession of
March 29 to Jackson
to
If
discreet
tolerant
members
pacifists,
mean
terror
sympathetic inquiry into
are
President
and
landscape.
with
met
mobs,
the
on
death
the
the views of the individual
what Com¬
actions
responsible for the
these
(some
of them officers of the
no
tempt
of the
men
or
open and defiant con¬
for our basic laws now on parade in
Milwaukee, Chicago, Kentucky, Michigan,
and many others places?
If not, why does he make such a
point of
the old
working with his hands."
All this
against
his^ radio address
Does
the
tradition
of France
these activities within this
country, inspired
if not directed by enemies "across the
seas,"
"who, after
all, is carrying
have
besiege
right to work, and
lence,
Day diners throughout the country.
life
of
eyes
earner,
American
or
cer¬
view
to
be
death.
when actually they
are
serving the most brutal warmongers of all
time.
They have preached "peace—peace!"
In
the same way the devil can
speciously
quote the Scripture.—Franklin D. Roosevelt
industrialists
learn
ends
themselves
dealing with these situa¬
equivalent, and is
said,
lips
more
even
this sort of situation is to
still trying to play
middle.
They have
attempted to exploit the natural love of our
people for peace.
They have represented
suggested plans for
tions "utter
For
both
able wife of the President
the
the Communists.
the
across
has
munist
own
clubs,
weapons,
spread
another.
workers
with
plants, deny willing work¬
ers
They have
betrayed by their so-called champions,
wittingly help them
judge. The indefatig¬
finds
what
to be permit¬
and
stones,
proved that in their hearts they care nothing
for the real
rights of free labor.
The agents of nazism and those wno un¬
the
wrhen
seen
concentration camps or in
We have seen how the
Adminis¬
"complex"
have
one
are
and
lethal
happened to the
great industrialists of Germany, for example,
industrialists who supported the Nazi move¬
ment, and then received their reward in Nazi
ple issues plainly evident
become
falsehood.
in their Government and in
rebellious labor groups long
courted
and
or¬
by the authorities to
hands
tried to shatter the confidence of Americans
as
more
insinuation
the
or
take the law into their
ers—employers and employees.
Propagandists, defeatists, and dupes, pro¬
tected as they are
by our fundamental Civil
liberties, have been preaching and are still
preaching the ungodly gospel of fear.
They
the
has
ted
foreign
It is directed
against all Americans—Re¬
publicans and Democrats—farmers and bank¬
after
that
fact
"thugs,"
innocent
of
of
dinary garden variety of
borders by agents or—equally
dupes
groups,
consist
"labor,"
among
And it is disseminated
seas.
they
"labor," certain elements
Powers.
not at war"—de¬
the
our own
menacing—by
groups
"we,
the
across
within
when it is suddently dis¬
covered
whether
That propaganda comes in
ever-increasing
quantities,
with
ever-increasing
violence,
taken to enforce the ordi¬
important
certain
centers
selfishness.
be
action
vigorous
throughout the
whether in large
or
and
democracy are now trying,
by every means, to destroy our unity.
The
chief weapon they now use
against us is
propaganda—propaganda that appeals to
we are
have
to
any
at least whether law
or
The enemies of
supposed
simple and
very
ancient question of whether there is to be
length and breadth of the
ployed in denouncing "sub¬
abroad, where
wages,
had almost said, the so-called
we
em¬
versive influences" exerted
from
un¬
it becomes perfectly
is to be enforced and order maintained
is to be made.
progress
or,
problem" at all.
law and order in this
applied to specific conditions which must
language
Once the facts in all their
admitted,
plain that the first issue has nothing to do with
institutions" and all the rest, but keep their outcries
be faced
are
hours, the "rights" of labor in the usual meaning of
clamor about
"way of life,"
our
garb
pleasant
one
uations where politicians and patriots
they exist today.
as
WE point
APPEAR
to have reached,
or ridiculous
to be at the
of reaching,
of those
sit¬
are
to cause these "fruits" to turn to
dust and ashes in the mouths of all of us; who are
sedu¬
pointed union agitators openly defy the courts, the
lously engaged in making "democracy" a laughing
police and the Government to restrain them, and
stock in non-democratic countries;
while
obviously
an
anxious citizenry
daily
grows more
anxious
about the future.
are
having their
interested
own way
flood of Jackson
glittering generalities
or
is not pious platitudes,
a
Day oratory
At about the time late last week that the President
was
calling for "courage and
"management" and
and
more
frank, fearless and virile facing of facts
Of this
enough—as the
amply demonstrated.
prolonged and often pointless
discussion of the relative merits of
"labor," but
at the point of a gun.
type of statesman, too, we have quite
The Facts
What is needed immediately
and who perfectly
chiefly, if not wholly, in
more
courage—action
action," the Governor of the State of New
York, long
a
darling of the New Deal,
was
saying that
The Commercial & Financial Chronicle
2128
"the enjoyment of the
imposes
must not abuse the
protected in their liberties by
are
democracy
this, of
the spirit.
in
success
measure
principles and institutions which alone have made
cases,
possible to determine whether these sentences
directed at those who
are
As is usual in such
are now
less
is
of
little
would be
What is
importance.
if the individuals
or
com¬
organized
or
the
the
is the
more
lamentable by reason of the
more
perhaps than in
fact that
enforcement
would
at
eliminate
once
a
day
In
case
after
soon
approaching
earners
wage
it has
case
nothing
very
or
such
All but definitive and conclusive
interruption.
evidence
the
a
"strikers," if that they
substantial
minority
plants, and that they
or
of the workmen in
able to
were
operations, only
dispassionate observer
of
well doubt that
can
plants of great importance
day be operating
normally,
number
a
closed would to¬
now
or
nearly so, if
very
only the authorities had made it safe for those
to
work
who
instances
when
wanted
groups
protection
been
close
a
down
was
not provided,
President
which
brought
to
travesty
in
several
for
managers
and
to
What
order.
Government!'
"courage
has
pressure
and
peace
orderly
undertaken to
point
plant
upon
restore
upon
calls
Indeed
men
wishing to continue work have,
protect themselves—at
usually
work.
to
No
And
more
the
cour-
rage" while his subordinates and admirers speak
vaguely
about
the
down-trodden
and
"wince
and
relent and
refrain" when
tion where many
want
to
work,
cracked heads
And
what
but
or
it need
is
So far
refrain
must
really
situa¬
a
upon
pain
as
the
The
bottom
answer
of
this
is not far
the Administration is concerned
only be said that the New Deal has for three
into office primarily
result of the almost united
support
the elements
now
causing the trouble.
of precisely
It has in the
past had occasion to administer correction
elements,
occasion
when
public
opinion
to these
to
"get what they
which makes the Nation suf¬
today
rows—but at bottom
own
in
are
real if somewhat
a
new
jurisdictional in nature.
explanation of the words of the A. F.
to
menace
minority
day when he said that "The
defense program
our
is the strike
to gain control by strategy that
group
on a
basis of union
membership.
picket line keeps workers out of the plant
so
that
production is stopped and the minority leaders, with
the
help
of
negotiating
-
Government
a
"Later the
union
holds
dues.
that
friends,
the
The
American
union
members
inalienable
minority strikes
as
defend."
It
pound for sins
is,
of
free
are
But
quite
we
seek
inclined to by damning those
as
given to this practice
mind to" and labor leaders
appear to
as
any
of the rest of
The American Federation of Labor
knows, been guilty of
many
always at the
earners, in recent
ned
not
old human frailty to "com¬
an
we are
Labor
do
workers.
endanger the freedom
have
but not
of
unionism
Strikes to right wrongs
right
we
no
Federation
and
organizational strategy
another matter and
to
for
credit
picket line is used to force payment of
result from these methods.
are
gain
truce.
has,
be
us.
as every one
misdeeds, particularly
expense
of non-union wage
months, but it has been
more
sin¬
against than sinning in this particular aspect
of the situation.
At any rate, it is due credit for
making quite clear what is going on in many plants
today, although it might have added that the obvious
of
in putting amend to this practice is that
simply keeping the streets
safe for
men
open
and making it
to work.
When this latter has been
done, and similar action
taken to prevent
tribute upon
Mr. Green's unions from levying
non-union workers, there will be time
to deal with such other matters
as
are
left for dis¬
cussion, including old-fashioned jurisdictional dis¬
putes and the usual type of demand by the unions.
almost
obliged it to do so, but it has always founded
means
of
labor ills
first step
at
consecutive terms been swept
as a
with
worse!
anomolous state of affairs?
to seek.
faced
if not most of the "down-trodden"
unions
the
one
has not been earned
given
by resort to the crudest of unlawful violence.
a
The
suspension,
cause
substantial curtailment of
even
by
be called, constiuted
can
of
internecine
these
to
all this is, of course,
upon
result of labors
a
second
early to light that
come
effort
Here is the
in the desire to be party to
has, indeed often
origin
of L. President the other
involved concerning the wisdom of
interrupting work
as
sense
the
among
usual
our
become clear that there
unanimity
their
owe
defend itself from
larger part of the difficulties
Super-imposed
givable than the
fer
large part of the ills we now suffer in the labor field.
was
Much the
"the getting is good"—an attitude much more for¬
history there is good reason to believe that mere
law
of the others
can" for their members and for themselves whenever
comparable period in our
any
of the unorganized and
grips to advance itself
Law Enforcement the Need
laxity in the enforcement of law
determined to advance
groups are
the expense
at
at the expense
strifes.
This outrageous
which
among wage earners
each of the former is at death
of
much softr-headed sentimentalism.
and
both separate and opposed
are
large element
the other.
posing them had not been made the subject of so
which
"Organized labor" in
split into two definite
now
different, if not actually hostile, to all unions,
themselves
quickly enough taken if these mobs had no
important political backing
country
Both
needed is
now
of this state of affairs.
this
is
small
no
understanding of the true inward¬
ness
is in
action," of precisely the sort that
more
The situa¬
of those to which
one
dealing with it will depend in
to another
mythical "fifth column," but perhaps that
"action and
by far merely
upon an
hostile camps
engaged in defiantly
disobeying the statutes of democracy or at some more
or
But
course.
ordinary labor problems periodically give rise, and
the
possible/'
the "cour¬
summon
only explains New Deal weakness in
tion itself is not
It is contemptible for anyone who en¬
those benefits
catastrophically
even
courage" to alter this
more
course,
joys the benefits of democracy to seek to undermine
it is not
indeed—perhaps
the face of this serious state of affairs.
statutes
our
obey those statutes not only in the letter but in
must
and
age
Those
privileges of democracy.
extreme
extreme—before it will be able to
heavy responsibility to respect those rights.
a
Those who benefit from the blessings of
who
be
rights accorded by democracy
April 5, 1941
some
Federal Reserve Bank Statement
of
to "war
avoiding it—continuing throughout as now
as
gently as any suckling dove" where these
groups are concerned.
The situation will
probably
SIZABLEnoted
changes in some important
indices are
banking statistics
for
to be
the weekty
in the official
period ended April 2.
The total of
Volume
ber bank
excess
reserve
ments continued to
ment week
deposits
legal require¬
over
decline, the drop for the state¬
amounting to 170,000,000.
the total at
$5,940,000,000,
under the record
inl circulation
This places
just $1,000,000,000
or
high noted last October.
increased
$102,000,000
significant factor in
weekly period.
The
pressed banking
the
$8,944,-
dollar for dollar,
reserves
as
of
variations
1939 to
month's exports
progress
f
om
June,
During that period every
topped the corresponding month of a
previous.
year
In view of the
in
ments
steady concentration of
manufactured
certain
and
our
factured
present capacity rates, it is naturally to be
that
goods,
being produced at
expected
shipments are not to proceed
of which
many
increased
the
ship¬
semi-manu¬
the
due
was
upward movement in
November, 1940.
the
increase, which de¬
currency
out of the
Currency
to
000,000, and this advance must be regarded
most
2129
The Commercial & Financial Chronicle
152
are
The British Empire, which in '
without interruption.
But the trend
January took about two-thirds of
our
long has been sharply upward and the aggregate now
pared with about one-third only
a
noted establishes another
represents today virtually a limitless market for our
in part to
month-end requirements.
high record.
New
money
financing by the United States Treasury also de¬
munitions
pressed banking
tural surpluses.
with
payment
bonds
Federal
was
made,
up
banks
Reserve
March
for
31,
increased
decline in non-member deposits with
Monetary gold stocks
regional institutions.
were
$25,000,000 to another record at $22,384,000,000,
but the Treasury
which
did not immediately
banking statistics.
On the demand side
acquisition,
affect the
of the credit
therefore
York
New
effective.
City
weekly
reporting member banks found their business loans
up
$9,000,000 in the statement week, to $2,073,-
This re-establishes
000,000.
which
was
trend in New York
interrupted in the two preceding weeks,
nevertheless
which
but
a
has
been
common
the
in
Loans by the New York City
country as a whole.
reporting banks to brokers and dealers on security
collateral fell
$370,000,000,
$21,000,000 to
appar¬
ently because Treasury financing was completed,
■r-
The condition statement of the 12 Federal Reserve
banks, combined, indicates
an
But Treasury bonds
securities, at $2,184,100,000.
the
held in
period
by
unchanged total of
States Treasury
portfolio increased during the weekly
$29,000,000
to
$1,363,800,000,
while
Europe, which formerly bought
of
$10,141,000 in January from $105,553,000 in Jan¬
1940. Exports to Japan dropped to $11,588,000
uary,
in
January from $29,707,000 a year before and to
South America decreased to
Exports in the first two months this year were
the
Agricultural shipments in
period of 1940.
same
February totaled only $24,312,000 compared with
Other cash of the
banks
receded, and total
reserves were
258,000 to $20,435,647,000.
in actual circulation advanced
227,000.
declined
account
bank
down $18,-
Federal Reserve notes
$79,783,000 to $6,159,-
Non-agricultural
$80,252,000 in February, 1940.
the other hand
715,000
a
to $273,961,000 from $258,-
before.
The greater part of the
year
decrease in farm
this
on
were up
shipments
was
in cotton. Exports of
staple in February amounted to only 61,059
bales worth
$3,800,000 compared with 793,934 bales
valued
$44,283,000
at
in
February,
52,848 bales valued
January
at
last
1940;
$3,120,000 were
exported.
the
Among
nonagricultural
shipped
items
February, 1940
chiefly machinery, aircraft and firearms and
in
quantities than
greater
Iron and steel
munition.
as
a
of
ment
year
shipments
were
these materials
Great Britain for the
present because of sufficient supplies.
year
am¬
about the
suspended orders for ship¬
to
exports in February were only about
a
in
were
earlier, and it is of interest to note
Gold certificate
$1,000 to $20,101,279,000.
with 25.4% in
7.5% agricultural compared
only
same
off
$29,188,000 from $38,-
568,000 in January, 1940.
that this week the British
were
Total shipments
products.
our
Europe outside the United Kingdom dropped to
Treasury note holdings fell similarly to $820,300,000.
holdings of the regional banks
a
farm exports, is not an active mar¬
our
ket today for any
to
holdings of United
market
open
large share of
picture, the steady increase of funds in
remains
use
failed to reimburse itself for the
previous,
goods, but does not require our agricul¬
The Continent of
as
$500,000,000
Offsetting such factors,
previously offered.
in part, was a
the
for the Treasury account
reserves,
12
the
exports com¬
year
half
Petroleum
great as
as
previous.
Total deposits with the regional banks
Imports in February rose to $233,702,000 from
with the
$228,671,000 in January and $200,068,000 in Feb¬
$72,250,000 to $16,254,556,000,
variations
reserve
consisting of
a
fall in member
balances by $126,945,000 to $13,505,-
ruary
the
last
year.
Except for last December they were
greatest since January,
Crude rubber,
1940.
824,000; an increase of the Treasury general account
tin, coffee and wool were all imported in substantially
by $138,595,000 to $1,044,871,000; a drop of foreign
greater quantity than in February, 1940.
deposits by $19,749,000 to $1,148,403,000, and a
of other deposits by $64,151,000 to $555,-
decline
458,000.
The
Discounts by
reserve
ratio fell to 91.2% from 91.3%.
were off
the 12 Federal Reserve Banks
Industrial advances dropped
$137,000 to $7,820,000, while commitments to make
February's export balance of trade amounted to
$69,711,000, substantially less than the $96,684,000
balance recorded in January and the $147,038,000
export surplus of February, 1940.
The
$257,000 to $1,041,000.
such advances fell $55,000 to
ruary,
was
$7,260,000.
gold movement to the United States in Feb¬
while amounting to
as
much
as
$108,615,000,
considerably below January's $234,246,000 and
February 1940's $201,475,000, and was the smallest
Foreign Trade in February
amount received in any
THE country's
export
trade
in Februaryin decreased
$303,413,000
from
$325,355,000
January,
to
and from
$347,106,000 in February,
1940.
Con¬
sidering the fewer days in February, the reduction
from January
is hardly significant, but February is
the third successive month to show a year-to-year
decline and this implies at
least
a
temporary leveling
Exports of gold
were on a
the
were
month since October, 1939.
negligible.
Silver imports also
$3,292,000
reduced scale amounting to only
smallest of any month since
May, 1937.
In
January imports of this metal amounted to $4,576,000
and in
of
February, 1940, $4,070,000. Exports of silver
$817,000
were
larger than usual comparing with
$319,000 in January and $298,000 in
February, 1940.
The Commercial & Financial Chronicle
2130
The New York
Stock^Mar ket
were
April 5, 1941
in heavy demand, and priorities were indicated
BRIEFLY,
but none
the less
definitely,
signs
of in
a growingmeanwhile,
list of metals,
price improvement
being
appeared
this week
in the
New York
stock
restrained,
by Administration
observers,
life
market.
During
sessions
most
amount of business was
mixed.
were
creased
Trading
almost
New York Stock
the year were
to
one
two
of
Exchange, and
registered
points.
scores
The session
of highs for
touched
new
low levels.
active,
was
of
to hearten the
financial district to
especially because prices improved
a
Railroad stocks
improvement only
also
tended
a
little.
Other classes of equi-
advance
to
Thursday, and the
on
gains then established represent
the net
changes for the week
tions in other sessions
the first three
equities
steadily
general rule
as a
whole, for varia-
as a
just about offset each other.
sessions of the week
remained
500,000 share level
on
favorites
were
under
trading in
the
diminutive
the Big Board.
After the
flurry
on
vailed
yesterday, but business
Thursday, quieter tendencies again
active than in the
were
at least
was
early part of the week.
premore
Indica-
arrangements, Tuesday and Wednesday,
for sales of three seats
on
the New York Stock Ex-
year
106 stocks
while 81 stocks
high, levels and 63
new
low levels,
new
the New York Stock Exchange
on
a
re-
mained unchanged at 1%.
On the New York
de-
the in-
on
of turnover.
tive
Call loans
for
On the New York Curb Ex-
change 99 stocks'touched
stocks touched
save
Stock Exchange
high levels for the
day, with profit-taking yesterday modifying
In
On the New York
new
stocks moved upward
as
dull,
were
the Canadian dollar,
on
touched
of the
ties
smaller discount
the
on
crease
the
Foreign exchange dealings
Thursday, however, in-
on
1,000,000-share level
preceding weeks and months of business,
It served
gree,
modest
a
only by comparison with the pervasive dul-
course,
ness
the
to
only
done, and price tendencies
Saturday
shares;
Exchange the sales
209,000 shares;
were
on
Stock
on
Monday, 435,610
on
Tuesday, 433,730 shares;
Wednesday,
on
446,210 shares; on Thursday, 042,660 shares, and
Friday, 703,320 shares.
On the New York Curb Exchange the sales
Saturday
shares;
58,900 shares;
were
on
on
on
Monday, 84,475
on
Tuesday, 82,745 shares;
93,085 shares;
on
on
Wednesday,
Thursday, 110,867 shares, and
on
Friday, 110,455 shares.
There
was
little to contrast Saturday's stock mar-
ket of last week with that of the week previous,
Trading hit the doldrums early
as
market interest
approached the vanishing point, and the only spark
of life discernible was to be found among some of
the rail and
small number of individual stocks,
a
At the closing prices ruled steady and mixed.
Low-
change at f22,000 each, this price representing a
drop of $3,000 from the last previous transaction,
priced railroad and public utility shares enjoyed
The
general list suffered much curtailment from the
figure is the lowest since 1898, when
took place at $19,000.
The advance in
able to
carrier
a
transfer
speculative interest
on
Monday
trading in the
as
un-
certainty growing out of complications arising from
stocks
was
easily traceimproved monthly earnings reports, and indi-
the
Our seizure of German, Italian and Dan-
war.
cations that railroad business will continue to in-
ish vessels using United States ports as a place of
refuge worked against any departure from the cus-
the defense and aid to Great Britain
pro-
tomary conservatism exercised by traders of late,
crease as
The acute shortage of merchant
grams progress.
vessels,
suggests
moreover,
diversion
a
of
coastwise sea-borne traffic to the railroads.
advances
appeared at times in
stocks, for the great
business
steadily
of various
were
Modest
low-priced utility
companies find their
power
advancing.
descriptions
much
Industrial
equities
in occasional demand,
and
gains also were numerous in this group. Prospects of heavy taxation increases restrained the
upward
tendency, as a matter of course, and a wave of
strikes
in
the
industrial
proved perturbing.
War
subject to both favorable
interpretations.
kans
with
railroad
the business.
many
dealings
rier
equities active.
was
and
on
in
the
Bal-
the sidelines,
usually heavy at times,
same reasons
that
kept
car-
Sharp improvement in price
thin
Foreign dollar
market.
securities
but
a
belief that
one
fol-
were
statement
a
a
suggestion
such official action, but traders took the
position that the
a
news had some merit. As a result
brisk demand for Dominion securities both in
on a
Canadian Pacific took
volume of 24,900 shares and moved
fractionally higher.
As for the rest of the list it
plodded along in lazy fashion, attended by irregular
improvement, and closed steady and mixed.
thin market obtained
on
A very
Wednesday, and equities
to all appearances
were
developments of
a
domestic
trend of prices
was
immune to rapidly changing
or
foreign nature.
The
not clearly defined, activity
being largely confined to special situations.
Great Western preferred added % of
a
Chipoint
20,800-share turnover, placing that issue in the
forefront
as
the day's most active stock.
ment store stocks were also
one
headed by Gimbel Brothers
shares.
Depart-
of the day's features,
on
a
volume of 7,400
Other stocks in this group managed to at-
firm,
leading agricultural staples aided
pulled itself together and chalked up gains running
Congress will
profit-taking sales
set
were
quiet,
occurred in the
commodity markets
the securities sections at times.
on
had heard
never
tain higher levels. Rubber stocks, too, enjoyed moderate gains, while steel issues were only slightly
changed on the day.
The market on Thursday
changes in prices
The
and advances in
any
on a
Best grade corporate bonds
sizable
of
idle and
idly, the small fractional variations of
day being offset by contrary movements in the
that the United
President Roosevelt issued
to the effect that he
cago
drifted
some
face value.
Other specuwere
nar-
Traders
whereby it would accept the Canadian dollar at its
the lead
unfavorable market
exceedingly
on an agreement with Canada,
bonds and stocks took place.
Treasury securities
mostly steady.
reports
upon
working
was
lative issues of domestic
corporations
little changed.
United States
but
was
also
the rule in railroad bonds.
lowing session.
Tuesday seized
States
from Europe
investors
were
on
an
pattern and closed irregularly higher.
mining fields
bonds furnishing the
great bulk of
Buying of speculative railroad liens
developed for much the
levels
news
The extreme tension
probably kept
Listed bond
and
The market in the main followed
row
were
Wheat improved
to two points on the heaviest turnover in business
high loan values,
for the current year.
cut the advance.
Base metals
Dealings
greater number of issues than
spread over a
Wednesday, and
were
on
Volume
Che Commercial & Financial Chronicle
152
the ratio of
gains to losses
ran
about five to
and
prices, and the list at the finish established its best
position since early February.
in the
light of key issues,
the most active
the
on
oil
stocks
attained
The market
year.
wreek-end
terday at 8% against 8%
Friday of last week;
on
Boeing Aircraft at 15%- against 15%, and Douglas
Trade and industrial reports indicate good main-
largest share volume,
their
Friday
on
Stocks, considered
To New York Central 5 Aircraft at 74 against 73.
day.
RR. went the laurels for the
while
Phelps Dodge at 29% against 28%.
In the aviation group, Curtiss-Wright closed yes-
not numbered among
were
-"I
American Smelting & Refining at 49% against 40,
one.
Rail and oil shares furnished the initiative for better
\
2131
best
was
prices of the
tenance of production and distribution schedules,
confronted with
with all indications pointing to still greater activity
profit-taking, which, in view of the note-
if and when strike troubles
can
be settled.
Steel
worthy progress of the day before, proved rather
operations for the week ending today were estimated
made in the first hour, but
by American Iron and Steel Institute at 99.2% of
heavy.
Best gains
thereafter
values
were
suffered
some
previous levels and closed firm.
the broadest of the year,
exerted
pressure
throughout.
on
In
readjustment
The list
was one
in
capacity against 99.8% last week, 97.5% a month
of
ago,
and notwithstanding the
prices,
a
firm tone persisted
reported
on
power
Electric
Edison
by
Production
for the week ended March 29
Institute at
was
2,802,-
255,000 kwh. against 2,808,915,000 kwli. in the pre-
comparison of closing prices for
a
Friday of this week with final quotations
and 61.7% at this time last year.
of electric
ceding -week, and 2,422,287,000 kwh. in the corre-
Fri-
Gar loadings of
day a week ago, the trend of values was definitely
sponding week of last year.
higher.
freight for the week to March 29 were reported by
General Electric closed yesterday
32%
Co. of N. Y. at
Electric at
at
the Association of American Railroads at 792,125
at 32% against
Friday of last week; Consolidated Edison
on
revenue
cars, an
20% against 20%; 'Columbia Gas &
and
cars,
increase
over
the
over
the previous week of 23,617
same
week of 1940 of 163,204 cars.
3% against 3%; Public Service of N. J.
As indicating the course of the commodity mar-
25% against 24%; International Harvester at 48
kets, the May option for wheat in Chicago closed
against 47%; Sears, Roebuck & Co. at 72% against
yesterday at 92%c. against 90c. the close on Friday
71%; Montgomery Ward & Co. at 37% against 36%;
of last week.
Woolworth at 30
against 66%c. the close on Friday of last week.
Tel. at
closed
Union
May
against 37c. the close
yesterday at 22 against
closed yesterday at 67%c.
corn
May oats at Chicago
160% against 162%.
Western
closed yesterday at 37%c.
on
Friday of last week.
Friday of last week; Allied Chemical & Dye
The spot price for cotton here in New York closed
157% against 154; E. I. du Pont de Nemours at
yesterday at 11.53c. against 11.35c. the close on
21%
at
against 30%, and American Tel. &
on
against 145%;
149%
National
Cash Register
Friday of last week.
at
The spot price for rubber
closed yesterday at 22.0Oc. against 23.0€c. the close
13% against 13%; National Diary Products at 13%
Friday of last week.
Domestic copper closed
against 13%; National Biscuit at 17% against 17%;
on
Texas Gulf
yesterday at 12c., the close on Friday of last week,
Sulphur at 35% against 35; Loft, Inc.,
18% against 18%; Continental Can at 38 against
In London the price of bar silver closed yesterday
36%; Eastman Kodak at 136 against 135; Westing-
at 23% pence per ounce, the close on Friday of last
house Elec. &
week, and spot silver in New York closed yesterday
at
Brands
at
Mfg. at 96% against 94%; Standard
at 34%c., the close on Friday of last week,
6% against 6%; Canada Dry at 12%
In the matter of foreign exchanges, cable transfers
London closed yesterday at $4.03% against
against 11%; Schenley Distillers at 9% against 9%,
and National Distillers at 21
In
last
rubber
the
closed
group,
against 21.
on
$4.03% the close on Friday of last week,
Goodyear Tire & Rubber
yesterday at 19 against 18% on Friday of
European Stock Markets
week; B. F. Goodrich at 13% against 12%, and
United States Rubber at
Railroad
stocks
Vy
improved their price levels the
against 24%
Friday of last week; Atchison
on
the stock exchanges, this week, in the leading
European financial centers, most sessions remaining
Pennsylvania RR. closed yesterday
present week.
at 25
AANLY occasional flashes of activity brightened
24% against 22%.
War
dull.
reports
were
mixed
and
apparently
Topeka & Santa Fe at, 27% against 25%; New York
created little optimism in any European market.
Central at
13% against 12%; Union Pacific at 79%
The London Stock Exchange developed a firm tone
against 75%; Southern Pacific at 10% against 9%;
in early sessions of the week, owing to the stunning
Southern
defeat of the
Railway at 13% against 13, and Northern
Pacific at
stocks
Steel
to
rose
United States Steel closed
Italiay Navy in the Mediterranean.
Gains were modest, however, and were offset in a
6% against 6%.
higher levels
this
slow subsequent downward drift.
week,
yesterday at 57% against
lems
Budgetary prob-
prominent in all calculations of the Brit-
were
Friday of last week; Crucible Steel at 40%
ish market, for the close of the financial year on
against 39%; Bethlehem Steel at 78% against 76%,
March 31 brought the official disclosure of expendi-
and
tures of £3,867,245,670, whereas ordinary revenue
56%
on
Youngstown Sheet & Tube at 35% against 34.
In the motor group,
General Motors closed yester-
was
only £1,408,867,097, leaving a deficit of £2,458,-
This performance, it was realized, means
day at 43 against 427s on Friday of last week;
378,573.
Chrysler at 64% against 62%; Packard at 3 against
additional taxation in the impending budget presentation and the market was cautious while the deci-
2%; Studebaker at 6% against 6, and Hupp Motors
at
sions
% against 7/16.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 36% against 35% on Friday of last
week;
Shell
Atlantic
Union
Oil
at 13
Refining at 23%
against 11%, and
against 22.
-
were
awaited.
The Amsterdam Bourse started
the week in quiet fashion, but a spirited rally took
place Wednesday, as foreign exchange barriers between Germany and the Netherlands were lifted and
both Germans and Hollanders bought securities.
Among the copper stocks, Anaconda Copper closed
Gains ranged from 1 to 22 points, and only part of
yesterday at 25 against 24% on Friday of last week;
this advance was offset in a profit-taking session
The Commercial & Financial Chronicle
2132
The Berlin Boerse was easy in the
week, but firm thereafter, and net
Thursday,
on
first half of the
changes for the week
business
any
was
whole
as a
done
were
minor. Hardly
transferred to the Atlantic
ing shortage of shipping.
merous
registry in American ports were suddenly resolved,
The German and Italian
ships.
were
interned, and trials
last
Sunday, when details of the Coast Guard took
whether
such vessels from the
our
from President
Acting
American
small
that
about ten Italian
seizure of Axis
States ports.
German vessel and
Legal color
shipping in
given the
was
ports by citation of
our
vessels if, in the
opinion of the Executive Department, such action
injury
or
"to
necessary
harbor
that
or
waters of the United States."
machinery
some
being destroyed
was
reached
week, and
resistance
Washington
damaged
or
ships
authorities
late
action followed immediately.
No
encountered in any
was
that
appears
Information
of the German and Italian merchant
apparently
last
such vessels from damage
secure
to prevent damage or injury to any
or
ships
some
were so
instance, but it
badly damaged that
weeks, and perhaps months, must elapse before they
again be made serviceable.
can
This
action
seizure of German
followed
is
the French
no
by
an
of
American
the
ships in 1917, which quickly
American declaration of
was
There
war.
parallel in the current action, but
necessary
few observers affected to
see
a
question
similar
a
The
course.
international law
lowed the
the
crews
on
the
in
harbors, and also for action
our
more numerous
obvious that
a
Danish
ships.
It
and
one
Italian
was
in
Washington, this week.
were
such
representations
Italian
pears,
State
protest
was
was
a
received
That the United States
Government will not be influenced for
made
a
moment
quite clear.
relatively mild
one,
by
The
it
ap¬
but successive notes were received by the
Department from Berlin, and in such com¬
Twelve Axis
ships
ships
their
made that the action could
"friendly act," and
The
a
said to have been
reports the
men¬
point
was
hardly be regarded
as a
few German commentators dis¬
the "Wild West" tactics of the seizure.
on
Rica.
was
of them
some
taken.
cus¬
were
German
Three
a
significant that
air line
In Venezuelan
burned by their
were
Feeling against the Nazis
set afire and
an
A small German freighter in
Ecuadorean port was set afire.
crews.
police
as
Costa
but Peruvian authorities extended
ports four Axis ships
own
high in
so
ran
German-operated hotel in Caracas
destroyed.
It may or may not be
German and two Italian ships
one
slipped out of Brazilian ports, last Saturday, for
Russian ports.
voyages to
Foreign Policy
NOT only in the matter of
Axis ship seizures, but
the foreign policy of the
also in other ways,
Administration
Italian
in
Washington developed steadily,
week, in the direction of all-out aid to Great
this
Britain, Greece, Yugoslavia and China.
seizures
matic
be
can
The ship
expected to reverberate in diplo¬
exchanges for
some
time to
come.
That rela¬
tions between the United States and the Axis Pow¬
requires
coursed
action
in
over,
taken into "protective
were
operated by Germans.
ers
press
them
was
German
one
to include the seizure of
measures
existing treaties between Germany
German
But
as a warn¬
heavily damaged in Peru, just before that
were
States
In
take
scuttled before
and the United
tioned.
ship seizures.
Crews of
tody" in Mexico, Tuesday, but
munications the
are
promptly fol¬
quite
was
taken, and protests from
the German and Italian Governments
obstacle.
prove no
ship set fire to their vessels
to
diplomatic dispute would develop if
and when such action
and in
one,
Washington also served
approached
to
agitation in recent months for seizure of the Axis
possibly will
of the ships.
States
vessels tied up
sizable
a
shipping situation fine points of
of the Italian and German vessels tied
done to many
an
in United
up
in Latin America, and extensive damage
up
was
Kingdom, occasioned much
ships tied
matter of Axis
the orders from
Venezuela that
United
sent back to their
were
precedent set by the United States Gov¬
ernment in
ing to
con¬
raised whether any action
Various Latin American countries
transport of
the
punished under
ships, and after brief
regime at Vichy is
the present world
in the
supplies from the United
or
The tonnage subject to orders from
shortage of shipping in all services, and especially
war
was
promptly
seamen
appeared to be quite
the French
on
country acted,
reminiscent
was
The
would follow
ized examination and control of any
on
vessels.
was
on one
seamen
examinations most of them
over¬
ships.
to be deported
are
Danish
incident
The
placed
was
be held to determine
may
tent with the seizure of their
Espionage Act of June 15, 1917, which author¬
was
they
laws.
since the Reich forces
country.
precipitated by sabotage
the
ships in vari¬
harbors, but also 39 Danish vessels
which had been tied up
whelmed
orders
on
Itoosevelt, the Coast Guard not only
seized the two German and 28 Italian
ous
Since the seizure of Danish
the legal aspects of action with respect to those
upon
over
crews.
made by
was
ships went unprotested, less emphasis
LONG STANDING
questions
to the
numerchant
ships of relating
German and
Italian
-i
No protest
Washington that full payment would
be made for the vessels.
Axis Ships Seized
because of the grow¬
run
Danish authorities against the seizure, and it was
intimated in
the German market.
on
April 5, 1941
will not
no
improve
of the action
as a consequence
emphasis.
The allegation
was
advanced
in
Washington that the Italian Naval Attache, Ad¬
miral Alberto Lais, was connected with the
sabotage
of
machinery
on some
of the seized vessels, and Sec¬
retary of State Cordell Hull
on Thursday formally
Embassy that Admiral Lais was
ships taken under control aggregated
168,944 tons, while the two Germans vessels totaled
notified the Italian
9,086 tons.
Wednesday arrested four Americans in Berlin, and
for a time the impression prevailed that this action
The
legal position with respect to the 39 Danish
ships seized immediately after the Axis
taken into
All of the Danish
and
no
vessels
were
"protective custody" is not entirely clear.
hint
or
ships proved to be spic and
trace of
damage
was
span,
discernible in
instance.
persona, non
might be
leased
tion
on
of
ments for vessels lost in the submarine warfare
States. '
Thursday.
informed
in
hardly
care
..
on
But the Americans
.
circles
declare
to
.
•
;-V
were
tck
Despite such steady deteriora*
diplomatic relations, the belief
voiced
or
The German Government
sort of reprisal for the seizures of two
German vessels here.
The simple fact is, of course, that
the Danish ships long have been coveted as
replace¬
any
a
grata.
->■
that
war
the
against
,Cy-
was
Axis
the
freely
would
United
Volume
President Roosevelt made
one
of the characteris-
in view of the statements by the victors in the
battle,
Florida, last Saturday, which tend
The story that was pieced together from British
place the United States ever closer to the brink
official and unofficial accounts indicates that the
Italians were lured from their bases, with the Brit-
tic statements in
to
2133
The Commercial & Financial Chronicle
152
of actual conflict.
In
radio address to his fellow
a
Democrats assembled at Jackson
President called upon
and firm in "our determination
and all
resources
our
Day dinners, the
all Americans to stand united
that, with all our
shall help those who
power, we
ish cruiser Orion as the bait.
The unwillingness of
the Italians to come to grips with British naval
forces taxed the ingenuity of the British Command,
and
Sir
Admiral
Andrew
Browne Cunningham
Aerial reconnaisance
block the dictators in their march toward domina-
proved quite equal to the task.
tion of the world."
The
had indicated the presence of strong Italian forces
possibly will
of historic significance.
prove
phrase "with all
our
power!'
On his1
way
north from his fishing trip in the Caribbean,
Mr.
Roosevelt
ditional
war
had been
transfer
the
of
the lend-lease bill.
Some
being prepared for shipment to Greece
would have permitted the swift Italian vessels to
retreat to the safety of their own bases.
In these
circumstances strong British forces edged up to the
scene of
eventual action, off Cape Matapan, in
The Italians apparently were in superior
Greece.
On his
strength, with three battleships, 11 cruisers and 14
Washington, Tuesday, Mr. Roosevelt dis-
destroyers, while the British force consisted of three
inspected by the President, Monday.
arrival in
ad-
supplies to Great Britain and Greece
ordered under
field guns
were
that
revealed
in the Ionian Sea, but an ordinary chase probably
closed that
$1,080,000,000 already had been allocated
battleships, one aircraft carrier, four cruisers and
Light Greek naval units were
from the recent
$7,000,000,000 aid to Great Britain
"some" destroyers.
appropriation.
Possibly of greatest importance for
discus-
present but took no part in the engagement,
Ample use apparently was made by the British
the question of
force of aerial scouting, and bombers from the air-
the future of the country was
sion in the
the start of
Senate, Wednesday,
on
a
craft carrier possibly played a highly important
convoying ships to Great Britain.
Battle
Mediterranean Naval
accounts of the battle suggest that the
role*
Midi
Italians
were
woefully lacking in aerial reconnai-
WHAT is unquestionably
the most important
sance,
despitetothecutproximity
shores.ships,
In
European
fought
the endeavor
the speedofofItalian
the Italian
naval battle of the
fleet
war was
March 28, with the
British
British airplanes attacked an Italian battleship, the
achieving an outstanding victory over Italian
Vittorio Yeneto, of 35,000 tons, and actually lowered
in the Mediterranean
on
warships.
The battle ended in the sinking of at
least five
important Italian ships and the probable
damage of several others, while not a single British
this
was one
accompanying
A portion of the main British fleet,
headed by the battleship Warspite, managed to close
In many
with Italian units in the darkness of the late hours
of the most remarkable naval
of March 28, and as searchlights from British <Je-
warship suffered damage of
ways
the speed of that vessel and of the
lighter units.
kind.
any
warships,
engagements in history, and assuredly one of the
stroyers suddenly illumined the Italian
most one-sided.
the 15-inch guns of the Warspite belched again and
attack
aerial
Already crippled by the British
last
on
year
the Italian
base
at
again.
Three Italian 10,000-ton cruisers, the Pola,
Taranto, and by occasional losses in other encoun-
Zara and Fiume, were struck by broadsides and rap-
ters, the Italian fleet now is reduced to a degree that
idly became masses of flames.
affect the entire course of the
may
though the Italian ships at
no
time proved
to the British units in the Middle
necessary
a menace
Sea, it has been
since Italy entered the war last June for
the British
Command
Some of the British
to
keep large forces there.
ships presumably
sent into the Atlantic for action
raiders and submarines
Nazi
Even
war.
can now
be
against the German
which, in cooperation with
fliers, have accounted for uncomfortably large
tonnages of vitally necessary British and allied ship-
Whether the Mediterranean is likely to be
ping.
•opened again to merchant shipping remains to be
The German-Italian aerial threat to merchant
-seen.
vessels
.as
won
were
lifted
by
the
news,
while
1,000
Saturday by the British units, which then slowly steamed
away owing to the attacks of German dive bombers
upon the rescue ships.
A wireless to the Italian
Naval Staff indicated the position of the Italians
still unrescued and assurances were given that hospital ships would not be molested. It was assumed
in London that the Italians hastened to pick up
downing
of
those
ships.
Approximately
Italian survivors were picked up early last
others who still needed
help,
sufficient to indicate that only a relatively modest
highly
was
important from the viewpoint of morale.
^hearts
British destroy-
rushed up to the cruisers and completed the
Italians
The extraordinary
by Great Britain last week
ers
British
ordinary maritime activities, so long
Italy remains in the war.
victory
stroyer Maestrale, also were sunk.
the British units
that contrasted in the sharpest possible manner with the
timid and retiring tactics of the Italians. Although
the Italian Navy remains sizable, this contrast is
perhaps will prevent general us$ of the Medi-
terranean for
The large Italian
destroyer Vincenzo Gioberti, and the smaller de-
In
this exciting
encounter
maneuvered with a dash and boldness
naturally slumped deeper into the despondency occa-
British force will be necessary hereafter to cope
sioned
with the vaunted sea strength of Premier Benito
by five months of unrelieved defeats.
First
news
of the great
in London last
battle
was
made known
Saturday, and piecemeal disclosure
•of additional details followed
early this week.
Italy
•officially admitted the loss of three cruisers and
two
destroyers, last Monday, but supplied few de-
tails.
Claims
were
advanced by Rome that a British
heavy cruiser received a broadside in the engagement
In view of the highly important part
battle, the complete Italian lack of aircraft carriers
seems
to suggest a fundamental error in Italian war
preparations. There are still some questions in connection with the epic engagement which remain to
be cleared up.
British claims were advanced that
hit,
the Italian light cruiser Giovanni delle Bande Nere,
hardly to be given credence
of 5,069 tons, had been damaged or sunk in the
and that two other British vessels
5but these assertions are
Mussolini.
played by the aerial eyes of the British fleet in this
were
The Commercial & Financial Chronicle
2134
battle, but this
vehemently denide in Rome.
was
with respect to
the
of the damaged ship.
name
extent of the harm done the
Vittorio
Veneto
mitted that two
and this
entire
not
is
seaplanes
stated
was
were
ad¬
lost in the encounter,
of the German
Some
aerial
the scene early the next
shot down, and the aerial score thus
were
The net result thus is
evened.
London
categorically to constitute the
loss.
British
The
conclusive
der of the Balkan
an
was
astounding and
German
a
Blitzkreig against the
unhappy Kingdom of young Peter.
The deterioration of
diplomatic relations between
Germany and the small Balkan State proceeded so
rapidly that experienced diplomats at Belgrade re¬
putedly
out of the difficulty short of
saw no way
Some
war.
hope was entertained for a time, how¬
owing to efforts by the Italian Government to
ever,
bring about a pacific solution of the difficulty.
Re¬
ported Italian offers of mediation seemingly were
A
unwelcome.
victory for old England.
Everything appeared to
country.
be in readiness for
large Italian battleship
established.
bombers which appeared on
day
It
probable that London accounts erred only
seems
April 5, 1941
events
was
Balkan War Threat
grievous indication of the trend of
Thursday, in the suicide at Buda¬
seen,
pest of the Hungarian Premier, Count Paul Teleki.
WAR or peace seemed to hang in
the balance
all
country
of Yugo¬
this week for the Balkan
slavia, which last week made clear its desire to be
left at peace
Extreme tension
Nazis.
man
and free from the designs of the Ger¬
prevailed at all times
throughout the Balkans, for it
German
decision
almost of
■bian
for
realized that
was
a
against the Yugoslavs
war
necessity would involve the entire Danu-
region and perhaps Turkey and Russia,
The drama
well.
as
being played out by Berlin and Belgrade,
moreover, was not
the only problem of the South¬
eastern
area.
Italy
European
The conflict forced
by
the Greeks continued, without much
upon
change.
Reports began to circulate, Thursday, that
sizable British Empire units recently trans¬
the
ferred from Northern Africa to Greece
concentrated
garia.
on
the borders of
being
were
Yugoslavia and Bul¬
It
country join in a fight with Yugoslavia.
Fascists, but
to the
no
official information is available
as
Russian Government
recognized the regime of Pre¬
mier
Simovitch, and thus indicated sympathy with
the
hard-pressed
authorities.
Belgrade
to the
The hint
sia.
was
immediate
that
thrown out in the German
decent treatment for the German
General Simovitch worked
Belgrade authorities.
feverishly, meanwhile, to consolidate all of Yugo¬
slavia, and the entry of the Croatian leader, Vladi¬
mir
Matchek, into the Government
suggested
as
Vice-Premier
in this endeavor.
success
Britain and Germany
Great
WEATHER
conditions
in northern
Europe kept
aerial fighting
to modest
proportions
this
remained active and fierce.
March
Overshadowing all matters, how¬
the dispute between Berlin and Belgrade,
present form after the coup d'etat of
27, engineered by Premier Dusan Simovitch.
German efforts to sway
the
Simovitch regime
new
toward the Rome-Berlin Axis were
unremitting, but
the
convictions
Serbian General
held
to
his
and Nazi
talk of
the rain and
some
united
entity.
Kingdom
Provocative
can
survive only
moves
were
care¬
on a
aerial
sea
through
counter-blockade.
a
weather
again improves, and as moonlight waxes
raids
the so-called invasion
accept
limited affiliation with the Axis and the
a
plainly
Immense
were
But the Ger¬
not content with such
pressure
was
assurances.
brought to bear
upon
the
and makes
use
of the -Vardar
Valley
through Yugoslavia to the Grecian border.
The German Minister
for consultations in
recalled their
in
own
recalled from
Belgrade
Berlin, and the Yugoslavians
Minister from Berlin for discus¬
Belgrade.
worked overtime in
was
The German
press
and
radio
a
series of
ports across the Eng¬
raiding
battleships
Gneisenau, which the British said
Brest,
were
particular targets of the Royal Air Force, Monday
night.
Over the last week-end the British bombers
raided the industrial
have
toward
able to make
moored in the French harbor of
were
able
means
were
German
The
Scharnhorst and
the
a
on
possible at least a pretense of aiming the
Channel.
lish
Yugoslavs to accept dictation from the Reich, prob¬
as
Such
raids, it is bitterly obvious, will increase as the
commitments of the
"new order" of Fuehrer Adolf Hitler.
When
activities, the German airmen pounded
at British west coast ports this week.
British fliers
This suggested a
willing¬
by General Simovitch and his associates to
con¬
England
fog abated sufficiently to permit of
bombs.
ments would be observed.
longer much
fighters obviously have
fully avoided by the Belgrade regime, which insisted
merely that peace was desired and that all public
previous Yugoslavian Govern¬
no
this spring, for
concerted endeavor to starve
into submission
away
There is
German invasion attempt
a
centrated
and
Slovenes that the triune
Germany, but the Battle of the Atlantic
the Nazi fliers and
slowly convinced the Croatians and perhaps also the
sions
minority in Yugo¬
slavia, and avoidance of aid to Great Britain by the
Yugoslavs.
which took its
route
capital
requirements consisted merely of
week, in the direct struggle between Great Britain
ever, was
mans
Berlin
changed its tune somewhat, after the action by Rus¬
disposition of the British units, and it is pos¬
preparations are afoot for immediate aid
sible that
ness
But a
gleam of hope appeared Thursday when the Soviet
probably would
aid the Greeks in their Albanian battle with the
a
pre¬
acceptance of Nazi demands that his
These accounts conflict with previous items
to the effect that the British forces
as
generally assumed that Count Teleki
was
ferred death to
area
of western
great ports of the Reich.
Germany, and
London claimed to
knowledge of immense losss suffered by the
Germans
Since
aerial
in
the start
of
raids,
especially
the war,
it
was
Bremen.
at
indicated last
Saturday, 28,859 Britons have been killed by Ger¬
man
In
aerial
the
bombs, and 40,165 were injured.
sea
warfare
sizable
discrepancies again
typical propaganda campaign.
Alleged attacks upon Germans in Yugoslavia were
marked the British Admiralty
admissions of ship
losses and the German claims of
sinkings.
reported in German circles, and almost the entire
ish official statements must be
German
legation staff finally
Belgrade.
the dire
a
was
withdrawn from
Stoically, the Yugoslavians prepared for
war.
Large German aerial
eventuality of
and mechanized units
were
concentrated
on
the bor¬
regarded
The Brit¬
as
authori¬
tative, but they are not always up to date and do
not disclose
tonnages damaged but not sunk.
the week ended March 23
disclosed losses of
For
Admiralty computations
59,141 tons of British allied and
'V'V''
Volume
2135
The Commercial & Financial Chronicle
152
preceding week
losses," and some accounts from neutral countries
time to 94,402 tons,
indicated that a surrender of the remaining Italians
against 71,773 tons at first reported.
During the
first three weeks of March the average
weekly sink-
in Ethiopia might develop at any time. Thus, the
Italian Empire in Africa continued to fall apart,
neutral
as
The total for the
vessels.
revised upward at
was
ings thus
the
same
about 84,009 tons.
were
"It is too early
yet to jump to any conclusions, but there is obvi-
ously
in
in
for despondency," the Admiralty said
no cause
for which
the latest week
mates
now
statements,
effect this week that
shipping
efforts
raider
to
were
the
large further totals of British
Particular
being made by German submarine and
captains, and by fliers, to sink tankers serv-
Disquieting were reports of some
ship captains arriving in New York this
ing Great Britain.
neutral
week, to the effect that the German airplanes attacking convoys
are
almost noiseless, in some instances,
All the indications
suggest rapid intensification of
the German counter-blockade of the British Isles.
Campaigns
IGHTING between British and
Italian forces in
the various East African colonies of
mained
that vast
But
Italy
re-
completely favorable to the British this
week, and
early termination of the campaigns in
area is confidently anticipated in London.
an
new
a
aspect of war developed this week in
Italian
Libya, most of which the Empire forces of
General Sir Archibald P. Wavell had conquered in
sensational
their
that
the
from
dash
nounced Thursday,
was
an-
German mechan-
operating in force south
Bengazi, and the city was considered undefend-
able.
It is
probable, of course, that mixed German
and Italian troops are
ward from
be
It
day evacuated the city of Bengazi, capital of
ized units were said to be
of
Egypt.
in 'Cairo, that British forces had
Libyan Province of Cyrenaica.
engaged in the advances east-
Tripolitana, which now are disclosed to
proceeding almost with the rapidity that British
units swept over
veil.
the desert area under General We-
The German-Italian recovery of territory lost
by the Italians already amounts to 170 miles. Most
of the Empire forces under General Wavell are believed to have been transferred to Greece,
and if the
German-Italian combination is able to muster any
sizable force in Libya,
moves
the possibility arises of fresh
through territory conquered early this year
by the British.
campaigns
factory conclusion.
counter moves in Libya, the
are
proceeding to
a
most satis-
Italian forces in Eritrea and
Ethiopia, cut off from home bases and supplies, are
fighting an action that is virtually hopeless. Coastal
units in Eritrea moved into the interior, and as
British
forces
took
over
forces had to put to sea.
a
German
the ports,
Italian naval
An Italian destroyer and
bottom, as
merchant ship went to the
they endeavored to slip out of the port
The Eritrean
of Massawa.
capital of Asmara fell to the Empire
units, Tuesday.
Attention centered thereafter upon
have
Addis
Ababa, the Ethiopian capital, was virtually under
siege by Thursday, when the Italians were warned
operations in Ethiopia, where the Italians
steadily been withdrawing into the interior.
to surrender or face
of their
,
Anglo-French Dispute
pBOBLEMS of feeding the famished in France,
through a relaxation of the British blockade of
the European Continent, receded into the back-
A
ground this week, owing to fresh disputes
between
British and French authorities regarding shipments
of merchandise which are moving over the seas
in
French bottoms. There is, of course, no faintest
doubt of the dire need of the people in unoccupied
French territory for more adequate
food, medicinal
Up to a week ago Washington
was rumored to be in favor of a partial relaxation
of the British blockade, and London reports sugand other supplies.
ally have delivered
weeks at Marseilles.
important cargoes in recent
But the entire question has
incidents over the
which require clarification. Four
French merchant ships, convoyed by a small French
naval vessel, slipped through the Straits of Gibraltar, under the watchful eyes of British ships, and a
dispute developed with respect to that incident
which throws at least a little light upon occurrences
in the Western Mediterranean which bear upon the
blockade question. British and French contentions
are widely at variance, with Washington inclined
to accept the London version, and to accept whatever
been agitated anew, owing to
last week-end
decision the British may suggest with
food shipments to unoccupied France,
British and French
respect to
accounts agree as to the
nature of the incident which
precipitated the latest
dispute. The four French merchantmen, moving up
the West African coast under convoy of a French
destroyer, slipped through the Gibraltar region on
the African side, within Spanish territorial waters,
Well within the Mediterranean, the ships were
forced to leave Spanish waters, owing to the configuration of the coast line, and
British warships
promptly endeavored to halt them for cargo examination.
But French shore batteries in
Algeria be-
to fire upon the British vessels, which replied
and scored hits. The British ships retired without
damage, and the French convoy took refuge in a
gan
Apart from such
African
'
gested acquiescence in the views entertained on this
side of the Atlantic.
Several Bed Cross ships actu-
.
fncan
_
esti-
about 397,000
moreover,
being sent to the bottom.
are
were
official British
available aggregated
are
Berlin
tons.
ister Winston Churchill in an address to the
people,
German claims of sinkings
releasing the figures.
MinItalian
quite as predicted some months ago by Prime
native retaliation for the seizure
country some years ago.
The Italian press
began to prepare the people for "further
painful
Irritated by the perFrench ships were
engaged in the supply of the German Reich with
rubber, copper and other essential war materials.
Vichy countered with assertions that the four convoyed ships merely carried foodstuffs for the population of North African French colonies. Through the
good offices of the United States diplomatic service,
Vichy declared emphatically in a protest to London
that goods for starving France ought not to be subject to British interference. A bitter complaint
was voiced in the French press that Great Britain
had seized a number of French ships on the high
seas and turned them to her own uses.
London
countered with the assertion that France had failed
to release vessels under British charter, after the
fall of France. Vichy sited figures purporting to
small French Algerian port.
formance, London charged that
The Commercial & Financial Chronicle
2136
show
that
Britain.
the
shipping
division
favored
alignment of the Vichy
an
regime with the Iteich in the struggle with Great
Britain.
'.; V,:
1941
Bank of England Statement
Great
/Among the diplomatic possibilities of this
controversy is that of
April 5,
THE
Bank's moderate
statement for the week circulation
ended April 2
showed
rise in note
a
of
£3,146,000, which raised the total outstanding to
£614,630,000.
Circulation as of Dec. 25, £616,-
Far East
904,239,
MOVES
in the diplomatic chess game being
played with respect to the Far East
were
made this week both
and
£3,292,000.
while other
Foreign
uncertain
Minister,
obscure.
and
Yosuke
Matsuoka,
Benito Mussolini and his associates.
returned
Berlin
to
144,452
journey back to Tokio by the
he used
the outward
on
at Moscow.
over
Italian
Mr. Matsuoka
Little
same route
trip, which included
was
which
a
stop¬
said in the German and
capitals concerning the visit of the eminent
and
955,834.
off to
was
£1,965,000
war meas¬
were
made,
no
and
advances"
eign Minister
had
was
ception and joint
efforts.
war
an
impressive
re¬
Perhaps in direct
*
were con¬
sultations, beginning Wednesday, between British
and American naval officials in the Far East.
British
Eastern
Far
Air
Chief,
Marshal
The
Robert
Brooke-Popham, journeyed to Manila from Singa¬
and conferred at length with
pore,
in
commanders
the
our own
Philippines.
This
contracted
sizable American
a
different
"securities," which decreased
items
with
BANK OF ENGLAND'S
Below
434% rate had been in effect since Feb. 20, 1941,
which time it
France
from
2%
March
to
1%%.
effect since Jail.
from
are
2 34%.
raised from
was
on
17
COMPARATIVE
Apr. 2,
Apr. 3,
Apr. 5,
1941
1940
1939
lowered
The
4%.
its
The Bank
discount
2% rate had
4, 1939, when the rate
to liabilities
9.2%
2%
Bank rate
Gold val. per fine oz_
Pre¬
Effect
Dale
vious
April 4
Effective
Rate
Argentina..
3X
Mar.
1 1936
Belgium
2
Jan.
5 1940
...
2X
rate
been
was
in
lowered
Rate in
Country
Date
Effective
Rate
3
Aug. 29 1939
2
4
Aug. 29 1935
4X
3
Nov. 28 1935
3X
4X
May 18 1936
Apr.
7 1936
3.65
Bulgaria
6
Aug. 15 1935
Mar. 11 1935
7
India
2X
3
Dec. 16 1936
4~~
Japan
4
July 18 1933
5
Java..
Italy......
Czechoslo¬
vious
Hungary...
Chile
..
Pre¬
Effect
April 4
Holland..
Canada
Colombia
3.29
Lithuania
..
3
Jan.
6
July 15 1939
May 28 1935
5
14 1937
4
Jan.
1 1936
3X
Morocco
...
4
6X
Jan.
21937
5
Norway....
4X
4X
May 22 1940
5X
Poland
Eire
3
June 30 1932
4X
Sept. 22 1939
Dec. 17 1937
3X
Portugal
4
Mar. 31 1941
England
2
Oct. 26 1939
3
4X
Rumania...
3X
3X
May
5 1938
4X
May 15 1933
4X
...
Denmark
..
Estonia
4X
Oct.
1 1935
5
Finland
4
Dec.
3 1934
4X
Spain
France
1
Mar. 17 1941
2
Sweden
3X
Apr.
6 1940
4
6
Jan.
4 1937
7
Germany
..
Greece
•
....
South Africa
,
Apr. 7,
6,
1937
1938
21.0%
24.1%
2%
2%
168s
168s. 148s.
♦4
28.30%
23.1%
oar
6d. 84s.
llHd. 84s.
11 m.
MODEST
business and
unchanged quotations
again summed
the week in the New York
up
money
market.
The market supply of bankers' bills
commercial
paper
remains exceedingly small,
loans
Monday
Mar. 29 1939
4X
3X
5
5
May 17 1940
3
Switzerland
3X
IX
Nov. 26 1936
2
Yugoslavia
5
Feb.
ax
1 1935
to
increase.
bills due in
91
days, qnd awards
computed
Call loans
a
tendency for
Treasury sold
further issue of $100,000,000
a
average,
The
on
on
an
were
annual
the New York
last
discount
at 0.055%
discount
basis.
Stock
Exchange held
1% for all transactions, while time loans again
were
1%% for 60 to 90 days, and 1%% for four to
to
six months'
datings.
New York Money Rates
DEALING
in detail-with
calltoloan
rates
Stock Exchange
from day
day, 1%
on the
the
was
ruling quotation all through the week for both
loans and renewals.
continues
up
quiet.
new
The market for time money
Rates continued nominal at 134%
to 90 days and 134% for four to six months'
7
3
vakia
Danzig
Apr
New York Money Market
Present rates at the leading centers
Rate in
STATEMENT
614,630,000 542,443,104 491,451,493 489.694,053 469.969,987
22,236,000 22,389,626 16,041,715 12,833,497
24.511,608
156,696,410 162,185,857 132,475,354 149,206,180 133,198,118
Bankers' accounts- 101,452,521 120,768,784
91,946,598 112,446,658
94,830,836
Other accounts
55,243,889 41,417,073 40,528,756 36,759,522 38,367,282
Govt, securities
124,542,838 137,604,068 100,351,164 111,886.164 101,071,806
Other securities
55,947,482 26,382,399 29,994,143 30,270,387
29,696,350
Disct. & advances.
36,814,570
3,205,336
8,485,529 10,120,191
7,394,953
Securities
19,132,912 23,177,063 21,508,614 20,150,196 22,301,397
Reserve notes & coin
16,568,000 38,814,960 35,813,659 37,555,813
44,614,001
Coin and bullion
1,198,122
1,258,064 227,265,152 327,249,866 314,583,888
Porportion of reserve
shown in the table which follows:
Country
was
furnish
Other deposits
bank
Foreign Central Banks
THEfrom
Bank
of Portugal
lowered itsMarch
discount
rate
434%
to 4%, effective
31; the
of
we
comparisons for previous
despite the defense financing and
at
£8,-
No change
Circulation
and
squadron.
Discount Rates of
£8,-
aug¬
impression of joint maneuvers by Lon¬
Washington, occasioned by the current visit
to Australia and New Zealand of
naval
securities
years:
military
move
mented the
don and
it
Public deposits
for
any,
to the talks in Berlin and Rome
response
reverses
£2,-
gained
to liabilities fell
ago; a year ago
2% discount rate.
Japanese For¬
that German and Italian
spoiled the plans, if
other
and
authority to make them.
The British view of the visit of the
which
reserve
460,539 and £202,220 respectively.
however, and London threw out hints to the effect
that Mr. Matsuoka had
£260,000
The latter
Other securities comprise "discounts and
662,759.
the
No commitments
as
lowered
which decreased £17,-
week
a
same
Government security holdings dropped
that
considered.
increased
accounts,
9.2% from 10.2%
21.0%.
made in the
plans for countering any American
other
The proportion of
Japanese official, but the inference is warranted
ures were
At the
loss, the fifth in
reserves were
deposits
conferred
Thursday, and presumably
on
Public
consists of bankers' accounts,
lengthily in Rome, early in the week, with Premier
a
deposits dropped £14,188,618.
Japanese
The
record.
weeks, of £145,450 and
many
by the Rome-Berlin-Tokio Axis
still
on
gold holdings registered
by the London-Washington Axis, with the out¬
come
will
time
the highest
was
maturities.
has
been
paper
The market for prime commercial paper
moderately
active
this
week.
Prime
has been in fair supply, but in slightly higher
volume than last week.
Ruling rates
are
%@>A%
for all maturities.
Not officially confirmed.
Bankers' Acceptances
Foreign Money Rates
IN bills
LONDON
open market
discountagainst
rates for
short
Friday
1 1-32%,
1 1-32%
on
on
were
as
Friday of last week, and 1 1-32@1 1-16% for
bills, as against 1 1-32@1 1-16% on
three months'
Friday of last week.
Friday
was
1%.
Money
on
call at London
on
THEunchanged
market for
acceptances
is
this prime
week. bankers'
There has
been
good
a
demand
but
rates
reported by the Federal Reserve Bank of
as
prime
paper
is still
scarce.
Dealers'
New York for bills up to
and including 90 days are
34% bid and 7-16% asked; for bills running for four
months, 9-16% bid and J4% asked; for five and six
The Commei\,ial & Financial Chronicle
Volume 152
months,
%%
bid
The bill-
9-16% asked.
and
ruled by
are
2137
and the Faroe Islands likewise
for bills
extension.
running from 1 to 90 days.
,
.
,
,
.
,
.
pHERE
have been no changes this week in the
rediscount rates of the Federal Reserve banks,
recent advances
Government obligations are shown
on
in 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:
necessary ever
Federal Reserve Banks
Previous
April 4
Established
Rate
Sept
1. 1939
Boston
1
New York
1
Aug. 27. 1937
Philadelphia...............
1M
Sept.
1J4
2
Cleveland
1H
May 11. 1935
2
IH
Aug. 27, 1937
2
Aug. 21, 1937
2
Aug. 21, 1937
2
Atlanta
*1X
Chicago
St. Louis
Sept.
2, 1937
2
Minneapolis...
Aug. 24, 1937
2
3, 1937
2
Aug. 31, 1937
2
3, 1937
2
Sept.
*1X
Kansas City
Dallas
Sept.
San Francisco
Government obligations bear a rate of
REE market
demand.
hag exceeded
Fluctuations
slight,
are
1939. St. Louis.
$4.03J4, compared with
week
a
with rates
compared with
range
a
enumer¬
(except Canada, Newfoundland, Hong¬
pounds
whether
or
rupees,
are
called
currencies outside the sterling circle are re¬
rencies."
No payments may
tary assets may be
for cable transfers has been between $4.0334
the
of between
of
cur¬
no mone¬
transferred from within to outside
sterling circle without
troller
"scheduled
be made and
a
permit from the Con¬
Exchange in the appropriate capital or
financial center.
It is
constantly insisted in London and throughout
the sterling countries
conserved
far
as
as
that foreign exchange should be
possible by buying goods produced
No
ex-
0r manufactured within the sterling circle.
change permit is required for payment in such trans¬
actions.
ago.
quoted by the Bank of England con¬
Imports into sterling area countries from Argen¬
unchanged: New York, 4.02)4-4.0334; Canada,
tina, Bolivia, Brazil, Greece, Hungary, Peru, Portu¬
Official rates
4.43-4.47
per
Australia, 3.2150-3.2280; New
American commercial bank
Zealand, 3.2280-3.2442.
rates for
90.09c.@90.91c.
(Canadian official,
United States dollar);
registered sterling continue at
.02
buying
and $4.04 selling.
In London
exchange is not quoted on Germany,
gal and the Portuguese colonies, Uruguay, Rumania,
Chile, Spain and Turkey can be paid for only by the
transfer of
sterling to
a
dollars and Swiss francs,
invaded
States
or any
marks
but German official
European countries,
are
or
respectively,
or
by transfer
"registered" account of the United
Switzerland held in the United Kingdom.
sterling to
a
Imports by the sterling area from Sweden can be
pegged in New York
paid for in kronor or by a transfer of sterling to a
Swedish special account held in London.
Carlyle Gifford, Special Agent in New York
Imports by sterling area countries from Canada and
Newfoundland can be paid for in Canadian and Newfoundland dollars, respectively, or by a transfer of
sterling to a Canadian authorized account in the
Italian lire
are
at 5.05.
for the British
Treasury, who is in charge of the sale
of British-owned United States
securities, announced
March 31 that another long
list of issues had been
liquidated in March.
Gifford
of
nominally quoted at 40.00 and registered
marks at 14.35.
T. J.
"special account" of that
country held in the United Kingdom.
Imports into sterling area countries from the
United States and Switzerland can be paid for in
of the invaded European countries. In
New York exchange is not quoted on any of the
Italy,
published
been sold.
a
Only
a
month earlier Mr.
sizable list of issues which had
The March liquidation
includes 43 stocks
United Kingdom.
sterling
Since Mr. Gifford and his associates
Application for exchange in the
countries to make payments for freight,
area
commissions, dividends, royalties, &c./must be made
in
and 5 bond issues.
a
similar
There is
began liquida-
manner
to those for
import payments.
nothing essentially new in the sterling
piecemeal in Febru-
exchange situation, nor is there any likelihood of a
1940, the present liquidation brings to a total of
the issues marketed.
While many of these issues
change until the end of the war. Attention is now
centered on conserving sterling and acquiring dollar
exchange. The strain on the British financial position must continue, despite the valuable assistance
afforded by enactment of the Lease-Lend Act in
tion of British-owned securities
187
of mobilizing
here, "sterling bloc," and the currencies of these
The
of between $4.03 and $4.0334 last week. The
$4.0334 and $4.04
ary,
purpose
ferred to in the official regulations as
sterling this week has been between
$4.03 and $4.03% for bankers' sight,
on
to mobi-
"sterling circle currencies."
sterling is steady in only moderate
The range for free
tinue
For the
1)000.
Empire, in addition to the extensions
ated above
countries,
closely approximating the rate for official sterling.
and
war
of all parts of the
Hence the number of regulations formulated
Empire.
say
Course of Sterling Exchange
range
resources
Belgian Congo form the "sterling circle," or as we
1%. effective Sept. 1, 1939,
Chicago; Sept. 16,1939. Atlanta. Kansas City and Dallas; Sept. 21,
range
exchange
kong, and British Honduras), Egypt, Iraq, and the
1H
4, 1937
Richmond
a
since the beginning of the
j-ze ^ forejgn
of the
on
for the vast quantities of munitions
an(^ f°°d which have been imported into the British
Empire from other parts of the world, it has been
foreign exchange the United Kingdom and all parts
Date
Rate in Effect
Advanoes
included in the
RATES OF FEDERAL RESERVE BANKS
DISCOUNT
*
were
•-/CV:
In order to pay
Discount Rates of the Federal Reserve Banks
r_TTT.__
Iceland
the French Council of Defense.
buying rate of the New York Reserve Bank is }4%
have been cleared
Curb
through the New York Stock and
Exchanges, it is believed that a greater number
have been
amount
disposed of
involved
in
over
the
the counter.
transaction
The dollar
has not been
Washington.
The continued shipping losses must
French
increase the difficulties of the British position, but
it is believed in Washington that such losses will be
argely curtailed and overcome within a short period.
President Roosevelt reporting progress on the
British aid program announced on April 1 that he
had already allocated $1,080,000,000 from the new
Equatorial Africa, the French Cameroons, French
$7,000,000,000 lease-lend fund for the production
Oceania, and French possessions in India, all of which
or
given out, nor has anything been made known as to
the number of issues still to be
The British Treasury
an
extension of the
the British
placed
on
the market,
announced, effective April 2,
sterling
area,
in trading with which
pound sterling is the medium of exchange,
to include under
present defense regulations
purchase of war supplies for Great Britain.
The Commercial & Financial Chronicle
2138
Foreign exchange and banking circles here view
with
appreciative interest the election of Montagu
Norman
22nd
Governor of the Bank of
as
successive
Basil
year.
appointed Deputy Governor,
held for the past five years.
of the
year;
Catterns
was
office which he has
an
few have served two
that he had
rumors
the
as
distinction
one
Contrary to
years.
hoped to retire
Norman takes office
Montagu
soon,
head of the Bank of England
of
having
guided its affairs
through the most difficult period in its history.
London disclosed that
the
spent
during the
record
sources
from
revenue
Chancellor
the
of
Exchequer
Sir
Kingsley Wood is faced with the problem of devising
taxation to
new
expenditure and
to be
the
narrow
enormous
gap
bridged by borrowing.
day, though this rate
months ago.
ture
creased by
ing
was
average
dian dollars did not correspond to the extent of the
Since November the Canadian-United States situation has been considerably modified.
agreed to
£1,324,000,000 during the
desirable that the ordinary channels of trade be made
as
free
as
possible.
Canada's exports to the United States
$40,000,000
amount of
$200,000,000 annually and has
favorable balance
about $70,000,000 monthly, including
purchases,
and
year, amount-
It is made
of £2,-
up
United States Department of Commerce and
the week ended March 26,
and
Gnrmdion
^anaaian
A
-
are unchanged, with
1-32%, four-months
1
i.1.
u-n
PYphnnrrp
excnange
hoc
nas
in
with
is
ng
Lppti
chnwino-
Deen
a
snowing
a
cUo-LlUr
slightly
According
dispatches of March 31, reports were
that a foreign exchange agreement
the United States might be announced
soon, with,
believed, the United States Government
to accept the Canadian dollar at par.
agree-
If such
an
xeached, it is thought that Canada
would have to offer
import restrictions
as
on
contribution the lifting of
United States manufactured
s and raw materials, most of which were imposed last November with the intention of reducing
goo
ana~*an *UXU1T purchases abroad, and
n
is
pi ess
conference
^ d°rllar'
so preserv-
1
lack official confirmation.
on
April 1 President Roose-
velt asserted that he had
never heard of a
reported
plan to stabilize the Canadian and United States
dollars.
plans is
However, official confirmation
seldom
available
"
"
3,587,573
—————
5,421
517
before
of important
final
action
has
been taken.
58,609
47,373
$111,783
Canada,
$347,569
Nicaragua,
was
ancj $4.03J4@$4.0334 for cable transfers.
day tbe
and
$4.0334@I4.0334 for cable transfers.
was
$4.0334@$4.0334was
$4.03@$4.0334
$4
On
Wednesday
On
for
the
Thursday
bankers'
9334 for cable transfers.
sight
cents in the free market in New York
on
Monday to
its best level since early last September,
Many offerings of Canadian dollars were temporarily
87.75 cents,
and
buyers who
were
were
range
and
was
$4.0334©
On Friday the
$4.0334 for cable transfers.
Friday
were
range
Closing quotations
on
$4.0334 for demand and $4.0334 for
Commercial sight bills
cable transfers.
finished at
$4 q0; 60- and 90-day bills are no longer quoted,
Continental and Other Foreign Exchange
TT^HE Continental European foreign exchange and
1
financial situation continues increasingly obscure
American
observers.
It
is
entirely clear that
than those of the invaded countries,
234
bankers'
S4.03@$4.0334 for bankers' sight and $4.0334©
free
than
On Tues-
$4.03@$4.0334; cable trans-
$4.03@$4.0334 and cable transfers
$4.0334@$4.0334*
was
On Mon-
$4.03@$4.0334 f°r bankers' sight
range was
day bankers' sight
fers^
on
$4.03@$4.0334 f°r bankers' sight
sideration, the Canadian dollar
more
Mexico,
Referring to day-to-day rates sterling exchange
Saturday last
to
rose
$182,585
Gold held under earmark at the Federal Reserve banks was increased
during the week ended March 26 by $14,367,368 to
$1,905,777,56i._
Reflecting the unconfirmed reports from Ottawa
that a foreign exchange agreement was under
con--
withdrawn from the market
±
346
New Zealand
its
inif
6duUe J
una
The Ottawa dispatches
r"
$1,053
$64,815
British West Indies
March, but
the free market has been dull.
were
$7,873,720
...
* Chiefly
there
agreement
$1,053
5,996,926
$154,636 Ecuador, $159,578 Venezuela, $718,084 Philippine Islands.
Ottawa
to
current
Exports
*$1,876,794
Det(lil °f Refined Bullion and Coin Shipments—
11\/fYf
undertone since the last day of
trading
it
Bill rates
three-months bills
Imports
J
coin"
2,232,272
Q-oZ/q, ana six-montns bills lys/o-'
lrmer
•
buiiion
Mexico* Republic
Most borrowers had to concede the minimum
cover
1941.
gold exports and imports, march 20 to 26, inclusive
nfffl1?^ngdom
Treasury under the shortdeposit plan, and the calling of loans by various
a
taken from the weekly statement of the
are
transfers of funds to the
00Qi
divi-
The amounts of gold imports and exports which
follow
term
o
war
large
Montreal funds ranged during the week between
Total
1
sends
discount of 15 1-16% and a discount of 1234%.
The London money market reflected the end of the
1
Canada
addition
in
amounts to the United States for interest and
quarter demand, substantial Treasury bill payments,
DlilS
estimated
an
tourist trade of about $180,-
on
Canada's imports from the United States
000,000.
average
Refined
L'll
about
are
Canada sends gold to the
month.
a
deposits by banks, £429,500,000.
money.
Great
The United States has accepted the
500,000,000.
and receipts from
1% for call
Canada has
$350,000,000 of
lease-lend principle toward Britain and it is argued in
0reand base bullion..
of
but
Britain's purchases here, estimated at around $1,-
212,000,000 in Treasury bills; borrowing for ways
means
by public departments, £172,000,000;
two- and
all
finance
and
banks.
up
ex-
day's gain.
daily expendi-
The floating debt has in-
to £2,813,410,000.
now
forced to bid
were
change circles, the volume of business done in Cana-
£13,000,000
not reached until three
Previously the
£10,500,000.
was
commitments
dend disbursements.
British spending is now approximately
.
a
between
which will otherwise have
revenue
For this reason, according to foreign
£3,867,245,670.
£1,408,867,097, leaving a deficit of
Although revenue exceeds budget
was
£2,458,378,573.
expectations,
the country
year
of
amount
Against this spending total ordinary
all
cover
Canadian circles that these and other changes make it
Great Britain's financial year ended on March 31.
has
obliged to
the rate.
Throughout the history
Bank, most Governors have served only
a
with
England for the
Gage
April 5, 1941
Berlin dominates Continental markets, the so-called
currencies
of
Sweden and Switzerland
A recent Amsterdam dispatch by
says
that
the
Germany and
foreign
The
exchange
Netherlands
way
barriers
were
no
less
of Berlin
between
removed
on
April 1, permitting unhampered financial transac-
Volume
tions
at
The Commercial & Financial Chronicle
J52
fixed rate of
a
guilders.
100
reichsmarks to
This gives the guilder
53.08 cents.
75.36
being with few exceptions part of the sterling bloc*
The New York Bankers' Foreign Exchange Com-
nominal value of
a
The
guilder is not quoted in New York,
Recently the newly elected president of the Netherlands Bank, Rost van
Tonningen, said that the
2139
mittee made known
April 2 that it had been
on
advised by the New York
.
of the Chartered
agency
Bank of India, Australia, and China that it had
stability of the guilder will be maintained at all costs
received cable advises from its branch in Bombay
though such
that th$ official
entails heavier taxation and
a course
a
greater absorption of the Nation's floating purchas¬
for
ing
rupee.
In financial circles in Amsterdam the
power.
closer
ties
with
Berlin
Exchange
not
is
to
seem
great satisfaction.
be
regarded with
1
,
•
The German official mark
quoted at 40.00 and registered marks at 14.35.
Italian lire
pegged in New York in
are
nominal
a
The Swedish krona in limited trad¬
ing is steady around 23.85, against 23.85%
francs
(commercial)
23.22%
steady
are
Exchange
at
Finland
on
closed
(nominal), against 2.05 (nominal).
longer quoted.
no
Swiss
23.21, against
2.05
at
Greek exchange
Spanish pesetas
quoted at 9.25, against 9.25.
rupees
cents
per
The corresponding rate fixed in the New
the prevail¬
Hongkong dispatches stated that beginning April 2
a
new
war
prohibited
measure
British Crown Colony of a
by
except
special
from
export
the
long list of commodities,
license.
Included
were
many
foodstuffs; animal, vegetable, and fish oils; iron, steel,
non-ferrous metals and certain
alloys; miscellaneous
minerals, fuels, fertilizers, hides, skins, explosives,
industrial diamonds, machine tools, plywood, rubber
tires, bottles, and paint.
Quotations for
against 23.46
♦—
30.30303
ing rate for several months.
nominally
are
buying rate for dollars is 330
$100, equivalent to
York market is 30.33 cents, practically
the invaded European countries is
on
quoted in New York.
market at 5.05.
is
.
each
on
>
checks yesterday
yen
Friday of last week.
23.46,
were
Exchange
on
Hongkong and Shanghai continues to fluctuate from
EXCHANGE on the Latin American
those countries
day to day, but both markets
weeks.
Hongkong closed at 24 11-16, against 24% Shanghai
shows
no
new
features
from
of
The Cuban peso continues to
display firm¬
All other Latin American currencies
ness.
recent
are
held
The United States Senate has eased the ban pro¬
House
a
beef and wool.
other
measure on
imports of Argentine
commodities is giving greater satisfaction in
Aires and may be expected to relieve the
Argentine exchange situation to
Secre¬
extent.
some
tary of State Hull opposed the proposed restrictions
a
communication to
"Such legislation will
the
fabric
of
so
one
of the Senators:
inevitably tend to weaken
inter-American
Government has
relations
which
this
Gold Bullion in European Banks
In January and
THEbullion
following
table indicates
the amounts
(converted
into pounds
sterling of
atgold
the
British statutory rate,
the
in
dates of most recent statements,
special cable yesterday
furnished
February the United States
was
showed
while
total,
the
United
Kingdom
18.7% and Brazil provided 13.7%. Exports
United
the
tina's
the
of
States
for
the
two
months,
which
increase, amounted to 38.7% of Argen¬
an
total
shipments abroad.
Various steps
are
being taken in Argentina to develop exports to all
and
countries
particularly to increase the flow of
trade between
is felt that
England
States
will
are
Argentina and the United States*
It
reported to
by
us
(Friday); comparisons
are
1940
£
£
Germany
;•
1939
1938
£
£
1937
£
*630,203
*130.018,393
327,249,860
314,583,888
242,446,799
295,815,871
3,010,000
293,720,843
347,628,740
3,381,050
2.521,950
2,438,150
87,323,000
63,667,000
03,667,000
16,602,000
23,400,000
23,400,000
87,323,000
25,232,000
Netherlands
97,714,000
84,467,000
111,250,000
122,150,000
Nat. Belg'm
132,857,000
84,758,000
95,089,000
87,400,000
89,900,000
70,627,000
104,318,000
85,805,000
105,793,000
70,116,000
83,527,000
41,994,000
50,872,000
6,505,000
33,111,000
6,555,000
26,702,000
25,643,000
6,550,000
6,667,000
8,222,000
Switzerland
Sweden
Denmark
Norway
_
6,505,000
6,667,000
_
—
Total week.
697,729,436
697,792,990
Pre v. week.
Note—The
from
war.
6,602,000
662,936,052
868,242,264 1,064,899,659 1,097,814,978
664,139,525
879,291,850 1,067,549,700 1,097,950,700
in Europe has made It impossible to obtain up-to-date reports
war
of the countries shown in this tabulation.
many
6,542,000
7,442,000
42,575,000
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
1938, and Mar. 20. 1940. respectively,
The last report from
received June 7; Switzerland, Oct. 25; Belgium, May 24; Nether¬
of April 30.
as
France
was
lands. May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 ([all as of
sales of
1940), and Germany, as of Mar. 28.
*
Pursuant to
for
statements
the Currency and
March
1,
1939,
1941.
Bank Notes Act,
1939, the Bank of England
and since have carried the gold holdings of the
Bank at the market value current as of the statement date, instead of the statutory
be
obtained,
United States
permitting increased
import
of
price which
was
formerly the basis of value.
On the market price basis (108s.
fine ounce) the Bank reported holdings of £1,198,122, equivalent, however
£605,890 at the statutory rate (84s. 11 Hd. per fine ounce), accord
ing to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries in the tabulation,
per
products into Argentina.
American manufactured
goods
are
Importers of
making
progress
to only about
we
with
1941
*005,890
242,451,946
3,897,600
63,677,000
Spain
Italy
are
Argentine goods in the United
increased, much needed dollar exchange
as
fine ounce)
of respective
four years:
Banks of—
largest supplier of Argentine imports, sending
23.6%
per
as
shown for the corresponding dates in the previous
France
the
84s. 11%I.
principal European banks
painstakingly sought to strengthen
during recent years."
to
against 30.33; and Calcutta at 30.31, against 30.33.
Promotion of the sale of these and
Buenos
and said in
5.50, against 5.50; Manila at 49.80, against 49.80;
Singapore at 47% against 47% Bombay at 30.31,
steady by the local exchange controls.
posed in
at
relatively steady.
are
plans for
a
corporation to stimulate trade be¬
show English holdings In the above in statutory pounds.
*
Gold holdings of the Bank of Germany as reported
in 1939 and 1940 include
•'deposits held abroad" and "reserves in foreign currencies."
tween
Argentina and the United States.
y
The Bank of France gold holdings have been revalued several times in recent
years; on
The
Argentine
unofficial
closed at 23.25, against
cial
peso
milreis
23.20.
has long been
closed
at
5.15,
free
or
market
peso
The Argentine offi¬
held at 29.78.
against 5.15.
can
peso
basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
March
7,
1940. there
are
per
British statutory pound about 349 francs;
prior to March 7, 1940, there were about 290 francs per pound, and as recently
as September, 1936, as few as 125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in issue
Chilean
ex¬
The Mexi¬
16.00,^against 16.00.
Temporary National Economic
\: Commit tee
';v;
-
The committee with the cumbersome
is quoted at 20.75, against 20.75.
with which this article is
EXCHANGE
on the
Far Eastern
countries
in
important
respects
unchanged
from is
past
all
months.
Hongkong and Shanghai currencies
tinue to fluctuate but
firmer undertone.
on
the whole show
All the other
units
of July 20, 1940.
Brazilian
change is nominally quoted at 5.17, against 5.17.
Peru is nominal at
tuted
a
are
con¬
considerably
conducted
more
than
wanderings
nomic facts and
designation
headed, having occupied
two
within
years
in personally
the mazes of
eco¬
philosophies, has emerged, at last,
slightly
rather more nearly at the point intended from the
steady,
beginning than has been the rule among New Deal'
The Commercial d
2140
enterprises.
that
doubtful
acted
Perhaps the reason for this somewhat
measure of success must be looked for in
the fact that this committee has had to
deal prin¬
cipally with opinions, and with cautiously selected
facts
masquerading in the arti¬
assertions boldly
or
facts, painstakingly marshaled
semblance of
ficial
support conclusions originally favored, and that
to
these conclusions
remain,
as
they
at first, in
were
opinions not susceptible to
of "derivative
the form
challenge except as they can be shown to be incon¬
sistent with
accepted and demonstrable facts, or in
of
prophecies that are presently contro¬
the form
by those only who reject the authenticity
vertible
of
the.prophetic vision or deny the authority of the
Many will share all these
self-appointed prophet.
always fully and successfully to be combatted,
not
under the vastly
even
They declared, in short, that the whole program pre¬
sented in the
nesses
Meanwhile, it
meticulously selected wit¬
numbered
552, to
none
of whom the privilege
report of the committee would not have
prevented the depression following the year 1929 and
would not suffice to meet with completely gratifying
all the inevitable and unforeseen
results
discontent must
problems
This expression of finite
of the not-distant future.
not, however, be assumed to repre¬
residual doubt of the capacity of human
sent any
intelligence, by which it must be said that these dis¬
senters
Congress early this week.
enlarged and closely central¬
of Government control thus provided.
ized powers
it
is to be recorded that the
possibilities of economic calamity
would still remain
tailed from consideration of the
report, which was
rigidly enforced, there
Federal law and
as
I
April 5, 1941
though all its recommendations were en¬
even
skepticisms, and evolve others which are more de¬
offered to
indubitably imply the intelligence, such as
is, of themselves or of their peers, if any such are
be
to
discovered, to comprehend all the immense
complexity of economic facts and relations, with
their inevitable and extensive mutations with place
accorded until he had
and
passed the test of private and unrecorded, or at least
cies
adequate and adapted to control them toward
trarevealed, examination concerning his views and
the
consummation
opinions; that the rediduum of approved and accept¬
trolled
of
testimony
giving
able
was
testimony finally admitted to the public record
mounted
this
to
than
more
20,000
pages;
and that for
major specimen of New Deal propaganda the
time, and to devise statutes and statutory agen¬
of
a
law-created
of these confident young men
the
and
law-con¬
Quite the contrary, the objection
Elysium.
is wholly addressed to
inability of the majority among their colleagues
of the committee to see
the
and
precisely
of
reluctance
as
they see them¬
those
short-sighted
taxpayers of the United States have contributed
selves
$>1,062,000, enough to build
others, as they regard them, to unite in commenda¬
a
small warship,
or a
moderately sized hospital, or a great many country
That amount, too,
schools.
of many
and
in addition to the time
public servants, whose salaries, emoluments
perquisites, however, would have
there been
Yet the
run on
"investigation," and who,
no
could not have been any
better employed.
had
likely,
very
1
report, in all its imposing and exhausting
dimensions, will have to be examined, its conclusions
compared
or
contrasted with the facts
as
they actu¬
ally exist, and its opinions, prophecies and, recom¬
alike
mendations tested
realities, to
claimed it
by reference to observable
common sense,
having committed
and to experience.
this huge document,
For
and pro¬
road-map to the economic future of
as a
135,000,000 Americans,
'
Financial Chronicle
as
esoteric sapience would
remodel
its
that the
amazing coterie which has pushed itself to
conditions, it is not to be anticipated
mastery in this
rapidly into oblivion.
are
On the contrary, the
con¬
with which it is promulgated
expectations
disclosed with admirable conviction and
clarity
by Senator O'Mhhoney, Wyoming Democrat, not so
long
ago an
who
contended, last Monday, in the Senate, that
"within
nomic
appointive officer under the New Deal,
the
within the
of these
compass
volumes," that is
report of the Temporary National Eco¬
'Committee, of which he had been the titular
head, "is to be found the substance for reorganization
of
democracy which must
that is
it;
we
come
other and different
that remains
cers
the
after the war."
as
we
have known, but
conception of democracy
An
department,
upon
Henderson,
so
far
centralized control by
politicians and demagogues
had
prevailed within the committee, it is incontro¬
vertible that their eagerness and daring would have
produced
and
great deal more of courageous novelty
a
soaring originality in the report, although it is
whether
doubtful
its pretentions to
soundness would have been any
among
the educated and thoughtful.
actual
recommendations
As it is, the
the majority
adopted by
decidedly
be
to
appear
wisdom and
better established
hackneyed
become
and
ridiculously tame and slight when they are con¬
trasted with the bold
generalizations which thunder
resoundingly in the index.
tion like
Rhetoric and declama¬
this, for example:
great
a
proportion of
wealth
fallen
have
all national
savings and all
under the control of
a
few
organized enterprises that the opportunity of those indi¬
viduals
who
will
constitute
the
next
generation
will
be
completely foreclosed unless by common consent of leader¬
ship in business and government we undertake to reverse
the trends responsible for
We
know
that
most
the present crisis.
of
the
wealth
and
^
income
country is owned by a few large corporations;
of the
that these
corporations in turn are owned by an infinitesimally small
that the profits from the operation of
number of people, and
these corporations go to a very
rate
or
individual,
small group, with the result
for a new enterprise, whether corpo¬
that the opportunities
are
constantly being restricted.
The
foregoing, despite the fact that the only pro¬
hibitive restrictions upon new
enterprise this coun¬
try has ever known have been those formerly im¬
still enforced
the committee, Isador Lubin and
to
So
national
Administration, unregretted in its demise, and those
representatives of the executive
were
as
If these some¬
of super-imposed and
proponents
posed by President Roosevelt's National Recovery
not satisfied with the modera¬
tion, which is only relative, of the majority
and went
cloistered
what
few offi¬
a
democracy that is!)
Leon
myriad of controls and super-con¬
they envisage and favor.
engaging comprehension of
unrevealed vision of
an
of Government.
Yet two of the
the
(So
must sacrifice and fight and die for
democracy, not the democracy
some
trols that
in other phases of the Govern¬
as
ments activities will allow its magnum opus to pass
fident
of all
tion
group
assert, in substance and effect,
his
against agricultural production under
Agricultural Department, as he desires it to be
conducted.
But that is
by-the-way.
If there
were
verity in the quoted lugublious declarations, they
would
suggest either despair or suggestions of re¬
form rather more
promising and drastic than
any
.
Volume
The Commercial & Financial Chronicle
152
revival of the
ration for
80-year-old project of Federal incorpo-
private undertakings and the
efforts to diminish the
accorded
the
patent laws
so
under all
inventions, by modifying
to establish
as
ditional limitation upon
to establish
a
and
new
ad-
the duration of patents and
requirement of compulsory licensing
a
patents, upon terms fixed by some Federal
and whenever that agency might choose to
agency
direct.
There
other
are
recommendations, but these
fairly typical and representative.
are
older
protection and the incentives
meritorious
to
even
that these
The truth is
melancholy reflections of the wise
com-
mittee, and its animadversions directed against the
existing economic order and its results, are utterly
without foundation and false.
Otherwise, how could
what it was, save in the most general fashion, they
would turn up actively and insistently when final
conclusions
unless
$50,000
would add less than $300,000,000
a year
annually to the
derived from Federal taxa-
revenue
tion of individual incomes?
Otherwise, how could
it be that the far greater number of all the
large
be
Bowing ingeniously to this
neces-
calmly abandoned the idea of controlling the
recom-
mendations and devoted themselves assiduously to
the
easier task of
censored
testimony,
weapons
of
creating,
facts
alleged
through the
arsenal of pink
an
and
sharply
and red
incidental
char-
acterizations and conclusions, to be in readiness for
the support of agitation directed against the present
American order wherever and whenever it might
and had all
as
to
were
true to form
sity, the radicals from the Executive Department
arise.
much
run
they found the weasel-words and places for
their insertion.
the individuals in the
as
recommendations
and
And they would not
adopted.
it be that confiscation of all the income left to all
country who receive
2141
In that
maneuver
subtle control.
they met little resistance
entirely within their
almost
matters
As the future develops,
as
imperious
radicalism attempts more and more to sweep forward
towards the ends that it has sought for eight expand-
ing years,'one may expect to hear less and less
con-
number of great and able men now at the head of
cerning the findings of fact and of theory or prin-
American enterprise, rose to their present positions
of leadership and command from
obscurity and, in
statements of alleged fact and remote theory to be
many
instances, from poverty? Otherwise, it might
possible to explain the rise to political authority
found in the extremely one-sided testmony, and of
be
the proposals and assertions of public policy deftly
of heirs to
ciple by the Committee and more and more of the
large wealth, like Franklin D. Boosevelt,
Henry Morgenthau, Jr., Henry F. Stimson, and
insinuated within this so-called testimony. All the
forces of the Executive Department were deployed
George H. Earle; but how explain Cordell Hull,
and arrayed to create
Wendell L.
gant dimensions in favor of a revolutionary
Willie, Herbert Hoover, Calvin Coolidge,
James A.
or
Farley?
The truth is, and the
who refuses to find it verified in the
pages
man
of recent
an ex
parte brief of extravarecon-
struction of the polity of the United States, and
they have not failed.
But the result is
an ex parte
history and in the events that he has witnessed is
brief for extreme radicalism and it should be known
either
for what it is, and
blinded
by prejudice
desire to make
some
over
the
vision of his
puny
portunity is
an
infatuated
in accordance
with
that the door of
own,
widely
as
by
or
world
industrious
to
open
op-
aspiring competence in the America of today as it
was
anywhere at any time in human history.
say
petance," it
the
opens not
of all
source
and it is
aspiring
com-
for any other, and there lies
complaint.
The standard is high
rigidly enforced by strong competition in-
creasing with
ing stream
among
"industrious and
to
open
every
those who
begin the ascent there
can
of
their
ship,
and
is another
From the
story.
composed,
as
was
con-
the Com-
apostles
the
most
tions
the
radical
most
the
among
ascendant and
there could
been
group
no
importunate
upon
even
among
recommenda-
or some
It
of them, would
be at least "tainted" with conservatism and
that, al-
though obliged to give their legislative duties preference
ned"
over
the
testimony,
privilege of listening to the "canor even
Only within the last couple of months
had serious shortages begun to be felt.
The prospect
for the winter wheat crop, owing to unfavorable
weather conditions, have prompted anxiety with
respect to the bread supply for children and the
Many tens of thousands of tons of wheat will
poor.
be needed to make up the deficiency,
Mr. de Valera pointed out that the Irish Minister
recognized, from the beginning, that Senators
Congress,
nomic life.
for the Co-ordination of Defense Measures was corn-
now
sweeping and violent enough to satisfy these
and Members of
These accumulations and others obtained
the
wing,
expectation,
bumptious, of unity
coming.
since the outbreak, thanks to mutually advantageous
of the New Dealers,
extreme left
controlling
have
and
representatives of the Executive Department.
was
as
majorities represented in its member-
of
He reviewed the progress the Irish
making towards economic self-sufficiency until
interrupted by the war. He referred to the steps
without any very grave dislocation of their eco-
of the Committee's
Eepresentatives, with their political minorities
as
this country.
were
agreements with Great Britain regarding foreign
mittee, of members of the Senate and of the House
well
has long been his annual cus-
exchange and shipping, he said, enabled his people
to come through the first eighteen months of the war
[
the relative meagerness
group
as
torn, a radio address to the friends of Ireland in
ready to
mittee's report.
a
Prime Minister Eamon de Valera broadcast last
St. Patrick's Day,
through the light
are ever
adopt conclusions like those quoted from the Com-
glomerate of
J
to build reserve stocks of various kinds, against its
never
eventually prevail, and who
recommendations
1
taken, beginning a year before the war broke out,
envious to rail at those who labor
But
1
a narrow-
Only
always be found multitudes of the discontented and
and
more,
at the apex at any time and
upward step.
can emerge
nothing
Ireland
and
ever
We
as
========
reading it
or
finding out
ing to this country to purchase these as well as other
needed supplies, raw materials and modern armament.
Such purchases would, be assured, be paid
for, though temporary dollar credits might have to
be arranged.
be.
He seemed confident that they could
Ireland, in fact, stands among the compara-
tively few creditor Nations. This statement may
surprise some of us. In the report of the Irish
Commission of Inquiry into Banking, Currency and
Credit published in 1938 it was estimated that Ire-
The Commercial & Financial Chronicle
2142
land received
of
.
.
annually from abroad the equivalent
"The Irish Nation hereby affirms its inalienable, in-
account of dividends and
defeasible and sovereign right to ch<*>se its own form of
£14,(XX),000
some
I
'
,
interest
on
.
lier foreign
on
_
~
holdings.
One of the mem-
hers of the Commission estimated that this meant
invested
an
This
country
good credit risk.
as a
It
be added that the bulk of these foreign invest-
ments
either
placed
were
Britain,
in
through
or
Great
that the latter's credit might be involved
so
tQ
deyelop itg life> politicalj economic and cultural, in
Article
®
situation.
declared
tilities
He
by
reaffimed
the
that
political
policy of neutrality
the start of bos-
Government at
his
indicated
and
the
overwhelming
ma-
joritv of the Irish people supported it, and did not
wish to be involved in the
Since last fall 200,-
war.
have been under arms,
men
to support the pledge
is not to be used
that Ireland
against Great Britain,
against another.
or,
as
base of attack
a
indeed, by
any
belligerent
These forces though not unarmed,
need the best modern
tion he indicated
equipment.
This neutral posi-
still supported
was
by the great
'
as a
dependent sovereign State which would be
nized
internationally
life
own
and
culture in its
as
develop
recog-
such and could pursue its
its
institutions
own
and
problem becomes a very
of
A
small country cannot hope to control or even affect
world forces.
In the past the best chance of such
a country retaining the measure of independence it
may have achieved was by attending to its own
business and avoiding casting its lot with either side
in bitter, belligerent adventures of more powerful
Nations. The view that even now the wisdom of
such a course is indicated may be well founded,
Moreover, the present mode of warfare waged by
great powers inflicts so cruel a burden and damage
statesmen
in-
v
practical one, in which the long term interests
aim
an
_
Ireland must be given overwhelming weight.
on
securing for "Ireland the status of
.
matter of right, the
majority of the Irish, who continue to hold to the
of
and traditions."
reads:
"Ireland is a sovereign, independent, democratic state.
Once the view is taken that Ireland is now a
sovereign, independent state, endowed with the
power to determine "its relations with other Nations," not thanks to the British sense of fair play,
but
well.
The Irish statesman also dealt with the
000
an(J
accordance with its own genius
figure is the maximum amount of foreign hold-
confidence in his
as
Government, to determine its relations with other Nations,
capital abroad of about £300,(100,000.
ings mentioned by Mr. de Valera as the basis of his
may
April 5, 1941
non-combatant
the
of small
enemy
that
populations,
countries leave no
turned in their effort to preserve peace.
stone un-
Not a few
Irishmen recall that the great Shannon electrical
power
plant, and the network of transformer sta-
outside the hazards
tions and connecting lines extending over most of
of imperial adventure, if possible with its
neutrality
internationally guaranteed like the neutrality of
Ireland, were planned and largely carried out or
Switzerland."
the
own
that
way,
•
This attitude of
to
peaceful
declining to link Ireland's destiny
of Great Britain
or
to
afford the
British
footholds in Ireland in order to conduct their
operations
against Germany,
"ineredibly
irresponsible"
Though much
economically
away
to
many
outsiders,
experts were also retained to survey the possibilities
of
developing the peat found in the bogs scattered
over
Ireland, and to advise in exploitation opera¬
tions.
These Irishmen believe that the German Gen-
eral Staff has consequently a very detailed knowl-
powerful, much less dependent
edge which would enable its airforce to put the
Great Britain, and much further
extensive Irish electrical system out of action and
more
on
short-sighted and
may seem
supervised by the engineers of Siemens-Schueckert—
noted German electrical enterprise.
German
from the present site of the conflict than is
do
other
strategical damage within a few hours,
Ireland, the majority of the people of the United
should the Irish restore to England the right to use
States appear to
parts of Ireland as bases of operations against the
our
we
coast,
are
feel that the British
fighting for
a
are
defending
world order in which
believe, and that should the British be defeated
the future economic welfare of this
menaced.
It
thus wonder
is
not
if
we are
surprising that those feeling
land and a consequent reduction in her usefulness to
see
that the day
wiped out, the Germans
Those who take that view
right, and
seem
we are sure we are,
the
Irish must be
wrong.
States should
victor from this
war, it is
position,
in
Germany
would be
on
very
small and has been decreasing. In
2,968,420, and in 1881 it
In 1936 the number
was
3,870,020.
was
In 1840 the
entire island, including the North of Ireland, had a
population of 8,000,000.
small
country, the
ports of which might, indeed, prove useful
defense, but would
not
as
bases
necessarily decide
the issue.
The standpoint of Mr. de Valera is
Today the population of
the entire island is only about 4,247,000.
Since 1840
while the population of all Ireland was
thus declin-
ing by nearly 50%, that of England almost trebeled.
In
no
European
country,
save
Ireland,
did the
population decrease during the 19th century,
It has long been customary in Ireland to attribute
this reduction to the decline in Irish industry
brought out,
by comparing the declaration in the first article
of
the Constitution of 1922' that the Irish Free
State
a
co-equal member of the Community of Nations
forming the British Commonwealth of Nations, with
Articles 1 and 5 of the Constitution of 1937.
of Ireland is
Americans of Irish descent, or
apt to forget that the population
the
that of Ireland—a
1 reads:
we are
our
balance may well determine the
outcome, is very dif-
is
are so many
emerge as
potentially the most powerful Nation
the wolrd, the weight of which once thrown inrthe
for British
There
birth, that
certainly true that
as
ferent from
her friend across the channel,
1939 it numbered 2,965,854.
Wholly apart from what the effect
the United
be outweighed by the
may
certainty of a large amount of destruction to Ire-
after the British fleet is
to say:
At any rate the possible benefit to the
of Irish bases
British
country will be
why the Irish cannot
will be in Ireland.
Germans.
Article
which
followed the Act of Union of 1800, and the consequent subordination of Irish economy to that of
England.
The drift into the cities—such a wide-
spread phenomenon in other countries during the
19th century—did not take place in Ireland, to any
great extent, owing to the paucity of manufacturing
industries in the towns.
The tendency was, rather
Volume
towards
2143
The Commercial & Financial Chronicle
152
It is not strange therefore that
emigration.
world
of
high
tariffs
and to the propensities
Moreover, self-sufficiency,
the Irish looked forward to the industrial regenera-
of
tion
especially in food stuffs, has a strategical value
of their
objectives
country as one of the most pressing
striven
be
to
for
dustrialization of the
in troubled times.
conscious, deliberate effort to promote and maintain
tributed to the reduction.
latest age at
-
,
The lowest
marriage rate
marriage in the world had
something to do with. The delay, for various reasons,
of this nation of
agriculturalists in developing in-
tensively the possibilities of the fertile soil of their
country—with
equal to that of Massachu-
an area
setts, New Hampshire and Vermont combined—also
Ireland has the lowest
counted.
tion in relation to
density of popula-
agricultural land in Europe.
After the Irish Free State
committee of
/
organized in 1922
was
a
experts was appointed to consider the
advisability of adopting
protective tariff.
a
The
report, however, favored a large degree of free trade
as
suitable to
more
a
dominantly agricutural
coun-
try desiring to obtain needed raw materials and consumable commodities at the lowest
_
_
J
The
.
possible prices.
.
,
Government, however, recognizing the popular
lack of confidence in free trade
as a means
of attain-
ing the desired economic development, began almost
at
once
series of
a
experiments in tariff protection:
.
™
mi
.
v
The Shannon Electrical
contructed not
only
all events, as confirmed
At
country has progresesd con-
Actually, factors other than emigration have conthe
people.
by Articles 43 and 45 of the Constitution of 1937, a
years
siderably, the population continues to decline.
and
Irish
the in-
Yet, though in recent
dependence.
in-
attaining
on
the
,
.
_
project was conceived and
of supplying cheap-
as a means
a social and economic as well as a political order
deemed adapted to the needs of Ireland has been
under way largely under Government control and
direction.
The experiment—and in many respects it still
partakes of that character—has been under severe
handicaps. - The world depression affected it seriously, and controlled some of its directives. The
tariff and economic war with Great Britain began
soon after Mr. de Valera came into office, and ended
only in April, 1938. Now a great war is raging. Yet
the amount of self-sufficiency attained by the time
this war began was not unimpressive. As Mr. de
Valera put it in his St. Patrick's Day address:
"Already
sugar we
our
factories were capable of producing all the
required from the beets grown on our farms.
Our
flour mills were capable of grinding all the wheat we needed
'Ofsoduce,flour
for our bref; The acre"f%™
had in a few years increased from some 20,000 to 300,000
{jie
iatter
meet
our
being nearly one-half of the
full requirements.
We
are
area
necessary
to
manufacturing all our
own boots and tanning practically all the leather required
F1'0111 our woolen, linen, cotton and hosiery
them.
mills we were manufacturing most of the material used for
Nothing and apparel.
Our peat bogs
developed and we hoped in
a
were
being steadily
short time to substitute, in
a
electricity to the homes and farms of Ireland, but
considerable measure, turf for the coal we import for
also to furnish
domestic and manufacturing purposes, and for the produc-
.
industries, present and to
m,
,
low
cost
beets
and
sugar,
tobacco,
as
well
&c.,
soap,
the manufacture of
as
were
encouraged by tariffs,
of
agricultural and industrial activity
by
means
of subsidies.
not, however, until Mr. de Valera obtained
was
control of the Government in
ures
taken
character
aimed at
1932 that the
as
to make it manifest that the
by such
Government
a
a
planned, and, to
Government
controlled,
"to organize our
be able to
Nation
provide,
as
daily needs from the
much
possible, for their
of their
country,
own
hands."
own
In order to harmonize with the
genius of the Irish
people it is believed in Ireland that the high degree
of
self-sufficiency aimed at
tained if she is made into
cultural
only be soundly at-
can
a
country of small agri-
holdings, small decentralized manufactur-
ing industries and small businesses, with
varied
employment for labor,
tween
the
general
The
A
of
deliberate
alternative
modern
a
of
living
than
choice
highly
better balance be-
agriculture and industry and
standard
hitherto.
a
was
has
a
here
developing Ireland
as
higher
a
huge
farm, by private cooperative initiative and
encouraging,
Denmark
the turn
of
opportunity offered, the evolvement
as
did
in
the
the
fifty
century,
years
may
not
or
total of 382,085 holdings of which
the fact that in the first five
As Mr. de
people should
our
were a
involved.
a
address, the aim is
as
resources
by the labor of their
to amount to
economy.
that
so
as
1939, there
prevailed
reasonable time
considerable extent,
a
Valera said in his above quoted
and
objectives
degree of governmental action and
a
Considering the size of the population some of the
figures involved in these developments appear important. Between 1932 and 1938, 29,000 people had
been settled on new small farms aggregating 380,000 acres. The sugar beet crop is raised by some
30,000 small farmers and the wheat crop is also
mainly produced on the smaller farms. On June 1,
241,161 were of thirty acres or less. The new industries had by 1938 given full time employment to
more than 20,000 and part time employment to
70,000. Between 1931 and 1936 the gross output of
Irish industry increased from £53,883,854 to £81,212,634. The net output in 1931 was £25,602,276,
and £33,790,776 in 1936. During the same five years
t]lie number of those employed in industry increased
^rom 110,588 to 153,888. That Ireland is, however,
a predominantly agricuultural country is evidenced
0y the fact that in 1936 643,396 people were employed in agricultural pursuits,
In spite of the progress made towards self-sufficiency there remain still many problems to be
solved. Not only had it not been possible to check
the increase in the cost of living to be expected when
a country deficient in important raw materials conducts such an experiment on a relatively large scale
a comparatively short time; but the unemploynient problem had not been solved, in spite of the
new industries—as well as the land and housing
projects—the size of the later being indicated by
cannot, in the opinion of the present Ad-
supervision in the economic field
to
meas-
began to assume such proportions and
ministration, he secured within
save
attained
was
tion of electric power."
sugar-
degree of the desired diversification
some cases a
It
with
.
tobacco, confectionary, articles of clothing,
shoes, bottles,
In
come,
j.
-j
The domestic growth of
power.
so
around
be suited to
a
administration 51,000 houses
years
of the present
built, or nearly
double the number built in the previous ten years,
Moreover, as these new industries, the large scale
housing projects and other development work undertaken by
or
were
under the auspices of the Government
The Commercial & Financial Chronicle
2144
required to
some
extent raw mtaerials, machinery,
the United
April 5,
Kingdom amounted in value to £21,000,-
etc., not available in Ireland, one of the most im¬
000 and the
portant problems, namely that of reducing the un¬
commerce
favorable balance of trade at least to the
throwing the balance of trade
it
would
not
point where
similarly affect the balance of
pay¬
ments, had, apparently, not yet been solved.
the effort
with
Also,
made, especially during the economic
war
England, to broaden the base of the Irish
ex¬
ports had not yet succeeded.
For
exceeded the
and 1939
imports
In 1933, 1937, 1938
exports in value.
respectively, for instance, the value of the
£35,789,153, £44,108,332, £41,414,051 and
was
£43,415,193.
In the
exports to £22,000,000.
with
other
same years
ports (including re-exports)
the value of the
ex¬
countries
so
It is Ireland's
which
has
been
heavily against her,
spite of her efforts to buy from those who buy
from her.
In 1937 all other countries
bought only
£2,000,000 of Irish goods, in 1938 £1,760,000.
not
It is
surprising that it is felt in Ireland that the chief
importance of the
long time Ireland's imports have greatly
a
in
1941
new
industries she has been de¬
veloping will necessarily be confined to the domestic
social-economic
tribute to any
Her future
be based
Great
field, and that they
cannot
prosperity must,
Irishman believe,
many
addition to the volume of trade
on
con¬
appreciable extent to her export trade.
with
£19,020,800, £22,848,810, £24,239,758, and £20,892,414.
The import
ports, but also of imports.
balances for those years thus amountd to
£10,708,353, £21,259,510, £17,174,293 and £10,522,782 respec¬
tries, in the present critical times will probably not
was
tively.
report of the Commission, above
men¬
tioned, the subject of this perennial import balance
discussed and it
nomal
that
a
should have
was
creditor
pointed out that it
Nation,
such
was
Ireland,
as
continued
a
commodity import balance,
though the extent of the balance is unusual. The
an
increase of
Ireland's future role like that of other small
depend upon her
In the 1938
was
Britain, involving not only
desires alone.
own
ex¬
coun¬
If either of the
powerful belligerents decides that the advantages to
it
of
violating Ireland's neutrality outweigh the
disadvantages, the violation will occur. Obviously
Mr. de Valera
is, therefore, right from his point of
view, in seeking to strengthen and modernize Ire¬
land's armament.
report also discussed the question of the balance of
payments
the basis of estimates for the years
The items concerned included
on
1931, 1934 and 1935.
The Business Man's
the credit side
on
incoming interest and dividends,
immigrant remittances, hospital sweepstakes, Brit¬
ish
pensions, net tourist expenditures, &c.
debit side they included
dends, &c.
movement
the
struck the report indicated
in each
case.
adverse
It
was
balance
of
noted that to
payments
a
extent
caused
by
At any rate the
adverse net balance for those
years
was
not
large in relation to Ireland's investments abroad.
The
report, however, stressed the importance of not
employing the foreign
extent in
financing
investments to
new
any
large
industries and social de¬
velopments
or in correcting the balance of
payments,
foreign investments form the best guar¬
these
as
antee of the
safeguard
of
stability of the Irish currency, and a
financial independence in critical
times.
keystone of Ireland's hope for stable pros¬
perity is her exports of the products of her agri¬
cultural activities.
of
to
The Government has been
prescribe and maintain
quality for them.
is cattle
above
on
given.
£9,500,000
exports for that year.
ucts of the
in value
or some
In the
aggregated
39% of the total
£2,000,000.
were
year, the prod¬
In 1938 Irish horses valued
exported.
foodstuffs, drink and
Dairy products, other
tobacco figured
the remainder of that
commerce.
leading characteristic
of
largely
Ireland's
Northern
among
foreign
on
rela¬
Normally that country
Ireland
have
been
supplying about
Other
information
Asian,
Canadian,
American
92% in 1938.
in
this
edition
Australian,
includes
bank
transit
Mexican, Central and
banks.
!
South
■
The Course of the Bond Market
Recent increases in commercial loans reflect defense
tivities and decreases in
90%,
In 1937 Ireland's
imports from
excess
reserves
have been almost at
a
ac¬
have occurred due
primarily to the latest Federal financing.
Treasury bonds
standstill in price this week,
with
a
tendency toward small fractional losses, but corporate issues
been
firm
and
certain
sections
of
the
market
have
advanced.
While high-grade rail bonds have improved in price with
steady undertone, interest has centered among the more
speculative rail issues.
Heavy trading has been much in
evidence among Missouri-Kansas-Texas bonds.
Bonds of
a
Atlantic
Coast
Line,
Southern
Southern Railway
ground this week.
Chicago Great Western inc. 4^s, 2038, advanced 5% points
to 39%, and Baltimore & Ohio 4^s, 1960,
were 3 points
higher at 29.
Morris
&
Essex
touched
Pacific,
new
high
The utility section of the bond market has been relatively
dull this week.
of recent
weeks
ging and
and
State,
figures, bank officers, directors and correspondents;
exports.
in 1937
9,687
accessible banking points for all non-bank towns, a five-year
list of discontinued banks, and complete data on European,
without vigor.
was
National,
numbers in numerical order, 1940 United States Government
50% of the imports, and taking about
9/10 of the
The ratio for the latter
and it is just off the
also shown for each State.
and
trade is the extent to which it
is centered
tions with Great Britain.
years,
are 15,167
169 private, and 164
other
institutions.
It
also
lists
3,802 branches—1,580
National, 2,130 State, five private, and 87 oth^r institutions,
making a total of 18,969 banks and branches in the United
States, with assets of $85,643,262,000.
A consolidated capitulation of the Dec. 31 bank statements
gives the capital of these banks as $3,066,312,000; surplus,
$3,762,495,000;
undivided
profits
and
reserves,
$1,642,090,000; deposits, $76,703,677,000; United States Government
securities, $21,055,601,000; other securities, $9,510,128,000;
loans and discounts, $24,000,282,000.
This information is
banks—5,147
have
same
69
This issue shows that in the United States there
pig exported to Great Britain
aggregated
over
£1,473,197
and
be published in the past
press.
doing
Ireland's most valuable export
In 1938 this item
Co., Chicago.
Price $15
The first 1941 issue of the Blue Book is the 130th edition
to
It has been less successful in
the hoof.
in value about
The
2,600 Pages.
.
increasing their volume, largely, perhaps for the
reasons
at
Published by Rand, McNally &
high standard
a
RandMcNally Bankers
Directory—Blue Book
census
The
much
First 1941 Edition
debt bal¬
some
was
transfers for investment in Ireland.
total
On the
outgoing interest and divi¬
When the grand balances of commodity
and non-commodity
payments for those
years were
ance
Bookshelf
High grades reversed the softening tendency
and speculative issues advanced, although
A demand for Canadian utility bonds was
evident
following news of the possibility of currency peg¬
Shawinigan "Water & Power 4^s, 1970; Canada
Northern Power 5s, 1953, and Saguenay Power 41/4s, 1966,
moved up
several points.
Volume
The Commercial & Financial Chronicle
152
Industrial
issues
generally
rallied
this
week,
with
strength felt throughout the entire list
The retail trade
issues
have
been
33y2.
up moderately and are now approximately where they were
three weeks ago before the late slight sagging tendency was
foreign bond list has
on
a
featured by strength in
pending currency agreement
MOODY'S BOND
(Baaed
on
1941
U. S.
Govt.
Avge.
Corpo¬
Bonds
rate *
4— 117.55
106.04
116.80
112.37
3-
Apr.
"
L':C~
Uruguayan
late
some
bonds
improved
PRICES f
MOODY'S BOND
Chilean
in
nervousness
YIELD
AVERAGES t
Corporate by Ratings *
A
Aa
1941
Avge.
Daily
Average
Corpo¬
Corporate by Group s*
Baa
R. R.
P. U.
Indus.
106.21
91.48
97.00
109.97
112.19
..
3.39
4———
Apr.
Corporate by Ratings
A
Aa
Aaa
rate
Corporate by Groups
Baa
2.81
3.04
3.38
117.57
106.04
116.80
112.37
106.21
91.34
97.00
109.97
112.19
3
3.39
2.81
3.04
3.38
106.04
116.61
112.37
106.21
91.19
96.85
109.97
112.19
2
3.39
2.82
3.04
3.38
1— 117.72
-
R.
R.
P. U.
4.31
3.94
3.17
3.05
Indus.
4.32
3.94
3.17
3.05
4.33
3.95
3.17
3.05
106.04
116.61
112.19
106.21
91.34
96.85
109.97
112.00
2.82
3.05
3.38
4.32
3.95
3.17
105.86
116.41
112.19
106.21
91.19
96.69
109.97
112.00
V
1
Mar. 31
3.39
117.75
3.40
2.83
3.05
3.38
4.33
3.96
3.17
3.06
29.. 117.80
105.86
116.22
112.19
106.21
91.05
96.54
109.79
111.81
29
3.40
2.84
3.05
3.38
4.34
3.97
3.18
3.07
28- 117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
28
3.40
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.06
27.. 117.77
105.69
116.22
112.19
106.21
90.91
96.54
109.79
112.00
27
3.41
3.05
3.38
4.35
3.97
3.18
3.06
26- 117.74
105.86
116.41
112.37
106.21
90.91
96.54
109.79
112.00
26
3.40
2.83
3.04
3.38
4.35
3.97
3.18
3.06
25- 117.71
105.86
116.41
112.37
106.21
90.91
96.54
109.79
112.19
25
3.40
2.83
3.04
3.38
4.35
3.97
3.18
3.05
24- 117.68
3.17
3.04
2.84
105.86
116.61
112.75
106.21
96.38
109.97
112.37
24—
3.40
2.82
4.36
3.98
22- 117.80
106.04
116.80
112.93
106.39
90.77
96.54
109.97
112.56
22
3.39
2.81
3.01
3.37
4.36
3.97
3.17
3.03
21- 117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
21
3.38
2.80
3.01
3.36
4.36
3.97
3.16
3.02
20— 118.05
106.21
117.20
113.12
106.56
90 91
96.69
110.15
112.93
20
3.38
2.79
3.00
3.36
4.35
3.96
3.16
3.01
2.99
90.77
3.38
3.02
19— 118.10
106.39
117.60
113.31
106.56
90.91
96.69
110.15
113.31
19
3.37
2.77
2 99
3.36
4.35
3.96
3.16
18— 118.01
106.39
117.80
113.50
106.56
90.77
96.54
110.15
113.70
18——
3.37
2 76
2.98
3.36
4.36
3.97
3.16
17— 117.99
106.39
117.60
113.50
106.56
90.63
96.54
110.34
113.50
17
3.37
2./7
2.98
3 36
4.37
3.97
3.15
2.98
15— 117.90
106.21
117.60
113.31
106.56
96.54
110.15
113.31
15
3.38
2.77
2.99
3.36
4.38
3.97
3.16
2.99
14— 117.77
106.21
117.40
113.31
106.56
90.48
90.48
96.54
109.97
113.31
T4
3.38
2.78
2 99
3.36
4.38
3.97
3.17
2.99
13— 117.62
•
and
2— 117.66
Mar.31__
'
Among Latin Amer¬
issues Dominican Republic 5%s gained several points,!
Average Yields)
Daily
Averages
Aaa
Tone
been
of
rumors
officially denied,
some better buy¬
moderately.
There has
issues, but price
changes have been unimportant.
The lately favored Danish
loans continued firm, while Norwegian bonds have been
higher by a point or more.
Italian and German loans have
been soft, and Belgian 7s declined another four points.
Moody's computed bond prices and bond yield averages
are given
in the following tables:
Advance in steel issues has been fractional and spotty.
Oils have been mixed, and rubber bonds showed fractional
The
States, which has been
Australian issues also reflected
ican
been
felt.
Canadian loans
United
ing as the 41/£s moved up two points.
Shipping issues have been
gains, while the packing issues have been slightly soft.
throughout the week has been firm.
the
however.
strong, with Childs Co. 5s, 1943, showing
advance of 4^ points to
an
with
2145
106.21
••;
2.97
117.40
113.12
106.56
90.48
96.54
109.97
113.12
13
3.38
2.78
3.00
3.36
4.38
3.97
3.17
3.00
12- 117.22
106.21
117.40
113.12
106.56
90.34
96.38
109.97
113.12
12-
3.38
2.78
3.00
3.36
4.39
3.98
3.17
3.00
11— 117.30
106.21
117.40
113.12
106.56
90.34
96.38
109.97
113.12
11———-
3.38
2.78
3.00
3.36
4.39
3.98
3.17
3.00
10- 117.32
106.04
117.20
113.12
106.56
90.34
96.38
109.97
112.93
10
3.39
2.79
3.00
3.36
4.39
3.98
3.17
3.01
•
8— 117.01
106.04
117.40
113.12
106.56
90.20
96.23
109.97
113.12
8
3.39
2.78
3.00
3.36
4.40
3.99
3.17
3.00
7- 116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
7
3.39
2 78
2.99
3.37
4.40
3.99
3.17
3.00
6- 116.91
106.04
117.40
113.31
106.39
90.20
96.23
109.97
112.93
6
...
3.39
2,78
2.99
3.37
4.40
3.99
3.17
3.01
5
Z
3.40
2 7*
3.37
4.42
4.01
3.17
3.01
5- 116.77
105.86
117.40
112.93
106.39
89.92
95.92
109.97
112.93
4—
116.67
106.04
117.40
113.12
106.39
89.92
95.92
109.97
112.93
4
3.39
2.78
3.00
3.37
4.42
4.01
3.17
3.01
3„
116.67
106.04
117.40
113.12
106.39
89.92
96.07
109.97
112.93
3
3.39
2.78
3.00
3.37
4.42
4.00
3.17
3.01
1- 116.92
105.86
117.40
112.93
106.21
90.06
95.92
109.97
112.93
1.—
3.40
2.78
3.01
3.38
4.41
4.01
3.17
3.01
Feb. 28
-
3.01
Y
116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
3.40
2.79
3.01
3.38
4.43
: 4,01
3.18
21.. 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
14- 116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
7— 116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
Jan. 31— 117.14
106.39
118.00
113.70
Feb, 28
.
Jan
-
96.85
31————
3.37
2.75
2.97
3.37
4.37
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
24———
3.36
2.77
2.96
3.36
4.36
3.93
3.17
17— 118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
109.79
113.70
.
2.97
3.18
3.95
90.48
24- 117.64
106.39
3.02
2.98
2.96
-
1
10— 118.03
3.. 118.65
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2,74
2.94
3.36
4.39
3.96
3.16
2.95
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
High 1941 119.05
106.74
118.60
114.85
108.74
91.34
97.31
110.52
114.66
High 1941
3.42
2.84
3.05
3.39
4.47
4.03
3.20
3.07
Low
1941 115.89
105.52
116.22
112.19
106.04
89.23
95.62
109.42
111.81
Low 1941
3.35
2.72
2.91
3.35
4.32
3.92
3.14
2.92
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.36
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
Low
1940 113.02
1 Yr. Ago
1
Apr. 4 '40 117.16
2 Yrs.Ago
Apr. 4 '39 115.06
*
3—.
These
117.00
113.12
99.20
112.93
109.06
of
102.46
85.59
91.34
108.70
112.19
Apr. 4, 1940
3.54
2.80
3.00
3.60
4.74
4.32
3.24
3.05
97.16
81.66
87.86
103.97
107.09
2 Years Ago—
Apr. 4, 1939
3.80
3.01
3.22
3.93
6.05
4.57
3.51
3.33
/V
prices
average level or
movement
103.47
computed from
are
the average
yield
1
yields on the basis of o<-e "typical" bond (3%% coupon, maturing in 25 years) and do not purport to show either the
price quotations.
Tr.ey merely serve to Illustrate in a more comprehensive way the relative levels and the relative
average
movement
Year Ago—
of actual
the latter being the true picture of the bord rnaraet.
t The latest complete list of bonds used In computing these indexes was published In the
averages,
issue of July
The Capital Flotations in the United States
13, 1940, page 160.
During the Month of March
and for the Three Months of the Calendar
Year 1941
Corporate security flotations in March dropped to $202,972,025, the smallest aggregate of any month since last
September, comparing with $248,561,870 in February and
34.6%, in January.
$320,678,342
actions totaled $314,048,800, or
months
the
can
in
be entirely
volume
of
The
January.
attributed to
a
from
marked contraction in
rose,
new
in fact, to $86,034,370,
largest since last November, when American Telephone &
Telegraph sold
a
$140,000,000 issue for
new money purposes
and raised that month's aggregate to $168,699,139.
for November, last month's new capital aggregate
all months since
Public
May last
exceeded
total
new
placed, it
by the utility
was
capital, and, except for last
the largest amount of
group
in
any
new
T. issue
capital taken
month since August, 1938.
Six
separate utility companies participated in the raising of the
new
money
but the bulk of the total
was
accounted for by
two; Pacific Gas & Electric Co. took $20,000,000 and Ohio
Power Co. $16,605,970.
These two
in last
companies
month's
capital market.
bonds, and Pacific sold
the largest participants
Ohio Power disposed of
a
$20,000,000 1st & refunding mort¬
bond issue, all through public offerings.
Wheeling
bonds
to
Steel
the
Corp.
deals in the
offered
$30,000,000
In addition,
1st
mortgage
public, Public Service Co. of Oklahoma, $16,-
or
the calendar year
sales
of
securities
with
60%, in February, and $111,035,000, or
period.
In the first quarter year private trans¬
about 40% of all corporate
The percentage compares with 29.1 for
1940 and 33.2% for 1939.
to investors last
direct
The largest-
month
were
the
$10,000,000 debentures of Sun Oil Co. and the $15,000,000
notes of Commercial Investment Trust
Corp.
Municipal flotations in March had an aggregate value of
$179,066,111, the greatest amount placed by this group of
month this
the month's total
was
year.
A considerable portion of
represented by the $77,804,557 State
of Arkansas bonds resold last month by the
Finance
publicly offered.
It also
came
RFC had resold $13,000,000
ary,
so
far been
to light last month that the
of the Arkansas issue in Febru¬
directly after acquiring the bonds, and our February
totals have therefore been revised
An
Reconstruction
Corporation, of which $35,000,000 have
issue
of
funding bonds
were among
$20,240,300 preferred stock and $15,000,000 first mortgage
gage
$151,013,800,
issuers in any
year.
November, when the previously mentioned A, T.
was
Except
utility companies by themselves took $39,060,970,
almost half the
or
recent
refunding operations; the total in the
capital classification last month
the
reduction
percentage of private sales so far this year, comparing
the first
upwards by this amount.
$4,000,000 Republic of Panama 3H% re¬
was
offered publicly March 28, which
foreign issue,
to be marketed in the
European War.
was
either governmental or corporate,
United States since the start of the
In fact, except for Canadian issues, no
previous foreign offerings have been made here since No¬
vember,
1938, when the Argentine Republic floated $25,-
000,000 10-year 43^s.
Below
we
present a tabulation of figures since January,
000,000 1st mortgage bonds; Philip Morris & Co., $14,899,-
1939, showing the different monthly amounts of corporate
100
financing
preferred stock, and Monsanto Chemical Co., $7,762,500
preferred stock.
■
Private sales last month
of all corporate
aggregated $52,000,000, or 25.6%
placements.
It
wras
the smallest volume and
as
revised to date.
Further revisions of the 1940
figures will undoubtedly be necessary from time to time,
particularly
as
additional private financing is
light in annual reports and other places:
brought to
The Commercial & Financial Chronicle
2146
1941, 1940 AND 1939
SUMMARY OF CORPORATE FIGURES BY MONTHS,
*1939
*194®
1941
Total
Refunding
New Capital
April 5, 1941
New Capital
Total
Refunding
New Capital
Total
Refunding
$
$
35,469,718
46.004.059
137,994,832
173,464,550
5,926,032
10,386,300
16,312,332
211,341,581
257.345.640
23.833,072
136,115.000
159,948,072
103,799,050
134.326.641
58,179,191
48,688,660
106,867,851
453,136,463
665,136,731
87,938.295
195,189,960
283,128,255
181,769,350
161,502,000
259,969,392
251,798,424
283,039,488
52,788,677
31,549,770
86,034,370
267,889,665
320,678.342
217,012,100
248,561,870
116,937,655
202,972,025
30,627,491
170,372,817
601,839,420
772,212.237
112,001,268
53,925,210
89,287,130
9,771,328
192,353,442
246,278,652
173,097,430
Second quarter.
152,983,668
377,640,222
530,623,890
131,181,549
595,069,774
726,251,323
Six months....
264,984,936
830,775,685
1,095,760,621
219,119,844
790,259,734
1,009,379,578
46.233,450
67.938.134
225,622,950
271,856,400
49,703.366
180,669,959
230,373,325
August
25,894,844
68,006,465
111,493,538
62,464,785
179.431,672
September.
130,471,250
16,019,150
317,462,641
80,195,000
343,357,485
96.214.150
182,178,049
399,581,273
581,759,322
91.617,360
578.327,600
669,944,960
1.368,587,334
1,679,324,538
157,474,063
January
February
March...........
First quarter.
April.
May.
June.
July
Third quarter...
83,810,300
101,476,480
78,200,042
21,740,443
31,241,064
111,247,808
183,242,443
447,162,985
1,230,356,958
1,677,519,943
310,737,204
October...
47,278,100
168,699,139
61,131,658
392,624,870
261,185,785
20,297,396
November.
345,346,770
92,486,646
21,640,375
90,834,833
177,771,459
112,475,208
328,211,682
389,343,240
30,778,057
195,817,158
226,595,215
Nine months.........
December.
Fourth quarter
277,108,797
766,045,098
1.043,153,895
72,715.828
444,126,054
516,841,882
Twelve months
724,271.782
1,996,402.056
2,720,673,838
383.453.032
1.812.713,388
2,198.166,420
*
Revised.
Note—In addition to revisions already noted
In previous Issues of the "Chronicle," the following changes have been made:
Month
Deduct..........—
Deduct
a
Clarification
....Feb. 1941
Feb. 1941
These amounts had already been included In January,
Refunding
both issues in a single calendar year.
The principa
point of difference between Series F and Series G lies in the
or
operations were undertaken by the
United States Treasury in March both for new money and
refunding purposes.
Public sales, including United States
Savings bonds, aggregated more than $1,800,000,000, more
than half of which went to raise the Treasury's cash holdings
and the balance toward paying off maturing issues.
Income
tax collections were exceptionally great and at the close of
the month the working balance stood at $1,970,259,258, and
the nearest important maturity, other than bills, as far away
as
Refunding
Philadelphia Suburban Water Co. 1st 3
Philadelphia Suburban Water Co. 10-year notes
1941, financing.
Treasury Financing in March
financing
Heavy
Allocation
Name of Issue
Amount
a$15,900,000
al,500,000
Public Utility
Public Utility
discount basis at 74
fact that the former will be sold
on
to
fixed interest basis of
years, are not transferable
yield 2.53% and the latter on
2H%, at 100.
Both mature in 12
a
a
and will be issued in denominations from $100 to $10,000.
All three issues of the new savings bonds are to be re¬
deemable at fixed prices at holder's option, prior to maturity,
the Defense Savings bonds at any tine ana the Series F aad
Series G
on
30
UNITED
days' notice after six months of issue date.
STATES
FINANCING
TREASURY
1941
DURING
Aug. 1.
The month's
operations included the sale to the public for
cash of $526,213,750 23^% bonds of 1952-54; an additional
$28,940,200 of the issue was allotted for cash to Government
investment accounts.
This issue and the %% notes of
series D-1943, which were originally offered in February,
were also offered on an exchange basis for the $503,877,500
1 Vs% Treasury notes maturing next June 15.
Exchanges
were made for $447,458,200 bonds and $32,639,300 notes.
Short-term cash also
was
raised last month in amount of
$298,324,000 through three weekly sales of 91-day bills,
each about $100,000,000 in excess of maturities, in the first
weeks of the month.
In the final week the bill offering
dropped back to the customary $100,000,000 issue to pay
off a similar maturing issue.
Sales of United States Savings bonds increased last month
to $131,961,202 from $120,680,174 the month previous.
Plans to expand sales of this type of security, starting May 1,
in order to help finance the huge defense program, were
announced by the Treasury March 21.
When the new pro¬
gram becomes effective, the public will have the opportunity
of buying three different kinds of Savings bonds instead of
only one as at present. One of the three, which will be known
as Defense Savings bonds, will be almost identical with the
present class of savings bond.
It will be sold only to indi¬
viduals, in amounts not exceeding $5,000 in any calendar*
year.
It will be priced, mature and yield the same as "baby
bonds" and be issued in denominations from $25 to $1,000.
In addition, stamps priced from 10 cents to $5 each will be
sold, for which Defense Savings bonds will be exchangeable
when purchasers have accumulated stamps equal to the pur¬
chase price of a bond.
The purpose of the stamps is to per¬
mit persons with the smallest incomes to buy the bonds.
The other two issues of savings bonds will be known as
Series F and Series G, and both will be sold not only to in¬
dividuals but also to trustees, associations, pension funds
and corporations in amounts not exceeding $50,000 of one
*
Issued
January—
Retired
$
Certificates*.
January
total.
Net Issued
S
49,800,000
38,460,000
„
88,260,000
90
Jan.
3 Jan.
91
Jan.
10 Jan.
91
Jan.
17 Jan.
Jan.
24 Jan.
23 Jan.
Jan 1-31 Jan.
Jan.
Jan.
S
Total 3 months.
v*
o^vio*
ooiico
Nil
a
101,298,000
a
635,055,400
100
189,275,833
75
V
Nil
v<%
*2.9%
1,326,167,233
total.
Nil
Feb.
5
91
days
312,345,000
100,450,000
Feb.
7 Feb.
13
90
days
227.631,000
100,294.000
b
b
Feb.
14 Feb.
19
91
days
209,830,000
100,110,000
99.998
*0.007%
Feb. 21 Feb.
26
91
days
258,063,000
100,127,000
99.989
*0.043%
31
Jan.
Feb.
25 Mar. 15
Feb.
25 Mar. 15
Feb 1-28 Feb.
Feb.
a
9 years 1,115,868,600 1,115,868.600
100
32,422,500
120,680,174
100
2 years
32,422,500
1
10 years
120,680,174
5
91
525,347,000
1,669,952,274
total.
days
91 days
200,284,000
99.978
452,601,000
200,317,000
99.970
Mar. 14 Mar. 19
91
days
442,380,000
200,167,000
99.971
Mar. 21
91
days
28 Mar.
Feb.
7 Mar. 12
Mar.
2%
%%
*2.90%
75
Mar. 26
*0.086%
*0.120%
*0.117%
*0.065%
99.984
100,413,000
308,808,000
c526,213,750
d447,458,200 d447,458,200
e28,940,200
e28,940,200
32,639,300
32,639,300
131,961,202
131,961,202
c6144 786,150
Mar. 19 Mar. 31
13 yrs.
Mar. 19 Mar. 15
2 yrs.
Mr 1-31 Mar.
Mar.
y3%
u%
*2.9%
100
75
1,868,393,652
total
Tota
*
10 yrs.
1
2
100
4,864,513,159
3 mos_
Average rate on a bank discount
basis,
a
Slightly above par.
b Fractionally
d Public exchange offering,
under par; infinitesimal yield,
c Public cash offering,
d Allotted to Government Investment accounts.
i;:-;/
USE OF FUNDS
New
Total Amount
Type of
Security
Dated
.
Accepted
Refunding
Indebtedness
%
$
$
2
Jan.
100,435,000
100,435,000
91-day Treas. bills
100,002,000
100,002,000
100,023.000
91-day Treas. bills
15
Jan
90-day Treas. bills
1
100,023,000
bills
100,078,000
91-day Treas. bills
101,298,000
%% Treas. notes
635,055,400
U. S. Savings bonds
189,275,833
91-day Treas.
100,078,000
101,298,000
635,055" 400
.
1,326,167,233
501,836,000
100,450.000
189,275,833
824,331,233
5
91-day Treas. bills
90-day Treas. bills
100,450,000
100,294,000
19
91-day Treas. bills
100.110,000
Feb
26
91-day Treas.
bills
100,127,000
100,110,000
100,127,000
2% Treas. bonds.*
H% Treas. notes..
U.S. Savings bonds
1,115,868,600
1,115,868,600
32,422,500
120,680,174
32,422,500
1,669,952,274
1,549,272,100
120,680,174
200,284,000
200,317,000
200,167,000
100,968,000
101,204,000
100,272,000
100.413,000
99,316,000
99,113,000
32,131.000
56,129,000
1
Feb
100.294,000
120,680" 174
113,000,000
x5,151.000
'
107,849,000
171",612",000
12,556,000
Xl0.000.000
159,056,000
171,612,000
22,556,000
149,056,000
61,033,000
jiui/t2o,
313,034,000
wrLuiuaLUS
soiu
February
tot al
5
91-day Treas. bills
Mar. 12
91-day Treas. bills
Mar. 19
91-day Treas. bills
Mar. 26
91-day Treas. bills
Mar.
100,413,000
c526,213,750
31
2H% Treas. bonds
Mar
15
H% Treas. notes
32,639,300
U. S. Savings bonds
131,961,202
e28,940,200
Mar.
1
March
total.
Total 3 mos_
c
Public cash offering.
Investment accounts.
99,895,000
c526,213,750
c
d447,458,200 d
d447,458,200
Mar
to
Railroad Retirement Fund, Postal Savings System, and Federal Deposit
Insurance
Excess of retirements.
Nil
13
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska
x
Nil
Feb
6,346,000
ttuu
Nil
a
Feb
114,195,000
vci bujbttwx»
days
a
a
Feb
6,346,000
374,067,000
560,547,000
29,300,000
10,000,000
March total
100,435,000
100,002,000
100,023,000
100,078,000
648.182,000
26,829,000
1,195,000
Certificates.
days
days
Yield
Price
11.631,000
March—»
Notes
Accepted
398,849,000
91 days
303,957,000
91 days
263,061,000
yrs. 2,756,463,500
10 years
189,275,833
Mar. 15
February total.
Applied for
20,500,000
113,000,000
Notes..,
Amount
January total
FebruaryCertlflcates.
Corporation,
Due
Dec. 27 Jan.
Jan.
Notes
Dated
Offered
INTRAGOVERNMENT FINANCING
1941
Amount
Date
e28,940,200
e
32,639~ 300
131,961,202
1,868,393,652
882,954,500
985,439,152
4,864,513,159
2,934.062,600
1,930,450,559
d Public exchange offering,
e
Allotted to Government
O
o
E
.
o
3
3
O
3
Cr,
hi
Sr
<T>
Total
1937
$
320,98 21 4~,b67".6 59,345.983 38,71804
260,9870 32,70 625 26, 2496
Refundi g 16,931 0 15,0 " 41 4,073,1 2
18,05483
80,76 0 50 ,0 0 1,25,0 156,213
82,638213 53,0 0 109,85 10 245,973
21 ,0 0
58.643,0 4,80 0 16,47510 19, 8150
$
Refundi g 58,4320
289,0 0 156,213
Capit l 2,350 1,25,0
$
New
94,3750 2,0 ,0 1,091,40 9.401.451
Total
1939
20 ,0 0 12 ,80
Refundi g 46,35860 2,0 ,0
Total
196.71 03
139,24.38 47,9673 186.7401
$
1938
4,067,0 1.849,20
Capital 98, 730 17",65 842,589.34
New
Total
Capit l
106,87 51 3,0 ,0 19,3*48",0 19,325184
Total
New
248,51035
$
",6 0", 0 4,95",0 18,7 .28 2,4 5,0
"506",0
45,0 0 890, 0 58,432.0
"21Y.6 6
2, 35,0 1,30 0 8,60 .6 "46",0 0 "4060"0,360, 0 2,350
"289.0 0
27 ,0 0
30,150 36,40 3",~906, 6 24,0 0
Refundi g 31,'8 057 15,~l"7 ,863
FFGLFAFMOYOTIVNUEEAIHRVRCNMDPCSGLT, fFmrGtuaeonohicvgdprlnmesyl.SYMFUIOTSTNEAIHVIHRNCEDS
Total
Capital
$
Total
$
103,79 05 17,920 49,05 40 170,85 40
15,97250 3,70,0 10,87 241
30,527491 5,60,0 34,510746 750, 0 71,38,237
140,720 61,075 2 1,95,0
20,97205 4,0 ,0 179,06 1 406, 316
Refundi g 85,302 3551,607",4
16,93765
SOUM FARY Capital 5,37180 "764,92570 1,95,0
4,0 ,0 92,8 9041
CORPATE
GNOREUPFWI
24,8916
CAHARNTDE
86,034 70 9,40, 0 86,2370 18,7140
New
-m—'
Sagencis.&_ bfutoandnyiesds
—
—
. 21 ,0 0
—
—
289,0 0
- 1,371,2 3
12,350 14,56 0 8,371,23 50 ,0 317,0 0 45,0 0 40 ,0 0 1,250, 0 82,638213
-—m—
10, 0 2,65,0
'■'-•——
1,0 ,0 "37V.213
•
40,0 0
——m 1,371,23 2,35,0 12,30 0 8",371",23 289,0 0
—m
"70",
12 ,80
"2i",6 6 27 ,0 0 45,0 0 "896",6 58,643.0
40 .0 0 360, 0
—«.
500
2,0 ,0 "5056"0, 9,872",351
——— 2,0 ,0 "26 ",0 0
—
13,8 740 40,25968 70,6270 13,0150 1,0 ,0 4~,95",0 27,65438 7,45,0 1,356,0 405,0 0 13,8~,740 139,24 38
1,6 0", 0 "37l",213
—
—
—
46,35860 2,0 ,0
50 ,0 0
405,0 0
" 7"0,50 106,87.51
10,492851 30,150 38,90 3,90,0 3~.872~.35l
32 .80
—
23,95.213
3,~8",657 15,3"0' ,6C3
48,6 60
—
-
750, 0
134,26541 23,5920 83,570146 24,3867
Refundi g 87,049 50 3,0 ,0 13,750
—
•
—
—
94,3750 2,0 ,0
-
14",073541 19,24153 3,150, 0 148.6,450 5.192,50 8",38",492 40 .0 250, 0 682,50 14,073"54l 18,05 483
••
12,350 13,56 0 8",6 ",6o 317,0 0 45,0 0 "40 ",0 1,250, 0 80,76 0
103, 60 3.0 ,0 17,450 10,87 241
$
New
CFOORRPEIGANT,
- 98, 730
8,937,120 5,0 ,0 1,356,0
Capit l 30,150 5,1 ,943 3,90,0 8,2,197
Neic
H-A
2,192,56 1,75,612 40 ,0 0 "682",50
$
1939
to
16,93 0
%
$
T>
*•«.
250. 0
Refundi g 10, 0 2, 65,0
23,95213 8,70,0 93,8403 126,079243
o
a
3",192",50 4,95",0 20,492840 2,845,0 l".087",56 27",5 281 59,37012 73.82,70 16,50. 6,192,50 4",95",0 36,492840 7,845,0 1,60 0 1.087.5C0 27,5 281 320,98 21
$
'
o
260,9870
Capit l 70,6270 13,0150
1938
to
73,82 70 16,50 3,0 ,0 16,0 " 0 5,0 ,0 1,60,0
New
$
o
"t
Refundi g 3,150. 0 148,6 450 3,0 ,0 7,6 2,8 0
Total
a
£r
68,179 1 4,325,0 104,67.21 167. 4,02
Total
to
»—
Capit l 48,09140 891,4569,278,651
"
1941
$
>—.
$
1937
48,6 60 3,0 ,0 15,023"6 14,65.973 81,36 3
$
1940
a
Ro
0>
New
$
"350",0 0 9,749,5 1
48,09140
$
42,750 40,7630 10,5 0 "780",0 0 8,506",60 103, 6 0
3,0 ,0 3,0 ,0
Refundi g 35,0 0 32,6905 10,5 0 "7~8 0",6 8,~5o"~,6 87,049 50
3,0 ,0
$
1940
Capit l
8
7, 50, 0 8,207,250
Total
$
13,750 35,0 0 32,6905 24,"56,0 "780",0 i~,5o6~ 103,79 05
13,750
3,0 0
20 ,0 0
:
6,120, 0 72,0 0 3,0 0 3,"l~50",6 10, 0 2,982,0 15.7 0,6 140,720
1,2"OY,28 1,0 ,0 12, 68953 14,570241 7, 50, 0 8,407,250
1,201",28 1,0 ,0 192,~51638~, 30,527491
0l",6905", 62,70 25 6,120, 0 106, 3.425 30, 0 29,761 6 10, 0 2,982,0
3,963425 26.lY6o
:
|
1941
Refundi g 3,0 ,0 35,9 0 30, 0 3".~156, 6 10, 0 2,876,0 "3209"0 , 85,302
f3
31,60745 3,0 ,0 67,0245 30, 0 3,i~50*,6 10, 0 2,876,0
,6745
..
Capit l
New
$
3,120, 0 36,705 0
"
2,35 ,976 26. lY60d
106, 0 15,4 08 5.371S0
58,179 1
14,95128 1,06,06 12,68953 28,30241 42,750 40,67 30 25,4128 "780",0 1,0 ,0 23",68953 134,26541
"
15,97250
New
20 ,0 0
70,50
" 70,50 10,7.051 30,150 5, 01,943 30",9006", 18,57l" 48
106,0 0
1,695,0 30,62570 3,120, 0 39,06 970 26,1 60
17,450 2106,9,3977515
309,20
17,35SCO 86,034.70
MARCH boannodtedss stock. naonteds. stock. naonteds. Governmt governmGvt,^Municpial—eSts,Po n incluodet MARCH NBooteasn—ds &coper,manuft acesori_. and &c h&troalddicinngg,, NBooteasn—ds &coper,manuft acesori and &c &htoralddicningg., Railroads. utiles&ccsotoepall,,,Equmiapnumfcetrnets anodi_indaustrl b&uildcngs, _ h&ttrroaulddsicitnngg,,,Miscelanous utiles&scctooepall,,E,qumiapnmufectnrets anodiindaustridl b&uildcngs, h&ttrroaulddsicitnngg,,,Miscelanous csoercpuriatte
manufctrig manufctrig _ _manufctrig . manufctrig
OF Long-termShort-emPrefredComstocokn Lboongn-tedrmsShort-em.PrefredComstocokn Lboongn-tedrmsShort-em PrefstorcekdComstocokn corpate. toal dfTighueorsees MOFONTH
Long-Term Railroads util es. cstoeall,,Equipment Moatonrds industrial buildngs,Rub er Ship ing trust ,Miscelanous Short-Tem Railroads util es. cstoeall,,Equipment Moatnords industrial buildngs,Rub er Ship ingtrust ,Miscelanous
Can dian foreign Loaannd USntaiteeds
Corporat Domestic— Candi — foreign—
MONTH
Other
Total
Grand
Other Farm
Total
*
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total—
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
Total
o
H
o
a
3
3
to
5
O
&)
tr
H-1
ir
*1
13
<0
oo
to
1937
Refundi g 397,18250 7,260, 0 159,47.53 60, 972 3
Capitl
390,42.85
Total
24,8350 2,650, 0 4,934,0 3,793,209
236. 079 109,3 0 21,3970 1.40,0 568.20418
Refundi g 12,97810 2,0 8,0 1.02 ,80
Capit l 102.865310
642.0 0
3.91 ,20 3,793,209
1 .2179
1,06.9,482
309,10
Refundi g 152,81 60 7,0 ,0 35,029 0
195,8960 3,0 ,0 51,32 0 51.7527
301,28 32
87,938295 20, 0 432,56~l"0 25,17295 765, 2 50
Total
1940
•
$
45,6023 13,0 0 71,957690 25,76 41
56,137 74,870 340,253 7 1.625,0 981.0268
Refundi g 386,51082 3,0 ,0 63,78431
New
Total
1941
COORPFATE,
63,058 18,340 85,6 325 5,14 12
12,0168
6,40 , 0 150,4325 1,625,0 270,569 2
72,1 37
4,0 ,0 78,2650 307,49 08
601,839420 4,0 0 58,0 0 143,2916 807,63 6
Capit l 130,4 905 34,7380 4,601 2
170,32817 19,765*0 164,7392 354,1309
967,0
New
2,0 ,0 2,650, 0 1,0 ,0 40 ,598 5, 0,61 675,0 0
1, 01, 0 8,72 , 09 12, 350 156,9 0 40 ,598 13,95.61 1,75,0 1,748,50 45,0 ,0 40 ,0 0 4,351,0 236. 079
120, 0 21 ,0 0
1,67 ,0 2,0 8,0
20,30
30,0 0 289,0 0
323,0 0 642,0 0
Refundi g 10. 0 65,126 90
$
OGARNUFPIDN
890, 0
;
2, 35,0 90,78 10 8.09 ,0 "9 l".56
30,150 7.518,943 3,90,0 23,42197 1,0 5.6
40 ,0 0 360, 0
12,97810
102,865.310
50 ,0 0 5 0, 0
67,031 40
1,875,0 7,598, 06 81,6405*.37,19738 29,87 60 '9 6",5 6 40,27 .0 1 127.09 5 143, 2.0 28.5 80 21.854, 6 13,70",540 52.138, 76,93 760 4,510, 0 9 0,5 0 250, 0 47.819,501 390,42 85
1,0 2,50
1,0 ,0 40 ,598 4,5 8,1 675.0 0
2,50 , 0 9,60 , 0 36, 576 16, 7 5 750, 0
7,0 ,0 35,0296
10 ,0 0
1.02 ,80 10, 0 65,126.90 1.327,50 21 ,0 0 757,0 0 45,0 .0 2,587,30 125,0890
1,08 ,70 7, 04, 09 2, 35,0 91,78 10 40 ,598 12,681 964,0 9 1,50 40 ,0 01.763.70 1 .2179
70,50
309,10
53,6452 47,1350 153,8640 1,60 3,90,0 58,67 5 750, 0 1,941,0 50 ,0 4,870,50 283,1 .25
35. S10 17,0 0 14,7 057 1,50 19,286903 '"936"0 1,750, 0 195,8 960
,
2,50 , 0 2,60 , 0 l",628",0 15.8 65 750, 0
70,50
18,30715 30,150 9.146,943 10 ,0 3,90,0 39,280 52 750, 0 1,0 5,0 50 ,0 3.120,50 87,938295
13,0 0 13,0 0 53,17690 585,0 0 i.4b"o,6 26,947 8 1,40,0 1,0 ,0 13,04 953 97,534 1 64,235.0 258,39 0 16,40 1,40.0 40,672 8 10, 0 1,805, 0 1,40 , 0 1,0 ,0 1,0 .0 78,64395 56,13.71
64,2350 205,68230 105. ,0 13,7250 10, 0 1,805,0 1.0 ,0 52,60 0 45,6023
Total
63,78431 5,493602 24.56S931 05, 0 24,50 10, 0 1,35 ,0 32,467930 453,1 463
3,0 ,0 3,0 ,0 50,34 81 13,750
Refundi g 5,493602 174,53 0 15.0 , 10,5 0 10, 0 1,35 ,0 29,467930 386,51082
8,741,398 31,47 50 5 5,0 0 3,2 5,0 "450",5 6 1,0 ,0 23,1207 68,251 8
585,0 0
10, 0 10, 0 3,123,09 f,4"ob~,6 13,97 8 1,40,0 1,0 ,0 13,04 953 3,750 8,741,398 34,271059 1,40, 0 1,40,6 16,42 78 "450",0 6 1,40 , 0 1,0 ,0 1,0 ,0 46,17 023 12,01268
190, 0 7,0 ,0
5
,
0
,
0
"2978,8 0 70,1 50 8,2 9,0
3
6
.
9
0
,
0
6
3
,
0
0
63,058
10,3 0 365,870
6,150, 0 18,340 54,063"795 34,62315
2,380,327 90,86437 15,03 0 420,1975 70, 0 43,15 70,150 8,2 9,0 45,30 27 72,1 37
190, 0
Refundi g 58,0 0 314,8 0 58,0 0 5,80,0 6,82 0 7.963,0 21,053895 532,64895 5,0 ,0 7,0 ,0
5,183,0 17,3 0 49,28" 5 2,542,670
51,83 52 63,508 0 36,9 85 65,0 0 8,342670 6,82 0 7,963,0 26,3 895 601,839420
Capit l
New
Total
1941
205, 0 " 757.6 6 45.0 ,0
Refundi g 12.0 ,0 107,68 057 1,50 0 18,97 803 " 936",0 1,750, 0 152,81 60 5,0 ,0 2,0 ,0
New
1940
256,1.750 4,350, 0
42,1350 15,207 1,50 0 3,90,0 42,b6" 1,941",0 50 ,0 0 2,30 , 0 219,830 5,0 ,0 2,0 ,0 10 ,0 0
Capit l
1,6.974 5
540. 0
Refundi g 532,64.895 17,3 0 51,29 52
150, 0 50 ,0 0
250, 0 6,597.50
40 ,0 0
12,35.0 15,9 0 8,295,0 "8475,1 0 45,0 0 1,250, 0 24,8350
Total
453,1 463 68,470 189,70 83 71.32546
Capit l 68,251 8 10, 0 8,173,09 25,76 41
950, 0 6,80 . 0
New
MFLMMAFETIGFNUOONHOAVRDERCREPNDIMGLSGNT, fGFrSobtevaomathdurgnnoicmpelyadienssyl.I8ETCNSNONHOAARHEDPR1ECWRADSE
S
U
F
T
New
7,250, 0 84, 05694 21,52 0 2,069,7 3 8 ,10 0 "6582"0 , 2 .384,259 219,5476 61,085 0 36,9 84 35, 6.50 4",934",60 14,05.693 105,48.0 15,80 682,50 23.4 1,759 624,7 .96
1,40 , 0
Capital
1939
204,170 392,5 694 57,41.06 118,4605~,6,189531 182,3760 20,36 0 1,673,05 ~256". od71,24 60 1,0547,81
10 ,0 0
Total
1938
*
"950. 06 14,05 0 86, 0694 29,1 406 8,6 5,140 39,78 531 17.98,60 1,673,05 62, 562 0 346,53841
80 ,0 0
$
FYF3MEIAOVR1CSH YEIOAVRS
Capit l
67,031 40 2,60,0 2,169,40 16,37 5
6002,206",
Refundi g 59,6350 273,8 20 14,0 .50 4~.934~.6 1,809 17,3480 15,8 0 1,037,50 397,18250 1,450, 0 5,0 ,0
New
14,30. 0 174,81659 1,40,0 301,753 8
283.1 ,25 3,0 0 483, 4"50 276,94827
C*
250, 0
Capit l 138,920 26,83 0 14.25,90 5,065",40 13,0910 47,052 0 4,510, 0
62.7962
219,830 9,60,0 37,198.40 16,4 85
Total
1937
125,0890 95,0 0 46,9805 26.507,4
New
1939
624,7 96 85,0 0 9,0 0 51,2670 81, 7329 941.7 325
4,0 ,0 28,374
^
198,670 30.72,0 28,30. 0 016, 600",24,0 0 64,0 0 2,360 *: : : 7,635,0 654,30 §5,80,0 5,O10,0
Total
1.56397 4
256.1750 6,80.0 41,02 6 86,0 .829
New
1938
1,05.4781
85,0 .0 9,0 0 5,2670 309,562.10
fcj*
654.3,0 14.05 0 20,45971 46.10,2
Total
CHAR TE Capitl
ATew
%
51,250 51,38 0 5,0 0 2,92,80 3,53,0 326,0 15,846105 130,4 905
967,0 0 967,0 94.7404".
2,380,327 38,974 12 51,250 56,12940 5,0 ,0 34,81245 3,.53,0 326,0 0 19, 342 170,32817
31,89645
SUM ARY
nM3AR1CH otes. notes. notes. governmt acie_s.&t,Posein fiuncldse 3MAR1CH Notes— manufctrig &holcdi_ng, Notes— manufctrig &holdcing, - manufctrig h&ocld—ing, manufctrig h&oldcing,
aEND nds . stock stock boands stock stockforeign— boanndds stock stock corpateGovernmt Goanvdt,f♦Municpal—Stes,Staes toal dfignuorest EMNODNTHS BLoonagn-Tdersm Railrods. utiles&ccsootpeaelrl,,,Eqmuaniupfmtent aacensordi inadunstrdl &buildcngs, Shipingttrraudsintg,,Miscelanous BShooarnt-TdesmRailroads utiles&ccsoopteaelrl,,,Emqauniupfmtent aacesnordi inadustrl &buildcngs, trtarudsintg,,Miscelanous Railroads utiles-&ccsootpeall,,,Eqmauniupfmctreenst anodi indaustrl &buildcngs, ttrraudsintg,,Miscelanous — Railroads utiles&ccsootpeall,,,Emqaunuipfcmtreenst anoidinadunstrdl &buildcngs, ttrraudsintg,,Miscelanous sceocrupritate
b
o
Long-term Short-em. Pref red Com on Candi — Long-term Short-em Pref red Com on Other Long-term Short-em Pref red Com on Total
D
o
m
e
s
t
i
c
—
MONTHS Corpate—
Can dian fOortehigern Loan
3
Farm
Grand
United
These
Total
Total
♦
3
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Public Iron, Motors Other Oil. Land,Rub er Ship ing Inv.
Stocks-
Total
Public Iron, Motors Other Land,Rub er Ship ing Inv.
Oil
Total—
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total
Volume
AND NOTES (ISSUES
THAN FIVE YEARS)
MATURING
Co.; Stern, Wampler & Co., Inc.; Stone
LATER
Equitable Life Insurance Society of the U. S.
Price, 101 M and interest.
Insurance Co. of America.
ing.
OIL
Co. 10-year 234% debs., due 1951.
Purpose,
refunding.
Placed privately with Prudential Ins. Co. of Am.
*$10,000,000 Sun
3%% bonds, series B, due Mar. 1, 1966.
Purpose, refund¬
ing.
Price, 105.
Sold privately to nine institutional in¬
68,000 Church
& Power Co. 1st mtge. bonds,
Purpose,
pay
demand
note
account indebtedness ($45,235), new
($39,765).
Price,
par.
Sold
privately
to
Northwestern Mutual Life Ins. Co.
Co., Inc., R. W. Pressprich & Co., Riter &
Robins & Sons, Inc.; L, F. Rothschild & Co.;
Schwabacher & ^o.; Shields & Co.; I. M. Stern & Co.; Singer,
H.
& Scribner; Smith, Barney & Co.; Wiuiam R. Staats
Starkweather & Co.; Stern, Wampler & Co., Inc.;
Stone & Webster and Blodget, Inc.; Stroud & Co , Inc.;
Lowry Sweney, Inc., Spencer Trask & Co.; Tucker, ^mthony
& Co.; Union Securities Corp.; G. H. Walker & Co.; White,
Weld & Co.; Whiting, Weeks & Stubbs, inc.; The Wisconsin
interest.
Aloysius College (Brothers of the Sacred Heart),
La., 1st & ref. mtge. 234-3-3 34 % serial bonds,
1942-1956.
Purpose, refunding ($118,000), corporate
purposes ($6,000).
Price, 100 and int.
Offered by Hyams,
New Orleans,
due
Glas & Carothers.
100,000 Sisters of the Order of St. Francis
/V
$2,982,000
MISCELLANEOUS
*$15,000,000 Commercial Investment Trust Corp. 2% notes due Feb.
15, 1951.
Purpose, corporate purposes.
Sold privately to
Mutual Life Ins. Co. and Metropolitan Life Ins. Co.
Co. 1st mtge. 4 34% sinking fund
Purpose, retire preferred stock
improvements,
&c. ($190,800).
Price,
100 and int.
Offered by the Bankers Bond Co., Inc.; Security
& Bond Co.; Almstedt Brothers; Stein Bros. & Boyce and
O'Neal, Alden & Co.
500,000 (Henry) Fischer Packing
bonds due Feb.
1, 1961.
($309,200),
purposes.
Finance
Corp. 25-year 6%
15, 1965.
Offered
by
convPurpose, corporate
Reichart,
De Witt
&
'■
STOCKS
a stated par value are taken at par, while preferred
value and all classes of common stock are computed at
(Preferred stocks of
stocks of
their
no
par
offering prices.)
PUBLIC
UTILITIES
$1,978,125 Indiana Associated Telephone Corp., 18,750 shares of $5
cum.
pref. stock
(no par).
Purpose, refunding.
Price,
$105.50 per share and div.
Offered by Bonbright «fe Co.,
Inc.; Paine, Webber & Co.. and Mitchum, Tully & Co.
1,645,000 Kansas Electric Power Co., 26,450 shares of 5% preferred
stock (par $100).
Purpose, refunding.
Price, 103 and divs.
Offered first in exchange for 6% and 7% pref. stock.
Unex¬
changed portion underwritten and offered by Central Repub¬
lic Co. (Inc.); Harris, Hall & Co. (Inc.); Harriman Ripley
& Co., Inc.; W. C. Langley & Co.; A. C. Allyn & Co., Inc.;
E. H. Rollins & Sons. Inc.; Estes, Snyder & Co., Inc.; A. G.
Becker & Co., Inc.; Stern Brothers & Co.; Beecroft, Cole &
Co.; Rhodes-Seltsam Co., and Ransom-Davidson Invest.
Co.
20,240,300 Ohio Power Co., 202,403 shares of 434% cum. pref. stock
(par $100).
Purpose, redeem pref. stock ($18,634,330),
discharge open account indebtedness ($1,605,970).
Price,
108 and div.
Offered: As to 169.403 shares, first in exchange
for outstanding 6% pref. stock; unexchanged portion and
33,000 shares underwritten and offered by same bankers
who offered the $15,000 3% bonds (see above).
^
Service Co. of Oklahoma, 83,500 shares of 5%
pref. stock (par $100).
Purpose, refunding.
Price,
$105 per share and div.
Offered first in exchange for 6%
and 7% prior lien stock.
The unexchanged portion underwritten and offered by Glore, Forgan & Co.; Bonbright &
Co., Inc.; Harriman Ripley & Co., Inc.* Harris, Hall & Co.
(Inc.); The First Boston Corp.; A. G. Becker & Co., Inc.;
Tucker. Anthony & Co.; Lee Higginson Corp.; Blyth & Co.,
Inc.; Kidder, Peabody & Co.; Lehman Brothers; Stone &
Webster and Blodget, Inc.; Central Republic Co.; W. C.
Langley & Co.; E. H. Rollins & Sons, Inc.; A. C, Allyn &
Co.. Inc.; Stern, Wampler & Co., Inc.; The Wisconsin Co.;
Bacon, Whipple & Co.; Blair. Bonner & Co.; Dean Witter
& Co.; The Illinois Co.; Sills, Troxell & Minton, Inc.; Farwell,
Chapman & Co.; G. H. Walker & Co.; Stern Brothers & Co.,
8,350,000 Public
%
V'."
y
3
cum.
x
V{?
r
I
-
*2,900,000 Rio Grande Valley Gas Co. 1st mtge. 4% bonds, series A,
due 1961.
Purpose, refunding.
Placed privately.
850,000 Texas Southwestern Gas Co. 1st mtge. sink, fund bonds,
4%% series due 1956.
Purpose, refunding.
Price, 100 and
int.
Offered by E. H. Rollins & Sons, Inc.
and the Ransom-Davidson Investment
Co.
;
750,000 San Jose Water Works, 30,000 shares of 4%% cum. pref,
stock, series A (par $25).
Purpose, construction, expansion,
&c.
Price, $26 per share and divs.
Offered by Dean Witter
& Co. and Wm. Cavalier & Co.
*2,775,000 Westmoreland Water Co. 1st mtge. 334% bonds, series A,
due Mar. 1, 1966.
Purpose, refunding.
Sold privately to
$33,963,425
institutional investors.
OTHER
$72,700,000
COPPER, &c.
$30,000,000 Wheeling Steel Corp. 1st mtge. sink, fund 334% bonds,
series B, due 1966.
Purpose, refunding.
Price, 9714 and
int.
Offered by: Kuhn, Loeb & Co.; Lee Higginson Corp.;
Harriman Ripiey & Co., Inc.; Smith, Barney & Co.; The
First Boston Corp.; Blyth & Co., Inc.; Mellon Securities
Corp.; Bonbright & Co., Inc„.; Drexel & Co.; Goldman,
Sachs & Co.; Lazard Freres & Co.; Kidder, Peabody & Co.;
Union Securities Corp.; Hayden, Stone & Co.; A. C. Allyn
& Co., Inc.: Bacon, Whipple & Co.; Baker, Watts & Co.;
A. G. Becker & Co., Inc.; Blair & Co., Inc.; Blair, Bonner
& Co.; Alex. Brown & Sons; H. M. Byllesby & Co., Inc.;
Central Republic Co. (Inc.); Clark, Dodge & Co.; Curtiss,
House & Co.; Dick & Merle-Smith; Eastman, Dillon & Co.;
Equitable Securities Corp.; Estabrook & Co.; Ferris & Hardgrove; Field, Richards & Co.; First Cleveland Corp.; Glover
& MacGregor, Inc.; Graham, Parsons & Co.; Hadgarten &
Co.; Harris, Hall & Co. (Inc.); Hayden, Miller & Co.; Hemphid, Noyes & Co.; J. J. B. Hilliard & Son; Hornolower &
Weeks; W. E. Hutton & Co.; Illinois Co. of Chicago; Jackson
& Curtis; Ladenburg, Thalmann & Co.; Laurence M.-Marks
& Co.; Mackubin, Legg & Co.; A. E. Masten & Co.; Merrill
Lynch, E. A. Pierce & Cassatt; Merrill, Turben & Co.*
Moore, Leonard & Lynch; F. S. Moseley & Co.; Maynard
H. Murch & Co.; G. M.-P. Murphy & Co.; Paine, Webber
& Co.; Arthur Perry & Co., Inc.; Riter & Co.; E. H. Rollins
& Sons, Inc.; L. F. Rothscnild & Co.; Schroder, Rockefeller
& Co., Inc.; Schwabacher & Co.; Shields & Co.; Singer,
par.
$15,750,000
G. H. Walker & Co.
investor.
Price,
Co., Inc.
Jl
Price,
*500,000 West Virginia Water Service Co. 1st mtge. 334% bonds,
series
due
1966.
Purpose,
additions,
betterments,
&c.
Price, 1043k and int.
Sold privately to an institutional
Personal
debentures. series B, due Jan.
& Co.
16,000,000 Public Service Co. of Oklahoma 1st mtge. bonds, series A,
3)4%, due 1971.
xurpose, refunding. . Price,
1C334 and
int.
Offered by; Glore, Forgan & Co.; Bonbright & Co.,
Inc.; Halsey, Stuart & Co., Inc.; Harriman Ripley & Co.,
Inc.; Hams, Hali & Co. 'Inc.); The First Boston Corp.;
A. G. Becker & Co., Inc.; Tucker, Anthony & Co.; Lee Hig¬
ginson Corp.; Blyth & Co., Inc.; Kidder, Peabody & Co.;
Lehman Brothers; Stone &
Webster and Blodget,
Inc.;
Central Republic Co.; W. C. Langley & Co.; E. II. Rodins
& Sons, Inc.; A. C. Allyn & Co., Inc.; Stern,/Wampler &
Co., Inc.; The Wisconsin Co.; Bacon, Whipple & Co.; Blair,
Bonner & Co.; Dean Witter & Co.; The Illinois Co.; Sills,
Troxell
&
Minton, Inc.; Farwell, Chapman & Co., and
plant
250,000 Prudential
Co.; Dean Witter & Co ; Wurts, Dulles & Co., and Yarnall
Purpose, general corporate purposes.
Offered by Blyth & Co., Inc., Harriman
10134 and int.
Ripley & Co., Inc., Smith, Barney & Co.; The First Boston
Coip.; Lazard Frerer & Co.; Dean Witter & Co.; Bonbright
& Co., Inc.; H. M. Byllesby & Co.. Inc.; E. H. Rollins &
Sons, Inc.; Bankamerica Co.; Mitchum, Tully & Co., Elworthy & Co.; Brush, Siocumb & Co.; Schwabacher & Co.,
and Weeden & Co.
of Maribor Na Dravi
1st mtge. 3-3 34-4% serial bonds, due 1943-1953.
Purpose,
complete new building.
Offered by Dempsey-Tegeler & Co.
20,000,000 Pacific Gas & Electric Co. 1st & ref. mtge. bonds, series
'
Y., direct
bonds, due
Dempsey-
124,000 St.
Dane
Co.;
STEEL, COAL,
N.
Glas & Carothers.
Pur¬
15,000,000 Ohio Power Co. 1st mtge. bonds, 3% series due 1971.
pose,
property additions, construction, &c.
Price, 102)4
and int.
Offered by: Blyth & Co., Inc., Bodell & Co., Inc.,
Bonbright & Co., Inc.; Bosworth, Chanute, Loughridge &
Co.; Alex. Brown &
Sons; Central Republic Co. (Inc.);
E. W. Clark & Co.; Cobbey, Shively & Co.; Coffin & Burr,
Inc.; Curtiss, House & Co.; R. L. Day & Co.; Dominick &
Dominick; Eastman, Dillon & Co.; Equitable Securities
Corp., Estabrook & Co.; Fahey, Clark & Co.; Field, Richards
&
Co.; The First Boston Corp.; First Cleveland Corp.;
First of Michigan Corp.; Glore, Forgan & Co.; Goldman,
Sachs & Co.; Graham, Parsons & Co.; Hale, Waters & Co.,
Inc.; Hallgarten & Co., Harriman Ripley & Co., Inc., Harris,
Hall & Co. (Inc.); Hawley, Shepard & Co.; Hayden, Miller
& Co.; Hayden, Stone & Co.; Hemphill, Noyes & Co.; Hornblower & Weeks; W. E. Hutton & Co., Illinois Co. of Chicago;
Jackson & Curtis; Kidder, Peabody & Co.; Laird & Co.;
Laird, Bisseil & Meeds; W. C. Langley & Co., Lazard Freres
& Co.; Lee Higginson Corp.; Laurence M. Marks <& Co.;
McDonald-Cooliage & Co.; Mellon Securities Corp.; Merril[
Lynch, E. A. Pierce & Cassatt; Merrill, Turben & Co.;
Minsch, Moncll & Co., Inc.; Mitchum, Tully & Co.; Morgan
Stanley & Co.. inc.; F. S. Moseley & Co.; Maynard H. Murch
& Co.; G. M.-P. Murphy & Co.; W. H. Newbold's Son &
Co.; Newhard, Cook & Co.; Newton, Abbe & Co.; John
Nickerson & Co., Inc.; Otis & Co.;(Paine, Webber «fc Co.;
IRON,
Heart, Massena,
2,450,000 Marquette University, Milwaukee, Wis., 1st & ref. mtge3-314% real estate bonds, due Nov. 15, 1953.
Purpose,
refunding.
Offered by Dempsey-Tegeler & Co. at 100 and
*200,000 Middle States Telephone Co. of Illinois 3% debentures,
due
serially 1942-1950.
Purpose, refunding.
Price, par.
Placed privately.
*
3%, due 1970.
Sacred
130,000 Congregation of St. Anthony of Padua, New Orleans,
La., 1st & ref. mtge. (234-2^-3%) bonds, due 1941-1953.
Purpose, refunding.
Price, 100 and int.
Offered by Hyams,
open
*1,100,000 Middle States Telephone Co. of Illinois 1st mtge. 3 34%
bonds,
due
Feb.
1,
1966.
Purpose,
refunding.
Price,
103.4.
Placed privately.
Co.; E.
the
Tegeler & Co.
*325,000 Glen Rock Electric Light
334%
series,
due
1966.
Arthur Perry &
of
obligation and collateral trust 2)4-2 3i-3% serial
i942-1951.
Purpose,
refunding.
Offered
by
.
construction
BUILDINGS, &c.
LAND,
Sisters of the Divine Heart of Jesus (St.
Agnes Home), Kirkwood, Mo., 1st & ref. mtge. (2-2)4-2 3£3%)
serial bonds,
due
1942-19(51.
Purpose, refunding.
Offered by Dempsey-Tegeler & Co.
$110,000 Carmelite
western Mutual Life Ins. Co.
pay
Oil
Co.
*5,OGO.OOO Central Electric & Telephone Co. 1st mtge. & coll. trust
($240,COO),
15-year sinking fund 3H%
1, 1956.
Purpose, refund¬
Sold privately to Prudential
$3,150,000
*5,850,000 Birmingham Gas Co. 1st mtge. bonds, 3%% series due 1971.
Purpose, refunding.
Price, 105.02.
Sold privately to North¬
vestors
Co.
debentures, series A, due March
UTILITIES
Mutual Life Ins.
Manufacturing
*1,500,000 Rheem
$6,120,000
*$2,200,000 Atlanta Gas Light Co. 3H% gen. mtge. bonds due Jan. 1,'
1961.
Purpose, refunding ($1,320,000), construction fund,
&c. ($880,000).
Sold privately to Travelers Ins. Co. and
Northwestern
Co.
INDUSTRIAL AND MANUFACTURING
*$1,650,000 Guneo Press, I nc., 3i%-2)4% serial debentures, due 19421949.
Purpose;' refunding.
Sold privately to
Chemical
Bank & Trust Co., J. P. Morgan & Co. Incorporated and
*3,000,000 Cincinnati Union Terminal Co. 2.60% 30-year bonds due
1971.
Purpose, refunding.
Sold privately to Union Central
Life Insurance Co. at 100 plus premium of $149.
PUBLIC
& Webster and Blod¬
Inc.; The Wisconsin Co., and Dean Witter &
OTHER
RAILROADS
$3,120,000 Chicago Milwaukee St. Paul & Pacific RR. 234% equip¬
ment trust certificates, series V, due 1941-1951.
Purpose,
purchase of new equipment.
Priced to yield from 0.40%
to 2.50%, according to maturity.
Offered by Drexel & Co.
Brothers &
get, Inc.; Stroud & Co., Inc.; Spencer Trask & Co.; G. H.
Walker & Co.; White, Weld & Co.; Whiting, Weeks & Stubbs,
MARCH, 1941
BONDS
Bros. & Boyce; Stern
Stein
Deane & Scribner;
DETAILS OF NEW CAPITAL FLOTATIONS DURING
LONG-TERM
2149
The Commercial & Financial Chronicle
152
INDUSTRIAL AND
MANUFACTURING
Manufacturing Corp., 200,000 shares of common
stock
(par $2).
Purpose, working capital.
Price, $2.25
per share.
Underwritten by A. W. Porter & Co., Inc., who
$450,000 Hayes
exercised
their firm commitment.
Stock
not
yet
publicly
offered.
7,762,500 Monsanto Chemical Co., 75,000 shares of pref. stock,
series C, $4 dividend (no par).
Purpose, capital additions,
&c.
Price. $103 34 per share and div.
Offered by Smith,
Barney & Co.; W. W. Lanahan & Co.; G. M. Walker & Co.;
Estabrook & Co.; F. S. Moseley & Co.; Newhard, Cook &
Co.; Smith, Moore & Co.; Stix & Co.; Whitaker & Co.; Francis
Bro. & Co.; Reinholdt & Gardner; Metropolitan St. Louis
Co., and I. M. Simon & Co.
2,000,000 Rheem Mfg. Co., 80,000 shares of cum. pref. stock, 5%
series (par $25).
Purpose, discharge bank loans ($900,000),
discharge notes payable ($126,096), provide additional work¬
ing capital.
Price, $25 per share and div.
Offered by
Blyth & Co., Inc.; Greenwood-Raggio & Co.; Elworthy &
Co.; Mitchum, Tully & Co.; Schwabacher & Co.; Brush,
Siocumb & Co.; Jackson & Curtis; William R. Staats Co.;
and O'Melveny-Wagenseller & Durst.
1,500,000 United Aircraft Products, Inc., 75,000 shares of 534%
cum. conv. preferred stock (par $20).
Purpose, equip plants,
additions, working capital, &c.
Price. $20 and divs.
Offered
by Burr & Co., Inc.; John J. Bergen & Co., Ltd.; Krause,
Barrows & Co.;
Dempsey-Detmer & Co.; Lester & Co.;
O'Melveny-Wagenseller & Durst; Stroud & Co., Inc.; Sidney
S. Walcott & Co., Inc.; Hill & Co., and Young & Co., Inc.
The Commercial & Financial Chronicle
2150
917,500 Consolidated
bonds
clue
Cities
1962.
Light, Power & Traction Co., 5%
Offered
by
E.
Rollins
H.
&
Sons
and
Stroud & Co.
295,508 Deere & Co., 14,415 shares of common stock (no par).
Price, $20.50 per share.
Offered by Hemphill, Noyes & Co.
303,550 Dresser Manufacturing Co.,
16,400 shares of common
stock (no par).
Price, 18%.
Offered by Lazard Freres & Co.
*1,282,500 Electric Bond & Share Co., 19,000 shares of $6 preferred
stock (no par).
Price not announced (closingprice on Stock
Exchange 67%).
Placed privately by Lazard Freres & Co.
1,033,455 General Foods Corp., 28,412 shares of common stock (no
par).
Price, 36%., Offered by E. W. Hutton & Co.
643,900 General Outdoor Advertising Co., 13,700 shares of class A
stock (no par).
Price, $47 per share.
Offered by Blyth
& Co., Inc.. and associates.
232,890 General
stock
man
Refractories Co., Inc., 10,181 shares of capital
(no par).
Price, 22% per share.
Offered by HarriRipley & Co., Inc.
235,061 May Department Stores Co., 4,713 shares of
$26,611,600
(par $10).
miscellaneous
$190,000 Continental Airlines, Inc., 50,000 shares of common stock
(par $1.25).
Purpose, purchase of equipment, or to reim¬
burse treasury for sums so expended.
Price, $3.80 per share.
Offered by Lehman Brothers.
$49%
Price,
per share.
common
stock
Offered by G. H. Walker
& Co.
,
460,204 Minneapolis-Honeywell Regulator Co., 10,765 shares of
common stock
(no bar).
Price, $42.75 per share.
Offered
by Merrill Lynch, E. A. Pierce & Cassatt.
221,912 Mueller Brass Co., 10,825 shares of capital stock (par $1).
Price, $20% per share.
Offered by Stone & Webster and
500,000 General Bottlers, Inc., Chicago, 50,000 shares (55c. div.)
cum. pref. stock
(par $1).
Purpose, purchase new plant
site, equip new building, working capital.
Price, $10 per
share.
Offered by F. S. Yantes & Co.; Dempsey-Detmer
& Co.; Straus Securities Co,; Humphries, Angstrom & Co.,
and Scott, Mclntyre & Co.
Blodget, Inc.
287,500 Norma-Hoffman Bearings Corp., 25,000 shares of common
stock.
Price, $11.50 a share.
Offered by Stone & Webster
and Blodget, Inc.
228,750 North American Co., 15,000 shares of common stock (pa*1
$10).
Price, $15% per share.
Offered by Union Securities
Corp.
V
;; :
300,000 National Airlines, Inc., 40,000 shares of common stock
(par $1).
Purpose, pay note proceeds of which was used to
purchase equipment
($100,000), working capital.
Price,
$7.50 per share.
Offered by Lehman Brothers.
273,625 Peninsular Telephone Co., 8,450 shares of common stock
(no par).
Price, $32.50 per share.
Offered by Bodell & Co.
Finance Corp., 17,000 shares of
class A common stock (no par).
Purpose, corporate purpose.
Price, $15 per share.
Offered by Beicbart, De Witt & Co.,
Personal
255,000 Prudential
(par $15).
316,980 Borg-Warner Corp., 17,858 shares of common stock (par $5).
Price, 17% per share.
Offered by Hornblower Sc Weeks,
*
6,467,077 Pennsylvania RR~, 259,983 shares of capital stock (par $50).
Price, 24% per share.
Offered by Kuhn, Loeb & Co. and
associates.
Inc.
*
April 5, 1941
$632,137 Borden
Co., 34,402 shares of capital stock
Price, 18%.
Offered by Shields & Co.
$14«899,100 (Philip) Morris & Co., Ltd., Inc., 148,991 shares of 4%%
cum. pref. stock (par $100).
Purpose, approximately $11,750,000 to pay bank loans; approximately $1,135,000 applied
to construction of a new building and purchase and installa¬
tion of new machinery and equipment; $312,500 as loan to
Ecusta Paper Corp. to complete an advance for the installa¬
tion of cigarette paper making facilities; balance added to
general working capital.
Price, $100 per share.
Offered,
first to stockholders, and underwritted by Lehman Brothers;
Glore, Forgan & Co.; Hayden. Stone & Co.; Ladenburg,
Thalmann Sc Co.; Union Securities Corp.; Hemphill, Noyes
& Co.; A. G. Becker Sc Co., Inc.; Lazard Freres & Co.;
Merrill Lynch, E. A. Pierce & Cassatt; Dominick & Dominick;
G. M.-P. Murphy & Co.; Jackson & Curtis; Scbwabaeber
& Co.; Scott & Stringfellow; Wertheim & Co.: White, Weld
& Co.; Alex. Brown & Sons; Laurence M. Marks & Co.;
Biter & Co.: G. H. Walker & Co.; Ira Haupt & Co.; Bear,
Stearns & Co.; Brancis Bro, & Co.; Hornblower & Weeks;
Mackubin, Legg & Co.; Frank B. Cabn & Co.; R. 8. Dick¬
son & Co.; Mason Hagan Inc.; Stern Brothers Sc Co.; Swiss
American Corp.; Watling, Lercben & Co.; Davenport &
Co.: Granbery, Marache & Lord; W. L. Lyons & Co.: Reinholdt & Gardner; I, M. Simon & Co.; Stein Bros. & Boyce,
and Stifel, Nicolaus & Co.
r
172,500 Pennsylvania Water & Power Co., 3,000 shares of capital
stock (no par).
Price, $57.50 per share.
Offered by Stroud
& Co., Inc., and E. H. Rollins & Sons, Inc.
450,000 (J.) Woingarten, Inc., 9,000 shares of 5%% preferred stock,
series
1941
(par $50).
Purpose, expansion and working
P**
capital.
Price, $50 per share and div.
Offered by Moroney
~
& Co.
481,250 Servel, Inc.,
50,000 shares of common stock
Price. 9% a share.
Offered by Blyth & Co., Inc.
■LSI,695,000
288,000 Texas
FARMXOAN AND GOVERNMENT AGENCY ISSUES
$20,565,000 Federal
Credit
Intermediate
debentures
Banks,
%%
(par
common
$1).
stock
1,138,440 Union Carbide & Carbon Corp., 17,184 shares of capital
stock (nopar).
Price, $66% per share.
Offered by F. Eber¬
stadt & Co.. Inc.
April 1, due $10,530,000 July 1, 1941;
$10,035,000 Jan. 2, 1942.
Purpose. $11,125,000 refunding;
$9,440,000 new capital.
Price, slightly above par.
Offered
by Charles R. Dunn. New York, fiscal agent.
*4,200,000 United Gas Corp., 42,000 shares of $7 preferred stock (no
par).
Price, $110% per share.
Placed privately by Lazard
Freres & Co., and Laurence M. Marks & Co.
GOVERNMENTS
11,578,239 United States Steel Corp., 203,127 shares of common stock
(no par).
Price, $57 per share.
Offered by Smith. Barney
$4,000,000 Republic of Panama, 26-year 3%% external secured re¬
funding bonds, series B, due Mar. 15,1967.
Purpose, redeem
external 5%s dated June 1, 1923, at 102 and pay expenses in
connection with plan for readjustment of external debt.
Price, 103 and int.
Offered by Glore, Forgan & Co. and
& Co. and associates.
269,960 Walgreen Co., 13,496 shares of common stock (no par).
Price, $20 per share.
Offered by Paul H. Davis & Co.
Hornblower & Weeks.
618,331 Western Union Telegraph Co., 32,838 shares of common
stock
(par $100).
Price, 21%
per
share.
Offered
by
ISSUES NOT REPRESENTING NEW FINANCING
Allen & Co.
$491,159 AIlegheny-Ludlum Steel Corp., 22,453 shares of common
stock (no par).
Price, 21 % per share.
Offered by White,
438,760 Woodward Iron Co., 15,670 shares of common stock (par
$10).
Price, $28 per share.
Offered by Carl M. Loeb;
Rhoades & Co.; Kidder, Peabody & Co., and Ward, Sterne
Weld & Co.
3,496,280 Anaconda Copper Mining Co., 141,981 shares of capital
stock (par $50).
Price, 24% per share.
Offered by Blyth
& Co.
1,506,250 (F. W.) Wool worth & Co., 50,000 shares of capital stock
(par $10).
Price, 30% per share.
Offered by Allen & Co.
& Co. and associates.
404.916 Beneficial Industrial Loan Corp., 19.752 shares of com¬
mon stock (no par).
Price, $20.50 per share.
Offered by
Eastman, Dillon & Co.
Text of $7,000,000,000
Co., 8,000 shares of
gioCo.,
par).
Offered by F. Eberstadt
Inc. Price, $36 per share.
consolidated
dated
FOREIGN
Gulf Sulphur
„
$38,916,634
* Indicates issues placed privately.
Appropriation Bill Carrying Out Purposes of "Lease-Lend"
Act—Measure Signed by President Roosevelt and Passed by Congress Under Title
of "Defense Aid
Supplemental Appropriation Act, 1941"
Further below we are giving the text of the bill appropriat¬
ing $7,000,000,000 for national defense by providing aid "to
the government of any country whose defense the President
vital
deems
to
the
defense of
the
United
States".
Following is the text of the $7,000,000,000 appropriation
bill:
[public
This
which is designed to implement the policy laid
down by Congress earlier last month when it passed the
"lease-lend" bill, became law on March 27 when President
Roosevelt signed it at 10:50 a. m., (EST).
Final Congres¬
sional action came on March 25 when Vice-President Wallace
and Speaker of the House Rayburn affixed their signatures
to the legislation.
The Senate had approved the measure
on
the
previous day (March 24) by a vote of 67 to 9, whereas
adopted the bill on March 19 by a vote of 336
law
[CHAPTER
measure,
congress]
23—77th
30—1st
SESSION]
>44:^4^; ■ro;;);;;^;:;4;:;;-
4vIH. R. 4050]
an act
Making supplemental appropriations for the national defense to provide
aid to the government of any country
whose defense the President deems
vital to the defense of the United States, and for other purposesBe it enacted
by the Senate and House of Representatives of the United States
of America in Congress assembled, That to enable the President, through
the House
such departments or agencies of the Government as he may designate, to
to 55.
carry
The President had
requested this fund from Congress on
March 12 in order to accomplish the objectives of the "fixed
policy of this Government to make for democracies every
gun, plane and munition of war that, we possible can"; this
was reported in our issue of March 15, page 1676.
Included in the
$7,000,000,000 Presidential request,
which Congress approved without any change, were the
following amounts:
$1,343,000,000 for ordnance,
to or necessary
ing respective
(a) For the procurement, by manufacture
to the defense of the United
$1,350,000,000 for purchasing farm and industrial commodities,
$200,000,000 for repairing ships,
page
1997.
The text of the "lease-lend" legislation which
11, was given in these columns March
1648.
(2)
for the follow¬
or
otherwise, of defense articles
defense the President deems vital
States, including services and expenses in con¬
armor
(3)
and ammunition and components thereof, $1,343,000,000.
Aircraft and aeronautical material, including engines, spare parts,
and accessories,
Tanks,
$2,054,000,000.
armored
cars,
automobiles, trucks,
and other automotive
vehicles, spare parts, and accessories, $362,000,000.
(4) Vessels, ships, boats, and other watercraft, and equipage, supplies,
materials, spare parts, and accessories, $629,000,000.
(5)
Miscellaneous military equipment, supplies,
and materials, $260,-
000,000.
(6) Facilities and equipment, for the manufacture or production of defense
articles, by construction or acquisition, including the acquisition of land,
and
the
maintenance
and
operation
of such facilities
and
equipment,
$752,000,000.
(7)
Agricultural,
industrial, and other commodities and articles, $1,-
350,000,000.
became law on March
15, page
sums
(1) Ordnance and ordnance stores, supplies, spare parts, and materials,
including
$10,000,000 for administrative expenses.
House passage of this measure was mentioned in these
columns March 22, page 1842, while Senate approval and the
President's signing were reported in our issue of March 29,
following
nection therewith, as follows:
$752,000,000 for plant expansion and facilities,
$40,000,000 for unspecified purposes and
incident
namely:
purposes,
for the government of any country whose
$629,000,000 for ships,
$260,"00,000 for miscellaneous equipment and supplies,
every purpose
therefor, there is hereby appropriated, out of any money in
the Treasury not otherwise appropriated, the
$2,054,000,000 for aircraft.
$362,000,000 for tanks and other vehicles,
out the provisions of An Act to Promote the Defense of the United
States, approved March 11, 1941, and for each and
(b) For testing, inspecting, proving,
or
otherwise placing in
repairing, outfitting, reconditioning,
good working order any defense articles for the
Volume
2151
The Commercial & Financial Chronicle
152
government of any country whose defense the President deems
vital
to the
defense of the United States, including services and expenses in connection
therewith, $200,000,000. "
any
appropriation shall be increased by
appropriation, but no
(d) For necessary services and expenses for carrying out the purposes of
expenses,
to pay
of
than 30%.
more
such Act not specified or included in the foregoing, $40,000,000.
(e) For administrative
SEC. 4.
of the foregoing eight appropriations may
be transferred by the President to any other such
of the United States as the President may
agency
No part of any appropriation
the salary
or wages
affidavit shall be considered prima facie evidence that the person
not advocate,
(f) In all, $7,000,000,000, to remain available until June 30, 1943.
that advocates, the overthrow
SEC. 2. If any defense article procured from an appropriation made before
force
or agency
to the government of any country whose defense the
President deemed vital to the defense of the United States, the President
transfer, from the appropriations made by this Act to the appropriate
may
appropriation of such department
value
or agency,
an
amount equivalent to the
(as computed for the purposes of the $1,300,000,000 limitation con¬
tained in section 3
article
(a)
(2) of such Act of March 11, 1941) of the defense
disposed of, but not to exceed in the aggregate $1,300,000,000.
so
SEC. 3.
Any defense article procured from an appropriation made by this
Act shall be retained by or transferred to and for the use of such department
THE
TRADE—COMMERCIAL
OF
STATE
continues to expand, reaching a new
high level the past week.
The "Journal of Commerce"
weekly index figure is 121.3, a new high.
Labor troubles continue to occupy the spotlight.
The
strike situation has reached such a stage now that the
Administration must soon take drastic steps to cope with
activity
Secretary of War Henry L. Stimson asserted that labor
it.
the basis of reports appear¬
matters "are getting worse on
and elsewhere."
He warned interested
parties not to mistake "Uncle Sam's patience for weakness."
A reliable authority asserted last night that "it is reason¬
ing
the
in
press
presume" that some sort of an agreement will be
soon by the Appalachian soft coal wage-hour con¬
to end a "work stoppage" of 400,000 miners in 12
States.
The authority said that if such an agreement were
not forthcoming, the Government probably would act imme¬
diately to reopen the mines.
This week the steel industry is operating at an average of
able
to
reached
ference
100%, according to the "Iron Age."
Incoming orders again
exceeded shipments in March, and backlogs are at new
peaks, according to a preliminary estimate, the magazine
states.
Exports of steel to Great Britain have been declin¬
ing in recent months, being about 350,000 tons in January,
about 300,000 tons in February, and probably under 300,000
tons for March.
Early in the year it was estimated that
Canada and Great Britain would require upwards of 500,000
tons
monthly for a considerable period.
The
estimates
review
if
that
stoppage
results
controversies, the iron and steel
from bituminous coal wage
industry would not be immediately affected because of sub¬
stantial stocks.
1
Electric output
showed its third successive seasonal de¬
March 2.9, but was 15.7% above a
year ago, the Edison Electric Institute reports.
Kilowatt
hour production totaled 2,802,255,000 against 2,808,915,000
in the week ended Mar. 22, and 2,422,287,000 in the 1940 week.
Loading of revenue freight for the week ended March 29
totaled 792,125 cars, the highest since Nov. 2, according to
reports filed by the railroads with the Association of Amer¬
ican Railroads and made public today.
This was an in¬
crease
of 23,617 cars over the preceding week this year,
163,201 more than the corresponding week in 1940, and
191,484 cars above the same period two years ago.
This total was 130.17% of average loading for the corre¬
sponding week of the 10 preceding years.
Engineering construction awards for the week, $68,989,000, are 24% higher than in the corresponding 1940
week, but 45% below the volume reported for a week ago,
"Engineering News-Record" announced yesterday.
This is
cline in the week ended
which current awards
consecutive week in
the 31st
have
topped their last year's values.
Public construction
last year, but
is
up
2% lower than a year
high of a week ago.
are
construction
week's
The
41% compared with the week
Private awards
ago, and 55% under the year's
is 40% lower than last week.
brings
1941
awards to
a
year
it was disclosed by the Federal Reserve
ago,
Store sales were up 9% for the four-week
period ended March 29, compared with the same week a
System today.
year ago.
Inc., today estimated passenger car and
production this week at 116,255 units, attributing the
decline from last week's 124,165 vehicles largely to the
Ward's Reports,
truck
strike at the Ford Rouge
plant.
A year ago this week out¬
Ward's said that only
part of the effect of the Ford strike on production
put totaled 101,655 cars and trucks.
a
small
has
been
reduction
felt
thus
would
far.
It
indicated
develop nexf
reached.
the
this Act shall
be guilty of a felony and, upon conviction, shall be fined not more than
$1,000 or imprisoned for not more than one year, or both: Provided further,
That the above penalty clause shall be in addition to, and not in sub-
a
more
by force or violence and accepts employment
salary
or wages
for which are paid from any appropriation in
sitution for, any other
SEC.
provisions of existing law.
-
^
be cited as the "Defense Aid
This Act may
5.
Supplemental Ap¬
7 7 -r'r'f'
propriation Act, 1941".
Approved, March 27, 1941, 10:50 a. m., E. S.
-V.
V,7''7
T.
77
upswing in retailing, which got under way a week
the current week with increased mo¬
The
continued into
ago,
Approach of Easter added
mentum, a survey showed today.
by evidence
impetus, but retailers were especially cheered
buying extended well beyond holiday and seasonal
lines.
Buoyancy in retail trade was matched by continued
that
heavy flow of orders into wholesalers' and manufacturers*
hands.
Dun & Bradstreet, Inc., state that the general sales
level
carried 13% to
was
Year-
18% above the 1940 week.
to-year comparisons for major regions of the country were
estimated as follows:
New England, 8% to 15% ; East, 14%
20%; South and Middle West, 18% to 23%; Southwest,
15% to 18%; Northwest, 9% to 12%, and Pacific Coast,
10% to 16%. There were no extraordinary developments in the weather
to
the past week.
The season is reported back¬
and the South.
Continued cool weather
of the country
in
ward
in
the East
States and persistent coolness and
Eastern
the
wetness
growth of vegetation and
in the South further retarded the
Consequently, farm work and
considerably later- than normal in
places reporting retardation of two to
seasonal operations on farms.
plant
development
these
areas,
three
weeks.
are
many
There was some local frost
damage on the
morning of the 30th, as far south as South Carolina.
Dur¬
ing the first part of the week an extensive mass of cold
polar air overspread the Eastern States, attended by abnor¬
mally low temperatures, but at the same time there was a
reaction to considerably warmer weather in Midwestern
In the New York City area
States.
prevailed
exceptionally fine clear
during most of the week.
'xjf Clear and mild weather prevailed on Friday as tempera¬
minimum of 44 degrees and a maxi¬
Indications point to rain late tonight
and Saturday, with the probability of some rainfall on
Sunday morning.
Lowest temperature for tonight (Fri¬
tures ranged .between a
mum
of 55 degrees.
day), both for the city and suburbs, is set at about 45
degrees, with an average for Saturday of about 50 degrees.
Overnight at Boston it was 36 to 50 degrees; Pittsburgh,
47 to 63; Portland, Me., 29 to 56; Chicago, 40 to 45; Cin¬
cinnati, 50 to 66; Cleveland, 41 to 58; Detroit, 39 to 51;
Milwaukee, 37 to 41; Savannah, 59 to 70; Kansas City, Mo.,
43 to 62; Springfield, 111., 45 to 50; Oklahoma City, 40 to 62;
Salt Lake City, 34 to 53, and Seattle, 47 to 58.
Moody's Commodity Index Advances
Moody's Daily Commodity Index rose from 184.2 a week
ago to 185.1 this Friday.
The principal indivisual changes
were the advances in cotton, hides and hog prices, and the
decline in rubber.
The movement of the Index was as follows:
March 28--
j
184.2
Two weeks ago, Mar. 21
Month ago, Mar. 4
Year ago, April 4
Sat.
March 29
185.0
Mon.
March 31--
185.2
Tues
April
April
April
April
Thurs.
Fri.
183.5
1__
"
Wed.
--.184.5
2-
3-4
--..184.8
185.1
:
77
(Dec. 31, 1931=100.00)
Fri.
1940 High—Dec. 31.
Low—Aug. 16
1941 High—Mar. 31-Low—Feb. 17
1.182.6
176.4
155.0
171.8
149.3
-185.2
171.6
$1,530,-
237,000, an increase of 119% over the 14-week period last
year.
Private awards, $442,106,000, are 85% higher, ami
public construction, $1,088,131,000, is 137% above the period
last year due to the 843% gain in Federal work.
Department store sales on a country-wide basis were up
34% in the week ended March 29, compared with the same
week
That any person who advocates, or who
organization that advocates, the overthrow of the Govern¬
ment of the United States
weather
work
a
making
and is not a member of an organization
of the Government of the United States by
violence: Provided further,
or
member of an
a
EPITOME
Friday Night, April 4, 1941.
Business
is
member
of the
Provided, That for the purposes hereof
organization that advocates, the overthrow of the Government
an
an
contained in this Act shall be used
of any person who advocates, or who is a
United States by force or violence:
the affidavit does
$10,000,000.
March 11, 1941, is disposed of, under such Act of March 11, 1941, by any
department
determine, in lieu o
whenever in th9 judgment of
will be best served thereby.
being disposed of to a foreign government,
the President the defense of the United States
; V-'
\
(c) Not to exceed 20% of
or
substantial
week unless a settlement is
Revenue
Freight Loadings Totaled 792,125 Cars During
Week Ended March 29
H
Loading of revenue freight for the week ended March 29,
totaled 792,125 cars, the Association of American Railroads
announced April 3. This was an increase of 163,204 cars or
25.9% above the corresponding week in 1940 and an increase
of 191,434 cars or 31.9% above the same week in 1939.
Loading of revenue freight for the week of March 29 was an
increase of 23,617 cars or 3.1% above the preceding week.
The Association further
Miscellaneous
cars
reported:
freight loading totaled 344,518 cars, an
above the preceding week, and an
corresponding week in 1940.
Loading of merchandise less than
increase of 2,458 cars above
an
13.814
cars
Coal loading
the
7
carload lot freight totaled 161,119 cars,
the preceding week,
above the corresponding
and an increase of
week in 1940.
amounted to 168,827 cars, an increase
preceding week, and an increase of
week in 1940.
increase of 17,086
increase of 85,605 cars above the
of 1,315 cars above
40,898 cars above tha corresponding
The Commercial & Financial Chronicle
2152
Grain and grain products loading totaled 36,954 cars, an
cars
above the
preceding week, and
increase of 41
April 5, 1941
REVENUE FREIGHT LOADED AND RECEIVED
increase of 2,414 cars above the
an
products loading for the week of March 29 totaled 21,696 cars, an increase
of 432
care
above the preceding week, and an increase of
Loaded
week in
week
increase of 806
an
care
of March
29
totaled
preceding week, but
7,748
cars,
care
above the corresponding week
''.'r-y':'
:: V
Forest products loading
decrease of 172 cars below (the
a
increase of 888
an
in 1940.
totaled 40,025
;.y
care,
1941
1941
an
increase of 1,139
cars
19,294
Baltimore A Ohio RR
40,418
39,175
Chesapeake A Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul A Pac.Ry.
Chicago A North Western Ry
27,754
26,711
17,205
21,250
17,309
28,580
22,884
14,526
18,414
16,340
13,758
2,630
Gulf Coast Lines
18,585
18,334
21,204
16,488
3,082
-
International Great Northern RR
1,859
1,717
sponding week in 1940.
Missoiyi-Kansas-Texas RR
4,135
4,055
Ore loading amounted to 16,502 cars, an increase of 2,276 care above the
in 1940.
'
increase of 6,327
an
care
above the corresponding week
.
Coke loading amounted to 13,785 cars, a decrease of 276 care below the
preceding week, but
increase of 5,245 care above the corresponding week
an
1941
1940
Atchison Topeka A Santa Fe Ry.
above the preceding week, and an increase of 8,095 cars above the corre¬
preceding week, and
Received from Connections
Weeks Ended—
Own Lines
1941
1940
above the corresponding
In the western districts alone, loading of live stock for the
1940
CONNECTIONS
Mar. 29 Mar.22 Mar. 30 Mar.29 Mar.22 Mar. 30
Live stock loading amounted to 10,395 cars, a decrease of 422 cars below
but
on
Weeks Ended—
873 care above the
corresponding week in 1940
the preceding week,
FROM
(Number of Cars)
In the western districts alone, grain and grain
corresponding week in 1940.
in 1940.
Missouri Pacific RR
New York Central Lines
..
N. Y. Chicago & St. Louis Ry_..
Norfolk A Western Ry
15,403
48,322
6,115
22,900
76,307
23,656
13,056
9,434
9,605
9,094
7,560
9,333
1,906
1.344
1,591
3,628
2,174
3,021
2,286
2,993
2,051
12,576
38,607
10,014
10,227
51,118
49,582
8,510
38,023
4,932
13,223
13,309
19,409
55,454
6,428
6,151
4,689
52,905
51,663
38,404
6,651
5,420
6,617
6,445
5,934
6,802
8,310
30,862
8,241
29,451
6,391
5,637
25,002
5,195
8,353
10,771
6,883
13,874
2,690
Pittsburgh A Lake Erie RR
Ry
5,330
20,924
11,637
12,022
79,810
Wabash
7,352
9,256
12,383
1,746
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
All districts reported increases compared with the corresponding weeks In
15,907
49,720
6,944
7,192
20,834
11,644
7,075
9,287
2,376
9,981
7,929
5.345
11,355
11,230
8,251
8,359
1940 and 1939.
Total
Four weeks of January
...
Four weeks of February.
Week of March
1
Week of March
8
1941
1940
2,740,095
2,557,735
2,824,188
2,488,879
634,636
756,670
-
Week of March 15...
Week of March 22
......
-
Week |Of March 29
Total
1939
620,596
588,426
758,693
768,508
619,388
591,166
620,375
601,948
792,125
628,921
600,691
9,382,201
8,170,530
7,548,251
freight on their own lines, compared with 367,243 cars in the
preceding week and 296,126 cars in the seven days ended
March 30, 1940. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Loads Received
Freight Loaded
from Connections
f
1940
1939
1941
Bangor A Aroostook.
.....
Boston & Maine
Chicago Indianapolis A Louisv.
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac..
.....
Detroit Toledo A Ironton
compared with the
same
612
590
1,420
2,213
6,968
1,249
2,271
7,349
207
168
12,796
10,616
1,722
2,617
2,269
18
22
1,359
6,339
1,264
4,738
9,410
191
1,229
Nashville Chattanooga A St. L.
3,523
1,174
919
1,714
Richmond Fred. A Potomac
376
317
337
6,254
6,487
1,094
4,250
4,927
18,838
14,454
20
54
68
Seaboard Air Line
10,902
2,143
9,573
1,884
Southern System
24,993
9,528
20,486
9,120
20,089
7,546
Tennessee Central
571
380
360
762
691
8,530
7,676
Winston-Salem
174
134
160
867
738
137
94
1,536
4,447
15,051
120,105
99,965
97,811
89,046
68,426
16,340
2,573
21,250
3,787
13,876
12,989
2,436
17,544
3,333
12,022
9,477
2,216
17,994
3,320
2,751
7,269
8,548
217
254
2,305
Southbound
4,435
170
168
9,967
2,541
1,757
1,553
9,603
3,020
6,402
1,729
7,537
2.650
4,486
7,820
2,569
3,735
8,273
3,623
307
209
2,143
1,653
1,894
38
24
49,809
37,625
8,906
35,291
48,095
37,209
Elgin Joliet A Eastern
15,888
12,100
2,164
13,309
Ft. Dodge Des Moines A South.
Great Northern
10,124
506
383
8,338
6,141
6,996
8,896
5,424
1,891
1.531
194
160
162
76
47
5.651
5,639
5,487
7,935
5,004
Minneapolis A St. Louis
1,765
4,739
6,651
5,414
Minn. St. Paul A S. S. M
4,978
1,565
4,410
1,513
4,558
521
355
2,150
9,660
9,293
7,706
2,310
2,564
4,075
30
36
626
619
536
958
Wabash
1,109
6,391
4,813
5,094
3,174
5,061
11,230
4,298
8,617
3,501
Northern
Spokane
Pacific
International
Spokane Portland A Seattle
Total
137,026
444.
427
1,082
849
39,175
28,194
14,973
2,537
27,925
1,828
20,924
4,013
1,921
1,240
135,612
199,719
157,487
266
317
302
....
1,865
1,342
5,591
1,494
10
10
7,555
5,864
14,211
11,641
556
665
488
41
57
329
204
249
42
31
6
5
154
110
114
44
36
753
452
576
3,093
1,399
76,307
1,082
1,005
54,885
54,792
13,342
13,075
3,340
11,795
3,347
1,779
51,663
21,823
4,457
8,626
10,300
3,409
1,467
38,498
16,313
2,187
6,301
125,580
120,568
129,976
1,701
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande WesternDenver A Salt Lake
Fort Worth A Denver
City
Illinois Terminal
Missouri-Illinois
Nevada
Northern
North Western Pacific
Peoria A Pekln Union
Southern Pacific (Pacific)
Virginian
Total.
26,711
22,900
5,088
22,737
17,930
4,132
20,351
54,699
44,799
266
All. A W. P.—W. RR. of Ala-
240
824
794
Atlanta Birmingham A Coast..
...
Central of Georgia
.1
Charleston A Western Carolina
Cllnchfield
Columbus A Greenville...
Durham A Southern
Florida East Coast..
Gainsvllle Midland
Georgia
Georgia A Florida
Ohio........
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah.
Mississippi Central
9,324
4,288
1,064
39,885
19,419
14,676
15,892
242
156
748
1,785
201
1,415
716
565
638
1,191
927
12,084
4,460
9,961
4,325
10,320
6,892
3,885
1,728
3,162
5,183
2,840
4,121
438
387
427
1,680
1,408
1,197
660
286
335
1,772
3,509
104
93
134
244
205
2,305
1,778
1,354
1,780
1,429
71,987
70,206
53,766
41,440
5,388
2,033
Total..
,
vA
18,585
3,394
19,325
17,962
7,352
2,601
2,691
2,892
522
519
350
118
99
17,205
13,860
13,914
9,605
7.653
2,628
11,603
3,277
2,207
10,202
2,424
1,651
10,548
2,479
882
760
10,411
698
700
3,353
1,593
8,539
2,558
772
2,534
2,131
1,871
3,528
530
334
376
17
897
885
1,974
1,880
1,071
1,706
1,034
1,057»
1,634
1,297
2,402
9
907
1,116
904
753
1,784
1,578
937
168
139
732
687
683
390
382
6
6
23
0
0
24,885
20,934
2,026
6,535
4,666
414
324
263
1,187
14,887
13,175
12,981
1,420
9,383
536
372
6,873
424
256
296
9
8
1,787
1,372
1,250
2.430
1,843
109,744
96,151
93,050
63,313
48,231
Southwestern District—
134
145
126
Gulf Coast Lines
2,630
2,666
3,282
1,906
1,395
International-Great Northern
1,717
1,700
1,687
2,286
2,238
Kansas Oklahoma A Gulf
Kansas City Southern
Louisiana A Arkansas
322
238
210
218
197
1,044
820
2,337
2,055
1,683
1,804
1,834
1,690
2,566
1,996
2,000
1,559
1,092
Litchfield A Madison
390
388
297
1,275
Midland
628
414
518
227
269
2,300
Missouri A Arkansas
166
183
148
429
303
4,045
3,003
2,609
Valley
834
332
336
343
175
192
163
904
401
Missouri Pacific
1,119
15,427
3,721
12,141
3,828
12,127
10,227
930
1,284
969
855
98
93
87
137
95
43
Quanah Acme A Pacific
28
36
118
109
St. Louis-San Francisco
1,232
8,354
6,617
6,730
5,650
1,134
882
2,067
1,547
St. Louis Southwestern
2,975
6,207
Texas A Pacific
3,765
2,331
6,398
3,830
2,147
Texas A New Orleans
2,672
6,466
3,681
3,818
4,401
4,403
2,638
2,816
147
147
168
68
21
16
62
55
26
51,203
44,867
44,816
42,206
34,408
367
275
268
719
543
3,870
24,268
26,087
3,473
20,270
xl,607
19,782
3,254
13,487
20,126
19,059
7,504
157
3,467
10,752
5,628
171
129
800
647
210
156
162
470
280
Note—Previous year's figures revised.
3,642
11,637
6,151
1,631
Burlington-Rock Island
Southern District—
Alabama Tennessee A Northern
Gulf Mobile &
System
Western Pacific
Norfolk A Western....
Atlantic Coast Line
Union Pacific
Utah
Pocahontas District—
A Ohio
179
2,767
677
Central Western District—
Toledo Peoria A Western
174,266
159
3,807
536
■
Atch, Top. A Santa Fe System.
4,121
436
9,486
517
84,023
Alton
20,368
423
9,361
496
''
584
16,821
451
10,450
3,145
174,468
Jersey...
Total.
166
645
220
Chesapeake
233
442
6,445
1,407
Western Maryland
581
471
8,235
267
"
Penn-Readlng Seashore LinesPennsylvania System
Reading Co
Union
(Pittsburgh)
555
530
415
2,039
Long Island
3,252
802
369
310
Cornwall
Cumberland A Pennsylvania..
Llgonler Valley
3,134
Duluth Missabe A I. R
Duluth South Shore A Atlantic.
441
706
Gauley..
St. P. Minn. A Omaha.
9,094
4,003
Green Bay A Western
Lake Superior A Isbpeming
1,661
832
Central RR. of New
Great Western
Milw. St. P. A Pacific.
4,927
292
Cambria A Indiana
A North Western
10,383
1,247
399
Buffalo Creek A
Northwestern District—
Chicago
Chicago
Chicago
Chicago
937
1,212
Bessemer A Lake Erie
Total
4,937
Rutland
Alleghany DistrictAkron Canton A
Youngstown.
Baltimore A Ohio
2,640
1,282
4,452
8,865
4,832
Total.
1940
397
163
Wheeling A Lake Erie
1941
2,807
1,225
1,661
....
from Connections
1939
421
6,232
Pittsburgh A Lake Erie.......
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
1940
2,887
1,042
Lehigh A Hudson River.......
Lehigh A New England
Lehigh Valley
N. Y. Susquehanna A Western.
Total Loads Received
471
Grand Trunk Western
11,620
1,106
6,115
week lasG year.
3,154
1,182
Southern
1,667
3.530
11,398
7,954
1,828
1,342
7,131
3,428
New York Ontario A Western.
N. Y. Chicago A St. Louis
12,558
Piedmont Northern
Norfolk
257
...
67,439
Total Revenue
10,909
New York Central Lines
N. Y. N. H. A Hartford
79,388
Freight Loaded
293
Montour
82,551
Railroads
10,646
Monongahela
31,990
In the following we undertake to show also the loadings
for separate roads and systems for the week ended March 22,
1941.
During this period 111 roads showed increases when
388
Maine Central
36,904
15,726
Southern District—(Concl.)
534
2,602
22,891
15,375
1941
2,017
8,271
1,536
3,098
Mar. 30, 1940
26,758
Total
14,226
...
Detroit A Toledo Shore Line...
Erie..
Mar. 22, 1941
27,234
39,942
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry_.
1940
Eastern District—
Ann Arbor
Mar. 29, 1941
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MARCH 22
Total Revenue
1941
Weeks Ended—
594,424
741,922
CONNECTIONS
(Number of Cars)
2,288,730
2,282,866
The first 18 major railroads to report for the week ended
March 29, 1941 loaded a total of 381,274 cars of revenue
Railroads
381,274 367,243 296,126 2 56,354 245,916 1 85,212
TOTAL LOADINGS AND RECEIPTS FROM
• Previous figures,
x
Missouri-Kansas-Texas Lines..
Wichita Falls A Southern
Wetherford M. W. A N. W
Total
Gulf Mobile A Northern only.
8,719
3,688
66
Volume
disclose:
in
The reporting carriers transported an aggregate of 1,189,775
February, as against 1,228,894 tons in January and 921,058 tons
tonnage of the reporting carriers for the three-year period
representing
100,
January
131.27.
was
the
stood
127.09 for
at
1938-1940 as
The index figure for
the index figure has been based upon the 1936
past,
considered
February.
monthly
satisfactory
This basis,
comparing relative
for
however,
monthly
longer was
in
no
increases or
decreases
October 1939.
The farm product group average
upward registering higher prices for cotton, grains and livestock.
textile index continued to rise as a result of higher prices for cotton,
with
the tonnage hauled by the same carrier
of the
true
new
moved
goods and yarns, and burlap, raw
cotton
upturn in the metal price
quotations
lumber
published
ended
week
the
somewhat lower than the revised index
--.'v ^
"■
included in the index advanced and 15
the preceding week there were 54 advances and 9 declines; in
preceding week there were 49 advances and 6 declines.
week; this group ind9x last week was
preceding Week.'- ^V:.-^/^:'
During the week 41 price series
declined in
the second
WHOLESALE COMMODITY PRICE
WEEKLY
Compiled by The National Fertilizer
INDEX
(1935-1939=100*)
Association.
purchased new operations
in 1936 prior to acquisition
Per Cent
Such inaccuracies are expected
Bears to the
Month
Latest
Preced¬
Week
ing Week
1940
1941
1941
97.0
96.1
92.4
90.6
88.3
85.9
74.6
73.3
91.2
87.2
72.6
74.1
1941
Total Index
Year
Ago
Ago
Mar. 1, Mar. 30,
Mar. 29, Mar. 22,
Group
largely by basing the index figure upon a longer and more
period.
25.3
Fats and oils
of all the freight transported in the month was reported by
Almost 77 %
for
material index has been revised upward for that
March 22, the building
Each Group
to be eliminated
recent
The indexes representing the prices of
higher for the week. Due to
index.
miscellaneous commodities were
apparent error in
an
silk quotations were somewhat
in tin causing a fractional
An increase in lead prices offset a drop
lower.
operations resulted in an abnormal increase and did not give a
picture of the trend, A. T. A. found.
since
recorded
point
Comparison
and consolidations among motor carriers.
mergers
of the tonnage now hauled by a carrier that has
through¬
with seven of the principal groups ad¬
The food price index rose to the highest
vancing and only one declining.
loadings because of the fact that in the period since 1936 there have been
numerous
■
trend in wholesale commodity prices was widespread
the commodity list last week,
out
for the
of the reporting carriers.
average
The upward
fuels and
February, 1940.
The A. T. A. index figure, computed on the basis of the average
In
follows:
as
The
Comparable reports were received by A. T. A. from 198 motor carriers
tons in
a year ago, based on the 1935-1939 average as 100.
The Association's report under date of March 31, continued
and 97.9
February Truck Volume 29.2% Over 1940
Following the trend of previous years, the volume of
revenue
freight transported by motor truck in February
declined 9% under January, but represented an increase of
29.2% above the volume carried in February, 1940, accord¬
ing to reports compiled and released on March 31 t>y the
American
Trucking Associations.
The reports further
in -33 States.
2153
The Commercial & Financial Chronicle
152
freight."
The volume of freight in this category de¬
creased 1.8% under January,
but represented a 30% increase over February
carriers of "general
...
Cottonseed oil
96.7
96.0
93.2
86.8
102.0
100.7
97.1
98.1
Grains...
89.8
89.1
83.4
Livestock
96.4
95.7
93.8
79.9
102.2
102.1
101.3
105.9
111.7
Farm products
23.0
Cotton..-—.—......... ■
of the previous year.
Transporters of petroleum products, accounting for slightly more than
Fuels
17.3
.
.
.
.
.
.
.
.—
95.9
10% of the total tonnage reported, showed a decrease of 11% in February,
10.8
113.8
113.4
110.9
compared with January, but their volume increased 22.5% over Febru¬
8.2
Textiles
118.6
118.0
114.5
7.1
Metals
103.6
103.5
103.3
100.7
6.1
Building materials
115.2
117.6r
116.4
104.8
1.3
.3
.3
Chemicals and drugs...
104.0
104.0
104.0
100.0
Fertilizer materials
106.1
105.8
105.8
Fertilizers
102.0
102.0
102.1
102.8
99.8
99.8
99.8
100.4
100.4
97.9
as
1940.
ary,
Movement of
than 7% of the
new
automobiles and trucks, constituting a little more
total tonnage* increased 0.1% over January, and 28% over
1940.
February,
Haulers of iron and steel products reported about 3% of the
total ton¬
February,
as
All groups
100.0
*
A little more than 2%
including
commodities,
of the total tonnage reported was miscellaneous
tobacco,
textile products,
terials, coal, cement and household goods.
bottles,
Indexes on 1926-1928 base were:
1940,76.3.
7
Cornell University, which
prior to the European war had collaborated in the publication
of a world commodity price index, have resumed issuance
of international price statistics, but on a different basis than
before the war.
Instead of a composite index of world
prices, these organizations now are publishing the informa¬
tion only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
Overseas Operations from sources described as "the most
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals, and a
list of other miscellaneous materials (rubber, hides, lumber,
newsprint, linseed oil, &c.)."
Weights assigned in the index
to the different commodity groups are as follows: Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; Miscellaneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported March 31 as follows;
(August, 1939=100)
Argen¬
Avs-
Can¬
Eng¬
tina
tralia
ada
land
Mex¬
Java
ico
New
ZeaI'd
Swe¬
den
Switz¬ United
erland
States
1940—
May..
120
118
120
143
116
113
112
131
132
112
June.
118
118
120
144
116
113
114
131
136
109
118
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
November..
113
125
124
146
118
111
118
142
164
118
December.
113
126
126
149
120
111
119
144
168
118
114
127
126
150
121
111
119
144
171
120
July
...
August
September.
.
.
114
1941—
January....
March
end.:
Electric Institute, in its
Edison
Tlie
1941, Totals
current weekly re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended March 29, 1941, was 2,802,255,000 kwh.
The current
15.7% above the output of the correspond¬
week's output is
ing week of 1940, when the production
kwh.
The output for the week ended
estimated
to
the like
over
totaled 2,422,287,000
March 22, 1941, was
2,808,915,000 kwh., an increase of 15.9%
be
week
a
year
ago.
PERCENTAGE INCREASE FROM
Mar. 29,
Regions
PREVIOUS YEAR
Week Ended
Week Ended
Week Ended
Week Ended
Major Geographic
1941 Mar. 22, 1941 Mar. 15, 1941
Mar. 8. 1941
20.3
10.5
17.1
Middle Atlantic
13.2
13.8
12.1
11.8
Central Industrial.—
19.5
20.2
18.5
18.1
West Central
12.4
10.9
New
19.4
England
—
:
8.8
9.1
19.6
12.3
Southern States
20.8
20.0
17.4
Rocky Mountain
12.1
10.5
5.0
13.8
6.0
8.7
11.5
15.7
15.9
14.5
15.1
Pacific Coast..
Total United States.
FOR
DATA
RECENT
WEEKS
OF
(THOUSANDS
KILOWATT-HOURS)
Percent
Change
1940
1941
Week Ended
1937
1941
1929
1932
from
1940
11
2,834.512
2,473.397
2,592,767
+9.4
Jan,
+9.3
2,244,030
2,264.125
1.619.265
1,602,482
Jan.
18
2,572,117
+ 10.6
2,256,795
1.598,201
Jan.
25
2,843,962
2,829,959
2,829.690
2.823,651
2,565.958
+ 10.3
2.541.358
+ 11.3
2,214.656
2,201,057
2,522,514
+ 11.9
2,i99,860
1,588,967
1,688,853
1,578,817
1,545.469
2.704,800
4.
Jan.
Feb.
1
Feb.
8
Feb.
15
2,810,419
22.
2,820.161
2.475,574
2,455,285
+ 13.5
Feb.
+ 14.9
2,211,818
2,207,285
Mar.
1
2,825,610
2,479,036
+ 14.0
2,199,967
Mar.
8
2,835,321
2,817,893
2,463,999
+ 15.1
2,460.317
+ 14.5
2,808,915
2,802,255
2,424,350
2,422,287
+ 15.9
2,212,897
2,211,052
2.200,142
+ 15.7
2,146.959
Mar. 15..
Mar. 22
Mar. 29--+++
Production
of
for
Tlie
the
1941—
Weeks
1935-1939 average as 100.
29, 1941, 80.2; March 22 , 79.97; March 30,
for Week Ended March 29,
2,802,255,000 Kwh. V
Electric Output
1
and
'
revised.
Tonnage in this class decreased
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
Corp.
105.2
period changed Jan. 4 from 1926-1928 average to
Base
1940.
Motors
105.9
building ma¬
9% under January, but held 11.3% over the volume hauled in February,
General
102,6r
102.9
combined
compared with January, but it represented an increase of
5.4% over February of last year.
.
Farm machinery
.3
The volume of these commodities showed a decrease of 11.4% in
nage.
Miscellaneous commodities.
Electric Energy in
1.612.158
1,519,679
1,538,452
1,537,747
1.514,553
1,480,208
the United
1941
1,542,000
1,733,810
1,736,729
1,717,315
1,728,203
1,726.161
1,718,304
1,699,250
1,706,719
1,702,670
1,682,229
1,683,262
1,679,589
States
January and February,
production of electric energy for public use during
of February, 1941, totaled 12,039,133,000 kwh.,
month
Federal Power Commis¬
1..
rll5
126
126
7150
120
119
144
173
121
according to reports filed with the
Feb.
8..
114
126
126
150
121
113
119
145
170
120
sion.
Feb.
15-_
115
126
127
149
121
113
119
145
170
120
Feb.
22..
114
125
127
149
121
114
119
146
7171
119
7171
7121
which had one ad¬
day.
The average daily production of electric
energy for public use was 429,969,000 kwh. during February,
1941, which is practically the same as the average daily
production during January, 1941. Tlie production of electric
energy by electric railways, electric railroads, and other
plants which generate principally for their own use totaled
274,088,000 kwh., making a total production reported to the
Commission for the month of February of ^12,313,221,000
kwh., or an average daily production of 439,758,000 kwh.
The
production
by water power
in February, 1941,
amounted to 3,902,816,000 kwh., or 32% of the total output
Feb.
111
r
1_.
114
125
128
*149
122
114
119
153
8..
114
124
128
*150
122
115
119
153
171
121
Mar. 15..
113
123
129
*151
123
114
119
154
*171
120
Mar. 22..
119
121
129
*153
123
114
120
154
Mar.
Mar.
*
Preliminary.
r
Commodity
Week
~
123
Revised.
Price Average Continues to Advance in
March 29, According to
National
Ended
Fertilizer Association
of wholesale commodity prices con¬
according to the price index
compiled by the National Fertilizer Association.
This
index in the week ended March 29 was 102.9 compared with
102.6 (revised) in the preceding week, 100.4 a month ago,
The
general level
tinued to advance last week,
with
This represents an increase
February
of
the previous
of 10.6% when
compared
year,
ditional
public use.
Reports were received during March, 1941, indicating that
the capacity of generating plants in service in the United
for
2154
The Commercial & Financial Chronicle
April 5, 1941
I
States
Feb.
28, 1041, totaled 41,772,609 kw.
This is a
net increase of 74,166 kw. over that
previously reported in
service on Jan. 31, 1941.
Occasionally changes are made in
plants which are not reported promptly, so that the figures
on
shown
the
reported
were
monthly report
the
to
since the
of 1940.
1940.
initial quarter since 1930.
previous
Total construction
Private construction
By Fuels
Total
East North Central..
South Atlantic
East South Central...
West South Central..
Mountain.
Pacific
Feb.,
Jan.,
Feb.,
Jan.,
Feb.,
1941
1941
1941
1941
1941
295,575
773,611
247,209
202,596
268,395
572,434
394,870
629,340
37,025
529,635
550,888
491,113
611,974
219,553
188.784
55,726
1,260,750 1,142,766
531,607
478,400
827,182
746,795
2,529,369 2,310,966 3,302,980 2,922,940
2,932,523 2.683,620 3,179,732 2,903,173
588,172
511,170
790,768
699,954
1,119,376 1,122,250 1,691,810 1,517,120
201,634
267,065
830,974
796,700
589,858
528,151
626,883
583,877
155,061
124,934
705,949
616,047
115,498
109,761 1,376,248 1,252,527
United States total. 4,569,428 3,902,816 8,763,098
8,136,317 13332526 12039133
The following output in kilowatt-hours Included In the above
table
use of wood for fuel during February:
Oregon,
was
produced
28,147,000; Washington,
18,838,000; and all other States (Arizona, Arkansas, California, Florida,
Idaho,
Minnesota, Mississippi, Missouri, Montana, New Hampshire, New
Mexico, New York, Oklahoma, Vermont, Wisconsin, Wyoming),
6,065,000. United
States, 53,050,000.
PRODUCTION OF ELECTRIC ENERGY
FOR
Production
Jan,
Feb.
Per Cent Change
from Previous Year
131,989,000,000
133,208,000,000
134,453,000,000
135.404,000,000
136,777,000,000
137,930,000.000
138,729,000,000
139,876,000,000
140,934,000,000
142,247,000,000
143,538,000,000
1940.
1940.
1940.
1940.
1940.
1940.
31, 1941.
28, 1941.
Note—Since the above data show
production by
Waterworks
records
a
construction is 4%
33% gain.
+ 13
its
over
greatest
is up
January
February
1940
gain,
March....
April
13,332,000.000
Middle
194%, closely followed
by New England with
12,039,000,000
11,295,000,000
11,002,000, (KM)
11,423,000,000
11,311,000,000
11,855,000,000
May....
June
July
August
September
for the corresponding
1940 month by 931%.
,
«'
awards
all
1940
1941
26
34
29
32
+9
35
41
+ 12
40
+9
37
+ 13
35
+ 10
32
New
capital
$61,890,000 for
with
in
Reconstruction
Bank
Debits
for
Bank debits
+ 11
33
debits
142,247,000,000
+ 11
33
$124,226,000,000,
33
week
Note—Above data solicited from all plants engaged In
generating electric energy
for public use, and, in
addition, from electric railways, electriclfled steam railroads,
and certain miscellaneous plants which
generate energy for their own use.
Accurate
data are received each
month, representing approximately 98% of the total
and
pro¬
corerctions
Thus, the figures shown for
the current month are
preliminary while those for the preceding months are cor¬
rected in accordance with actual
reports received and vary slightly from the pre¬
liminary data.
was
on
hand
12,178,513
electric
This
was
power
decrease
a
Electric
coal
and
utility
190,012
respectively,
In
terms
69
tons
of
days'
were
authracite,
the
supply, which
was
of*
plants
1.6%
approximately
decreases
of
is calculated
enough bituminous coal
on
at
4,636,202
were
7.0%
the
hand
Engineering Construction
at
City there
tons
ters
Private construction
State and municipal
Federal
...j_.._
there
reported
the
year.
for
was
on
improvements.
March
Year
a
tops
^
26,
1941,
27.5%
ago
$9,695,000,000.
aggregated
weeks
a
year
ago.
Total
March 26 amounted
ended
total
year ago,
an
At banks in New York
corre¬
and at the other reporting
increase
of
to
reported for the
16%.
These
figures
cen¬
are
as
March 31, 1941, by the Board of Governors of
Reserve
System.
FEDERAL
RESERVE DISTRICTS
(In Millions of Dollars)
Week Ended
9.3%,
rate
of
1, 1941, to
Mar. 26,
1941
are:
(Revised)
$179,836,000
59,552,000
$424,269,000
137,920,000
$452,430,000
120,284,000
99,498,000
286,349,000
92,389,000
345,013,000
95,174,000
20,786.000
193,960.000
249,839.000
March, 1941
107,417,000
1940
Mar. 26,
1941
Mar. 27,
1940
$547
$415
$7,014
$5,990
3,102
51,268
46,279
516
344
6,549
5,749
Cleveland
654
495
8,788
7,099
Richmond....
357
277
4,838
3,942
J
Atlanta
314
245
4,082
3,491
Chicago
1,587
1,294
225
18,703
3,793
16,148
283
2,068
2,005
St
Louis
3,163
153
133
Kansas City..
278
247
3,723
3,384
Dallas
235
198
3,191
2,793
San Francisco.
749
629
10,210
8,846
$9,695
$7,604
$124,226
$108,891
3,706
2,850
46,821
42,346
5,214
4,117
67,091
57,621
775
636
10,314
8,923
Total, 274 reporting centers
New York City *
140 Other leading centers ♦
133 Other centers
*
Centers for which bank debit figures
are
available to 1919.
Analysis of Imports and Exports fo the United States
in February and Two Months Ended February
The
Deparcment of Commerce's report of the character
of the
country's foreign trade reduces the export and import
figures into five separate groups, ranging from crude materials
to finished
manufactures, in each of which the agricultural
and non-agricultural
March, 1940
Mar. 27,
4,022
New York
Minneapolis..
Third High
13 Weeks Ended
Federal Reserve District
and
current
March
public
date, $1,332,653,000,
increase of 11% compared with the
was an
Federal
Philadelphia..
February, 1941
Public construction
loans
14% above the
or
sponding period a
bituminous
March engineering construction awards are the third
highest ever reported, and top all previous March totals as
reported by "Engineering News-Record" on April 2, 1941.
The month's volume is
152% above last year, and 7% higher
than the revised
February, 1941 total.
Private and public
awards are 81 and
187% over their respective totals for
March, 1940, but, while public construction is
20^% higher
than last month, the
private total is 22% lower.
State and municipal construction decreases
4% from a
year ago, but is 3% ahead of a month
ago.
Federal work,
which is made up
primarily of defense project awards,
exceeds last March bv
1,102% and February by 29%, and
is responsible for the
public gains. The report also said:
Total construction
month last
$376,000,000 in Federal
com¬
preceding- month.
Values of awards for the three months
26
during the 13
on
days, and enough anthracite for 182 days' requirements.
March
up of
Bill; $187,500,000 in Federal funds
Ended
Boston
consumed
Of this amount 4,446,190 tons
when compared with
consumption, there
last
plants
power
February, 1941.
March
SUMMARY BY
utility
in
but losses ranging from 5%
the corresponding
Corporation
Week
corresponding period
pared with Feb. 1, 1941, and an increase of 19.9% as
compraed with,
March 1, 1940.
Of the total stock, 10,944,084 tons were bituminous coal
and 1,324,429 tons were
anthracite, decreases of 1.6% and 1.5%, respec¬
tively, when compared with Feb. 1, 1941.
of coal in
ended
Consumption
at
tons.
for
reported by banks in leading cities for the
as
13,173,000,000
1941,
lower,
those
reported in other regions.
are
financing is made
Above
December
1,
new
Finance
28
March
witn
the volume for the first quarter last year by 459%.
32
and
work
for Works Progress Administration construction; $79,179,000 in State and
+9
+7
Coal Stock
of
Capital
funds for plant facilities in the British Aid
+ 10
coal
class
for construction purposes for March totais $653,542,000-
This compares
12,521,000,000
of
are up
municipal bond sales; $10,753,000 in corporate security issues; and $110,000
12,209,000,000
stock
97 and 92% higher,
country report substantial gains over a
34% in Far West
seasons
Water Power
estimated
in¬
Middle Atlantic
Comparisons with the preceding month show gaias of 42 and 36%
11,743,000,000
12,817,000,000
total
each
Middle West and West of Mississippi States,
% Produced by
Is
191%
ranging from 67 H % in New England to 338% in the Middle West.
October
The
in
in Middle Atlantic to
+ 12
duction shown; the remaining
2% of the production
are made as
rapidly as actual figures are available.
are
the
report
a
Industrial buildings
+ 11
Change
+ 11
are
a year ago.
Geographically, all sections of the
year ago,
Per Cent
+ 15
States
than in the 1940 month; and bridges and waterworks are 28 and
15%
respectively,-than
November
Total
Western
140% higher than in 1940.
+ 10
12-month periods,
+ 11
drainage
Public building construction for March, $199,159,000, tops the voiume
+ 11
+ 15
and sewerage
first-quarter volumes.
The Southern total is
New construction financing for the year to
12,009,000,000
ago,
private housing, 37%; sewerage, 34%; and earthwork and drainage, 22%.
1941
10,889,000,000
year
105%; and Far West and West of Mississippi
New
Kilowatt-Hrs.
a
in that order.
+ 12
1941
higher than
last
+ 12
OF ELECTRICITY FOR PUBLIC USE
Kilowatt-Hrs.
1940, and unclassified
over
+ 12
+ 12
+ 11
1940 10
—8
February reveal increases in public buiidings of 26H%: bridges, 40%; water¬
works, 45%; and unclassified, 17H %.
Decreases are in streets and roads,
0.2%; industrial buildings, 3%; commercial buildings and large-scale
+ 12
1940
+838
year.
Bridges are off 5%.
huge program finds construction in all sections of the nation weU
This
+ 13
1939 to
322,574,000
718,658,000
Streets and roads, and earthwork and
each down 19% compared with
The current month's
1940
350,329,000
Public buildings, with an increase of 523%
eliminated.
Month
+ 95
+ 144
76,586,000
of the year are included in each total and the
effect of seasonal variations Is largely
TOTAL MONTHLY PRODUCTION
420,016,000
1,041,232,000
....
Comparisons of March
+ 13
144,721,000,000
-_. _.
+ 128
215,826,000
426,915,000
—
-v,_
198%; commercial building and large-scale private housing, 7%; sewerage,
68% higher; earthwork and drainage is up 40%; and unclassified construc¬
tion volume is 395% above a year ago.
Streets and roads are 31% lower
PUBLIC USE
KUowaUrluntrs
1940.
1940.
$1,461,248,000
Percent
Change
with a 226% gain, are responsible for the public record.
Industrial and commercial buildings with gains of 127 and 71 %,
respectively,
are the factors behind the private rise.
Louisiana,
Mar. 31, 1940.
Apr. 30, 1940.
$642,741,000
are;
construction,
crease.
by the
12 Months Ended
First Quarter
1941
State and munlcipal
Federal
West North Central..
.
Public construction
By Water Power
1941
higher than in
1940
THE
v/.;
New England
Middle Atlantic.....
It is 144%
STATES
(In Thousands of KHowatt-hburs)
Jan.,
reported.
ever
Totals for the 1940 and 1941 quarters
First Quarter
UNITED
May 31,
June 30,
July 31,
Aug. 31,
Sept. 30,
Oct. 31,
Nov. 30,
Dec. 31.
Public construction also topped all previous first quarter
figures,
Private awards, up 95% from a year ago, are the greatest for
any
was issued.
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE IN
Division
highest quarterly
reported, being exceeded only by the total for the last quarter
ever
and also is the second highest
month, but only that
Commission
SI,461,248,000,
the highest opening volume on record, and the second
volume
for any one month do not necessarily mean that all
changes were made during that
they
The March construction volume brings the 1941 total to
two months ended
and
56.5%
totals
are
snown
separately.
In the
February, 1941, 7.5% of domestic exports
of imoorts for consumption
were
agricultural
products; 92.5% of domestic exports and 46.5% of imports
for consumption were non-agricultural products.
We present
the tabulation on the following page:
Volume
DOMESTIC
The Commercial & Financial
152
Manufactures—Value in 1,000 Dollars
Finished
STATES—
INTO UNITED
IMPORTS
FROM AND
EXPORTS
2155
Chronicle
ANALYSIS BY ECONOMIC GROUPS
;
2 Mos. End. Feb.
(Value in 1,000 Dollars)
.'.'r'V'v■' :;v:'
Commodity
Two Months Ended February
Feb.,
L>U188
Vfillip
V WtUo
''
■
Feb.,
Jan.,
1940
Economic
Rubber manufactures
1941
T/nla/o
V CLI U6
Tobacco manufactures
Cotton manufactures
Per
Per
Rayon manufactures
Domestic Exports—
61,113
Agricultural
49,921
Non-agricultural
11,192
8,778
Crude foodstuffs
advanced
Wood manufactures,
Crude materials
....
Agricultural
16,092
8,404
7,688
2,859
58
27
143,469
20.5
Paper and manufactures..
8,117
7,116
2,841
2,816
119,787
31,326
16,521
5.1
17.1
2.7
Gasoline
23,682
3.4
14.804
2.4
Lubricating oil
16,036
2.3
5,727
0.9
Glass and glass products
25
119
15,234
2,887
8,721
Non-agricultural
tire fabric..
Cotton cloth, duck and
Cent
Value
Cent
Value
^ :
y
Automobile casings
1941
1940
1941
V HlHt
"
2.3
15,917
0.9
5,675
—
-■
Steel-mill manufactures
—
manufactures.
a
Iron and steel advanced
3.9
Electrical machinery and apparatus..
52
22,403
10,859
13,169
42,852
6.1
20,016
2,388
72,538
9,432
11,175
38,626
5.5
20,607
3.3
1,427
67,398
1,994
4,225
0.6
3,422
0.6
56,973
148,370
21.2
124,371
20.2
Construction & conveying mach'y..
412
360
1,245
72,126 67,038 55,728
Non-agricultural
Finished manufactures... 174,134 220,718 210,056
842
0.1
1,605
0.3
147,528
21.1
19.9
Minlng well & pumping machinery.
Metal-working machinery
69.9
Mfd. foodstuffs and be v..
Agricultural.
.........
Non-agricultural
Semi-manufactures
Agricultural
958
1,087
1,183
172.952 219,631 209,098
Agricultural
Non-agricultural
Total
exports
U.
of
0.3
2,045
0.3
346,510
49.5
428,729
69.6
S.
...
616,226 100.0
699,551 100.0
338,967 317,953 298,273
22,142 24,312
80,252
258,715 295,812 273,961
...
Non-agricultural
49.9
2,314
177,487
25.4
46,453
7.5
522,064
74.6
569,773
92.5
Industrial machinery
Office appliances..
70,771
97,633
91,805
166,514
39.2
53,950
16,821
23,836
76,124
70,205
129,473
30.5
Agricultural
N on-agricultural...
Crude foodstuffs..
Agricultural
21,509
21,600
37,042
8.7
30,326
11.4
43,110
61,537
29,152
31,211
30,112
48,634
22,844
46,517
10.9
59,264
Non-agricultural.
Mfd. foodstuffs and be v..
2,116
0.5
2,273
0.5
23,115
18,549
10.9
43,493
9.9
8.3
36,781
4,566
3,356
3,355
2.6
6,711
1.5
42,845
47,131
42,208
96,559
22.7
89,340
20.3
4,319
2,549
39,659
10,625
2.5
5,112
1.2
38,525
2,562
44,669
85,934
20.2
84,228
19.1
29,593
27,988
28,458
66,674
15.7
56,446
12.8
Non-agricultural...
Agricultural
Non-agricultural
Finished manufactures...
454
664
555
1,113
0.3
1,219
0.3
27,323
27,903
65,562
15.4
55,226
12.6
223,189
201,613
100,117 125,699 123,006
90,043
97,932 93,616
Agricultural
Non-agricultural
FROM
AND
ANALYSIS BY LEADING COMMODITIES IN EACH
3,567
57,775
3,456
3,622
25,440
1,442
4,962
4,435
17,918
1,824
5,419
8,402
28,849
4,069
7,885
8,472
43,358
8,202
8,880
15,178
17,082
9,357
12,694
7,822
699,551
pharmaceuticals .....
2,246
5,710
6,181
2,933
177
810
1,196
1,516
847
6,839
35,071
29,740
IMPORTS
3,266
10,381
46,753
13,981
8,676
5,684
2,821
3,021
19,509
652
2,437
1,677
61,391
69,164
616,226
FOR CONSUMPTION
Crude Materials—Value
1,000 Dollars
in
2 Mos. End. Feb.
Commodity
Undressed furs
—
52.5
248,705
56.5
47.5
191,548
43.5
Oilseeds
INTO UNITED
2,801
4,037
6,092
Flaxseed..
IMPORTS
1,984
4,148
14,336
2,085
18,762
338,967 317,953 298,273
!.
_
Total domestic exports
Tobacco, unmanufactured
-y
Cotton, unmanufactured
Supplementing other data on the Nation's foreign trade in
February, given in today's issue, and our issue of March 29,
page 1986, we present here an arrangement of the figures
given out by the Department of Commerce snowing the value
of each of the chief items of the export and import trade,
arranged accoroing to economic groups:
EXPORTS
1,794
42,931
32,993
5,856
7,777
4,454
440,253 100.0
^
1,772
29,009
10,206
11,754
21,366
1,995
19,805
9,329
19,267
8,271
2,495
2,750
2,011
1,505
12,671
34,096
Crude rubber..
Less than l-10th ol 1%.
4,404
9,254
1,582
12,014
6,856
11,231
(landplanes and seaplanes,
powered and without engines)
Hides and skins—
424,802 100.0
Tot. Imports for consum'n 190,160 223,630 216,623
753
4,932
4,177
5,943
1,634
12,399
6,581
9,319
1,706
37,494
27,486
Airplanes
8.4
29,139
Agricultural
Non-agricultural...
17,196
942
5,049
6,029
4,840
15,419
2,541
Automobile parts for replacement
All other finished manufactures
1,099
3,456
1,461
1,023
4,758
5,434
10,460
7,782
4,379
2,357
11,809
7,674
3,907
1,696
9,982
10,206
10,783
3,216
24,413
13,437
20,550
3,500
80,425
6,258
2,707
2,378
10,912
7,144
3,017
1,942
8,787
13,948
9,142
7,417
14.0
22,940
19,586
1,215
5,635
3,805
1,782
6,126
4,482
5,753
3,706
13.5
1,174
1,164
5,333
1941
1940
4,254
2,555
1,142
6,174
3,869
2,124
4,875
6,941
4,116
Explosives, fuses, &c
Scientific and professional instruments
Firearms and ammunition, &c
20,552
3,528
1,824
6,136
4,010
3,809
assembly
43.0
992
2,905
1,262
Passengers cars (new)
33.2
9.8
1941
4,497
8,967
Medicinals and
46,420
35,461
10,959
Agricultural
Semi-manufactures
189,438
146,329
Feb.,
1941
Agricultural machinery & implements.
Motor trucks and buses (new)
Merchant vessels
Crude materials
DOMESTIC
,—
Engines for aircraft
Imports for Consumption
a
Radio apparatus.
Automobile parts for
merchandise
Agricultural
348,824
122,766
430,774
Jan.,
1940
961
24,028
a
Feb.,
......
Jute and Jute butts.
Flax and hemp,
unmanufactured
Wool, unmanufactured—
Silk, raw
Other textile fibers _c
Crude petroleum
*
—
—
Diamonds, rough, uncut
Diamonds for industrial use
Manganese,
All other crude materials
ECONOMIC GPOUP
Jan.,
Feb.,
1940
1941
1941
5,412
4,197
16,526
3,872
2,365
2,712
1,923
1,688
4,849
5,943
34,390
2,235
1,078
3,227
867
245
1941
1940
9,474
12,030
64,140
4,614
10,143
10,163
44,253
7,911
3,514
5,898
2,490
2,661
4,625
6,087
29,749
2,379
907
2,5C4
1,213
1,322
1,985
b,731
2,080
1,567
158
72
74
440
146
8,834
6,371
2,C03
1,668
17,252
16,713
7,338
1,887
2,524
5,603
19,747
21,700
4,537
33,965
12,941
3,517
3,115
238
174
1,453
516
468
591
852
671
5,151
1,627
1,443
2,326
12,376
3,090
12,949
2,021
4,621
12,951
27,648
1,631
2,628
chrome and other ferro¬
alloy Ing ores
STATES-
Feb.,
5,112
25,900
1,000 Dollars
Foodstuffs—-Value in
Crude
DOMESTIC EXPORTS
Crude Materials—Value In 1,000
2 Mos. End. Feb.
Dollars
Commodity
,,
Feb.,
Jan.,
Feb.,
1940
1941
1941
1941
1940
2 Mos. End. Feb.
Commodity
Feb.,
Jan.,
Feb.,
1940
1941
1941
Cattle, except for breeding
Wheat for milling and export
1941
1940
Vegetables, fresh and dried
Crude petroleum..
4,403
3,120
3,333
3,505
2,268
All other crude materials
5,942
3,866
Cotton, unmanufactured...
......
Tobacco, unmanufactured
Coal
--
...
44,283
3,189
3,296
3,800
2,957
3,763
2,658
3,056
104,167
9,264
6,897
6,920
6,290
7,267
Bananas
10,371
12,770
3,925
6,924
Tea....
Cocoa or cacao beans..
Coffee
All other crude foodstuffs
Manufactured
Crude
857
2,090
1,347
3,438
2,257
533
445
406
1,148
851
1,086
836
1,932
3,043
11,369
2,129
2,887
1,923
3,241
16,007
1,252
1,889
1,756
3,976
5,449
2,088
3,811
5,921
23,189
34,181
3,661
1,688
4,096
Foodstuffs—Value in
Foodstuffs—Value in 1,000 Dollars
2,680
18,174
1,973
3,490
4,754
6,105
7,586
1,000 Dollars
2 Mos. End. Feb.
2 Mos. End. Feb.
Commodity
Feb.,
Jan.,
Feb.,
1940
1941
1941
Commodity
84
35
49
578
417
Apples, fresh.......—.......—
233
109
86
540
Oranges
726 y:
291
712
737
1,241
386
244
766
629
Whisky and other spirits.
628
374
452
1,517
824
Wines
Vegetables, fresh and dried--.--
.
Other fresh fruit
All other crude foodstuffs
__
693
1,700
7,502
2,770
856
996
y
1,549
196
1,449
■
Cheese...
Fish & shellfish (canned,
Foodstuffs—Value in
prepared,&c.)
Vegetable oils, edible...
Philippine Islands.
Cane sugar—From
From foreign countries.
..
.
~
-
All other m<innfset»irpd
Manufactured
Feb.,
1941
1941
1,000 Dollars
foodafrifffr
Seml-Manufactui'e*
ri&ri
Meat products
...........
—
Lard, including neutral lard...
Dairy products (except fresh milk)
Fish, canned, prepared, &c_.
Milled rice,
Feb.,
Jan.,
Feb.,
1940
1941
1941
329
465
1,125
897
785
221
148
1,260
4,388
4,259
5,159
6,390
9,418
6,350
6,105
7,617
11,722
13,722
2,482
2,222
2,448
1941
301
265
1,256
567
4.543
4.342
9.677
8,877
-Value
in
1,000 Dollars
1,685
884
1,058
1,596
1,773
3,555
1,096
3,881
1,404
1,642
2,459
3,550
529
1,180
2,154
1,210
938
1,054
1,496
-
2,775
2,983
and screenings ......... ...
2,054
3,901
895
401
485
2,084
886
1,201
615
892
2,806
1,507
97
92
4,467
189
1,011
1,942
376
3,548
2,125
5,763
1,387
4,068
2,096
Wheat flour
Vegetables, canned and prepared
Dried and evaporated
fruits
Canned fruits
Sugar and related products
All other manufactured foodstuffs....
3,075
1,637
3,133
1941
908
2,109
2,692
878
697
10,339
1,081
4,800
1,676
2,160
4,316
2,744
4,504
2,178
1,688
2,344
4,188
2,274
Diamonds, cut but not set
1,382
6,694
2,651
2,162
Copper _e
6,000
Wool semi-manufactures
Sawed
and
sidings
boards,
lumber
— ..........
Wood pulp
Gas oil and fuel oil.6
—
2,071
6,239
Nickel and alloys
blocks, pigs)
Coal-tar products _d
Industrial chemicals -d
Tin (bars,
_
All other semi-manufactures..
Finished
...
5,326
3,270
12,914
1,167
4,202
3,107
10,320
419
846
624
1,136
1,118
1,654
8,214
1,924
3,061
5,632
Manufactures—Value in
806
7,415
Feb.,
Jan.,
Feb.,
1940
1941
1941
1940
921
1,422
Naval stores, gums and resins.a.....
619
728
Sawed timber__.--i«w------------
432
518
223
881
741
2,176
1,585
2,560
27,778
3,645
2,227
3,973
3,259
5,349
4,095
Plates, sheets and skelp
7,027
5,949
Tin plate and taggers'
7,056
1,087
1,796
1,673
1,535
22,674
1,456
10,824
6,108
1,692
1,608
1,066
708
1,639
1,374
Boards, planks,
Wood
pulp..
2,311
26,598
Gas and fuel oil
Iron and steel semi-manufactures
Iron and steel scrap.b—
...
Hteel Ingots, billets, bars, rods,
.
&c..
tin
Ferro-alloys, ores and metals
4,138
903
6,891
16,110
Aluminum semi-manufactures
1,623
624
369
Copper (Ingots, plates, rods)
9,371
1,971
2,421
3,913
4,091
2,661
5,106
3,269
2,837
2,569
Brass and bronze semi-manufactures..
Coal-tar products..
.
Industrial chemicals
Pigments
..
— — .
All other semi-manufactures.
....
4,727
1,562
13,184
1,202
12,578
4,741
1,026
11,331
2,518
2,787
51,433
2,343
1,347
Feb.,
Jan.,
Feb.,
1940
1941
1941
351
1,684
1,882
451
565
2,562
Flax, hemp and ramie manufactures..
3,227
1,443
Wool manufactures
1,320
1,392
3,838
1,128
1,236
5,943
1,478
8,995
3,566
685
Cotton cloth
Burlaps
553
12,842
12,057
8,026
14,467
2,779
Pottery
3,251
1.846
Machinery .............
5,230
9.847
2,228
23,907
1941
1940
2,380
Cotton manufactures
Newsprint
993
3,578
15,627
823
Shingles..
6,928
1,925
6,170
14,140
212
Silk manufactures............
7,182
9,528
6,377
23,235
1,470
139
50,452
2,359
4,098
25,039
3,137
5,316
8,933
2,930
26,826
2,856
388
Leather manufactures
26,934
7,705
13,203
4,452
3,881
4,925
11,992
4,612
14,525
1,601
2,545
2 Mos. End. Feb.
Commodity
1941
1,351
1,366
Leather
8,504
16,819
1.000 Dollars
2 Mos. End. Feb.
Commodity
1941
1940
452
Fertilizers and materials.d
Semi-Manufactures—Value in i,000 Dollars
Feb.,
1941
4,463
...
(except railroad ties)
Including brown, broken
Jan.,
1940
1,185
Expressed oils, inedible_d
10,179
Feb.,
448
1,941
1,314
4,669
5,323
527
4 059
460
Leather.............
969
369
483
2,283
5,060
794
2,022
2 Mos. End. Feb.
Commodity
1940
3,045
736
2,066
1,599
2 Mos. End. Feb.
Commodity
1941
1940
3,701
1,524
5,567
1,447
1,722
1,245
3,989
1,666
.........
Corn.............................
Jan.,
1940
1941
1940
Meat products
Wheat.—**.————.
Feb.,
.
.
.
.
. .......
Works of art
All other finished manufactures
_.—
Non-commercial imports.f
Total Imports for consumption.....
a
Includes
scrap
a
413
489
.
... ... -
—
1,048
■-
335
787
714
8,483
8,227
c
1,127
1,062
16,840
1,501
16,709
417
431
969
962
892
686
826
8,019
7,584
1,831
6,911
1,826
1,656
1,865
15,444
190.160 223.630 216,623
small Item which is not a semi-manufacture,
and waste,
2,176
2,628
714
1,812
6,400
3,480
3,283
803
419
1,016
748
848
3,709
1,854
1,512
14,495
3,658
424,802
440,253
.
b Includes tinplate
Includes sisal, manila, kapok, New Zealand fiber, crin vegetal
The Commercial & Financial Chronicle
2156
Ac.
d Includes
few
a
not semi-manufactures,
Items
e
Chiefly unrefined copper
for refining and export,
f Chiefly merchandise returned,
refueling vessels and for refining and export.
g Partly
oil used for
Report of Lumber Movement Week Ended Mar. 22, 1941
^
Lumber
1941,
were
production during the week ended March 22,
1% greater than in the previous week; shipments
5% greater; new business 4% less, according to reports
was
the
to
National
sentative
hardwood
Association from
Manufacturers
Lumber
associations
regional
softwood
and
operations
the
covering
of
April 5, 1941
Figures of automobile financing for the month of Decem¬
ber were published in the Feb. 22, 1941, issue of the '"Chronicle", page 1202.
The following tabulations show the volume of financing
for the month of January, 1941, 1940 and 1939, and the
amount of automobile receivables outstanding at the close
of each month, January, 1940, to January, 1941, inclusive.
The figures are as reported by the Bureau of the Census of
the Department of Commerce.
AUTOMOBILE
repre¬
mills.
Shipments were
8% above production; new orders 9% above production.
Compared with the corresponding week of 1940, production
was 14% greater, shipments 16% greater, and new business
19% greater.
The industry stood at 133% of the average
of production in the corresponding week of 1935-39 and
131% of average 1935-39 shipments in the same week.
The Association's reports further showed:
Retail Financing
Wholesale
Financ¬
Year
ing
and
Volume
Month
in
Used and
Total
Thousand
Number
V
Dollars
in
12
orders were
weeks
of 1941
shipments
were
above the shipments,
For the
21% above the orders of the 1940 period.
to date,
new
business
11% above production, and
was
8% above production.
a
Supply and Demand Comparisons
a year
ago; gross
March 22, 1941,
week and
for
Of this number
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
sand
the
current
week
Unfilled orders were 40% greater than
ended
March
AS
REPORTED
January..
1941, for the previous
for the corresponding week of a year ago
follows, in thousand
.
.
March
408
--
Week
1941
1940
Week
Week
489
95
Previous
Week
489
483
Production
237,178
100%
100%
246,596
217,264
244,358
Shipments
255,989
108
10,863
115
266,852
252,983
Orders
258,994
109
11,009
117
270.003
230,937
226,061
9,418
.
........
1941
281,845
received by us from the
Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
PRODUCTION,
MILL
ACTIVITY
Unfilled
1940—Month
Orders
Production
Orders
Received
Tons
Remainino
528,155
420,639
429,334
520,907
682,490
508,005
March
April
May
June
see
Cumulative
for
Farm
Says
Bureau
October
November
December
1941—Month
71
167,240
137.631
70
71
129,466
69
70
70
70
Farm
.......
March
4.
11
Jan.
18
Jan.
25
Feb.
1
Feb.
8.
Mar.
1.
Mar.
8
Mar.
15
Mar. 22.......
Mar. 29
The
Argentine corn crop—on-the basis of latest
estimates and a continuation of favorable weather—
is now expected to be between 400,009,000 and 470,000,000
bushels, according to a report issued March 24 by the Office
of Foreign Agricultural Relations.
In 1939-40 the crop
amounted to 408,000,000 bushels.
The average for the
preceding five-year period was 311,000,000 bushels.
The
announcement goes on
With
261 650
81
merchantable grain is expected
671,050
337,022
82
the farm through another esason.
new
from the 1940-41 crop are poor.
72
73
73
72
73
79
73
77
73
71
73
it
crop
would purchase all
The
1939-40
crop
Much
of
this ihas
retail
tions,
69
with 133,000,000 bushels exported during
72
Average exports for the 10 preceding years
78
74
79
75
79
75
around 61,000,000 bushels.
234,260
81
76
of 1939-40 corn may have
247,271
261,650
277,115
80
77
not
82
77
80
78
300,378
82
78
322,605
337,022
82
78
84
79
Financing in January
automobile receivables
as
outstanding
reported by the 214 organiza¬
amounted^ to $1,180,906,448. These 214 organizations
accounted for 95.0% of the total volume of retail
financing,
$147,186,452, reported for that month by the 400 organiza¬
tions.
to remain
77
January, 1941,
at
a
guaranteed
by
inadequate storage.
from the 1939-40
crop
on
the
Little
held
Argentine corn exports during the shipping
78
$147,186,452, a de¬
8.6% as compared with December, 1940; an in¬
39.8% as compared with January, 1940, and an
increase of 80.0% as compared with
January, 1939.
The
volume of wholesale financing for
January, 1941, amounted
to $236,870,600, a decrease of 6.7%
compared with December,
1940; an increase of 25.2% as compared with January, 1940,
and an increase of 70.5% as
compared with January, 1939.
volume of
growers
on
season
ending March 31, 1941, will not greatly exceed 60,000,000 bushels compared
59
The dollar volume of retail financing for
January, 1941,
the 400 organizations amounted to
The
exports
corn
but the bulk of it remains
damaged
168,364
185,003
202,417
219,026
for
at the end of
been
161,994
The
Government has
the
season
was
encouraged domestic
As
a
ended March 31, 1940.
252,000,000 bushels.
use
of
corn;
a
use
normally
result it is believed domestic consumption
reached 95 to 100,000,000 bushels,
an
increase
large enough to solve the surplus problem.
Petroleum and Its
Products—Upswing in Crude Prices
Humble—Dr. Wilson Hits Federal
Control:
Admiral
Stuart
Supports
Industry's
Stand—Early Settlement of A. P. I. Litigation
Seen Likely—Daily Average Crude Output Spurts
Initiated
The headline
of
offered by
153,111
ments of unfilled orders.
of
corn
101.099
147,263
March 8, disposal of the
thus purchased by the Argentine Grain Board
130,847
134,135
130,750
133,032
133,091
138,549
135,763
141,176
138,165
143,748
141.874
on
The Government already has announced
has been placed at 212,000,000 bushels,
Note—Unfilled orders of the prior week plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
crease
new-crop
corn
It is estimated that
Automobile
exportable surplus of around 250,
Under world conditions prospects for
is a problem.
minimum price, not yet fixed.
farm.
75
an
000,000 bushels of old-crop corn still on hand
not
crease
to say:
large new crop in sight and
a
72
74
advertisement page vi.
1940-41
548,579
168,701
167,430
161,996
advertisement page vi.
acreage
652,128
154,524
148,723
155,262
154,001
Few
Economics
Argentina Expects Above Average Corn Crop—-Likely
to Be Over 400,000,000 Bushels
608.521
147,634
149,001
150,012
Feb. 22
see
202,417
100,798
137,150
138,863
Feb. 15
For text of this article
73
1941—
Jan.
Agricultural
Next
in
Up Six Points from Year Ago—
March Prices of Major Farm Commodities, Except
Grains and Cotton, Were Above Last Year
79
Week Ended—
Jan.
Increase
to
Prices
76
of—
.....
Product
479,099
509,945
1,114,526,850
advertisement page x.
of
see
629,863
452,613
468,870
670,473
488,990
464,637
1.137,469,965
1,166,050,596
December..
Products
673,446
544,221
August
September
72
579,739
453,518
449,221
456.942
624,184
509,781
587,339
487,127
470,228
648,611
1,097,627,143
November..
t
Demand
193,411
247,644
236,693
196,037
162,653
163,769
184,002
161,985
151,729
July
January..
February
Percent of Activity
Current
of—
January
February
September.^
October.'...
——
,
Tons
August
♦
We give herewith latest figures
National Paperboard Association,
Tons
$
1,105,275,234
1,116,928,055
Agricultural Economics Bureau
to
For text of this acticle
Period
un
1940
$
Weekly Statistics of Paperboard Industry
REPORTS—ORDERS.
146,244
67,605
46,116
49,932
39,179
41,173
used cars, and 0.4%
were
July
971,940,670
1,021,533,732
1,063.638,452
For text of this article
Months,
STATISTICAL
57,245
66,447
Farmers' Cash Income in February Totaled $629,000,000
—Amount Below Month and Year Ago, According
CRevised)
Mills.-.
69,704
42,573
156,927
172,005
138.927
216.085
Softwoods and Hardwoods
1941
1941
59,160
IDENTICAL ORGANIZATIONS
876,699,079
887,096,773
918,645,709
....
........
■-
June
Week
64.8%
210.632
%
February...
May
1941
99,419
new cars,
BY 214
'
1,180,906,448
April
Hardwoods
81,751
Dollars
80,738
93,349
1940
%
22,
112,588
130,283
89,313
106,419
67,312
91,362
160,955
105,276
119,636
206,239
237,606
34.8% were
Dollars
147,186
278,424
1941
board feet:
Softwoods
a323,220
345,368
246,240
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
stocks were 14% less.
Softwoods and Hardwoods
Record
236,870
253,778
189,184
179,930
138,899
163,508
Volume
classified.
The ratio of unfilled orders to gross stocks was 36% on
compared with 22% a year ago.
1941.
December, 1940
January, 1940December, 1939
January, 1939.
December, 1938
January,
Cars
Unclassified
Volume
Dollars
corresponding weeks of 1940; shipments were 21%
new
New Cars
Volume
Year-lo-Date Comparisons
Reported production for the 12 weeks of 1941 to date was 18% above
and
FINANCING
Summary for 400 Organizations
by
in the domestic petroleum
under way was the general
crude oil prices touched off by the Humble Oil
Co. last weekend with a general boost ranging up
the
news
industry
as
month got
upswing in
& Refining
to 11. cents
a barrel in Texas and New Mexico, the first general advance
since 1938, when the spectre of low-cost crude offerings from
new
Illinois drove crude
prices off sharply.
By midweek, the upswing had spread into every oil-pro¬
ducing State east of California, where prices moved into
higher levels late in March.
The Barnsdall Oil Co. was the
first major company to meet the 1-cent to 11-cent barrel
increases posted by Humble Oil & Refining in Texas and New
Mexico with all other major companies quickly swinging into
line with the higher price structure.
Back of the wide price
gains was a picture of generally rising domestic demand for
crude and refined products, spurred by the defense program
and its accompanying sharp upturn in industrial activity.
Volume
The Commercial & Financial Chronicle
152
Texas
Corp., Ohio Oil, South Penn Oil, Gulf Oil, Magnolia
Petroleum, Continental Oil Co., Tidewater Oil, and Republic
Oil Refining were some of the
major companies that followed
the advances developing in Texas and New Mexico with
advances for crude oil purchased in their
marketing areas
until virtually every major oil field east of the
Rocky Moun¬
tains had felt the impetus of the Humble advance in the shape
of higher posted prices for crude oil.
Further hearings of the Cole subcommittee
investigating
the domestic petroleum
industry for the House Interstate and
Foreign Commerce Committee during the week made sensa¬
tional reading for oilmen
during the week as Dr. Wilson,
petroleum consultant for the Office of Production Manage¬
ment was joined by Rear Admiral
Stuart, director of the
2157
duction of crude oil in
Texas
was
only partially offset by
reported by other States.
The
Bureau of Mines reported that holdings of domestic and for¬
eign crude oil during the March 22 week were up 447,000
barrels to 263,857,000 barrels.
Representative crude oil price changes follow:
lower
production
totals
March 29—Humble Oil lifted Texas and New Mexico crude oil
prices 1 to
a barrel.
Barnsdall and other units met the advance.
11 cents
April 1—South Penn Oil Co. lifted Corning grade crude oil 5
cents
a
' V-;./ :'Vv
'-'v."; v,;"
f. \
;\
April 1—Ohio Oil advanced the price of Illinois and Wyoming crude oil
barrel.
5 cents
barrel.
a
'
'
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Corning. Pa
Division of Naval Petroleum Reserves, in
arguing against
Federal control of the oil
industry with Dr. Wilson flatly
$2.30
-
Illinois
1.02
Eldorado. Ark., 40
Rusk, Texas, 40 and
1.05
Darst Creek
Western
making the statement that he "disagreed" with all of the
findings of the National Resources Planning Board with the
exception of its report of the importance of oil in the national
Kentucky
Mld-Cont't, Okla.. 40 and above.
.90
-
Rodessa, Ark., 40 and above
3mackover. Ark., 24 and
.......$1.03
.......
1.03
Michigan crude
Sunburst, Mont..
.125
Huntington, Calf., 30 and
.73
.76-1.03
.........
Kettleman Hills. 39 and
.73
over
1.10
over.
over...
.90
1,18
1.35
over
defense.
The possibility that Federal regulation of the oil
industry
might be dropped and a compromise agreement worked out
whereby the Government will be represented on the Interstate
Oil Compact Commission was suggested in the
testimony of
Dr.
Wilson.
Under questioning of Representative Cole,
Chairman of the committee, the OPM executive
agreed that
Federal representation on the Interstate Commerce Com¬
mission might be "desirable" in
testifying on the point of
possible placement of Government officials on the Com¬
mission by means of Congressional action.
In expressing his vigorous opposition to
placing the in¬
dustry under Federal control, Dr. Wilson pointed out that
he felt that
present
State proration laws
are
adequate to
prevent waste of the vital defense material.
In commenting
the recent report of the National Resources Planning
Board, which urged the establishment of a Federal control
agency over the industry in view of the vital necessity of oil
to the defense program, he said "it certainly does not appear
upon
to
me
"To
to be
necessary."
impose such super-regulation
the oil industry at
a premium," he
argued, "could very easily constitute a bottleneck during
this very critical period."
He pointed out that in considering
on
this time when individual effort should be at
the establishment of
a
super-regulatory body the NRPB had
overlooked the petroleum conservation division of the De¬
partment of the Interior, already in existence.
He also
stressed thajt another recommendation of the Board—calling
for accurate estimates of needs—is
very
already being carried out
efficiently in the monthly forecasts of the U.S. Bureau
of Mines.
-
The United States
Navy is opposed to Federal control of
the petroleum industry while the Army is "indifferent,"
although the latter statement was the informal expression of
opinion rather than the official decision of the Secretary of
War, according to testimony developed at the Cole sub¬
committee hearing which continued through the early part
of this week.
Rear Admiral Stuart said that there had been
little material
change in the situation since his
before the subcommittee last fall.
construction
of
pipelines
in
the
appearance
Admiral Stuart said that
southeastern
States by
private capital was a necessary defense step, and also re¬
ported that West Coast supplies of petroleum were ample to
meet war contingencies.
Maior C. V. Morgan, of the War
Department, minimized any danger of lack of adequate sup¬
plies for the Army and Navy, pointing out that it is estimated
that the entire military consumption in the event of war
would be only 10% of civilian consumption.
The pro-and-con on the contentious
subject of the desired
pipelines in the Southeastern States was argued by R. T.
Haslam, Vice-President and general manager of Standard Oil
Co. of New Jersey and W. L. Stanley, Vice-President of the
Seaboard Airline RR. Co.
Mr. Haslam stressed the im¬
portance of the pipelines in
furnishing crude oil to refineries,
pointing out the advantages of such transportation facilities,
both in time of war and peace. Tankers, he pointed out, are
particularly vulnerable to attack both by enemy ships and
from the air while pipeline transportation is relatively safe
and possible damage repaired much easier.
Mr. Stanley_
declared in speaking before the group that existing trans¬
portation facilities in areas covered in the argument are
entirely adequate to take care of all needs, both military and
civilian.
Reports from Washington during the week indicated the
possibility of an early settlement of the pending anti-trust
action initiated last fall by the Department of Justice against
22 major oil companies and the American Petroleum In¬
stitute in the shape of the so-called "injunctive decree"
under which the defendant oil companies and the trade or¬
ganization would not be required to admit any guilt in the
case
but would merely be ordered to refrain from certain
practices which the Government finds objectionable.
Be¬
hind this belief is the thought that both the Government and
industry are anxious to avoid any long drawn-out court case
REPINED PRODUCTS—MOTOR FUEL PRICES RISE IN SEVERAL
MARKETS—CRUDE
BOLSTERS
PRICE
JUMP,
RISING
MARKETS—GASOLINE
CONSUMPTION
STOCKS
UNDER
1940
HOLDINGS—REFINERY OPERATIONS OFF FRACTIONALLY
General
strengthening of wholesale and retail prices of
during the'initial week of April re¬
flecting the general markup in crude oil prices, rising con¬
sumption bolstered by the sharp upturn in industrial activity
fuel developed
motor
and the
with
a
improved statistical position of gasoline
as
compared
year ago.
April 1
Socony-Vaeuum lift posted prices for gasoline
in Greater New York, with undivided dealer prices for Mobilgas moving up 4-10ths cent a gallon, with the commercial
consumer price going up 2-10ths cent a gallon, both advances
effective April 2.
The company expanded its markups on
Wednesday to take in western New York where prices ranged
from 3-10ths cent a gallon to a full cent, depending on how
normal prices had been previously.
Standard Oil Co. of Indiana announced April 2 that, ef¬
fective April 5, it would advance all normal and special
tank wagon prices of all three grades of gasoline to con¬
sumers and dealers
by A cent a gallon in its entire marketing
area.
Standard of Ohio on April 3 announced an increase
of ]/2 cent a gallon in dealer and consumer prices of gasoline
in all sections of the State where dealer prices had been less
than SA cents.
This will "tend to equalize prices in sub¬
saw
markets"
normal
and represented nrice advances in about
75% of the company's marketing area.
Further hardening of the gasoline price structure in the
bulk mid-continent area developed during the week with
advances of A cent a gallon being registered on the better
tone of the crude price structure with the improvement
spreading to the entire middle western market and rising
tendencies developing in the Gulf Coast area.
Demand in
the mid-continent area continued heavy.
The statistical position of the motor fuel branch of the
industry on April 1—traditional turning point when spring
consumption of motor fuel starts on the upswing—was much
improved over the comparable period last year when inven¬
tories were at a record high.
There was a gain of less than
200,000 barrels during the final week of March, with March
29 stocks reaching 99,727,000 barrels.
Since this included
6,462,000 barrels of aviation gasoline, however, the motor
fuel stocks were only 93,265,000 barrels, off 5,448,000 barrels
from a year ago.
Refinery operations were off 0.8 point
to 84.1% of capacity, with daily average runs of crude
oil to stills dropping 30,000 barrels to 3,625,000 barrels.
Representative price changes posted during the week
follow:
April 1—Socony-Vacuum lifted Mobilgas 4-lOths cent
a
gallon in Greater
New York, undivided dealers, commercial consumer prices going up 2-10ths
cent.
April
2—Standard
of
Indiana
prices—all three grades—Yi cent
lifted
all
a gaiion,
April 3—Standard of Ohio iifted gasoline H
consumer,
and
normal
special
gasoline
effective April 5.
cent
a
gallon, dealer
and
throughout State where dealer prices were less than 8lA cents.
U. S. Gasoline (Above 65 Octane), Tank Car Lots. F.O.B. Refinery
New York—
St. Oil N. J.$.06
New York-
-.06 H
Other Cities—
Texas
$.07«-.08
Gulf
Socony-Vac. .06
-.0614
T.Wat. Oil. .0814-.0854
SbeU
East'n
Chicago
.0SH-.08H
.07**-.08
New
Orleans.
Gulf
ports...
$.04J4-.05H
.06H-.07
.0514
0414- 0554
Tulsa
RlchOll(Cal) .0814-.0814
Warmr-Qu. .0714-.08
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)..
I North Texas....
$.0551
Los Angeles....
$.041 New Orleans.$.0514- 0514
051 Tulsa.
.04
-.0414
.03 34-
Fuel OH, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
California 24 plus D
$1.25
$1.00-1.25
$1 00
| New Orleans C
Phila., Bunker C
1.75
Diesel
Gas OH. F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
I Chicago—
$.041
7 plus
I Tulsa
..$.0214-.03
$.0531
28.30 D
Gasoline, Service Station, Tax Included
iNew York
•
$.171 Newark
.171
Brooklyn...
•
Boston
$.17
$ 1661 Buffalo
.....
.1851 Chicago....
....
.17
Not Including 2% city sales tax.
because of the national defense emergency.
A
gain of 65,500 barrels in daily average production of
during the final week of March lifted the total to
3,746,550 barrels, according to the American Petroleum
Institute.
This compares with the March market demand
estimate of the Bureau of Mines of 3,655,500 barrels daily.
A gain of approximately 75,000 barrels in daily average pro¬
crude oil
Daily Average Crude Oil Production for Week Ended
March 29, 1941, Gains 65,500 Barrels
The
American
Petroleum
Institute
estimates
that
the
oil production for the week ended
March 29, 1941, was 3,746,550 barrels.
This was a irain of
65,500 barrels from the output of the previous week.
The
daily
average
crude
The Commercial & Financial Chronicle
2158
week's
current
figures
above
were
3,655.500
the
oil-producing States during March.
tion for the four weeks ended March
at
Daily average produc¬
20, 1941, is estimated
3,680,850 barrels.
The daily average output for the week
March 30, 1940, totaled 3,841,250 barrels.
Further
as reported
by the Institute follow:
ended
details
Imports of petroleum for domestic use and receipts in bond at principal
for the week ended March 29 totaled 2,900,000 barrels,
United States ports
daily
a
of
average
285,857
barrels
whether
bonded
or
barrels,
414,280
for the
week
for the four weeks ended
March
March 29.
domestic
for
with
compared
ended
These
daily
a
308,964
of
average
barrels
daily
figures include all oil imported,
but
use.
and
22
it
impossible
is
make
to
the
separation in weekly statistics.
Receipts of California oil at Atlantic coast ports during the week ended
March
all
amounted
29
of which
was
to
153,000 barrels, a daily average of 21,857 barrels,
gasoline received at the port of Philadelphia.
Reports received from refining companies owning 86.2% of the 4,535,000barrel
estimated
indicate
that
daily
potential
refining
of
capacity
the
Weekly Coal Production Statistics
barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
United
States
The current
weekly coal report of the Bituminous Coal
Division, U. S. Department of the Interior revealed that
production of soft coal continues to increase.
The total
output in the week ended March 22 is estimated at 11,400,000
net tons, a gain of 250,000 tons, or 2.2%, over the the pre¬
ceding week.
Production in the corresponding week of 1940
amounted to 8,013,000 tons.
Cumulative production of soft coal in 1941 to date (12
weeks) amounts to 123,619,000 net tons, in comparison with
111,070,000 tons in 1940.
In 1937, when production was
greatly stimulated during the first quarter, the total for the
12 weeks was 128,160,000 tons.
The U. S. Bureau of Mines reported that Pennsylvania
had in
pipe lines
as
bulk terminals,
storage at refineries,
of the end
fo the week
in
transit
and
99,727,000 barrels of finished
The old total amount of gasoline produced by ail
ESTIMATED
Week Ended
com¬
Week
State
Allow¬
ments
ables
from
Previous
29,
1941
Includes for
a
Change
Enaed
Mar.
Weeks
Week
Enaed
Ended
Mar.
Week
29, Mar.
1941
11,400
11,150
1.900
1,858
'K
of historical comparison and statistical ov>..ve.ue^ce the
purposes
PRODUCTION
ESTIMATED
v
30,
b408,450
—300
403,450
402,050
—4,350
206,400
180,400
b4,350
+ 50
4,350
77,450
—100
74,000
101,650
+ 150
101,650
30,450
239,750
76,150
392,100
PENNSYLVANIA
OF
ANTHRACITE
AND
COKE
BEEHIVE
Week Ended
Mar.
22, Mar.
30,600
West Texas
241,400
+ 700
East Central Texas..
77,900
445,000
+ 150
East Texas
Southwest Texas
210,200
+ 70,650
+400
Coastal Texas
257,100
+2,550
Total Texas
1,327,400 cl352,489 1,441,300
North Louisiana
Louisiana
291,300
306,190
82,200
104,600
33,900
276,650
91,150
United States total
255,050
Dally average..
+ 300
+ 1,200
70.250
231,150
68,800
212,900
300,050
+ 1,500
301,400
281,700
1929
c
849.000 12,767,000 11,570,000
1,105,000 1,096,000
fuel.a.
c
137,900
22,983
17,014,000
807,000 12,130,000 10,992,000 15,789,000
Comm'l prod't'n.b 1,050,000 1,041,000
Beehive Coke—
255,800
70,800
1940
Total, Incl. colliery
209,500
235,250
1941
1940
Anthracite
Penn.
396,900
270,350
+ 74,500 1,379,400 1,510,800
Calendar Year to Date
23,
15, Mar.
1941
1941
West Central Texas..
Total Louisiana
8,013 123,619 111,077 134,23Q
1.5°'
1.741
1,335
1940
198,200 b211,650
400,000
3,200
Panhandle Texas
North Texas
Coastal
1929
1940
c
(In Net Tons)
437,400
194,200
...
Kansas
Nebraska
1941
1940
production of lignite,
b Sum of 12 full weeks ended March 22, 1941, and corre¬
sponding periods in other years,
c Subject to current adjustment.
{March)
Oklahoma.-.
Year to Dale b
a—
Total, including mine fuel
Actual Production
lateo
1941
1941
Bituminous Coal
Four
Calendar
Mar.22 Mar. 15 Mar. 23
Daily p. verve
Calcu
COAL
SOFT
in
and
(Figures in Barrels)
Require¬
OF
(In Thousands of Net Tons)
CRUDE OIL PRODUCTION
B.ofM
PRODUCTION
STATES
UNITED
panies is estimated to have been 12,000,000 barrels during the week.
DAILY AVERAGE
estimated at
was
1,105,000 tons, an increase of 9,000 tons over the preceding
week.
In comparison with the corresponding week of 1940
there wras an increase of 256,000 tons.
industry as a whole ran to stills, on a Bureau of Mines
basis, 3,625,000 barrels of crude oil daily during the week, and that all
companies
March 22
anthracite for the week ended
the
unfinished gasoline.
April 5, 1941
139,800
29,500
1,446,300
479,800
lf421,20n
23.300
4.917
20.661
6.854
20.30ft
Includes washery and dredge cod, and e
a
operations.-
b Excludes
three years.
;+
colliery fuel,
v:
EHTl MATED
c
lal mippea by truck t.uin <*u«iiorized
Adjusted to comparable periods in the
-
PRODUCTION
WEEKLY
(The current weekly estimates are
COAL.
OF
BY
STATES
based on railroad carloadlngs and river ship¬
ments and are
Arkansas...........
Mississippi
69,700
20,300
70,950
—250
bl7,750
325,200
—700
19,000
7,850
335,200
—5,000
326,900
426,950
22,600
bl9,850
—1,800
19,950
8,500
......
Illinois
Indiana
69,509
70,900
69,000
subject to revLsion on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
(In Thousands of Net Tous)
Week Ended—
Eastern (not incl. Illi¬
nois and Indiana)..
Michigan
Wyoming
.......
Montana
96,500
93,200
+ 7,350
89,250
96,300
47,700
37,900
—50
38,400
64,300
83,900
74,350
—50
78,800
68,750
21,900
18,200
18,650
3,750
17,000
3,900
112.550
Colorado
3,900
New Mexico
103,900
110,000
3,850
109,000
+200
106,550
Total East of Calif. 3,059,100
California
3,142,050
"696,400
d571,500
3,655,500
a
Afar.,
Afar.15 Mar.
These
are
3,746,550
+65,500 3,680,850 3,841,250
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined
March.
604,500
+ 71,100 3,067,150 3,250,050
—5,600
613,700
591,200
In its detailed forecast for the month of
from
or
must
to be produced
ended 7
a.
m.
4
3
3
361
356
272
271
and Indiana figures
March 26.
1,318,873-barrel figure effective
69
149
l
1
1
1
1,263
1,208
1,100
1,009
1,051
1,684
570
539
391
372
358
575
67
63
56
76
81
Kansas and Missouri
206
187
140
124
123
144
Kentucky—Eastern
901
849
672
620
824
560
242
248
163
153
252
215
38
38
33
37
Georgia and North Carolina
Illinois.
Indiana...
......
Iowa
...
....—
Maryland
Michigan
Montana
for week
are
as
of Feb.
It is
1 for two months
based
and
gives
19
15
32
58
58
28
28
17
22
50
53
42
59
45
52
f25
f34
624
598
424
436
382
740
2,770
1941
2,712
2,014
1,894
2,786
3,249
146
140
108
95
107
118
10
8
13
15
22
Utah
76
73
60
50
77
68
351
364
272
230
256
230
Virginia
Crude Runs
Gasoline
to Stills
Produc'n
Fin¬
of
at Re¬
ished &
Gas
of Re¬
Po¬
Rate
P.
C.
fineries
Re¬
P. C.
port¬
Daily
Oper¬
ing
Aver.
ated
Incl.
Natural,
Blended
Stocks
a
Stocks
Stocks E Stocks
Avia¬
Oil
sidual
tion
ished
and
Fuel
Gaso¬
Gaso¬
Dis¬
OU
line
line
tillates
Unfin¬
East Coast
643 100.0
595
92.5
Appalachian..
Ind., 111., Ky.
Okla., Kans.,
156
91.0
134
94.4
420
3,231
392
462
743
90.2
586
87.5
2,153
19,818
2,398
2,940
1,904 Inter'r
834
1,432
7,010 G. C'st
2,314
3,252
1,577
20,495
8,206
Missouri...
420
76.9
282
87.3
1,112
8,941
1,239
Inland Texas.
280
59.6
103
61.7
525
2,282
322
Texas Gulf...
1,071
89.2
848
88.8
2,725
15,526
Louisiana Gulf
No. La. & Ark
164
97.6
122
76.3
324
3,429
5,282
1,034
101
51.5
50
96.2
148
580
313
8,665 E.
C'st
545
121
56.0
58
85.3
240
1,740
169
480
California
836
87.3
512
70.1
1,481
16,635
10,084
68,740
1,536
86.2
3,290
84.1
10,705
92,677
29,439
94,492
6,217
1,355
7,050
510
1,600
245
Reported
Est. unreptd.
335
Calif."
4,535
4,535
717
101
126
136
118
99
*
*
10,825
*
8,442
7,792
f4
f7
9,761
1,096
1,119
861
802
1,147
10,764
2,040
12,246
11,944
9,303
8,594
10,908
12,804
on
the
N. & W.; C. & O.; Virginian; K.&M.;B.C.&G.,
B. & O. in Kanawha, Mason and Clay counties, b Rest of State, including
States."
Grant. Mineral and Tucker counties,
c
Includes Arizona,
* Less than 1.000 tons.
Non-Ferrous
Metals—Lead
Market—Tin
Demand
Active
in
Firm
Easier—Quicksilver Moves Higher
"Metal and Mineral Markets" in its issue of April 3
reported that official news from Washington during the last
week contained a sharp price warning on quicksilver prices,
fixed a ceiling on secondary zinc, and imposed priorities
on tungsten products,
all of which was topped off with a
general exploratory meeting on the price situation in scrap
copper, scrap brass, and brass ingots.
Tin prices declined
as
Lead
tension eased in the Far East.
the
market
3,625
3,655
12,060 e99,727
29,949
96,152
6,462
levels.
12,094
30,595
95,589
6,438
further stated:
c3,551
d 11,175 103,283
23,236 102.870
4.570
99,541
74
1,172
683
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
and
♦Est. tot.U.S.
49
1,818
578
Includes operations on the
595
Rocky Mtn..
41
1,405
573
11,150
the Panhandle District and
a
30
1,720
781
125
Pennsylvania anthraclte.d
and
Daily Refin¬
38
2,103
*
Total bituminous coal
a
ing Capacity
35
812
Wyoming
Other Western States.c
19
2,160
b
Total, all coal
(Figures in Thousands of Barrels of 42 Gallons Each)
tial
68
Texas..
Northern
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
closed
Copper for
♦U.S. B.ofM.
Mar. 29. '40
52
12
49
Tennessee..
Committe of California Oil Producers.
Note—'The figures indicated above do not Include any estimate of
any oil which
might have been surreptitiously produced.
Mar. 29, '41
Mar. 22,*41
55
12
Ohio
Washington
ten¬
122
74
.........
West Virginia—Southern a
District
f
12
..
Pennsylvania bituminous
1.
wells completed during February, and changes
d Recommendation of Conservation
29,
77
195
f
69
....
days totaling nine; Panhandle, five, and rest of State, with minor exception, 10 days,
MARCH
423
26
104
In the number of shutdown days in various districts, East Texas March shut-down
WEEK ENDED
341
43
132
crude
--.'Ckck^.
new
e
f
74
North and South Dakota
Kansas. Nebraska, Mississippi,
consideration to accretions due to
f
150
deducted
new
Avge.
1923
.
cThis Is the calculated net basic 31-day allowable as of March
upon the
pro¬
1929
70
;
New Mexico.
>
b Oklahoma,
new
be
from the Bureau's estimated requirements to determine the amount of
1939
167
Colorado
Western
As requirements may be supplied either from stocks,
duction, contemplated withdrawals from crude oil Inventories
1940
4
Alaska
Alabama
8 Mar. 16 Afar. 18 Afar. 16
1941
1941
Arkansas and Oklahoma
jfc'
i
State
firm.
export
was
in active demand
Quicksilver
was
higher.
sold at higher
The publication
Copper
The price situation
in domestic copper was unchanged during the last
*
Estimated Bureau of Mines' basis,
a At refineries, bulk
terminals, in transit
pipe Hies,
b Included in finished and unfinished gasoline total,
c March,
1940, dailv average,
d This is a week's production based on the U. fc*. Bureau of
Mines, MJ.rch, 1940, dJly average,
e Finished 92,428,000
bbl., unfinished 7299,000 bbl.
week.
Saies
to
domestic
consumers
for the week involved
18,631
tons.
and
Large producers he.d to 12c., Valley, with custom smelters and some small
producers selling copper at a premium.
to
release about
The Metals Reserve is expected
40,000 tons of foreign copper this month, part of which
Volume
The Commercial & Financial Chronicle
152
will consist of metal
now
stored here for France.
Steps have been taken
to acquire title to the French metal now in
storage.
During the last
at
week the export
higher,
with sales
prices ranging from lO^c. to 12c., f.a.s. United States ports.
Sales of copper to domestic
consumers
during March (excluding foreign
metal sold
through the Metals Reserve Co.) totaled 75,984 tons, against
88,607 tons in February and 104,832 tons in January.
Estimated copper content of shipments by mills and foundries during
February
in
This compares with
February last
124,000 tons in January and 65,000 tons
year.
Exports of refined
from the United States during February totaled
went to
Mexico, 2,447 tons to Great Britain,
966 tons to China, 6,847 tons to Japan. 112 tons to
Kuantung, 112 tons to
British India, 8 tons to Africa, and 64 tons to other countries.
The exports
consisted chiefly of foreign origin copper.
Exports of refined metal in the
first two months of 1941 totaled 26,202
tons, against 93.260 tons in the
period last
Lead
views
waiting lists-
8,240 tons
on
in
Sales
the
totaled
with producers forced to
14,926 tons
previous week.
prices at 5-85c., New York, which
during
the
last week,
The
industry entertains firm
was
also the contract settling
basis for American
Smelting & Refining Co., and 5-70c-, St. Louis.
During February, imports of pig lead into the United States amounted
to
11,409 tons, making the total for the first two months of this year 27,164
tons.
Included in the February imports there were 7,824 tons from Mexico
End of
December
Malaya.
Netherland East Indies
Thailand
ceiling
on
in
secondary zinc prices
primary metal
during the week.
The
period of 5,389.
The backlog in the
common
stocks
of zinc at
against 70,640 tons (revised)
Mines.
the end of
Inventories of zinc at the end
Die casters
of
February totaled 67,289 tons,
January and February, In tons.
January
February
34,947
13,046
32,432
Brass mills
14,834
Rolling mills and oxide
a7,051
of
was
836
a70,640
67,289
1,469
+ 405
1.263
—3,450
in
^
-
■
record.
This compares with 12,195 tons in Feb¬
a
ago.
year
Deliveries during the first
quarter of 1941 involved 41,047 tons, against 25,624 tons in the JanuaryMarch period of 1940.
was as
details
given by the Institute
were
as
\
1941, compared with 2,198 tons in December,
1940, and 2,620 tons
of tin, including smelters' stocks and carryover decreased
February, 1940 amounted to 47,525 tons.
The average cash price for standard tin in London
£265.2 per ton in
was
February, 1941, compared with £256.8 in the previous month and £243.0
in
February,
1940.
The average price for Straits tin in New York
February, 1941,
as
February, 1940,
was
Steel
was
51.42 cents per lb. in
against 50.16 cents in January.
The average price in
45.94 cents per pound.
Industry
Again at 100%—British Suspend
Carbon Steel Orders in the United States
measure
through the suspension of orders by the
(alloys not being affected) for
months,
"until further notice." As other orders on
replace the British tonnage, there will be no
change of pace in steel production, bub some consumers may
obtain shipments a little sooner than
they expected.
The
"Iron Age" further reported:
or
From official sources, it is learned that the
several.
July
52.125
March 27
52.375
52.000
51.625
March 28
52.375
52.125
51.875
51.625
March 29
52.375
52.125
51.875
51.625
March 31
51.875
51.625
51.375
51.125
April
April
1
51.500
51.250
51.000
50.750
2
51.500
51.250
51.000
50.750
while
desirable to conserve
neecied..
shipping
this
on
an
docks awaiting shipment.
are at
for the British action
reasons
British steel production and supplies of steel in Britain are in
anticipations,
finished and finished steel and
It
June
of
excess
follows:
May
side
about
400,000
of semi¬
tons
additional tonnage of pig iron and scrap
In view of this situation, it was considered
space for other
supplies that
are more
urgently
•
V;.> + • \i'\
/.
considered desirable to relieve pressure on American mills,
+++' '
also
was
some
months,
of the steel on order was not
and thus clear the
develop.
•
way
likely to have been shipped for
some
for any urgent requirements that might
•••';
Some of the orders that have been suspended may eventually be cancelled
outright and if and when they
reinstated
are
they will
under the
come
general procurement program of the Lease-Lend Act.
Exports of steel to Grrat Britain have been declining in recent months
They
Chinese tin, 99%, spot, was nominally as follows: March 27, 52.000c ;
March 28, 51.125c., March 29, 52.000c.
March 31. 51.500c.; April 1.
51.125c.; April 2. 51 000c.
were
in
tons
hardly
as
than 350,000 tons
production statistics
This week the
were
n
January, fell to about 300,000
less than that in March.
however, the British action will not be
go,
industry is again operating at
While there have been losses in
100%
("E. & M. J." QUOTATIONS)
more
February and probably
So far
discernible.
OF METALS
All
of the "Iron Age" reported that a
of relief in the intense pressure on steel mills
about
come
since
April
PRICES
Further
Stocks at the end of
are
Straits tin for future arrival
February,
January, 1940.
lower, influenced, traders believe, by apparent easing of
on
+ 48
mill books will
fairly active during the last week, but prices for
and 9,244 tons in March
DAILY
3,852
994
1,107
Consumption of tin in the United Kingdom totaled 2,672 tons in Janu¬
ary,
two
Deliveries of tiD in the United States during March amounted to 16,092
long tons, the highest
3,275
307
1,962
British for all carbon steels
6,806
tension in the East.
ruary,
1940.
follows:
has
15.844
:
Tin
Straits tin closed
5,267
*
The April 3 issue
Revised figures.
The tin market
—483
—11,754
Net yet available.
slight
11,371
762
_
Totals
a
130
5,081
month previous, according to the Bureau of
a
Galvanlzers
Others
130
5,764
1941, against 12,760 tons in January, 1941.
For the first
1941, United States deliveries totaled 24,955
tons compared with 16,380 tons in the
corresponding period
grades at the end
of the week totaled 94,201 tons.
Consumers
*
130
two months of
was
division for the week ended March 29 totaled
3,302 tons, with shipments
same
*
*
3,150
by 2,103 tons during February, 1941 to 57,703 tons at the end of the month.
was announced
unchanged, with producers holding to the
basis of 7He.. St. Louis, for Prime Western.
Sales by the Prime Western
in the
February
*
■
9,865
Nigeria
World stocks
Zinc
A
Indo-China (est.)
February
*
4,584
French
*
January
*
Belgian Congo
and 3,583 tons from Peru.
situation
was
shown below in long tons of tin:
are
United States deliveries totaled 12,195 tons in
Demand for lead continued in large volume,
against
February, 1941
year.
•
maintain
of
Bolivia
copper
10,926 tons, of which 370 tons
same
Production for the first two months of 1941
35,200 tons against 30,800 tons in the first two months of
1940.
The exports from the countries signatory to the
International Tin Agreement, and the position at the end
122,000 tons, according to the American Bureau of Metal
was
Statistics.
by the International Tin Research & Development Council,
London.
quotations moved
2159
some
an
of
average
districts, notable at Cleveland
and
Straits
Electrolytic Copper
Tin
Lead
Buffalo, chiefly due to shutdowns for repairs, there have been offsetting
gains in other districts.
The Southern Ohio district is up five point
to
Zinc
112%, Pittsburgh is
Dom.,Refy. Exp., Refy.
March 27...
11.850
10.700
New York
New York
St. Louis
St. Louis
52.625
5.85
5.70
7.25
March 28...
11.875
10.825
52.750
5.85
5.70
7.25
March 29...
11.800
10.825
52.625
5.85
5.70
7.25
March 31
...
11.825
10.700
52.125
5.85
5.70
7.25
April
1...
11.800
10.950
51.625
5.85
5.70
7.25
April
2...
11.800
10.950
51.500
5.85
5.70
7.25
Average..
11.825
10.825
52.208
5.85
5.70
7.25
day strike at Bethlehem, Pa
no
March steel business
\t.
refinery,
tin, 52.604c
;
11.833c.; export
copper,
are:
f.o.b. refinery,
Domestic copper
10 742c.;
Straits
New York lead, 5.817c.; St. Louis lead, 5.667c.; St. Louis
zinc, 7.250c., and silver, 34.750c.
The above auotatlons are "M. <fc M. M.'s" appraisal of the major United States
markets, based
en sales reported by producers and agencies.
They are reduced to
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
delivered
trade,
at
domestic copper prices
consumers'
plants.
As
are
quoted
on
delivery charges
a
delivered basis;
that Is,
with the destination,
the Atlantic seaboard.
De¬
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business, owing to the European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present
seaboard.
reflect this change in method of doing business.
A total of .05 cents is deducted
from f.a.s. basis (lighterage. Ac.) to arrive at the f.o.b. refinery quotation
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: March 27, spot, £273%,
three months, £271; March 28, spot, £274, three months,
£271; March 31, spot, £272%, three months, £269%;
April 3, spot, £270, three months, £266%; and April 3,
spot, £268, three months, £265.
World Tin Production in February Higher than Janu¬
ary—Two
Months'
World
Output
Above
Year
Ago
production of tin in February, 1941, is estimated at
17,800 long tons, compared with 17,400 long tons in Janu¬
ary, 1941, according to the current issue of the "Statistical
Bulletin" published by the Tin Research Institute, controlled
or no
may
month
mills
some
The buying
ago.
pace may
some mills are
products
some
1
slow up
declining to book orders
are
additional business in
for
for this
out of the market for
allfof
Because of the congested situation, some steel companies are working
reclassification of steel
a
orders and orders from all
be exercised.
They
Tungsten
are at present
been placed
has
orders, listing direct defense orders, British
in such
sources
the long strike at an
on
that
a way
Strict priority control
more
stringent control
nickel alloy steels is in the
over
the critical list and subject to allocation.
under the priority
system
The settlement of
important Vanadium plant may have averted a critical
shortage of this metal.
Aside from defense business, which is taking an
steel
vary
the figures shown above are net prices at refineries on
livered prices in New England average 0.225c. per pound above the refinery basis.
take little
can
On sheets in particular
year.
out
a
however, because
somewhat,
offing.
the basis of
The two-
mills operations, but
some
heavier than that of February, creating April
was
backlogs larger than those of
1941.
Average prices for calendar week ended March 29
last week affected
,
ingot production was lost.
1942 and
f.o.b.
point to 102%, Chicago has gained a half point
up one
101 H% and the Youngstown district is up a point to 101%
to
the
output,
which is
demand
taking all the materials it
anticipation
increased
tons of
outstanding
is from
an
expected
award
an eastern
pective purchase of 2,400
of 72
shipyard.
cars
automobile industry,
get and running at top speed in
can
of possible curtailment later
by
steel, to
increasing proportion of
the
Shipbuilding work will be
on.
tankers,
requiring about 300,000
Ralroad activity includes the pros¬
by the Illinois Central.
Fabricated struct ural
steel awards have spurted to 47,000 tons, with nearly 32,000 tons pending.
Reinforcing bar awards
v
are
15,000 tons, with 22,700 tons pending.
Government prices on iron and steel scrap, which will be announced this
week, will follow the pattern of the controls
zinc scrap.
to 320
The "Iron Age"
scrap
prices of aluminum and
over
composite price has declined slightly
25.
THE
' IRON
AGE" COMPOSITE
Finished
April 1, 1941, 2.261c. a Lb.
PRICES
Steel
(Based
on
steel bars, beams, tank pli.tee,
One week ago..
2.261c.(
One month ago
2.261c.
rolledstrlps.
One year ago
2.261c.I
85% ol the United State: output.
wire, rails, black pipe, sheets. and h*'
These pnductsre, iww
1940
2.261c.
Jan.
2
Low
2.211c.
Apr.
1939
2.286c.
High
Jau
3
2.236c.
May 16
1938
2.512c.
May
17
Oct.
18
9
2.211c.
2.249c.
1936
2.249c.
Dec. 28
2.016c.
Mar. 10
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
2.118c.
Apr.
24
1.945c.
Jan.
2
1937
-
2.512c.
Mar.
Jan.
18
4
The Commercial & Financial Chronicle
2160
11993345867
Pit Iron
April 1, 1941,123.61
One week ago
a
on average lor basic iron at Valley
furnace and foundry iron at Chicago,
One month ago.
....
$23 61
23.45
One year ago
1936587
(Based
Gross Ten
-
Buffalo,
Philadelphia,
$23.61
-
1940....
1939
Mar. 20
Steel
22.61
Jan.
2
20.61
12
16
23.25
June
21
19.61
Sept
July
23.25
Mar.
9
20.25
Feb.
18 73
Nov.
5
17 83
May
14
May
1
16.90
Jan.
27
1934....
No.
on
1
heavy
melting
ste*I
$20.00
Mar.
64.6%,
64.7%
62.4%
60 7%
61 7%
61.3%
60.9%
4
Mar. 11
Mar. 18
Mar. 25
Apr.
1.
Apr.
8
Apr.
15
Apr.
22
29
Apr.
May
May
May
Juie
Ju
ie
Ju'y
July
July
July
July
60.0%
14.08
May 16
11 00
June
21.92
Mar. 30
12.92
Nov. 10
17.75
Dec.
21
12 67
June
13.42
Dec.
10
10.33
Apr. 29
13.00
Mar. 13
9.50
Sept.25
Dec.
16.04
on
March 31
9
7
9
an¬
17
Sept. 30
24
Oct.
7
Oct.
14
Oct.
21
Oct.
28
1941—
92.6% Jan.
94.2% Jan.
6
—97.2%
13
98.5%
94.4% Jan. 20
94.9% Jan. 27
3
95.7% Feb.
96.5%
4
96.0%
Feb.
10
Nov. 11
96.1%
Feb.
17
97 1%
96 9%
97.1%
Nov. 25
96.6%
Dec.
2
96.9%
Mar. 10
98.8%
Dec.
9
96.0%
Mar. 17
99.4%
Dec.
16
96.8%
Mar. 24
99.8^
Dec. 23
80.8%
Mar. 31
99.2
Sept. 16
92.9% Dec. 30
95.9%
Sept. 23
92.5%
Aug.
Aug.
Aug.
Sept.
these descriptions,
get
increasingly evident
that
which
are
consumers
are
for steel despite stable base prices.
increasing rapidly and comprise
are
month
a
In the
ago.
ventilation and
An
of fabricated
case
much higher
a
steel
structural
Nov. 18
96.6%
lighting, that special problems of design delay plans.
especial hardship is being suffered by steelmakers who have spent
of
dollars,
perhaps, to manufacture and advertise some special
they now finding it difficult to supply it and fearing that from
on
the basis of span between arriving at and leaving the work station in the
mine
rather
than
the
on
portal
basis.
This
change would
mean
a
pay
increase of about 10%.
Producers often send questionnaires to
present stocks and
guide
producers
of which
consumers to
find out their exact
descriptions and probable consumption in the future to
in
future
shipments.
delivery ahead of schedule
on
some
is useful information
In
many
cases
reveal
consumers
descriptions and delays
on
others, all
for producers.
Youngstown Sheet & Tube Co.
and American Rolling Mill Co. will fur¬
19,000 tons of 18-inch steel pipe for the water system of the naval
Key West, Fla.
nish
station at
After
a
slump for several weeks, awards of fabricated structural
reinforcing bars bulk larger.
and
i
Scheduled automobile production for the week ended March 29 is 124,405
units,
a
drop of 400 for the week, comparing with 103,370 in the like 1940
week.
94.6%
Feb. 24
96.3%
Mar.
3.....97 5%
Aug.
61.8%
65.8%
13
70.0%
20.....73.0%
27
76.9%
3
80.3%
10
84.6%
6
definite increases
Prospects of rising costs of manufacture persistently plague steelmakers.
Among the latest is the ruling that Southern metal miners are to be paid
30
3
Nov. 22
NOV.
expect increased
no
Apr.
Oct.
15.00
1940—
87.7%
86.5%
1
74.2%
8
86.4%
15.....86.8%
22
88.2%
29
90.4%
5
90.5%
12
89.5%
19
89.7%
26
91.3%
2
82.5%
9
919%
I
to
substitutions they may lose much of their markets.
22 50
1940—
far
so
Feb. 11
that
1940—
advised
shortage is rather in structural engineers than in plain material
So
defense plants are ultra-modern, perhaps windowless, with artificial
millions
7
telegraphic reports which it had received
indicated that operating rate of steel companies having 96%
of the steel capacity of the industry will be 99.2% of capacity
for the week beginning March 31, comparedwith 99.8%
one week ago, 97.5% one month ago, and 61.7% one year
ago.
This represents a decrease of 0.6 point, or 0.6%,
from the pieceding week.
Weekly indicated rates of steel
operations since March 4, 1940, follow:
t
been
Consumers of wasters and rejects have offered to
becomes
it
Orders for defense
kind of steel,
Low
Jan.
The American Iron and Steel Institute
nounced
more
percentage than
and Chicago.
21.83
—
-
Thus
scarce.
paying
quotations at Pittsburgh. Philadelphia,
High
—
have
cases
strip for second quarter but
many
$22.00
1940-..
numerous
wit"
as
large tonnage of stainless strip for fabrication
premiums over prime materials to
now
the
a
with delivery of four weeks promised.
in
have been announced.
pay
Aug. 11
18.84
(Based
1941
6
17 90
-_$20.33(
20 17
16 .081
One year ago
2
Dec. 23
Sept. 19
Scrap
April 1, 1941, $20.25 a Gross Ton
One month ago
Consumers
23.45
Nov. 24
by the purchase of
extras on sheets and
22.61
19.74
One week ago
and
Low
$23.45
Jan.
High
1941
Valley,
nessed
April 5, 1941
shortage, the Government still gets good service
into food trays,
Southern iron at Cincinnati.
22.61
of nickel
cause
:
"
'
'
Steel ingot production last week
/'V
'-
' ''
unchanged at 99K% of capacity.
was
Advances took place in the following districts: Cincinnati, 4 points to 97 A.
Detroit, 6 points to 95, Pittsburgh, 1A points
to
103, Cleveland, IA points
to
99A'
New England dropped 15 points to 85%.
Unchanged were the
following: Chicago at 101 A, Birmingham at 90, St. LOuis at 99, Wheeling
at 88, Buffalo at 93, eastern
Pennsylvania at 96 and Youngstown at 97.
"Steel's"
at
three composite price groups
$38.29, finished steel
unchanged, iron and steel
were
at $56.60 and steelworks scrap at
$20.12.
still is being accomplished, particularly as regards production, sales volume
Although there were strikes in several steel plants last
week, the industry produced ingots for the period at theo¬
retical capacity, according to the "Wall Street Journal" of
April 3.
The average for the industry for the week ended March 31
is placed at 100% in the "Journal's"
compilation.
This
compares with 99% in the previous week and 99% two
and shipments.
weeks ago.
May
June
June
Sept.
"Steel" of Cleveland, in its summary
markets,
Establishment of
new
line
records in several departments of the steel
industry
March is of
recently sales records
on
on
course
long lines
gas
a
month for records.
More
in
1937.
Thus
all-time high totals have piled up, with
100-mile class and with large diameters,
new
the
involving large steel tonnages.
since March,
normally
on more seasonal items have been established
pipe for oil and
emphasis
of the iron and steel
March 31 stated:
on
Moreover, sales of casings
the largest
are
s
More companies are planning to follow the lead of the Inland Steel Co.
in
announcing definite sales policies which limit bookings to 1941, leaning
more and more to purely defense projects.
In the rare instances where
steel
have been compelled to shut down for
consumers
of lack of steel
they
their deliveries to
are
non-defense plants.
consumers
are
on
such
a
a
copper
ever
pipe and tubing,
more
state that
refined schedule that the least
prevalent.
Several
unable to get supplies,
torn
users
of brass and
steel
to
pipe.
In
turn, users of galvanized pipe are often compelled to use black pipe, which
is satisfactory for less permanent construction such as cantonments.
Some half dozen
of that
more
of
galvanized sheet manufacturers have stopped production
product because of zinc shortage and because
urgently elsewhere.
capacity.
99%
The "Journal" further reported:
S. Steel is estimated at 99%, against 98A% in the week before and
2
weeks
Leading
ago
independents
are
credited
with
100M%.
compared with 100% in the preceding week and 99% 2 weeks ago.
The following table gives a comparison of the
percentage of production
with the nearest
corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
Industry
U. S. Steel
Independents
few days because
Many steelmakers
upset might cause a short shutdown of consumers, but such close scheduling
is for the benefit of the majority.
Substituting becomes
U.
steel is needed
raw
Output has fallen 11 points in
a
week to 63%
Though stainless steel is difficult for the civilian
to
buy be¬
1941
100
1940
61
1939.
66
1938
36
99
A
+
+
57 A
—1A
+2
36
+1
86 A
59
63 A
58
—1
53 A
36
+2
+2
66
+3
42 A
41
—1
46
16 A
+1
63
1935
44
H
1934..
48
+1
1933
17A
+2 A
1932
22 Vi
—1A
—1A
1931
52
—3
23 A
54
1930
75
—1
1929
96
1928..
84 A
1927
...
A
+
88 A
.....
—
:+
A
54
+2 A
18
—2 A
+3
21A
-2
51
—3
70
+1
79
—4
A
98
+
A
94
A
89 A
—
At
79 A
—1
95
—134
The Week with the Federal Reserve Banks
(+)
or
A
+
83
Increase
Ys
+ 1
95
+ 2
91
1936
+4
+
—3
+5
1937
—
100 A
A
—1
Decrease
(—)
Since
During the week ended April 2 member bank reserve
balances decreased $127,000,000.
Reductions in member
bank reserves arose from increases of $102,000,000 in
money
in circulation, $139,000,000 in
Treasury deposits with Fed¬
eral Reserve banks, and $21,000,000 in
Treasury cash,
offset in part by increases of $23,000,000 in Reserve Bank
credit, $25,000,000 in gold stock and $2,000,000 in Treas¬
ury currency, and a decrease of $84,000,000 in non-member
deposits and other Federal Reserve accounts.
Excess re¬
serves of member banks on
April 2 were estimated to be
approximately $5,940,000,000, a decrease of $70,000,000 for
Apr. 2, 1941
$
Total Reserve Bank credit
The principal change in holdings of bills and securities was
increase of $29,000,000 in holdings of United States
Government bonds and a decrease of $29,000,000 in United
States
notes.
The statement in full for the week ended
found on pages 2192 and 2193.
April 2 will be
Changes in member banks reserve balances and related
items during the week and year ended April 2,
1941, follow:
Increase (+)
or Decrease
Mar. 26,1941
$
©ills
discounted
U. S. Govt, direct obligations
—268,000,000
+ 3,914,000,000
Treasury currency
3,110 000,000
+ 2,000,000
13,506 000,000 —127,000,000
8,944 000,000 +102,000,000
Member bank reserve balances
Money In circulation
Treasury cash
2,251 000,000
Treasury deposits with F. R. banks. 1,045 000,000
Non-member
deposits
F. R, accounts
U. S. Govt, guaranteed obligations.
Industrial ad vs. (not incl. $7,000,000
commitments, April 2)
8,000,000
51,000,000
—2,000,000
+ 24,000.000
+ 19,000,000
—84,000,000
+ 999,000,000
+21,000,000
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve
System for the New York City member
Chicago member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
banks and also for the
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
+
IN
CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
Assets—
Loans and Investments—total.
..
Loans—total
Commercial, Industrial
agricultural loans
Open market paper
Chicago-
Apr. 3
Apr. 2
Mar. 26
Apr. 3
1941
1941
1940
1941
1941
1940
$
$
$
$
$
S
11,053
3,252
11,022
3,250
9,025
2,570
2,656
2,153
2,976
756
754
565
2,073
97
2,064
97
1,693
549
537
389
112
23
23
18
370
391
481
33
45
30
and
_
•Other Reserve Bank credit
+139,000,000
1,992 ,000,000
-
Apr. 2 Mar.26
-278,000,000
—5,000,000
+119,000,000
+1,111,000,000
+1,423,000,000
—121,000,000
+ 353,000,000
other
and
Apr. 3, 1940
—2,000,000
$
+23,000,000
+ 25,000,000
(■ -)
S
1,000,000
2,179,000,000
5,000,000
$
2,244 ,000,000
22,384 000,000
Since
Apr. 2, 1941
Apr. 3. 1940
Gold stock
the week.
an
Mar. 26. 1941
Loans to brokers and dealers.
.
Volume
The Commercial & Financial Chronicle
152
New York City
>/"'
Apr. 2 Mar.26
1941
Assets—Concluded
Other loana
$
$
bassador Extraordinary
Apr. 3
Apr. 2 Mar.26
1941
1941
1940
of
1940
S
S
165
165
162
56
54
64
the readjustment plan, as
111
112
118
20
20
14
of
Loans to banks
42
...
28
44
393
266
"75
"75
"50
278
176
331
417
231
1,340
3,168
1,411
3,050
867
133
160
160
appreciates the effort
and sacrifices which my Government has made in
2,500
820
789
717
placing before them
equitable and fair solution of this intricate problem,
guaranteed
by
jority
has
the
been obtained justified us in our belief that the
1,570
1,241
125
126
136
1,467
1,463
1,265
405
410
344
demonstrates
Reserve with Fed. Res. banks..
6,472
6,446
6,201
782
897
913
grows
79
84
76
25
28
vault
Balances with domestic banks
157
157
131
312/
Other assets—net
334
325
388
43
27
;;
255
240
41
47
us
American public has adopted this plan further
deposits—adjusted
11,026
11,001
9,054
1,660
1,875
1,482
744
745
710
502
503
502
19
13
46
113
88
85
in past years to postpone
the settlement of our obligations but the present
3,934
3,885
3,577
1,169
1,123
577
581
664
7
7
285
303
276
15
16
"l7
1,510
1,506
1,484
266
265
251
Domestic banks
Foreign banks
■/
Other liabilities
Capital accounts
Complete
the Republic is able to place at the disposal of the
utmost amount which
bondholders, fully evidences, we believe, our desire to maintain our good
faith and
high credit standing in the United States.
our
1,036
v;-
7
Comparative Figures of Condition of Canadian Banks
Borrowings...
In the following we compare
banks for Jan. 31, 1941, with
and Jan. 31, 1940:
Returns of Member Banks of the Federal
System for the Preceding Week
STATEMENT
Reserve
CONDITION
OF
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week,
instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
of business March 26:
The
condition
cities
March
of
in holdings of United States Government bonds,
$88,000,000
decreases of
$106,000,000 in
$95,000,000
in
of
crease
industrial
brokers
and
dealers
and
$13,000,000 in
reporting member banks.
City,
Reserve
in
loans
and
banks,
an
in¬
securities
increased
the Chicago
$6,000,000.
$55,000,000 in New
increased
and $71,000,000 at all
district,
Jan.
Assets
United
member
Government bonds increased
States
$14,000,000
in
the
Chicago
district,
$59,000,000' in New York City,
$88,000,000
and
at
all
reporting
banks.
Demand
$24,000,000
increased
$121,000,000
the Philadelphia district, and
in
New
in
York
City,
$73,000,000 at all reporting
member
banks, and decreased $109,000,000 in the Chicago district.
Deposits credited to domestic banks decreased $34,00,000 in New York
City, $14,000,000 in the Dallas district, $13,000,000 in the Boston district,
$11,000,000
000,000
each
at all
in
the
Philadelphia
and
Cleveland
reporting member banks, and increased
Chicago district.
districts,
aiid $47,-
$65,000,000 in the
Deposits credited to foreign banks decreased $13,000,000.
'i
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended March 26, 1941, follows:
Increase
(+) or Decrease (—)
31, 1940 Jan. 31, 1940
8
Elsewhere-....——.--.—.——-.
5,795,924
5,097,143
10,948,514
10,219,098
10,893,067
78,771,417
225,551,602
2,351,069
29,179,535
98,305,584
217,744,945
3,976,614
28,890,247
172,267,378
64,683,948
219,304,759
4,076,250
35,492,113
107,342,184
Total.
Dominion notes.——„.....
i—
.
Notes of Bank of Canada
Deposits with Bank of Canada
_
^
United States & other foreign currencies
Notes of other banks
-
123,069,124
Cheques on other banks
Loans to other banks in Canada, secured,
including bills redlscounted
with
made
Deposits
and
due
balance
2,982,074
3,290,079
4,606,204
35,398,740
38,226,344
31,805,647
143,882,419
from other banks in Canada
correspond¬
ents in the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
Due from banks and banking
United Kingdom
__
and
Government
133,200,987
155,876,228
,433,790,207 1,288,439,598
,360,953,892
144,967,456
98,452,967
143,705,219
174,725,047
118,191,431
35,828,880
38,396,972
998,650,175
40,278,985
42,227,854
998,674.961
131,108,031
130,616,915
Provincial
Government securities
Canadian municipal securities and Brit¬
ish,
foreign
colonial
and
public
se¬
curities other than Canadian...
a
marketable
sufficient
value
98,868,256
to
cover..——+
Elsewhere than in Canada
Other currents loans & dlscts. in Canada
Elsewhere
47,732,191
47,848,833
956,144,714
148,654,458
Loans to the Government of Canada...
11,075,436
16~521~348
13,396,019
82,603,240
92,391,840
103,085,749
5,892,347
7,216,907
3,555,292
5,985,754
7,285,996
3,562,164
8,255,147
7,708,185
4,020,951
Loans to Provincial governments.
cities,
to
towns,
municipalities
and school districts
estimated loss
loans,
Non-current
vided for
pro¬
;
Real estate other than bank premises...
Mortgages on real estate sold
Bank
premises
at
not
more
by bank..
than cost
70,716,778
70,567,420
72,088,097
69,907,357
67,548,645
53,793,244
4,837,050
11,068,576
4,832,516
11,116,432
5,073,232
11,290,513
2,192,899
1,857,888
2,267,727
less amounts (if any) written off
Liabilities of customers under letters of
credit as
Deposit
per contra
with
Minister of Finance
the
circulation
for the security of note
A summary
Dec.
6,584,010
3,635,088
Loans
deposits—adjusted
31, 1941
3,395,190
tures, bonds and other securities of
St.
in the
member banks.
Holdings of Treasury notes increased
$21,000,000 in the Chicago district and $13,000,000 at all reporting mem¬
ber banks, and decreased
$18,000,000 in New York City.
Holdings cf
DOMINION
7,553,324
Louis district, and $106,000,000
$14,000,000
reporting
THE
In Canada..-,,—
Holdings of United States Treasury bills decreased $97,000,000 in the
all
OF
coin—
Current gold and subsidiary
Dominion
agricultural
BANKS
CANADA
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
Chicago district,
at
Federal
with
$73,00,000 in demand deposits—adjusted.
to
York
holdings of United States Treasury bills, and
balances
reserve
Commercial,
Loans
weekly reporting member banks in 101 lead¬
following principal changes for the week ended
$71,000,000 in loans to brokers and dealers in
the
Increases
securities and
ol
statement
shows
26:
the condition of the Canadian
the figures for Dec. 31, 1940,
THE
OF
OF
.
ing
that exists and
only regret that circumstances beyond our control compelled
our
readjustment, based on our assignment to the service of our debt of the
Time deposits
U. S Government deposits
Inter-bank deposits:
close
and spirit of cooperation
mutual trust
the
American public
daily between the United States and my country.
It is
Liabilities—
Demand
an
and the spirit in which the
1,576
Cash In
This approval which
plan of readjustment placed before them.
a
now
Other securities
United States Government...
of
this represents the first occasion on which holders
foreign dollar bond issue have been called upon to approve by a ma¬
250
....
United States bonds
a
394
Other loans
Treasury bills
Treasury notes
and Plenipotentiary of the Republic
Panama, issued the following statement:
My Government is most gratified at the successful completion today
for purchasing or
carrying securities
Real estate loans
Obligations
'
S
Chicago-
Apr. 3
1941
2161
Shares of and loans to controlled cos
Other assets not included under the fore¬
going heads
3,802,395,172 3,730,603,181 3,769,309,951
Total assets.
Since
"
■
i
Mar. 26,
1941
$
Assets—
Loans and investments—total
26,918,000,000
Loans—total..
9,798,000,000
..
Mar. 19, 1941
Mar. 27, 1940
$
5
+75,000,000
+3,589,000,000
+84,000,000 +1,195,000,000
Commercial, industrial and agri¬
cultural loans
5,420,000.000
343,000,000
j.i
Open market paper
+6,000,000
+3,000,000
+1,037,000,000
+8,000,000
Loans to brokers and dealers in
Liabilities
Notes in circulation
ducting adv. for credits, pay-lists, &c.
Advances under the Finance Act..
Balance due to Provincial governments.
public,
the
by
payable
+ 71,000,000
—67,000,000
Deposits
—2,000,000
—25,000,000
Deposits elsewhere than In Canada
Loans from
other banks In Canada,
+6,000,000
+220,000,000
864,000,000
2,360,000,000
7,359,000,000
—106,000,000
+13,000,000
+ 348,000,000
+ 88,000,000
+ 847,000,000
2,751,000,000
Other securities...
3,786,000,000
Reserve with Fed. Reserve banks..11,438,000,000
Cash in vault
517,000,000
Balances with domestic banks
3,480,000,000
—4,000,000
+ 372,000,000
lor
purchasing
or
....
Real estate loans......
,...
Loans to banks
37,000,000
1,777,000,000
Other loans
Treasury bills-.
Treasury notes
United States bonds
+34,000,000
—12,000,000
+ 558,000,000
States Government
+269,000,000
ents in the United Kingdom
than
in
Canada
and
.
5,444,000,000
346,000,000
—8,000,000
—232,000,000
•'
.
*'•. • •.
+ 932,000,000
—99,000,000
Foreign banks....
Borrowings.....................
636,000,000
1,000,000
•
—47,000,000
—13,000,000
of credit
13,000,591
10,122,085
27,825,573
65,042,104
27,740,684
26,522,199
16,974
36,050,936
207,078
67,548,645
6,403,631
1,488,926
133,750,000
145,500,000
53,793,244
4,979,867
2,742,415
out¬
69,907,357
Liabilities not incl. under foregoing heads
6,666,866
2,793,352
133,750,000
145,500,000
Dividends declared and unpaid..
Total liabilities...—.......
133,750,000
145,500,000
3,787,126,381 3,715,180,277 3,754,570,902
Note—Owing to the omission of the cents In the official reports, the footings in
the above do not exactly agree with the totals given.
Progress
Refunding Bonds—Statement by Ambassador
Glore, Forgan & Co. and Hornblower & Weeks, as head
the underwriting group, announced on March 28 that
subscription books had been closed on the offering of $4,000,000 Republic of Panama 26-year 3 lA% external secured re¬
funding bonds, series B.
The bonds had been offered to
the public earlier the same day; this was mentioned in our
issue of March 29, page 1993.
Upon the consummation of the plan for the readjustment
of the Republics' external debt, Dr. Carlos N. Brin, Am¬
10,443,455
26,294,134
...
Panama's Readjustment Plan Successfully Completed—
Books Closed to Offering of $4,000,000 of 33^%
of
,641,313,845 1,750,487,649
404,593,122
461,189,247
11,575
and letters
Capital paid up
• • >
,668,130,415
409,859,602
.
+ 3,983,000,000
+106,000,000
:•_*V
9,231,000,000
44,853,944
847,558,528
the
United Kingdom
Bills payable
Rest or reserve fund
U. S. Government deposits.......
66,502,710
,030,686,199
Due to banks and banking correspond¬
+ 73,000,000
—5,000,000
23,259,000,000
667920",339
,009,223,202
secured, including bills redlscounted..
Acceptances
standing
—10,000,000
112,365,735
Deposits made by and balances due to
other banks in Canada
+1,067,000,000
+38,000,000
+227,000,000
—95,000,000
+12,000,000
Liabilities—
Demand deposits—adjusted
Time deposits
>lDt0F>ab&Bk' d6pOSit9« ■'
Domestic banks.'..
notice or on a fixed day In Canada...
Elsewhere
Obligations guaranteed by United
85,928,015
66,239,172
after
542,000,000
loans
carrying securities
83,788,640
payable on de¬
Deposits by the public,
mand In Canada
453,000,000
1,226,000,000
securities
Other
81,456,155
128,429,198
Balance due to Dominion Govt, after de¬
of
Liquidation
United
T. J.
of
British
Securities
in
States
Carlyle Gifford, who as special agent of the British
has been in charge of the sale of British-owned
Treasury
securities in this market, stated April 1 that as the result of
further sales made since March
was
1, 1941, when a similar list
holdings of the following issues
been liquidated in their entirety:
released,
have now
the
British
Stocks—
Alleghany Ludlum Steel Corp.
Allied
Chemical
Alpha
Portland Cement Co.
American
Armour
&
Gas
Co,
&
&
Dye Corp.
Electric
6%
conv
Co.
pr.
pref.
-
.
/•
The Commercial & Financial Chronicle
2ig2
Industrial Loan Corp.
Beneficial
Blue
Borden Co.
common.
Bristol'Myers Co.
Power
Carolina
Case,
J.
I.,
Cerro
de
Pasco
Cliffs
Corp.
Co.
Deere
&
Co.
182
98
actions initiated on the floor
197
39
190
34
.,3*
E.
I.
RSLtotlitldoR1the'K
192
94
203
83
575
589
595
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists In the stocks in wnich they are registered and the round-lot transactions
f 8peclalist8 resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists In stocks In which they are registered are not directly comparable on the
Com
Foods
Foods
Refractories
oop?.
Co. common.
pref.
Goodyear Tire & Rubber Co. $5 conv.
May Department
pref.
Co
Rtnroci
Donartmnnt
b°/n
Associates
Utilities
Mafi«ar'hiifif*ttR
trans-
no
599
actions
Electric Bond & Share Co. $6 pref.
General
showing
Reports
.
Co.
fWral
General
„
....
Reports Bhowlng other trans-
2.
Auto-Lite
Electric
M
1,063
99
Co.
Pont de Nemours & Co.,
Du
799
797
transactions
Reports showing
as specialists..
x.
'
Exchange
182
received,1,063
Total number of reports
1
Credit
%rt
SUA
Exchange
Exchange
Exchange
Copper Corp.
Manufacturing Co.
Dresser
H
7% pref.
Light Co.
Co.
Commercial
Crane
4
filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
members. These reports are classified as follows:
Week End. Mar. 15.'41 Week End. Mar 22,'4 \
pref.
$3 eonv.
opt.
Ridge Corp.
April 5, 1941
The data published are based upon weekly reports
'
Stores Co.
two exchanges.
R
The
'£«
J 7p^
u
A,
number
entries in
Ohin
Ohio
Fdison
LaifiOn
more
than
Co.,
(SHARES)
Ltd.
Sperry Corp.
&
a
Gulf
Carbide &
United-Carbon
S.
U.
Corp.
U.
S.
Smelting,
U.
S.
Steel
Walgreen
1
3.
Round-lot
transactions
for
account
for
the
odd-lot
members,
except
0
r2,692,940
2,739,470
of
which they are registered—
<
r
P/L 5%, July 1, 1962.
4Aug. 1, 1966.
RR. Co.
2.
of liquidated British holdings was pub8, page 1510.
jirevious list
^
initiated
on
Other
Oct. 1, 1939
(Brazil) 7% Gold
is notifying holders of State of San Paulo (United States of Brazil)
7% secured sinking fund gold dollar bonds, Coffee Realization Loan 1930, that funds have been deposited with it sufficient to make a payment on or after April 1, 1941, in
lawful American currency, of 50% of the face amount of the
coupons due Oct. 1, 1939, amounting to $17.50 for each $35
coupon and $8.75 for each $17.50 coupon.
It is further
.
I92'860 iff
74,325
80,690
*2'A°{!
lojffi
m-140
other saies.b
91' '
.
4.oo
103,110
Total sales
134,190
4. Total—Total purchases
586,100
451,165
———
———
otS saiS"bIIIIIIIIIIIIIIIIIIII
""
3 24
473',990
554',740
' •
552,770
—g
—--7—-
622,000 22:47
Total sale*
total round-lot stock sales on the new
„
optional, but the payment, if ac-
change
1C
00
and
stock
Holders of the Oct.
rlr
1, 1939 coupons may obtain payment at the Trust
The notice further states that
a
while the
'
Short sales
Total sales
B.
New South Wales
Fiscal
Round-lot
Agent of State of
~rntni 'tnr '
19p«r~
Week
Cent a
4,400
transactions
for
the
551,670
475,005
555,185
479.405
51,950
48,790
account
of members:
'• TraTX«, ey 2ESSSSF"
(Australia) 6% Gold Bonds Suf-
ficient to Exhaust $191,479
Chase
a
3,515
..
Other sales.b
period ending March 31, 1944.
to
Cent
Total round-lot sales:
A
provides for payment of interest at the same rate during the four year
for Sale
'
Week
maturity date of the bonds is
modified Presidential Decree of the United States of Brazil
Invited
mem-
of
Week Ended
Week Ended
Department of Schroder Trust Co., 48 Wall St., New York City.
1, 1940,
york curb ex-
for account
transactions
bers * (shares)
payment of such coupons.
The
166,060
.
acceptance of such payment is
Tenders
26,800
176,930
ri9_9,330 if!
short Bales...
cepted by the holders of the bonds and coupons, must be accepted in full
Oct
17,500
Initiated off the
floor—Total purchases
Schroder Trust Co., New York as special agent,
155,130
212M0
saleslb...!.!
3. Other transactions
Bonds of 1930
8.73
~
the
Total sales
Payment of 60% of
256,800
10.90
293,380
transactions
...
,39 880
-
short sales
#
Coupons of State of San Paulo
—
floor—Total purchases
lished in our issue of March
Received for
Other
on
4,.n,n
« 710
Total sales
1
221,710
292,570
—
.
Corp. 5% debs., May 1, 1952.
Consolidated Cities Light, Power & Traction Co.
announce
...
...
ac-
Total purchases..................
Columbia Gas & Electric
The
—r"T~777
1. Transactions of specialists in stocks in
Co.
Illinois Central
110,960
2,628,510
counts of odd-lot dealers and specialists:
Telegraph Co.
American Power & Light Co, 6% debs., March 1, 2016.
Columbia Gas * Electric Corp 6% debs., April 161 1952.
Funds
I.I.I
Total sales
Refining & Mining Co.
Cent a
Week
a
94,730
2,593,710
pref.
Lortds—
A
Per
cent
■
Other sales,b
$7
Corp.
Union
'
TShirtSi
Co.
Corp.
■
.
.
Carbon
Gypsum Co.
Western
Week Ended
—Mar. 22,1941—
Total for
Per
t
Sulphur Co.
Gas
Week Ended
—Mar. 15,1941—
; v:,-;v.;voTotalfor
Co
co.
Swift
bwait
Texas
Union
United
single report may carry
classification.
one
MEMBERS *
OF
Edison
California
classifications may total more
in the various
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
Pref
P™ .
Telephone Co.
Peninsular
Southern
*6
Co
Co-
of reports
than the number of reports received because a
Total purchases
National
Bank, successor fiscal agent, is
inviting tenders for the sale to it of State of New South
Wales, Australia, external 5% sinking fund gold bonds due
1958, at prices not exceeding par and accrued interest, in
an amount sufficient to exhaust the sum of
$191,479.
Tenders will be received to noon, April 8, 1941, at the corporate
trust department of the bank, 11 Broad Street, New York.
short sales..
.
other saies.b
....
3,365
66,285
61,170
68,775
10.37
64,535
11.82
=====
-—
;
-—
Total sales........
■
2,490
2* °th flooSolarDurchSS^ °n the
.
,
12 875
18 310
_i2W
^or-Totai purchases
othSsaiSlbllllllllllllllllllll
10,545
20,150
*
Total sales
Member
Trading
on
New York Stock and NewYork Curb
*71
e
\xt
Exchanges—Figures
for
Weeks
1
i-iim*
Ended
,
3* Other
I**
March
15
n
..
transactions
Initiated
„f#
off
=====
the
floor—Total purchases
1
3.52
20,750
10,770
2.47
.
19,635
50,610
and March 22
425
460
saieslbllllllllllllllllllll
28,030
i3,605
77777
712
17777
—
28,455
_
1,065
Short sales
Trading in stocks on the New York Stock Exchange by
members, except odd-lot dealers, for their own account,
amounted to 552,770 shares during the week ended March 22,
it was announced by the Securities and Exchange Commission
yesterday (April 4), which amount was 18.32% of total
transactions on the Exchange of 2,739,470 shares.
During
the previous week ended March 22 (as announced by the
SEC on March 28) round-lot purchases and sales of stocks
for the account of the members, except odd-lot dealers,
totaled 622,000 shares; this amount was 22.47% of total
transactions for the week of 2,688,440 shares.
The Commission also promulgated figures showing the
relation of trading by members of the New York Curb Exchange for their own account to total transactions on the
Exchange.
During the week ended March 22, the member
trading was 89,370 shares, or 17.80% of total transactions
aijq
ACIZ.
ehov.7,0
i-n
Of 479,405 SliareS, Willie in the
the Curb members traded
m
don
preceding week (March 22)
stocks for their
own
account in
amountof 117,980 shares, which was 21.51% of total volume
n
01
ecc
1 oc
555,loO snares.
other
Total—Total purchases
81 .300
120,870
short sales
other saies.b..
Total sales
q
—
3,515
4,050
114,455
85,320
117,980
21.51
89,370
17.80
==
=
======
=
c. Odd^traMactions for the account of
Customers'short sales
customers' other saies.c.
Total purchases
0
0
40,259
37,169
40,259
~
'
37,159
*
=
97 9fi8
'
* The term "members" Includes aU Exchange members, their firms and their
Darters,
including special partners.
a Shares In members' transactions
as per cent of twice total round-lot volume.
In calculating these percentages, the total of members' purchases and sales Is com-
pared with twice the total round-lot volume on the Exchange, for the reason that the
Exchange
volume Includes only sales.
b Round-lot short sales which are exempted
rules
are
Included with "other sales."
from restriction by the Commission
Volume
c
The Commercial & Financial Chronicle
152
Sales marked "short exempt"
are
Included with "other sales."
As of Jan.
r Revised—as corrected
figures have been received for the subsidiary items "short
sales" and "other sales," these do not add up to the revised
figure of total sales.
1,
2163
1941, 2,203 stock tickers and 355 bond tickers
in
were
operation through the New York Quotation Co. and the Western Union
Telegraph Co.
These tickers
located in 284 cities, 41
were
States, the
District of Columbia, the Dominion of Canada, and Cuba.
Receipts by the Federal Government and by New York State from taxes
Odd-Lot Trading on New York Stock Exchange During
Weeks Ended March 22 and 29
The Securities and
Exchange Commission
on
imposed
March 28
made public a summary for the week
of
epded March 22, 1941,
complete figures showing the daily volume of stock trans¬
actions for the odd-lot account of all odd-lot dealers
and
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists. :
#
declined from
with the previous week.
v;
.
are
incorporated
as
Week Ended
Mar. 29'41
13,818
12,281
Number of shares
national securities exchange.
following the Exchange's registration
This fee is collected by the Exchange
These
transactions.
by their
withheld by member firms from the amount
sums are
credited to the accounts of the principals for whom the transactions were
made.. "
^
."A:-' ;'v.'
y'■
During 1940
159 applications to list 98 stock and 68 bond issues
,
on
,
the
New York Stock Exchange were approved by the Board of Governors or
bond issues
on
Of these, 19 applications for 23 stock and
Stock List.
by companies not previously represented
were
^;.
change's list.
the Ex¬
on
'"V
Total for
Week Ended
Max. 22 '41
Odd-lot sales by dealers (customers'purchases):
Number of orders
a
from its members at the rate of one cent for each $500 represented
1
Total for
..
This amount compares with $229,760
for 1935 and the four months of 1934
..
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
!/
$164,467.
was
in 1939; $246,125 in 1938; $415,381 in 1937; $466,466 in 1936, and $375,166
STOCK
■v/!■>
Receipts by the Federal Government
The registration fee paid by the Exchange to the Securities and Exchange
Commission for 1940
by the Committee
/:/V
Vv;■'"■■■
transfer of stocks in 1940 totaled $28,240,225, com¬
or
$15,634,106 to $12,942,813 and receipts by New York State
$17,773,872 to $15,297,412.
declined from
The Commission also made public yesterday (April 4) the
figures for the week ended March 29; these
the sale
on
pared with $33,407,978 in 1939.
358,233
312,199
13,171,202
11,985,113
Value
Market
Exchange
Listed
Stocks
of
on
York
New
Stock
March 31, $39,696,269,155, Compared
with $39,398,228,749 on Feb. 28—Classification of
on
Listed Stocks
Dollar value......
Odd-lot purchases by dealers (customers' sales):
Number of orders:
that
Customers' short sales
Customers' other sales.a
270
233
12,776
13,681
13.046
13,914
Number of shares:
April 3
on
York
Stock
1,457,226,193 shares listed
Exchange,
$39,696,269,155.
This
with
total
a
aggregating 1,454,709,059 shares listed
Feb. 28 with
market
with 1,228 stock
compares
on
the Ex¬
total market value of $39,398,-
333,086
change
326,543
338,670
228,749, and with 1,236 stock issues aggregating 1,443,841,-
9,935,724
10,154,550
Customers' total sales
Dollar value
New
value of
5,584,
7,269
319,274
Customers' other sales.a
Exchange announced
stock issues aggregating
the
issues
Customers* short sales..
Stock
of the close of business March 31, 1941, there were
as
1,233
on
Customers' total sales
York
The New
on
with
shares
504
a
a
market
total
March 30, 1940.
In making public
value
of
$46,694,763,128
on
Round-lot sales by dealers:
Number of shares:
Short sales,
30
j
•1 1••
Other sales, b
1
I
1
>
^©o
109,250
91,120
109,280
© >—
1
© 00
the figures for March 31 the Exchange
said:
As of the close of business March 31,
Total sales
total
member
114,970
101,070
date
therefore,
was,
1.04%.
a
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders and sales to
a
liquidate
on
that
As the above figure includes all types of
member borrowings these ratios
which Is less than
The ratio of
borrowings to the market value of all listed stocks
these member
Round-lot purchases by dealers:
Number of shares
1941, New York Stock Exchange
borrowings amounted to $412,915,806.
net
will ordinarily exceed the precise relation¬
ship between borrowings on listed shares and their total market value.
a
long position
round lot are reported with "other sales."
As of Feb. 28,
1941 New York Stock Exchange member
borrowings amounted to $402,803,380.
The ratio
of these member borrowings to the market value of all listed
stocks on this date was, therefore, 1.02%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
total net
New York Stock Exchange Member Firms' Borrowings
as
of March 31 Totaled $412,915,806—Increase of
$10,112,426 Over Feb. 28
The
New
York
Stock
that the total of money
change member firms
borrowed
as
The
as
as
on
April 2
average
r>rjr»o for each:
reported by Stock Ex¬
March 31, 1941
This
compares
with
a
total
of
Autos and accessories
Aviation
exchanges reported by
New York Stock Exchange member firms as of the close of
business March 31, 1941, aggregated
$412,915,806
The total of money borrowed, compiled on the same basis, as
of the close of business Feb. 28,1941, was
402,803,380
Building
—
Business and office equipment
_
Foods
and
Stock
Exchange
Decreases
and
Bond
Issues
in
Non-Member
Volumes
1941
Year
Book-
Member
Also
Firms, Branch
Correspondents—Stock
Declined—Transfer
Tax
from 603
as
of Jan. 1, 1940 to 591
as
of Jan. 1,1941;
reduced from
1,057 to 978, and noncorrespondent firms, which maintain direct wire
connections with members, declined from 3,825 to 3,026,
according to the Stock Exchange Year Book for 1941,
published on March 28. Branch offices of member firms as
of Jan. 1, 1941 were located in 365 cities, in 43 States, 2
territories and 6 foreign countries.
The reported stock
volume on the Exchange in 1940 was 207,599,749 shares,
compared with 262,029,599 in 1940, while the reported bond
volume (par value) was $1,669,438,000, as against $2,046,083,000 in 1940.
'
were
member
The Year Book contains
table
a
Land and realty
-
Machinery and metals
Mining (excluding Iron)
Paper and publishing
comparing the solvency
Rubber
Ship building and operating
Shipping services
Steel, Iron and coke.
According to a summary of
the 41-year averages the percentage of solvency for Stock
Exchange members was 99.65; for all United States banks,
98.24; for National banks, 98.98 and for commercial houses,
99.10.
'
Tobacco
ship
was
years;
a
New York Stock Exchange member¬
$60,000, in January, and the low price was $33,000, in December.
As of Jan. 1,
more
1941, 760 members of the Exchange had been members for
than 10 years.
35 for
more
than 50 years.
Of these, 239 had been members for more than 20
than 40 years and 5 had held their memberships for
Harry Content heads
a
on
Oct. 8, 1885.
more
list of the 25 members who have
held their memberships for the longest period of time.
membership
Price
Value
Price
He
was
elected to
$
—
-—
12.00
$
259,381,126
12.08
26.021 3,142,549,803
17.31
537,133,585
26.30
20.41
20.62
23.97
56.37
34.71
43.17
15.56
26.86
22.20
2.95
22.21
21.68
23.39
18.69
18.98
26.03
28.83
31,15
23.36
3.92
45.64
21.19
49.97
447,847,835
273,698,663
5,255,624,693
1,377,979,342
562,235.321
817,601,247
2,500,882,152
36,523,833
14,981,154
187,049,356
1,437,644,388
1,367,166,220
406,393,759
3,525,566,246
2,931,659,126
2,091,050,142
320,825,917
91.855,826
7,055,389
2,280,119,869
244,584,839
1,356,805,068
>
18.03
23.72
55.61
35.11
42.89
15.64
36.40
21.80
3.06
22.31
21.72
23.12
18.78
18.34
25.48
28.67
30.24
21.43
3.84
45.98
21.04
51.02
Utilities:
2,058,520,762
1,055,278,583
3,497,003,911
81,576,131
467,687,272
662,250,717
115,271,026
Gas and electric
Gas
(operating)
and electric (holding)
-
Communications
Miscellaneous utilities
U
S. companies
operating abroad....
Foreign companies-.
Miscellaneous businesses
...
39,696,269,155
All listed stocks.
24.01
24.31
10.59
2,084,833,159
1,072,061,689
3,482,799,321
80,394,781
14.19
461,485,816
14.00
16.36
623,481,861
118,967,234
15.40
20.27
27.24 39,398,228,749
27.08
11.01
84.55
19.64
11.19
84.20
10.44
We give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange:
Market
Average
Market
Average
Value
Price
Value
Price
$31.68
1940—
1938—
Nov. 30..
Dec. 31..
$46,081,192,347
47,490.793,969
$32.30
Jan.
31..
33.34
Feb.
1939—
Jan.
presents the following information:
-
Textiles
from 1900 to the end of 1940.
The Year Book also
-
Retail merchandising.
record of Stock Exchange members with that of all banks in
the United States, National banks, and commercial houses
During 1940 the high price paid for
-
Leather
Railroad
Member firms of the New York Stock Exchange decreased
branch offices
Garments
Petroleum
Receipts Down to $28,240,225
last year
Aver.
Value
5,327,542,773
1,362,323,951
565,833,926
811,944,191
2,544,782,998
37,197,699
14,304,423
186,214,856
1,443,914,349
1,382,805,563
404,428,057
3,651,518,883
3,001,965,738
2,109,865,929
330,460,603
100,120,153
7,205,252
2,262,927,441
246,946,429
1,336,154,727
Chemicals
Electrical equipment manufacturing.
Farm machinery
Financial
Offices
Market
257,667,464
3,107,974,659
544,705,081
443,234,869
276,640,739
Amusements
States, excluding borrowings from
other members of National securities
York
Aver.
$
Exchange's announcement to this effect stated:
Discloses
M arkel
of Feb. 28.
The total of money borrowed from banks, trust companies and
other lenders in the United
New
Feb. 28, 1941
of the close of business March 31
aggregated $412,915,806.
$402,803,380
"
Exchange announced
31..
Feb. 28-.
44,884,288.147
46,270,987,418
31.50
32.44
29..
$45,636,655,548
46,058,132,499
Mar. 30..
46.694,763.128
32.34
Apr. 30.,
46,769.244,271
36,546,583,208
38,775,241,138
32.35
May 31..
June 29..
31.96
25.26
26.74
27.51
40,921,074,970
40,673,320,779
28.69
July 31..
Apr. 29..
28.51
May 31.
43,229,587,173
30.29
Aug. 31.
Sept. 30..
June 30..
41,004,995,092
28.70
Oct.
31..
39,991,865.997
40,706,241,811
41,491,698,705
42,673,890,518
July 31..
Aug. 31..
Sept. 30..
44.751,599,352
41,652,664,710
47,440,476,682
31.31
Nov. 30..
41,848,246,961
28.72
29.12
Dec. 31..
41,890,646,959
28.80
40,279,504,457
39,398,228,749
39,696,269,155
27.68
Mar. 31..
.
33.15
.
31..
47,373,972,773
33.11
Jan.
31..
45,605,228,611
46,467.616,372
31.79
Feb.
28..
32.37
Mar. 31..
Dec. 30..
28.56
29.38
1941—
Nov.30..
Oct.
28.00
27.08
27.24
The Commercial & Financial Chronicle
2164
Information
of Securities
Federal Government
Asked for by Secretary of Treasury Morgenthau
from Banks and Insurance
Companies—Request
Made Incident to Defense Program
Detailed
Issued
In
by
executives,
letter to 6,500 bankers and 1,000 insurance
a
Secretary of the Treasury Morgenthau lias requested that
"the Treasury be provided with frequent detailed statistical
of every outstanding
security issued or guaranteed by the United States Govern¬
ment."
Secretary Morgenthau, in his letter issued March 30,
information
the ownership
on
...
indicated that the information is asked for "because of the
need for additional information for
financing program."
In
the
the
that
order
financing
United
the
the data
am
writing
at this time,
you
would be kind enough to submit to me for my confidential
provided for
the attached schedule.
the present records of the Treasury
on
be obtained from
These data cannot
Department because the securities covered have been issued,
The
or
attached
security issued
your
institution
requires
the
provides for
note,
taxation
attached'schedule
the
obtain
from you
information
reply
the
in
amount of
par
enclosed
envelope,
such subsequent figures as
bring the
you
will send
in advance for
your
II.
Had
$819,535,000
MORGENTHAU JR.
Outstanding
Retail Instalment Paper
on
in
Dec. 31,
1940, Reports Comptroller of Currency Delano
March
28
that
banks
National
in
United
the
States
and
1940, had outstanding $819,535,000
in personal and retail instalment paper, including Federal
Housing Administration Title I loans, which was 12% of
the total
loans,
Dec. 31,
on
of their loans to customers,
loans
excluding real estate
for
purchasing or carrying securities, open
market paper, and loans to banks.
More than 88%, or
4,567, of the banks were engaged in making loans of the
indicated.
type
retail
were
loans
of
Included
in
the
of
aggregate
instalment paper of $454,140,000,
$161,028,(XX),
$204,367,000.
and
personal
such
loans
FHA Title I
instalment
Comptroller's
The
discount
of
amount
States shall be
the United
Treasury bills and
the conditions of
govern
,
$290,755,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$100,571,000
000,000
Accepted at Average Price of 0.055%
Morgenthau
announced on
week of $100,000,000 or thereabouts of 91-day Treasury bills totaled
$290,755,000, of which $100,571,000 was accepted at an
The Treasury bills are dated
average price of 0.055%.April 2 and will mature on July 2, 1941.
Reference to the
offering appeared in our issue of March 29, page 1995.
The following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of March 31:
of
Secretary
the
Treasury
March 31 that the tenders to the offering last
Total accepted, $100,571,000
Total applied for, $290,755,000
Range of accepted bids:
99.998
99.986
Equivalent rate approximately 0.008%
Equivalent rate approximately 0.055%
Average price..99.986
Equivalent rate approximately 0.055%
High.
.
(96% of the amount bid for at the low price was accepted.)
Final Subscription
and Allotment Figures with Respect
Recent Offering of 23^% Bonds of
Treasury's
to
%% Notes of Series D-1943
Treasury Morgenthau announced on
subscription and allotment figures with
respect to the current offering of 2^% Treasury bonds of
1952-54 and ■%% Treasury notes of Series D-1943.
Cash
allotments on public subscriptions aggregated $526,213,750.
"This amount," says the Treasury announcement, "includes
$37,337,500 allotted in full to subscribers for $5,000 or less
who specified that delivery be made in registered bonds 90
days after the issue date.
In addition to the amount allotted
on public subscriptions, $28,940,200 of the bonds have been
allotted to Government investment accounts, within the
$50,000,000 reservation.
Of the $503,877,500 of Treasury
notes of Series B-1941, maturing June 15,1941, $480,097,500
have been exchanged for the new issues."
The preliminary results of the offering were given in our
issue of March 29, page 1995, and the offering was reported
in these columns in our issue of March 22, page 1837.
Subscriptions and allotments were divided among the
several Federal Reserve districts and the Treasury as follows:
of
the
March 31 the final
Comptroller of the Currency Preston Delano announced
possessions
the
taxation
■
the terms of the
coopera¬
Sincerely,
Banks
of
purposes
their issue.
Secretary
Personal and
For
arrange
to
necessary
thereof by
of the possessions of the United States, or by any local
Treasury Department Circular No. 418, as amended, and this notice,
prescribe
which
tion?
National
but shall be exempt from all
Treasury bills are originally sold by
which
at
gift, or
inheritance,
estate,
to
hereafter imposed on the principal or interest
1952-54 and
May I take this opportunity to thank you
b8 subject
considered to be interest.
possible.
as
as soon
are
I shall appreciate it if
to date each month.
up
C., whom I have asked to
Washington, D.
or
or any
taxing authority.
postage, to George C. Haas, Director of Research and Statistics,
no
now
State,
any
Low
forward
bills shall
The
other excise taxes, whether Federal or State,
1941, and the total par value of all such
bonds should be included at their fact (ma¬
Savings
Treasury Department,
of
such, under Federal tax Acts now or here¬
after enacted.
March 31,
on
owned.
Please
your
will
you
guaranteed by the Federal Government owned by
or
other disposition of Treasury bills shall not
value.
turity)
to
us a
schedule,
each
securities
know,
you
comprehensive picture of the ownership of the
guaranteed by the Federal Government.
will give
issued
securities
as
When combined with data secured from other
principally in coupon form.
investors they
or
have any special treatment, as
with
therefore,
exemption, as
other disposition of the bills, shall not have any
such, and loss from the sale
me
I
Government.
States
if you
ask
to
use
to
seems
or
Tenders of
be conducted
may
program
essential that the Treasury be pro¬
vided with frequent detailed statistical information on the ownership, by
classes of investors, of every outstanding security issued or guaranteed by
facility, it
greatest
the sale
guidance in the defense
His letter follows:
defense
Treasury bills, whether interest or gain from
The income derived from
Ownership
to
as
Guaranteed
or
April 5, 1941
cash
loans
2H% TREASURY BONDS OF 1952-54
also
announcement
stated:
and
Personal
*
sections
retail
the
of
instalment
country.
The
loans
ratios
customers,
exclusive of real estate loans,
securities,
open
the
Pacific
market
States
to
paper,
9%
and
reported
were
of
such
loans
loans
to
loans
banks
total
for purchasing
banks
in the New England
by
to
ranged
in
all
loans
or
from
Total Cash
Total Cash
Total Exchange
Federal Reserve
Subscriptions
Subscriptions
Subscriptions
District
Received
Allotted
Received *
to
25%
in
$479,191,750
3,043,206,550
354,963,200
369,307,650
201,579,400
Boston
New York...
$318,033,000.
Philadelphia
Cleveland....
Richmond
offering of 91-day Treasury bills to the
amount of $100,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
April 4 by Secretary of the Treasury Morgenthau.
Ten¬
ders will be received at the Federal Reserve banks, and the
branches thereof, up to 2 p. m. (EST) April 7, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated April 9 and will mature on
July 9, 1941, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a previous issue of Treasury bills on Apri 19
a
new
in amount of $100,002,000.
Mr. Morgenthau in his
of
the
offering
They (the bills) will be issued in bearer form only, and in denominations
•of
$1,000,
$5,000,
turity value).
the
$10,000,
$100,000,
Each tender must be for
price offered must be expressed
three decimals, e. g., 99.925.
on
$500,000,
an
even
and
$1,000,000
Fractions
may not
Tenders will be received without deposit from
more
than
130,326,800
84,341,150
incorporated banks
and
Tenders from others must be accompanied by payment of
10%
of the face amount of Treasury bills applied for, unless the tenders are ac¬
express guaranty
of payment by
an
incorporated bank
or
trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches,
following which public
announcement will be
made
by the Secretary of the Treasury of the amount and price range of
accepted bids.
Those submitting tenders will be advised of the acceptance
or
rejection thereof.
The Secretary of the Treasury expressly
right to accept or reject any or all tenders, in whole
in
any
such respect shall be final.
or
reserves the
in part, and his action
Payment of accepted tenders
at
the
prices offred must be made or completed at the Federal Reserve Bank in
cash
or
other immediately available funds on April 9,
1941.
19,645,650
6,971,400
8,916,800
10,817,200
2,866,000
11,782,800
9,327,800
2,327,500
20,145,000
14,840,800
Dallas
San Francisco
308,321,150
12,513,300
26,352,200
1,263,200
6,944,700
584,500
33,296,900
15,224,600
$6,144,786,150
$526,213,750
$447,458,200
$973,671,950
Treasury
Total
*
1,847,700
Allotted in full.
%% TREASURY NOTES OF SERIES D-1943
Federal Reserve
C;?■'
x
/.:•■ -
r
Boston
_
.
-
— -
»
New York
—
Philadelphia
Total Subscriptions
Received and
District—
... — .
.
Allotted
$160,000
-— -
-—— -
30,797,600
65,500
.;
155,900
Cleveland
Richmond
111,500
5,000
582,300
—
Atlanta
...........
Chicago
—
St. Louis..
Minneapolis
Kansas City
—.....i—
»
135,500
...
122,500
101,000
..........
197,000
—
...
San Francisco
.
....
105,500
—
100,000
...——j.
$32,639,300
Total.
Banks
Will
Not Be Allowed to
Savings Bonds,
securities.
companied by an
28,342,000
91,012,600
101,665,850
138,829,900
be used.
companies and from responsible and recognized dealers in investment
trust
35,990,400
8,372,000
31,587,200
19,970,000
40,748,350
48,872,700
(ma¬
multiple of $1,000, and
the basis of 100, with not
18,074,900
59,425,400
12,674,250
Treasury
further said.
17,915,500
681,248,700
Dallas
announcement
31,141,200
236,579,450
St. Louis
$58,864,500
568,282,550
$17,951,700
316,632,600
8,086,400
17,731,500
32,661,950
Chicago..
Minneapolis
Offering of $100,000,000 of 91-Day Treasury Bills—
Will be Dated April 9, 1941
$40,912,800
251,649,950
Atlanta
Kansas City
Tenders to
A Hotted
carrying
and Southern States.
The retail instalment loans outstanding represented purchased
paper of
$312,105,000 and direct loans of $142,035,000, and the aggregate of $454,140,000 was an increase of $136,107,000 of this class of paper reported
by National banks at the end of the previous year, when it amounted to
New
Total
Subscriptions
Purchase New Defense
Says Secretary Morgenthau
Secretary of the Treasury Morgenthau declared on April 3
banks which receive demand deposits probably will
that
be permitted to buy the new series F and G defense
savings bonds, which will go on sale on May 1.
not
He explained at his press conference that these bonds are
designed for people with savings and for certain types of as¬
sociations and corporations, in this way reducing excess
reserves.
The Secretary added that the banks will have
ample opportunity for investment when the Treasury sup¬
plements the program with large sales of regular bonds and
notes.
A
was
description of the new defense savings bonds and stamps
given in these columns of March 22 page 1837.
Volume
The Treasurv will offer next week, on behalf of the Recon¬
Finance Corporation, between $500,000,000 and
struction
was disclosed yesterday
(April 4).
Associated Press Washington advices reported
the following on the matter:
$600,000,000 of short term notes, it
with its defense financing.
RFC
connection
•/1
v
has committed itself for
more
$1,200,000,000 worth of
than
strategic material purchases, factory loans, and other defense projects.
It
plans to
use
about
to reimburse
$175,000,000 of the proceeds
early
It
$125,000,000 of a $300,000,000 allotment
given it last year when the President ordered various governmental cor¬
porations to pay back $700,000,000 to the Treasury-
Treasury Explains Outstanding Debt Subject to Debt
Limitation
of
52
in
weeks.
>,
banks
States
884,000.
Statutory Debt Limitation as of March 31, 1941
Section 21 of the Second Liberty Bond Act, as amended,
amount
of
year
on
provides that the
$65, )00,000,000 outstanding at any one
time."
shows the face amount of obligations outstanding and
limitation:
the face amount which can still be issued under this
capital
stamps, &c.,
time.
Outstanding as of March 31, 1941:
any one
...$65,000,000,000
....
Interest-bearing—Bonds:
Savings (maturity value)*
Adjusted service
continuation
most
or
Treasury notes.
statistics
United
of
subjugation
of
latest
*——v.:———
$8,817,677,000
2,087,100,000
Treasury bills (maturity value).
1,603,946,000
instituted
was
in
of
$65,957,000
Short-term
period
a
outflow
net
funds
British
country for
this
in
funds
United States Treasury March 31,
Total face amount of outstanding
1941
public debt obligations issued under
authority of tne Second Liberty Bond Act, as amended.
Finland
$5,457,000, and Germany $1,275,000.
current
;
Add other public debt obligations
1,019,620,370
1
$46,591,239,431
outstanding but not subject to
inflow
$11,083,000,
China
Swiss funds increased $14,-
862,000, and Swedish $3,041,000.
At
the close of
the year the
United Kingdom had total short-term
funds
here
of $365,464,000; France, $490,093,000; Germany, $6.725 090; Italy,
$17,904,000; Netherlands, $174,265,000; Switzerland, $508,386,000; Canada,
$434,284,000; Latin America, $447,298,000, and Asia, $610,338,000.
;
Domestic banks' claims
to $383,978,000,
foreigners
on
weeks
In
sales
the
amounting
totaled
$10,818,000.
to
$16,976,000.
securities.
$1,300,000.
Kingdom
holdings
»Gross
In
the
Italy liquidated
United
The
their
$11,162,000 in the five
declined
:]•[■■■V-/;
period foreign selling of American secui'ities continued, net
same
sold
$2,271,000,
purchases
a
preceding
net of
aggregated
weeks
five
$14,290,000
$3,148,000.
net
sales
of American
Netherlands
The
in¬
$1,845,000,
and
Switzerland
$33,112,000
and
gross
Canada
sales
$43,930,000.
Latin
America, Asia and Canada
held
securities
United
this
in
Kingdom
country
were
the
in
the principal purchasers of foreign
period.
Small
net
sales
by the
reduced the total net purchases to $5,740,000.
a
million dollars.
The
following tabulation has been prepared from figures
appearing in the March issue of the Treasury "Bulletin":
CAPITAL
MOVEMENT
THE
BETWEEN
JAN. 2.
1935,
UNITED
STATES
TO NOV. 27,
Of Which from
to
Nov. 28 to
Dec. 31, 1940
Dec. 31, 1940
$
$
+ 562,512,000
France
—
+ 168,701,000
+ 2,269,371,000
—33,223,000
—7,336,000
—7,169,000
+2,145,000
+ 15,148,000
+532,567,000
+ 394,416,000
_
.
Germany...—
All other
AND
1940
—Indicates Outflow.
—
+3,927,567,000
—30,435,000
United Kingdom
+ 16,963,000
France..
+ 19,898,000
Canada
+ 10,724,000
—240,000
+ 950,000
+31,000
Total
^....$47,610,859,801
(difference between
redemption value and maturity value)
Deduct, unearned discount on Savings bonds
the
from
the five weeks decreased
$31,691,000,
dropped
United Kingdom
$17,389,140,199
obligations issuable under above authority
Daily Statement of the
1940,
31,
capital
Japan $9,019,000, Brazil $7,898,000, Mexico $7,620,000, France $7,521,000,
Canada
icith
of
recorded.
was
Movement in Short-Term Banking Funds—
206,529,350
47,610,859,801
Face amount of
ex¬
safeguard the
In the four weeks just preceding an
+ Indicates Inflow.
$47,404,330,451
Reconcilement
control to
Jan. 2, 1935,
obligations on which Interest has ceased.
foreign
conserve
the five weeks ending Dec.
disclosed
12,508,723,000
Matured
to
nations.
reported,
$34,560,000.
foreign
$41,597,000.
invaded
"Bulletin"
the
States
placed under strict
were
the
FOREIGN COUNTRIES,
Certificates of indebtedness...
the repercussions from the
well as
as
countries, control
interests
the
$34,895,607,451
v•'
movements
international trade and finance, contributed to the
trend toward rigid governmental control of exchange.
the
of
foreign
Russian
For
NEW
$29,531,881,445
4,618,166,650
745,559,356
Treasury
$18,-
of
dislocation
general
Foreign brokerage balances here increased nearly
bills, notes,
which may be outstanding at
Total face amount of bonds, savings bonds, certificates,
savings certificates,
$2,947,-
the foreign exchange markets seriously disrupted by the
took place, resulting from legal obstructions
saw
international
creased
obligations issued under authority of that Act "shall not
The following table
$2,953,969,000
of
foreign
in
position
Technical changes which
war.
In
■■
^
reported purchases
bankers
and
currencies were changed from
Jan. 3, 1940, to $259,000 long on Dec. 31, 1940.
Their
876,000 short
to
inflow of $20,358,000 for the
a net
spot and forward foreign exchange during the year and sales of
financial
$65,000,000,000
The Treasury Department made public on April 2 its
monthly report showing the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding March 31, 1941, totaled $47,610,859,801, thus leaving the face amount of obligations which may
be issued subject to the $65,000,000,000 statutory debt
limitation at $17,389,140,199.
In another table in the report
the Treasury indicates that from the total face amount of
outstanding public debt obligations $(47,610,859,801) should
be
deducted $1,109,620,370
(the unearned discount on
savings bonds), reducing the total to $46,591,239,431, and
to this figure should be added $581,649,188, the other public
debt obligations outstanding, which, however,
are
not
subject to the debt limitation.
Thus the total gross public
debt outstanding on March 31, is shown as $47,172,888,619.
The following is the Treasury's report as of March 31:
exceed in the aggregate
showed
change either for prosecution of the war or to protect dwindling reserves.
In the United States the assets of those European countries under German
+ /■;
face
t
years.
already has repaid about
sections except Latin America.
all
in
Foreign brokerage balances
The
the
Treasury for capital outlays made by the Treasury in the corporation's
appearing
$9,400,000.
United
Most of the money, officials said, will be used by the RFC in
abroad,
Claims on
Europe declined $21,404,000, led by the United Kingdom, where our funds
decreased $16,966,000; Germany, $13,803,000; Italy, $9,793,000.
American
claims on Asia decreased $56,272,000, and claims on Latin America rose
withdrawals
Week for RFC
2165
decrease of $124,724,000 in American funds
The year disclosed a
Treasury to Sell About $600,000,000 of Notes Next
The
'
The Commercial & Financial Chronicle
152
Movement to Brokerage Balance—
Germ any.........
...........
All other
—220,000
+2,000
+ 53,554,000
+ 210,000
the statutory limitation:
$196,102,380
13,063,345
372,483,463
Interest-bearing (pre-war, &c.)
Matured obligations on which interest has ceased
Bearing no interest...
.....—
.........
Total..
581,649,188
'
Kingdom
—$47,172,888,619
Germany
.............
......
....
All other..i.*.,—
maturity value.
Principal amount (current redemption
according to preliminary public debt statement, $3,598,546,280.
i
+ 953,000
+ 261,221,000
—3,148,000
* Approximate
+74,430,000
+313,000
—18,430,000
+ 1,845,000
France....
Canada......
outstanding as of March 31, 1941—,
Total gross debt
+100,919,000
Movement in Transactions in Domestic Securilies-
United
—29,082,000
—5,000
+ 704,641,000
—9,823,000
+ 992,780,000
—10,818,000
value)
Total
Movement in Transactions in Foreign Securities—
Heavy Movement of Capital Toward United States in
1940, Treasury Department Reports—Chiefly into
Short-Term Banking Accounts
Capital movement between the United States and abroad
overwhelmingly inward during 1940 as both private and
funds sought haven here, statistics in the March
"Bulletin"
of
the
Treasury
Department
disclosed on
was
official
March 29, 1941.
Recorded transfers for the 52 weeks ended
Dec. 31, 1940, indicated a net inflow of $804,200,000, as com¬
pared to the preceding year's inflow of $1,195,635,000.
The
inflow might have been higher had it not been for heavy
foreign purchases, especially by the British, of war materials
and
the
control
of
exchange
by
foreign
governments.
short-term
banking accounts, which rose $721,627,000 during the year
to $3,778,655,000.
Foreign "official" funds accounted for
United Kingdom
—
France
—
The Treasury Department announce¬
ment also said :
French
short-term
funds
of which
was
the period
during
increased $201,868,600, the
deposited last June.
large deposit increases in American hanks were:
account;
Asiatic
$111,299,000 for Latin
account.
The
United
$159,662,000 for Canadian
American account, and $118,979,000 for
withdrew $82,753,000; Germany,
Kingdom
+458,000
+ 1,445,000
+36,491,000
—8,000
+ 570,400,000
+4,844,000
Germany——————.—————.———
All other
Total
+ 804,148,000
+ 5,740,000
+ 969,587,000
—37,610,000
+ 670,300,000
—5,615,000
—3,848,000
Net Capital Movement—
United Kingdom
France...
Canada
—
—
.
«;—.
.
.
-
+ 411,671,000
.—.——i-
+3,597,966,000
+ 2,134,000
+ 10,379,000
+ 5,825,414,000
—34,560,000
Sign Agreement
Providing
+175,890,000
Germany
All other....
Total.
United
States
and Mexico
Reciprocal Use of Airfields—Senate
Pact Following Presidential Request
for
An
agreement between the United
States and Mexico
was
signed at tne State Department in Washington on April 1
of State, and Francisco
On the following day
(April 2) President Roosevelt sent the agreement to the
by Sumner Wells, Under-Secretary
Castillo Napra, Mexican
Senate
for
sideration."
ratification
In
a
Ambassador.
"favorable con¬
transmitting the pact, which is
and recommended
message
$2,769,000, and Italy, $20,596,000.
designed to facilitate the reciprocal transit of
security mar¬
kets, trading a reported total of $1,153,012,000 domestic stocks and bonds.
Total purchases aggregated $506,022,000 and sales $646,990,000, disclosing
a net liquidation of $140,968,000.
In addition, foreign countries repatriated
craft, the President said it was made
Foreign investors during the year were active in American
$78,459,000
The
of their securities
United
Kingdom,
held in the United States.
Canada
and
Asia
were
the principal sellers of
$152,701,000.
securities, decreasing domestic stock and bond holdings
Rectifies
providing for reciprocal use of airfields in the two countries
•'
Swiss funds rose $132,037,000, and countries included in the item "other Europe," principally
Scandinavian and
Balkan, increased their deposits $133,678,000.
Other
greater Dart
—999,000
+43,405,000
+24,961,000
Canada
Nearly all the capital inflow poured into foreign
most of the increase.
....
+ 128,891,000
military air¬
"in view of the ex¬
ceptional circumstances which have arisen from the present
European conflict." He added "that its purpose is to or¬
ganize a substantial and efficient .collaboration between the
United States and Mexico in preparations for the defense
of the Western Hemisphere."
The Commercial & Financial Chronicle
2166
The
President's
receive the advice and consent of the Senate to
ratification I transmit herewith
American
craft
an
agreement between the United States of
and Mexico to facilitate the reciprocal
through the territories
signed at Washington
and
territorial
transit of military air¬
waters
of the
two
countries
April 1, 1941.
on
The agreement as stated in its preamble has been concluded in view of
the exceptional circumstances which have arisen from the present European
conflict
and
takes
into consideration
the
necessity of insuring conditions
of maximum speed for the movements in
matters of aviation
required in
the defense of the American continent.
Its purpose is to organize
Western
Mexico in preparations for the defense of the
Hemisphere.
I invite the attention
ment made to me
stated.
are
substantial and efficient collaboration be¬
a
tween the United States and
I
of the Senate to the report concerning the agree¬
by the Secretary of State in which details of its provisions
glad
am
to
recommend
the
to
agreement
the favorable
the agreement
military aircraft of either country
could use landing fields or bases of the other nation with a
maximum stopover of 24 hours.
The pact is subject to approval of the Senate of both
countries.
The United States Senate on April 3 unanimously
ratified
the agreement.
It has been favorably reported
earlier the same day by the Senate Foreign Relations Com¬
mittee.
The Senate Department's announcement, following the
signing of the agreement on April 1, was as follows:
The Mexican Ambassador and the Under-Secretary of State this morning
signed
an
agreement between the United States and Mexico to facilitate the
reciprocal transit of military aircraft.
Under this agreement the military
aircraft of either country could transit within 24 hours the territory of the
other
over
of regular
routes
trial, to see whether the situation could be worked out in a
spirit of give and take with an understanding that the
defense program should not be slowed up.
a
Earlier the
same day (April 1), a bill was introduced in the
by Representative Vinson, Democrat, of Georgia,
Chairman of the House Naval Affairs Committee, to permit
the Government to take over any defense plants where
there was "an existing or threatened failure of production."
This measure, proposed as an amendment to the Selective
Service Act, would considerably broaden Presidential power
House
with
on
land and
ditions which led to
its negotiation have, in
country, disappeared.
denunciation shall
In the
con¬
soon
to
leave the territory of
Naval
Mission
to
Be Sent
to
Venezuela
to be sent to Venezuela
was signed on March 24 in
Washing¬
by representatives of the United States and Venezuela.
The agreement was signed on behalf of this
country by
Acting Secretary of State Sumner Wells and for Venezuela
by Ambassador Don Diogenes Escalante, said United Press
advices from Washington, March 24, which added:
ton
which
will
will function in
be
an
missions
composed
of four officers
and
two
petty
advisory capacity to the Venezeulan Navy.
are
functioning in Brazil, Colombia, Ecuador
and Peru.
President
Roosevelt
Yugoslavia
in
Expresses Wish for Freedom
Message to King Peter II
of
President Roosevelt
on March 28 sent a
message to King
Yugoslavia expressing the wish of the American
people "for the health and well-being of your Majesty and
for the freedom and independence of
Yugoslavia."
The President also extended the hope that relations be¬
tween the two governments "may be
mutually beneficial
in the support of those principles of
liberty and tolerance so
cherished" by both peoples.
The message as made public by the State
Department
Peter II of
follows:
this disclosure in replying to a question from
Representative Woodrum. The President conferred on the
same day (April 4) with
Representative Vinson, Democrat of
Georgia, Chairman of the House Naval Affairs Committee,
on the
strike situation.
Likewise on April 4, Secretary of
War Stimson asserted that strikes in defense industries
were
seriously holding back deliveries of Army equipment.
Stimson was quoted by the United Press as saying:
Mr.
The patience of Uncle Sam is very long, and rightly so,
a
At this moment, when Your Majesty
our
has assumed the full exercise of
sincere and genuine wish for the health and
well-being of Your
Majesty and for the freedom and independence of Yougoslavia.
Furthermore, I extend the hope that the relations between your
ment and the government of the
liberty and tolerance
so
cherished by the
Yugoslav and American peoples.
President Roosevelt's message followed the
taking of the
oath of King Peter II onMarch 28, when he refused to
ratify
the 3-day old Axis pact of
Germany, Italy and Japan,
signed by the former Government of Yugoslavia, which
as
a
President
an
military Cabinet was reported by diplomats to have
all-night session that Yugoslavia would return to full and
on his return to Washington
April 1, after a 10-day fishing trip off the coast of Florida,
that he has already allocated $1,080,000,000 of the $7,000,000,000 "lease-lend" appropriation for the purchase of war
supplies and food for Great Britain and at least one other
country.
The President revealed on the previous day
(March 31) that Greece would soon receive a number of
rebuilt World War 75-millimeter guns.
Yesterday
(April
4)
Mr.
announced he had
He stated that
Roosevelt
alloted another $1,000,000,000 of the fund.
$500,000,000
would be for 212 new merchant ships and
shipways and another $500,000,000 for existing military
equipment. Part of this latter amount is for the transfer of
guns to Greece.
Concerning the President's remarks on April 1 United
Press Washington advices said:
new
He
emphasized that the armaments
materials—over
new
States
and
above
any
allocations
production
for
are
of
existing United
extended from
aid
Army and Navy supplies.
The
President
said
that
allocations
the
handled through the War, Navy,
The $1,080,000,000 in orders fall into five
material;
aviation
material;
authorizations
and
are
being
Treasury and Agriculture Departments.
categories—Army and Navy
material,
automotive
agricultural
products
and miscellaneous material.
He declined to reveal details except to say that the
cultural
materials includes processed
case
could
armaments
of
an
emergency
foods
as
well
products.
as raw
He
in this country, dispatch of the new
be countermanded.
At the moment, the President said, he has no
material
allocation for agri¬
has been diverted to
figures to show how much
foreign countries from existing Army and
Navy stocks.
April 2 held
on
a
conference at the White
House with Cabinet members and heads of the armed services
extending further aid to foreign countries. No details of
meeting were given out but it is believed that the ques¬
tions of ship transfers and convoys were also taken up.
on
the
The
of
text
peared in
the
so-called
"Lease-Lend"
issue of March 15,
our
page
measure
ap¬
1648.
Great
Roosevelt
Again Stresses Nation's Decision
Resisting Dictators—In Jackson
Day Dinner Talk Calls for Courage and Action
Aid
to
In
his
annual
Roosevelt
tion
Countries
that,
on
Jackson
Day
dinner
address,
President
March 29 reiterated this country's "determina¬
with
all
our
and
resources
all
our
powrer,
we
...
Washington's pledge to the
Minister, Arthur Bliss
shall
regime
new
A
Lane.
was
note
Government said that under the terms of the
delivered
which
he
by the United
presented to
military aid bill
every
the
possible
help
is
not
a
partisan
President
democracy
Defense
Mediation
Board
Should
Be
Given Fair Trial Before New Labor
Curbs Are Enacted—Greater Government Control
Over Defense Plants Proposed in Bill Introduced
in House
President Roosevelt said
present for
any
new
on
April 1 that he saw no necessity
legislation to curb defense
labor
strikes, explaining that the new National Defense Mediation
Board should first be given a fair trial.
Stating his position
at his press conference, the President indicated that he was
impressed by the progress the Defense Board is making in its
work.
According to the Associated Press, Mr. Roosevelt
the
one,
dictators
in
their
march
Saying that this decision
the President asserted that Republi¬
"are patri¬
otically cooperating to make that determination take posi¬
tive
Says
block
who
and Democrats in and out of the Congress
cans
Roosevelt
those
toward domination of the world."
assistance would be given to Yugoslavia "as to all other nations
seeking to
maintain their independence and
integrity to repel aggression."
at
"Lease-
of
$2,080,000,000
Britain and Other Countries
President Roosevelt disclosed
President
Greece and
to
—No Details of Items Allocated Made
Associated Press accounts from Belgrade
absolute neutrality, applying alike to the Axis and to
States
Allots
on
The Kindgom's new
Britain.
Roosevelt
was
result of its action.
On March 28,
said:
decided at
Nobody makes
greater mistake than to take Uncle Sam's patience for weakness.
The President
govern¬
United States may be mutually beneficial
in the support of those principles of
overthrown
for the power of
great that it ought to be used very carefully.
so
added that in
your royal rights and powers and the leadership of a brave and independent
people, I wish to share with the people of the United States in the expres¬
sion of
April 4, Repre¬
Massachusetts, majority leader,
expected that President Roosevelt would
speak out on the defense strike situation. Mr. McCor¬
of
mack made
!
Agreement Signed by Both Countries
An agreement providing for an American naval mission
Similar American
death
on
Aircraft of either country in transit at the time of
Under
mission,
category of
the opinion of the denouncing
have 24 hours within which
States
in the
was
Lend" Fund for Aid
United
industries
of debate in the House
sentative McCormack
+
The
defense
in
or
course
said that it
the other.
officers,
States
Uncle Sam is
sea.
The agreement is subject to denunciation unilaterally whenever the
,
treason, punishable by 25 years' imprisonment, or by
if the strike causes fatalities.
designated by the latter country, enjoying the facilities
landing points
regard to "commandeering."
Another bill pertaining to defense strikes was introduced
in the House on March 31 by Representative Ford, Repub¬
lican of California.
This bill would put strikes against the
United
consideration of the Senate.
Under
1941
expressed the belief that existing machinery should be given
follows:
message
To the end that I may
April 5,
form."
The
are
President
now
added
that
"the
enemies
of
trying by every means to destroy our
unity.
The chief weapon they now use against us is propa¬
ganda."
Observing that "the purpose of all this has been
to spread terror among
us," he declared that "the effect of
it has been only to fortify our determination."
The Presi¬
dent's radio talk to the various dinners held throughout the
Potomac, on which he
coast.
Mr. Roosevelt
Washington dinner, but
to his absence from the Nation's capital this gathering
put off to a later date.
In his talk the President took
country
had
due
was
was
given
from
his yacht
been vacationing off the florida
usually
addresses
occasion to
in
person
the
single out Wendell L. Willkie, the Republican
presidential nominee in the last election, as an example of
Volume
"what
patriotic Americans
Long before Jackson became President, the two-party system of govern¬
by rising above partisan¬
At the outset of
mean
Mr.
address
courage
and
Pointing
out
sectional
and
It
one.
which
was
sectional
a
just the opposite.
day the threat to
own
that
courage—action
more
that today it is
our
said
time
and
more
from
comes
draws
democracy i6 not
pensable part of
a
election
determined that holding free
are
All
of the
of
political choice between
elections
that there
guarantee
speech, freedom of
These
of
eternal
of
candidates
be
can
political parties.
principles that
are
national
only
intact,
We Americans
system,
dictatorship
not be'in
realize
how
For,
When
to the
Abraham
a
Lincoln
to
were
party
our
he
had
doctrines
prevail,
it would
the
face
people,
be
too
too weak to maintain its own existence?"
that question as Jackson had answered
or
And America still marches
today have been presented with
answering it by deeds.
peace
comes
that
to
frofii the
of
•' vY;;.
V;
remarks
Division
between
Hate begets hate.
Oppression of the individual
of other individuals
In
order
or
it
possible
the
for
Government
productive
partnership between the people and
industry,
agriculture and
realistic
confront
effort
I
cannot
in
but
is
it
try to get
In
water.
in these
after
attend
person
that
good
a
Springs,
as
a
Labor,
sympathetic
that
now
"Y
-V.,YY
follows:
the
a
chance for
a
Day
dinners
I
of
a
memory
radio
YY;';-:"^Y
on
and
than two
or
through—for
or
the
the
wetted line, or a
a
telephone
a
differentiating between
moment
in
which
may
seem
That
month.
a
that
bigger fish than you
do,
or
if
biography
you
vice versa, you don't lie awake at
night thinking about it.
Yes;
philosophy, but in so doing you do not sit down
you recapture your
You still seek peace of mind and of spirit—
mentally and become a fatalist.
but you
than
If
sit
we
to realize that today you have
come
harder
before
ever
down
civilization
gets
run
in
we
now
your
may
the
over,
to work overtime, and work
life to make that peace possible later
get run over later.
And if our kind
kind
of
peace
we
seek will
unattainable hope.
That is
than
and
of
an
v
it why it
son—because
to
he
is appropriate today to honor the name of Andrew Jack¬
was
first
and
foremost a
great American,
country above adherence to party,
who placed
day
threat.
More
than
own
In
our
sectional
us,
refusal
to
Y
yY. 'v ' Yy
Y/YtYY; ,Y;/
'
day the threat to our Union and to our democracy is not a
It comes from a great part of the world which surrounds
:",;Y-
party.
and
own
one.
which draws more tightly around
Again, to do this job. we
any
party
determination
enemies
The
our
weighed
considerations of party
us,
day by day.
Americans—nearly all of us—have risen above
politics.
we
power,
these
questions carefully and
determination that, with
shall
himself,
Mr.
of
take
positive
democracy are now
form.
trying, by every means, to destroy
The chief weapon they now use against us is propaganda.
propaganda comes in ever increasing quantities, with ever increasing
from across the seas.
And it is disseminated within our own
unity.
our
The
violence,
borders
innocent dupes of foreign Powers.
all Americans—Republicans and Democrats, farmers
employers and employees.
by agents
or
It is directed against
bankers,
and
Propagandists, defeatists and dupes, protected as they are by our funda¬
civil liberties, have been preaching and are still preaching, the
mental
ungodly gospel
to
of fear.
shatter
They
use
insinuation and falsehood.
We have seen
supported the Nazi movement, and then
who
concentration
have
We
called
They have
in their Government and in
Y'.;:-:Y
what has happened to the great industrialists of Germany
the confidence of Americans
YY/-Y
another.
one
camps
seen
champions,
or
the workers
how
received their reward in Nazi
in death.
of
France
were
betrayed by their so-
For no matter what Communist lips
in their hearts they care
the Communists.
their actions have proved that
nothing for the real rights of free labor.
have
to
say,
who unwittingly help them are still
ends against the middle.
They have attempted to
exploit the natural love of our people for peace.
They have represented
themselves as pacifists, when actually they are serving the most brutal
war-mongers of all time.
They have preached "peace—peace!"
In the
same way the
devil can quote scripture.
Of course, the purpose of all this has been to spread terror among us.
The effect of it has been only to fortify our determination.
When
Abraham Lincoln became President he had to face the awful
The
trying
to
agents of Nazi-ism and those
play both
to
the
own
On July 4, 1861, in his first message
Congress, he presented this vital question:
"Must
a
>
government, of necessity, be too strong for the
.;YY
liberties of its
people, or too weak to maintain its own existence?"
answered that question as Jackson had answered
We of
was a
that, it was a threat which came from Jack¬
people—indeed,
by
inspired
all
Lincoln
from some members of his own party.
It was
recognize the sovereign authority of the United
States, and by his actions Jackson placed himself far above section and
son's
friendly
it—not by
And America still marches on.
today have been presented with that same question.
words, but by deeds.
Responsibility lay heavily upon the shoulders of
In his
these
showing what patriotic Americans
that
make
his
and provided an ever-living
Andrew Jackson.
the threat to the Federal Union came from within.
It
hold
Wendell Willkie, in word and in
mean by rising above parti¬
sanship and rallying to the common cause.
And now that the plain people
of America have spoken their determination, Republicans and Democrats
in the Congress and out of the Congress are patriotically cooperating to
symbol of the rugged, courageous spirit of our people.
sectional
already
have
and
reality of war between the States.
action.
more
devotion
become
on.
why, in the comparative quiet of this week, I have become more
clear that the time calls for courage and more courage—action
ever
That
;
would cer¬
;-Y
longer
We Americans have announced our
resources
Republican
oppor¬
principles
today the fellow next to
two-party
Jackson Day or Lincoln Day.
on
is
all-important today and are forgotten by
means
either
Americans
our
tried
day.
Above all, there is the
and regiment our people into one party—which
action,
or
occasional pouch
three hours
soon
of.the
salt
to Hyde Park
go
the callers and
messages
more
after lunch.
nap
.,YY',Y.
these short trips
Even when I
bit of sunshine
a
on
between the really big things of life and those other things
methods,
a
year
a
House office,
the
sea
tunity for thinking things
the world
Jackson
many
celebrating the
again
are
conditions?
help those who block the
dictators in their march toward domination of the world.
The decision we have reached is not a partisan decision.
The leader
know, the working day of the presidency
you
White
at
detective story or
catches
of
one
you
couple of times
the
But
me.
So there is
of the
a
the freedom of the ballot box.
on
away a
Washington,
follow
and
in
problems
r ■.
Y-Y.;■' Y"'Y';.y
yY
How long could we maintain
How soon would
Y;Y-Y;
terrible
free elections, in a Nazi-dominated world?
would we decide to imitate Nazi-ism, and abandon our two-
with
system,
We
day of sunshine cut in the Gulf Stream.
of mail reduce official work to not
a
talk
days averages about 15 hours.
Warm
or
hands
social
y-YYY'YY
these
doctrine that one must fight fire with fire?
accept the
to
thoughtfully.
leader who believed, fanatically almost, the principles of a
democracy based
all
and
the history of
long would it be possible to maintain a semblance of our
gatherings,
con¬
be
must
their Government.
join
must
there
under
liberties
tainly be neither Democratic nor Republican?
Should that evil time come, we would no
all
function
to
"V-;vYyyv-:-'Y.V,
great American
to
liberties,
our
economic
the President's
Lauderdale, Fla.,
regret,
I
How
party
.
ask ourselves, frankly and seriously;
have
system,
sitting in the little cabin of the little ship Potomac, in the harbor
am
of Fort
That
the
us.
The text of
I
Government
solve
to
defense of
in
Y',YY;.
us
ancient
How
democ¬
our
of nations bestrayed during the past year,
conquered during the past year, should show us and the rest of
what it means to live in a world organized and ruled by the
world
we
...
and
and
if
in
history
Let
Intolerance begets intolerance.
structively
successfully
exist
be
our
of groups inevitably leads to the oppression
or
groups.
make
to
be allowed to
people cannot
our
is to be preserved.
racy
freedom of election, our freedom of living, if the doctrines
were to prevail.
For if they were to prevail, it would
Europe alone.
Gestapo.
Lehman said:
Governor
all the generations yet to
■
Y '
;; 'Y
would be the existence of our party
our
nations
the
Among other speakers who addressed the Democratic
gatherings in the principal cities were Secretary of Agricul¬
ture
"YVickard, at Nashville, Tenn.; Postmaster General
Walker, at Los Angeles; Governor Lehman and former Post¬
master General Farley, at New York City; Federal Security
Administrator McNutt, at Oklahoma City; Senator Barkley
of Kentucky and Representative McCormack of Massachu¬
setts, the majority leaders, at Boston.
In the course of his
the responsibility of passing them
is
ours
how tenuous
Americans realize
The
:vY
heritage,
only intact, but stronger than ever, to
Y'Y Y;''" .Y:"' Yv-^Y Y'' '"Y /:
dictatorship
not
of
courage
which form the basis of our American democracy
responsibility of defending those principles which have come
national
our
system,
are
Our well considered philosophy for the attainment
from weakness but everlastingly
not
America.
as
us
We
it before—not
on.
that Americans will go on year after
to act
so
of dictator nations.
is the
on—not
its
determined
are
voted for their public
troopers,
free expression
political parties. For such elec¬
tions guarantee that there can be no possibility of stifling freedom of
speech, freedom of the press and the air, freedom of worship.
These are the eternal principles which are now being threatened by the
alliance
awful
We too
others—by
and parcel of that concept of free election, with
part
come.
question.
same
we
in which the people—Demo¬
a secret ballot, and with¬
American election,
an
by
political choice between candidates of
of
message
the liberties of
strong for
answered
by words, but by deeds.
We of
necessity,
held
we
holding free elections.
Ours
On July 4, 1861, in his first
" YY;
man
All of the great freedoms
are
Y.Y':'Y
to
year
And
saying:
President
became
of
government,
a
Lincoln
of
they
of
us.
camp.
prodding
year,
'
v
the
if
For all men must
as they are told, write as they are told,
told. In those countries the nation is not above
The party is above the nation, the party is fhe
are
the bayonets of storm
officers—local, State and national.
come
YY,'';''?;Y,r"'YY,\,
between the States,
war
of living,
compre¬
party divisions.
no
crats, Republicans, Independents and
CongTess, he presented this vital question:
"Must
own
if
Europe alone.
The President concluded by
reality of
the existence
freedom
our
prevail.
to
were
be
would
tenuous
freedom of elections,
our
to
dictatorships disagreements are suppressed in the concen¬
the
In
tration
heritage, ours is the responsibility of passing them
but stronger than ever, to all the generations yet
,
narrow
u
be
Y -YY;
Last
of defending these principles which have
people
speak
told,
they
common
places.
out
the responsibility
too
our
inviolate and
and woman is forced to walk the straight and
path of the party line, as drawn by the dictator himself.
our. country
disagreements among us are expressed in the polling
In
For such
being threatened by the
now
America
in
narrow
possibility of stifling freedom of
no
come.
of
with
as
Every
democ¬
nations.
our
as
on—not
to
American
the
the air and freedom of worship.
press,
dictator
Ours is
us
the
are
alliance
to
our
as
party
here
be divided in party allegiance at
devotion to their country and to the
times.
nation.
He added:
which form the basis of
meet new
to
of a people who can
are
live—and die
part and parcel of that concept of free elections with free expres¬
racy are
sion
great freedoms
they
that
mentality is
totalitarian
but remain united in
time,
as
realize
to
seem
The
dictatorships there can
think
After contrasting the two-party system of government in
this country with the "no party divisions" in dictatorships,
we
basic principle of American
method of obtaining free and
parties and at the same time maintain an
ideals of democracy at all
In
elections will go on year after year.
a
free elections.
conception of
cannot
two
Nation.
the greatness
hend
considerations of party politics.
the President said that
maintain
indivisible
Again, to do this job, we Americans—nearly all of us—have risen above
any
a
as
formulating new policies
issues,
public
our
dictators
The
can
*Y ;."V
day by day.
us,
of
as
its value
conditions, and fixing responsibilities in affairs of Government as an indis¬
great part of the world which surrounds us,
a
tightly around
more
our
entrenched
firmly
It had shown
discussion
open
action."
one, the President said
He declared:
Union and to
our
become
political life.
for
calls
"the
that in Andrew Jackson's day the threat to
Union
the Federal
In
Itoosevelt
had
ment
ship and rallying to the common cause."
his
2167
The Commercial & Financial Chronicle
152
answering it by deeds.
of
of
peace
comes
not
We too are
attainment
but everlastingly from the courage
Our well-considered philosophy for the
from
weakness
America.
-.—
President Roosevelt Signs
$191,000,000 First Deficiency
Appropriation Bill
Congressional action on tlie first deficiency appropriation
ending June 30, 1941, was completed
on
March 27 when the Senate and the House adopted the
bill for the fiscal year
The Commercial & Financial Chronicle
2168
conference
quotas
report.
President Roosevelt was reported to
the legislation on April 1.
The bill as finally
appropriates $191,478,544 and includes contract
people, but
have signed
approved
authorizations amounting to $5,800,000.
As passed by the
House on March 7 the measure carried $188,803,698 in cash,
but
the
approving it on March 20 increased the
by $2,939,851 to $191,803,544, thus requiring a confer¬
on the legislation.
Approximately $153,000,000 of the
of
ence
bill's total is directly concerned
including,
fense
other
items, $75,000,000 for national de¬
$22,500,000 to continue the National Youth
among
housing,
Administration's
industries,
with the defense program,
of training workers
program
for defense
$975,000 for 700 additional agents
and
of
Federal Bureau of Investigation for defense work.
of this bill
passage
referred to in
was
the
House
issue of March 15,
our
1077.
page
other
April 5,
Powers agreed
signatory
to
impose
1941
their
on
agreed to pay part of the cost of the administration.
we
probably
agreement
American
price
the Senate in
total
which the
necessarily
will
impose
burden
some
own
Also,
the
on
people in maintaining the price of coffee and in preventing the
being broken, to the entire disruption of the financial status
from
ail
Of
the
coffee-producing countries to the south of
course
in
countries
Power
no
us.
signatory to that treaty except the American
hemisphere.
Article VII of the treaty contains the
this
undertaking
is
a
by the
United States to limit imports of coffee from other
participating countries to the quotas., set forth in Article I, or to such
quotas
In
be modified pursuant to other provisions of the agreement.
United States agrees to limit imports from all other
countries—that is, countries not signatory to the treaty—to a
as
may
addition,
foreign
the
basic
annual
these
non-participating
same
proportion
increased
treaty
or
quota
bags.
355,000
of
countries
the
as
decreased.
total
is
The
be
to
quota
for
for
quota
increased
This is simply a joint
importations
decreased
or
participating
countries
from
in
to
is
the
be
resolution to implement that
by authorizing the President to put into effect those quotas
countries.
as
to
non-participating
Senate Votes Bill Creating Revolving Fund for Purchase
of
Strategic and Critical Materials
The Senate
bill
appropriating
materials,
of such
materials
proceeds
the
order
in
sales
of
make
to
as
it
received from
under
the
available
strategic
Takes
11-Day
March 27, Senator
on
use
as
that
has been
the proceeds
placed
provision of the Strategic Materials Act.
which
are
the stock piles
on
The
so
proposed amend¬
Remain
to
in
The Senate
April 2 approved
on
a
resolution allowing the
House to adjourn from April 3 to April 14.
Senate action
was
needed since the Constitution provides that neither
branch of Congress may adjourn for longer than 3
days
without the consent of the other.
revolving fund
a
the sale of material
Recess—Senate
Session
and
amendment to the Strategic Materials Act
proposes an
possible to
of
prevent depletion of stocks
for national defense purposes.
to
In explaining the bill to the Senate,
Thomas, Democrat of Utah, said:
merely
House
March 27 passed and sent to the House a
on
critical
The bill
♦
The resolution, which the
House passed on the same day, does not affect the Senate.
Majority Leader Barkley said the Senate
tion to adjourn for 10 days.
was not
in
posi¬
a
■
ment
it consistent with the Act.
piles
are
be
to
preserved.
The amendment
The
theory
revolving fund
in
terials, but,
to those materials
as
the cast of
bill did not provide for a
have
to
existed,
since
perishable
request
tungsten which had been accumulated at
from
the
sale
that
of
material
not
were
Since
made
was
is
itself
provided
and
emergency was
the
of
use
stock pile, since
a
for
perishable
a
the
of
the receipts
now
the
House
Recon-
Passes
Bill
are
Regulating
of
Storing
and
Government-Owned
stock
Cotton
The House
on March 20 passed by a vote of 220 to 119 a
revising the regulations with respect to the warehousing,
storing and reconcentration of cotton held by the Commodity
bill
Credit Corporation.
The House Banking and Currency Com¬
March 13.
This
mittee had favorably reported the bill on
which passed the Senate
measure,
Feb. 14, went hack to
on
branch for concurrence in a House amendment
provid¬
ing that not less than 300,000 bales shall be stored in New
England warehouses. Regarding House passage of the bill.
Washington advices, March 26, to the New York "Journal
that
of Commerce" said:
Approval
Democrats
that
of the bill
whose
the CCO will
voted
was
be
,7
v.7..
districts
strong protests
over
located
are
along
the
$5,000
who
protested
forced
Proponents of the bill argued, however, that reconcentration of the cotton
destroy the warehouse business that has been built
up
in the interior,
and questioned
the "soundness of transporting cotton to the ports and then
again to interior mills where it is to be manufactured into fabrics."
back
They said that
cotton
in
port
one
of the principal arguments advanced for locating the
to have it where it can be readily shipped
warehouses is
abroad, but contended that,
hood
of
an
export
the cotton should
It
had
been
market
view of
the
intention
it is
of
of
Senate passage of this
1,
for
little likeli¬
long time to
a
come,
easily obtainable by the mills.
CCC
to
page
of
acceptances
The bill provides that not
be reconoentrated at ports.
of March
cotton
store
of
most
was
♦
Two-Year
Votes
the
loan
cotton
at
Extension
of
Bituminous
Coal Act of 1937
A
bill extending the Bituminous Coal Act for two years
passed by the Senate yesterday (April 4) and sent to the
President for approval.
The Senate action came after ap¬
proval yesterday by the Senate Interstate Commerce Com¬
mittee.
House passage of the measure on March 27 was re¬
ported in our issue of March 29, page 1998.
The measure,
which provides Federal regulation of minimum prices for
soft coal, is scheduled to expire on April 26.
The only change
made from the present coal act is the setting up of the Con¬
sumers Counsel as a
separate agency wholly independent of
the price fixing functions of the Bituminous Coal Division
of the Department of the Interior.
was
cheaper rates obtainable, but interior warehouse protests
postponement
houses.
may
the fact that there is
American
remain where
the ports because of
forced
in
for
which the House adopted in the conference report,
mainly to expedite the Army's pilot training program.
crease,
of Republicans and
seaboard,
to continue payment of high
storage charges
They estimated that it was costing the Government
day to store the cotton in the interior.
a
Legislative action on the fifth supplemental national de¬
appropriation bill aggregating $4,390,000,000 was
completed on April 3 when the Senate and the House adopted
a conference
report.
The bill, as adjusted in conference and
which now goes to the White House, carries funds for 3,600
bombing airplanes and expansion of production facilities
needed to equip a 4,000,000-man army.
The final version of the bill carried a provision
permitting
Army and Navy purchases of Argentine canned beef and
other products when they cannot be obtained
domestically
in sufficient quantity at reasonable prices.
As passed by the Senate on April 1 the measure was about
$315,000,000 above that approved by the House on March 21;
reported in these columns of March 29, page 1998.
This in¬
fense
Congress
.
in interior warehouses.
would
Completes Action on $4,390,000,000 Supple¬
Bill—Compromise Worked Out on
Foreign Food Purchases
mental Defense
deemed
some
being returned, and since
piles should be preserved, the amendment has been asked for.
centration
Congress
ma¬
perishable, the original
an
for
if the stock
necessary
Act
commodities
which
revolving fund.
a
the
of
the bills
submitted
than one-third
more
of
by
the
port
loan
ware¬
cotton
House Votes
measure
reported in
was
our
Make Office of Government
to
Permanent Agency—Authorizes Annual
tion of $1,500,000 for Bureau
i.)
issue
The House
1358.
Reports a
Appropria¬
March 25 by a vote of 202 to 144 passed and
a bill authorizing an annual
appropriation
on
sent to the Senate
Congress Approves Legislation Carrying Out Obliga¬
tions of United States Under Inter-American Coffee
Agreement
Legislation carrying out the obligations of the United
States under the Inter-American Coffee Agreement was
ap¬
proved by the Senate on March 10 and by the House on
April 1.
President Roosevelt had submitted to Congress on
communication from Secretary of State Hull rec¬
ommending the enactment of this legislation; this was re¬
ported in our issue of Feb. 22, page 1213.
The Inter-Amer¬
Feb. 18
Agreement
was
signed at Washington
on
Nov. 28,
1940, by the United States and the 14 producing countries of
South and Central America, and the Senate on Feb. 3 rati¬
fied the pact, which imposes quota restrictions on coffee
im¬
ports into the United States by the signatory countries. The
Senate action implements that treaty
by authorizing
the President to put into effect those
quotas as to non-
latest
participating countries.
In exTilaining the purpose of the
legislation, Senator Clark, Democrat of Missouri, said on
March 10:
Senate
recently ratified
a
treaty between the coffee-producing coun¬
tries of South America and Central America and the United
States, authoriz¬
ing the imposition of quota restrictions
the
United
include
the
the
of
Stated
some
coffee
on
of
the
the
the
of the
theory,
I
signatory
United
take
so-called good
stabilizing force in
countries
countries.
from
possession
Senate,
pursuance
of
the
Executive
might
Therefore,
very
the
the
on
the
States.
it,
importation
American
that
it
was
neighbor policy,
production
readily
United
of
produce
States
nations,
That
not
treaty
extremely
and
coffee
internal
only
of
coffee into
which
was
did
not
ratified
by
desirable
in
because the absence
among
the
disorders
agreed
to
so-called
in
these
impose
the
Office
of
the
Reports,
President.
divi¬
a
The
bill,
sponsored by Representative O'Leary, Democrat, of New
York, Chairman of the House Committee on Expenditures,
also
gives permanent status to the
agency,
which
was
estab¬
lished July 1, 1939 to take up the functions and activities
of the National Emergency Council.
The President in a
letter
the commitee
to
a
ican Coffee
The
of $1,500,000 for the Office of Government
sion
saying the office
was
of the President."
urged enactment of the legislation,
"an integral part of the Executive Office
In part
he said:
Even in normal times there should be, as an integral part of the Executive
Office of the President, an organization sufficiently flexible and independent
to meet
as
changing conditions, assist in dealing with special problems,
central
a
serve
clearing house for information concerning Federal activities,
and report on the opinions, needs and desires of citizens.
The chief
opposition to the bill came from Republicans,
charged that the agency would be a "propaganda bu¬
reau" and a potential instrument of censorhsip.
Lowell Mellett, Director of the Office of Government
Reports, appeared before the Senate Committee on Expendi¬
who
tures
on
there
was
April 1 to
adoption of this bill.
He said that
establishing a censorhsip.
United
Press Washington advices of April 1 quoted Mr. Mellett as
saying:
It
no
happens
urge
intention of
that
I
do
not
believe
in
censorship,
and
it
happens
I know I reflect the opinions of the President of the United States
on
that
this
subject.
The only sort of censorhip that is contemplated would be in time of
and is what is known
and
as
military censorship.
Navy information, and I believe
no
one
This
means control of
objects to that.
war
Army
The only
Volume
The Commercial & Financial Chronicle
152
other type would be outgoing censorship of mails and
cable messages going
7.
capital accounts of the insured commercial
Principles
Sites in
Interest of Better Balanced Industrial Economy—
Govern
to
Location
of
New
capital.
which
reserves,
Total
STATEMENT
PRELIMINARY
amounted to $6,673,000,000
10.3%
OF
ASSETS
AND
AND DEC. 30,
on
undivided
of
preferred
on
Dec.
31,
Dec. 30, 1939.
LIABILITIES
31,
COMMERCIAL BANKS AS OF DEC.
SURED
OF
1940, JUNE 29,
IN¬
1940,
1939
The National Defense
Advisory Committee on March 26
policy recommending decentralization
of new industrial facilities required in the defense program.
The Commission's policy, which was transmitted to the
newly-established Plant Site Committee of the Office of
Production Management, said that "on the sites which are
selected depends not only the strategic security of our defense
industries and much of their efficiency for defense production
but also important and permanent consequences for the
economic life of different parts of the Nation." The NDAC
retirements
1940, equal to 9.4% of total assets, compared with
Members of OPM Plant Site Committee
issued
offset
than
more
accounts
capital
banks increased by
reflecting increases in surplus,
during the period,
and
profits,
securities, and 26% were
were
discounts.
and
Total
$149,000,000
NDAC Urges Decentralization of New Industrial Facili¬
ties
Needed
in
Defense
Program—Recommends
34%
funds due from banks,
and
reserves,
loans
abroad.
2169
(In Thousands of Dollars)
statement of
a
Dec.
31,
13,438
Number of banks.
June 29,
Dec.
13,480
13,535
S
Assets—
30,
1939
1940
1940
$
Cash and funds due from banks:
983,888
1,067,155
1,235,272
1,573,048 1,861,058
2,847,322
13,991,733 13,750,656 11,603,504
7,540,087 7,319,063
8,204,401
16,204
24,810
11,750
In vault
In process of
collection
With Federal Reserve banks
With other domestic banks
With foreign banks
statement further said:
26,290,478 23,863,883 21,875,590
Total cash and funds due from banks.
Experience gained during the past
immediate
of national
ends
objective of
run
To
reach
better
a
these
principles must
defense
balanced
objectives
are
or
largely consistent with the longer
industrial
become
the location of
govern
That sites be avoided in cities
or
has
it
indicate that the
10 months would
are
new
Loans and securities:
U.
economy.
likely to absorb the available labor supply,
or
are
Foreign securities
absorbing
to congest housing,
2.
That
possible
every
of
unemployed
be
preference
given
locations
to
are
where
Stock In Federal Reserve banks
balance between industry and agriculture.
ticularly acute in
3.
cities which
to
That
the
'
location
proper
defense contracts and
of the
of new
essential parts of a well-rounded program to
of the country
a
that
see
Total miscellaneous assets.
Total assets...
Individuals,
defense locations,
the program as a
rolicy of decentralization.
over
location
cultural and labor matters;
chief, aircraft, ordnance and tools
Fuller of New York and Tennessee, Chairman,
Loans
Reports
mercial Banks
highest levels recorded during the existence of the Corpora¬
Chairman Leo T. Crowley
announced
on
On Dec. 31, 1940, the 13,438 insured commercial
a
banks
reported total loans of $18,398,000,000, an increase
for the year of $1,532,000,000, or 9%.
The amount of loans
on
Dec. 31, 1940, exceeded by $1,354,000,000 the record fig¬
ure for insured commercial banks of $17,044,000,000 reported
on
June 30, 1937.
The
comparative statement of assets and liabilities of all
insured commercial banks issued by the Corporation also
revealed the following significant changes for the 12 months
ended
to
Dec. 31, 1940:
Total
1.
growth
abroad,
from
interbank
securities of the banks.
tions,
payable
ever
reported
redepositing,
13%,
or
be attributed chiefly to
may
to
$7,393,000,000,
highest
the
$63,470,000,000,
continued
to
the
Corporation.
to
funds
$4,415,000,000,
the
loans
and
Deposits of individuals, partnerships, and corpora¬
due
banks
from
showed
an
19%
or
; deposits of
about 14%.
the year of
increase for
20%, and amounted to $26,290,000,000
or
in
increases
demand, increased $5,204,000,000, or
banks increased by $1,375,000,000,
on
and
Cash
The
continued influx of funds
a
and
during the period
domestic and foreign
2.
on
Dec. 31, 1940,
highest figure on record.
or
Holdings
to
of
10%, and amounted to $17,064,000,000.
almost
4.
on
ties
stock
and
reduction
5.
used
Dec.
31,
1940,
gain
a
Federal
in
of about
bank
$323,000,000,
or
10%
Reserve
banks,
amounted
to
$3,158,000,000.
a
2% during the period.
Holdings of other real estate acquired
as
of
Holdings of other securities, exclusive of foreign securi¬
during the year.
premises
were
6.
Total
increase
by
amounted
assets
Dee.
insured
30,
2,914,004
2,483,865
399,958
393,560
2,442,853
789,340
378,173
6,673,453
6,606,499
6,524,370
836,841
1940
Income in
Placed at $73,900,000,000 in
1939
R
According to preliminary estimates of the U. S. Depart¬
Commerce
ment of
States
was
a
larger National income in the United
shown in 1940.
In making public the figures the
Department stated that "the most comprehensive measure
of the economic improvement in 1940 is that afforded by the
National income—the measure of net production of com¬
by all private and public enterprices."
value figure," the Department notes, "ad¬
vanced from $69,400,000,000 in 1939 to $73,900,000,000 in
modities and services
"This net-output
a gain of $4,500,000,000 or more than 6%, according
preliminary estimates."
"Because price increases from
1940 were slight, nearly all of this improvement in
National income resulted from an increase in the quantity
of commodities and services produced," says the Depart¬
ment, which in the February issue of its "Survey of Current
1940,
1939 to
Business," further stated:
Since the major share
1939,
commercial
of defense activity was concerned with industrial
materials and equipment,
the
the expansion of National income was paced by
commodity producing industries.
a net
These industries—agriculture, min¬
product in 1940 valued at 2.8 billion
1939,
reduced during the year by almost 20%,
to
of
$70,720,000,000
$7,573,000,000,
banks
on
Dec.
31,
on
or
Dec.
31,
12%.
Of
1940,
This was about three-fifths of the
increase of more than 10%.
an
or
37%
1940,
the
were
an
assets
cash,
provided
dollars more than the figure for
although the industries
represented about one-third of aggregate National income in 1939.
Net
production values also were higher in other lines, but
advanced
by smaller
exclusive of work-relief production,
from 8.1 billion dollars in 1939 to 8.6 billion in 1940.
It is im¬
Government
margins.
to
recognize,
net
output,
however,
that defense orders placed with private
production of other industries and
business firms are included with the net
not
in
Government
industries
since
2,892,233
Includes United States Treasurer's time deposits, open account.
portant
in settlement of debt and not
$83,000,000.
held
2,872,070
2,563,293
838,132
gain in total National income from 1939 to 1940,
j
Holdings of obligations of States and political subdivisions increased
$3,608,000,000
545,807
ing, manufacturing, and contract construction—in the aggregate
United States Government obligations and obligations
guaranteed by the United States Government increased by $1,496,000,000,
3.
557,290
to
increased
deposits
576,969
Preliminary Estimates of United States Department
of
Commerce—Compares with $69,400,000,000 in
FDIC
March 24.
406,091
70,720,025 65,589,180 63,146,526
Total liabilities and capital accounts..!
National
of commercial banks insured by Fed¬
Deposit Insurance Corporation rose during 1940 to the
tion,
....—....—
Total capital accounts
Deposits
Loans and deposits
eral
earnings)
from
Undivided profits
........
Amounts set aside for contingencies, &c
Liabilities
and
13,844
96,114
447,332
64,046,572 58,982,681 56,622,156
capital accounts)..
Capital stocks, notes, and debentures.
Loans
Increased
9% During
$18,398,000,000, While Record Figure for Deposits
Is
$63,470,000,000 — Comparative
Statement
of
Assets
.
13,609
126,107
11,481
98,056
467,432
bills of exchange...
.
Surplus (paid In by stockholders or accumulated
production plan¬
of Insured Com¬
Record Levels—
Year to Total of
and
63.469,603 58,425,391 56,076,349
Capital accounts:
Dec, 31, 1940, at
on
Total deposits.
Total liabilities (excluding
Eli Oliver of Ohio, special assistant on labor
Johnson of Michigan,
32,400,651 28,899,054 27,196,842
Total miscellaneous liabilities
ning board, Office of Production Management.
FDIC
1,977,076
corporations,
and
partnerships,
Other liabilities ...... .
branch of the production division of the Office of Production Management,
and S. R.
1,889,636
payable on demand
partnerships,
Outstanding acceptances and
agri¬
Townsend, ex-Governor of Indiana, special adviser on
E. F.
1.868,444
143,403
70,720,025 65,589,180 63,146,526
......
Borrowed money
Donald M. Nelson, Director of Purchases, Office of Production Manage¬
relations,
210,486
and corporations,
15,002,262 14,779,568 14,471,056
deposited for periods of time
859,402
829,606
735,467
U. S. Government and postal savings.a
3,413,160
3,820,675 3,601,093
States and political subdivisions
Domestic banks, certified and officers' checks,
cash letters of credit and travelers' checks
9,373,382
10,801,555 9,609,331
outstanding
706,739
762,507
708,993
Foreign banks
—
]
powers"
plants, it was announced March
18 by John D. Biggers, Director of the Production Division
of the OPM.
Mr. Biggers said that the OPM and the
Secretaries of War and Navy had agreed upon the appoint¬
ment of the following five members of the Committee, ac¬
cording to the Associated Press:
ment; Clifford
250,649
Individuals,
factories and defense
new
422,182
136,913
220,504
Liabilities—
pro¬
consideration
whole be developed in ac¬
The Plant Site Committee has "veto
of
370,033
123,168
Deposits:
Site Committee be
the Plant
technical staff with which to study proposed
cordance with
339,567
not used as bank premises
that it work closely with the War and Navy Departments in
of sites and that it
109,891
1,091,114
obtain larger use of the human
in the defense effort.
The Commission recommended that
vided with
81,104
1,081,082
aggresive policy to promote the subcontracting
an
resources
and furniture and fixtures..
in settlement of debt;
ing bank premises owned or other real estate..
larger defense orders held by private contractors, all be considered
and material
83,640
1,071,420
account of acceptances
Investments and other assets Indirectly represent¬
of
wider distribution
the
on
Other assets
J,
plants,
42,561,103 39,835,661 39,293,860
_.
Other real estate, acquired
in
have not been heavily engaged
defense production.
4.
Total loans and securities
Bank premises owned
industrial areas,
special attention be given to regions which have suffered a decline in their
or
3,221,012
136,861
135,546
138,539
18,397,775 17,014,372 16,866,021
Guarantees and securities of customers and banks
These conditions are par¬
of the South and West.
many areas
That where facilities must be located in the present
peacetime industries
....
3,285,180
218,621
3,482,795
204,332
3,096,416
large
available and where
industrialization during the defense period will contribute to a better longrun
194,802
3,157,791
Loans and discounts (Including overdrafts)
poorly employed people
or
3,608,290
— — ....
Other securities
transport or other facilities.
reserves
17,063,906 15,900,885 15,567,480
Obligations of States, political subdivisions,
territorial and insular possessions
industrial facilities:
regions where defense orders
and obligations
Government obligations
S.
guaranteed by the U. 8. Government
that the following
apparent
was
up
output.
The value of net
700 million dollars, rising from
16.0 billion in 1940 for a gain of nearly
the
laggards during periods of change,
put values
5%.
improved
product in
distribution
15.3 billion in 1939 to
Service industries, usually
more
than 4% as net out¬
increased from 18.5 billion dollars in 1939 to 19.3 billion in 1940
2170
The
The Commercial & Financial Chronicle
73.9-billion-dollar
National income in 1940
aggregate for
highest value reached in any
year
It
since 1929.
was
The
the
was
84% above the de¬
leport shows
1939
pression low of 40.1 billion in 1932 and 3.7% above the previous recovery
enrolled
high of 71.2 billion in 1937.
of
As part of this movement reflects shifts in the general price level, however,
changes in the quantity of
net output have been less marked.
In quantity
that
and
the
in
10%
the
at
1940
sented
part
in
more
than
213,000,000
localities
Imcomc
dollars
as
year, the
payments
individuals
to
during
74.3
aggregated
billion
compared with a total of 70.1 billion for 1939.
As in the preceding
flow of income to individuals advanced sharply during the second
forest
nection
reaching
an
an
annual rate of 78 billion in December.
annual rate
77 billion,
to
The rate for the final
quarter of 1939 was 73 billion dollars.
The month-to-month
tions, salaries and
in
movements
notably diverse in character.
wages
the
various
types of income
were
After correction for normal seasonal fluctua¬
declined from the 1939 high of 88.9 (1929=100)
recorded in December to 86.2 in April.
Employment and payrolls moved
sharply upward in May, and, under the impetus of the defense program,
the adjusted index of salaries and wages continued its upward movement
through December when it reached
ployees' income
accounts for
the 1940 expansion in
a
high of 96.0 for the year.
As
em¬
roughly two-thirds of total income payments,
payrolls contributed substantially to the movement of
income.
.
Dividend payments for the first quarter
were
15% above the comparable
period in 1939, the large increase over the preceding year continuing through
the third quarter.
There was
a
noticeable tendency for dividends to level
off at the year-end, and for the last quarter disbursements
above the preceding year.
were due
were
only 3%
These less favorable last-quarter comparisons
partly to the high level of dividend disbursements achieved in the
final quarter of 1939 and partly to a large-scale adjustment of
earnings for
increased taxes
on
1940 corporate incomes.
benefits, which first became
an
important
sharply during the first half of the
year
employment increased, though the year
rise
Unemployment compensation
source
a
of income in
whole showed
a
1938,
by the expansion in governmental
which
period.
742,000.
net
income of all
about 25% higher in 1940 than in the
on net incomes
are
adjusted for inter¬
deducted and, of course,
it
reflects the provisons made for the increased corporate income-tax rate and
the excess-profits tax
applicable to 1940 income.
war
The second and third quarters brought suc¬
partly
As income reports
are
as
a
result of
published only by a small
percentage of all corporations, these estimates are preliminary and subject
to revision.
It is
common
for large corporations to publish such reports,
however, and, since they represent
all
a
good proportion of the net income of
corporations, the estimates should be reasonably
fet Net income of manufacturing corporations
cover
erosion-control and
on
crops,
con¬
water-conserva¬
to farm land
cover
applicable to wind-eroeion
in
areas
10
soil-building practices
listed in the report, included:
for
made
were
on
association
county
from
and
expenses,
wheat, cotton, and rice totaling $211,-
corn,
combined total of $709,053,000 in payments, exclusive of
a
resulting
from
the
for
their
the
AAA
program,
1939
added to the
was
ca$h
adjustment and conservation
but the full
most
of
extent
this
the protection
without the
measures
such
been
have
in
income
1939
protection
has
sharply
was
by the Ever-Normal
farmers
today would
With the protection afforded by these
been
72%
products
maintained
larger
in
the
allotments and loans and marketing
possible without the farm
was
farmers
only when
realized
was
the export subsidy,
as
protected
that it has been
years
offered to farmers
acreage
precarious position.
farmer
"has
program
during the
foreign trade in agricultural
our
Without
program,
and
quotas
that
out
economic forces
broke out and
Granary
a
points
world-wide
than
much
at
program.
in
higher
.
and
1932
,
levels
than
Farm buying
.
was
be
meas¬
equal
that
to
1929.
that,
basis
in the past,
as
elected
the report states
the experience and suggestions of farmers, and their
committeemen
for
nature,
from
all
regions
and
working out desirable changes.
the
for
were
conditions and
better
of
purpose
obtaining
localities,
were
These changes,
adapting
more conservation
the
used
all of
program
the
as
minor
a
to
local
with special consideration being
given to small farmers.
cessive moderate gains, and net income in the last quarter probably accounted
for nearly one-third of the profits for the entire year,
the usual seasonal pattern.
and
manure
green
land,
placed
was
conservation payments, totaling $497,311,000,
range
gained
report
curtailed.
Profits in the first quarter of 1940 were down
substantially from the high
last-quarter results in 1939.
emphasis
areas,
farmers
to
their
on
With reference to the development of the 1940 program,
preliminary data it is estimated that
taxes
Thus
income
against
in
Advance in Profits
This comparison is based
needed
most
in carrying out principal
income of the Nation's farmers
power
corporate items and taken after all
and
crops,
program
farmers
deductions
small
other
would
preceding year.
pastures,
available
assistance
measures
The restoration of permanent vegetative
price adjustment payments
emergency nature.
Thus, while regular pay rolls rose
70 million dollars between March and December, relief and
unemployment
was
adapted to the needs of States and
definite
lime applications, superphosphate application in
soil-conserving
including
ments,
benefits declined 50 million
On the basis of
operated
They
Construction of 355,000,000 feet of terraces for erosion control.
Application to the soil of 5,792,000 tons of lime and 637,000 tons of
superphosphate.
Farmers participating
in the 1939 program earned conservation pay¬
in
corporations in the United States
1939.
methods.
ures,
an
same
repre¬
41,429,000 acres of new plantings of grasses and legumes and permanent:
pasture mixtures.
25,934,000 acres of green manure and cover crop plantings.
352,000 acres of forest tree practices, including plantings, maintaining
and improving stands, non-grazing of woodlots, and, in the Northeastern
States, rehabilitation of hurricane-damaged woodland.
Natural resecding of pastures by deferred grazing on 3,470,000 acres, and
use of
19,241,000 pounds of seeds in artificial resecding of pastures.
25,960,000 acres protected by such erosion-control and water-Conservation
practices as protected summer fallow, strip cropping, and contour-farming
disbursements of
the
in
program
were
made
permanent
under the 1939 program, as
employment was, however, largely offset by a sharp reduction in income
over
gain
the number
over
participating farms in 1939
on
Varying by local
special phase of the
a
The
in governmental activities consequent upon the
power occasioned
that
conservation
practices,
Achievements of
effect,
purchasing
the
legumes,
with
as
inauguration of the defense program raised military and regular employment
during the last quarter of 1940 13% above a year ago.
This increase in
consumer
were
a
rose
substantial
1939.
over
The marked expansion
6,000,000
participation represented
efforts.
and then declined markedly
as
the program in
than
more
of range land.
acres
manner
a
tion practices.
States.
disbursed at
1939
conservation
range
out
and
tree
was
was
By the final quarter it had advanced
the
according to the report.
During the second quarter of 1940, income
billion dollars.
in
carrying
half and closed the year substantially above the preceding
year-end figure.
of 73
year
than 48,000 ranchers in 17 Western States who
Soil-building practices in 1939
grasses
1940
The
The cropland
more
took
in
fiscal
78% of all cropland in the United States.
Operators included
From 1939 to 1940 the gain in real National income—a gain after allowance
for price changes—was enough, roughly, to offset the increase in population
.
the
the number participating in 1938 and 58%
over
The quantity of net output by all private and public enterprises had re¬
Income Payments Also Rise
of
program.
covered to a point in both 1937 and 1939 that approximated the 1929 volume.
from 1929 to 1940, so that per capita production was about as
high in 1940
as in 1929.
!
end
participating in 1937.
terms, the National income declined about one-fourth from 1929 to 1932.
April 5, 1941
5,756,000 farmers cooperated in
that
was
accurate.
up
•
about 30%, led by
the metal and metal-products group with a gain of more than 50%.
Profits
in transportation advanced by about the same
proportion as in total manu¬
facturing.
Gains in net incomes of mining companies were very substantial,
and construction companies also showed some improvement.
These lines
The farm program is not only geared to meet the require¬
of the current national defense effort, the report
ments
shows,
hilt
also
offers
assurance
of
protection
emergency passes.
The report states:
Looking beyond the immediate future to the conclusion
hostilities,
and
the
to
tapering
that
the
problems
of agriculture
have
ever
been and
that the need
of
for
the
defense
likely to be
are
a
strong farm
program,
more
the
we
acute
program is
the
present
can
than
see
they
going to be
The present adjustment program provides machinery
individually and collectively, can make their maximum
contribution in the working out of the problems which lie ahead.
greater
than
off
after
of
whereby
ever.
farmers,
are
The report contains summaries of the AAA program by
major commodities and by administrative regions, as well
general
of the sugar program and other special programs admin¬
istered by the AAA.
affected directly by the National defense program, and the advances
reflect substantially higher business volume in 1940.
Gains also were
in
other industries but usually were more moderate
AAA
ATinual Report
Indicates Accomplishments of
Agriculture
Under
1939
Program—Ever-Normal
Granary Assures Consumers of No Food or Fiber
Shortages—Farm Program Geared to Present De¬
fense
Needs
as
United
States
Government
Takes
Into
Custody 69
German, Italian and Danish Merchant Ships and
Crews—Charges Sabotage on Certain Vessels in
Violation
Rejected
U.
The Agricultural Adjustment Administration's farm pro¬
is contributing to national defense through abundant
gram
production for consumers, conservation of the soil, and bet¬
terment of farm income, It. M. Evans, Administrator of the
AAA, says in the seventh annual report of the AAA, issued
March 26.
"The work of the AAA, along with that of other
agencies of the Department of Agriculture, is directed toward
the goal of an
in
the
impregnable national defense," Mr. Evans
says
foreword
to the report.
Covering activities of the
from July 1, 1939, through June 30, 1910, the report
describes the accomplishments of agriculture under the 1939
AAA
program,
the
of
development
the
1940
and the
pointing of agricultural conservation and the Ever-Normal
program,
Granary plan to strengthening the security of the Nation.
The report also describes the Ever-Normal Granary feature
of the farm program as "a principle of agricultural plan¬
ning that has to do with the building up and maintenance
of abundant reserve supplies—reserves of surplus products
in bins and warehouses, and reserves of fertility in the
soil
to guarantee abundant production
1939
plan.
The
program
was
focused
The report likewise
directly
consumers
that
we
Granary is
shall suffer
no
The
both phases of the
says:
Ever-Normal Granary is the symbol
Today the Ever-Normal
in the future."
on
an
of protection
for the
accomplished fact—an
shortages of food
or
consumer.
assurance
to
fiber.
The Department of Agriculture's announcement regarding
the report further said:
S.
to
of
Law—German
by Secretary
Recall
Naval
and
Italian
Protests
Hull—Italy Requested By
Attache
Acting under authority of the Espionage Act of 1917, the
Treasury Department, through the Coast Guard, on March
30, took into custody two German, 28 Italian and 35 Danish
ships and removed the crews therefrom.
The action, it is
stated, was taken on the grounds of alleged sabotage to
some of the ships by their own crews.
The Coast Guard is
said to have reported on April 1 that damage had been in¬
flicted on 25 Italian vessels and 1 German merchant ship in
American ports.
No sabotage was committed on Danish
ships.
Following this action, Germany and Italy on March 31
filed notes with the State Department protesting the ship
seizures and demanding their return and release of the
approximately 875 seamen taken into custody.
The German and Italian Embassies at Washington filed
a
second note of protest with the State Department on
April 2 dealing principally, it is understood, with the treat¬
ment of the crews in custody.
According to the text of the first German note, released
by the German Embassy on April 2, the protest was made
on the grounds that ''there is no
legal basis in international
law" and because it was a "clear violation" of the treaty of
friendship and commerce existing between the United States
and Germany.
Yesterday (April 4) the State Department made public
notes rejecting the protests saying the action was necessary
>
Volume
to
The Commercial & Financial Chronicle
152
protect the vessels from sabotage.
Secretary Hull said
Embassy had failed to support its contentions
the German
of violations of international law
or the treaty between the
Regarding his reply to the German notes, an
Associated Press Washington dispatch said:
two countries.
"I know of
the German
principle of international law." Secretary Hull informed
no
Embassy, "which permits the masters
of vessels of a
or crews
country which has sought refuge in or entered the ports of another country
destruction in disregard of local law and of the hospitality
to commit acts of
which they have been permitted to
Mr.
enjoy."
Hull declared further that
between
there
was
provision "in the treaty
no
which lends even color of support to any
two countries
our
■■77
'■argument."
' 7"7',..
"It would indeed be unthinkable that any civilized nation would
a
such
' '"■ 77'';v.:.77777'
7
become
party to a treaty containing any such provision or that it would subscribe
to any
so-called principle of international law which would permit foreign
vessels
be
to
brought to its harbors and roadsteads and there willfully
damaged and wrecked in violation of law and to the detriment of naviga¬
tion and even the
safety of its harbors without restraint
hindrance by the
or
local sovereign."
Mr.
Hull added that auxiliary machinery
smashed
was
and propelling machinery
in one of the German ships
deliberately wrecked.
"If the scuttling and burning of ships in other harbors of
ports, it is difficult to see how your Government could expect this Govern¬
be oblivious to the situation
magnesium, and directed that pref¬
orders.
On the same day
defense
to
(March 27) the OPM took action to expedite deliveries of
materials
aluminum.
aluminum
The
Maximum
pound (f.o.b. point of shipment)
to
would be necessary to
"These
officers and
of continental United States, Mr;
badly damaged that extensive repairs
so
render possible their navigation.
and
concerted
were
widespread acts
!
of destruction
on
the
in violation of specific provisions of the statutory
crews
the United States
and at a time when the vessels were
pitality and protection of
of
laws of
enjoying the hos¬
be viewed with equanimity,"
our ports cannot
Secretary Hull said.
Ha
that
added
Italian
the
Ambassador
have
"must
overlooked
a
with
protest against the action on the part of the Federal authorities
respect
and national'."
'Italian properties
to
As to the Italian inquiry about the views and intentions of the
States regarding the ships and their crews, Secretary
Hull said this matter
"and will be
receiving the attention of the appropriate authorities
was
United
Since
the first action
Danish
taken four additional
was
ships have been taken into custody, making a total of 39.
The United Press reported, in a dispatch from Copenhagen,
on April 2 that the Danish Minister in Washington has been
instructed to make formal protest against the seizures.
Previously, it had been reported that no protest would be
made.
On April 3 Secretary Hull, acting on orders from President
Roosevelt, requested that Italy withdraw from the United
States Admiral Alberto Lais, Naval Attache of the Italian
Embassy.
In a note given to the Italian Ambassador,
Prince Ascanio Colonna, Secretary Hull said:
I
have
honor
the
to
that
state
various
facts
and
circumstances
to the attention of the Government of the United States
come
Admiral Alberto Lais
the commission
from
8c.
plant
or
Naval Attache of the Royal Italian Embassy, with
v77 7:';7v7<
7'7\■' >77X7!; 77V77V
as
Naval Attache of the Embassy would no longer be agreeable
the
at Washington, and to request that Your
withdraw him immediately from the United
''VV:'7VV 7- :;7,V '7 ■,' 7v"
777;7>V:
■ 7,;
Royal Italian Government will no doubt realize that the Govern¬
Italian Embassy
Royal
Excellency's
States.
Naval Attache of
_
The
of the
ment
ternative
United
course.
has, in view of all the circumstances, no al¬
States
-77':
77777''
7"7
1
7'\'.--
other
These
foreign
are
the
materials
77 >"7 '",7—7
7.25c.
On less than carload lots, the price
ranges
pound plus freight, from East St. Louis to seller's
Vv-''1' '7"'"Y'7
"
77' 7
>■ 5
per
to
Government to maintain price sta¬
excessive and speculative price in¬
the defense program and the public
prevent
was
prices were
iron
coal
prices
for
set
taken
April 2 when maximum
on
steel
and
frozen at
were
scrap and bituminous
below the prevailing level on
or
Both these actions
were announced by Commis¬
explained that price schedules for
iron and steel scrap were made necessary "by speculative
activity which has put inflationary pressure on iron and
steel scrap prices during the last few months."
The action
with respect to bituminous coal was taken in view of the
strike in that industry, which began on April 1, incident to
the dispute between the operators and the United Mine
Workers over a new wage-hour contract.
Concerning the
iron and steel scrap prices, Associated Press Washington
advices on April 2 said:
sioner Henderson.
The price
arul
for
He
schedule established three scales of maximum prices; For iron
than that of railroad origin, for railroad scrap, and
steel scrap other
ton, Pittsburgh,
gross
tion
with
and
No.
on
1
On railroad scrap
are
fixed at $2.50
the maximum is $21
Differentials
scrap.
of
The
to
to
carry
were
V>>7' 777,'7,777/:'
set at the maximum for
and brokers
fixed at 3%
were
7>7>"':7,7"77'77:v:
of the maximum
7 7'. ;7':'7'V'7:7 '7-;
be effective tomorrow, but persons who bought scrap
schedule wjll
which
-7'\7'
7'.
consuming point, less freight to the point
>7:7'1
previously at prices higher than the
in
-
ton, Pittsburgh, for No. 1 heavy
set for various other points and
ton to cover expenses incident to exporting.
a
agents
7":v 7777
prices.
a
consump¬
ton less than the prices
v7 7:>777
at the nearest
export and plus $1
Commission
77';.'7
is $20
a
were
types Of scrap.
consumers
a
77:'':'" 7""7-
Export prices from Atlantic coast points
domestic
scrap
corresponding arrangements for various other grades.
each grade of prepared scrap.
melting steel
heavy melting
with differentials for each point of major
Unprepared yard scrap prices
on
7 7'^77,777 7';
•:V'-7,7777
for export.
scrap
For the first class the maximum
Government
'
trimmings.
and
Henderson set prices ranging from
Mr.
injurious to
creases
The President has directed me, therefore, to notify Your Excellency that
Admiral Lais is persona non grata to this Government as
■\7i,7
carload lot plus freight from East St. Louis to buyer's
interest and welfare
other
to this Government.
7." 7
Further action by the
The President has reached the conclusion that the continued presence of
Admiral Lais
8.25c.
to
and
iron
free
7yv77.," '77777"' 777''Y'7 7
a
warehouse.
bility and
by certain persons of acts in violation of the laws of the
United -States.
pound
a
■:
and scrap from 4.25c. a
old die cast scrap to 6.75c. (delivered
clippings
the
customary rail receiving point.
have
connecting
after
777>7
-
price of zinc
on
zinc
new
material
secondary slab zinc,
7.50c.
March 28.
determined in the light of the law and the pertinent facts."
on
'>'77
maximum
fixed
plant)
the
for
On
the
gravity of the situation when in his communication of March 31 he regis¬
tered
buyer's
to
division be informed constantly of their
7:> .Y.;: 7'77 7 V ..V '>77
Henderson
prices
these
purchase and sale of these materials be kept
price stabilization
have been removed.
<
part
records of every
the
movement.
Mr.
mentioned in
The schedule also requires that complete
ciated Press stated:
that
was
prices for zinc scrap and secondary slab zinc have been pegged
prices of primary slab zinc.
and
action
Regarding the latest price
zinc, United Press Washington advices
"ceiling" on scrap
March 30 said:
to
Of the Italian ships taken over in ports
more
a
March 29, page 1909.
and accurate
Hull said that 25 of them
instituted
and
velop substitutes for them.
The group was requested to
secure data on aluminum, magnesium, chrome, tin, tungsten,
zinc, graphite, lead and beryllium.
The third price schedule, affecting zinc scrap and sec¬
ondary slab zinc, was established on March 30 by Leon
Henderson, Director of the Price Stabilization Division of
the National Defense Advisory Commission.
He explained
that the action was necessary because of an insufficient
supply of the metal to meet defense and civilian needs.
Similar action had previously been taken for second-hand
machine
tools and
on
aluminum
scrap
and secondary
replying to the Italian protests, Secretary Hull cited
American laws justifying the action taken when deemed
necessary for the protection of the vessels and the harbors
of the United States.
With respect to this note, the Asso¬
'
builders
tool
machine
to
complete control over distribution of machine tools after
production. The OPM announced on March 28 that it had
asked the National Academy of Sciences to study ways of
saving metals essential to the defense program and to de¬
presented."
In
and
be given
erence
columns
this continent,"
he added, "may be regarded as indicative of what might be expected in our
ment to
of aluminum
case
2171
:'•■
7'
maximums will be given
new
one
week
out contracts.
Accept, Excellency, the renewed assurances of my highest consideration.
South
Among various
similar action
American countries
which took
Mexico,
German and Italian ships were
on
Venezuela, Peru, Ecuador, Costa Rica and Cuba.
President Roosevelt Extends
Export Licensing System
signed yesterday
proclamation subjecting additional commodi¬
ties to the export licensing system
in the interests of
national defense.
According to the Associated Press these
President Roosevelt is reported to have
(March 28)
a
commodities will be
effective
placed under the export control system,
77>>7'7.,: ,'7 ,-'»7<
April 15:
fish
Animal,
and
marine
oils,
fats
and
vegetable oil seeds and other oil-bearing
and certain
our
raw
extension
of
the
and
inedible;
materials, fatty acids, cork
licinsing system was referred
issue of'March 22, page
1846.
"♦
OPM Puts Tungsten Under Priority System—Broadens
Control
on
Machine
Tools—Group
to
Study
Methods
of
Conserving Vital Metals—Price "Ceil¬
ing" Set for Scrap Zinc, Iron and Steel, and also
for
A
Bituminous
general
priorities system for ferro-tnngsten, tungsten
tungsten compounds was put into effect
March 27 by the Office of Production Management.
Ed¬
It. Stettinius Jr., Director of the OPM Priorities
ward
Division, said the action
Needed
in
Defense
William S. Knudsen, Director of the Office of Production
Management, estimates that an additional 3,000,000 men
will be employed in defense industries by the end of the
Summer.
This
was
made known
March 24 when the
on
Senate
Appropriations Committee published testimony
given by Mr. Knudsen and others when they appeared be¬
fore this group urging adoption of the $7,000,000,000 "leaselend" program.
Mr. Knudsen had also told the Senate
on
March 21
that since last
September 2,000,000 men had obtained jobs under the de¬
fense program.
He explained that of the 3,000,000 men
he expects will be needed, more than half will be unskilled
workers.
In indicating this Associated Press Washington
advices of March 24 added:
In response to
questions, Mr. Knudsen said that it would be necessary
to curtail the flow of materials to some non-defense factories as the defense
expanded.
program
He said, however,
shutting down non-defense plants until
that
new
there
was
defense plants
no
intention of
were
ready to
provide employment.
7 *
•
O
■
>'A
Coal
metal powder and
on
Knudsen
Says 3,000,000 More Workers
Jobs by September—
Reveals 2,000,000 Already Employed
be
Committee when he testified
■
edible
explosives, including detonators and blasting caps.
Previous
to in
grease,
Director
Will
;•
Commodities
Additional
to
OPM
was
similar to that taken in the
Defense Spending in
Since
Last
Defense
spending
First Half of March Raises Total
July to
$12,811,317,790
in
the
first
half
of March totaled
$131,587,787 for the Army, $49,246,440 for the Navy, and
$98,215,080 for miscellaneous agencies. The total of defense
The Commercial & Financial Chronicle
2172
and
contracts
aggregated
$12,811,317,790 according to tne semi-monthly report of
the Office of Government Reports, issued March 26, which
give below:
we
Based on press releases of July 1,
AND EXPENDITURES
1940-March 15, 1941
July 1-Feb. 28
July 1 -Mar. 15
Mar. 1 -Mar. 15
$
Army contracts
c5,233,480,222
131,587,787
5,365,068,009
Navy contracts-a.b
U. S. Maritime Commission:
16,440.592,486
49,246,440
6,489,838,926
33,374,500
3.3,374,500
Emergency ship program
Department of Commerce:
Civil Aeronautics Administration
1,021,000
1,021,000
63,701,307
d266,323,350
22,242,580
46,167,452
Federal Works Agency:
199,317,729
<119,874,909
38,760,252
WPA defense projects.c._
USHA defense housing projectsPublic Buildings Administration
2,367,671
7,407,200
Federal Security Agency:
Defense
Education,
of
Training
Garage Strike in Manhattan and Bronz
was
Meyer,
a
—
404,565,279
11,717,902
416,283,181
119.794,838
12,000,000
131,794,838
crease
Army, total; Navy, contracts of $5,000 and over,
Navy Department has allocated approximately
for armament on naval vessels being constructed in private yards.
In addition, the
$1,000,000,000
This sum will
In "Navy Contracts" as orders are placed for materials.
$265,765,500 for 31 auxiliary vessel contracts awarded, for which break¬
State basis.
Includes $35,354,306 for defense training and records; In addition the NYA has
appear
b Includes
down of sum Is not available on a
c
received
training with
supplementary appropriation of $30,485,375 for defense
a
emphasis
metal and mechanical work experience,
on
d Also includes
$234,432 deducted due to duplication; see Indiana Recapitulation Sheet,
f Deductions of $16,000,000 In Ohio and $96,000 in Connecticut due to
dupli¬
sheets,
reported previously.
See Connecticut,
manufacturers of machine tools.
1 Includes $10,000,000 for unnamed manufacturers of machine tools; excludes
cancellations. (Total as of Jan. 6).
cations; see respective State recapitulation
g Includes $20,600 not
h Includes $35,213,851 for unnamed
Products Co., Detroit, Mich.,
forced
plant, which
The strike at the Midland Steel Products Co. which
Lincoln Motor
the
the
The strike
President.
was
called
on
union leaders then sought new
The successful formula
their representatives on the
Car Co.
of the strike.
at the Ford Motor
March 10, by employees,
of the United Automobile Workers, C. I. O. after
members
deadlock
in negotiations over
piece work operations.
previous reference to the strike appeared in
of March 15, 1941, page 1681.
A
the
of
Cornell
Dublier
Corp.,
our
issue
Strike
at
South Plainfield, N. J.
The
National
Mediation
Defense
obtained
an
agreement for A. F. of L. workers at the Cornell Dublier
Corp., to return to work
on
April 1 pending negotiations
over
This is the first strike that the, Board has
their demands.
arbitration board.
Company River Rough Plant,
Mich., Tied up by C. I. O. Strike
Motor
subject to approval of the President and
the Electrical Workers Union, which
Board officials took for granted, provides: That the Board
guarantees that no rights of the striking employees will be
Workers
Company's River Rouge plant in subur¬
Mich., on April 1 after paralyzing the huge
ban Dearborn,
factory—largest industrial unit in the world—with an eighthour work stoppage on April 1.
In reporting the strike the New York "Herald-Tribune",
of April 2, said:
As workers were filing our of the plant at the end of an eight-hour siege,
a joint statement authorizing a strike at River Rouge was issued by R. J.
to report at
Counsel
of
All workers
are
the Ford office of the union to prepare
told to leave the plant
taken up again with the Mediation Board "for such further
actioo as may be necessary."
The strike called on March 10, affecting 2,200 workers,
of the first four "certified" to the Board for action
by the Secretary of Labor. Board members who acted in the
case were Frank Graham, representing the public; George
Harrison, representing labor, and Cyrus Ching representing
industry.
A previous reference to the strike appeared in our issue of
March 15, 1941, page 1681.
The unionists
hammers, files and
stopping work had carried
forcing other workers off production lines in all
Police
doors in an attempt to
buttons rushed from the "B"
fabricating plant and broke down
a
J.
G.
Brill
Plant
in
Philadelphia,
Pa.
Settled
Fifteen hundred
employees of the J. G. Brill street
car
and
bus building works, who went on strike March 10, returned
to work on April 3 after an agreement reached April 2. Wage
are
provided.
The
company
has
government
contracts, covering the manufacture of artillery mounts.
shop
aim of the strike.
The contract
straight closed shop, but Michael J. Harris,
sub-regional director of the Steel Workers Organizing Com¬
mittee of the Congress of Industrial Organization said*
"We virtually have one."
This resulted, he said, from pro¬
visions that the union could still maintain a picket line to
keep non-union men out of the plant, that all grievances
must be presented to the union, that outside representatives
of the union may organize within the plant, and that new
employees are to be told that the S. W. O. C. is the only
bargaining agency.
The strike was called on March 10, by Local 1263 of the
Steel Workers Organizing Committee (C. I. O.), after inter¬
vention by a U. S. Department of Labor conciliator had
failed to settle the dispute.
was
does not grant a
one
protection, and Chief Brooks
force of 110 men into the plant to
maintain order and
rush aid from the State
Gate 4, main entrance of the Rouge plant,
requested Governor Murray D. Van Wagoner to
Riot squads went to
police.
and attempted to quell the disorders.
In
Washington,
word that
Department Conciliation
the Labor
the Ford Company had agreed to
C. I. O. grievances if its members
Service
received
negotiate settlement
left the plant at once,
Associated Press, and the union said it
of the
according to The
would send a committee to
tell the
to leave.
men
summoned his
legal advisor and State Police Commissioner Oscar
Detroit for a political speech,
Governor Van Wagoner, in
Executive Secretary, his
G. Olander from Lansing to
confer with him on the request.
talk to the union
sit-down.
commission last month
when the union filed notice of intention to strike at the River Rouge and
two other Detroit plants of the Ford Company, which has $154,000,000
Meanwhile he sent
the
drive out other employees.
Ford officials called for all available police
immediately sent
clubs in
major departments.
occurred in the
Brooks of Dearborn said violence
Chief Carl A.
and company
A closed
the idie workers finally were
by the union.
1,100-acre plant when workers wearing union
increases
"The strike is to
plant and
for picket duty Wednes¬
notified to leave the Rouge
building housing final assemblies to the
by their return to work; that the company
negotiations immediately with the union for a
satisfactory agreement on wage scales and other points and
that if no agreement is reached the entire matter will be
resume
at
of all workers in the
Co.," the statement said.
River Rouge plant of the Ford
take effect at once.
Ford organizing campaign.
union has authorized a strike
"The international
will
Strike
union secretary-treasurer,
Young, President of the U. A. W., George Addes,
jeopardized
one
Dearborn,
of Industrial Organizations' United Auto¬
Union called its members out on strike
The Congress
The strike declaration was announced after
The settlement,
was
issue of
day morning."
acted upon.
General
House, 67th Street and
The eight employers'
and Michael F. Widman, head of the
Board
Yester¬
Tuesday.
proposed by Mr. Meyer on
previous reference to the strike appeared in our
March 29, page 2000.
mobile
Settlement
and other
organizations then
met separately and authorized the Metropolitan Garage Board of Trade
to signify their acceptance.
The union and the employers are now to name
Ford
on
was
Third Avenue, and accepted it.
and other concessions to the
union, but failed to grant the union's demand for abolition
of piece work.
Federal mediation figured in the settlement
called
settlement plan put
conferences.
day the union members met at the Central Opera
five-cent hourly wage increase
was
believed to have been settled
Jack Pollard, manager of the union,
leaders.
gets auto parts from Midland, and had threatened to close
others was ended on March 28. The settlement called for a
The strike
March 25, and was
March 27 until the local's membership repudiated a
A
Settled
of
Lynch is
eight neighborhood garage owners' associations,
before it by its
e
shutdown
left to the board.
was
operated by mem¬
which are comprices in the Metropolitan Garage Board of Trade.
About 90% of the
struck garages are thus involved in the agreement, but it was believed that
the independent owners would follow those in the board, of which Arthur
bers of the
on
$3,304,314, projects not previously reported,
Strike at Midland Steel
the union,
Whether the in¬
increase to the strikers by April 15.
will be retroactive
Technically, the agreement applies only to the garages
Coverage:
a
which will comprise Mr.
representative of the owners and a representative of
Reconstruction Finance Corp.l.
Corporation.h
garage
stipulated that the arbitration board,
must award a wage
Defense Plant
Settled
employees in Manhattan
and the Bronx, New York City, was settled on April 2 and
the men returned for the late shifts on April 2.
The settlement between Local 272, Garage Washers and
Polishers Union, A. F. of L. affiliate, and the Metropolitan
Garage Board of Trade, representing the owners, was based
on a proposal by Max Meyer, a member of the State Board of
Mediation.
Under the proposal, a three-man arbitration
board will be established to take up the union's demand for
a 20% wage increase for all workers, a reduction of the work
week from 54 to 42 hours, and one week's vacation with pay.
In reporting the strike the New York "Herald Tribune" of
April 3 said:
It
39,203,954
39,203,954
-
-
Federal Loan Agency:
a
of March 15, 1941, page 1682.
The nine-day strike of
NATIONAL SUMMARY OF DEFENSE CONTRACTS
Office
previous reference to the strike appeared in our issue
A
expenditures in the period July 1, 1940 to
March 15 of all agencies and departments
last
April 5, 1941
Governor
a
special mediation commission to
representatives in an effort to halt the
Van
Wagoner appointed the special
orders.
worth of national defense
affected by the sit-down
discharged four union
Chairmen in the "B" building, pressed steel, rolling mill and
A union spokesman said
20,000 workers were
the company allegedly
which started late today after
organizing
rubber buildings.
(A company spokesman said that
in the
The
"only 7,000 to 8,000 men are
stoppage," The Associated Press
strike
started
as
the
through the plant's steel-making units, and by
except the motor building, new
involved
reported.)
night shift began
work and spread rapidly
10 p. m. all departments
tool and die shop and foundry, were affected.
of the U. A. W. Ford organizing drive,
Michael F. Widman jr., director
the temporary grievance
in co-operation with the State
and had singled out the chosen spokes¬
charged that the company had "decided to scrap
machinery which had functioned for weeks
Labor Mediation Board
men
of the Rouge
.
.
.
workers."
Mr. Widman said the cessation of operations was
ous
and deliberate" efforts
the result of "continu¬
by the company "to bring a
U. A. W.-C. I. O. before the issue could be
election under th8 National Labor
He said the spark that touched
Ford—one of the last major
showdown with the
decided by a peaceful employee
Relations Board."
off the smoldering fued between
Henry
manufacturers employing unorganized labor—
and the union was the discharge of
the four U. A. W. organizing chairmen.
Volume
The Commercial & Financial Chronicle
152
He insisted that the work stoppage was not a sit-down
strike, stating
that "neither the Rouge workers nor/the U. A. W.-C. I. O. has declared
a
is
intention
no
the plant should
on
the part of the
strike be forced
a
Mr. Widman said.
others
to our
Ford Motor
Co.,"
these prohibitions.
Anti-trust law violation penalties would be raised to $50,000.
request that plant chairman and
arbitrarily discharged today be reinstated.
We have conveyed that
Noting that
request to members of the Governor's special mediation board,
who are
understand, conferring with the company."
Union members, acting in groups, allegedly
attempted to stop production
in the new tool and die shop by
breaking windows and turning off machines.
agreement
now, we
Isador
work/"
/;•" /
■;/'/
without
a
workers.
specific court order for removal
; /
v
:7';'
of world than that which we have known in the
State
"We do not
.//7/•'
against
or
Co.,
a
Likewise, such
the
rambling factory grounds all
delivery trucks bringing supplies to the factory.
outside the gates
sance cats
was a
which
were
closed,
Four
members
of
the
12-man
world at
a
shutting off
for interstate
Among the trucks waiting
peace
will experience "
congressional-executive
against the Committee's recommendation for
a
voted
group
system of Federal licenses
corporations.
transport bearing 16 bodies for the tiny reconnais¬
The majority, however, contended that "in the absence of legislation of
of the Ford Co.'s $154,000,000 worth of defense
this kind, it will be quite impossible to escape the continued multiplication
are part
of Government boards and commissions."
Most of the Ford Co.'s defense contracts are for airplane
engines to be
produced in
building that is
a
the River Rouge group.
a
official body to make plans for meeting "the
an
extraordinary economic changes which
orders.
is
will not be adequate to meet the problems of
program
They asked creation of
an
to
a
tomorrow."
A decision either for
employee election at the plant and the Lincoln Motor Oar
subsidiary in the Ford group, is now pending with the N. L. R. B.
Gates
past."
"that the program which this report
believe," they said,
present would, in itself, have prevented the great depression of the thirties.
Minor work stoppages have occurred frequently at the River
Rouge
plant in the last few weeks, but company concessions—rehiring of discharged
workers—had alleviated strike threats by the union.
separate statement in which they said the Com¬
a
"should go further and take into account the/ fact that,
after this war, the economic world of tomorrow will be a very different kind
of the
•
members of the Committee were not in
all parts of the report, the Associated Press said:
Lubin, Commissioner of Labor Statistics and Leon Henderson
mittee's report
•/■■■.
Governor Van Wagoner said he doubted whether he could send
police into the plant
on
of the SEC submitted
Some operators, however,
reportedly switched the machines back on and
resumed
agency
appropriate Federal agency.
"The situation tonight is simply this: we are awaiting
reply from the Ford Motor Co.
holding company acquisitions prohibited/with exceptions
Use of advance administrative rulings in mergers may be used.
Corpora¬
tions under jurisdiction of CAA, FCC and ICO would be
exempted from
Rouge workers to remain in
them by the
on
2173
of pure investments, to be determined by an
appropriate Federal
of pure investments, to be determined by an
sit-down strike, nor in fact has any strike of
any kind been ordered."
14'There
a
restricted and
day-shift job in
now
being completed.
Production
one
"Free independent enterprise," the report asserted, "will continue to be
condemned to wage an unequal battle
The building is in
progress
the pygmy trucks for the Army
on
with concentrated
discretionary Government tribunals to protect the
of the struck departments.
Police headquarters said the force of 110 entered the
plant and reported
back that there was "no trouble."
777"'77-'
power,
and the
of concentration will make inevitable the development of
keep business
centrated
organizations within bounds
or
accept
more
We must either
masses.
form of
some
con¬
//7 7,7
government."
Senator White (R., Maine), who reserved the right to individual recom*-
mendations later, told the chamber that his action did not indicate hostility
Legislation to Lessen Concentration of Economic Power
Urged in Final Report of Temporary National
Economic
Committee—Other
Committee
to the
Recommendations-
Against Federal Regulation
of
Committee's recommendations.
late in its existence and was not
Insur¬
In the
The
According to the final report of the Temporary National
which
in the
main
is
directed
toward
The Committee warned that
was
concluded.
Asserting that there
7„.; /■ 7:7 >7
for
a
as
Noting the
local
trade
way
of contribution
ment unless we are
New York State
Commerce
enterprise rather than to supercede it.
is to take those
.
,
and stimulate free
,
A national charter law for corporations under which standards of opera¬
Four members opposed
the proposal as meaningless.
Legislation
outlawing
pricing system.
the
basing-point
and
other
variations
of that
This would hit steel, lumber, automobile parts, building
compulsory licenses
and
unrestricted
licenses
and the
prices of the products of the patent.
agreements would have to
.
A limitation
a
which
a
on
life of
a
Associated
Press accounts
leader, Senator Alben W. Barkley, of Kentucky,
came
at the close of
in any
Appli¬
project since the time
seven years ago
ratify the project, presented then
today's session.
as a
treaty,
The measure was not before the Senate
form; Senator Bridges merely rose to make remarks on the subject.
The text of the agreement was transmitted to Congress by
President Roosevelt on March 21, and reference thereto was
Suggestions for
issue of
Amendment to Section 7 of the Clayton law is proposed which would
a week ago, page 1831, wherein we
of the pact; a further item in the matter
appears elsewhere in our columns today.
The New England Shippers Advisory Board unanimously
adopted a resolution on March 26 opposing the project be¬
cause it "cannot properly be considered a defense measure,
as the power and transport added
.
.
.
could not con¬
ceivably be available for at least four years." According to
Mergers would be
the Associated Press the resolution declared that "the money.
bolstering State regulation
enforce
their
own
bankruptcy laws
cases
was
were
insurance
in
approved.
laws
insurance
was
recommended.
liquidation
company
made in
Federal statute to help States
Use
and reorganization
recommended.
mended.
v,--':
Law requiring registration of all trade
engaged in interstate
commerce was
urged.
prohibit corporate asset acquisitions by competitors.
,
associations whose members are
our
noted the signing
of national
Repeal of the Miller-Tydings resale price maintenance law was recom¬
►
States."
that day, indicating this, also said:
The first Senate discussion of the
SEC Commissioner Pike
the report.
on
when the Chamber refused to
patent in a foreign country would be restricted.
outlined his rejected program of regulation in
the United
Washington
when it comes before Congress.
The patent transfers and
patent for 20 years would be fixed •
on
told reporters that he expected there would be "opposition" to the measure
A single patent appeal court would be estab¬
Federal regulation of insurance was rejected.
Record
Lawrence Waterway ProjectProposal—Opposition by Some
Department Report Notes Advantages
The Senate Democratic
would
licensee
Limitation would be placed on
be recorded.
violations of prohibitions.
cation for
patents
Owners would be subject to forfeiture of patents for
infringement suits.
lished
on
from
This would include
manufactured by
prevent owners fixing amounts which may be
7./
on
as
vasion of
supplies, farm equipment, coal and a great number of other industries.
Legislation to break so-called patent monopolies.
v'77^.7r/: ■vy-//;
Assembly on March 26, by a vote of
passed a bill designed to hamper the St. Lawrence
project by prohibiting the State Power Authority from acting
on navigation matters and limiting its jurisdiction solely to
development of hydro-electric power.
Following the signing at Ottawa on March 19 of the agree¬
ment between the United States and Canada providing for
the development of the Great Lakes-St. Lawrence River
seaway and power project divergent views have been ex¬
pressed as to the advisability of the undertaking.
On March
20 Senator Styles Bridges (Republican), of New Hampshire,
was reported as saying that the agreement, which is subject
to Congressional approval, was "worthless" to national deifense and instead would open a "broad highway for the in¬
Major recommendations in the report, as summarized in a
Washington account to the "Wall Street Journal" of April 1,
include: ;
v /;v-: 7
y] \' •:7; 777<>77//'^7
'-V.
tion would be fixed by the Federal Government
TNEC
80 to 68,
In other words, democracy's task
,7 7/7
before the
electric power.
The New York State
precautions which will keep both Government and business
democratic."
came
seeking to place the New York State Legislature on
opposing the St. Lawrence seaway and power
project was defeated by the Senate on April 2.7 The Assembly
had previously (March 26) approved a bill designed to
hamper the St. Lawrence project by prohibiting the State
Power Authority from acting on navigation matters and
limiting its jurisdiction solely to development of hydro¬
in private hands,"
.
on
"uneconomic
A bill
"has been accompanied by the steady concentration of
Washington.
State and
St.
Various Views
state," the Committee said.
be to foster
of restraining
Legislature Refuses to Go
Opposing
as
Government expenditures, whether
"The objective of Government should
means
studies which
^
remedy and asked instead
political power in the Government established at
of socialism."
Committee proposed establishing a group
--
willing to invite eventually some form of the authoritarian
the report added,
our own
the protoytpes
Coordinated Government purchasing, especially during
A reference to the
be accentuated after the
"The concentration of economic power and wealth
are
during its inquiry was made in these columns March 15,
page 1683; also on page 1685 we noted a suggestion by
Chairman O'Mahoney for National Charters for National
business.
7/77,
loan, to sustain enterprise and private employ¬
or
by
our own country,
the present defense period, also was urged.
program which would stimulate private enterprise and investment of
"We cannot continue to rely upon
the
relationships to devise
barriers to trade."
private capital.
by
Senate,
$1,000,-
"serious impairment of interstate trade due to
barriers,"
Federal-State
record
a
"already in
"the Tennessee Valley Authority is not without some aspects
■7:"-7
rejected continued Government spending
the
over
The Bituminous Coal Act, said the report, "has set up an order in that
"no panacea" for this problem/ the Committee
was
members from
industry which is not without resemblance to the Fascist order," while
Discussing long-range problems of business booms and depressions, the
defense effort
stated:
of those developed by the so-called alien philosophies of Europe."
program
monopolistic practices.
The Committee, generally known
as the
"Monopoly Committee," is headed by Senator Joseph
C. O'Mahoney, and is composed of members of
Congress
and officials of administrative agencies.
It was pointed out in Associated Press advices from Wash¬
ington on March 31 that the Committee, in its specific legis¬
lative recommendations, excluded proposals by Sumner T.
Pike, Commissioner of the Securities and Exchange Com¬
mission, for Federal registration and examination of life
insurance companies, but did adopt several other recom¬
mendations by Mr. Pike for Federal insurance laws, in¬
cluding application of the Federal bankruptcy law to life
insurance companies.
From the Associated Press we also
quote:
'V1/:
'7777 r' '■/
Committee forecast that these problems would
was
regular
legislation, there have been erected organizations which
curtailment of
the
13
000 since its inception in July, 1938, has taken some 20,000 pages of direct
decentralization" to halt such concentration is recommended
legislative
consisting of
testimony and listened to 552 witnesses.
dermining the foundations of both free enterprises and free
Government in the United States.
A policy of "permanent
a
Committee,
House, and various administrative agencies, has spent slightly
Economic Committee presented to Congress on March 31,
the "concentration of economic and political power," is "un¬
which proposes
fully familiar with the inquiry.
"Washington Post" it
ance
by the Committee,
He said he had not concurred in
the report because he had become a member of the Committee relatively
The Commercial & Financial Chronicle
2174
material,
and machinery that would be required
conserved for
in the essential national defense program."
man power
for the consummation of the plan should be
direct
use
A resolution introduced in the Vermont Senate on March 26
by Senator Ernest A. Spear asserted among other things that
the project would be "ruinous to Atlantic Coast railroads
and seaports, would deluge the Great Lakes area with cheap
products of foreign countries."
Among organizations opposing the project are the United
States Chamber of Commerce, New York State Chamber of
Commerce, Boston Chamber of Commerce, Merchants As¬
sociation of New York, New York' State Waterway As¬
sociation and
Transportation Association of America.
At
midwinter meeting in Miami, Fla., the Executive
its recent
Council of the American Federation of Labor also indicated
its
opposition to the project (see March 8 issue, page 1524).
The Transportation Association of America on March 16
criticized the plan as being unsound economically and not
needed, it was indicated in Chicago advices of that date to
the New York "Times".
The dispatch further said:
The association, which represents shippers, farmers,
interested in transportation, declared that the project would cost
groups
more
businesses and other
$1,000,(XX),000, most of which would be added to the already
than
staggering burdens of the American taxpayers.
Donaid D. Conn is executive Vice-President,
The association, of which
listed
as
project the following:
its principal reasons for opposition to the
1.
It cannot be justified from the standpoint of national
2.
It involves
time when they are already burdened
defense
at a
the ruling made it plain,
not relieved of the
however, that persons in the service
responsibility for filing returns by
April 15 if their 1940 income or capital gains were sufficient
to bring them within range of the State income tax law re¬
quirements.
Returns are required of single persons who had
net income and net capital gain of $1,000 or more last year,
and married couples who had aggregate net income and net
capital gain of $2,500 or more.
are
Commissioner Graves further stated:
be guided
by provisions of the Federal Soldiers'
and Sailors' Civil Relief Act of 1940 in the treatment of
of persons in the military or
the
military or naval service
"for a period extending not more than six
months after the termination of his
son's ability to pay such tax is
period of military service, if such per¬
materially impaired by reason of such
April 15, 1941, is not eliminated by
State income tax return for 1940 by
the
Act.
Therefore,
persons
in the service
who would normally be re¬
quired to file New York State income tax returns should do so.
a request
If a person
his return should be accompanied
in the service wishes to defer payment,
by
service."
however, that the obligation and liability for filing
It should be noted,
a
income tax liability
naval service of the United States.
for an extension of time for payment by a taxpayer in
This Act provides
for deferment and a statement of the reasons why his income is
impaired.
Commissioner Graves also pointed out that failure to be
supplied a return by mail did not relieve from the obligation
by filing by the due date.
"Any person may secure the
necessary blanks by writing to the Department of Taxation
and Finance at Albany," he explained.
with billions expended for arms and
expensive for the develpoment of electric
Sir Gerald
Campbell, British Minister to United States,
Lend-Lease Bill as Important Factor in
Triumph by Great Britain—Warns of Dangers
Foresees
power.
surplus and non-self-supporting transportation.
4.
It would provide only
5.
The river is only navigable from May to November.
6.
Only 5% of the ships which could use the proposed waterway would be
Ahead But Tells New York Chamber of Commerce
8. It would not benefit the American farmer.
The Federal Government contends that the construction
is
standpoint; this
a
Win
If
It
Does
Weaken—Re¬
Not
marks of President Johnston
It would be injurious to labor.
of the project
Will
England
American owned.
7.
will
The Commission
measures.
It is unnecessary and unduly
3
defense
and debatable outlay for the taxpayers to meet
a vast
April 5, 1941
Commissioner Mark Graves in announcing
March 29.
on
matter of "vital necessity" from a
defense
by President Roosevelt in
King of Canada (given in
our issue
of March 22, page 1831).
This viewpoint was
further stressed on March 22 by A. A. Berle Jr., Assistant
Secretary of State, in a radio broadcast.
Mr. Berle, who
was one of the signers of the latest agreement, was reported
was emphasized
his recent note to Prime Minister
Sir Gerald Campbell, British Minister to the United
States, speaking at the monthly meeting of the New York
State Chamber of Commerce, held on April 3, declared that
the enactment of the Lend-Lease bill "through which the
vast resources of the democracies can be merged into one
undivided effort" would prove a very important factor in the
ultimate triumph of Great Britain in the war.
Warnings
that
there
"appalling dangers ahead," and "disasters
overtake us," Sir Gerald exclaimed that in
spite of this "I know that in the end we shall triumph if we
are
which will yet
do not weaken."
Housing for Defense Workers Is Urgently
Needed Now, Says H. D. Gibson—Head of Manu¬
facturers Trust Co. Urges Repair and Moderniza¬
Adequate
tion
of
Existing Structures
as
Well
New Con¬
as
struction
One of the great needs of the present moment is that of
providing adequate housing for workers in defense indus¬
tries, Ilarvey D. Gibson, President of the Manufacturers
Trust Co., New York City, stated on March 31.
He said
that an important part in meeting this need can and should
be played by repair and modernization of existing residential
property as well as new construction.
The stepping up of
industrial production brought about by the defense program,
Mr. Gibson added, has thrown a heavy burden upon the
housing facilities of many of our cities and other communi¬
ties.
Although the building industry, by the use of private
funds and under direct Government contracts, is providing
thousands of
new
In
introducing the British Minister, Percy H. Johnston,
freedom for which
England is fighting is also the American idea of freedom and
that the threat of "barbaric forces bent on destroying
Christianity and democracy throughout the world" had
brought the two great English-speaking nations closer to¬
gether.
Mr. Johnston stated:
President of the Chamber, said that the
In the world
asset
an
are
in
a
approximately 57,000,000 dwelling units,
according to the preliminary figures developed in the 1940 housing
and this
be
investment, running into
protected
purpose
and
will
we
Millions
the
of
Federal
done its
pay
share in
to
but
This should be
fall
have
been
values.
practical
time
serve
a
census,
and should
can
useful
more
If these dwellings
emergency.
are
it will result in waste for
on.
lent
for
Administration's
welfare
same
into disrepair,
this lending, and
the
property
the home
or
dearly later
dollars
Housing
contribution
protect
the
at
during this period of national
permitted to deteriorate
which
billions of dollars,
many
and
conserved,
of the
modernization
insured
loan
under
plan.
Title
Our
I
bank
of
has
in doing so I feel we have made a real
country, for these loans have served to
America,
as
a
for the beginning of
York
New
Chamber
State to
nance
of the
on
an
use
is
Nation,
to
sentimental
about protecting its dollars and cents
about
investment.
encouraged.
of credit for all of this rehabilitation and mainte¬
absolutely
necessary,
Mr. Gibson declared, for
many
cannot afford the cost of the necessary work
all-cash basis.
He predicted that full cooperation
owners
between
financial interests,
the building industry and the
Federal Housing Administration would continue to provide
home owners and dwellers with this practical method of pro¬
tecting their investment, amounting to billions of dollars,
apd thus adding to the Nation's future security.
Commission
to
Allow Persons in
the
military or naval service of the United
States, whose ability to pay has been "materially impaired"
by reason of such service, will have up to six months follow¬
ing the conclusion of their service in which to pay New York
State personal income taxes, the State Tax Commission ruled
of
Commerce
Recommends
Program to
Aid National Defense—
Also
Urges Legislation by New York
Control Jurisdictional Strikes and Cross
The Chamber of Commerce of the State of New York, at
monthly meeting held on April 3, unanimously adopted
for National Defense which will be sent to
President Roosevelt and members of Congress. The report,
prepared by the Committee on Taxation, was presented by
Chairman W. J. Schieffelin Jr., who said the time had
arrived "for Congress to impose entirely new taxes never
heretofore levied by the Federal Government." The people
were ready to make
the sacrifices required, he added, as
soon as they saw effective action to cut non-essential Federal
expenditures "to the bone."
In an announcement issued on April 4, the Chamber had
the following to say regarding the recommended tax program:
tax program
a
The tax program
on
on
as
adopted by the Chamber recommended that
individual income taxes
ex¬
be decreased; that the normal tax
4% to 6%; that the
individual incomes be increased from the present
capital stock tax and the related declared value excess profits tax on cor¬
porations be abolished; and the present normal rate on net incomes of
corporations be increased from 24% to not over 30%.
In
addition
tax to be
sales
or
a
to
the
above, the program recommended an entirely new
paid by everybody and suggested either a
defense tax collected at the source on
all
Federal tax
gross
recommendations
were
that
retail
$3,000,000,000
additional in the next fiscal year when the amount produced was
the increased return from income taxes,
on
incomes paid to
The rate should be sufficiently high to produce
individuals.
added to
the program said.
all
unessential
non-defense
ex¬
penditures should be deferred and public works projects held in abeyance
as
Military and Naval Service Six Months' Extension
Paying 1940 Income Taxes—Returns, However,
Must be Filed by April 15
for
Persons in
and better era in the history of the world.
Picketing
Further
New York State Tax
a new
Chamber
State
Tax
New
emptions
The
Though the ocean still divides our country and
bound together in the present crisis as one people in
its
Mr. Gibson added:
States
are
community of ideals, institutions and purposes which well may pave the
way
homes throughout the country each month,
the United
they
your country,
still far exceeds those avail¬
able.
The supply of decent, habitable homes can be greatly
increased by the rehabilitation and modernization of existThere
beyond price and I know that the United States and Great Britain
always will hold it sacred.
he points out that the demand
ing structures.
live in today, with two opposed theories of government
we
engaged in a titanic struggle, true friendship between nations has become
a
backlog to heip stabilize employment and business in the post-war
period;
that
defense
expenditures should be closely
•'necessary waste through haste" to a
supervised to keep
minimum; and that necessary bor¬
rowing should be designed as "to be subscribed to as far as possible by
millions of individuals out of current earnings."
The Chamber, condemning jurisdictional strikes and cross
picketing in labor disputes, urged at its meeting the enact¬
ment of legislation in New York State for their control.
It
recommended that such legislation should provide that unions
Volume
The Commercial & Financial Chronicle
152
2175
must settle
Mr. Marquardt, who is
out
Bank, Chicago, 111., asserted:
jurisdictional disputes between themselves with¬
involving employers ana failing to do so must submit
questions at issue to the State labor Department whose
the
decision would be final and
binding.
New
Forming New Section for
Securities, Commodities and
The trend of savings in
of demand deposits
normal
York
Board
of
Trade
Concerted Action
on
Banking Problems
The New York Board of Trade announced
April 3 that
its board of directors have approved a proposal for the for¬
mation of a new organization to be known as the Securities,
Commodities, Banking and Allied Trades Section of the
Board of Trade.
Approval of the proposal was given by
the directors after a petition, signed by various business
executives, was presented to them at a meeting held at the
Hotel Vanderbilt in New York City, April 1.
According to
Marshall Pask, partner of Mackay & Co., who has been
active in seeking to bring about the formation of the section;
the purpose of the new organization is as follows:
To
bring about
security,
concerted effort
a
on
the part of those engaged in the
on
commodity and banking businesses; to enlist and to merit an
understanding by the public of the problems and the needs of business and
vital part of our national economy; and to further a
commerce as a
the
are
engaged in it, but he points out the necessity of new ob¬
jectives and modern methods.
In welcoming the new sec¬
tion, Arthur Snyder, President of the Board of Trade,
pointed out that the volume on the securities exchanges has
dropped 50% from the low mark of two years ago and that
prices are down alarmingly.
He stated that real estate
equities
downtown
the
are
area
wiped out and
The current rental returns
have decreased until
many
mortgages are endangered.
many
from one-third to one-half of
are
normal average, he said, adding that general business in the
area is at the lowest ebb in a generation.
In
February, speaking before
group
a
of security
men,
Mr. Pask expressed it as his belief that the Board of
Trade
could be of incalcuable service in the work of restoring
public confidence through the formation of a securities,
banking and commodity division. An item bearing on this
appeared in our issue of Feb. 22, page 1221.
transportation, and merchandising.
Until recent months
borrowing by those interests.
Previously, the
demand
Than
Billion Nickels Coined by United
Since 1866, According to Nellie Tayloe
Director of Mint — 453,314,458 Jefferson
Twp
States Mint
Ross,
Nickels
Coined
Since
October,
1938
coined by the
United States Mint since 1866, Nellie Tayloe Ross, Director
of the Mint, pointed out on March 25 in conjunction with
of National Coin Week and the celebration
the observation
of
the
nickel.
Commenting on the new Jefferson nickel, Mrs. Ross observed
that the mints had struck off a total of 453,314,458 of these
coins since Oct. 1, 1938.
The Director added that the new
design has proven popular.
She added that production of
this same design has continued steadily and rapidly since
it was first adopted.
Recounting the history of this coin,
it was noted that Congress authorized the production of
five-cent nickel pieces on May 16, 1866, and coinage com¬
menced
almost
immediately.
The announcement
made
seventy-fifth
anniversary
decried
limits
or
bank.
savings
available by the Treasury
Department also had the follow¬
ing to say:
1
The
i
nickel
first
circle
of
13
years
of
this
struck
coin's
off.^■■
slight
the
June
1866
of
"6"
numeral
production
total of
a
;•>■ ■■>.'';V;■:/; ■";v-V';
first Liberty nickel
was
on
the obverse and
modifications,
in
was
"V"
a
for
use
on
30
and
shield
a
the
on
During
such
:■
This
and
the
coins
a
17
were
'I '■■■'
coin
had
was
struck
off
602,-
083,717 times.
The
the
1913
year
During
In
Nov.
Postal
Director
Engraver
coined
the
first
Jefferson
March
16,
1941,
was
B.
Longacre
with
The total
2,396,356,412.
pointed out that the shield type nickel
J.
nickel, and
12,700,000 were released to the public.
minted to
Roes
Mint
the assistance
employees, William Barber and William H. Key.
of
two
designed by
other
was
designed by C. E'. Barber.
J. E. Fraser was the designer of the buffalo
nickel.
Felix Schlag was the winner of a nation-wide competition for the
design of the Jefferson nickel.
In
conjunction with the American Numismatic Association's designation
of the
week
present
March 23-29
popularity
public when
a
of
as
the
National Coin Week,
nickel
with
nickel five-cent piece
was
the
Mrs. Ross contrasted the
disapproving
attitude
of
the
considered by Congress in 1866.
Government Competition, Low Interest, and
Limitation
of
Deposits Cited by Roy R. Marquardt as Principal
Difficulties Facing Savings Banks—Addresses Re¬
gional Conference of A. B. A. at Louisville—Other
Speakers
Government
Association,
in
competition,
on deposits
an
address before the Regional Conference
of the Association at Louisville
the
on
March 21.
Speaking
on
subject, "Savings Bank Service—Today and Tomorrow,"
baby bonds
sale of
rates
directly
are
guaranteed by an instrumentality.
people
banks
from
get
the
of
type
v
Yet savings
that
service
-1
Deposits come from the public, but one of the major problems of man¬
In times like the present, when competition
understanding of his problem.
various financial agencies is so keen, the necessity of building better
customer relations becomes increasingly important.
...
among
efforts have been made to train employees
banks where conscientious
In
constructive
marked
customer
relations,
possible to obtain
it has been
very
a
I mean having discussion
meetings at periodic intervals, where the employees may feel free to talk
about problems that arise during their daily work.
Careful selection should
bo
degree
of
By training,
cooperation.
of employees who are designated to contact the public, as to
physical appearance, neatness, personality, and education.
future service—tomorrow's service—of the savings business to banks
made
pleasing
The
depends
can
and
ment
adequate
plague
bring it within our doors by fair treat¬
we can
We
attention.
and
into
strange
The choice is
us.
decline
The
it,
encourage
territory
strange
return to
We can cultivate the savings busi¬
the bankers themselves.
upon
we
ness,
in
the
rebuff
can
it,
can
we
whence
institutions
its
it into
will
send
service
ours.
■
(
increased
cost to banks of the services they perform, and the possi¬
bility of increasing changes in personnel make it necessary
for bank executives to control the operating routine of their
institutions through effective organization, it was asserted
on
March 21 by Ernest S. Woolley, bank consultant and
analyst, New York City, in an address before the Regional
Conference.
Speaking on the subject, "Increased Income
Through Effective Organization of Men and Machines," Mr.
Woolley declared:
earn
earning
of
power
money,
their doors every morning in the anticipation that they will
expenses.
Without detracting from the
income over and above all
an
nevertheless, not
In fact,
makes it more
important for the banks to be profitable than for any other single type
of business.
In the last analysis, it is upon the strength of the banks
that the financial security of all business rests.
If banks close, all business
soon
becomes stagnant.
They must be able to build up reserves that are
public
service
aspect
banks
of
in
any
they
way,
are,
eleemosynary associations but are chartered business institutions.
this
is
very
public
service
feature
banking
of
which
essential to financial strength.
income available
Net
if expenses
income
effective
To
for
controlled and
expenses are
reserves
no
organization of
men
is
obtainable only to the extent that
further.
It is of
value to increase gross
no
Expenses are best controlled through the
overtake it.
organize means to
special function
and machines.
•
In many cases
and
It is the latter
overlooked by banks.
they have improved the operating methods of
another without synchronizing the work of the
Banks
O .S
"arrange in interdependent parts each having a
relation with respect to the whole."
or
part of this definition which has so frequently been
bank
one
as a
department
whole.
urged to broaden the types of services they
were
offer the public by Harry A. Bryant, President of the
Par¬
Kan., in addressing the
Conference on March 21.
Mr. Bryant urged the increase
of banking services on the ground that greater earnings
could result from such a step, and of equal significance,
that increased services are the best means of preserving the
chartered banking system.
In his remarks he said :
Commercial
sons
than
Other
Bank,
increasing
our
Parsons,
earnings from
a
dollar and cents standpoint,
equally important is the job of selling chartered banking and the service
Too many people have been forced
it renders to the communities it serves.
away,
or
have drifted away from the banks, and unless we do something
about
it,
they
I
believe
that
is
the
American
are
we
can
going to stay
do
this
job,
away.
once
we
aroused to the necessity of
are
We can broaden our services to increase our earnings, because
logical and necessary thing to do.
We can also re-sell the
system of banking to the public to the end that they will never
that
system
to
be replaced by
be.
kind
other
system,
no
advocated at the Conference
on
any
of
a
matter what the emergency may
Study and research
March 21
were
the practical solution to the problems
confront¬
ing country banks by four farm credit experts who partici¬
pated in a panel discussion of agricultural credit held as a
feature of the Conference.
The four experts who took part
in the discussion were:
A. G. Brown, Deputy Manager of
the Association in charge of its Agricultural Credit Depart¬
ment; William A. Collings, President of the First National
Bank of Crawfordsville, Ind.; Frank P. Spruill, President
of the Peoples Bank & Trust Co., Rocky Mount, N. C., and
John E. Wise, President of the Willard United Bank, Willard, Ohio.
Reference to the remarks of Mr. Wise and Mr.
Collings was made in our issue of a week ago, page 1851,
in an earlier item bearing on the Conference.
In his address
The
farming business is the largest from
number
volume
this
of
as
Brown declared:
Mr.
necessarily low interest rates,
were cited as the principal diffi¬
culties confronting savings banks by Roy R. Marquardt,
President of the Savings Division of the American Bankers
and limitations
Interest
agement lies in making each customer feel that the bank has a sympathetic
Mint
The Liberty nickel
the
and
'
they want.
permit
was
savings
are
because
and
account
doing it.
•
States
United
15 of that year
of all nickels
Mint
•■'•■■Y;,:,
the
1938
Their acceptance
accepted.
amount
deposits in banks have increased because of the convenience of a savings
ensuing 25 years a total of 1,212,916,248 of these coins was produced
by the mints.
on
the production of the first buffalo nickel.
saw
the
on
operated by the Federal Government, while accounts with Federal Savings
a
This design, with
reverse.
years,
the
as
the obverse and
128,041,989
the
known
was
on
reverse.
■'
*:
produced.
-V.■
the
liberty head
in
The design consisted of
and
stars
1883
In
minted
was
shield type nickel.
,
placed
are
Few lines of business have more competition than the
necessarily low.
and Loan Associations
American
the
of
increased borrowing
Savings in some cases seem to have fallen on evil days.
is
are
it
More than 2,000,000,000 nickels have been
deposits came only slightly from
The greater factors in connection with demand deposits were
Banks open
More
a
gold imports and financing by the Federal Government.
in
Mr. Pask believes that the only people who can save
financial business of the United States are the men who
The Cause is not
normally out of loans to trade,
grow
extensive
no
in
by business.
closer
cooperation between business and public officials.
values in
was
increase
in the past two and a half years.
Demand deposits
condition.
manufacturing,
there
Its growth
banks continues upward, but slightly.
disadvantage when compared with the bounding gains
to greater
appears
Vice-President of the First National
of
people who constitute the
of income—than any other
Conference.
farmers
point,
is
The challenge
banking is
standpoint—that is, the
of those who would
constantly growing, and
if chartered
every
farming population
to
and the dollar
business in the territory represented by
so
from
continue
a
serve
the credit needs
practical business stand¬
to serve
the
credit needs of
farmers, we must go forward with a positive program of improved methods-
The Commercial & Financial Chronicle
2176
It
is
the four speakers agreed, that country
This, they said, requires the
essential,
bankers "know their banks."
which
of
standards
of
banker
individual
the
check
can
his
Conference.
Income per Capita Was Highest Last Year in District
of Columbia, Connecticut and New York, Accord¬
ing to Conference Board Study—New York's Share
Greater Than any
Columbia, which is credited with the incomes of
Conservative
Investment
Factor in
Vital
Instrument
an
of
—Return to
Columbia, Connecticut, New York, Dela¬
order named, received the largest
per capita incomes in 1940,
with averages ranging from
$1,179 to $771, according to a study of national income by
States and regions made by the Division of Industrial Eco¬
nomics of the Conference Board, issued April 1.
Only the
three Southern
and
Columbia
States—Virginia,
Louisiana—exceeded
and
Carolina
their
1929
per
capita incomes last year.
Four other States—Indiana, Min¬
nesota, North Carolina and Georgia—almost equaled their
1929 averages, says the Board, which states that per capita
incomes for the four leading States are shown to have been
Connecticut, $818; New York, $816; Delaware, $780, and
Nevada, $771.
Fifteen other States enjoyed x>er capita in¬
comes above the average for the country as a whole, which
amounted to $546.
These were Massachusetts, California.
New Jersey, Illinois, Rhode Island, Wyoming, Ohio, Michi¬
gan, Washington, Maryland, Pennsylvania, Oregon, Wiscon¬
sin, Montana and Minnesota. Mississippi received the small¬
est per capita income, amounting to $198, as compared with
$129 in 1933 and $269 in 1929.
Arkansas's per capita was
next to lowest at $248, against $296 in 1929.
The Board's
announcement regarding the study further said:
The top four States and the District of Columbia received widely
varying
total income, from 0.1%
proportions of the
Delaware to 15.3% for New
1.1 %, and Connecticut's
York.
Nevada and 0.3%
for
The District of Columbia's share
was
for
1.9%.
Jersey, and Pennsylvania
regional basis, their incomes last
year
averaging $717
The Pacific States of Washington, Oregon, and California
person.
with
next,
on a
a
funds
has
been
States, which had an average income of $659 per capita.
were
Only
one other
region, the East North Central (comprising Ohio, Indiana, Illinois, Michigan
and Wisconsin) had a per capita above the $546 level for the
country.
Its
income amounted to $611 per person.
and
a
the
defense
State, and in 1940 it amounted to $11,000,000,000 of
the country's total real income of $72,000,000,000.
The States next in
Pennsylvania, which received about $5,900,000,000,
are
the total;
000,000
or
8.2%, of
or
Illinois, with $5,300,000,000 or 7.4%; California, with $5,100,7.0%, and Ohio, with $4,200,000,000, or 5.8%.
The States receiving the
smallest amounts
were
having
The
amounted to
Nevada, with $85,000,000;
the South Atlantic region,
were
Pacific
with
region,
region
with
9.4%;
or
braska, and Kansas), with $6,300,000,000,
7.7%.
or
South
Central,
East
Central,
South
its
share
country's
total.
most,
of the
$16,300,000,000,
North
States, with $5,600,000,000,
the
with $7,400,000,000,
$6,700,000,000,
Iowa, Missouri,
(Minnesota,
27.5%
or
second,
was
the
22.6%.
or
10.4%; the
or
West
Dakota,
North
South
Central
Dakota,
Ne¬
8.8%, and the New England
or
The remaining regions—the West
and
Mountain—each
received
Said Mr. Johnson:
between
the
has
been little
and
east
areas
shifting of either income
of the
west
population
or
Mississippi from
1919
to
as
1940,
according to the Board's study, significant changes have occurred within
the regions
South
comprising these two
Pacific
region
received
"has
moved
comment,
steadily
of the Nation's
9.4%
Singling out the Pacific and the
areas.
Atlantic regions for particular
forward
income,
the Board finds that the
inter-regionally
compared
with
and
6.8%
in
now
1919."
Within the region,
now
California's record is the most noteworthy, that State
receiving 7.0% of all national income, as against 4.4% in 1919.
The
New England States together, the Board observes,
much
more
safety
position relative
national
to
share of income reached
levels," the
10.9% in 1919
as
duction, but then fell off in the first post
in
1929.
last year received not
Last
year
area
Board
a
has
also
states."
Almost
result of localized
war
decade to
area's
war
low
a
pro¬
of 8.5%
the region received one-tenth of all income.
in
by the District of Columbia, 0.6%
a
Mr.
Most
parallel
record of growth
for
the
in
1919
years
and
1.1%
compared is
area
1940 this
in
Providing
become
"it is
the conservatism of
a
security base of nearly $4,000
per
life
family, life insurance has
powerful instrument of American democracy
a
curity gives America
vital
factor
vital
to
in
the
of its most important defense
one
building national morale.
successful
it
because
is
defense
of
one
as
the
America, yet operating under
this nation swings
This relatively high degree of family
of
weapons,
National morale
American
Democracy
In addition to its conservative investment policies,
safe
in
is
turn
a
as
armaments.
as
life insurance is also
thoroughly supervised
most
se¬
for it is
businesses
in
system of State supervision that permits
a
management freedom of initiative in
developing
new
and better forms of
protection, of improving methods in the interest of efficiency, lower cost
and increased services.
The life
insurance
operations
are
business
in
effect
lives
be accounted for and
expenditure must
in
a
"glass house".
the minutest
even
Every
details
of its
subject to the supervision of the authorities in every State
in which the company operates.
This State control is closer to the prob¬
centralized system could possibly be.
any
Life insurance
of the insurance assets.
its
under
operates
of directorship which in almost
a system
circumstance has regarded its responsibilities
every
directorships
service.
of affairs
men
as
that of
a
trusteeship
The business has been fortunate in attracting to
who
see
in
it
an
opportunity
for public
The very fact that these men axe generally sought for the boards
of other types of business is
something that from the standpoint of the policy¬
assurance
that the company issuing his policy is being
well managed.
Life
f
likewise is
insurance
in
policies
with differences
type,
and
investment
every
with
360
over
State of the Nation, mutual and
in contracts,
practices,
methods and in the cost to the
of competition conducted
competitive business,
free,
a
companies located in practically
stock
ment to
explore
nuities,
and
differences
differences
in
in
management
underwriting
policyholder, they represent
and
a true
sales
picture
in the public imerest.
new avenues of
public service such
other types of coverage,
as group
there also prevails
insurance,
an¬
spirit of
co¬
a
operation in which the companies have found it wise to confer
on
sound
principles and practices and through such conferences they have developed
and share
ideas
new
in
the interest
of all
of the
Nation's
policyholders.
Life insurance management is conscious of the fact that it is not perfect.
It is constantly striving to effect new improvements in its services and to
adapt its methods to the changing needs and desires of the public.
Mr. Johnson
pointed out that "during the 11 years since
companies have returned to policyholders and
beneficiaries nearly 29 million dollars,"
He further said:
1929,
the
During 1940, the record shows that American families received from their
life insurance companies $303,000 every hour, in every day of year, a truly
great tribute to the thrift and
Life
insurance at
work is
self-reliance of the American people.
one
of the great
democratic institutions,
ac¬
cepted by the people and managed by its companies in the public interest,
toward the end of
giving to America in this struggle for Democracy
a
real
foundation upon which to continue to build its confidence and morale, so
necessary
in these uncertain days.
Organized Stock Exchanges Superior to Unorganized
Markets, Says G. G. Munn, Who, However, Says
Former are Not Indispensable—Speaks at Meeting
of Association of Customers' Brokers—Nominating
Committee
area
received 72 3%
of all income and had 69.3%
were
of total
71.3 and 70-0.
Compared with
realized income.
Board
at
shire's
gain
North
Carolina
1939,
every
State except
Kentucky's gain
was
Mississippi showed gains in
the highest, tentatively set by the
11%, and Connecticut's portion increased 8.5%.
was
the smallest,
0.4%.
($1,088,000,000),
($1,543,000,000),
Louisiana
All-time highs
Indiana
were
New Hamp¬
registered
($1,830,000,000),
Board
cautions
may
that
have
inclusion of incomes earned
particular States.
This
States
reported
as
inflated
having
to
the
some
would
also
apply to the
regular
quarterly
business
meeting
market
are
good markets in
many
securities", Mr. Munn
added that "the organized markets are relatively expensive
District
volume
have
a
of
collects
Government
of
of
our
self-interest."
The securities
that
we
know
traffic."
He
added
on
the present
that
large amounts in taxes it
constructive interest in the markets
more
per
the
As¬
& Co., declared that "organized markets
unquestionably superior to unorganized markets," and
"are less susceptible to abuse."
However, he said "they
are not indispensable.
Asserting that "the over-the-counter
recent
by
the
are
operate and cannot support themselves
highest
of
of Paine, Webber
or
by persons working, but not living, in those
"inflation"
the
Minnesota
extent
Executive
to
sociation of Customers' Brokers, held March 28 at the New
York Stock Exchange Institute, Glenn G. Munn, economist
to
($921,000,000), Nevada, and the District of
their figures
Named
by
Columbia.
incomes
Selected—Four
Group
At
The Board points out, however, that the regions moving up most
sharply
in the income scale reported the sharpest increases in population.
The
maximum of
a
creating jobs, helping
management in its investment policies
into its national defense program.
1940.
of the
east
In 1919, the corresponding percentages
population.
capita
are
that has
principally enabled life insurance companies to weather wars,
depressions and epidemics.
And it is the safety of life in¬
surance that gives the Nation's 65,000,000
policyholders a
degree of security that makes an important contribution
towards building the morale of the* American people."
Continuing he said:
'
indicated
Mississippi little change is reported in the per¬
centages of population and of income received between 1919 and 1940.
In
Johnson added that
insurance
Florida, from 0.7% to 1.2%."
For the
These funds
bettered
The
pronounced in growth over the period has been the percentage of income
received
the primary objective.
as
the development of America and are playing their part in our defense plans.
than California alone did.
"During the past decade," the South Atlantic
its
into such ventures, but they have found
go
their way into all phases of American economic life with
less
than $5,000,000,000.
While there
armaments,
as
While this free, competitive spirit offers wide opportunities for manage¬
States received
$19,700,000,000,
Central
North
East
Next
Middle Atlantic
the
of life in¬
democracy
national
program
Commerce.
and New Mexico, with $195,000,000.
Regionally,
factor in the development
vital
a
morale, which is as necessary to
Holgar J. Johnson,
President of the Institute of Life Insurance, told a joint
meeting at Wichita, Kansas on March 28 of the civic clubs
of Wichita under the auspices of the Wichita Chamber of
that of any other
order
Says
Insurance
Policy Holders Since 1929 $29,000,000
bulwark of
holder is the best
York's share continues to be much greater than
In absolute terms, New
Life
fundamental instrument of American
surance as a
per
capita of $092, and were followed by the New England
per
of
lems of the individual policyholder and the management of companies than
The Middle Atlantic States of New York, New
ranked first
Democracy,
Institute
These funds have not gone into risk enterprises, and I don't think that
District of
South
of
a
as
The careful and conservative investment of life insurance
Other State
and Nevada, in the
District of
Funds
Insurance
American
Johnson
President
Life
of
Development of Life Insurance
policyholders want them to
The
ware
who actually
many persons
reside in Virginia or Maryland.
operating
efficiency against
operations, by
maintaining adequate credit records of the borrowers, and
by providing a plan of budgetary control for the use and
guidance of boards of directors in guiding the bank's opera¬
tions.
It is equally important, they agreed, for country
bankers to "know their customers."
This requires, they
asserted, a more aggressive attitude on the part of the
bankers in seeking out loans that they can make.
Gwilym A. Price, President of the Peoples-Pittsburgh
Trust Co., Pittsburgh, Pa., was likewise a speaker at the
development
April 5, 1941
since
the
"ought to
as a
matter
Mr. Munn's remarks follow in part:
brokerage business is the only business of equal importance
has declined in volume into the fifth
consecutive
of that
The Commercial & Financial Chronicle
Volume 152
In 1940, Stock Exchange transactions
year.
1936.
The rate of turnover
was
ahead
The
no
AyA
A
other enterprise whose probable volume of business for
vestment bankers and brokers will
task
of
or
will not be permitted to
financing private enterprise.
The financial
perform the
district
know now whether from this point on, the agencies
to
has
right
a
of the Government
will perform the function of financing private enterprise.
If the field is to
be divided, let us know the basis of this division of function.
Organized markets are unquestionably superior to unorganized markets.
They provide greater efficiency, closer bid and asked quotations, greater
marketability, greater publicity, greater security to the investor, and are
less susceptible to abuse.
However, they are not indispensable.
The
over-the-counter
the
markets
organized markets
good
are
markets
in
many
But
securities.
relatively expensive to operate,
are
and
cannot
Government has
primary stake in the markets.
a
beneficiary, ought to have
of
matter
In
hostilities "in
necessity only to the Government.
and listed
At
operations.
slate
of 21
are a
luxury to the membership that
meeting there
own
them.
was
of
welfare of the people of this large and important
Reynolds, of Harris, Up-
Louis C.
trol
Trowbridge Callaway jr.; of Clark Dodge
;
and social
Also selected at this
<
Armand E. Fontaine,
on
March 27 of the
Co.; Noah Niedenthal, of J. S, Bache
by George S. Messersmith, United States Ambassador to
Cuba.
Mr. Jackson, who was cruising in Southern waters
with President Roosevelt, had expected to be present at the
conference, but it is stated that his proposed flight to
Havana had been prevented bv stormy weather.
The
Attorney General in his prepared address, in essaying that
"intelligent public opinion of the world which is not afraid
were
also
follows:
of Merrill Lynch, E. A. Pierce & Cassatt; John
A. Hevey, of Newman Bros.
concluding session at Havana
first conference of the Inter-American Bar Association an
address by Attorney General Robert H. Jackson was read
were
members of the executive committee
as
Adopted—System of Export Con¬
Washington Explained—-Attorney General
at
three inspectors and
They are:
meeting
Co., and Percy Friedlander, of D. M. Minton & Co.
new
Havana of Inter-American Bar Associa¬
■
At the
officers for the annual election to be held in June.
Emanuel Dunn, of Ira Haupt &
at
Jackson Declares International Law Is Violated by
Axis
.•</•> VJ.■■' ;'/A<\ ;:A' A'A
^ ^a;';:A
Davidson, of Fahnestock & Co.
Four
the economic
area."
tion—Resolutions
Tucker, Anthony & Co.; Stanley Fararr, of E. F. Hutton & Co., and
appointed,
■
dislocations and ultimately would contribute to
Co.; Richard H. Anderson, of Dominick & Dominick; William G. Rawson,
&
■
said, "would ameliorate the burden of surplus stocks resulting from such
Co.; George W. Bender, of Francis I. DuPont & Co.: Robert S.
O'Hara, of Goodbody & Co
R. J.
Hemisphere associated with the production
A concentrated effort to increase cotton consumption, the proclamation
These follow:
Halpin, of Drysdale & Co.;
&
of the world" and have had "serious repercussions
parts
cotton."
Conference
John
of
some
in the industries of the Western
convencience to the public
are a
selected from a
the 9 members of the 1941 Nominating
names
Committee.
ham
They
the Association's
They
de¬
are
He noted that "dislocations in trade and commerce" have resulted from
that it is patent to assert that the stock exchanges are a
one
Hemisphere
a
as a
as
self-interest.
our
proclamation, the President pointed out that the well-being of
"large segments of the population of the Western
pendent upon the prosperity of the cotton industry and allied enterprises."
fact, the interest of Government in the organized markets is such an
over-riding
&
The Government,
constructive interest in the markets
a more
Western Hemisphere
participate in a Pan-American Cotton Congress, to be
held at Memphis, Tenn., Oct. 6 to 10, was contained in
a proclamation issued on March 29
by President Roosevelt.
The proclamation, according to United Press advices from
Washington, March 29, said the Congress would discuss
"ways and means of increasing the popular consumption of
cotton and the products thereof."
The Congress, sponsored by various Southern cotton in¬
terests, was authorized by a joint resolution passed by the
Senate on Dec. 5; the House on Dec. 9 and signed by the
President on Dec. 17, 1940.
The advices quoted continued:
In his
They supply the me¬
Nations of
to
support themselves on the present or recent volume of traffic.
chanism for collecting at least four kinds of taxes.
Invitation to
An invitation to all nations of the
problem in the financial district is whether the system
private enterprise will endure, and, if so, whether the machinery of in¬
of
Extends
Hemisphere
to
Participate
in
PanAmerican Cotton Congress at Memphis, Oct. 6-10
be budgeted with less certainty.
can
2177
Roosevelt
Western
\
of the
core
President
history of published
A.'.'/.
A.'
We know of
year
less than half those of
the smallest in the
figures.
a
were
& Worms; John H. Halpin, of Drysdale &
Co., and Louis C. Reynolds, of Harris, TJpham & Co.
to be vocal and the action of the American States have made
Members of National Association of Securities Dealers
'
determination that the Axis powers are the aggressors in
a
Approve National Uniform Practice Code
—Covers
Settlement
of
Contracts
and
Trading
Practice
in
Over-the-Counter
Security
Trans¬
the
actions
pact,
Asked
to
A National uniform
practice code designed to govern all
phases of tne technical details of doing business between
members in the over-the-counter market of the entire country
is being submitted to members of the National Association
of
Securities Dealers, the NASD announced on April 3.
Accompanying the code is a proposed amendment to the
By-Laws of the Association—which the Board of Governors
has adopted for submission to the membership, with a re¬
commendation that it be approved—designed primarily to
provide for the formal adoption of the code by the Board
and for its administration after adoption.
The amendment
to the By-Laws also provides that all over-the-counter trans¬
actions between members shall be subject to the code, unless
the parties to a transaction agree otherwise.
In addition,
the amendment contains similar provisions with respect to
the adoption of supplementary codes by the 14 Districts of
the NASD.
The Association's announcement in
year of
study of all aspects of the problem of standardizing
or
making uniform, where practicable, business practices, custom, usage and
trading technique in the counter market.
This code has been considered
At the conference, which
the membership the code will then be formally adopted by the
Board, and
Section 15A of the Exchange Act, it will become effective as at such time
the Board may prescribe.
District
It
is
'
A wireless message from Havana March 27 to the New
Resolutions approved
day to day business by members
guese
of the restatement of United States civil and criminal law issued by
the American Law Institute and the creation of an Inter-American Institute
of comparative and international law in Havana, with support by American
governments,
well
as an
authorized to adopt such
as
it deems necessary and
be largely eliminated.
It is also hoped that through the
open
market may be improved and
Representatives of the Association have discussed the proposed amend¬
By-Laws and the uniform practice code with representatives of
the SEC, and although neither
the amendment nor the code has had the
formal approval of the Commission,
it is believed that if the amendment is
approved by the membership and the code is subsequently adopted by the
Board, neither the amendment nor the code will be disapproved by the
Commission when filed
governs
as
required by Section 15A of the Exchange Act.
such matters
as
trade terms,
dividends, rights, interest, reclamations, exchange of
taxes, claims, assignments, powers of
and
basis prices,
deliveries, payments,
confirmations, stamp
substitution, computation of interest
due bills, transfers fees, when as-and-if issued trading,
marking to the market and closeout procedure.
The
institute of comparative constitutional law,
as
From the
same
advices
cooperation
we
quote:
the American nations in the form of
among
Lieut -Comdr
Shears
Navy at
explained
a
a
Curtis
round-table discussion.
the
system of
export control
put
in
effect by Washington and, speaking for the
announced
that
United States Government,
"general licenses have been authorized for Cuba for a
of articles
number
and
materials" subject
to the defense control.
licenses will permit unlimited shipments of such
Cuba.
•
•
lishing
was
a
A;
''A:
•
•?:
' -A -A' A";■■
system of control in line with the
A-:;;A
offered by Cuba in estab¬
United
States.
Brazil
also
setting up such export control, he asserted.
The executive committee of the Inter-American Bar Association
to
The
articles and materials to
was
asked
appoint a commission to study customs duties and commercial treaties
the
possibility of unification of patent and copyright laws and to study
immigration, naturalization and citizenship laws and comparative taxation.
in the over-the-counter market will be
impediments thereto removed.
code
of an
and
inter-American office for the study of unification of criminal laws.
Economic
Estabrook & Co., New York,
90th Anniversary
from uncertainty and from lack of uniformity in such
code the mechanisms of a free and
The
by the conference included recommendations for
the exchange of legal information, the translation into Spanish and Portu¬
hoped and believed that in this way the transaction of
which at present arise
ment to the
was
York "Times" stated:
simplified and facilitated and that business disputes and misunderstandings,
matters, may
March 24, and
with the idea of removing barriers to trade and commissions to report on
Committee will thereupon be
supplementary district uniform practice code
appropriate.
on
Vega, Minister of Justice of Cuba.
by the Securities and Exchange Commission under
disapproved
Each
opened
attended by delegates of 15 countries, other speakers were
Dr. Edmundo de Miranda Jordan of Brazil and Dr. Victor
The step was taken because of the cooperation
If, therefore, the proposed amendment to the By-Laws is approved by
as
the governments of Germany.
right and affected the interests of the United
States
and tentatively approved by the Board of Governors.
if not
a
Shears of the United States
collaboration with the various District Uniform Practice Committees, after
a
in violation of the provisions of the Kellogg-Briand
control of exports was urged as a defense measure by Lieut -Comdr
evolved by the Association's national Uniform Practice Committee, in
than
war
Argentine anti-war treaty,
the
or
Italy and Japan violated
The code, designed to facilitate counter trading in all parts of the country,
more
today, which is an appropriate basis in the present
organization for our policy," added:
By resorting to
the matter
further said:
was
wars
state of international
By-Laws of the Association provide that if the amendment is ap¬
proved by a majority of the members voting, provided, however, that a
majority of all members of the Association have voted,
within 30 days
after notice of the amendment, and the amendment is not disapproved by
the SEC
as
provided in Section 15A of the Exchange Act, it will become
effective
as
at such time as the Board may
prescribe.
Celebrates
I
The investment
banking house of Estabrook & Co., New
York City, on April 1 observed the 90th Anniversary of its
founding in 1851,
The business was originally established
in Boston under the name of Brewster, Sweet & Co., and the
name either of Brewster or Estabrook appears in the three
titles under which the firm has been known,
The last has
been carried for 45 years.
in 1898, and at various
The New York office was opened
times there have been offices in
Chicago, Baltimore and elsewhere besides the five present
ones.
The present New York partners are Charles F.
Hazel wood, Robert J. Lewis, Archie M. Richards and Roger
H. Williams.
The Boston partners are Lyon Carter, Her¬
mann F. Clarke, Richard Pigeon, Philip M. Stearns and Orrin
G. Wood, the last named a former president of the Invest¬
ment
Bankers Association.
At the start of its
career
the firm did considerable business
in gold arriving from the then newly discovered California
field. A decade later it was largely identified with the govern-
Since then its activities
all the recognized branches of in¬
has been a member of the Boston
Stock Exchange since 1851 and of the New York Stock
Exchange since 1878.
mental financing
of the Civil War.
have grown to include
vestment banking.
It
Curb Exchange Partners Association
New York
Elects
Officers
Quinlan of Johnston & Quinlan was elected
Chairman of the Board of Governors of the New York Curb
Thomas E.
Exchange Partners Association at the 13th annual meeting
28.
Bernard E. Pollak of Joseph thai & Co.
was elected Vice-Chairman, William H. Hassinger of Foley
held March
& Hassinger,
Treasurer, and John S. McDermott,
Secretary.
Governors elected were:
Edward
Cohan of Pershing
J.
J.
&
America for three-year
representatives of the Association's
Central States Group, which embraces Illinois, Indiana,
Iowa, Wisconsin and Nebraska, occurred automatically,
Nathan D. McClure of Harriman Ripley & Co., Inc.,
Investment Bankers Association of
remains
as
Executive Secretary.
♦
Reelected Governor of Bank of
England—Heads Bank for 22d Successive Year
The reelection of Montagu Norman as Governor of the
Bank of England on April 1 is reported in wireless advices
from London, that day, to the New York "Times" of April 2.
This will be the 22d successive year that Mr. Norman will
head the Bank.
It is also learned from the advices that
Basil Gage Catterns, who has served as Deputy Governor
the past five years, was also reelected to that post
Norman
Montagu
In its issue of
April 2, the "Times" said:
Chicago, Group Chairman, announced on March 31, when
other nominations were made.
The Governors-elect take
office at the close of the 1941 convention, succeeding George
F. Spaulding of the Northern Trust Co., of Chicago, and
Jay N. Whipple of Bacon, Whipple & Co., of Chicago, whose
terms expire at that time.
Carry-over Governors for the
Central States
Group are Ralph Chapman of Far well,
Chapman & Co., Chicago, Julien H. Collins of Harris, Hall
& Co., Chicago, Bennett S. Martin of the First Trust Co.
of Lincoln, Neb., and Winthrop E. Sullivan of the First
Boston Corp., Chicago.
♦
prestige of the
rumors
British central bank.
of
a
following
April 2:
high record of agricultural
1940, the New York State Bankers As¬
sociation has been placed on the honor roll of the Agricultural
Commission of the American Bankers Association, it was
director of the Commission.
the New York association
been given a 1,000-point rating, the highest possible, for
banker-farmer accomplishments, according to the an¬
announced
by Dan H. Otis,
For the second consecutive year
has
its
of
nouncement
the
Association
Bankers
State
During 1940 the New York bankers participated in 40.266
ments and farm
so
In addition, the bankers engaged in 21,877
budgets.
and contributions for
during the year totaled 1,673,
agricultural purposes totaled $9,860.
Association, comprising institutions in
Banks within Group VIII of the
New York City, awarded two
Colleges
boy and girl.
freshman
of Agriculture and
year
scholarships to the New York
girls for achievement in agriculture.
E. Burnham Guild, President, First
National Bank & Trust Co., Walton,
Other
members of the Committee are: Claude A. Diehl,
of
Williamson,
Williamson,
N. Y.;
Canajoharie,
Secretary-General of Finance of the institution, according to
He had been President of the Bank
since 1931 and was appointed Secretary-General of Finance
the Associated Press.
May.
Reelected President of International
of Agriculture at Meeting in Rome
Baron G. Acerbo
Institute
wireless advices to the New York
from Rome, Italy, March 14:
The following
March 15, are
Baron Giacomo
President of the
Acerbo,
"Times",
former Minister of Agriculture, was
session here today. Clyde Marquis of
the United States continues as Vice-President, his term expiring in October.
Delegates representing 26 countries decided to issue during the next
three months an analysis of the world agricultural situation and outstand¬
farmers during and after the war.
contribution of 500,000 lire for the budget of the current year
announced.
A similar contribution was made by Italy in December.
ing problems of
A special
C. A. Irigoyen
April 22
Two
anniversaries
will
be
observed
on
April 22, when
Myron F. Converse, President of the National Association
of Mutual Savings Banks, is to speak in the Hotel Gramatan,
Bronxville, N. Y.
This occasion will commemorate the
75th anniversary year of the Peoples Savings Bank, Yonkers,
and the 125th birthday year of the mutual savings bank
system.
The host of the occasion is to be the Yonkers
Chamber of Commerce, bringing together a numerous and
group of savings bank men, as well as other
business leaders.
Mr. Converse is expected to review the
representative
long history of mutual institutions, with special regard to
the security which they have afforded generations of savers
and their present important part in national defense.
He
will speak during the afternoon via WMCA, and in the evening
over
International Institute of Agriculture for a third term at
continuation of the work during 1941, it was
Association
WFAS.
reelected
opening meeting of the Spring
These sums assure
tional
Bank, succeeding Dr.
resigned as President of the Netherlands Bank
March 20 at which time he also relinquished the post of
Bank System Observes 125th An¬
This Year—President Converse of Na¬
to Speak in Bronxville, N. Y.,
Savings
niversary
Dr. Trip
Decker, Vice-President,
N. Y.; Karl S. Burton, Cashier,
N. Y.; T. J. Boyce, Cashier, Dover
Bank, Dover Plains, N. Y.; and C. Edwin Dimon, Presi¬
Northern New York Trust Co., Watertown,
Tonningen, a leading Dutch banker,
Netherlands
Bank
Burr P. Cleveland, President, First
National Bank of Cortland, Cortland, N. Y.; F. E.
National Spreker Bank,
via Ber in
has been appointed
Leonardus J. A. Trip,
resigned.
Mr. van Tonningen served from 1931 to 1936 as League of
Nations expert on Austrian finances.
J. Robertson was appointed VicePresident of the Nederlandsch Indische Handelsbank of Amsterdam, re¬
placing J. J. Westerman Holstyn, who was dismissed.l
M. M. Rost van
Vice-President, Lockport
Exchange Trust Co., Lockport, N. Y.; L. L. Fuller, Cashier, State
Mutual
was
4-H
4-H boys and
Home Economics for a deserving
The Association awarded 19,570 merit pins to
Associated Press advices are from Amster¬
van
dam, March 26, sent
the
special
scholarships, visits to farms and
Attendance at agricultural meetings
on.
as
last
definitely
youth,
farm inventories, drawing up of farm accounts, credit state¬
The following
on
con¬
agricultural projects, such as soil conservation, working with farm
the taking of
Plains National
Rost
of the
which
tinued:
dent, First National Bank, Southampton, N. Y.
head
1940
during
Tonningen Succeeds Dr. L. J. A. Trip
Head of Netherlands Bank
M.
in
N. Y. is Chairman of the Association's Committee on Agriculture.
in office expiring March 31, 1942, Mr. Norman will
celebrate his 70th birthday.
By an unwritten convention, any director
of the bank attaining the age of 70 during his year iri. office is automatically
retired at the close of that year.
Whether such a peace-time precedent
will be followed during the war remains uncertain, but already the question
of Mr. Norman's successor is being canvassed in financial circles.
During his year
M.
Com¬
Receives
Activities
Agricultural
Because of its maintenance of
activities
State
bearing on Mr. Norman's reelection, is
from London advices appearing in the "Wall Street Journal"
The
for
mendation
Association
Bankers
State
York
New
farm activities, such as exhibits, contests,
that he hoped to retire soon, Montagu Norman
takes office as head of the Bank of England with the distinction of having
held this post longer than any other Governor in the Bank's long history.
Mr. Norman is credited with having greatly augmented the power and
Contrary to
as
no
Angeles).
George H. Dunkle
Their election
terms.
& Co., Patrick F. Buckley of Harris,
(Chicago), W. Herbert Davis of J. H. Brooks & Co., James
Huddy of L. A. Mathey & Co., H. Lawrence Jones of Eastman, Dillon
Co., Eugene J. Sweeney and Phelps Witter of Dean Witter & Co. (Los
Upham & Co.
1941
April 5.
The Commercial & Financial Chronicle
2178
declared
Appointed Undersecretary of Argentine
Department of Finance
appointment of C. Alonso Irigoyen as Undersecretary
Argentine Department of Finance is announced by
the Argentine Information Bureau, New York City.
Mr.
Irigoyen was formerly Economic and Financial Counselor to
the Argentine Embassy in Washington, and acted as Finan¬
cial Agent for the Argentine Government in New York in
connection with the refunding of Argentine loans in the
United States and other financial operations of the last
President Roosevelt Appoints W. B. Miller as
Administrator of FSA
Announcement
was
of the issuance of
an
made at the White House
Assistant
on
March 24
Executive Order by President Roose¬
appointing Watson B. Miller as Assistant Adminis¬
Federal Security Agency.
Mr. Miller, former
director of the American Legion Rehabilitation Service, in
Washington, succeeds Wayne Coy, recently nominated to
the Special Transportation Commission provided for by the
Transportation Act of 1940. Mr. Coy's nomination to the
Commission was noted in our issue of March 22, page 1853.
velt
trator of the
The
of
the
few years.
He was also a member of the Argentine delegation
to the Inter-American Conference held in Havana last year.
Other recent
our
Argentine appointments were mentioned in
1853.
issue of March 22, page
♦
Bankers
Association
Elects Two New
Governors to Represent Central States Group
Investment
John S. Loomis,
President of The Illinois Co. of Chicago,
Vice-President of Stern, Wampler &
Inc., of Chicago, have been named Governors of the
and John W. Newey,
Co.
H.
B.
Wallace
Named
Defense
Contract
Coordinator
for St. Louis Federal Reserve District
Washington has
B. Wallace, President
of Cupples
Co., St. Louis, manufacturers, as District
Coordinator of the Defense Contract Service for the Eighth
(St. Louis) Federal Reserve District.
He will assume the
duties of his office immediately and will serve without com¬
pensation. Mr. Wallace will maintain offices in the Federal
The Office of Production Management at
announced the appointment of Harry
Reserve Bank of St. Louis.
Mr. Wallace, who is a
native St. Louisan, is Vice-Presi¬
dent of the Corporation of Washington University,
director of Bookings Institute, Washington, D. C.,
was
also a
which
funded by his uncle, the late Robert Brookings.
Follwign the creation of the Office of Production Manage¬
functions of the Office of Small Business Activi¬
ties were taken over by the Defense Contract Service of the
ment, the
Volume
The Commercial & Financial Chronicle
152
Office of Production
Management, and plans
made to
enlarge the organization and personnel at the field offices
located in the Federal Reserve banks and
branches, in order
to speed up the production of defense
equipment and sup¬
plies, especially through subcontracting,
i The appointment of seven other District Coordinators for
various Federal Reserve Districts
of March 8, page 1519.'
reported in our issue
O1'L>,'
was
■
months
r
Representative
Two
two
Henceforth Mr. Martin will be assisted
its
simultaneously effecting
in
Second
insured associations.
Dec. 31,
at
American Agriculture
The
neighboring insured
in¬
two
at
Dec. 31,
District accounted for 7.6 %
District
for
accounted
7.6%
No
1940, the insured
of the insurdd
as¬
of the insured
as¬
The Federal Savings and Loan Insurance Corporation
1940, had insured savings accounts in 2,276 savings and lean
throughout the country, with aggregate
of $2,931.-
resources
t
Federal
Savings and Loan Insurance Corporation was created by
Congress in 1934 to insure the safety of savings accounts in qualified savings
Analyzed by Professor Black of Harvard University
Making Study of Situation for Conference
—In
and loan associations up to a maximum of
Board Stresses Need for Making Changes in Agri¬
cultural Adjustment Program
surance
$5,000 for each investor.
All
Federal savings and loan associations are required by law to provide in¬
do
may
"For the duration of the war, and
of their accounts, and state-chartered
At the end of 1940, there
so.
were
savings and loan associations
76 insured savings and loan
sociations in New Jersey, with resources of $71,416,584.
the 96 insured
h
Division
of Industrial Economics of The Conference
Prof. Black expresses the belief, based on an analysis
of European conditions, that the agricultural areas of the
United States that are dependent on these products will be
faced with comparatively low pi ices and with the necessity
for
of $229,050,807.
ITEMS
At the
same
savings and loan associations in New York reported
V','■!':,
(
ABOUT
Arrangements
BANKS,
TRUST
made today
were
■
as¬
date,
resources
„' ■;''
/•;
- ■
COMPANIES,
&c.
for the transfer of two
New York Stock Exchange memberships at $22,000 each,
unchanged from the previous transaction, April 1.
S:!'■' f'i.:-
"■?
V,"
♦
^
\
sniiting some acreage to other crops.
In some areas,
notably the cotton-growing South, according to Prof. Black,
this shift will oe difficult and costly.
Other producers who
will be adversely affected by wartime conditions are the
growers of wheat, tobacco, and some kmos of fruit.
The
Holy Communion, in memory
of recently departed members of the New York Stock Ex¬
change, was held by the membership of the Exchange at
9 a. m. on April 2 in Trinity Church, Broadway and Wall.
Street.
Many members of the financial district attended
Harvard Professor's further remarks
the service.
by the Conference Board
on
were
indicated
as
follows
March 20:
"Offsetting these adverse effects," Prof. Black explains, "will be
and for
some
1,200,000
classes of fruit
men to our
and
A special celebration of The
an
in¬
vegetables, arising from the addition of
military forces, and by 1942, of 3,000,000
;;
V'? '■■■'.'i'J'V ■'
V';','-^ A
) Prof. Black estimates that the net effect of these opposing influences will
increase in gross farm income in
an
have
to
pay
supplies.
In
for
1941.
Some of this increase will
by the increased prices which farmers will undoubtedly
nonagricultural
commodities
and
farm
machinery
furtner announcement bearing on Prof. Black's study
of European agricultural conditions, the Conference Board
on March 21 pointed out that according to the
study a "con¬
siderable revision" in the present agricultural adjustment
is needed in order to enable the nation's farmers to
changed agricultural outlook brought about by the
Regarding the study, the Board's announcement also
program
meet the
war.
The
Black reaches
the conclusion that the present trade agreements need not be dropped.
worst that can be said of the trade agreement program,
came too
meet
late.
list of commodities—in
should
cover a
The
he states, is that it
And yet. in its present form it will not enable the farmer to
changed conditions.
New agreements, which will
some
only two
cases
few products which are
two countries.
or
cover a more
three,
are
needed.
limit ed
largely peculiar to the trade between
Such agreements would have much in common with barter
Prof. Black lists
a
annual
Savings
Banks
Dinner
Dance
of
the
♦—
;
Yugoslavia which
are on display in its Collection of Moneys
World, located at 46 Cedar Street, in New York City.
The exhibit, which contains over 50,000 specimens of money
from all periods and all ages, is open to the public without
charge.
Regarding to Yugoslavian coins, the Chase has the
following to say:
V'";- :
of the
When
King Peter II of Yugoslavia assumed his duties
his likeness
1941,
king
in
1934
after
Marseilles, France.
coins
In
were
to
known to his people.
20
king
was
on
March
proclaimed
of his father, King Alexander I in
then 11 years old and five years later in 1938
the 20 and 50 Dinara denominations.
these coins, which were not placed in circulation until
Para and 1 and 2
the
while
right,
on
Dinara
are
in
on
Roman
1939,
Dinara pieces.
>
the 50 Dinara piece the head of the king
the 20 Dinara piece it
The inscriptions on the former coin are in
the
as
He
assasination
was
his profile in
interesting to note that
turned
left.
on
the
He
with
well
was
also struck 50
was
It is
is
struck
addition to
there
They
arrangements, but would differ from them in important repects.
policy
20th
The Chase National Bank, New York City, calls attention
to a, set of coins bearing the likeness of King Peter II of
27,
Prof
some quarters.
the
Metropolitan Area of New York will be held in the main
ballroom of the Hotel Astor, New York City, on Saturday,
April 19, at 7:30 p. m.
said:
Contrary to the opinion expressed in
Donald II.
was
and
Farmers will also, in all probability, have to pay higher wages.
a
Church,
-
terials."
nevertheless be offset
Trinity
persons to
the payrolls of the defense industries and of producers of needed raw ma¬
be
The Rev.
Morose, priest in charge
celebrant, and Channing Lefebvre, organist of the Church, played special music. James
J. Gurney and Robert W. Keelips, Exchange members, were
in charge of arrangements.
v
of
creased domestic demand for meat in general, for dairy and poultry products,
:
Mr. Clarkson noted that
the
781,000.
Board.
with
mergers
By this method, the investors' relationships in the
associations in the Second
associations
the
Insurance Cor¬
sociations throughout the country, and for 10 3% of the total resources of all
made Treasurer in place of C* B. Goodspeed
The latter resigned because of ill health.
probably only in lesser
measure afterwards, we can iook forward to a
heavy curtail¬
ment in our exports of farm products," says Prof. John D,
Black of Harvard University in a special report
prepared for
as¬
savings and loan associations affected continued without inteiruption,
sociations
was
on
of savings and loan
affected, the Federal Savings and Loan
his report,
In
Chairman of the Executive Committee to succeed Sinclair
Weeks of Masaschu setts; Mr. Weeks, who was also Assistant
Probable Effects of the War
case
and none of the investors suffered any loss of either capital or earnings.
impairments developed during 1940, Mr. Clarkson reported.
the Republican National Committee
elected William F. Knowland, member from California as
of Illinois.
and
associations.
sured
meeting,
Treasurer,
associations
butions,
that assistance in this work is needed because of his
duties as House minority leader.
At
impairments have developed in the
poration took prompt action to prevent defaults by making cash contri¬
portion of his work as National Chairman by a
assistant, as yet unnamed.
The Representative
said
f
This
savings and loan associations in the Second
District to 172, Mr. Clarkson stated in his report.
in the main
salaried
of insured
sociations in the Second District since 1934, when the Federal Savings and
Loan Insurance Corporation stated to insure accounts.
In the case of the
meeting of the Committee in Washing¬
a
March 25.
on
regarding the
;T.;7.-A V. /■,
brings the total
W. Martin Jr., on March 24
Chairman of the Republican National
his resignation had been rejected
by a
unanimous vote at
ton
[v-j'r
as
after
announcement
provided by the Federal Savings and Loan Insurance Corporation.
Joseph
agreed to remain
Committee
Treasurer
bank's
The
During the year, 14 savings and loan associations in New Jersey and New
York qualified for insurance of investors' accounts up to $5,000
each, as
—
Weeks Made
earlier.
report added:
Representative J. W. Martin Retains Chairmanship of
Republican National Committee—Resignation Re¬
jected — To Have Salaried Assistant
Sinclair
;U-..
2179
391, according to a report transmitted on March 27 to the
Federal Savings and Loan Insurance Corporation, at Wash¬
ington, D. C. by Robert G. Clarkson, the regional agent of
the Corporation in the Second District.
Mr. Clarkson is
Vice-President and acting head of the Federal Home Loan
Bank of New York.
This growth it is stated represents a
gain of $35,000,00.0 over the assets reported by all insured
savings and loan associations in the Second District 12
were
is turned to the
Cyrilic letters, while those
letters.
number of other needed changes in national agricultural
which he suggests for
consideration.
products of the United States must be made
He believes that the farm
more
freely available for export.
Previous reference to the Chase exhibit
was
made in
our
issue of Feb. 15, page 1075.
:
At present the prices of cotton and wheat are held above world export levels,
making export extremely difficult.
to be resumed unless a better
tween domestic and world
Consequently export subsidies will have
device can be found for bridging the gaps be¬
prices.
One such device might be "some form of
government-managed surplus pool from which sales can be made at whatever
price needed to make
a
deal."
."
Other changes suggested by Prof.
Some kind of
a
Black
as a
/v.:■
result of his study include:
special import-export trade agency;
More drastic measures for shifting the South our of its dependence on
cotton;
A readjustment of benefit payments to allow for the effects of the loss of
markets on some groups and the effects of improving demand on others;
A revision in the present method of measuring price parity, which, ac¬
cording to Prof. Black,
even
in 1933 was too far from the
1910-14 base;
More rapid progress on the part of the AAA toward goals and conservation
payments that are better suited to varying conditions on different farms.
Resources of
in
Insured
New York
Savings and
Loan
Associations
Home Loan Bank District Increased
Further in 1940
A
new
peak in the
resources
of insured savings and loan
associations in the Second Federal Home Loan Bank District
was
reached at Dec. 31, 1940, when they totaled $300,467,-
The Chemical Bank & Trust Co. of New York became a
billion-dollar bank in the first quarter for the first time in
its history, the statement of condition as of March 31,
issued this week, discloses.
Total resources rose to $1,020,165,963 from $958,388,741 at the end of 1940 and $883,029,121 a year ago.
Deposits also set a record at $933,860,190, against $871,655,101 on Dec. 31 and $745,7(68,103
on March 30, 1940.
'
The bank's holdings of United States Government securi¬
ties amounted to $251,408,280 against $219,030,694 three
months ago and with $209,631,519 a year ago.
Cash on
hand and due from banks amounted to $429,549,440 vs.
$412,508,661
and
$357,118,888.
Loans
and
discounts
amounted to $150,414,713 vs. $150,039,332 a year ago.
Capital and surplus remained unchanged at $20,000,000
and $50,000,000, respectively.
Undivided profits rotaled
$8,009,551 vs. $7,904,714 Dec. 31 and $7,040,336 March 30,
1940.
dollar
Incident
to
the
bank's
advancement
to
a
billion-
institution, the following information is of interest:
The Commercial & Financial Chronicle
2180
originally started as the N. Y. Chemical Manufacturing Co.
The bank
in
1823.
doing a deposit business,
A year later It secured the privilege of
marking the start of the bank.
In 1844 the bank was incorporated as the
State
a
institution
1863.
until
Then,
at
Chemical Bank, and remained
the
request
of the Treasury
Department during the Civil War crisis, the bank gave up its State charter
and became
a
In 1929 the Chemical went back to a State
National bank.
bank and took its present name.
In 1920 the Chemical merged with Citizens
1929 with
in
Percy H.
head of the
U.
S.
Central National Bank, and
Mortgage & Trust Co.
Chairman and Chief Executive Officer, has been
Johnston,
bank since
1920.
A native of Kentucky, he came with the
Chemical in 1917 from Louisville, where he had been Vice-President of the
Citizens
Union
National
Bank.
He
made
was
President
in
1920,
and
1941
shows total assets of $148,053,927 compared with $155,257,on Dec. 31, 1940 and $132,264,664 on March 31, 1940.
408
Deposits
Dec.
on
are now
and
31,
$124,388,489 compared with $131,255,351
$107,267,002 on March 31, last year.
Capital and surplus at $13,305,052 compare with $13,285,284
three months ago and $13,224,897 a year ago.
Loans and
advances increased to $26,174,148 and compare with $24,918,659
on
Dec. 31,1940 and $23,719,947
on
March31,1940.
the figures for
Other asset items compare as follows with
three months ago and a year ago:
Cash,
$41,082,727
against
$34,677,780 and
$28,413,658,
respectively;
United States Government securities (valued at lower of cost or market),
$46,554,589 against $59,391,285 and $42,814,852; marketable bonds and
in 1935 became Chairman.
When Mr. Johnston
April 5,
came
with the Chemical resources were only $49,-
stocks (valued at lower of cost or market),
and
526,376 and deposits $37,359,610.
Capital at the time was only $3,000,000
against $20,000,000 at present, and surplus $7,000,000 against the present
$10,108,912; customers' liability
on
$12,704,686 against $12,756,623
acceptances,
$8,595,451 against
$9,612,009 and $11,009,703.
*
$50,000,000.
Mr. Johnston also is President of the New York
Clearing House Associa¬
Frank K.
son
Houston, President since 1935, is
a
native of Tennessee and
of the late Judge William C. Houston, a member of Congress for
He
came
to the Chemical in 1920 as a Vice-President.
The Goelet and Roosevelt families go back to the
and
16
He started his banking career as Secretary of the Tennessee Bankers
years.
Association.
are
director and
his cousin,
Robert
Goelet,
early days of the bank
Robert Walton Goelet is senior
represented on the Board today.
is also on
At the regular meeting of the
Board of Directors of City
Company of New York held April 1,
appointed Vice President. Mr.
Morris started his banking career with the Franklin Trust
Company in 1919.
That institution later became affiliated
with the Bank of America which was merged with the Na¬
tional City Bank and the City Bank Farmers Trust Company
Bank Farmers Trust
tion and of the New York State Chamber of Commerce.
the Board.
John K.
Joseph
E.
Morris
was
in 1931.
Roosevelt represents his family interests.
J. P. Morgan
& Co. Incorporated, New York, in its state¬
ment of condition as of March 31, 1941, rejiorts total re¬
sources of $750,893,473 and total deposits of $695,330,859,
compared with $772,864,193 and $719,913,403 on Dec. 31,
1940.
The bank on March 31 reports cash on hand and on
deposit in banks at $211,991,586, against $271,914,851 three
months ago; United States Government securities (direct and
fully guaranteed) at $399,394,521 at the latest date, com¬
pared with $361,333,144; State and municipal bonds and
notes are now $60,671,591, against $67,236,066, and loans
and bills purchased are reported at $36,286,730 on March 31
compare with $35,849,992 on Dec. 31.
The capital and
surplus are uncnanged from the previous quarter at $20,000,000 each, and the latest statement shows undivided
profits of $603,381 compared with $314,489 on Dec. 31.
The statement of the Chase National Bank of New York
for March 31, made public April 3, shows deposits on that
date of $3,617,530,000, the largest deposit figure yet re¬
ported by the bank, which compares with $3,543,338,000
on Dec. 31,
1940 and $3,060,769,000 on March 30, 1940.
Total resources amounted to $3,890,245,000 compared with
$3,824,403,000 on Dec. 31 and $3,345,528,000 a year ago;
cash in the bank's vaults and on deposit with the Federal
Reserve Bank and other banks, $1,557,501,000, compared
with $1,672,535,000 and $1,522,550,000 on the respective
dates; investments in U. S. Government securities, $1,252,185,000, compared with $1,098,108,000 and $815,586,000;
loans and discounts, $690,342,000 compared with $664,189,000 and $639,526,000.
On March 31, 1941, the capital of
the bank was $100,270,000 and the surplus
$100,270,000,
both amounts unchanged.
The undivided profits on March
31 amounted to $39,269,000 compared with $36,212,000 on
Dec. 31, 1940 and $36,217,000 on March 30, 1940.
Earn¬
ings of the bank for the first quarter of 1941 are reported as
41 cents per share, compared with 43 cents a share in the
first quarter of 1940.
«
The statement of condition of the United States Trust Co.
of New York, as of March 31, 1941, shows total
deposits of
$126,008,846 and total assets of $158,317,394, as compared
with
$130,865,903
and
$163,711,925,
respectively,
on
to $81,038,862,
against $94,341,124 three months ago; holdings of United
States Treasury bonds and notes are now
$27,645,000,
against $22,500,000, while loans total $18,903,581, against
$21,099,022.
Capital and surplus are unchanged at $2,000,000 and $26,000,000, respectively, but undivided profits,
after paying the April 1 dividend of
$300,000, amounts to
$2,866,233, as compared with $2,860,764 on Dec. 31, after
providing for the Jan. 2 dividend of $500,000.
Dec.
31,
1940.
Cash in banks
amounts
♦
The First National Bank of the
City of New York, in its
report of condition at the close of business March 31, 1941,
shows total resources of
$977,952,727 and total deposits of
$854,667,098, compared with $935,661,908 and $811,398,952, respectively, on Dec. 31, 1940. Cash on hand and due
banks, in the current statement, amounts to $320,936,614, against $303,094,133 on the earlier date; holdings
The statement of condition of the Guaranty Trust Com¬
of New York as of March 31, 1941, issued April 2,
shows deposits of $2,520,172,054 and total resources of
pany
$2,813,930,185 both figures being at their highest points in
the company's
history and exceeding the previous high
marks reached at the time of the last published statement,
Dec. 31, 1940.
Current deposits compare with $2,423,223,952 on Dec. 31,1940, and with $2,343,234,641 on March
31, 1940, and total resources now compare with $2,718,966,014
December 31 and with $2,653,187,646 a year ago.
statement shows holdings of United States
Government obligations of $1,104,851,360 as, compared with
The
on
present
$1,137,212,693
on Dec. 31, 1940, and with $840,110,254 a
The company's capital and surplus remain un¬
changed at $90,000,000 and $170,000,000, respectively, and
undivided profits total $17,236,054, as compared with $16,946,500 at the close of the last quarter and with $15,154,462
year ago.
a
year ago.
«
The statement of condition of Manufacturers Trust Com¬
of New York as of March 31, 1941 shows deposits of
$938,264,124 and resources of $1,035,442,005.
This com¬
pares with deposits of $766,845,114 and resources of $866,874,516 shown on March 30, 1940.
Cash and due from
pany
banks
is
listed at
U.
$312,369,830,
as
against $260,533,377
a
Government Securities stands at $370,156,606; one year ago it was $288,470,792.
Loans and bills
purchased is $228,419,932, which compares with $195,847,342 a year ago.
Preferred stock is shown as $8,749,520,
common as $32,998,440 and
surplus and undivided profits
as
$40,986,645.
Net operating earnings for the three
year
ago.
S.
months
ending March 31, 1941, after amortization, taxes,
well as dividends on preferred stock, but before re¬
serves, are reported as $1,591,561, or 96 cents a share, as
compared with $1,555,710 or 94 cents a share, for the cor¬
responding period last year.
Lou R. Crandall, President of George A. Fuller Co., has
&c.,
as
been elected
a
Director of Manufacturers Trust
Company of
New York.
The statement of the Public National Bank and Trust Co.
as of March 31, 1941 shows total resources of
of New York
$187,922,992 and deposits of $166,532,808 as compared with
$190,917,117 and $170,134,589, respectively, on Dec. 31,
1940.
given
Cash and due from banks in the current statement
are
$51,367,112, against $71,905,662; loans and dis¬
counts now amount to $72,376,469, against $61,958,827,
and United States Government obligations are reported at
the latest date at $45,138,389, against $38,310,000 at the
end of 1940.
Capital and surplus are unchanged from three
months ago at $7,000,000 each, while undivided profits are
now reported at
$3,714,064, compared with $3,544,811 on
Dec. 31, 1940.
as
♦
On
April 2, Royal A. Meixeil, Assistant Cashier of the
Fifth Avenue Bank, New York City, was elected Cashier.
Mr. Meixeil, who began with the institution as a messenger
in June, 1902, had been Assistant Cashier since December,
from
1920.
of United States Government
obligations to $440,356,326,
against $415,851,322; loans and discounts to $40,824,882,
against $43,153,425. Capital and surplus remain unchanged
Fifth Avenue Bank, New York City, died on March 30 in
the White Plains Hospital, White Plains, N. Y., at the age
at
$10,000,000
March 31
are
and
$100,000,000.
Undivided
profits
on
shown at
$8,726,355, after making provision
for the April 1, 1941 dividend of
$2,500,000, as compared
with $9,720,652 on Dec. 31, after
providing for the Jan. 2,
1941 dividend of $2,500,000.
In accordance with authority
given by the stockholders at the annual meeting last January,
the bank set aside from undivided
profits $600,000 for the
pension fund which became effective in the first quarter.
new
The statement of condition of Brown Brothers Harriman
&
Co., New York, private bankers, as x*LMarch 31, 1941,
•' (
A'
.
Charles H. Dahmer, a Vice-President and Cashier of the
of 56 years.
Mr. Dahmer had been in the hospital only three
days and death was attributed to chronic nephritis. With
the exception of a brief period with W. & J. Sloane, Mr.
Dahmer spent his entire career with the Fifth Avenue Bank,
having started with the bank in 1902 as a messenger
He was
successively advanced to credit manager assistant, cashier
and, in 1930, to Vice-President. A year ago he assumed the
additional position of cashier.
He was also Secretary and
Treasurer of the Fifth Avenue Bank Safe Deposit Vaults,
Inc., and was a former President of the Robert Morris
Association, a national credit organization.
.
Volume
The Commercial & Financial Chronicle
152
Walter W. Downing, an Assistant Cashier of the Chase
National Bank, New York City, died on April 3, of pneu¬
monia.
Mr. Downing, who was born in Brooklyn 55 years
joined the Chase National in 1903 as a page boy. After
working in various departments he was assigned to the Chase
Securities Corp. in 1917 and in 1920 was made Assistant
Treasurer.
He held this post until 1933 when he was trans¬
ago,
ferred to the Chase Harris Forbes
In 1935 he
Treasurer.
Corp., also as Assistant
appointed an Assistant Cashier
was
of the Chase National Bank.
Fulton Trust
Company of New York reports total deposits
of $26,857,417 and total assets of $32,053,024 in its state¬
ment of March 31, 1941, compared with deposits of $27,-
198,184 and assets of $32,392,853 on Dec. 31, 1940.
Cash,
U, S. Government securities and demand loans secured by
collateral totaled $24,182,413 on March 31, against $23,496,018 at the close of 1940.
State and municipal bonds
were
$2,593,154, compared with $3,754,278; time loans
secured
$863,874 against $889,914; and
to $91,450 compared
Dec. 31, 1940.
The undivided profits
by collateral
and
loans
were
receivable
bills
with
amounted
$113,100 on
account, after dividends in both
totaled $923,986
Dec. 31, 1940.
cases,
March 31, 1941, against $914,032 on
on
The Grace National Bank of New York in its statement of
condition
as
of March 31,
1941, reports cash in vault and
banks
with
at
$26,063,248; demand loans to brokers,
shown as $2,142,000; U. S. Government secur¬
ities stand at $8,651,658; and State,
municipal and other
secured,
are
public securities, at $4,483,167. Undivided profits amount¬
ed to $726,121; deposits are reported at $45,762,577; and
surplus amounts to $1,500,000.
Announcement
2181
made
April 2 by the Federal Deposit
of an agreement providing for the
absorption by the Washington Irving Trust Co., Tarrytown,
N. Y., of the assets of the First National Bank & Trust Co.
and the Mutual Trust Co. of Westchester County, both of
Portchester, N. Y.
The consolidations, which will make
the Washington Irving Trust one of the largest banks in
Westchester County, will become effective April 28, and
it is stated will be financed largely by an advance of approxi¬
mately $4,600,000 by the r DIC on the assets of the two Port¬
chester banks.
The proposal, said the announcement by
the FDIC, "has been approved by National and State bank¬
ing authorities," and "tie two Portchester banks have
called meetings of their stockholders for April 25, at which
approval of the transaction is expected." The Corporation
estimates that the assets of the Washington Irving Trust
Co. will be increased by $12,000,000 as a result of the
consolidation.
' :C'
was
on
Insurance Corporation
George C. Lennox, Assistant Vice-President of the Lincoln-
April 1
credits
Valley Trust Co., also of Rochester.
The
election of Mr. Lennox to the new post by the directors of the
Genesee Valley Trust was announced on March 29 by Frank
S. Thomas, President. - v?/-A;'■ •
Alliance Bank & Trust Co., Rochester, N. Y., on
assumed new duties as Vice-President in charge of
the Genesee
of
*
•
meeting, the directors of the Reliance Co¬
operative Bank, Cambridge, Mass., elected Seth T. Gano as
President to fill the vacancy caused by the death of R. Currie
Grovestein,
Mr. Gano, who has been a director of the bank
since 1924, is also a Vice-President and director of the Bel¬
mont Savings Bank, Belmont, Mass., and a member of the
board of the Webster & Atlas National Bank, Boston.
The
At
recent
a
Board of Directors
Lewis S.
Clapp, Assistant Cashier of The National City
Bank of New York, died on March 28. Mr. Clapp who on
Oct. 5, 1929 was appointed an Assistant Cashier started his
banking career in 1908 as an assistant bookkeeper in the
Homestead Bank.
This Bank, in 1922 became the Home¬
stead Branch of the Peoples Trust Company, and in 1926,
when the City Bank merged with that institution, it became
the Homestead Branch.
Since his first job there, Mr. Clapp
had continued through the various changes working in many
positions from Bookkeeper to Cashier.
In that capacity
Mr. Clapp had been working, when the Homestead Bank
was bought by the Peoples Trust in 1922, at which time he
was promoted to Assistant Manager.
A year later, he was
appointed Manager of the Branch, and continued as Manager
when it became the Homestead Branch of the City Bank.
former associate of Lehman Brothers,
bankers, New York City, died on March 30 in the New
Rochelle Hospital, New Rochelle, N. Y., following an illness
of two years. He was 51 years of age. Mr. Lowery had been
associated with Lehman Brothers in the capacity of Sales
Manager of the firm's Municipal Bond Department.
Prior
Harrv E. Lowery, a
to
joining the firm he had been with F. S. Moseley & Co.
the
For several years, Mr. Lowery had been Chairman of
New York Transportation Committee in connection with
the
annual convention of the Investment Bankers Association
of America.,
The Board of Directors of the
Fidelity National Bank in
Elmhurst,
(Queens) N. Y., has announced
the retirement of $15,000 of preferred stock held by the
Reconstruction Finance Corporation.
Coincident with this
retirement, according to the announcement, a 12% common
stock dividend of $15,000 or 3-25 per share was declared
New
York,
payable March 1, 1941, to stockholders of record of Feb.
13, 1941.
The announcement continued:
Since 1934 when the bank was organized
the preferred stock has been re¬
duced from the original issue of $109,000 to
in
increase
common
stock
from
$100,000
to
$140,000
comparative data of capital funds since organization:
Jan. 27, 1934
Preferred stock.-.--100,000
Common Stock100,000
-----
presently
40,000
-...
——
—;
240,000
A letter
was
--LJ
50,000.00
63,245.21
36,047.92
stock
avoid
as
a
the
issuance
President of the bank, re¬
of unmanageable fractional
result of the stock dividend,
elected
as
John
R.
Simken and
which in many cases are fractions
Thomas
G.
Sperling, who were duly
Trustees, to hold the legal title to any and
all of the unmanage¬
able fractional shares of common
stock of our Bank in trust for the stock¬
holders until such time as further
dividends are declared and full shares of
stock
can
involve
exchange differential for the speedier settlement but, in fact,
no
The
.
Philadelphia National Bank,
its statement of condition
the close of 1940.
The Corn Exchange National Bank & Trust Co., Phila¬
delphia, has issued a booklet under the caption "Dollars for
Defense," outlining the bank's part in financing business and
defense.
In a foreword to the handbook on loans, David
bank, says that "money power
power—is busily at work and
on the alert to finance business and defense."
Mr. Williams
explains that the bank issues its publication for business
E. Williams, President of the
essential to productive
—so
men
for the following reasons:
To outline the many f Jexible and
and. to point out
and
more
varied loan plans available at this bank
how these may be used to advantage by borrowers.
To encourage sound
and improved financial methods as a basis of safety
efficient operations for business and defense enterprises.
To invite you
personally to discuss your credit needs with our officers
that their experience may be
exercised in helping
you to meet your
in¬
dividual situation to the best advantage.
Copies of the booklet may be obtained by writing to the
bank.
'
John M. Grant, President
:'V.
of the Transamerica Corpora¬
tion, San Francisco, died on March 25 at his home in that
city, following a heart attack.
He was 66 years old. The
following bearing on his career is from the San Francisco
Mr. Grant's career as a banker began when he became a messenger
1891 for the Caledonian Bank of Scotland.
born
in
He was then 17, having been
Sept. 6, 1874, at Grantown-on-Spey.
After he had risen to the position of a branch manager, young
Grant in
the United States and took a position as manager of the foreign
exchange department of the Merchants Loan & Trust Co., Chicago.
Later he became manager of the foreign exchange and banking depart¬
1895 came| to
ments for the
American Express Co., which sent him to Europe to
branches.
V:'■■■■'-
He returned to this country in
Express Co. at New York.
Peoples Savings Bank, Yonkers, N. Y., celebrates
this year the 75th anniversary of its founding.
In another
section of our issue today we are further noting this occasion,
in an item bearing on the 125th anniversary of the Mutual
Savings Bank System.
Philadelphia, Pa., in
of March 31, 1941, shows total
as
deposits of $659,355,482 and total assets of $713,363,004, as
compared, respectively, with $620,282,251 and $672,490,182
on Dec. 31, 1940.
In the current statement, cash and due
from banks amounts to $371,967,838 (against $343,940,661
on
Dec. 31, last); holdings of United States Government
securities are now $178,758,134 (as compared with $172,358,134); and loans and discounts $87,838,729 (against $79,565,143).
No change has been made in capital account
which stands at $14,000,000, but surplus and net profits
account has increased to $30,680,820 from $30,311,909 at
be issued.
The
if he is a borrower, with an interest
will provide the American exporter,
saving.
of
This new arrangement will
cable remittance has been requested.
"Chronicle" of March 26:
one-half, and three-quarter shares, the stockholders, at the
annual meeting of the stockholders held on January 12, 1937, amended the
Articles of Association and entered into an Agreement and Declaration of
with
course,
shares of common
of one-quarter,
Trust
Boston, Buenos Aires, will uniformly be remitted by air mail, unless
349,293.13
garding the above, in which it was stated:
To
Arrangements have been consummated with our Buenos Aires Branch
whereby the proceeds of coilections sent to The First National Bank of
so
60,000.00
140,000.00
addressed to the stockholders under date of
18, by John P. Gering,
March
out¬
the First
date of
March 19.
following
Mar. 1, 1941
..........
-
Surplus
Undivided profits.
Reserves
The following is from an announcement issued by
Bank of Boston, Boston, Mass., under
National
$60,000 with a corresponding
The effect | of this retirement may be noted from the
standing.
j of the Reliance Cooperative Bank at the
meeting also elected Owen D. McLellan to the board.
same
He
establish
-I-'
1908 to become Treasurer of the American
came to
California in 1922 to join the Mer¬
cantile Trust Co.
later he went to the Bank of Italy as Vice-President. In 1928
London and established the London branch of the Bank of
Four years
he
went
America.
to
He returned to San Francisco in 1931 and the
made President of the Transamerica
Corporation.
following year was-
The Commercial & Financial Chronicle
2182
The sale of the First National Bank of Prineville, Prineville, Ore., to the Transamerica Corporation, San Francisco,
was announced on March 24
by Harold Baldwin, President
of the Prineville institution.
Mr. Baldwin, it is stated, plans
to retire from banking.
The First National Bank, which
will operate as an independent unit of Transamerica, was
founded in 1887; at present the bank has deposits approxi¬
mating $1,000,000, while total resources are listed at $1,052,000.
Gordon Leith, former London partner of the New York
banking firm of Kuhn, Loeb & Co., died at his home in
Sunningdale, Berkshire, England, on April 2.
He was 62
years old.
Mr. Leith, who terminated his association with
Kuhn, Loeb & Co. in 1930, was at his death senior partner
of his own banking firm of Gordon Leith & Co., London.
In its issue of April 3, the New York ''Times" gave the
following summary of Mr. Leith's career:
Mr.
Leith ended his association
with
Kuhn, Loeb & Co. in 1930, after
He continued in the banking
having been London partner for three years.
business with his
nection had been with
a
firm, Gordon Leith & Co.
own
His first banking
con¬
Speyer Brothers, a firm he entered in 1900, becoming
partner in 1911 until his retirement in 1919.
From 1923 until he entered
the Kuhn, Loeb firm he had been senior partner of Gordon Leith & Co.
The younger son of Mr. and Mrs. Walter Leith, he was born March 10,
1879.
Educated
he started
at
Harrow and Trinity College,
his business
career
THE
Price fluctuations
week have been
shown
an
on
Cambridge University,
immediately after graduation.
CURB
MARKET
the New York Curb
irregular but the active list,
advancing
,
tendency with
a
Exchange this
as a
whole, has
goodly part of the
trading centering around the industrial stocks and public
utilities.
Aircraft issues have moved within
a narrow
channel
and the paper and cardboard shares have been quiet with the
advances and declines about evenly divided. Oil stocks were
of
the
April 5, 1941
as it forged ahead
peak for the present
movement.
Aircraft shares were slightly higher with the
exception of Beech which dropped to its low for the year and
the shipbuilding issues were generally weak.
Paper and
cardboard stocks were fractionally higher and most of the
oil shares were stronger.
Prominent among the changes on
one
5
outstanding strong stocks
points to 145 and registered
a new
the side of the advance were Babcock & Wilcox, 2 points to
30; Childs Co. pref., 134 points to 834; Consolidated Retail
Stores pref., 3 points to 105; Florida Power & Light $7 pref.,
334 points to 125; Gulf Oil, 134 points to 3134; Kings County
Lighting pref., series D, 234 points to 54; Jones & Laughlin
Steel, 134 points to 3034 and New England Tel. & Tel.,
134 points to 120.
While there
profit-taking apparent
the
upward
during most of the session on Friday.
The price changes
were not particularly noteworthy and with the exception of
some
modest gains among the public utility preferred
stocks, the advances and declines were largely in minor
fractions.
Paper and cardboard shares were lower or un¬
changed, oil issues moved within a narrow channel and
In the aircraft group
shipbuilding stocks were unsettled.
Bell was fractionally higher, Beech closed on the side of the
decline and Bellanca and Brewster were unchanged.
As
compared with Friday of last week prices were generally
higher, Aluminum Co. of America closing last night at 14534
against 135 on Friday a week ago; American Cyanamid B
at 3634 against 34; American Gas & Electric at 2934 against
2834; American Light & Traction at 1534 against 14 34;
Babcock & Wilcox at 2934 against 28; Childs Co. pref. at
834 against 7; Cities Service at 4 34 against 434; Creole Petro¬
leum at 1434 against 1234; Gulf Oil Corp. at 3134 against
2934; Humble Oil (new) at 5534 against 54; Lake Shore
Mines at 1334 against 13; Standard Oil of Kentucky at 1834
against 1834 and United Gas pref. at 111 against 110.
some
was
among
active stocks, the tone was firm and the trend
more
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
EXCHANGE
CURB
unsettled during the forepart of
the week but gradually im¬
proved. Todd Shipyards registered a 3-point gain at 95 on
Saturday and the aluminum issues gradually worked uoward.
Irregular price movements with occasional outstanding
strong spots were the features of the brief period of trading
on Saturday.
The transfers totaled approximately 59,000
shares against 45,000 during the preceding short session but
the changes were largely in minor fractions.
Todd Ship¬
yards was one of the strong stocks and climbed briskly up¬
ward 3 points to 95 where it was close to its high for the year.
Bell Tel. of Canada registered a gain of 2 points at 105 and
G. A Fuller advanced 234 points to 41 %.
Aircraft issues
were generally unchanged with the
exception of Bell which
slipped fractionally lower. Paper and cardboard shares were
unsettled, public utility stocks were irregular and industrials
were
mixed.
definitely upward on Monday, and as
leadership, there were a
goodly number of the trading favorites that recorded gains
up to 2 or more points.
In the public utility preferred
section a number of the more active issues registered advances
of a point or more but prices in the group, as a
whole, were
mixed.
The gains in the industrial section included
among
others Singer Manufacturing Co., 2 points to
112; Valspar
pref., 1% points to 16%; American Book Co., 134 points to
28; Corroon & Reynolds pref., 234 points to 8234; CI- A.
Fuller, 334 points to 45; and Quaker Oats, 2 points to 2234Oil shares were moderately higher and in the aircraft
group
most of the active issues were lower or
unchanged.
Ship¬
building stocks were quiet and so were the paper and card¬
the industrial shares assumed the
board shares.
Prices continued their upward swing on
Tuesday with the
industrial stocks agam leading the advance.
spectacular features but the advances
There
were no
steady and about
two dozen of the speculative favorites
registered gains up
to 2 or more points.
There was some profit taking apparent
from time to time but it was confined
largely to a small
group of stocks that had registered substantial gains during
the preceding sessions.
Paper and cardboard issues were
unsettled with St. Regis Paper pref. down a point while the
rest of the group were unchanged.
Aluminum stocks were
stronger, Aluminum Co. of America advancing 134 points to
13634 while Aluminium, Ltd. sold up to 7414Aircraft
shares were quiet and changes were few, while the
ship¬
building issues failed to appear on the tape.
were
Public utilities moved to the front on Wednesday and the
industrials were mixed with most of the
changes in minor
were in somewhat
larger volume
the turnover increasing to 93,085 shares
against 82,745 on
Tuesday.
Aircraft stocks which had been comparatively
quiet during the earlier part of the week showed considerable
activity but the changes were narrow and largely on the side
of the decline.
Oil shares were active, Superior Oil of Calif,
moving up 2 points to 2434 while British-American Oil
worked up to a new top for the year with a
gain of 1 % points
to 1234Shipbuilding issues were stronger and paper and
cardboard stocks were quiet.
Advancing prices were again in evidence on Thursday and
a fairly long list of industrials and
public utilities closed with
gains of a point or better.
The volume of sales climbed up
to
The transfers
111,547 shares
were
and
against
93,085
on
Wednesday.
There
300 issues traded in of which 147 advanced, 65 declined
88 were unchanged.
Aluminum Co. of America was
Bond8 (.Par Value)
April 1.
Saturday.
Monday
Tuesday
of
191L
Foreign
Domestic
Shares)
58,900
Wednesday
Foreign
Government
Total
Corporate
$484,000
$2,000
$23,000
84,475
903,000
2,ooo
20,000
925,000
82,745
1,150,000
1,192,000
3,000
5,000
1,158,000
5,000
4,000
1,201,000
1,261,000
$509,000
Thursday
93,085
110,867
1,239,000
5,000
17,000
Friday
110,455
1,183,000
79,000
18,000
1,280,000
*540,527
$6,151,000
$96,000
$87,000
$6,334,000
Total
Sales at
Week Ended April 4
Jan. 1 to April 4
New York Curb
1941
Exchange
Stocks—No. of shares.
1940
1941
1910
540,527
1,572,815
17,127,137
11,867,957
$95,136,000
Bonds
Domestic
The market turned
fractions.
Slocks
CNumber
Week Ended
$6,151,000
$8,012,000
$73,484,000
Foreign government
96,000
702,000
87,000
27,000
189,000
512,000
Foreign corporate
859,000
1,818,000
$6,334,000
$8,228,000
$74,855,000
$97,656,000
Total
X Revised figures.
Course of Bank
Clearings
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, April 5)
clearings from all cities of the United States from which it is
possible to obtain weekly clearings will be 17.4% above those
for the corresponding week last year.
Our preliminary
total stands at $7,430,342,400, against $6,331,527,006 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 16.7%.
Our comparative sum¬
for the week follows:
mary
Clearings—Returns bv Telegraph
Week Ending April 5
New York
Per
1941
1940
$3,607,063,621
Cent
319,886,178
$3,092,193,412
272,137,404
+ 16.7
Chicago
Philadelphia...
490,000,000
383,000,000
+ 27.9
Boston
248,158,320
193,662,645
78,486,058
+14.5
81,500,000
+ 16.9
Kansas
...
City...
+ 17.5
+28.1
San Francisco..
89,879,554
95,300,000
131,514,000
Pittsburgh
134,930,540
109,460,836
+23.3
Baltimore
89,976,615
84,736,188
83,054,817
69,789,282
+ 59.1
Cleveland
134,794,718
115,385,256
$5,456,888,802
$4,560,773,642
+ 19.6
901,729,865
808,900,045
+ 11.5
$6,358,618,667
1,071,723,733
$5,369,673,687
+ 18.4
961,853,319
+ 11.4
$7,430,342,400
$6,331,527,006
+ 17.4
St. Louis
Detroit.
-
Eleven cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
Total all cities for week.
112,753,000
+ 16.6
+38.9
+ 28.9
Complete and exact details for the week covered by the
foregoing will
in our issue of next week.
We cannot
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
furnish
appear
them
of the week in all
cases
has to be estimated.
In the elaborate detailed statement,
however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended March 29.
For that week there
was an increase of 14.3%, the aggregate
clearings for the whole country having amounted to
$6,576,813,899, against $5,756,378,389 in the same week in
of
Volume
the bank clearings at this center
In the
following
furnish
we
a summary
append another table showing the clearings by Federal
We
of 19.7%,
having recorded a gain of
9.8%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show an improvement of 9.9%in the
Boston Reserve District of 13.3%, and in the Philadelphia
Reserve District of 17.1%.
In the Cleveland Reserve Dis¬
trict the totals record an expansion of 24.5%, in the Rich¬
mond Reserve District of 14.9%, and in the Atlanta Reserve
District of 31.9%.
In the Chicago Reserve District the
totals register an improvement of 22.8%, in the St. Louis
Reserve District of 24.3%, and in the Minneapolis Reserve
District of 4.6%.
In the Kansas City Reserve District
the totals are larger by 12.9%, in the Dallas Reserve Dis¬
trict by 12.3%, and in the San Francisco Reserve District
by 25.1%.
Outside of this city there was an increase
1940.
2183
The Commercial & Financial Chronicle
152
Reserve districts for the three months for four years:
Federal
Inc.or
3 Months,
3 Months,
1940
Dec.
1939
1938
3,838,117,145
1st
Boston
2d
New York.. 15 ?
"
44,567,152.260
9
9
%
3,394,486,949 + 13.1
+8.0
41,257,807,415
5,446,453,861 +15.2
9
s
14 cities
/
3 Months,
1941
Dlsts.
Reserve
Av
•'
■,
3 Months,
3,174,984,677
2,953,242,426
44,224,241,184
39,778,002,822
3d
Philadelphia 17
"
6,276,510,090
4,936.049,111
4,563,094,360
4th
Cleveland-.18
"
5,027,122,444
4,142.422,036
+21.4
3,600.886,554
3,389,760,028
5th
Richmond..
9
"
2,324,698,620
1,912,297,420
+21.6
1,674,587,305
1,610,384,016
6th
Atlanta
16
"
+24.0
2,129,039,316
1,983,367,591
Chicago....31
"
2,945,374,755
7,775,313,307
2,376,027,285
7th
6,619,221,923
+17.5
5,721,001,168
5,545,122,081
8th
St, Louis...
7
"
2,319.105,113
1,902,891,416
+21.9
1,738,244,192
1,692,786,343
9th
Minneapollsl6
18
"
"
1,462,553,109
1,356,406,442
1,157,805,994
2,239,739,609
+7.8
+12.2
1,177,902,984
2,511,872,000
2,109,555,404
2,072,825,014
11
"
1,842,777,191
1,652,278,300
+11.5
1,489,590,030
1,408,588,077
12th San Fran...19
"
3,753,565,369
3,291,909,460
+ 14.0
3,016,523,229
2,913,325,562
10th Kansas City
11th Dallas
191 cities
84,644,159,403
75,591,942,116
69,068,304,314
41,711,206,112
35,830,160,530
+ 12.0
+ 16.4
74,992,605,154
Outside N. Y. City.....
32.143,069,934
30,651,686,636
32 cities
4,683,325,230
4,306,665,898
+8.7
3,825,793,115
3,849,107,508
Total
Canada..
by Federal Reserve
districts:
SUMMARY
detailed statement of transactions on
Our usual monthly
CLEARINGS
OF BANK
Inc.or
Federal
Reserve
Boston
New York..13
3d
PhiladelphtalO
4th
Cleveland..
7
5th
Richmond.
6
6th
Atlanta....10
_
234,528,846
243,910,274
3,310,259,573
3,490.913,303
4-17.1
4-24.5
366,565,525
367,716,073
251,944,208
255,721,549
4-14.9
4-31.9
133.652.454
129,381,960
150,416,040
137,791,771
4-22.8
461.893.455
442,436,271
4-24.3
4* 4.6
124,998,693
122,602,594
82,139,641
82,703,760
4-12.9
65,744,003 4-12.3
116,265,294
111,244,458
263,321,465
3,575,123,939
3,252,923,055
"
514,513,376
439.217,204
"
370,865,703
297,915,572
"
170,806,279
148,592,478
"
221,943,173
168,220,548
7th
Chicago
18
"
640,201,019
521,161,468
8th
St. Louis
4
"
175,140,888
140,895,652
9th
Minneapolis
7
'*
111,583,710
106,666,521
10th Kansas City 10
"
145,251,971
128,634,412
6
"
73,840,656
57,299,312
55,047,189
"
279,107,931
223,086,011
4-25.1
205,814,960
202,492,517
...113 cities
Total.
Outside N. Y. City
6,576,813,899
5,756,378,389
4-14.3
5,495,783,001
5,641,961,719
3,120,893,402
2,608,227,817
4-19.7
2.286,387,569
2,261,323,070
358,657,745
213,030,631
4-68.4
280,191,674
263,622,749
—32 cities
Canada
We also furnish
today
1941
was
an
1940
1941
Federal
March,
1939
1938
1,332,646.004
1,144,618,938
14,381,614,298
777..
1940
$
$
Jan„_.
Mar
1st qu. 84,644,159.403
The
course
of bank clearings at
BANK CLEARINGS AT
leading cities of the country
LEADING CITIES IN MARCH
9
9
15,636 13,889
16,011
14,442
42,933
1,365
1,286
8
'
■
1,615
1,233
4,492
4.050
3,530
975
981
890
3,268
2,882
2,708
3,520
1,142
2,138
St, Louis.........
472
Pittsburgh
721
San Francisco
730
1,759
396
570
627
1,713
388
480
600
1,543
370
473
585
5,180
1,133
1,662
414
344
Cincinnati....
332
271
296
251
.284
242
4,687
1,055
1,412
1,727
831
4,315
1,025
1,375
1,672
Baltimore
459
394
373
368
5,970
1,306
2,054
2,048
1,187
907
1,316
577
435
335
1,600
325
1,296
846
547
1,428
472
385
145
285
442
Philadelphia
+ 16.4
1,141,007,753
1,046,216,564
16,474,755,847
14,905.348,030
1,802,859,400
1,633,109,068
Kansas City
1,264,562,701
1,175,206,281
Cleveland
654,656,0231 +23.9
594,175,474
566,596,513
Minneapolis
814,777,995| +28.5
751.758.503
702,413,560
New Orleans..-
7th
Chicago
31
"
2,801,836,086
2,231,356,638
+25.6
2,050,187,049
1,922,728,955
8th
St. Louis...
654,126,697
7
"
815,175,019
+24.6
626,471,394
593,729,172
Louisville
205
294
191
479
159
Mlnneapolisl6
"
525,416,219
466,108,517
+ 12.7
426,162,793
407,802.572
Omaha.
153
132
10th Kansas CltylS
"
882,996,575
761,430,731
+ 16.0
734,460.933
720,920,244
Providence
11
"
633,115,403
567,608,228
+ 11.5
520,727,587
488,416,443
Milwaukee
12th San Fran...19
"
1,347,347,921
1,123,889,296
+ 19.9
1,072,845,333
1,032,265.302
Buffalo
60
103
180
St. Paul
135
30,443,121,496
26.069,750.545
+ 16.8
27,459,974,767
25,194,752,704
Denver
150
49
96
143
112
128
397
265
181
411
155
133
46
92
131
109
125
14,806,844,353
12.180.425,638
+21.6
11,449,037,566
10,763,078,020
Indianapolis
97
84
80
71
Richmond
214
164
160
154
1,344,003,566' +20.0
1,285,504,294
1,320,044.911
Memphis
130
92
78
82
222
163
63
53
150
60
48
191 cltlee
32 cities
Canada
1,613,259,111
222
746
—.
on
the
Total
Total all
Month of January
February _......l
March..
First quarter.
1941
1940
1939
1938
No. Shares
No. Shares
No. Shares
No. Shares
15,990,665
13,470,755
16,270,368
25,182,350 H 24,151,931
14,526,094
13,878,323
22,995,770
24,563,174
32.406,179
45,731,788
63,618,847
FOR
CLEARINGS
Month of
We
for
616
508
463
466
276
145
55
48
607
216
167
477
194
153
225
411
175
138
240
400
168
137
27,303 23,427 25,000 22,845
3,140
2.643
2,460
2,350
75,606
8,948
67,880
7,712
67,972
7.021
62,351
6,717
30,443 26,070 27,460 25,195
84,644
12,180 11,449 10,763
41,711
75,592
35,830
74,993
32,143
30,652
two years
9
S
First
Federal
Rese
rve
Dec.
1940
.77;
/c
$
District— Boston—
8.044,628
2,151,492
7,792,341
+ 20.4
9,110,415
+ 16.9
28,599,337
974/81,672
2.906,237
+ 17.2
Holyoke
1,729,147
1,555,479
+ 11.2
3,268,096,760
9,886,775
5,169,769
Lowell...
1,845,515
3,252,073
1,891,309
2,686,002
—2.4
5,326,296
+ 21.1
9,621,313
13,557,875
+ 11.1
9,000,064
+ 15.0
—1.4
44,233,751
30,510,554
166,578,143
.
2,589,684
^
Portland
Mass.—Boston
—
Fall River
New Bedford
S pri ngfiel d
15,067,714
.
10,350,963
,52,477,798
Worcester
Conn.—Hartford..
...
+
53,238,674
17,619,083
+ 18.8
.:i
7,399,000
6.250,800
+ 18.4
R. I,—Providence....
60,305,600
N. H.—Manchester...
2,221,282
48,998,900
2.289,010
+ 23.1
—3.0
62,883,670
21,537,300
170,733,900
6,894,949
+ 16.4
3,838,117.145
20,371,361
New Haven........
Waterbury
Total
.
.
.
.
.
.
.
(14 cities)....
1.332,646,004
1,144,618,938
+ 15.6
our
detailed statement showing the
205
69,068
figures
$
',
Week Ended March 29
March 31
1940
29
JANUAR
SINCE
Inc.
Inc.or
1941
1,142,471,594
3,453,858
Maine—Bangor.....
add
297
339
March and since Jan. 1 for
and for the week ended March 29 for four years:
MARCH,
Inc. or
V
73
*
171
299
511
368
419
city separately for
each
Clearings at—
1941
717
485
1,085
410
349
127
262
372
61,673,795
Three Months Ended
March
now
956
394
Outside New York. 14,807
13,312,960
8,969,195
10,124,024
284
1,059
228
52
Other cities
616
2,020
595
421
789
684
701
1,067
1,109
726
508
253
Hartford
of 1938
911
170
362
136
124
44
87
125
108
119
1,152
337
375
Seattle
volume
250
1,875
988
777
2,500
1,187
439
375
129
258
380
298
355
Detroit
Salt Lake City —
of transactions in share properties
New York Stock Exchange for the calendar years
to 1941 is indicated in the following:
The
38,417
Boston...........
811,291,731
....
9
9 :+ "
$
39,762 42,850
Chicago
1,046,916,724
.
1 to March 31———
1940
1939
1938
r" Jan,
"
1941
$
$
1,800,583,218
Total..
%
■
since Jan. 1 in each of the
Month of March
1941
1940 1939 1938
(000,000
omitted)
"
Outside N. Y. City
$
is shown in the subjoined statement:
last four years
"
11th Dallas
1940
$
+ 16.4
75,591,942,116 + 12.0 41,711,206,112 35,830,160,530
for the month of March and
Cleveland >-18
9th
1941
%
+8.8 14,344,488.181 12.620,143,272 + 13.7
12,559,873,578 11,029,591,650 + 13.9
+21.6
30,443,121,496 26,069,750,545 + 16.8 14,806,844,353 12,180,425,608
Richmond.. 9
Atlanta
16
2,251,217,757
'
29,029,588,225 26,686,957,913
6th
16,194,578,839
"
months
Feb... 25,171,449,682 22,835.233,658 + 10.2
5th
"
Philadelphia 17
$400,540,000
Clearings Outside New York
Clearings, Total All
4th
New York..15
3d
9,410,000
$569,016,000
1940:
1941
+12.6
1,856,488,059 +21.3
1,413,075,125| +27.4
2d
6,348,000
Month
%
14 cities
1,417,000
MONTHLY CLEARINGS
increase
March,
Dec.
Dlsts.
Reserve
Boston
1st
Inc.or
$330,928,000
60.202,000
21,105,000
3,285,000
13,792,000
compilation covers the clearings by
The following
New York
March,
$521,075,000
41,593,000
10.124,024
since Jan. lf 1941 and
is 16.0 %, in the Dallas Reserve
San Francisco Reserve Dis¬
March,
8199,173.000 8110,849.000
$214,382,000 $135,239,000
Total bonds
and in the
11.5%,
trict 19.9%.
16,270,368
45,731,788
Foreign government bds.
U.S. Government bonds.
body of clearing houses of 21.6%, the 1941
aggregate of clearings being $30,443,121,496 and the 1940
aggregate $26,069,750,545.
In the New York Reserve Dis¬
trict the totals are larger by 12.6%, in the Boston Reserve
District by 16.4%, and in the Philadelphia Reserve District
by 21.3 %.
In the Cleveland Reserve District there is an
increase of 27.4%, in the Richmond Reserve District of
23.9%, and in the Atlanta Reserve District of 28.5%.
The Chicago Reserve District enjoys a gain of 25.6%, the
St. Louis Reserve District of 24.6%, and the Minneapolis
Reserve District of 12.7%.
In the Kansas City Reserve
District
1940
1941
1940
Bonds
Railroad <fc misc. bonds..
for the entire
District the improvement
Three Months
March
,7
32,406,179
Stocks, number of shares.
of the clearings for the
a summary
that month there
For
month of March.
Month of
Description
:
10
11th Dallas
12th San Fran
$
$
+13.3
4-9.9
298,435,254
"
and 1940 follow:
for March and the three months of 1941
1938
1939
Dec.
$
$
Dists.
12 cities
1st
2d
1940
1941
Week End. Mar. 29, 1941
The results
Exchange is appended.
the New York Stock
Dec.
%
6,957,344
24,736,555
2,881,970,533
8,893,352
+ 15.6
4,745,596
+ 8.9
+ 0.2
+ 15.6
+ 13.4
+ 11.2
1941
$
Dec.
1939
$
cr
/o
$
r
569,735
1,925,361
259,758,871
785,530
or
1940
.
474,132
400,918
+ 42.1
1,683,853
226,216,008
+ 14.3
1,785,995
+ 14.8
201,191,348
638,142
+ 23.1
711,214
1938
9
.
575,280
1,655,891
206.251,910
472,198
"
5,313,053
8,406,326
+ 14.5
+ 4.2
"
"860:555
369,345
—2.4
"388,239
667,760
506,052
+ 32.0
480,480
+ 1.3
2,718,767
1,764,550
11,348,830
3,542,237
1,846,423
14,202,355
4,112,666
10:094",200
338,623
599,260
3,184,015
3,224,437
2,764.917
+ 16.6
27,094,358
152,839,191
59,192,285
+ 12.6
2,629,879
11,333,559
4,364,290
2.113,087
11,997,905
4,306,616
+24.5
+ 9.0
19,241,900
145,373,500
+ 11.9
+ 17.4
127378:800
11,865",200
+ 4.3
9,574,100
7,265,530
—5.1
436,477
459,422
—5.0
548,954
577,453
3,394,486,949
+ 13.1
298,435,254
263,321,465
+ 13.3
234,528,846
243,910,274
42,457,426
+ 6.2
—5.5
2184
The Commercial & Financial Chronicle
April 5, 1941
CLEARINGS (Continued)
Month of March
Three Months Ended March 31
Week Ended March 29
Clearings at—
Inc. or
1941
1940
Inc. or
1941
Dec.
1940
%
Second Federal Re*
N. Y.—Albany
Binghamton
51,629,399
60,534,326
—14
134 ,729,576
+ 2.6
17 ,008,945
Buffalo
+ 25.9
Elmira
+ 34.9
510 ,693,723
8 811,322
+0.3
12 ,032.828
+ 12.6
42,932 953.291
121 ,375.783
70 ,936,851
12 ,891,475
45 351.947
5,223,021
5,088,772
180,043,412
143,014,204
3,196,361
2,369,497
Jamestown
3,687,793
3,677,222
New York
15,636,277,143 13,889,324,937
Rochester
40,043,208
34,427,672
Syracuse
24,602,877
18,561,049
Utlca
4,424,184
3,290,560
Westchester County.
14,720,721
16,658,304
Conn.—Stamford....
21,304,579
-16,956,214
N. J.—Montclalr
1,765,889
1,886,670
Newark..........
86,844,854
78,053,199
Northern New Jersey
117,701,335
105,089,335
Oranges—
3,114,063
2,682,337
—
—
Total
(15 cities)—. 16,194,578,839 14,381,614,298
Third Federal Re*e
rve
District
Pa,—Altooria—.—
Bethlehem
2,234,173
3,699,159
Lancaster
.
Wllkes-Barre
...
.
%
%
Philadelphia
1,709,824
+ 16.3
+ 32.6
+ 34.5
—11.6
145,719,191
—7.5
4,950,797
8,251,584
16,850,267
+ 0.9
936,88'
948,385
—1.2
946,795
441,666,714
+ 15.6
42.500,0(K
32,300,000
+31.6
28,800,001
6,848,559
+ 28.7
478,538
+22.(
411,028
10,711,351
39,701,781,586
+ 12.3
583,587
677,387
812,715
—16.7
864,800
110,837,613
+ 9.5
3,455,920,497 3,148,150,572
8,771,354
7,480,241
+ 17.3
63,913,757
+ 11.0
>
+8.0
10,745,040
+20.0
49,861,825
—9.0
63 517,456
5,428,741
3,894,746
4-39.4
3,688,480
3",347",822
—13".6
2,955,540
3",582",206
3,462,285
+ 20.0
3,778,629
426,093
—15.4
483,993
3,139,608
344,643
53,694,283
+ 18.3
5, 420,146
5,901,796
—8.2
360.384
238,302,473
332,194,183
+ 10.7
19,202,144
18,865,897
+ 1.8
17,615,174
19,628,711
+ 12.0
263 767,145
358 259,210
+ 7.8
28,745,078
24,504,177
+ 17.3
22,785,270
31,387,464
+ 16.1
9, 402,562
8,778,777
+ 7.1
+ 12.6
44,567,152,200
42,157,807,415
+ 8.0
+25.0
—6.4
+ 11.3
■i
3,575,123,939 3,252,923,055
+ 22.3
473,927
439,125
+ 7.9
955,425
616,520
+ 55.0
566,182
507,279
636,474
631,772
+0.7
338,681
283,198
10,751,187
9,279,450
6,114,955
+ 15.9
31 528,033
18 490,963
27,374,903
+ 15.2
2,180*214
1,766,283
+23.8
1,440", 852
1,655",956
1,915,237
1,422,556
+ 28.2
6
932,538
5,968,542
+ 16.2
+ 41.9
5 620,640
4,926,517
+ 14.1
1,759,000,000
+21.5
5,970 000,000
5,180,000,000
+ 15.3
499",boo",000
426,bob",000
+ 17.1
355",000",000
355","000",000
5,805,435
+ 16.8
+ 12.0
1,624,228
1,394,595
+ 16.5
1,414,295
+ 5.6
20 624,291
31 305,852
18,412,051
10,043,267
4,723,283
31,270,002
+0.1
2,245,243
+ 3.3
+0.8
12 837,764
12,798,663
+0.3
2,319,212
876,453
1,520,414
—42.4
1,908,885
842,203
1,825,121
2,060,323
1,091,861
+ 26.2
18 378,504
15,598,073
3,367,232
+ 178
1,448,243
1,296,152
+ 11.7
1,059,798
1,761,438
2,172,597
—20.8
7,288,192
2,454,438
2,018,622
2,138,000,000
6,779,308
10,607,463
4,758,942
+ 19.2
16,296,129
+ 13.5
+25.8
1 719,642
7 950,790
Del.—Wilmington
32,211,020
+ 16.9
69 311.766
57,671,190
+20.2
N. J.—Trenton......
17,327,900
15,347,100
+ 12.9
54
367,000
46,146.700
+ 17.8
4",993",200
iM'M
2,251,217,757
1,856,488,059
+21.3
6,276,510,090
5,446,453,861
+ 15.2
514,513,376
439,217,204
Hazleton.........
2,845,081
serve
13,535,149
9,980,533
Cincln nati_—
331,630,083
Cleveland......
577,119,744
9,547,941
13,651,139
271,082,493
434,695,288
48,816,300
1,924,667
843,513
7,490,163
10,897,418
—
7,426,608
5,929.174
—
28,206,271
1,084,970
485,849
930,060
Columbus..........
58,597,800
Hamilton.......—
2,503,229
Lorain
1.054,517
Mansfield..
Toledo
.....—
Federal
Rese
Total
(9 cities).
Sixth
Federal
77,676.849
+ 20.0
154,401.500
135 ,192,300
+ 14.2
10,680,000
9,392,900
9,552,300
10,389,100
+ 30.1
7,587,716
2.976,228
6 ,076,576
+ 24.9
+ 25.0
2 598,546
+ 14.5
+ 27.4
+ 26.5
1,592*442
1,318,249
+44.9
2,241,562
1,867,736
21,172,852
+ 33.5
74,326,043
59 435,155
+ 25.1
+ 13.2
3,104,986
3 285.498
+ 41.9
1,334,073
1 103,702
+20.9
+ 27.6
2,406,834
2 053,576
+ 17.2
1,661 607,553
20 654,918
+ 15.4
6,817,842
958,528
342,357
728,780
570,197,503
6,899,429
9,713,006
5,579,928
5,817,193
1,800,583,218
1,413,075,125
720,774,508
8,621,205
District
rve
Ga.—Atlanta
+ 28.2
2,053,730,697
+ 25.0
23,838,350
+26.6
30,884,952
32, 337,761
+ 11
26,591,347
20,345,137
26, 486,296
+ 0.4
+ 17.2
18, 362,691
+ 10.8
+27.4
5,027,122,444
4,142,422,036
+ 21.4
6,560,792
33,567,000
+ 37.3
2,405,282
11,931,000
163,550,501
5,625,806
10,765,380
+ 23.6
...
+22.6
96,498,374
110,053,397
370,865,703
297,915,572
+ 24.5
251,944,208
255,721,549
+ 38.9
+ 30.4
+ 31.0
9,243,639
46,073,000
735,483
489,639
+ 50.2
369,276
306,584
3,301,000
+ 21.1
48,177,533
2,945,000
37,266,499
+ 12.1
508,456,914
16,506,285
27,987,608
31,590,059
+ 31.9
1,595,637
1,234,862
+29.2
2,530,000
35,609,371
1,118,194
15,737,643
+ 12.6
+40.9
2,482,000
343,896,235
1,595,174
110,284,000
+20.3
1,186,644,664
87", 97l", 778
83,396,094
+ 5.5
71,52l", 147
69,874,009
+ 7.5
+ 24.2
5,265,385
387,743,436
988,091,436
4.815,460
+ 20.1
1,714,524
136,984,556
310,574,282
+ 24.8
29,024,848
23,260+84
+24.8
22,504,466
24,104~,348
811,291,731
654,656,023
+23.9
2,324,696,620
1,912,297,420
+ 21.6
170,806,279
148,592,478
+ 14.9
133,652,454
129,381,960
+ 23.1
20,504,427
+ 20.6
87,098,200
273,800,000
+ 37.3
+ 14.3
5,748,614
+ 50.2
4,700,183
+ 81.7
3,506,000
+ 34.3
96,260,675
+ 17.5
6,109,771
+27.3
97,189,922
+ 21.9
8,688,600
+ 14.6
4,017,172
5,333,000 + 108.6
70 ,884,867
294 ,745,192
1,030 ,000,000
61,488,577
+ 15.3
4,515,056
4,263,388
+ 19.6
246,437,535
+ 30.3
790,600,000
+ 6.2
17,829,780
+ 49.6
13,897,370
+ 70.5
11,478,094
+ 31.2
291,123,851
+ 7.2
21,162,788
+ 21.3
289,817,186
+ 22.8
25,852,013
+ 19.1
12,275,872
14,952,000 + 128.8
+ 14.0
24,709,774
+21.0
5,566,902
2,159,890
+ 12.6
+ 12.7
546,675,653
22,402,450
20,993,453
+ 6.7
16,378,431
16,491,408
85,200,000
1,573,124
59,600,000
+43.0
56,700,000
48,500,000
1,204,541
+ 30.6
977,934
988,954
1,348,490
809,529
+ 66.6
843,941
770,118
27,501,000
18,098,000
+ 52.0
17,877,000
16,563,000
26,738,493
20,992,999
2,061,677
+ 27.4
18,940,520
16,348,084
+ 6.7
1,426,149
1.454,581
105,080,815
370,000,000
6,371,205
129,244,065
Fla.—Jacksonvllle
Tampa......
7,177,039
123,676,141
10,591,263
Ala.—Birmingham
Mobile
Montgomery
4.003,429
Miss.— Hattiesburg
Jackson.....
11,124,000
9,062,152
2,196,967
774,553
222,146,908
Meridian
Vicksburg..
La.—-New Orleans
(16 cities)
1,046,916,724
Seventh Federal Re
serve
Mich.—Ann Arbor
Detroit
+ 31.8
+ 15.9
District
,689,755
351 ,670,593
31 ,747,002
14 ,614,688
34 ,211,000
+ 29.3
1,024,960
+ 22.3
+ 9.3
7,719,714
1.984,610
+ 17.4
681,512
+ 13.7
191,435,523
+ 16.0
,736,678
,431,023
616 ,178,161
814,777,996
+28.5
2,945,374,755
2,376,027,285
+ 24.0
5,523,449
1,427,923,471
12,765,901
,296,224
42,269,673
+ 14.3
8 ,779,027
7,110,994
20,850,909
+ 23.5
+ 10.7
28 ,166,078
6
2
+ 14.2
6 ,567,634
+ 55.9
2,020 ,437,071
+ 32.8
17 ,426,890
+ 19.1
48
Grand Rapids
16,526,038
3,124,153
7,037,236
3,755,705
3,080,049
9,004,297
17,175,367
97,055,436
10,680,452
27,338,384
7,467,070
103,303,027
1,709,344
3,172,832
,
+ 43.
+ 1.6
+ 40.3
22 799,873
10 422,208
309,510
116,589,726
—8.9
214,759
198,501
+ 55.7
96,451,288
81,148,126
3",3l"o"62l
3",218",878
+ 2.8
2,469", 463
2,293", 177
1,483",387
1,052*740
+ 40.9
l,54l",387
1,701",834
+ 10.6
253,124,791
24,760,112
74,135,920
18,494,014
+ 12.3
+ 31.2
+ 32.3
Chicago
1.614,859,959
1,364,884,819
Decatur
6,378,901
18,776,698
487,583
+ 9.3
+ 22.0
1,505,468
Bloomington
282,103
181,505,951
+ 36.5
46,975,108
1,991,824
111.—Aurora
+ 18.9
+ 41.5
21,661.360
2,406,464
Sioux City
32,550.840
137,791,771
51
132
Ames
33,637,808
26 421,093
+11.6
50,141,281
17,774,462
1,066,794
+ 14.9
+ 30.4
+ 7.1
+ 14.5
+ 7.8
+ 20.9
+ 1.5
+ 15.0
+ 28.4
934+42
840", 921
+ 12.3
19,455,000
17,405.000
+ 11.8
16,829,000
15,418,000
+ 25.5
2,169,941
1,746,702
+ 24.2
1,305,992
+ 5.4
5,642,677
5,286,573
+ 6.7
4.699,748
1,176,597
4,194,301
23,614,882
22,35l",408
+ 5.7
20,039,463
18,653,007
284,814,895
+ 5.0
4,682,890
+11.0
9,364,933
1,426,328
+ 2.3
+ 10.6
+ 15.4
1,357",670
1,093",306
1,114,631
+ 7.6
14,256,113
1,050,291
13,096,998
+ 29.3
,332,434
4,205,628
14,586.203
122,939.638
+ 8.9
11,233,562
11,625.048
49 ,728.582
45,760,283
+ 8.7
4,250,029
3,543,763
+ 19.9
3,853,653
3,197,165
6 .663,608
2,886,641
5,510,425
+ 20.9
5 ,445,729
4,376,171
+ 24.4
437~286
"296", 983
+47.2
281,324
480,235
+ 18.3
4,491 ,989,726
4,049,602,550
+ 10.9
371,641,366
326,589,761
+ 13.8
294,102,083
+ 40.5
16 ,658,405
53 ,400,797
13,498,391
+ 23.4
1.879,370
953,782
+ 97.0
940,755
293,522,042
839,888
50,065,785
+ 6.7
4,069,469
3,970,212
+ 2.5
3,664,563
3.584,487
22 ,016,585
19 ,039,062
15,708,438
16,590,332
+ 40.2
1,711.045
1,112.780
+ 53.8
1,144.801
1,278,379
+ 15.5
+ 14.8
1.390,255
1.228,080
+ 13.2
1,098,866
1,169,932
640.201,019
521,161,468
+22.8
461,898,455
442,436,271
+ 15.3
—4.1
2
,788,732
+ 5.4
—3.4
Rockford
7,598,896
6,612,976
777,605
620,679
t25-3
2 ,144,915
1,907,479
+ 12.4
2,801,836.086
2,231,356,638
+ 25.6
7,775,313.307
6,619,221,923
+ 17.5
(31 cities)....
"
1,358",281
Springfield
Sterling
"
1,744",454
4,540,904
17,194,907
5,649,456
5,724,590
...
126.998
150,416,040
+ 30.0
+ 3.3
560,613
Manitowoc..
Iowa—Cedar Rapids..
Des Moines
X
'
+ 25.7
+ 20.8
+ 22.0
Watertown
X
107,243
+ 31.9
+ 20.5
1,443,779
...
Sheboygan
X
—15~4
40,058,201
+ 28.4
5,005,106
44.923.393
15,413,410
1,112,410
1,833,591
Milwaukee
"l 38". 760
168,220,548
7,580,162
1,491,808
Terre Haute
W is.—M adison
X
1
"117,427
50,346.665
8,119,049
9
6,108,695
South Bend
x
■
3,997,788
3,527,014
221,943,173
,132,621
+18.4
931,579
284 ,216,326
31 ,081,439
78 ,113,006
20 772,021
299 ,078,040
5 ,198,012
9 ,583,535
1 ,577,735
4 ,433,503
16 ,836.895
....
2,200,468
+ 5.9
—Chicago—
1,811.285
Lansing
Ind.—Ft.
22
479,484,087
5,238,581
13.871.392
2,179,151
6,926,676
2,677,138
2,600,639
6,925,307
14,215,576
84,474,588
8,191,924
25,533,975
6,519,166
95,825,418
1,414,349
3,127,291
Jackson.....
Muskegon
,931,521
,786,472
,574,416
382 ,007,309
19
2,067,934
6,958,358
Bay City
18
20
745,833,428
Flint
Total
125,417,907
+ 22.0
6,571,511
7,059,650
Macon
,..
153,763,183
—4.5
4,602,645
12,474,385
5,615,790
Columbus
Peoria
V.;':——
615,992,335
21,777,609
34,240,681
17,715,871
Augusta
Oshkosh
—5.5
Richmond—
3,341,516
25,237,026
Nashville
Wayne
Gary
Indianapolis
52,378,668
84,898,016
+ 32.4
Rese rve District— Atlanta—
Tenn.—Knoxvllle
Total
55,027,474
+31.9
+ 13.7
2,192,398
1,572",664
413,857,776
Frederick
+ 17.7
94,557,545
2,902,550
2,171,158
...
Md.—Baltimore
62,611,000
124,676,802
1,988",939
Columbia.....
D. C,—Washington...
2,037,550
73,708,758
+ 23.5
3,145,471
214,331,958
7,415,226
C.—Charleston
2,134,040
+ 16.7
+ 15.4
15,556,000
Greenville..
+ 29.0
776 ,792,850
1,295 ,650,298
+ 20.8
W, Va,—Huntington..
8,
27 ,951,579
906,821,170
1,599,638,422
+ 10.1
Va.—Norfolk
Richmond
36,065,876
+ 22.3
15 ,609,950
W. Va.~Wheeling....
Fifth
+ 35.6
+ 32.8
34 ,452,682
Ky.—Lexington
—
3,150.500
367,716.073
22 ,770,105
12,292,797
0,236,846
(18 cities)
3,567,900
360,565.525
+
18,858,952
Oil City
Total
5l".0
+ 17.1
37,929,203
Greensburg——
Erie
+ 14.0
26,280,958
—...
Pittsburgh
6,973,439
+ 2.5
+ 25.3
Pa.—Beaver County_.
Franklin...
3 450.437
—
+ 25.3
—
Youngstown
Newark....
16.8
—16.6
380,397
426,729
District —Cleveland—
Ohio™Canton......—.
.
+ 9.9 3,310,259,573 3,490,913,303
+ 63.6
5,408,979
5,050,318
1,261,099
718,971
2,260,926
27,555,081
_
4,329,886
-,
2,892,908
4,154,177
+ 16.7
599,802
_
8,797,033
8,056,821
7,025,674
1,049,468
-
766,896
+ 9.8 3,209,395.432 3,380,638,649
5,043,170
6,373,508
Re
30,200,000
582,393
5 ,887.604
Du BoiS-.
Federal
6,337,578
1,178,236
10,477,611
6 ,607,423
Potts ville
Fourth
—40.C
11 ,496,843
.......
(17 cities)..
$
S +
+ 30.7
York..
Total
1938
1939
+21.6
.....
Scranton...
%
+ 50.7
Norrlstowri
Philadelphia
Beading
%
1,825,298
—
Lebanon
Dec.
2,455,259
Chester...........
.
1940
2,219,494
—
HarrMmrg.
©J
1941
District —New York—
erve
__
Inc.
Dec.
+ 9.2
+ 34.5
"
'
"
"
Volume
2185
The Commercial & Financial Chronicle
152
CLEARINGS (Concluded)
*
$ :+
Eighth
Mo.—St.
-St.
District
Federal Re
.jLoulSwJ*:.«v-
-
■
1940
1941
Dec.
1940
Inc.
Inc. or
Inc. or
1941
Week Ended March 29
Three Months Ended March 31
Month of March
Clearings at-
1940
1941
Dec.
1938
1939
%
%
ri
or
Dec.
Louis—
472,082,201
396,410,590
+ 19.1
1,306,398,204
1,133,261,781
+ 15.3
4,361,725
+ 14.6
13,614,299
+ 37.0
1,811,878
11,371,875
1,458,688
+ 24.2
104,400,000
88,200,000
+18.4
78,200,000
79,100,000
42,985,619
27,201,269
31,813.384
20,346,268
+ 35.1
30,414,825
+ 33.7
15,815,868
27,971,764
14,956,830
+ 19.7
Ky.—Louisville
Tenn.—Memphis
204,808,957
3,807,592
473,788
158,573,942
+29.2
595,159,024
472,478,878
+ 26.0
130,359,851
91,998,905
+ 41.7
111.—Jacksonville
321,880
+ 13.4
276,184,897
919,297
2,548,000
2,540,000
+0.3
393,713,627
1,045,081
7,363,000
+ 42.6
365,121
7,216,000
+ 2.0
554,000
536,000
+ 3.4
568,000
574,000
2,319,105,113
1,902,891,416
+21.9
175,140,888
140,895,652
+ 24.3
124,998,693
122,602,594
2,461,770
72,113,826
2,631,405
70,834,672
—6.4
2,365,989
52,799,078
53,684,217
29,697^509
26,643,407
+ 11.5
21,306*035
21,662*798
Cape Girardeau.,.
649,164
Independence
.
-
Quincy
Total
District— Minneapolis-
e
—2.9
36,438,665
36,765,793
—0.9
325,059,000
13,406,438
294,170,554
+ 10.5
911,088,828
846,370,453
+ 7.6
1,825,717
1,721,265
+ 6.1
112,430,160
+20.5
5,100,981
337,387,181
+1.6
135,437,293
1,726,536
514,000
11,725,207
1,073,000
5,185,036
367,658,301
4,537,519
v
1,605,535
33,379,047
3,111,000
2,578,000
10,001,056
21,149,910
2,311,955
10,947,719
9,847,897
13,021,545
Minn.—Duluth.....
Minneapolis
_
....
_ .
.
Rochester-
.....
St. Paul
Winona..
Fergus Falls
...
N. D.—Fargo
....
Grand Forks
Total
3,965,469
3,319,483
3,425,291
+ 15.8
3,254,088
+2.0
14,703,136
13,446,140
+ 9.3
283,239
251,892
+ 12.4
41,969,476
743,165
466,108,517
+ 12.7
1,462,553,109
525,416,219
rve
District
Neb.—Fremont.
Hastings
Kansas
Manhattan.. ......
Topeka
736,847
+ 0.9
1,356,406,442
+ 7.8
+ 0.7
1,352,306
1,293,414
+ 4.6
+ 7.0
1,798,725
1,631,164
+ 10.3
33,542,594
385,218,326
+2.6
678,890
+ 16.4
571,080
708,029
—19.3
9,171,870
14,676,185
8,704,099
+ 5.4
13,296,593
+ 6.4
11,516,678
132,157,405
+ 15.7
16,657,728
+ 20.3
1
+ 9.4
+ 14.3
101,599",613
+ 12.1
3,190,566
+ 16.6
1,316,264,194
+ 18.6
44,288,017
Carthage
671,317
—2.8
2,432,456
Okla.—Tulsa
36,439,878
33,682,385
+ 8.2
105,724,630
2,670,794
2,382,552
+ 12.1
7,654,428
150,498,370
127,557,099
+ 18.0
+ 11.9
3,195,081
2,701,960
1,409,151
+ 14.0
8,920,414
4,279,982
+ 5.3
1,606,168
419,409,051
9,389,404
4,569,447
374,672,105
+ 18.3
2,511,872,000
2,239,739.609
+ 12.2
23,561,021
—12.8
r
Pueblo
Total
eserve
Beaumont
■
...
Dallas.:
......
El Paso.v..
Fort Worth..
Galveston
'
...
Houston
Port Arthur
Wichita Falls.....
Texarkana i
....
La.—Shre ve port. .
%
._
serve
Wash.—Bellingham...
"
Seattle_...2......
Yakima....
.....
Idaho—Boise
Ore.—Eugene
.
.
.
Portland
Utah—Ogden
Salt Lake City
District
-San
4,749,272
5,132,441
1,172,000
158,927,344
2,532,719
63,206,399
15,091,513
6,501,773
6,677,577
10,690.138
17,880,130
4,014,414
(19 cities)
111,244,458
145,251,971
2,077,618
59,858*862
51,703*955
15*8
44*.436",586
41,4*1*1*, 131
+ 12.4
6,"429", 600
5",952",267
8*6
6*,0*4*0",095
5*.567,108
—4.1
1,795,000
1,998,000
—10.2
1,886,000
2,335,000
*
'
22,667,710
27,078,146
51,010,615
10,234,000
—9.8
+8.4
+ 11.4
+ 16.2
+ 2.4
47,968,629
20,455,896
+ 2.7
+0.5
*893*.218
*924*558
—3*4
*752*813
"928",867
+ 16.6
3*.248",585
3", 266", 883
—0.6
2","433",oil
2,727,465
1,652,278.300
+ 11,5
73,840,656
65,744,003
+ 12.3
57,299,312
55,047,189
5,944,343
+ 15.3
476,712,017
11,697,461
47,524,716
1,095,106
34,915,881
+ 36.1
29,933,208
+ 12.4
859,989
+ 27.3
868,870
45,877,732
33,308,078
+ 37.7
31,307,034
26,484,858
17,09L080
12,7*33*,366
+34*2
11,814*967
11,573",041
3*901*348
3,211*232
+ 21*5
3,57*1,166
3*.590^840
2,970*285
2*,*6*22*562
+
1*3*3
3*.02*7*849
3*,351*876
+
18*5
119,8*1*5*666
122*.157",000
+18.8
+ 28.3
2,667,447
1,198,221
1,611,198
2,287,758
1,262,874
1,565,625
+ 25.1
205,814,960
202,492,517
+ 14.3 5,495,783,001
5,641,961,719
31,671,383
53,223,911
+ 14.1
+ 9.5
37,270,025
18,539,228
10,792,283
9,556,284
+ 12.9
1,347,347,921
1,123,889,296
+ 19.9
11,132,106
1940
+ 8.7
+27.0
+27.4
+ 26.0
+ 6.0
+ 17.0
+ 4.3
+ 14.2
41,322,527
+ 11.6
1
9,867,676
1,875,450,320
+ 24.9
+ 9.2
154","sob",000
130*,3~53~6b6
33,047,783
18,536,744
27,268,810
+ 12.8
2,676,554
+ 0.1
32,257,011
+ 18.3
1,158,178
2,312,932
2,253,196
1,025,811
1,802,896
3,753,565,369
3,291,909,460
+ 14.0
279,107,931
223,086,011
Three Months Ended March
.
%
+15.0
443,845,110
+ 2.1
S
„
,
-+
y22,521,025
9,425,936
7,779,645
10,095,413
18,493,870
14,725,748
1,280,811
1,962,525
5,363,116
2,219,871
3,976,790
3,979,498
3,476,099
1,097,865
2,471,931
3,436,843
4,757,275
14,647,158
1,437,967
3,357,751
2,618,243
2,539,367
1,767,628
Sudbury.............
4,200,113
.......
...
__
London....
Edmonton....
Regina
Brandon
.
... .
:::
.
Saskatoon
.
Moose Jaw
.
.
.
.
..
....
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
:
Sherbrooke
....
Kitchener
+...
.
Prince Albert.........
Moncton
:.
Kingston
.... .
.
_
Chatham
.
......
..
.....
— -
-
'32 cities)....
Estimated,
x
441,567,280
19,230,345
+ 1.3
58,204,925
11,165,048
22,244,475
+ 30.8
40,268,928
78,955,689
70,371,961
27,688,011
22,634,746
32,085,682
54,779,293
43,926,075
8,664,742
+26.0
+ 8.8
6,808,111
+ 14.3
9,836,527
+ 2.6
15,618,479
12,588,959
+ 18.4
1,095,000
1,826,429
+ 17.0
+ 7.5
4,748,487
+ 12.9
5,993,327
16,217,951
1,864,016
3,561,440
+ 19.1
7,418,166
+ 11.7
2,672,271
+ 48.9
17,871,930
2,776,482
821,183
:
+:•
2,252,759
1940
1941
Dec.
.
' $
Dec.
271,575
210,940
+ 28.7
+ 6.2
424,482
381,599
854,733
+ 11.2
408,758
1,105.069
476,272
+ 29.3
320,340
924,998
416,592
667,945
438,210
536,894
133,049
67,255,347
+ 59.7
100,737,721
32,021,542
17,498,719
55,241,536
3.984,636
61,751,678
+ 63.1
—14.2
58,341,257
39,378,735
71,841,576
—0.2
63,476,011
+ 10.9
—9.0
+ 2.3
+ 9.9
3,213,590
6,070,557
5,235,181
2,253,506
+ 26.1
+ 45.5
12,027,452
13,401,749 + 312.2
+ 27.7
3,119,750
1,975,543 + 62.7
4,326,938 +40.3
3,455,485 + 51.5
+ 35.6
1,662,422
1,157,375 + 41.6
25,389,093
1,639,400
2,086,624
3,912,782
1,697,854
2,739,346
+ 42.8
+ 11.8
3,002,899
2,161,046
+ 39.0
+ 2.6
9,214,444
13,502,541
36,201,997
3,782,082
9,612,517
+ 6.2
+ 1.5
980,386
+20.1
3,464,146
+ 16.6
285,605
+ 3.6
714,241
+ 15.3
582,565
—4.2
7,913,416
7,373,394
6,864,721
7,855,732
—6.1
+6.4
5,365.538
5.249,517
+ 2.2
12,278,099
12,337,807
—0.5
4,683.325.230
4.306.665.898
+8.7
11,788,828
11,364,240
9,257,837
3,324,361
7,289,453
9,789,716
13,703,024
43,486,058
+25.2
+ 33.7
+ 9.7
+ 10.5
11,226,470
+ 30.5
1,173,103
+ 22.6
4,408.055
3,074,669
+ 9.2
9,962,730
+ 8,0
1,613,259,1111 1,344,003,566
+20.0
+6.0
<
Calculated on basis of weekly figures.
+ 6.7
+ 14.9
+ 14.4
502,289
+48.7
+ 30.1
+38.2
671,798
+21.0
271,290
164,566
+ 64.9
470,037
396,654
+ 18.5
469,966
859,857
+ 21.1
471,055
540,992
405,243
710,177
755,122
2,260,371
227,100
574,448
395,237
554,522
313,613
1,150,081
960.934
358,657.745
213,030,631
+ 10.6
852,504
694,085
812,619
+ 30.7
+ 1.7
+ 34.3
+22.9
655,110
1938
$
+ 6.7
107,398,003
—1.9
3,968,496
1939
95,827,241
98,173,664
24,135,133
14,533,319
12,292,761
3,653,086
2,200,937
3,898,734
3,837,061
1,468,077
1,391,061
2,051,988
2,933,747
2,656,280
202,435
+ 7.1
+ 10.7
+ 17.0
27
%
+
—4.6
+2.3
221,692,071
256,546,071 + 142.7
30,428,543
21,204,578
2,286,387,569 2,261,323,070
or
32.704,648
3,110,929
4,406,678
y
Inc.
49,479,778
39,297,630
3,454,612
5,642,078
15,200,242
6,485.592
11,595,205
8,459,947
8,370,189
2,543,832
7,101,460
+22.7
622,608,157
+ 24.2
2,134,631
2,651,182
1,661,162
3,963,213
No figures available,
226,684,352
1,409,209,752
1,324,941,717
514,649,016
+ 19.7
Week Ended March
%
1,508,871,442
1,263,775,900
+ 12.9
WEEK ENDING MARCH 27
31
1940
1941
+ 8.1
145,612,192
+ 13.6
70,132,164
80,586,297 + 179.4
•
3,120,893,402 2,608,227,817
Inc. or
Dec,
29,371,197
847,448
;i
+ 3.0
MARCH, SINCE JANUARY 1, AND FOR
424,779,083
t
488,578,084
453,149,331
157,353,024
79,698,698
225,150,738
19,477,551
14,600,961
27,618,236
+
+ 10.3
Inc. or
»;i>2 >
+
+ 37.5
+ 16.4
Calgary
*
532*489
215,725
182,101
'
75,591,942,116
St. John.......+i.
Total
542*399
'596,304
35,830,160,530
.....—-——
w
+ 13.2
478,787
675+30
41,711,206,112
...
...
2.543,338
84,644,159,403
Hamilton..
.
74",637,275
2,577,416
+ 16.8
Halifax
Sarnia
80",188",983
+ 12.4
+ 21.6
Montreal
Windsor.
+ 13.6
14,806,844,353 12,180,425,608
Winnipeg
■
89,401,379
2,838,610
1,750,807
4-10.9
+ 29.7
4,511,000
520,037,944
8,797,153
215,602,807
5,630,840
Canada—
Leth bridge
1,279,161
2,765,698
(191 cities) 30,443,121,496 26,069,750,545
Toronto .2 it
Victoria
1,478,013
2,412,939
116,265,294
194,489,503
46,583,283
+ 25.8
2,048,497,969
1941
Quebec..
+ 1.8
+ 12.9
+ 37.0
+ 37.4
+ 18.2
Clearings at-
Ottawa
—9.8
—14.9
3,293,000
412,789,659
8,300,489
+ 18.4
Month of March,
_
1,932,074
2,810,195
80,886
1,898,340
+ 11.2
+ 3.8
+ 16.5
CANADIAN CLEARINGS FOR
Vancouver
26,358,167
+ 12.0 6,576,813,899 5,756.378,389
Outside New York
■
+ 15.8
2,422,487
26,638,065
128,634,412
15,615,374
+25.3
+ 35.9
3,231,766
627,011,226
1
Stockton
129,334
2,286,480
SCO—
+ 11.0
730,214,308
12,700,653
6,163,152
~
118,878
—7.4
1,615,391
6,854,863
607,220,758
13,146,326
17,366,241
+ 16.9
11,688,054
46,135,305
12,320,866
3,821,273
-
—0.9
424.181
■'
1,842,777,191
+4.9
—1.5
+ 26.3
14,993,899
San Francisco...
113,557
2,749,974
27,630,409
+ 6.8
+ 11.5
—4.0
3,179,000
13,513,705
Riverside
2,861,846
+ 1.1
+ 12.7
+ 31.2
+ 8.0
—5.1
Pasadena..
82,703,760
119,918
+ 6.7
13,133,148
740.444,000
66,106,185
81,814,356
30,588,000
630,476,764
6,073,517
13,173,508
3,946,204
42,961,597
+ 7.8
+ 13.8
+ 18.7
Modesto
82,139,641
+ 25.3
+ 16.7
20,549,095
14,230,436
824,581,000
90,885,414
91,942,707
29,340,000
695,730,154
6,106,754
14,316,259
5,010,630
50,084,742
9,005,046
Long Beach
Santa Barbara
f
18,837,794
Berkeley
San Jose.........
Franci
2,149,948
163,328,120
Calif.—Bakersfield
Grand total
+ 10.1
4,927,628
6,076,797
1,610,000
199,894,573
3,285,661
73,418,941
15,456,520
Total
218,118,266
1,987,795
4,508,381
1,356,332
14,836,720
2.694,743
222,035,231
Ariz.—Phoenix
>:
8,136,395
4,413,131
253,558,000
22,911,226
27,976,982
9,805,000
—36.9
567,608,228
633,115,403
Total (11 cities)..
Twelfth Federal Re
r
+ 4.6
83,123
+
-Dallas—
Distric
5,135,876
4,757,820
288,663,000
30,053,259
30,206,089
9,408,000
240,063,464
2,085,798
4,442,292
1,584,918
16,714,887
Texas—Austin
+ 16.0
761,430,731
882,996,575
(18 cities)...
Eleventh Federal R
106,666,521
v:
1,742,310
1,152,060,306
39,506,771
2,085,132
99,114,563
7,573,303
2,116,211
Wyo.—Casper.
2,011,840
104,188
112,532
2,545,701
31,995,904
+0.3
+8.1
12,214,152
Denver
'*574*361
2,179,645
111,583,710
+ 15.1
393,958,100
Colo.—Colo. Springs.
62+321
10*7
2,939,815
6,800,946
2,717,980
St. Joseph
"592",062
+ 38*1
681*289
27655",064
38,974,113
14,481,106
652,705
Kansas City
700,680
+ 33.6
—0.6
2,383,636
29,849,742
459,270,190
Mo.—Joplin........
1,968,522
+ 17.0
49,899,510
1,933,588
+ 10.4
+ 28.4
Wichita.....^.....
+ 8.2
'9401690
+6.5
+6,6
"759", 627
2,166,893
"
+ 9.6
579,678
+ 6.0
"
+ 15.5
438,704
!
82+569
+ 6.0
+ 15.8
2,461,057
"
City-
34,423,588
421,319,932
58,402,754
2,583,834
2,368,718
29,951,837
42,112,312
7,826,367
Parsons. ..........
2,608,531
+ 18.1
18,257,589
2,296,319
9,478,144
8,985,707
39,397,292
a
2,209,960
''•.lit***;*-;**:-
+8.9
+ 5.3
;
620,277
20,041,490
790,396
Kan.—Kansas City
+ 19.1
30,652,905
2,954,000
2,183,575
9,433,294
+ 1.8
+ 4.1
467,546
12,250,068
152,875,391
Lincoln,,....
■:+ Omaha.
+5 2
+ 15.9
+ 25.1
.........
(16 cities)...
+ 10.1
815,551
......
Tenth Federal Re«
+ 14.5
975,000
+ 9.0
—6.7
4,864,627
1,541,735
.,
5,826,813
661,347
...
Lewistown
10,240,780
,
3,301,178
Mont,—Billings
Helena
+ 12.2
858,000
Sioux Falls.
Great Falls
+ 0.2
458,277
7,290,192
787,600
S- D.—Aberdeen...
Huron...
1,723,743
3,826,802
:
Minot..
+24.6
654,126,697
815,175,019
(7 cities).....
Ninth Federal Rese
x
X
+ 13.7
+ 29.8
823,249
+ 53.3
2,592,547
92,459,492
85,567,196
23,233,778
13,781,730
13,478,368
3,543,592
1,914,682
4,357,385
3,585,701
1,552,693
1,353,189
2,303,721
3,067,934
2,240,313
285,978
347,814
844,491
336,689
685,512
613,528
517,398
138,470
495,218
553,607
890,443
2,451,806
225,545
+ 25.8
292,119
+ 24.3
—2.4
531,329
457,119
517,035
+ 29.2
337.623
+ 19.7
917,662
303,484
950,467
+68.4
280,191,674
263.622,749
+47.4
600,405
415,256
526,864
2186
The Commercial & Financial Chronicle
FOREIGN
EXCHANGE
RATES
REDEMPTION
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
give below
FOREIGN
a
RATES
CERTIFIED
BY
29, 1941, TO APRIL 4,
Mar. 29
Europe—
Belgium, belga
Bulgaria, lev..
Czechoslov'ia, kornua
Denmark, krone
We
Mar. 31
Apr.
1
Apr.
2
the
1030
Apr.
3
Free
-
1st mtge. 5s, series A
1st mtge. ,5s
Apr.
$
$
1
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a.
a
a
•'"a,1.
a
-a
4.035000
4.035000
4.03.5000
4.03.5000
4.035000
4.030000
4.030000
4.030625
3.030625
4.030625
.020100
.020100
.020100
.020100
0.020100
a
a
a
Italy, lira..
.050471*
Netherlands, guilder.
Norway, krone
.399600*
.399600*
a
a
a
a
a
a
a
a
a
.0.50471*
.050471*
a
.050483*
a
.050471*
a
.050483*
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.039990
.039987
.040000
.040025
a
a
a
a
.091300*
.091300*
.091300*
.238271
.238242
.238278
.232087
.232092
.232107
a
a
Yugoslavia, dinar
.399300*
a
a
.040020
Sweden, krona
Switzerland, franc
.399500*
a
a
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
.399600*
a
a
a
'!<
.040000
.091300*
.091300*
.238314
.238271
.238300
.232100
.232092
.232100
a
a
Asia—
China—
Chefoo (yuan) dol'r
a
a
a
a
Hankow (yuan) dol
a
a
a
a
a
a
a
a
Shanghai (yuan) dol
Tientsin (yuan) dol
.052831*
.052275*
a'
a
Hongkong, dollar.
India (British) rupee.
.244812
.2446.56
.301400
.052275*
'
.301400
.052275*
.052425*
a
a
a
.244.500
.244656
.244500
.052350*
a
.244656
.301400
.301283
.301283
.234387
.301283
.234387
.234387
.234387
.234387
.471066
.234387
.471066
.471066
.471066
.471066
.471066
Official.
3.228000
3.228000
3.228000
Free
3.228000
3.228000
3.212916
3.228000
3.211250
3.211250
3.211250
3.211250
3.211250
3.223750
3.223750
Japan,
yen
Straits Settlem'ts, dol
Australasia—
•Beford Pulp & Paper
bonds
New Zealand, pound. 3.225416
3.223750
3.223750
3.2237.50
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
.870937
.869062
Africa-
»
3.980000
3.980000
Canada, dollar—
Official
.909090
Free
Mexico,
peso
—
.848515
.849765
.869107
.867321
.205280*
.205350*
.205350*
.205350*
.205350*
.909090
.909090
.909090
.909090
.909090
.845937
.909090
.847343
.867187
.864843
.868437
.866250
Newfoundl'd, dollarOfficial
Free
South America—
Argentina,
peso—
.205350*
.297733*
.297733*
Free
.297733*
.297733*
.297733*
.237042*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
Official
6% prior lien stock
7 % prior lien stock
1st mtge. bonds.
Export
Uruguay,
peso
.060575*
.060575*
.060575*
.060575*
.050600*
•0» 0575*
.050600*
.050600*
.050600*
.050600*
.050600*
.051660*
.051660*
.051660*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.040000*
.569850*
.569850*
.569850*
.569850*
.5b9850*
.051660*
.051660*
.051660*
Controlled
.658300*
.658300*
Non-controlled
.658300*
.658300*
.397500*
.658300*
.658300*
.397200*
.397200*
.397200*
.397200*
.397200*
a
16
1275
1907
1423
2062
2234
2234
7
1587
May
1
Apr. 15
May
1
May
1
—Apr. 14
Apr.
8
1590
1591
2240
2071
1594
June
2
2074
1
2075
1597
983
1
1926
1761
1
1
838
1
June
1
434
-Apr.
15
1762
May
May
May
9
1
1
1927
1140
2248
———Apr. 12
—Apr. 12
1765
Apr. 12
Apr. 15
-—May
1
May
1
1765
2082
1765
Pullman, Inc. common stock
Republic Steel Corp. gen. mtge. bonds
•Republic Steel Corp. purchase money bonds
Richmond-Washington Co. 4% bonds
.June
1
San Jose Water Works 1st mtge. 3 Ms
June
1
Revilla-Baltimore Hotel Corp. 1st mtge. bonds
June 30
Shawinigan Water & Power Co. 314% notes
—_-May 15
Southeastern Power & Light Co.—See Commonwealth &
Southern Corp
1930
2249
1604
2083
1930
1931
Southern Counties Gas Co. of Calif. 1st mtge. bonds
•Swift & Co. 1st mtge. 3Ms
Unified Debenture Corp debentures
*U. S. Leather Co. prior preferred stock
1586
845
May
1
May 15
July
-—.Apr.
2252
276
2255
>
5H% bonds.
——May
6% bonds
--May
(Hiram) Walker Gooderham & Worts, Ltd 10-yr. bonds .June
Washington Railway & Electric Co. 4% bonds
June
•Watauga Power Co. 1st mtge. 6s
June
Westmoreland Water Co. 5% bonds
June
Wheeling Steel Corp. 1st mtge. 4Ms
May
2255
-
2255
—
.060575*
peso-
•Nominal rate,
-
-
peso—
Official
June
Apr. 18
Apr. 28
May
Apr. 15
1
July
Public Service Co. of Oklahoma—
•United Telephone & Telegraph Co.—
Free
May
June
---May
May
May
May
-
Official
Colombia,
5Ms
819
-
.
Brazil, mllrels—
Chile,
mtge.
3%% bonds
Monongahela Ry. 1st mtge. 4s
New York Shipbuilding Corp. 1st mtge. 5s
Niagara Share Corp. of Md. 5M % debentures
North American Car Corp. 4M%
ctfs., series I—
North American Car Corp. equip, trust ctfs. series J
North American Co. 4% debentures
North American Light & Power Co. 514% debs
1st mortgage 4s
•Pennsylvania Water & Power Co. 3}4% bonds—..
Australia, pound—
South Africa, pound. 3.980000
North America—
2232
820
2232
1
15
1
..Apr.
Federal Light & Traction Co. 1st lien bonds
General Aniline & Film Corp. 5 M % debs
•General Water Gas & Electric Co. 15-year bonds
Interstate Power Co. 1st mtge. bonds
Kankakee Water Co. 1st mtge. A bonds
Macon Gas Co. 1st mtge. 4Ms
Minnesota Transfer Ry. Co.
1591
June
Apr
•Chicago South Shore & South Bend RR. 3% bonds
•Cincinnati Union Terminal Co. 5% preferred stock
Commonwealth & Southern Corp. predecessor company
1902
2230
2059
2231
Co., Inc., 6M% bonds
Bell Telephone Co. of Pa. 6M% preferred
•Birmingham Gas Co. 5% bonds
(William) Carter Co, preferred stock
Central Electric & Telephone Co. 1st
mtge. 4Ms
Chesapeake & Ohio Ry. 3 M % bonds
Chesapeake & Ohio Ry. 3 M % bonds
Congress Square Hotel Co. 1st
a
.091300*
2227
2227
25
May
1
May
1
Apr. 15
•Autocar Co. 1st mtge. 7s
Bayuk Cigars, Inc., $7 preferred stock
a
.020100
.399600*
Apr.
——
6% debs
4.030625
a
Page
Mar; 31
Alliance Investment Corp. series A
pref. stock
—Apr. 30
•American European Securities Co. 5% bonds.
May
1
American I. G. Chemical Corp.—See General Aniline & Film.
Antilla Sugar Estates 20-year
4
4.035000
a
Date
•Alabama Power Co.—
Engl'd, pound sterl'g
Official
Chronicle/'
Company and Issue—
a
Finland, Markka
France, franc
Germany, reichsmark
Greece, drachma
Hungary, pengo
or last date for making tenders, and the page
gives the location in which the details were give in
number
RESERVE
1941, INCLUSIVE
1
FUND
Below
Noon Buying Rate for Cable
Transfers in New York
Valeu in United States Money
Country and, Monetary
SINKING
demption
FEDERAL
BANK TO TREASURY UNDER TARIFF ACT OF
MARCH
AND
will be found a list of
corporate bonus, notes, and
preferred stocks called for redemption, id eluding those called
under sinking fund provisions.
The date' indicates the re¬
record for the week just passed:
EXCHANGE
CALLS
NOTICES
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the
world.
April 5, 1941
•Announcements this week.
following securities
1608
2257
1939
1939
151.
xV.
AUCTION
The
No rates available.
2089
were
SALES
sold at auction
on
Wednesday
of the current week:
.
..
VLV
.
THE ENGLISH GOLD
Shares
We
Stock
.
.
GOLD
The amount of
gold held in the Issue
month of
February, 1941,
Department of the Bank
was unaltered at
of
England
price for gold remained unchanged at
figure the above amount was calculated.
The Transvaal
gold output for January, 1941
as
compared with 1,176,522 fine ounces for
fine ounces
for
was
1,211,271 fine
;..:T V lv
•
ounces,
December, 1940, and 1,135,482
C,'//'"
''■'■■■
/
$ per Share
135 George E. Mousley, Inc., capital, par $100
15
50 Huntingdon Valley Country Club
—
25 John B. Stetscn Co., common, no par
18
_
——
$1 lot
—
3#
——
Delaware-Montgomery Counties Co. for Guaranteeing Mortgages, com.-.53 lot
By R. L. Day & Co., Boston:
Shares
£241,575.
The Bank of
England's buying
1688. per fine
ounce, at which
.,lt
By Barnes & Lofland, Philadelphia:
AND SILVER MARKETS
reprint the following from the
monthly circular of
Samuel Montagu & Co. of
London, written under date of
March 3, 1941:
during the
" .;
Slock
$ per Share
1 First National Bank, Boston, par
$12M
1 Boston
Athenaeum,
par
$300
-
—
47M
—
200
——
2 Units Washington Railway <fc Electric
— 15
———
2 S. D. Warren Co., common,
par $100
—
-
27
January, 1940.
SILVER
The market continued
to show
kept within
and
narrow
NATIONAL
a
steady tone and
limits; the cash quotation
23}£d. and that
for two
months'
23 Hd.
movements
varied
the end of the month
on
23 7-16d.
delivery only between 23%d. and
Bear covering and
purchases for trade requirements
duction selling, but towards
evidence and
between
in prices
were
offset
offerings
by pro¬
were
less
was
reflected
by
day of the month.
„
4
23 5-16d.
23 5-16d.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
5
23 5-16d.
23 5-16d.
23 5-16d.
23 5-16d.
6-.-.--.23 5-16d.
23 5-16d.
7-.---.23Kd.
23Md.
23 Md.
Feb.
23 5-16d.
_._23 5-16d.
23 5-16d.
23 5-16d.
12.
1314-.
23 5-16d.
23 5-16d.
23Md.
23 Hd.
23 Hd.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
17-..
23Kd.
18
_23 5-16d.
19-.
23%d.
..23Hd.
23%d.
23 7-16d.
20
21
24
25..
26
23 7-16d.
_23 7-16d.
27
28
-.23 7-16d.
—
1941,
cents
rates fixed
were as follows:
Market
-23%d.
30,
1940.
Liquidating agent,
Absorbed
by
Arcadia
Common
C.
$35,000
W.
Starr,
State Bank, Arcadia.
_———
23 hd.
23 5-16d.
23 *Ad.
23 5-16d.
23 5-16d.
23Hd.
23%d.
THE
BERLIN
Mar.
29
--34M cents
by the Bank of England, during
February
as
received by cable
Mar.
31
Apr.
Apr.
1
2
Apr.
3
Am.
4
Per Cent of Par
Allegemelne Elektrlzltaets-Gesellschaft (6 %) 162
Berliner Kraft u. Licht (8%)
195
Commerz Bank (6%)
152
Deutsche Bank (6%)—
150
——
price
EXCHANGE
each dav of the past week:
23 5-16d.
23 5-16d.
23 5-16d.
STOCK
Closing prices of representative stocks
-
Buying, $4.03M; selling, $4.02M-
Nov.
Arcadia, Neb.
(Per Ounce .999 Fine)
Treasury price..—..35
W The official dollar
125,000
VOLUNTARY LIQUIDATION
2 Mos.
In New York
S.
Sold locally
Nebraska.
Cash
Average—Cash delivery, 23.3406d.; two
months' delivery, 23.3062d.
U.
ISSUED
Amount
hoe, N. Y.
Effective
(Bar Silver Per Ounce
Standard)
2 Mos.
3
10
STOCK
stock, $25,000; preferred stock (local), $10,000—
Cash
Feb.
Feb.
11
PREFERRED
March 25—The Crestwood National Bank in Tuckahoe, Tucka-
March 28—The First National Bank of Arcadia, Neb.
In London
,
Comptroller of the Currency, Treasury
Department:
the premium on spot to
K<b»
the two quotations narrowed
to l-16d. on
Quotations during
February, 1941:
„
from the office of the
increase in
an
however, the difference between
the last
BANKS
following information regarding National hanks is
in
Feb. 24 the cash price touched
23 7-16d. for the first time
Demand was mainly for near
delivery and on the
since last November.
26th this
The
Dresdner Bank (6%)
Farbenindustrie I. G.
—
162
161
161
163
192
192
191
189
190
152
151
152
152
151
150
150
150
150
150
160
148
147
146
146
146
186
186
185
183
185
186
126
126
126
126
126
126
-------—-—-274
Verelnigte Stahlwerke (6%)
145
276
275
273
275
275
145
145
144
144
145
(8%)
Relcb8bank (new shares)
81emens & Halske (8%)
147
Volume
2187
The Commercial & Financial Chronicle
152
LONDON STOCK
THE
EXCHANGE
Quotations of representative stocks
each day of the past week:
Sat.,
Mon.,
Mar. 29
Mar. 31
UNITED STATES, NOV. 30, 1940
Compiled from Latest Reports Received by the Treasury
CONTINGENT LIABILITIES OF THE
received by cable
as
34/9
Cable A W
88/1%
Central M In & Invest.
.
88/1%
£11%
35/4%
30/6
De Beers
Clo ed
Hudsons Bay Co
v
£5%
61/-
7/3
7/3
17/7%
17/6
23/10%
93/1%
£13%
£6%
£7%
Rand Mines
£6%
£6%
£7%
£7%
Royce
Shell Transport
...
United Molasses.
Vlckers
West
88/1%
35/4%
30/6
:
73/9
73/9
41/10%
23/7%
14/7%
41/10%
41/10%
23/9
is/-
23/9
14/9
1% notes, series E, 1941.
202,553,000
204,241,000
% % notes, Series F, 1943
289,458,000
5
*
'
,
17/6
24/1%
92/6
£12%
:
< '•
70/- V
15,149
696,267,149
........
1,454,781 836,540,381 '■
173,387
94,851,987
216,154 236,692,354
28,445 103,175,945
835,085,600
94,678,600
236,476,200
103,147,500
3% bonds of 1944-49
3%% bonds of 194+64..
3% bonds of 1942+7
2%% bonds of 1942+7-.
!
£6%
£6%
£7%
£7%
73/6
73/1%
41/10%
r :
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
41/10%
23/6
15/3
23/9
15/1 %
4,381,505
3% debs., series A
2% % debs., series B—
,
573.00C
Uncalled
£3%
£3si«
£35i»
£3%
1.316.90C
Fourth called
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Mar. 29
Mar. 31
Apr. 1
Apr. 2
Silver, per oz..
Gold, p. fine oz.
Closed
Consols, 2%%
Closed
v
MARKET—PER
FINANCIAL
ENGLISH
168s.
_
23%d.
168s.
23 %d.
£78 %
£78
23 %d.
168s,
23 %d.
168s.
£77%
168s.
£77%
Fri„
Apr. 4
Thurs.,
Apr. 3
23 %d.
168s.
£77%
3%%
W. L
British
179
4,381,684
173
573,173
-'OS;
; 1,316,900
.
on
45,900
2% % debs., series D..
.6,327,85(
6,327,850
1%% bds.,
ser.
M, '45+7
d2,599,758.750
£104%
£104%
£104%
£104%
£113
£113
£112%
£122%
£112%
%% notes, series R
1% notes, series S
same
34%
BarN.Y.(for'n) 34%
U. S. Treasury
■
71.11
fin cents! in the United
per ounce
days has been:
34%
71.11
71.11
,
.
71.11
34%
34%
34 b
71.11
c
19,549 754,923,574
% notes, ser. B, 1944.
%% notes, series E, 1941
2,601,591,742
240 211,460,240
9,079 299,248,079
915 310,090,915
2,530 275,870,530
7
1,096,669,766
12,766
......
"
112,099,000
2,776 114,1.59,776
112,099,000
226,256,000
2,776
114,157,000
1 %
,
71.11
.
12,645,508
1,832,992
1,096,657,000
Tennessee Valley Authority
U. S. Housing Authority:
'
114,946 875,553,571
10,423 190,848,323
1
211,460,000
299,239,000
310,090,000
275,868,000
.
1,688,073 780,266,273
Reconstruction Fin. Corp.:
£105
of silver
778,578,20(
875,438,625
190,837,900
754,904,025
3% bonds, ser.A, 194+52
2%% bds.,ser. G, '42-'44
% % bonds, series L, 1941
.
352
12,645,15.'
Home Owners' Loan Corp.:
Closed
the
(newly mined)
45.90C
Closed
The price
States
2%% debs., series C..
% % notes, series N
% % notes, series P
4%
1960-90.—
1 V
1,271,260,668
1,872,768
1,269,387,900
'
Housing Insurance Fund:
British
.
70/-
2% % debs., series B—
£3'u
The
^
^
Federal Farm Mtge. Corp.:
Witwatererand
Areas
as
■
453 202,553,453
9,515 204,250,515
5,180 289,463,180
696,252,000
61/6
7/3
£13%
73/9
•' / Total
"..■■'7
■;J
£59s»
£5%
70/- yl:
a
$
Unmatured Obligations—
Commodity Credit Corp.:
H% notes, ser. D, 1941.
£11%
/-
.61/9
/
V'1 p 7/3
17/6
17/6
23/10%
23/10%
93/9
93/1%
£13%
70/-
Rio Tlnto
31
$:'
Guaranteed by U. S.
£61
£61%
£11%
35/4%
35/4%
30/9
60/9
70/-
Rolls
£11%
;
£5%
£13%
,
/■''
60/9
7/3
23/7%
93/1%
ImpTob&GB&I...
88/9
£62
35/4%
30/6
£5%
...
Electric A Musical IncL
London Mid Ry._
Metal Box
Apr. 4
35/6
£U%
,
Ford Ltd
Apr. 3
35/3
88/9
£61
Cons Goldtleldfc of S A.
Distillers Co
Apr. 2
35/3
£60%
(ord)
Courtaulds S A Co—.
Apr. 1
34/9
v.
Interest
Principal
"
Boots Pure Drugg
British Amer Tobacco.
of Contingent Liability
Matured
Fri.,
Thurs.,
Wed.,
Tues.,
Amount
Detail
-
V:•
:
'
,7
—
226,258,776
.......
;
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The
following statement of the public debt and contingent
showing also the Treasury's
liabilities of the United States,
surplus position, all as of Nov. 30, 1940, has been extracted
the
Treasury's official report.
Comparative debt
figures of a year earlier are also shown:
from
CASH
AVAILABLE TO PAY MATURING
.
$
$
2,165,527,578
under disbursements on belated Items.........
—15,335,037
—10,155,180
1,801,660,155
2,155,372,398
Matured
interest obligations
....
Disbursing officers' checks
...
60,932,319
258,045,732
228,171,628
3,372,545
1,289,313
3,428,780
1,316,922
Settlement on wa-rant checks
Total
—
Balance, deficit (—) or surplus (+)—-
—
323,639,909
287,865,203
..
55,127,873
"14,316",275
o
Postal
Savings
$
'
49,800,000
28,894,500
Payable
QM
3s of 1961
3s convertible bonds of 1946-1947
30, 1940
___Q J
489,080,100
454,135,200
3%s Treasury bonds of 1946-1956
M-S
of 1943-1947
....J-D
of 1940-1943
J-D
of 1941-1943
M-S
of 1946-1949
J-D
1951-1955
M-S
3%b Treasury bonds of 1941
.....F-A
4%s-3%s Treasury bonds of 1943-1945
A-O
3%s Treasury bonds of 194+1946....
A-O
3s Treasury bonds of 1946-1948
J-D
3%8 Treasury bonds of 1949-1952
J-D
2%s Treasury bonds of 1955-1960
M-S
2%b Treasury bonds of 1945-1947
M-S
2%b Treasury bonds of 1948-1951
....M-S
2%b Treasury bonds of 1951-1954
......J-D
2%s Treasury bonds of 1956-1959
M-8
2%b Treasury bonds of 1949-1953
.J-D
2%s Treasury bonds of 1945 ..............
J-D
2%r Treasury bonds of 1948
..M-S
2%s Treasury bonds of 1958-1963..
J-D
2%b Treasury bonds of 1950-1952
M-S
2%s Treasury bonds of 1960-1965
J-D
2s Treasury bonds of 1947..
J D
2s Treasury bonds of 1948-50
J-D
2%b Treasury bonds of 1951-53.........
J-D
2%b Treasury bonds of 195+56...........—..J-D
2s Treasury bonds of 1953-55
...J-D
U. S. Savings bonds, series A, 1935...............
U. S. Savings bonds, series B, 1936
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938
U. S. Savings bonds, series D. 1939
U. S. Savings bonds, series D, 1940....
...
—
3%8 Treasury bonds
3%s Treasury bonds
3%s Treasury bonds
3%s Treasury bonds
3s Treasury bonds of
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,873,400
491,375,100
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
981,826,550
1,786.130,150
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,384,600
701,074,400
571,431,150
Nov.
Unclassified sales
3s Adjusted Service
bonds of 1945.
4%s Adj. Service bds.(Govt. Life Ins. Fund ser. 1946)
2%s Postal Savings bonds
J-J
Treasury notes
Treasury bills
$
49,800,000
28,894,500
Total debt....
<
Deduct Treasury surplus or add Treasury
Net debt
16,800,000
1,612,000,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
-
488,578
18,772,628
5,919,240,855
4,225,384
5,923,466,239
1,295,654,825
36,361,089
.........
hi
332,015,914
3,000,000
6,300,000
6,300,000
United States..
8,300,000
........
1,303,954.825
...
—
175,828,642
321,833,661
420,781,151
508,220,938
640,120,163
c72,565,077
78,707,997
250,711,819
500,157,956
117,513,960
8,424,610,000
1,307,999,000
271,266,469
500,157,956
117,673,020
9,497,550,600
1,453,726,000
a44,277,169,018 41,310,189,759
deficit.. + 1,478,020,246 +1867,507,195
42,799,148,772 39,442,682,564
36,361,089 V:
1,340,315,914
Other Obligations—
J5,731,333,632
Fed. Res. notes (face amt.)
United States for payment
of outstanding matured principal and Interest obligations guaranteed by the United
States
'* 1," ''
''
/:■ )
["■' '
'*■'
,l1"' •'
c The Treasury holds 2%% bonds, series A, due Dec. 15,1948, in the face amount
of $272,500 issued under Section 15a and %% interim certificates in the face amount
cf $52,000,000 issued under Section 15c of the Tennessee Valley Authority Act of
Funds have been deposited with the Treasurer of the
a
as amended, which are reflected in the public debt.
d Does not include $5,000,000 face amount of %% bonds, series O, due Oct. 15,
1941, held by the Treasury and reflected in the public debt.
e Does not include $74,800 face amount of bonds In transit for redemption on
1933,
r'.'
of Sept. 30, 1940—figures as of Nov. 30, 1940, are not
dash in designated depository banks and the accrued Interest
amounting to $40,555,734.54, which Is secured by the pledge of collateral as pro¬
vided in the Regulations of the Postal Savings System, having a face value of $39,613,105, cash in possession of System amounting to $65,996,077.85, Government
Nov.
30,
1940.
h Figures shown are as
available.
and
Offset by
Government-guaranteed securities with a face
r'-rV"''.'
other assets.
value of $1,218,375,330,
PP.P/
and
the Reconstruction Finance Corporation.
) In actual circulation, exclusive of $11,514,087.94 redemption fund deposited
In the Treasury and $277,562,875 of their own Federal Reserve notes held by the
Issuing banks.
The collateral security for Federal Reserve notes Issued consists
of $6,115,500,000 in gold certificates and in credits with the Treasurer of the United
States payable In gold certificates, and $2,585,000 face amount of commercial paper.
Held by
i
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
a Total gross debt Nov. 30, 1940, on the basis of daily Treasury statements, was
J44,272,776,324.91, and the net amount of public debt redemption and receipts in
transit, <fec., was $4,392,693.36.
c Amount issued and retured includes accrued
discount; amounts outstanding are stated at current redemption values.
•
487,841
al8,284,050
3,000,000
701,074,900
...43,711,378,410 40,811,683,747
378,670,068
400,082,197
187,120,540
98,423,815
Aggregate of Interest-bearing debt
Bearing no interest
Matured, interest ceased
18,158,891
elS,031,050
30,193®
1,118,051,100
680,692,350
724,677,900
cl73,039,015
c315,436,715
c410,560,932
c495,134,861
c819,878,219
c840,809,156
81,570
133,359
3,506,615
984
216
18,300,000
Certificates of Indebtedness:
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
10,000,000
2%s Unemployment Trust Fund—Series 1940.. 1,934,000,000
4%s Treasury bonds of 1947 1952
A O
758,945,800
4s Treasury bonds of 194+1954
J-D 1,036,692,400
467,129
5,570
;)>/:/■■■
System:
+ 1,478,020,246 +1867,507,195
Interest Nov.
Title of Loan—
76,000
132,375
3,506,400
On Credit of U. S.—
Secretary of Agriculture..
INTEREST-BEARING DEBT OUTSTANDING
'
13,942
14,783,404
13,942
4% bonds of 1933-51
Deduct outstanding obligations:
Discount accrued on War Savings certificates...
253,737
737
253,000
1%% bonds of 1939
Home Owners' Loan Corp..
Nov. 30, 1939
1.816,995,192
5,904,693,611
3,736,805
Federal Farm Mtge. Corp.
Add or Deduct—Excess or deficiency of receipts ovet
or
5,900;956,805
Matured Obligations—
OBLIGATIONS
Nov. 30, 1940
Balance end of month by dally statements
Total unmatured securities
are
dividends previously announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
we
show
the
have not yet
in
our
"General Corporation and Investment
pany
name
News
Department" in the week when declared.
The dividends announced this week are:
y
Per
Name of
Company
Share
When
Abraham & Strauss
50c
Apr.
Adams (J. D.) Mfg. (increased) quar
20c
May
Addressograph Multigraph Corp. (quar.).
Alaska Juneau Gold Mining Co. (quar.)
Alaska Pacific Consol. Mining (quar.)
...
Amerada Corp. (quar.)
American Air Filter (irregular)
7% preferred (quar.)
American Can Co. (quar.)
Amer. Car A Foun., 7 % non-cum. pf. (qur. res'd)
Amer. Cities Power & Light, $3 cl. A (quar.)...
Payable in cash or class B stock.
25c
50c
May
May
Apr.
Apr.
Apr.
$1%
Apr.
$1
May
$1%
Apr.
May
12%
50c
75c
Holders
Payable of Record
Apr. 15
Apr. 15
Apr. 23
Apr.
8
Mar. 17
14
Apr.
1
Apr.
1
Apr. 24
Apr. 12
Apr. 11
Apr.
The Commercial & Financial Chronicle
2188
When
Per
Name
Share
of Company
American Coach & Body Co. (quar.)
-
American Dairies, Inc., 7% pref. (quar.)
American Fork <fc Hoe Co. 6% pref. (quar.)
—
_
_
t$ 1H
~
30c
—
37c
...
American Toll Bridge (liquidating)
Anglo-Canadian Telephone 5H% pref, (quar.). 68 He
15c
Argo Oil Corp
$1
Arlington Mills
Atlas Powder Co. preferred (quar.)
SIM
Aviation & Transportation Corp.—
A liquidating distribution at the rate of 1.06
shares of capital stock of the Aviation Corp.I
plus approximately 31c. cash for each out¬
standing share held by the stockholders,
«
Axelson Manufacturing Co. (irregular)
10c
Bell Telephone of Penna. (quar.)
$2
Biddeford & 8aco Water (quar.)
SI
20c
Bloomingdale Bros., Inc
Brairiard Steel Corp
15c
Brandon Corp., class A__
t$l
British-American Tobacco, Ltd.—
Amer. deposit rets, for 5% pref, (reg.)_,_
5 2-5c
14c
Amer. deposit rets, for ordinary (reg.)
_
--
-
Mar. 21
Apr.
Apr.
Apr.
Apr.
May
May
May
May
Apr.
May
25c
MM
Mar. 26
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
5
10
17
10
15
15
Mai. 29
Apr.
18
10
Mar. 31 Mar. 31
Apr. 20 Apr.
10
Apr. 25 Apr. 15
Mar. 21 Mar. 14
Apr.
I Mar. 26
Apr.
5 Mar.
Apr.
5 Mar.
May
Apr.
4 Feb.
S1H
20c
4H% preferred (quar.).....
Oerro de Pasco Copper
Chain Stores Products, pref.
--
_
(quar.)
Chicago & Southern Air Lines, pref. 'quar.)
Cincinnati Union Terminal, 5% pref. (quar.)
City Baking Co., 7% pref. (quar.)
Columbia Gas & Electric Corp.—
6% cum. preferred series A (quar.)
5% cum. preferred (quar.)
5% cum. preference (quar.)
Columbia Mills, Inc. (irregular)
Commercial Alcohols, Ltd. (irregular)...
"I!
_.
7% preferred (quar.)
6% preferred class A (quar.)
i;;
Connecticut River Power Co., 6% pf. (quar.)..
Consolidated Lobster, Inc. (quar.)
Extra
8c
MM
MM
S1H
5c
tS3H
25c
-
Stores
(quarterly)...
—
...
28
25
May 15 Apr.
May 15 Apr.
May 15 Apr.
19
19
19
>r.
3 Apr.
2
ay
1 Apr. 15
May
1 Apr. 14
Apr. 15 Apr.
5
Apr.
5 Mar. 25
Apr.
5 Mar. 25
June
2 May
12
Apr. 30 Apr.
Apr. 30 Apr.
May
1 Apr.
12
June
15
1
May
37 He
15 He
15c
Aprl
Apr.
-
— — -
(quar.)
_____
4% convertible preferred (quarterly)
;
—
Mar. 15
Mar, 25
Apr.
May
Apr.
1 Mar. 29
Apr. 15
Apr. 15 Mar ."27 "
Apr. 15 iViar. 31
Apr. 30 Apr. 16
<
I__I
_____
....
"
ZI
I.ZIIZZ
_
87 Mc
Dept. Stores, Inc., 7% pref. (quar.)..
81M
Iowa Electric Co. 7% preferred A
t43 He
6M % preferred B. ■
1"40Mc
Kahler Corporation
S2M
Kalamazoo Allegan & Grand
Rapids RR (s.-a.)_
$2.95
Kansas Electric Power, preferred
(quar.)
MM
Kearny (James R.) Corp. (quar.)
12Mc
Kennedy's Inc. (irregular)
20c
Preferred (quar.)
31 Mc
Keystone Custodian Funds B-2
I
80c
Kootenay Belle Gold Mines Ltd
X2c
Lebanon Valley Gas,
75c
6% preferred (quar.)
Lincoln Telephone & Telegraph Co. A
50c
(quar.)..
_
_
•
_
_
.
...
25c
25c
___
I_ZI__I_
19
19
Apr.
Alar. 31
Mar. 31
15
Mar. 22
Apr.
19
Mar. 31
Apr.
5
Apr.
15
May 10
Apr. 25
Apr. 18
5
Apr.
Mar.
Holyoke Water Power Co. (quar.)
Homestake Mining Co.
(monthly)..
Honolulu Finance & Thrift Co.
(irregular)
S3.50 prior preferred.
25
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
Holly Sugar Corp
Interstate
13
May
May
May
Apr.
Extra
_
13
15
1
Apr.
June
_
_
13
Apr, 15lMar. 31
Apr. 15 Alar. 31
Apr. 15 Mar. 31
May
Apr. 15
Apr.
Apr.
8
(quar.)
Hallnor Mines Ltd. (quar.)..
Harris (A.) & Co. 7% preferred
(quar.)
Hat Corporation of Amer., 6 A
% pref. (quar.)__
Harvard Brewing Co. (irregular)
5% conv. preferred (quar.)
Hollinger Consolidated Gold Mines (monthly)..
Horder's, Inc. (quar.)
Horn & Hardart Co. (quar.)
Incorporated Investors
Inter-Mountain Telephone Co.
(quar.).
Preferred (quar.)
5
Mar. 31
Mar. 31;Alar. 24
Extra..
Gunnor Gold Mines, Ltd
Halle Brothers Co., pref.
15
Mar. 25
May
_
....
International Products Corp...
International Utilities Corp.—
18
Mar. 25
June
July
June
MM
July
June
July
MM
50c
May
Apr.
20c
Apr.
Apr.
Mar.
81
Apr.
35c
Apr. 30 Apr.
S1.06H Apr. 30 Apr.
6% preferred (quarterly)
Flambeau Paper Co. 6% pref. (quar.)__..:
Foote Bros. Gear & Machine, pref. (initial quar.)
Fort Street Union Depot Co.
(reduced)
49 West 37th St. Corp., common vofc. trust ctfs.
Franklin Telephone Co. (semi-ann.)
General Brewing Co., preferred (quar.)
Globe Knitting Co
Guaranty Co. of No. America (Montreal) (quar.)
(quar.)
12
Mar. 27
MM
Fibre board Products, Inc.—
June
1
Mar.
25c
...
5% preferred (quar.)
Loew's, Inc., $6H cum. pref. (quar.)
Lowell Electric Light Corp. (quar.)__
McLellan Stores Co., pref. (quar.)
1 Mar. 29
1 Apr.
50c
25c
-
Evans Wallower Zinc Co. (irregular)
Fall River Electric Light Co—_
Class B (quar.)
Class B (extra)....
1 Mar. 28
Apr.
50c
20c
15c
preferred (quar.L...
S5H div. cum. preferred (quar.)._
$5 div. cum. preferred (quar.)
Eureka Pipe Line Co
International Bronze Powders
Preferred (quar.)
21
15 Mar. 31
1
19
19
MM
37Hc
15c
________
(quar.)
May
Apr.
21
16*
MM
cum.
Preferred
1 Apr.
1 Apr.
May
May
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
May
15c
.....
Employers Group Assoc. (quar.)
Engineers Public Service Co.—
6% prior preferred (quarterly)
Fisher (H.) Packing Co. (quar.)
Class B (s.-a.) increased
Extra (class B)
20c
5c
20c
5c
$1
Participating preferred (s.-a.)
Participating.
Midwest Piping & Supply Co
Alonongahela West Penn Pub. Serv. Co.—
7% preferred (quar.).__
Moore Drop Forging Co., class A (quar.)
Munising Paper Co., 1st preferred
1st preferred (quar.)
50c
15c
—
43Mc
MM
t75c
_____
25c
National Food Products class A (s.-a.)
National Money Corp. class A (quar.)
50c
10c
(quar.)
MM
MM
25c
—
37 He
25c
Nunn-Bush Shoe Co
20c
Oahu Sugar Co., Ltd. (monthly)_____
Oliver United Filters class A (quar.)
5c
50c
Ottawa Car & Aircraft (irregular)
Outlet Co. (quar.)_
—
SIM
SIM
90c
SIM
Apr.
8
Apr.
Apr.
Apr.
8
15
15
Mar. 28
Apr.
19
Alar. 20
Apr.
Apr.
Apr.
21
10
3
Alar. 21
Alar. 21
Apr.
Apr.
Apr.
2
2
23
Alay
May
1 Apr. 21
1 Apr. 17
Mar. 31 Alar. 20
Mar. 31 Alar. 20
Mar. 31 Mar. 20
Apr.
1 Mai. 15
Apr.
Apr.
Apr.
July
Apr.
Apr.
Alay
Apr.
Apr.
Apr.
Apr.
Alay
Apr,
Alay
_
1 Mar. 26
1 Mar. 20
21 Apr. 12
15 June 30
15:Alar. 31
__
22 Apr.
llApr.
15
15
10 Mar. 31
10 Mar. 31
10 Alar. 31
10 Alar. 31
15 Apr. 29
14 Apr.
3
1 Apr.
11
Apr.
Apr.
J20c
75c
12
5
Alar. 31
Apr.
Apr.
Apr.
15
15
3
Mar. 29
Apr
1 j
Apr. 11
Apr. 11
Apr. 11
Apr. 11
Apr. 11
Apr.
8
Apr.
Alar. 31
Alay
May
May
May
Apr.
Apr.
Apr.
Apr. 21
Apr. 20
Apr. 20
Apr. 21
Apr.
1
Apr.
1
June
Apr.
16
Alay 10
10
June
5c
-—
First
37m
Apr.
Apr.
Apr.
May
Apr.
May
Alay
Apr.
Apr. 30 Apr.
Apr. 15 Apr.
May
Apr.
Apr.
Apr.
Alay
Apr.
May
Apr.
May
Apr.
May 15 Apr.
May
1 Apr.
15
15
15
15
5
14
8
18
18
MM
(quar.)
Second preferred (quar.)
MM
Pacific Lighting Corp. (quar.)
75c
.——
Pacific Public Service Co., 1st pref. (quar.)
32 He
10c
Pahang Rubber Co. (irregular
—$1M
Parkersburg Rig & Reel, $5M pref. (quar.)-.__.
Pamour Porcupine Mines, Ltd
J6c
Paracale Gunams Consol. Alining (monthly).__
.00 M
75c
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pleasant Vadey Wine (irregular)
10c
Provincial Paper Co., Ltd., 7% pref. (quar.)
fMM
15c
Quarterly Income Shares (reduced)
Reed (C. A.) Co. class A-_—______——
t50c
Revere Copper & Brass 5 M % pref
__t $1.31 M
tSl M
7% preferred
Rhode Island Electric Protective Co. (quar.)
81H
Richmond Insurance of N. Y. (quar.)
15c
Ritter Dental Mfg. 5% conv. pref. (quar.)..
MM
Rochester American Insurance Co. (quar.)..
25c
S3
Rogers-Majestic Corp. class A (irregular).
Class B (irregular)
S3
Rolland Paper Co., Ltd. (quar.)
J 15c
Preferred
+S1H
(guar.)
___
....
15c
Royal China, Inc. (quar.)_______.
St. Croix Paper (quar.)
$1
;_
25c
Sangamo Co., Ltd. (irregular)
Shaler Company, class A (quarterly)
50c
Class B (irregular)
10c
:
Southwest Co of Mass., 7% partic. pref. (qu,)_
17 He
75c
Spicer Manufacturing Corp
$3 preferred (quarterly)
75c
15c
Spiegel, Inc
Preferred (quarterly)
SI H
State Street Investment Corp. (Boston)
50c
Stouffer Corporation. A (quar.)
56 He
Strathmore Paper Co., 6% preferred
t$2H
Supermold Corp. of California (quar.)
50c
50c
Taylor-Colquitt Co. (quar.)
Texamerica Oil Corp. ($2 par common)....
1
May
1 Mar.31 "
Apr.
Apr. 19 Apr.
8
1 Alar. 20
Apr.
1 Mar. 28
Apr.
Stock dividend of .015 share of
Texas Gulf Producing Co
June
preferred
—
— ____
....
—---
_
..
—
...
Eastern Township Telephone Co
Federated Department Stores
May
Apr. 30 Apr.
SI H
,
Home
16 div.
115c
75c
....
Dixie
1 Apr. 15
1 Mar. 20
Apr.
July
May
30c
Corn Exchange Bank Trust
(quar.)
Corrugated Paper Box, 7%fpref
Crown Cork & Seal Co., Inc--.
Cumberland Co. Power & Light Co.—
5H% preferred (quarterly)
6% preferred (quarterly)..
Darling Stores Co., 6% pref. (initial)
Davey (W. H.) Steel Co. (irregular)
Dean (W. E.) & Co. (quarterly)
■_■
6% preferred (quarterly)
Deeca Records, Inc. (quarterly).
Dempster Mill Mfg. (quar.).;
Detroit-Michigan Stove, 5% preferredDiamond States Tel & Tel. (quar.)
District Bond Co. (Los Angeles)—
6% preferred (quarterly)
Diversified Trustee Shares
series D.
May
Apr,
17Hc
MM
MM
45c
.......
14
June
2 May
7
Mar. 31 Mar. 26
"
-...—
MM
____
Newberrey (J. J.) Co., pref. A (quar.)
Newberry (J. J.) Co. 5% pref. A (quar.)..
North American Oil (quar.)
Northern Illinois Finance Corp
Preferred (quar.)
'__
Northwest Engineering Co__
Apr. 22
1 Apr. 15
May
Mar. 31 Mar. 20
_____
Commonwealth Edison Co
Conn. (O. G.), Ltd. (quar.)
6
37 He
MM
MM
-_—
(quar.)
Alerchants & Mfrs. Securs., cl.A (s.-a.) increased
Extra (class A)_.___._______:
...—_.
4
Mar. 31 Mar. 20
1 Mar. 31
May
-
____
50c
—
Nation-wide Securities Co. trust ctfs. series A—
Carborundum Co
Central Hudson Gas & Elec. (quar.)
__
75c
MM
—
Medusa Portland Cement Co
Preferred
Apr.
Apr.
Apr.
Alay
May
Apr.
Apr.
Apr,
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
lie
62j^c
Maytag Co., S3 preferred (quar.)
$6 preferred (quar.)
Holders
Payable'tof Record
25c
_
4
May
Apr. 15
May 15 May
1
May 15 May
1
Burma
Alandel Bros., Inc
Manhattan Bond Fund, Inc
Massachusetts Utility Associates, pref. (quar.)_
Preferred
10c
(interim)
4.6c
Corp., Ltd., Amer. dep. rec. ord. reg—
Butler Bros., 5% conv. pref. (quar.)
37 He
Butler Manufacturing, 6% prer. (quar.)
SIM
Byers Co. (A. M.), 7% pref
t$2.10
California Water & Telep., 6% pref. (quar.) —
37 He
Canadian Bronze Co., Ltd., pref. (quar.)
Common (quar.)
Canadian Fairbanks-Morse, 6% pref. (quar.) __
\%iy%
Canadian Foreign Investment Corp
J 70c
Canadian Oil Companies (quar.)
tl2Mc
Extra.
tl2Mc
Buffalo Ankerite Gold Mines
Share
Name of Company
——
Apr. 22 Apr.
When
Per
Holders
Payablewf Record
SI M
American Hair & Felt, 2nd pref. (quar.)
American Stove.
|
April 5, 1941
....
__
______
common
Toburn Gold Mines, Ltd. (quar.)_
Extra.
stock
for each
10c
X3c
__________
Toledo Edison, 7% pref. (monthly)
6% preferred (monthly)
____
5% preferred (monthly)
t2c
58 l-3c
50c
412-3c
Trusteed American Bank Shares, series B_
Tung-Sol Lamp Works, 80c. pref. (quar.)
Udylite Corporation
Union Buffalo Mills, 1st preferred-.-...--.Union Ice Co. (quarterly).
Union Oil of California (quar.)
.007
20c
10c
SI M
SI
—
United Merchants & Manufactures, Inc., com.
voting trust certificates
U. S. Cold Storage Corp., 7% preferred—_____
Waite Amulet Mines (interim).,
Weinberger Drug Stores, Inc
Westvaco Chlorine Products (quar.)_
.___
Wolverine Natural Gas
Woolson Spice Co
6% preferred (quar.)
Wurlitzer (Rudolph).^
25c
25c
18
19
15
Aiar. 31 Mar. 24
June
1 Alay 20
June
2 May 10
Apr. 22 Apr.
Oct.
I Sept.
Apr. 25 Apr.
1 Mar.
Apr.
1 Apr.
Alay
1 Apr.
Alay
1 Apr.
May
1 Apr.
May
1 Alar.
Apr.
1 Apr.
Alay
1 Mar.
Apr.
Apr. 15 Apr.
5
15
15
15
15
19
10
10
27
10
31
7
Apr. '41
Apr. '41
Alay
15 Alay
2 May
Apr.
8 Apr.
Apr. 15 Apr.
Apr. 10 Apr.
1 Alar.
Apr.
1 Alar.
Apr.
1 Alar.
Apr,
Apr. 15 Apr.
Apr. 15 Apr.
1 Apr.
Alay
June
4
15
3
5
7
25
25
31
7
7
15
June 14 Alay 31
Apr. 15 Alar. 31
share h eld.
14 Alay 16
Alay 22 Apr. 22
May 22 Apr. 22
Apr. 15
May
Apr. 15
Alay
Apr. 15
May
Alar. 31
Apr.
Apr. 19
Alay
Apr. 15
Alay
Apr.
Mar.~26~
Apr.
Apr. 10
Alay
June
June
2
tSl
Apr,
Mar. 31
10c
June
Alay 20
25c
Apr.
Alay
Alar. 28
Apr.
Alar. 31
25c
Alar.
Mar. 28
S1H
Mar.
Mar. 28
10c
May
Alay 21
35c
7 He
Apr.
15
Below
we
give the dividends announced in previous weeks
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
and
not
Per
Name
of Company
Share
Abbott Laboratories pref. (quar.)
Adams-Millis Corp
$1H
Addressograph-Multigraph Corp.
Aeronautical Securities, Inc__
Affiliated Fund, Inc. (quar.)
May
May
Apr.
Apr.
Apr.
25c
Aluminum Manufacturers, Inc. (quar.)
or
American District Telegraph
(N. J.), pref
American
Preferred (quar.)
American
Rolling Mill.
Preferred (quar.).
1 Apr.
1
18
15 Mar. 31
15 Apr.
5
5
May
18
Apr. 15 Mar. 20
15c
Apr.
15 Mar. 31
50c
June 30 June
MM
50c
75c. in cash
15c
Envelope Co., 7% pref. A (quar.)____
7% preferred A (quar.)
7% preferred A (quar.l
American Fidelity & Casualty Co. (Va.) (quar.).
American Furniture Co. 7% pref. (quar.)
American Home Products (monthly
American Paper Co. 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)..
American Radiator & Standard Sanitary—
15 Apr.
10 Apr. 23
16 Mar.31
15 Apr.
1 Apr.
Quarterly.
50c
Quarterly.
50c
7% preferred (quar.).
$1M
7% preferred (quar.).
$1M
7% preferred (quar.).
$1M
Amalgamated Sugar pref. (quar.)
l2Hc
American Airlines, Inc., pref. (quar.)
Sl.OfiH
American Alliance Insurance Co. (quar.)
25c
American Asphalt Roof Corp. 6% pref. (qu.)__
$1H
American Cities Power & Light Co., $3 conv cl A
1-32 share of class B stock
American Colortype (quar.)
Holders
Apr.
25c
Alabama Power Co. S5 pref. (quar.)
Allegheny Ludlum Sreel
Aluminum Goods Mfg. (irregular)
Apr.
25c
25c
10c
5c
Air Reduction Co. (quar.)
Extra
When
Payable of Record
SI M
$1 M,
SI M
15
Sept. 30 Sept.15
Dec.
31 Dec.
15
June 30 June
15
Sept. 30 Sept. 15
Dec. 31 Dec.
15
1 Apr.
16
May
Apr.
Apr.
Apr.
15 Apr.
5
15 Mar. 20
15 Mar. 31
May
1 Apr.
11
June
14 June
4
Apr. 15 Mar. 15
June
1 May 25
1 Aug. 25
Sept.
SI M
Dec.
15c
Apr.
S1H
Apr,
20c
1 Nov. 25
10 Mar. 31
15 Apr. 14
Ma>
1 Apr.
SI H
Tune
16 Tune
SI M,
Sept. 15 Sept.
5
SI M
Dec.
15 Dec.
5
June
1 May 26
5 Mar. 15
15 Mar. 15
MM
35c
SI H
Apr.
Apr.
14*
6
Volume
25c
American Safety Razor
American Smelting & Refining 7% pref. (quar.)_
American States Util. Corp. 5H % pref. (s.-a.)—
American Telephone & Telegraph Co.
(quar.)
American Thermos Bottle
Sl^
68 He
S2H
50c
—
_
May
Apr.
Apr.
Apr.
May
June
21
June
21
Apr.
4c
Anglo Canadian Oil Ltd. (initial interim)
Anglo-Canadian Telephone Co. 5H% prei. (qu.) m%c
A. P. W. Properties, Inc.. class B
30c
S3
Arcade Cotton Mills preferred (s.-a.)
Si
Arlington Mills
....
15c
Aro Equipment Corp
Associated Electric Industries (ordinary)
10%
31 he
Associated Telephone Co., Ltd., pref. (quar.)
May
May
11
19
15
S2H
...
...
Anaconda Wire & Cable (irregular)
_
—
Oct.
Mar. 31
June
June
Apr.
Apr.
Apr.
Apr.
Mar. 25
May
Apr.
15
Apr.
23
first two quarters of 1941.
Denver Union Stock Yards pref.
5
Detroit Hillsdale & Southwestern RR.
Babcock & Wilcox Co.
$1
June
50c
30c
Apr.
Apr.
May
Apr.
Apr.
May
4
May 10
Apr. 15
Apr.
1
Apr. 21
Apr. 15
Apr. 15
Apr. 10
(irregutar)
60c
June
June
14
Dome Mines, Ltd
$1
June
June
14
35c
Apr.
Apr.
5
Dominion Textile Co. pref.
Dow Chemical Co. common
15c
Apr.
Mar. 28
*25c
June
May
Apr.
15
15
Mar
22
SI %
27c
May
Apr.
Apr.
Apr.
Backstay Welt Co. (quar.)
Badger Paper Mills, Inc., 6% pref. (quar.)
12 he
75c
Baldwin Rubber Co
12Hc
12 He
...
Extra
Bangor Hydro-Electric (quar.)
.
Bank of America (quar.)
...
Preferred (s.-a.)
Bankers Trust Co. (Detroit)
....
Barcalo Manufacturing (initial)
1
Batburst Power & Paper A (interim)......
Beatty Bros. Ltd., 1st pref. (quar.)
Bell Telephone of Canada
Bell Telephone Co. (Pa.) 6H% pref. (quar.)
6H % preferred (final)
For period from Apr. 1 to Apr. 15, 1941; all
outstanding pref. stock being redeemed
:
on Apr. 15.
Bensonhurst National Bank (quar.)
_
June 30
Tune
June 30
Apr.
15c
Apr.
62Hc
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
50c
%%m
20c
10c
Bridgeport Hydraulic Co. (quar.)
...
Apr.
Apr.
Federal Services Finance Corp.
Fireman's Fund Insurance
Apr.
Apr.
Apr.
25c
Apr.
Mar. 31
3c
Apr.
Apr.
Mar. 31
SI h
May
S1H
May
37 He
June
Apr. 15
Apr. 11
May
7
Mar,
5c
31
Fitchburg Gas &
Electric Light Co. (quar.)
7% preferred (quar.)_
7% preferred
Mar.
Foundation Co.
7
(Canada)
Mar. 31
$1.20 preferred (quar.)—
Fundamental Investors, Inc.
62 He
5% preferred (quar.)..
25c
Campbell Wyant & Canncn Foundry (irreg.)
37 He
Canada Foundries & Forgings, class A (quar.)..
37 He
Class A (quar.)
Class A (quar.)
*37 He
........
Miay
Apr.
June
June
2
Sept.
Sept.
1
General Capital Corp
General Electric Co
Dec.
Dec.
1
General Finance Corp.
Canada Iron Foundries..
Apr.
Mar. 31
Apr.
Apr.
Apr.
Mar. 31
t$jU
.....
125c
tii h
....
J44c
preferred
Subject to approval of Can. Foreign Exch.
Canadian Car & Foundry
Mar.
1
Control Board.
:50c
Canadian Converters
)..
Canadian Industries A & B (quar.)...
Preferred (quar.)
mm
X$1H
......
:4c
Canadian Marconi Co
:$ih
Canadian Tube & Steel Products, 7% pref.
$1H
SI H
Carolina Clinchfield & Ohio Ry. (quar.)
preferred (final)
—
Celanese Corp. of
America—
1st part, preferred (semi-ann.)
_
1st pref. (semi-ann.)
...
7% cum. prior preferred (quar.)
—......
Central Aguirre Associates
Central Eureka Mining Co
...
Central New York Power Corp., 5% pref.(qu.)_
cum.
Chain Belt Cc. common....
Chesterville Larder Lake Gold Mining
Chilton Co.
....
pref.(quar.)
5% preferred (quar.)
Cincinnati Postal Terminal & Realty Co.—
(quar.) —
(quar.).....
Ltd—
(irregular)
Colgate-Palmoli ve-Peet
Colon Development 6% red. preferred
—
'
Commercial Alcohols Ltd.. 8% cum. pref. (qu.)_
Commercial Discount (Los Angeles) 8% pf.(qu.)
12Hc
1H%
(quar.).
Commonwealth Utils. Corp. 6H% pfd. C (qu.)_
Concord Electric Co. (quar.)
—1
6% preferred (quar.)
-—
Concord Gas Co., 7% preferred
1
Confederation Life Association (Toronto) (qu.)_
Quarterly
Quarterly
Consolidated Car Heating Co., Inc. (quar.).
Consolidated Copper mines Corp
Consolidated Dry Goods Corp. 7% preferred...
Consolidated Edison of N. Y. pref. (quar.)
Consolidated Laundries pref. (quar.)
(quar.)..
7% preferred (quar.)—
Creamery Package Mfg. (quar.)
Crown Drug Co
Crum & Forster (quar.)
8% preferred (quar.)
—
- —
1 Apr.
10
15 Apr.
4
15
2 Aug. 15
2 May
15 Apr.
5
Apr.
Apr.
5 Mar. 25
5 Mar. 25
15 Anr.
1
Apr. 25 Apr.
Apr. 21 Apr.
10
3
18
Apr.
May 15 Apr.
Mar. 31
May 28 May 14
15
May
70c
Apr.
Apr.
May
$1H
t50c
$1H
Mar. 31
Apr.
Apr.
Apr.
1
1
14
4
Apr.
Apr. 30
June
June 25
Sept.
$1H
Djc.
Sept. 25
Dec. 14
75c
Apr.
Mar. 31
Apr.
Mar. 24
$1H
25c
t$3H
S1H
$1 y$
Aor.
Mar. 31
May
May
Mar. 28
121S
May
July
Apr.
Apr.
15
—
(quar.)_
—
June
16
15
_/
registered —
Giddings & Lewis Machine Tool (irregular)
preferred (quar.)_
Gimbel Brothers $6 preferred (quar.)
Golden State Co., Ltd, (quar.)
Great American Insurance Co. (quar.) —__
Great Lakes Engineering Works
._
Great Lakes Power Co., Ltd., series A prer. (qu.)
Great Southern Life Ins. Co. (Houston, Texas)
(q uar.)____
/_ - -■ - Green (H. L.) Co., Inc. (quar.)
Greenfield Gas Light Co. 6% preferred (quar.). _
Griesedieck Western Brewery (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas Co. 7% preferred (quar.)
Hartford Electric Light Co. (quar.)
Hat Corp. of America, preferred
Hawaiian Electric Co. Ltd. 5% pref. 5 (initial) —
Hayes Industries,
Inc
—
(quar.)
Spencer Bartlett& Co, (monthly)
75c
5c
SIM
Apr.
SI
May
May
May
May
1M%
SI
(quar.)
(Hawaii) (quar.)
Holly Development Co.
Quarterly
Quarterly.
Horn & Hardart Co. (N. Y.)
Household Finance (quar.)
, _____ ___
(quar.)__
(quar.)
Mar. 31
Apr.
May
Aug.
Aug.
Nov.
Nov.
Aug.
11c
25c
S1H
20c
Apr. 15 Apr.
Apr. 15 Apr.
May
Apr.
Apr. 25 Apr.
Apr.
10*
Ajar.
May
Nov.
I
1
7
7
10
15 Mar. 31
25c
Apr.
15 Mar. 20
15c
May
:$ih
Apr.
1 Apr. 24
15 Mar. 31
35c
50c
75c
Apr.
May
May
Apr.
1
Apr. 15
34 He
June
S1H
SIM
Apr.
Apr.
May 15
Apr.
7
68 %c
SI %
25c
20c
Mar. 31
15
18
5
Apr.
4
Apr. 10
May
2
Apr.
May
May
Apr/
Apr.
Apr.
Apr.
May
May
Apr.
Anr.
15
15c
May
May 19
15c
June
June
17
50c
July
Apr.
June
17
lc
60c
June
June
60c
Sept.
Sept. 12
60c
Dec.
Dec.
12
50c
May
Apr.
Apr.
11
Mar. 31
Apr.
Mar. 31
May
Apr.
Mar. 31
45c
5c
international Harvester, (quar.)
International Milling Co., 5% pref. (quar.)
International Nickel Co. of Canada, pref. (quar.)
Payable in United States funds.
15 Mar. 31
15 Mar. 31
21 Apr.
7
1 Apr. 21
Nov.
20c
Imperial Life Assurance Co. of Canada (quar.) —
Quarterly
Quarterly
Indianapolis Power & Light
Inspiration Mining & Development Co
International Business Machine (quar.)
International Cigar Machinery Co.—
5-months period, Nov. 1,1940, to Mar. 31, '41
Apr. 15
Apr. 15
Aug.
SI H
30
Mar. 31
$1H
SIM
:2c
Howey Gold Mines, Ltd
Hygrade Svlvania Corp. pref. (quar.)
I X L Mining Co. (block shares) (quar.).
Idaho-Maryland Mines (monthly)
Juna
S1H
SI
Preferred (quar.)
1 Nov. 20
1
18
1
1
Apr. 10 Mar. 31
Apr. 25 Mar. 14
1
Apr. 15 Apr.
Apr. 10
May
6c
—
Monthly
_________
Monthly
—
Hibernia National Bank (N. O.) (s.-a.)
Home Insurance
25c
25c
15c
Hecker Products Corp
Hercules Powder 6% preferred
Ilibbard,
30c
18c
Dec.
:$3 h
:$3M
:$3M
Mar. 31
Apr.
11
7
Mar. 31
Apr.
Apr.
July
Apr.
10
June 30
Sept. 30
Dec. 31
Oct.
Jan.
40c
Apr.
Apr.
1
2c
May
May
1
SIM
Apr.
Mar. 21
40c
SIM
SIM
15c
Apr. 15 Mar. 20
4
Apr. 15 Apr.
1
May
1 Apr.
Apr. 15 Mar. 18
1
Apr. 15 Apr.
Oct.
Sept. 15
Interstate Deot. Stores
Mar. 27
Interstate Home Equipment
20c
Investment Foundation Ltd. cum.
75c
Apr.
25c
Apr.
May
5H%
Apr.
Mar. 11
10c
30c
Apr. 15 Mar. 31
Apr. 21. Mar. 31
Apr. 21 Mar. 31
Apr. 21 Mar. 31
1 May 10
June
1 Aug.
9
Sept.
30c
Dec.
75c
30c
■5c
-
-—
15 Mar. 31
25 Apr. 10
15 Mar. 28
$1%
4c
$1H
—
15 Mar. 31
May 15
4
Apr.
20c
$2
Courtaulds. Ltd., ordinary (final)
Corn Products Refining Co
17
Apr.
8% preferred (quar.)
Consolidated Steel Corp., Ltd., $1.75 pref ______ t43^c
Container Corp. of America
Tune
July
Apr.
May
May
Apr.
Apr.
Apr.
May
__________
16
May
Apr.
Apr.
Apr.
May
$1.63
:10c
17Hc
...■
Commonwealth Investment Co.
1
2 Aug. 20
25c
$Is1
;——
(quar.)
Gillette Safety Razor,
1 Tune 18
Inly
1 Apr. 25
May
Apr. 20 Apr. 15
Columbus & Southern Ohio Electric—
(quar.)
16 June
2 May 20
Sept.
35c
(quar.)___
class A___
Apr. 15 Mar. 31
4
Apr. 15 Apr.
June
25c
Beneficial interest (irregular)
Preferred
$1 h
$1 %
12Hc
25c
Colorado Fuel & Iron
June
.—
June 30 June 20
17 He
17 He
_____
General Tin Investments, Ltd.—
American dep. rec. for ordinary
Apr.
75c
Cohn & Rosenberger
15 Apr.
—— —
(quar.)
15
8
10
$1 %
20c
Cochenour Willans Gold Mines,
Apr.
Apr. 21 Apr.
$19* July
37 He
Apr.
Apr.
$1H
May
25c
Apr.
5c
Apr.
10c
Apr.
June
$1H
Sept.
$1H
$1 %
:3c
(quar.)
1 Apr.
$3 convertible preferred
—-
—
Gardner-Denver Co. (quar.)
Class A (quar.)____
Preferred (quar.)
$3 H June 30 June 17
Tune 30 June 17
$3H
$1
Cliffs Corp
June
Fyr-Fyter Co., class A—
Class A
Apr. 30 Apr. 10
Apr. 15 Mar. 31
Apr. 30 Mar. 31
Apr. 15 Mar. 31
1 June 10
1 Sept. 10
30 Mar. 17
15 Mar. 31
15 Mar. 31
5
15 Apr.
5
21 Apr.
1 June 25
17 He
20c
(irregular).—.
General Mills (quar.)
General Motors Corp., pref.
General Outdoor Advertising,
Preferred (quar.)
Vlar. 21
18 Dec.
Oct.
Apr.
Apr.
Apr.
Apr.
25c
(quar.)
General Foods Corp., preferred (quar.)———
General Investors Trust (Boston)
Mar. 31
vpr.
pref. (final)__
(quar.)
Co. (quar.)
Froedtert Grain & Malting
Apr. 30
Apr. 30
Apr.
4
6 % preferred. . - . . . i*_ . ...
Canada Northern Power Co. (quar.)
Preferred (quar.)
...
- —
Foote Bros. Gear & Machine Co..
Mar. 31
Apr.
Apr.
(quar.)
7% preferred (quar.)
15
Dec.
SIM
SI
69c
4
14
July
July
May
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, 8% pref.
Sept. 30 Sept. 15
.18
25c
California Packing Co
7% preferred (quar.)
SIM
SIM
S2H
S2H
Apr.
Mar. 31
preferred
— — -
25
June 30 June
First National Bank of Jersey City (quar.)_____
Fisbman (M. H.b 5% preferred (quar.)_______
Apr.
6H%
(quar.)
1 Oct.
15 Apr.
Apr.
SIM
15c
75c
(quar.)
Nov.
S2M
25c
Apr.
Apr.
Clinton Water Works Co., 7% pref.
(quar.) ——-
40c
2 May
Apr. 15 Mar. 31
Apr. 15 Mar. 31
May
1 Apr. 25
Aug.
1 July 25
S2H
S1H
City Baking Co. (Bait.), 7% pref.
City Title Insurance Co. (quar.)..
Cleveland Cliffs Iron, Preferred
—
16 June
13
Sept. 2 Aug. 12
1
Apr. 18 Apr.
Apr. 21 Mar. 31
Apr. 15 Mar. 31
1
May 15 May
1
May 15 May
Apr. 25 Apr. 10
Apr. 15 Mar. 17
Apr.
5 Mar. 25
May
1 Apr.
7
May
1 Apr.
7
Apr. 25 Apr. 10
First National Bank of Chicago (quar.)
tSlH
_
6H % preferred (quar.)
Cincinnati Union Terminal, preferred
40c
_______
Firestone Tire & Rubber Co
16
4
Mar. 31
Cine. New Orl.Ae Tex. Pac.Ry., 5%
(quar.)
6% preferred (quar.)
Mar. 31
SIM
40c
Quarterly
Federal Machine & Welder Co
Mar. 20
SI H
10c
—
Mar. 31
A or.
June
SIM
SIM
$5 preferred (quar.)
May
40c
Calgary & Edmonton Corp
Califcrnia-Oregon Power Cc. 7% preferred
6 % preferred
6% preferred (1927 series)..
7%
—
(quar.)
Farmers & Traders Life Insurance
Mar. 31
Apr. 10 Mar. 31
25c
75c
37Mc
_ _
$5 pref. (quar.)—
Fansteel Metallurgical Corp
$5 preferred (quar.)
15
15
10
5
5
25c
SIM
SIM
A (quar.)
Quarterly
Exeter & Hampton Electric Co.
Mar. 17
June
SIM
preferred (quar.)
Employers Casualty Co. (Dallas),
Quarterly
3
5
5
10c
75c
_
Electric Bond & Share Co. $6
6
50c
25c
5% preferred (quar.)
Nemours, pref. (quar.)
Duquesne Light, 5% pref. (quar.)__
Eason Oil Co., cum. conv. pref. (quar.)
5 Dec. 20
Jan.
May 15 May
May 15 Aug.
t50c
$1 H
(quar.)
2 May 20
Apr. 15 Mar. 28
5
Apr. 21 Apr.
July
5 June 20
June 16 June
Fitzsimmons Stores, Ltd.—
preferred (quar.)
Carter (Wm.) Co.
-—-
duPont (E. I.) de
10c
75c
Bullocks, Inc. (Los Angeies), 5% pref. (quar.).
Butler Brothers, 5% con v. preferred (quar.)...
Calamba Sugar Estates (quar.)
Canadian General Investments (quar
.
$5 preferred (quar.)
Electric Household Utilities Corp.
Tune
32 He
40c
Brompton Pulp & Paper (quar.)
Bronlan Porcupine Mines, Ltd. i mar.)
Brooklyn Borough Gas Co. (quar.)..
Buffalo Niagara & Eastern Power,—
,
Preferred (semi-annual)
Mar. 20
$2
$2
10c
50c
Diamond Match Co.. common
Apr.
Apr.
$10
(quar.)
2d pref. (qu.).
—_
_,r_-
Doehler Die Casting (interim)
15c
50c
Extra
(quar.)
Quarterly
Detroit Steel Products
25c
75c
(quar.).
........
Blaw-Knox Cc. (interim)
Bon Ami Co., class A (quar.)
...
...
Class B (quar.)
....
...
Boston Edison Co. (quar.)
Boylston Market Association (irregular)
Bralorne Mines, Ltd. (quar.)
British Columbia Telephone 6%
Brocktcn Gas Light (quar.)
(s.-a.)
6% preferred B (quar.)
Extra
British-Columbia Power class A
Apr.
El Paso Electric, 7% pref.
Biltmore Hats. Ltd.
Brantford Cordage Co., Ltd., pref.
$1
25c
Semi-annually.
Detroit Michigan Stove Co., common
Quarterly
Quarterly
t4c
June
(quar.)— —
Detroit Edison Co. (quar.) $100 par
Detroit Gasket & Manufacturing
May
May
$2.50
each for
Represents two quar. divs. of 75c.
16
Mar. 29
Atlantic Coast Line RR. Co.—
5% ncD-cum. preferred (special)
Atlantic Refining preferred (quar.)
Aunor Gold Mines, Ltd. (interim)
Holders
of Record
10c
Aug.
1 July 22
(s.-a.)
37 He
May
1 Apr. 19
common
S1.12H June 14 May 31
6H% preferred (quar.)
—
7Hc Apr. 21 Apr. 10
Davidson Brothers, Inc
10c
May
1 Apr, 15
Dejay Stores, Inc
- —
3c
Apr. 30 Apr.
5
Delnite Mines, Ltd
$2
May
1 Apr. 18
Dennison Mfg. Co. 8% debenture (quar.)
1
Jul>
1 July
S1H
Dentists' Supply Co. (N. Y.) 7% pref. (quar.) __
1
Oct.
1 Oct.
91H
7% preferred (quar.)
Dec. 23 Dec. 23
S1H
7 % preferred (quar.)__
—
May
1 Apr. 18
$1H
Dennison Manufacturing Co., prior pref. (qu.).
Apr. 24
Apr.
Apr.
Apr.
$4H preferred (s.-a.)
Per
Share
Cuneo Press
50c
75c
„
Company
Culver & Port Clinton RR. Co.
Apr. 22
Apr,
4
Apr.
1
Mar. 17
July
July
Amoskeag Co. seml-ann
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
First
2189
The Commercial & Financial Chronicle
152
30c
$2
May
5
4
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
June
June
20
4
Mar. 31
1
—
pref. (quar.).
Investors Fund C, Inc., common—
Iowa Electric Light & Power
Co. 7% pref. A—- tS7Mc
6H% preferred B
6% preferred C
Iron Fireman Mfg. Co..
Quarterly
Quarterly
(quar.)
30c
15 Mar. 31
1
Nov. 10
The Commercial & Financial Chronicle
2190
Per
Name of Company
Share
Jefferson Standard LLfe Insurance
Joliet & Chicago KR. (quar.)
Jones & Laugh J in Steel preferred
75c
(s.-a.)
$1 *4
t$l
——
Joplin Water Works Co.. 6% pref. (quar.)
Kaufraann Department Stores
Kellogg Co_.
Kellogg Switchborard & Supply Co
—
Preferred (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
7% special preferred (quar.)
Kendall Co. $6 preferred A (quar.)
Partic. preferred A
;—
Kennedy's. Inc., preferred (quar.)
Kentucky Utilities, 6% pref. (quar.)
Kerr-Addison Gold Mines (interim)
King Oil Co. (quar.)
-
20c
25c
15c
$134
Mining (s.-a.)
Extra
$1 *4
5c
20c
$1*4
$1*4
-
—
-
Lawyers Title Ins. Corp. (Richmond, Va.)
6% preferred (s.-a.)Lazarus (F. & R.) & Co. (irregular)—
Lerner Stores Corp. (quar.)
4*4% preferred (quar.)
75c
-
6*4% preferred (quar.)
Quarterly
Quarterly
Lit Bros, preferred
Little Miami RR., original capital
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
-
(quar.)
—-
-
-
Lone Star Gas
—
Loomis-Saylers Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc
Lord & Taylor 2nd pref. (quar.)
Longhorn Portland Cement Co.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)..
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Louisville Gas & Elec. of Ky. 7% pref. (quar.)—
6*4 % preferred (quar.)--6*4 % preferred (quar.)
McCall Corp. (quar.)
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
McColl-Frontenac Oil, pref. (quar.)
McCrory Stores 5% preferred (quar .)
McLellan Stores Co. 6% preferred (quar.)
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
MacMillan Petroleum
Magnin (I.) & Co. pref. (quar.)
„
Class A preferred (quar.)
Manufacturers Trust Co. pref. (quar.)
7% preferred (quar.)
Massachusetts Investors Trust (irregular)
Massachusetts Utilities Associates—
5% partic. preferred (quar.)
Mead
May 24
Aug. 25
Dec.
Nov. 24
Old
50c
June
May 24
Aug. 25
Oliver United Filters class A (quar.)
Oneida, Ltd. (quar.)
7% partic. preferred (quar.).Ontario Silknit, Ltd
preferred-Pacific Finance Corp. pref. A (quar.)
Preferred C (quar.)
5*4 % preferred (quar.)
Pacific Gas & Electric (quar.)
Pacific Lighting Corp. $5 pref. (quar.)
Packer Corp. (quar.)
Paraffine Co., preferred (quar.)
MinneaDolis
Monongahela Val ey Water Co.. 7% pref. (qu.)
Monroe Loan Society 5*4% pref. (quar.)
Extra
434%
cum.
preferred (initial)
Mt. Diablo Oil Mining & Development Co
Mountain States Power Co. common
5% preferred (quar.)
Mountain States Telep. & Teleg. (quar.)
Muskegon Motor Specialties, class A (quar.)
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)-.
9
June
16
7% preferred (accumulated).—
6% preferred (accumulated)
5*4% preferred (accumulated),
"thern States Power (Del.)—
Nort
6% preferred (accumulated)
7% preferred (accumulated)
Northern States Power (Minn.) $5 pref. (qu.)__
Northwest Engineering Co
Mar. 31
$2
May
Apr.
June
June
Sept.
Sept.
Dec.
Nov. 20
25c
Dec.
_
Apr. 15
Oct.
Mar. 31
15 Mar. 31
15 Mar. 31
1 June 21
1 Sept. 20
2 Dec.
23
May
May
Aug.
Nov.
Apr.
1 Apr. 15
31 May 30
30 Aug. 29
29 Nov. 28
15 Mar. 31
May
Apr.
May
Apr. 11
Apr.
Apr.
Mar. 31 ♦
1
1
15
15
Apr. 15
May 15
Aug. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
18
Mar. 31*
Mar. 28
May
Aug.
Nov. 15 Nov.
5
5
f
15 Mar. 31
15 Mar. 31
15 Mar. 31
15 Mar. 31
10 Mar. 19
15 Mar. 20
Mar. 31
Apr.
Apr.
Apr.
15c
Apr.
June
25c
Sept.
25c
Dec.
5
30c
June
30c
Sept.
30c
Dec.
Dec.
1
25c
May
May
May
Apr.
Apr.
Apr.
May
5
15
15
25c
May 31
Aug. 30
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr. 15
10
M!ar. 28
$1
Apr.
13c
Apr.
Mar. 31
$1*4
34?4c
Apr.
5c
Apr.
$2 34
$2 34
$1 3|
June
Apr.
1
May 27
Apr.
8
May 10
May 10
.
t37c
15,5c
50c
Zi%
Il34
June
June
May
Apr.
Apr.
Apr.
May
July
Oct.
Apr. 11
Mar. 31
Mar. 21
Mar. 19
Apr.
July
21
1
Oct.
1
Jan.
Dec.
75c
$2
Apr.
Apr.
Apr.
Mar. 29
Mar. 31
5334c
May
lc
June
Apr.
May
3734c
6234c
Apr.
Apr.
Mar. 31
$1 *4
Apr.
May
May
15
June
28 June
19
50c
50c
$134
$134
$134
31
Mar. 31
15
15
Mar. 31
Mar. 31
Sept. 27 Sept. 18
Dec. 27 Dec.
18
.
1 Apr.
18
15 Apr.
15 Apr.
1
1
31
1 Apr.
2
15 July
15 Mar. 31
15 Apr.
15 Apr.
15 Apr.
3
7
1
15
14
21
16
16
May
1 Apr. 15
May 15 May
1
Aug. 15 Aug.
1
Nov. 15 Nov.
1
Sept. 30 Sept. 21
Apr. .15 Apr.
4
m
$1*4
$1*4
$1*4
$1*4
25c
50c
Apr.
Apr.
Apr.
14 Mar. 31
14 Mar. 31
14 Mar. 31
Apr. 19 Mar.
19 Mar.
15 Mar.
1 Apr.
31
31
31
15
10 Apr.
1
1
15 Apr.
IVfay FApr. 10
Apr.
Apr.
lVlay
May
Apr.
18 *4c
Apr.
43*4c
t$l
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1 Apr. 15
May
1 Apr. 15
May
I Apr. 15
May
20c
16*4c
50c
$1*4
25c
$1
$1
15 Mar. 31
Apr. 15 Mar. 31
Mar. 31
Apr.
Apr. 15 Apr.
5
Apr. 15 Apr.
1
Apr. 24 Apr.
1
Apr. 24 Mar. 20
Apr.
50c
15 Apr.
1
1 Apr. 21
May 15 May
5
May
1 Apr. 21
July
1 June 14
Oct.
1 Sept. 15
50c
Jan.
Dec.
15
35c
35c
35c
May 15 May
Aug. 15 Aug.
5
5
Nov. 15 Nov.
Feb. 15 Feb.
5
t30c
31 '4 c
75c
$1*4
50c
35c
%
25c
10c
May
1
5
May
1 Apr. 15
Apr. 15 May 21
May 16 Apr. 18
Apr.
10
1
10
10
25c
30c
Apr.
Apr.
Pittsburgh Coke & Iron Co., $5 pref. (quar.)
$1*4
25c
Pittsburgh Forgings Co
Pittsburgh Fort Wayne & Chicago Ry.—
Preferred (quar.)
$1*4
15c
Pittsburgh Screw & Bolt
Plomb Tool Co.,
15c
6% preferred (quar.)--Pollock Paper & Box Co., 7% prer. (quar.).
$1*4
7 % preferred (quar.)
$1*4
7% preferred (guar.)
$1*4
Portland Gas Light Co. $6 preferredt$l
Power Corp. of Canada Ltd. 6% cum. pref. (qu.) »*4%
6% non-cum. preferred (quar.)
J75c
Premier Gold Mining
3c
(quar.)
Prentice (G. E.) Mfg. (quar.)
50c
June
May 20*
Apr.
Apr.
$1*4
$1*4
35c
30c
$2*4
25c
_
Mar. 31
15c
t$2
21 Mar. 31
21 Mar. 31
Apr.
Apr.
Apr.
Apr.
Procter & Gamble Co., 8% preferred
8
21 Mar. 31
Apr.
Pressed Metals of America.
L
Preston East Dome Mines (quar.)
Mar. 25
22
20
15 Mar. 31
15c
20c
-
7
1 July
30 Oct.
May 19 Apr. 30
,
May 31
Aug. 30
Dec.
1
15
Apr.
May
May
May
Apr.
Apr.
Apr.
Pierce Governor Co
Feb. 28
Mar. 31
15
15
21
June 28 June 22
10c
Patchogue Plymouth Mill, common
Payne Furnace & Supply Co. conv. pref. A & BPearson Co., Inc.. 5% pref. A (quar.)..Penman's, Ltd. (quar.)
Preferred (quar.)--.
Peninsular Telephone (quar.)
Quarterly
Quarterly
Preferred A (quar.)__
Preferred A (quar.)
Preferred A (quar.)
Preferred A (quar.)
Pennsylvania Power Co. $5 pref. (quar.)
Peoples Gas Light & Coke
Petroleum Corp. of America stock dividend
Special distribution:
One share of Consol.
Oil Corp. com. for each 5 shs. of Petroleum
Corp. of America capital stock
Pfeiffer Brewing Co. (quar.)
Philadelphia Co. (quar.)
Cum. preferred (s.-a.)
Philadelphia Electric $5 preferred (quar.)
Common (reduced)
Philadelphia National Insurance
Philadelphia & Trenton RR. (quar.)
Phillips Screw Co
-
15 Mar. 20
21 Mar. 31
Apr.
Apr.
Apr.
25c
15c
Park Utah Consolidated Mines Co
Nov. 20
Apr.
Apr.
1 Apr.
1 Apr.
$1
7m
Colony Trust Associates (quar.)
,
7
$134
Apr.
Apr.
July
-
Mar. 31
May 20
may 20
Aug. 20
Aug. 20
_
Nu-Enamel Corp
Nov. 24
Mar. 21
Apr.
Apr.
Aug.
May
Apr.
Apr.
Apr.
Apr.
30
1
1
15c
------
Mar. 31
20c
5c
-
$4.25 preferred B (seml-ann.)
Montana Power $6 preferred (quar.)
Montreal Light, Heat & Power Consol. (quar.).
Telegraph Co
Montgomery Ward & Co
Moore Drop Forging class A (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly
Quarterly
Morrell (John) & Co
Morris (Philip) & Co., Ltd., Inc. (quar.)
May
July
Apr.
Apr.
Apr.
Apr.
$1*4
$134
Monsanto Chemical Co., $4.25 pref. A (s.-a.)_.
Montreal
June
20c
5c
30c
Missouri Gas & Electric Service Co
Moneta PorcuDine Mines, Ltd. (quar.)
Class A
Northern Indiana Public Service Co.—
Dec.
25c
(quar.)
Bearing Corp. (quar.)—
Quarterly
Northern Emnire Mines
Sept.
50c
50c
-
Norfolk Sc Western Ry. adj. pref.
Norma-H
Mar. 31
50c
6234 c
Brewing Co
Apr. 10
Apr. 15
Apr.
4
Apr. 21
50c
20c
Mississippi Power & Light, $6 preferred
A
HP
50c
-
-
Sept.
11734c
11734c
Mid-West Refineries (reduced)
Midwest Piping & Supply Co., Inc. (irregular).Midland Oil Corp., $2 preferred
Class
(quar.)
(quar.)
June
25c
Corp
A
26
50c
Megus Mines, Ltd. (initial)
Melehers Distilleries, preferred
Memphis Natural Gas
Mercantile Acceptance Corp. 5% pref. (quar.)-.
5% preferred (quar/
5% preferred (quar.
6% preferred (quar.
6% preferred (quar.
6% preferred (quar.
Messenger Corp
Michigan Gas & Electric, 7% prior lien
$6 prior lien
Preferred (quar.)
1900 Corp., class A (quar.)
Class
$1
lc
Apr.
Apr.
Apr.
Apr.
May
15 Mar. 14
1 Apr.
$1.18*4 May
1 Apr.
50c
May
30c
Apr. 15 Mar.
1 Apr.
$1*4
May
1 Apr.
May
$1*4
Newberry (J. J.) Realty pref. A (quar.)
Preferred B (quar.)
Newport News Shipbuilding & Dry Dock—
25
3734c
_
;
Mar. 31
55c
$1*4
New York Transit Co
Apr.
50c
$1*4
50c
Apr. 25
15c
$1*4
$2*4
t55c
Naumkeag Steam Cotton (increased; irregular)
Naybob Gold Mines (initial) (quar.)
Neisner Bros. 4 *4 % pref. (quar.)
Oct.
$134
$134
$134
17*4c
17*4c
17*4c
$1*4
—
National Steel Car Corp. (quar.)
New York Air Brake
50c
25c
(class A and B)
July
$134
Marchant Calculating Machine Co. (quar.)
Margay Oil Corp. (quar.)
Maritime Tel. & Tel. Co., Ltd. (quar.)
Oct.
May
50c
-
Aug.
2c
-
Aug.
43*4c
4354c
43 *4 c
$134
$134
$134
Preferred
(quar.)
Preferred (quar.)
Mahon (R. C.) Co., preferred (quar.)
2c
—
Mar. 29
Jan.
.
May
Nov.
$1*4
$134
$134
$1*4
$1*4
5% preferred (quar
Lunkenheimer Co. 6*4% preferred (quar.)
2c
30c
30c
30c
25c
6% preferred (quar.)-.
3
50c
25c
$134
-
12 Dec.
14 Mar. 31
15 Apr.
May
May
May
25c
-
-
Dec.
Apr.
15 Mar. 31
75c
— -
National Tea Co. 5*4% pref
3
3
15 Mar. 31
$1*4
50c
-
12 June
Sept. 12 Sept.
15
May
$134
t$234
$1.10
$1.10
$1.10
-
15 Dec
'Apr.
Apr.
$5.50 prior pref, (quar.)
National Paper & Type Co. 5% pref. (s-a.)
National Power & Light Co. $6 pref. (quar.)
19
1
Apr.
National Lead Co. class B pref. (quar.)
National Manufactures & Stores Corp.—
Class A (initial)
lo
15 Mar. 25
15c
-
31
Apr.
Apr.
50c
Extra
31
Apr.
May
15c
25c
Apr.
Apr.
Apr.
May
Apr.
Apr.
20c
Lion Oil Refining Co. (quar.)
Lincoln National Life Insurance Co.
10
15 Mar. 31
10c
56*4c
National Bond & Share Corp
National Cash Register
Quarterly-—--—-————
Quarterly
31
Holders
Payable of Record
40c
National Fuel Gas Co. (quar.)
National Funding Corp. class A (quar.)__
Class B (quar.)
9
May 15 Mar. 6
Apr. 15 Mar. 31
Jane 15 June
5
June
$134
—
■
Apr.
1 Mar.
May
1 Mar.
May
Apr. 22 Apr.
1 Apr.
May
Apr. 16 Apr.
t50e
t50c
t50c
50c
Le Roi Co
12
1
1 Apr. 15
May
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 31
S3
35c
Lexington Telephone Co. 6% pref. (quar.)
Link Belt Co. (quar.)__
May
When
1941
National Biscuit Co.
Class A (quar.)
National Distillers products (quar.)
National Electric Welding Machine Co (quar.).
10
10
$1*4
75c
-
31
5
'
-
1 May
1 May
Apr. 15 Mar.
Apr. 15|Mar.
Apr. 28'Apr.
Dec.
Preferred
s, Ltd., 7% conv. pref
7% conv. preferred
7% conv. preferred
Lawrence Gas & Electric Co
Sept.
2 Aug. 20
1 Nov. 20
$1*4
15c
Langley
May 20
2
6
50c
"(quar.).
8
June
Fibres
National Casket (semi-annual)
National City Lines $3 pref. (quar.)-
8
Sept. 15 Sept.
Class B (quar.)
'
7 Mar. 28
Apr.
Apr. 30 Apr.
Apr. 30 Apr.
June
1234c
—
National Automotive
June
lc
7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. 7% preferred (quar.)
Langendorf United Bakeries, class A (quar.)
Mutual Investment Fund, Inc
(quar.)._
Narragansett Electric 4*4% pref. (quar.)
95c
t2c
Kootenay Belle Gold Mines, Ltd. (quar.)
Kroger Grocery & Baking 7% pref. (quar.)
Krueger (G.) Brewing Co
K W Battery Co., Inc. (quar.)
Lakey Foundry & Machine Co
Land is Machine Co. 7% pref. (quar.).
Share
Company
5 Mar. 17
Apr.
1
Apr. 15 Apr.
Apr. 28 Apr. 10
$1*4
15c
5c
Name of
July 26 July 22
7 Mar. 21
Apr.
Dec.
$1*4
5c
-
Per
Holders
Payable of Record
$1*4
$1*4
SI *4
31 Ac
—
---------
KJrkland Lake Gold
$1A
When
April 5,
J5c
(quar.)
$2
Prosperity Co. preferred (quar.)
Preferred (quar.)
Public Service Ccrp. (N. J.). 6% pref. (monthly)
Public ServiceofNew Jersey 6% pref. (monthly.)
Puget Sound Power & Light prior pref
Putnam (Geo.) Fund of Boston (quar.)
Railroad Employees Corp., class A & B
80c. preferred (quar.)
Reading Co. (quarterly)
2d pref. (quar.)
Regent Knitting Mills pref. (quar.)
Preferred (quar.).
Preferred (quar.).
Reliance Manufacturing Co
$1*4
$1*4
Remington Rand.
10%
Inc. stock dividend
Republic Investors Fund, Inc.6% A & B pref. (quar.).Republic Natural Gas (s.-a.)
Republic Petroleum 5*4% preferred (quar.)
Rhode Island Public Servide A (quar.)
$2 preferred (quar.)
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
Rochester Button Co. (quar.)
Preferred (quar.).
Rockland Light & Power Co. (quar.).
Roos Bros. $6.50 preferred (quar.)—
Royal Typewriter Co., Inc
7% preferred (quar.)
Ruud Mfg. Co. common.
St. Lawrence Corp. pref. A
Preferred--.
—
--
-
50c
50c
$1*4
15c
20c
20c
2,5c
50c
40c
40c
1
Mar. 21
Apr.
Apr.
1
15
12
15
Apr.
8 Mar. 10
Apr. 21 Mar. 21
Apr. 15 Mar. 31
June
15 June
15
Sept. 15 Sept. 15
Dec.
15 Dec.
15
Apr. 15 Apr.
1
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 15
Apr. 15 Apr.
1
June
2 May 15
Apr. 15 Mar. 31
Apr. 15 Mar. 25*
Apr. 15 Apr.
1
July 15 July
1
May 15 Apr. 15
Apr. 15 Mar. 14
Apr. 15 Mar. 3
Apr. 18 Mar. 29
Apr. 19 Mar. 31
Apr. 18 Mar. 31
May
8 Apr. 10
Apr. 10 Mar. 20
June
1 May 15
Sept. 1 Aug. 15
40c
Dec.
1
15c
May
May
1 Apr. 19
1 Mar. 14
15c
20c
68*4c
$1
50c
Nov. 15
May
1 Apr. 15
Apr. 25 Apr. 15
Apr. 15 Apr.
5
May
1 Apr. 15
May
1 Apr. 15
May
May
Apr.
May
May
May
Apr.
Apr.
19 Apr.
9
31 May 20
1 Apr. 15
1 Apr. 15
15 Apr.
3
15 Apr.
3
25c
June
16 June
25c
Apr. 15 Mar. 31
Apr.l 15 Mar. 31
25c
37*4c
18c
,lif
$1*4
50c
1 Apr. 30
1 Apr. 30
6
Volume
The Commercial & Financial Chronicle
ISt
2191
Condition of the Federal Reserve Bank of
Share
Company
$1H
Saguenay Power, Ltd., preferred (quar.)
San Antonio Gold Mines, Ltd. (s.-a.)
7c
3c
Extra
San Diego Gas & Electric Co
7Hc
5% preferred
Scott Paper Co. $4H cum. pref. (quar.)...
$4 cum. preferred (quar.)
Security Storage Co
Sedalia Water Co., 7% pref. (quar.)
Shakespeare Co
Sheep Oreeic Gold Mines, Ltd. (quar.)
...
«,
Holders
When
Per
Name of
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business April 2, 1941,
15
5
5
in comparison with
date last year:
Mar. 31
25c
Apr.
Mar .<*31
$1 H
May
$i
$i
May
Apr.
$i?*
Apr.
Apr. 19
Apr. 19
Apr.
5
Apr.
1
Apr.
8
Mar. 30
10c
Apr.
Assets—
14c
Apri.
Apr.
t$3
May
SIM
SIM
SIM
May
Apr.
Apr.
Apr.
25c
Apr.
15 Mar. 20
May 15 Apr. 20
37Hc
Apr.
1,064,000
943,000
1,270,000
89,769,000
81,129,000
99,294,000
9,859,737,000 9,737,554,000 8,164,187,000
reserves
Spring Valley Co., Ltd. (liquidating)"."."
I_.II
Springfield Gas Light (quar.)
Spud Valley Gold Mines, Ltd
Squibb (E. R.) & Sons $5 pref. series A (quar.) —
Standard Brands. Inc. pref. (quar.)
—
Standard Coated Products, preferred
Standard Fire Insurance Co. of N. J. (quar.)
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)
Standard Wholesale Phosphate (quar.)
Extra
....
Stanley Works pref. (quar.)
Stecher-Traung Lithograph Corp. 5% pref. (qu.)
5% preferred (quar.)
5% preferred (quar.)
Steel Co. of Canada, Ltd. (quar.)
7% preferred (quar.)
Stouffer Corp., class B
Sturgeon River Gold Mines, Ltd. (irreg.)
Sun Glow Industries (quar.)
Sun Ray Drug Co
6% preferred.
Superheater Co. (quar.)
—.
Symington-Gould Corp..
...
Tacony-Palmyra Bridge pref. (quar.)
Tampax Incorporated
—
Telautograph Corp. (interim)
Thatcher Mfg. conv. preferred (quar.)
Tivoli Brewing (quar.)
Towne Securities Corp. 7% preferred
Trade Bank & Trust (N. Y.) (quar.)
—
Traux-Traer Coal Co. (irregular)
Tuckett Tobacco, 7% preferred (quar.)
Union Bag & Paper Co. (irregular)
Union Elec. of Missouri $5 preferred (quar.)....
United Drill & Tool Corp. class A (quar.).....
Class B (initial)
-
_
United New Jersey RR. & Canal (quar.).
United Profit Sharing preferred (s.-a.)
United Stockyards Corp. conv. pref. (quar.)
United States Sugar Corp. pref. (quar.)
Preferred (quar.)
...
Apr.
Mar. 20
Bonds
Apr.
May
Apr.
Apr.
July
Apr.
Apr.
Apr.
May
Mar. 25
Notes
30c
J2c
SIM
$1M
10c
75c
U. S. Industrial Alcohol (resumed)
Extra
—
...
Preferred (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.
6% pref. (quar.)
Utica Knitting Co. 5% prior pref. (quar.)
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
...
Virginian Ry. preferred (quar.)
—
,
pref. (quar.)
....
Washington Gas Light Co
$4.50 conv. preferred (quar.)
Wash. Ry. & Elec. Co. 5% Pref. (s.-a.)
5% preferred (quar.)
West Michigan Steel Foundry Co.—
7% prior preferred (quar.)
—
$1.75 conv. preferred (quar.)
-—
West Penn Electric 7 % pref. (quar.)
6% preferred (quar.)
—
West Penn Power Co., 4H% preferred (quar.)_
Western Grocers, Ltd (quar.)
Extra
Preferred
(quar.)
Westgate-Greenland Oil (monthly)
Weston (Geo.), Ltd. pref. (quar.)
Westvaco Chlorine Products Corp. (quar.)
$4.50 preferred (quar.)
White Motor Co. (resumed)
Wichita Water Co., 7% pref. (quar.)—
Will & Baumer Candle Co., Inc
Wilson & Co. $6 preferred
Winsted Hosiery Co. (quar.)
4c
12Hc
20c
37Hc
Dec.
Dec.
Apr.
7
Apr.
7
Apr. 23
Apr. 15
Deferred availability items
Mar. 31
Other liabilities, incl accrued dividends.
5c
t$lM
May
May
Apr.
Apr.
15c
May
25c
Sm.
Institution (qu.)_
Quarterly
Quarterly
-
Apr.
5
Apr. 30
Apr. 15
Apr. 15
vances...
June
Apr.
Apr.
Apr.
Mar. 31
SIM
SIM
62Hc
SIM
SIM
SIM
Mar. 20
Apr.
lj
reserve
to
deposit
Industrial
make
to
and
94.8%
94.7%
92.5%
1,560,000
1,682,000
861,000
ad¬
t "Other cash" does not include Federal reserve notes or a bank's own
United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
These
x
are
certificates given by the
Weekly Return of the New York City
Mar. 18
Mar. 18
May
1
Apr. 19
Apr. 30
May
1
May
1
Apr. 15
Apr. 15
July
1
Clearing House
Apr. 15
Apr. 10
Apr. 16
Apr. 15
Apr. 15
The
weekly
YORK CLEARING HOUSE
STATEMENT OF MEMBERS OF THE NEW
ASSOCIATION
AT
CLOSE
OF BUSINESS
THURSDAY, APRIL 3, 1941
Mar. 28
Mar. 28
*
June 28
•
Clearing House
1 Sept. 28
1-2-42 Dec. 29
July
1 June 21
Surplus and
Net Demand
Undivided
Capital
10 May 31
Sept. 10 Aug. 30
10 Dec.
17Hc
May
June
SIM
SIM
SIM
75c
$1
SIM
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
18,107,000
Bank of New York..—
6,000,000
14,195,100
227,982,000
20,000,000
26,989,700
627,800,000
39,505,000
National City Bank....
Chem Bank & Trust Co.
80,993,400 a2,685,101,000
833,045,000
58,009,600
168,804,000
19
19
10
15
30
15
15
77.600,000
20,000,000
90,000,000
41,748,000
21,000,000
15,000,000
187,236,100 62,302,264,000
756,577,000
40,986,000
75,370,100 Cl, 148,339,000
332,544,000
20,258,800
Mar. 20
New York Trust Co
Mar. 20
Comm'l Nat Bk & Tr Co
7,000,000
8,843,900
138,390,000
Mar. 20
Public Nat Bk & Tr Co.
7,000,000
10,714,100
95,245,000
7,026,000
77,259,000
105,025,000
69,030,000
28,681,000
1,058,000
5,122,000
1,337,000
51,506,000
3,881,000
73,175,000
2,398,000
3,153,000
51,549,000
2,572,000
53,789,000
957,498,400 16,102,715,000
763,577,000
Apr;
May
Apr.
Apr.
15
15
18
18
Guaranty Trust Co....
Manufacturers Trust Co
Cnt Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
Flrst National Bank....
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank...
772,836,000
53,792,700
70,195,000
4,511,100
139,538,700 d3,356,692,000
4,279,500
58,651,000
500,000
Fifth Avenue Bank
820,343,000
108,726,400
10,000,000
60,000,000
4,000,000
100,270,000
83,878,300 Cl,234,009,000
Title Guar <fc Trust Co..
25,000,000
6,000,000
1,073,300
14,533,000
Mar. 20
Marine Midland Tr Col
5,000,000
10,061,400
12,500,000
28,039,600
151,629,000
486,534.000
Bankers Trust Co
Apr. 10
Apr. 15
Apr. 15
Apr. 15
Apr. 10
25c
Apr.
Apr.
10c
May
May
May
May
May
Aug.
Aug.
May
Aug.
July
15
Nov.
Oct.
Oct.
15
15
Oct.
15
Apr.
15
Apr.
Average
Bank of Manhattan Co.
1
SIM
imApr.
•,
Deposits,
27
May
May
Apr.
Nov.
Time
v.
Deposits,
Average
Profits
Members
June
43 He
New York City
issued by the
statement
Clearing House on Friday afternoon is given in full below:
Oct.
Dec.
Federal
Reserve bank notes.; ./
Mar. 31
1
4
Apr. 15
Apr. 15
Apr. 15
Apr, 15
July 15
July 15
618,518,000
Totals
Includes deposits In foreign
branches as follows:
date): 6 $61,448,000 (latest available date);
(latest available date); c $21,330,000 (March
*
trust
per
Stock
Below
are
the
and
C$3,010,000 (April 3); d $82,399,000
31).
1941; State, March 31, 1941;
daily
closing
averages
of representative
New York Stock Exchange
compiled by Dow, Jones & Co.:
A-
Bonds
Stocks
15
15
tt$l M
May
Apr.
10c
Apr.
Apr.
Apr.
1
30
20
15
Total
25c
Apr.
Apr.
Apr.
1
Indus-
Rail¬
Utili¬
65
50c
June
June
5
triads
roads
ties
Stocks
trials
50c
Sept.
Sept.
5
50c
Dec.
Dec.
5
X Payable in Canadian funds, and in the case of non-residents of Canada
such dividends will be made.
$285,239,000 (latest available
Bond Averages
stocks and bonds listed on the
as
a
official reports:
National, March 31,
companies, March 31, 1941.
As
Mar. 31
dividends.
rededuction of a tax of 5% of the amount of
total
Apr.
July
July
May
Apr.
Apr.
Apr.
Transfer books not closed for this dividend.
On account of accumulated
of
F. R. note liabilities combined
2
2
Apr. 17
Apr.
37Hc
37 He
SIM
37 He
SIM
$2H
SIM
SIM
2
Mar. 20
Apr,
7 Mar.
May
1 Apr.
Aug.
1 July
Apr. 19 Apr.
May
1 Apr.
May 10 Apr.
June
2 May
June
2 May
25c
.
Commitments
June
Nov*
■
Mar. 31
$1
$2H
Sib'
Yellow Truck & Coach Mfg
Ol<5r$S B
'
Ratio
25c
87 He
$1H
Total liabilities and capital accounts. 10576,683,000 10585,865,000 9,087,283,000
Apr. 21
Apr.
5
$2H
25c
Other capital accounts.
51,108,000
53,326,000
7,109,000
10,460,000
51,573,000
56,447,000
7,070,000
13,127,000
51,570,000
50,447,000
7,070,000
13,156,000
Mar. 31
Apr.
Apr.
Apr.
May
May
May
Apr.
M
Wood, Alexander & James, 1st pref
Capital Accounts—
Surplus (Section 13-b).
25c
911,000
1,030,000
983,000
10576,440,000 10457,648,000 8,965,280,000
Total liabilities
Apr. 10
Apr. 15
Apr. 30
Apr.
1
25c
270,002,000
8,773,427,000 8,671,326,000 7,543,393,000
134,923,000
176,965,000
170,849,000
Total deposits
Aor.
a
>
484,729,000
435,769,000
Other deposits
10c
Quarterly
Quarterly
Wooda 11 Industries Inc
Apr. 15
Apr. 15
Apr.
5
17,000
1,229,000
153,147,000
9,840,000
16,766,000
1,631,181,000 1,608,327,000 1,286,053,000
May
May
May
Apr.
Apr.
May
May
15
17,000
1,820,000
188,848,000
9,667,000
12,995,000
Deposits—Member bank reserve acc't.. 7,247,448,000 7,215,019,000 6,921,548,000
212,838,000
314,978,000
455,769,000
U. S. Treasurer—General account139,005,000
634,441,000
656,600,000
Foreign.,
Capital paid In
$1
742,097,000
17,000
1,701,000
195,124,000
9,649,000
F. R. notes In actual circulation
Surplus (Section 7)
Extra
Wisconsin Electric Power Co. 6% pref. (quar.).
Wisconsin Gas & Elec. Co. 4H % pref. (quar,) —
14
Mar. 17
10c
739,501,000
634,964,000
10704,683,000 10585,865,000 9,087,283,000
Mar. 31
25c
632,503,000
625.608,000
12,847,000
Apr.
SIM
623,475,000
Other assets
Apr.
May
5c
400,969,000
338,532,000
Bank premises
25c
t$lH
$1H
$1
$2H
$2H
-—
2
Apr.
1
Apr. 16
25c
90c
386,550,000
245,953,000
...
SIM
35c
Extra
15
June
Apr.
Apr.
Apr.
Sept. 15
SIM
—
Apr.
June
June
lc
—
Uncollected Items
Sept.
$3
Vermont & Massachusetts RR. (semi-ann.)
Federal Reserve notes of other banks.
June
25c
389,312,000
234,163,000
Due from foreign banks
4
Liabilities—
$1
U. S. Smelting. Refining & Mining Co
Apr.
Mar. 25
Total assets.
|75c
555,000
2,041,000
Total bills and securities
May 17
Apr. 30
68 Mc
30c
50c
5H% conv. preferred (quar.).
United
nited States
f
Plywood Corp
United States Rubber Co
direct and guaranteed
Mar. 22
Mar. 31
June
5
|75c
709,000
1,752,000
Total U. S. Government securities,
Mar. 31
Apr. 12
July 12
June
HP
390,000
1,743,000
15
May
May
62Hc
37Hc
United States Fidelity & Guaranty Co
——
United States Hoffman Machinery Corp.—
Apr.
40c
31Mc
SIM
sim-
510,000
anteed:
Apr. 30
40c
SIM
45,000
605,000
104,000
140,000
discounted
U. S. Govt, securities, direct and guar¬
-
(quar.)..
bills
Industrial advances
Mar. 30
17Hc
SIM
Universal Leaf Tobacco Co., Inc
Total
Mar. 20
Mar. 30
$3
250,000
Mar. 20
Apr.
50c
United Shoe Machinery (quar.)
.
U. 8. Govt, obligations
•
direct and guaranteed..
Other bills discounted-^—*-—
by
Apr.
Apr.
May
United Fruit Co
United Merchants & Manufactures com v. t. c.
Secured
34 He
J20c
tlH%
6% cum. part, preferred (quar.)
SIM
Southern Franklin Process, preferred (quar.)
$1.20
Southern Indiana Gas & Elec. 4.8% pref. (qu.)SIM
Southern New England Telephone
35c
Southwestern Life Insurance Co. (Dallas) (quar.)
35c
Qua<rt6r(y
9,777,544,000 9.646,515,000 8,063,950,000
37 Mc
37 He
Southern Canada Power Co
*
Apr. 3, 1940
hand and due from
on
Other Cash
Total
37Hc
Zion's Cooperative Mercantile
S
Redemption fund—F. R. notes
1
Original preferred (quar.)
5H% preferred series C (quar.)
Southern California Gas 6% pref. (quar.)
6% preferred A (quar.)
".**
Mar. 26,1941
$
Mar. 31
Southern California Edison Co. (guar.)
Southern California Edison Co., Ltd.—
Quarterly
Quarterly
Quarterly
Apr. 2, 1941
Bills discounted:
Original preferred (special)
Preferred (quar.)
Vulcan Detinning Co.
-* P.) $ P
United States Treasury.*
Apr.
4
Apr. 19
Apr. 19
Southern California Edison—
Preferred
the previous week and the corresponding
j,1'
Gold certificates
Silbak Premier Mines Ltd
Simpson (R.) Co., Ltd. 6% preferred (s.-a.)
Simpson's, Ltd., 6H % preferred,....
Smith (H.) Paper Mills pref. (quar.)
South Pittsburgh Water Co., 4H% pref. (quar.)
4c
New York
S.-/--'-
Payable of Record
Dots
10
10
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
Rails
Rails
ties
Bonds
T tal
April
124.64
29.70
19.63
42.62
106.43
96.19
55.39
109.15
91.79
April
April
124.65
29.75
19.61
42.64
106.48
96.20
55.60
109.24
91.88
123.43
28.97
19.51
42.09
106.48
95.98
54.90
109.30
91.67
123.26
28.78
19.59
42.01
106.45
96.10
55.21
109.20
91.74
106.36
96.10
54.91
108.95
91.58
106.36
95.86
54.19
108.98
91.35
4.
3.
2.
April 1.
Mar.31_
122.72
29.67
19.69
41.87
Mar. 29.
122.37
28.55
19.49
41.71
The Commercial & Financial Chronicle
2192
April 5,
1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
These
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are
resources
figures
alwavs
are
the Federal Reserve
a
System
week behind those for the Reserve banks themselves.
ASSETS
AND
the figures for the latest week
upon
immediately preceding which
LIABILITIES
WEERLY REPORTING MEMBER
OF
in
appear
department of "Current Events and Discussions/'
our
also give the figures of New York and Chicago reporting member banks for
we
BANKS
IN
101
obtained.
The comments oj the Board of Governors of
week later.
a
DISTRICTS ON MARCH
LEADING CITIES BY
26, 1941
(In Millions of Dollars)
i
Phila¬
Federal Reserve Districts—
Total
Boston
$
S
ASSETS
Loans and investments—total.
Loans—total
Loans to brokers and dealers In
s
824
252
371
72
109
35
11
16
397
25
16
348
542
Atlanta
%
2,0.50
343
secure.
S
492
683
Open market paper
%
Cleveland Richmond
1,244
1,293
9,798
5,420
Commercial, Indus, and agricul. loans
delphia
11,930
3,627
2,196
26.918
.....
New York
San
Minne¬
Kansas
Chicago
St. Louis
apolis
City
Dallas
S
$
%
$
$
%
Francisco
S
771
704
3,957
841
430
735
591
307
378
1,178
389
218
353
319
2,372
1,030
146
198
738
227
116
213
219
396
11
5
45
14
3
22
2
14
5
8
50
4
1
4
3
13
"
■
Other loans for purchasing or carrying
...
20
50
180
4
28
1,777
145
494
864
42
278
Treasury bills
Treasury notes
United States bonds......
29
191
17
81
37
...
Loans to banks....
Other loans.
212
463
1,226
securities
Real estate loans
-
1
101
12
35
83
11
--
—
67
12
131
60
"■
1
—
225
------
14
48
-
— —
—
—
^
12
42
32
24
382
------
------
10
6
12
2
— -
--
—
119
147
70
80
72
4
418
59
2
20
—-
1
182
59
'
1
29
2,360
43
1,469
28
159
115
56
281
41
21
52
37
58
7,359
337
3,286
363
649
225
96
1,160
171
115
97
104
756
U. S. Govt....
2,751
1.658
80
134
40
189
3,786
133
1,612
275
273
70
116
620
115
42
130
62
338
Reserve with Federal Reserve Bank..
11,438
670
6,619
562
743
259
171
1,295
180
111
211
145
472
Obligations
Other
guar, by
securities
55
54
300
54
83
32
66
517
148
105
24
so
28
16
68
14
7
18
13
26
Balances with domestic banks
3,480
199
308
205
375
247
250
607
204
126
315
302
342
Other assets—net...
1,172
68
413
81
89
38
49
75
22
16
20
31
270
23,259
1,442
11,739
1,142
1,611
606
483
2,975
543
327
591
546
1,254
5,444
234
1,108
259
750
206
190
1,006
193
114
145
138
1,101
346
11
30
10
24
23
29
116
12
2
9
23
57
9,231
398
3,976
466
513
368
376
1,460
411
i79
444
281
359
Cash in vault
;v.
■''/V-
LIABILITIES
Demand deposits—adjusted
Time deposits..
United States Government deposits..
.
Inter-bank deposits:
Domestic banks
Foreign banks......
Borrowings
630
1
1
Other liabilities
777
24
1
17
------
------
-------
310
18
21
40
13
21
6
7
3
4
310
1,630
216
387
100
97
416
96
61
107
89
384
582
20
5
'•
1
<
Capital accounts
3,831
—
24(30
V '
2
-
8
„•
— —
*
'
'
■
------
.
—
—i--
—
— -
—
—
-
-
-
-
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of
was
the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the
System
The second table shows the
Reserve note statement (third table
Reserve agents
returns
appear
in
and liabilities separately for each of the 12 banks.
resources
our
Three Ciphers (000) Omitted
The comments of the Board of Governors of the Federal Reserve System upon the
hand and due from U. S. Tre.as.x_
Mar. 26,
1941
%
$
Other cash *
reserves
Mar.
19,
1941
RESERVE BANKS
Mar. 12,
1941
%
Mar.
AT THE CLOSE OF
5,
1941
Feb.
20,103,281
323,880
20,435,647
20,453,905
612
882
429
416
1,298
BUSINESS
APRIL 2,
1941
Feb. 12,
1941
3
S
Feb.
20,
1941
*
20,102,279
10,570
341,056
20,101,279
10,488
Redemption fund (Federal Reserve notes)
Total
1941
Apr. 2,
ASSETS
The Federal
department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
on
Thursday afternoon, April 3,
following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
for the latest week
Gold ctfs
on
Tho drst table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
as a
week last year.
Wednesday.
on
19,
Apr. 3,
5,
1941
1940
$
20,030,246
19,961.281
19,902.778
19.902,781
10.244
9.598
319.789
9,244
337.781
9,162
332,163
20,103,279
10,914
327,660
339,441
20,446,358
20,441,853
20,360,279
20.308.306
20,251.381
808
941
1,653
2,092
363
411
591
625
1,171
1,352
2,244
2,717
10,914
Feb.
1941
$
16,101,619
8,123
345,211
19.904.281
8,784
350,821
20,257,590
20.263,886
16,485,205
1,645
1,862
1,415
1,076
623
682
724
1,675
2,268
2,544
2,139
2,751
375,463
Bills discounted:
Secured
by
U. S.
Government obligations,
direct and guarante id
-
Other b ite discounted
Total bills discounted.
Industrial advances
7,820
7,957
7,894
7,881
7,715
7.840
7,854
7,877
7,871
10,138
1,363,800
1,334,800
849,300
1,334,800
1,284.600
1,284,600
899,500
899,500
1,284.600
899,500
1,284,600
849,300
1,284,600
899,500
1,284,600
899,500
1,337,495
1,129,225
2,184,100
2,193,355
2,184,100
2,193,165
2,184,100
2,193,333
2,184,100
2.194,059
2,184,100
2,194.657
2,184.100
2,184,100
2,192,961
2,194,222
2,194,521
2,184,100
2,194,110
2,479,609
47
47
47
47
47
47
47
47
47
47
21,956
20,089
772,538
21,874
861,916
39,896
23,389
720.733
17,998
636,668
39,999
52,298
26,310
793,507
39,996
51.367
25,576
859,348
39,952
53,200
837,999
39.978
41,612
57,606
21,563
888,648
39,896
54.238
U. 8. Govt, securities, direct and guaranteed:
Bonds
j
„
NOteS
820,300
guaranteed
Total bills and securities
2,184,100
...
Due from foreign banks...
Federal Reserve notes of other banks
Uncollected
Bank
Items
premises
39,902
40,791
23,551,425
23,526,627
23.731,361
23,616,525
23,558,730
23.476,182
23,399,335
6,159,227
13,505,824
1,044,871
1,148,403
6,079,444
13,632,769
906,276
6,047,336
14,210.842
6,039.650
14,130.067
421.423
390,686
5,976.775
14,174,724
367,887
1,132.043
619.609
1,163,143
585,202
1,121.057
555,458
6,063,061
13,740.039
912,814
1,174,707
546,721
651.245
16,254,550
762,787
10,326,806
745,190
4,087
16,374,881
918,773
3,688
16,380,010
811,340
3,775
6,304
23,180,345
23,155,527
23,360,403
39,828
...
Other assets..
Total
47,285
21,513
984,149
39,926
46,203
813,701
....
assets....
20,672
'
899,500
2,466,720
50,689
58,257
23,363,398
23,295,019
19,719,396
5,931,464
13,870,693
622,471
1,163,849
5,906,166
13.841,512
12,395,460
619,386
5,943,080
14.020.569
479,393
1,130.080
655,332
673,254
16,299.055
10,294.040
16,285,374
845.896
831.037
3.360
3,561
797,036
3,102
23.245.650
23,187,901
23,105.413
LIABILITIES
Federal Reserve notes in actual circulation.
Deposits—Member banks'
reserve account
United States Treasurer—General account.
Foreign..
Other
...
deposits
Total
..........
deposits...
......
Deferred availability Items
Other liabilities, lnol. accrued dividends.....
Total liabilities..................
1,168,152
4,934,636
692,032
692,077
1,183,924
600,311
384,335
352,536
16.330,267
727,878
3,132
16,317,779
13,824,408
097.777
604,541
2,657
3,568
23,028,592
22,992,741
22,924,379
19,367,153
139,514
139,501
136,145
157,065
26,785
47,293
157,065
151,720
26,785
47,289
26,839
37,539
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
...
...
Other capital accounts
..........
Total liabilities and oapltal accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined....
Commitments to make Industrial advances
139,809
139,795
139,629
139,586
157,065
139,717
157,065
139.671
157,065
157,065
157,065
157.005
26,785
26,785
47,391
26,785
47,354
26,785
47,290
26.785
47,421
26,785
47,455
47,333
139,550
157,065
26,785
47,343
23,551,425
23,526,027
23,731,361
23,616,525
23,558,730
23,476,182
23,399,335
23.363,398
23,295.019
19,719,396
91.2%
91.1%
7,288
91.1%
6,561
91.1%
5,893
Ul.2%
5,066
91.1%
87.9%
5,125
91.0%
5,127
91.2%
7,260
91.3%
7,315
5,147
8,350
779
984
846
980
1,796
2,211
1,644
1,877
1,546
46
69
108
83
37
83
146
108
87
773
56
71
71
112
196
185
210
173
100
1,130
100
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted...
600
16-30 days bills discounted.........
31-60 days bills discounted
61-90 days bills discounted
...
58
53
49
72
99
103
117
190
260
OverOO days bills discounted
...
102
121
97
105
116
135
151
190
146
148
1,041
1,298
1,171
1,352
2,244
2,717
2,268
2,544
2,139
2,751
1,355
1,363
1,365
Total bills discounted.
1-15 days Industrial advances...
16-30 days Industrial advances.
1,186
1,198
1,311
1,054
1,417
1,357
1,247
295
273
184
464
337
148
132
81
68
196
31-60 days Industrial advances...
113
143
163
138
155
396
402
456
478
61-90 days Industrial advances...
168
123
111
125
79
114
121
107
109
793
Over 90 days Industrial advances.
6,058
6,220
6,125
6,100
5,727
5.827
5,836
5,868
5,859
7,753
7,820
7,957
7,894
7.881
7.715
7,840
7.854
7,877
7.871
10,388
..
Total Industrial advances
-
149
Volume
J
Chronicle
The Commercial & Financial
152
Weekly Return of the Board of Governors of the Federal Reserve System {Concluded)
April 3
April 2
(000) Omitted
Three Ciphers
1940
1941
Maturity Distribution of Bills and Short-Term
Securities
(Concluded<
U. 8. Govt, securities, direct and
1-15 days
guaranteed:
_
_
16-30 days.-31-60 days..—
—
-
-
61-90 days—————
Over 90 days
—
-
Total U. 8. Government securities, direct
and guaranteed
Federal Reserve Notes—
F. R. Agent
Issued to Federal Reserve Bank by
Held by Federal Reserve
Bank
-
In actual circulation
Collateral Held by Aoent as Security
r
for
Notes Issued to Bank—
6,366.500
2,549
2,089
6,351,500
6,344,500
6,389,049
6,368,589
6,353.884
6,346,446
6,534,000
6.504.000
6,497,000
6,455,500
6,432,500
6,386,500
By eligible paper
884
1,138
1,013
1.206
2,085
Total collateral
6,534,884
6,505,138
6,498,013
6,456,706
6,434,585
Gold ctfs.
•
hand and due from U.S. Treasury
on
2,384
5,363,500
540
5,364,040
1,946
"Other cash" does not Include Federal Reserve notes.
These
x
certificates given by the United States Treasury
are
1934, these certificates being worth less to
cents on Jan. 31,
visions of the Gold Reserve Act of
for the gold taken over from the
RESOURCES AND LIABILITIES OF EACH OF THE
WEEKLY STATEMENT OF
Itself having been appropriated as
12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS APRIL 2, 1941
Phila¬
(000) Omitted
Three Ciphers
devalued from 100 cents to 59.06
profit by the Treasury under pro¬
Reserve banks when the dollar was
the extent of the difference, the difference
1934.
delphia
Boston
Total
Federal Reserve Agent at—
Cleveland Richmond
St. Louis
Chicago
Atlanta
Minne¬
Kansas
apolis
City
San
Dallas
Francisco
ASSETS
Gold
certificates
and
hand
on
due
from United States Treasury
Redemption fund—Fed. Res. notesOther cash *
-
Total reserves
—
-
Bills discounted:
Secured by U.
direct and
S. Govt, obligations,
guaranteed
-
Other bills discounted...
Total bills discounted.
Industrial advances
U.S. Govt, securities, direct
Bonds
& guar,
-—
-
-
Notes
Total U. 8. Govt, securities,
guaranteed
direct and
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
Bank
premises
Other
assets
-
—
—
10704 683
Total assets.
LIABILITIES
F. R. notes in actual
circulation
Deposits:
account
account.
Member bank reserve
U.S. Treasurer—General
Foreign
-
Other deposits
Total deposits
Deferred
availability items
Other liabilities, incl.
accrued dlvs...
10576 440
Total liabilities.—
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital
Commitments to make Indus
♦
"Other cash" does not
10704 683
acc'ts,
advs.
1,560
Include Federal Reserve notes,
a
Less than $500,
FEDERAL
RESERVE NOTE
STATEMENT
phiia-
Three Ciphers (000) Omitted
Federal Reserve Bank of—
telphia
Boston
Total
Cleveland
'lichmond
Atlanta
Chicago
Dallas
St.Louti Minneap,
San Fran,
Federal Reserve notes:
Issued to F. R. Bank
by F. R. Agent
Bank
Held by Federal Reserve
In actual circulation
Collateral
for
by agent as security
held
banks:
hand and due
Treasury
notes Issued to
Gold certificates on
from United States
Eligible paper
Total collateral
United States Treasury
Rates
quoted
Quotations for U. S. Treasury
Bills—Friday, April 4
for discount at purchase.
are
Bid
Asked
15 1941
—
Mar. 15 1942
—-
Dec.
May 21 1941
0.08%
28 1941
Treasury Bills
0.08%
0.15%
0.15%
0.15%
May
April
9 1941
April 16 1941
0.06%
April 23 1941
April 30 1941
0.06%
June
4 1941
0.06%
June
11 1941
7 1941
0.06%
June
18 1941
May 14 1941
0.08%
June 25
May
0.06%
July
United
States
York Stock
Government
1941.
0.15%
0.15%
Securities on
Exchange—See following page.
Sept. 15 1942 —
Deo.
2 1941.
the New
Rate
Maturity
15 1942--.
Mar. 15 1943
June
—
15 1943.-.
Sept. 15 1943.—
IH%
2%
1 H%
Maturity
Asked
Bid
Rate
Bid
Asked
102 8
101
Deo
16 1943...
1H%
102 6
102.8
102 10
Mar.
15 1944...
1%
101.If
103
103.15
June
15 1944...
100 25
100 27
103.4
103 6
8ept
15 1944...
H%
1%
101 22
101.24
Mar
15 1945...
101
17
13
101.19
100.28
100.30
IH%
101 30
102
1%
101.22
101.24
H%
32ds of a point
Int
Int
Bid
Asked
Natl Defense Series
Notes—Friday, April 4
Figures after decimal point represent one or more
19
100.22
100.24
y*%
99.24
99.26
H%
99.9
99.11
Nat. Defense Nts
Sept. 15,
1944
Dec. 15. 1945.
Transactions at the New York Stock
Daily, Weekly and Yearly—See page 2209.
Exchange,
2194
April S, 1941
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 in the day's range, unless they are the only transactions of the day.
Government Securities
United States
Below
on
the New
York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations afteridecimal point represent one or more 32ds of a point.
furnish
we
Low.
119.20
(Close
119.20
10
1947-52
Apr.I
Apr.2
Apr. 3 |
Treasury
Low.
112.9
112.6
112.6
112.4
(Close
112,9
112.6
112.6
112.4
112.6
(High
j Low.
2Kb, 1949-53....
Low.
30
2
(High
106.24
106.25
j Low.
106.24
106.25
J
2Kb, 1952-54
Low.
•
1
Close
f. •:
,
y
')
102.18
jLow.
102.8
102.12
102.12
102.16
102.12
102.16
102.16
4
37
17
|
Close
(High
Close
y./.*
y
Total salesin $1,000 units...
High
108.6
108.4
Low.
108.6
108.4
(Close
108.6
108.4
(Close
Total sales in $1,000 units
110.12
(High
(High
Low.
110.12
Close
110.12
2s, Dec. 1948-50
112.16
112.15
112.16
Close
112.15
112.16
1
5
Total sales in $1,000 units
jLow.
109.28
(Close
2s, 1953-55
(Close
107
5
Total sales in $1,000 units...
111.18
(Close
111.20
Total sales in $1,000 units...
2
109.26
109.25
109.22
(High
107.4
109.28
109.20
3s, 1944-49............ jLow.
107.4
109.28
109.22
109.20
(Close
107.4
7
11
-jlow(Close
Total sales in $1,000 units..
108.4
108.3
108.4
108.3
108.5
108.4
108.3
(High
Total sales
in
$1,000 units.
.
108.21
J Low.
(Close
108.21
m
m
m
mm m
■■mm
m
mm
mmm
m
mmmm
■
mm
mm
■
mm
m
m
m
m m m
mm.
102.12
'.■mmmm
102.12
m
m
m
m
m
m
mm
'mmmm
mmmm
102,12
mm
-mi
m
'
mrn'mm.
mmmm
■
^
'mm
■
1
4
3s, series A, 1944-52
mmmm
1
mmmm
'mm**
1
mmmm
102.15
Total sales in $1,000 units...
Home Owners'Loan
108.21
(High
4
mm
—
102.20
102.15
(.Close
m
■mmmm
2
(High
.jLow.
(Close
2Kb, 1942-47
...Low.
mmmm
"
102.20
Total sales in $1,000 units...
1
Total sales in $1,000 units—
mm*
mmm m
m
102.20
(High
jLow.
(Close
3s, 1942-47
"4*
■mmmm
V*,
2
109.26
1
2
'
■
109.26
108.5
102.19
1
mmmm
•
Low.
108.5
102.19
_
(High
(High
102.19
102.22
107
(Close
Total sales in $1,000 units...
102.22
102.22
111.18
111.20
2Kb. 1951-54..
2
107
Low.
Jis, 1948-51
101.7
QJogg
Total sales in $1,000 units...
Federal Farm Mortgage
(High
3 Ks, 1944-64
Low.
3
111.18
109.22
2
101.7
101.7
(High
j Low
(Close
109.28
111.20
(High
2Ks. 1945-47
104.17
Low.
!
109.28
109.28
104.17
Total sales in $1,000 units
(High
2Kb, 1955-60
104.17
104.13
(High
2s, March 1948-1950
Total sales in <1,000 units...
,
104.13
104.13
Total sales in $1,000 units
112.15
Low.
(High
-(Low
(Close
5
Total sales in $1,000 units...
3s, 1951-55-.--.---....
(High
jLow.
2s. 1947...
4
Total sales in <1,000 units...
3s, 1946-48
.
(High
jLow.
(Close
2Kb. 1954-56
Close
3 Kb. 1949-52
8
(_0l086
:
(High
Total sales in <1,000 units.-
102.8
jLow.
,•
Total sales in $1,000 units.
Low
I
102.16
;
2Kb, 1951-53
106.25
2
102.12
Total sales in $1,000 units...
3Hs, 1946-49
106.24
(High
(High
Low
106.17
102.8
Total sales in <1,000 units...
Total sales in $1,000 units...
2
Q|0g0
Total sales in $1,000 units...
(High
3Ks,1944-46..-
106.17
Total sales in <1,000 units...
(Close
.<
106.17
106.15
106.15
2Kb, 1950-52
Total sales in <1,000 units...
106.15
(Close
(High
3 Kb, 1943-45
Apr. 4
Apr. 3
jLow.
112.4
55
Total sales in <1,000 units...
3Ks, 1941
Apr. 2
(Close
112.6
3'Ab, 1943-47
Apr. 1
Total sates in $1,000 units...
112.9
3Mt, 1946-56-.-
Farm Mortgage
(High
2KB. 1948
(High
4s, 1944-54
Daily Record of U. S. Bond Prices]Mar.29 Mar. 31
Apr. 4
119,20
[High
Total sales in $1,000 units...
4 H»,
Federal
a
Daily Record of XJ. S. Bond Prices Mar. 29 Mar. 31
Treasury
No
computing the range for the year.
account is taken of such sales in
—
102.15
1
1
(High
jLow.
(Close
<
1
1
•
m
m
»
»
1
1
106* 21
1
1
m
m
106.21
„
106.21
■
106.21
i'm
m
mm
106.21
m mm
106.21
m
'
Total sales in $1,000 units...
High
109.6
109
109
108
Low.
109.5
109
108.27,
108,
109.6
109
108.27
108.
2kb, 1956-59
Close
Total sales in $1,000 units.
6
(High
2Kb. 1958-63
Total sales in $1,000 units...
10
109
Low.
109.12
109
Close
109.12
109
5
109.25
109.17
Low.
109.20
109.17
Close
109.20
109.17
Total sales in $1,000 units...
4
3
2Kb, 1960-65
•
102.18
(Close
1Kb, 1945-47
\mmrnm
102.18
V;
*
1
mmmm
102.21
mmmm-
.m'i^lm'm
1
mmmm
102.21
mmmm
2
.'"•'".jj; - - - -
mmmm
....
%
t Deferred delivery sale.
M Note—The
(Close
102.21
jLow.
I
Odd lots sales,
bonds.
'mmmm
'.mmmm
....
above
table
Transactions in
—
$ Cash sale.
includes
only
registered bonds
-(Low.
—
mm.mm
3
mmmm
'
^Jlogg
Total sales in $1,000 units...
(High
2Kb, 1945......
102.18
(High
5
(High
(High
jLow.
Total sales in $1,000 units...
7
109.12
Total sales in $1,000 units...
■
2Kb, 1942-44
1
—
Treas. 3Ks 1943-45
sale
of
coupon
were:
......107.4 to 107.4
Total sales in $1,000 units
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Tuesday
Mar. 29
Mar. 31
Apr.
< per share
$ per share
4834
4834
118
118
*38
41
46*2
*534
*18l2
21l4
558
*1884
13*2
*13
*13
3714
373s
91«
*---.
43g
*8
*7
18
4612
47
534
3738
2U4
1334
37 h
438
7412
4i2
'»
12
lo
85g
75g
8i2
734
185s
884
734
1914
21i4
9%
18
*21
2114
*9
93s
15414 154i4
21
*9i8
834
19U
*21
834
914
2014
2H4
9i8
9is
154i2 155
47Xo
600
6
6
*1912
14l2
I984
14I2
1934
14
I4X4
1934
l4io
X37h
38 x8
3734
38'4
3,400
Air Reduction Inc
916
1,000
Air Way El Appliance.-No par
"Y,800
Alabama <fc Vicksburg Ry.100
Alaska Juneau Gold Mln
10
3712
38X4
74i2
4i2
h
4'2
834
8i2
914
20
41a
h
938
8x2
205s
21
2l3g
h
834
20i2
21i8
*9
918
15414 155
*11
*13i2
*578
*7312
1358
1358
1378
1378
1378
*13i2
IH4
1378
6
6
6
6i8
75
6x8
*73x2
27>4
15i2
*1
*12
*73i2
*2878
29
14l2
14l2
*15
1584
1
14
*12
485s
485g
14i2
1458
*47l2
145s
4714
*658
*46
47
i34
*45
I
*
684
46
*45
6
*6
1
1234
4878
1458
1
*12
485s
1514
48
48
678
46
*634
1
13i2
485g
1514
485g
7
74i2
4i2
h
9l2
8i2
438
h
95g
884
2112
2134
9
8X2
20X4
21i2
918
9
156l2 157
*11
III4
*11
157
2IX4
21ij>
AUls-Chalmers Mfg
*73i2
16
*16
*12
14
*12
49
49
4958
153a
48i2
I5I4
4912
634
48
658
46
45
6
*6
634
45
6i8
day.
75
28
285s
16i2
Us
1j8
*12
5% preferred
600
400
Amalgam Leather Co Inc.
15
6%
~2~
5U2
1514
5li2
50
7
49
52
1534
4914
7
7is
*45
46
4558
45>s
20
6
b
6i8
6'4
800
1514
$ In receivership,
a
100
1,500
1,900
1,100
conv preferred
Amerada Corp
No
6% preferred
American
Def. delivery,
n
Bosch
New stock,
Corp
r
43x2 FeD
30
May
Feb 14
51'4 Jan
1
Feb 20
Mar 18
Feb 14
784 Jan
3478
414
10i8
12i2
36X2
Apr
2284 Jan
1578 Jan
_
4212 Jan 17
&8 Jan 14
6
Feb 14
Feb
Feb
Apr
60
Nov
9
Jan
27X2 Apr
19i2 Jan
58is Jan
7s Mar
77
Mar
7
Jan
lis
Jan
105$ Jan
684 June
4>4 May
145,
12Xt
Jan
24
Dec
914 Jan
2H2 Apr
253g Jan
7
May
May
1512 May
034 June
III4 Jan
Jan
2612 May
1284 Apr
13512 June
182
878 May
165
Mar
7
80
Jan 28
55
2714 Apr
2
37
Jan
21»4 May
417s
June
18
lis May
912 May
18
Apr
5812
Apr
73
Jan
lli4Mar 17
14
Mar
6
75g Jan
8
4
Jan
1634
Apr
4i2 May
93j
May
1734 Jan 8
H4 Jan 4
15x4 Jan 15
11
113s Mat 21
par
41i2 Feb 14
52
381s May
12i8 May
4184 Jan
14i2Mar 13
1
1
Feb 13
143s Feb 28
Apr
4
17'i Jan 10
Feb 19
58x2 Jan
2
8I4 Jan
8
6
June
50
6X2 Feb 14
4284 Jan 2
Mar
6
35
June
1
512 Feb 11
8I4 Jan
2
40
10
x
Ex-dlv.
y
47
Ex-rlghts.
Apr
14
June
10
50
Cash sale,
46i2
share
3g June
4
Jan
Feb 15
Mar 27
May
May
June
June
June
3g May
60
May
per
7014
147
58 Jan
5
57g Feb 17
9
Am Agric Chem (Del)..No par
Am Airlines Inc
10
American Bank Note
3
4914
rl44i2Mar 6
10U Feb 1
1134 Feb 3
53g Feb 14
100
No par
Alpha Portland Cem..No par
Dec
May
1934 Feb 15
1
10". 000
75
2834
15I2
H8
*1484
16
par
par
110
Feb 19
3g Feb 26
<2.50 prior conv pref.No par
Allied Chemical <fc Dye-No par
Allied Kid Co
...5
Jan
4*4
7
Allen Industries Inc
Jan
x2 Jan
5K% pf A with $30 war.100
5K% pf A without war.100
Alghny Lud Stl Corp. .No
2
53
120
Apr
Highest
< per share <
< per share
"
par
No
65g
H8
No
Allied Stores Corp
6x2
*73X2
15
No par
No par
200
45
10
Allied Mills Co Inc
658
75
2878
U8
2,600
200
preferred-
Allegheny Corp
6,200
5,300
1,300
conv
1,400
6,400
638
16
4K%
1,900
63S
*1
4,500
9
1378
28
4,500
Abbott Laboratories
157X2
IIX4
1378
6
*71«
*
1334
no sales on this
JEE
*9
4i->
600
49i2
1334
*45
6l8
Bid and asked prices;
lf>
x2
74
11
29
578
*X2
11
75
Address-Multigr Corp
*47
6
11
29
400
512
19X2
13x3
3634
47
154
*73i2
No par
No par
47
534
1934
11
76
200
Adams Express..
Adams-Millis Corp
47
154
2g78
1412
H8
38
Acme Steel Co
No par
25
47
11
285g
14i2
Mar 21
Abraham & Straus
*107b
6
115
190
*
h
46
100
41l2
4912
per
Range for Previous
Year 1940
Lowest
Highest
No par
40
41
5034
$
share
Feb 21
117
14
h
Lowest
Par
*39
14
8
Shares
117
203s
4i2
Week
$ per share
3
41
*13i2
3714
4lg
On Basis of 100-Share Lots
EXCHANGE
118
55a
1934
*16
Range Since Jan. 1
NEW YORK STOCK
the
38
47
74
STOCKS
for
*50
47
3738
Sales
*117
*19
*K
Apr.
$ per share
CENT
Friday
Apr. 4
50
*41
578
NOT PER
Thursday
118
41
*
2
$ per share
40
512
®16
74X2
438
Apr.
$ per share
40
*46
6
1
4914
50
49ht
*48t2 49i2
*115
118
*11378 118
*117
*38
SHARE,
Wednesday
5's June
79
23|
Jan
Dec
Jan
Nov
Jan
21
Jan
75
Apr
1234
Apr
50
Jan
»3g May
5 Called for redemption.
ST
I
New York Stock Record—Continued—Page 2
Volume 152
LOW
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Tuesday
Mar. 29
Mar. 31
Apr.
$ per share
*3314
3334
$ per share
SHARE,
Wednesday
1
Apr.
$ per share
3334
33%
33%
126
126
*126
129% '126
129%
1*4
1*2
1%
1%
1%
1%
86%
86% *86% 87%
87% 87%
Thursday
2
3
Apr.
$ per share
*33%
NOT PER
$ per share
CENT
111
10
*7%
10
*7%
11
*7%
8
*7%
8
*7%
5%
8
5%
*7%
5%
1234
1234
87%
*86%
4%
8
*734
*53s
6i2
13*2
*13
*8614
*168
*4%
88%
*7%
*5%
13%
*85%
1%
*1%
*4%
5
*3a
5%
5%
13%
87%
178
12%
5%
12%
85%
85%
*16i2
17
17
*1%
5
h
%
434
34
17
$ per share
Shares
*112
114
*86
*112
114
11
8
5%
13
1%
434
*1%
434
'1%
434
1316
34
34
1634
2%
1634
2%
17
*112
*7%
7%
5%
13
*13
87%
*86
134
134
134
4%
484
»16
13,«
114
11
7%
5%
13%
87%
134
2%
284
*16%
2%
17%
2%
*13%
145S
3634
3%
2978
14%
14%
*1378
1434
14
14%
14%
14%
14%
14%
37
37
37
36
3634
37
38
38
38
3%
29%
*28
*3%
*28
48%
48%
1%
178
*21
2I84
*378
'3%
*28
*48%
*134
*21
4
4
3%
2978
49%
178
2134
37
3%
*28
*134
1%
21%
*21
4
4
13
*12%
13
*48%
49%
49%
13
13
86
*85
1278
1278
*84%
85%
*83%
12%
4%
12%
4%
1734
12%
4%
*17%
*117
121
*24%
17%
*117
25
1%
1%
39%
39%
33
33
6%
v
*155
6%
160
*24%
1%
3978
33%
.«
6%
*155
12%
4%
17%
121
3%
29%
49
*12%
*48%
1278
234
49
13
49%
13%
85%
12%
5%
12%
4%
1734
1734
*116
121
25
25
134
40%
34%
1%
1%
40%
34%
40%
3434
6%
6%
160
25
6%
*155
3%
*28
48%
'134
160
17%
3
*284
3%
29%
3%
49
173s
;
4934
1%
21%
134
21%
4
*184
*21%
3%
4
4
*12%
13
*12%
13
*4834
12%
49%
*48 34
49%
13
1234
13%
85
85%
85%
12%
12%
434
17%
1234
434
85%
1234
5
18
18%
*21
21%
3%
4%
:
1%
17%
119% 119%
25
25
1%
40%
34%
1%
4038
6%
160
120
1%'
40%
35%
35
6%
6%
160
160
1%
4184
35%
35%
6634
6678
67
66%
66%
3434
35
35
6%
*734
34%
40
40
64%
6%
8%
3634
40%
65%
*734
6%
8%
6634
6%
66
6%
8%
6684
*6%
*734
66%
6%
22%
22%
10%
10%
*12%
17%
12%
17%
9234
14%
*91%
*13%
1607S 162
68%
*139
2134 22%
10%
10%
*12%
1234
*17%
1734
*91% 9234
*13%
1334
1603s 161
68%
68
69%
69%
150% 150%
151
5%
5%
150
68%
151
*139
21%
10%
22%
*12%
17%
1234
17%
91
91
161
68%
*88%
*678
5%
93
7
534
*87%
5%
6
93
7
7
*7
*5584
56%
56%
56%
56
*534
*49%
6
53
.534
50%
6
*534
*50%
24%
*28%
12%
24%
12%
♦111
50%
2434
29%
13%
*111
*10
1334
162%
68%
6934
6984
151% 151%
538
5%
534
6%
*88
903s
5%
24%
29%
*12%
10%
*13%
;5%
31
150
7%
56
6
2834
2834
28%
*734
8%
5%
*7%
*5%
91
*85
7
678
*4%
*85
28%
734
5%
91
*80
81%
678 T:7
*78
81%
*88
94
*89
*31%
3234
94
25%
*31%
25%
68%
68%
*12%
13%
*12%
'111
62
28%
2834
7%
7%
*4% J
*85
5%
91
*111
*1%
28
28%
*7%
*4%
*85
3234
94%
25%
18
67%
69
1834
18%
19%
2034
20% 20%
*23
24%
24% 25%
22%
22%
22%
22%
108% 108% *106
108%
684
684
634
034
48%
48%
*48% 48%
*68%
18%
20%
*20
678
2%
*134
*15%
*14%
3%
3%
3%
1434
3%
5%
5%
5%
*5%
5%
5%
♦2778
834
2878
27%
9
8%
8%
*8
*30%
8
.r-o
"8
2%
18%
3%
1434
3%
534
5%
28%
*64%
115
*634
2
15%
3%
14%
3%
534
*5%
27%
9
834
8
*8
*30%
8%
32%
*30%
32%
8%
8%
8%
3134
12%
10%
10%
*10
2%
29%
*28%
*50
62
434
5534
119
*7%
7%
*118
119
7%
7%
*11%
36%
19%
36%
1978
56
56
28%
76%
28%
*11%
3578
*19%
—.
36
7634
*125% 126%
*25% 27
*19
19%
734
734
*15%
17
*11%
12%
*85
*
89
*118
*31%
6% preferred
100
American News Co
No par
57
*52
57
28
28
28
28
19%
San'y.No
100
H%
100
....25
*11%
13
89%
16
16
..No par
100
300
Armour&Co(Del)pf7% gtdlOO
Armour & Co of Illinois
6
No par
7% preferred
Armstrong Cork Co
100
5% preferred...
..100
Bid and asked prices: no sales on this
day.
5,200
1,100
1
...100
......25
A...100
5
50
No par
100
conv preferred
Atlas Tack Corp...
Austin Nichols...
Baltimore & Ohio
Conv
5% preferred
100
10
No par
5)4% preferred
Barnsdall OU Co
Bath Iron Works Corp
Bayuk Cigars Inc
Feb 14
Mar
May
66% Dec
6884 Dec
136
June
2% May
5% May
83% June
6
May
25% May
4% May
9
Feb 24
1% Feb 27
26
Feb 20
109% Mar 24
4% Feb 14
47% Jan 3
Mar
4
12% Jan 7
2% Jan 17
30
Jan 13
111% Jan 16
90
Jan 14
5% Feb 19
4
May
35
May
58%
90
6
18
2
28
60% Jan 2
13% Feb 14
13% Feb 16
70
0% Feb 14
47% Feb 14
Feb 19
11234 Feb
6
Feb
4
4
17a Feb 27
14
Feb 14
3% Apr 1
13% Feb 14
3% Mar 3
4% Feb 15
5% Jan 6
24
8
9
Jan
2
Feb 14
9
35% Jan 23
96% Mar 12
Apr 3
92% Feb
63
Jan 14
7% Jan
Jan 18
2
97% June
Jan 20
99
16% Jan
June
60
8
*2034 Feb 20
108
Feb 0
May
1«4 June
23
Jan 27
Feb 19
Jan
8
June
5% Jan 25
Jan
32% Mar 17
107
68
87
79% Mar
87
12% May
20%
21%
26%
24%
Apr
4
Apr
3
Mar 19
Apr
Jan
110% Jan
7% Jan
49% Apr
72% Jan
118% Jan
7
4
2
2
2
3
9
4
Jan
22% May
6% May
3% May
90% Jan
4% May
7% preferred
100
Blgelow-Sanf Carp Inc.No par
33
4
Feb 14
74% Feb 19
121% Feb 20
Apr
Jan
45
Mar
82
May
13
May
39%
9%
8%
9%
18%
May
May
June
June
May
102
June
7
May
43% June
57
May
112%June
Feb
May
4
Aug
19
2
123s May
4% Jan 10
2% May
31
114
Mar 20
Jan
7
2434 Jan 11
103
104
MarlO
Feb
5
3138 Jan
3
126
Jan
6
8% Jan 24
13
Mar 17
37% Jan 28
2078 Jan 10
507g Jan 13
32
Jan 16
89% Jan 3
131% Jan 28
Jan
July
Dec
May
2978Mar26
10% Jan 10
8% Mar 25
9%
102
Dec
178
4
4
Apr
95
4
6% Apr
Apr
Apr
11
84
10
7% Apr
68
4334
Aug
65
6
Jan
15% Nov
4% Apr
35% Feb
111% Dec
7% Apr
64% Apr
49% May
29% June
278 Jan 11
20% Jan 11
5% Jan 6
Jan
2258 Mar
113% Aug
3% May
Dec
24% Dec
8% May
100% Mar
25% Jan
64% Deo
23% Jan
22% Apr
22% Apr
27% May
•111
Dec
9% Mar
51
Feb
80% May
12434 Jan
8% Mar
5%
32%
8%
19%
6%
8
Mar
Mar
Apr
May
Jan
Jan
4
May
14%
52%
16%
8%
20
May
30% Dec
484
18% May
13%
May
112%
June
105
May
7% June
10
Nov
24%
17%
49%
22%
63%
109%
May
May
June
May
May
May
Jan
Jan
3684 Apr
115% Mar
3534 Apr
102
102
Jan
2534 Dec
105
29% May
Jan
Apr
32%
127
Apr
May
Oct
Jan
9% Apr
67% Apr
36-% Apr
22% Mar
5034 Jan
39
Jan
93% Nov
134
Nov
24% Feb 14
28
14
May
17
Feb 17
21% Jan
9
15
May
7% Feb 19
10% Jan
18% Jan
4
8
534 May
13% May
9
11
May
16
Apr
Mar 13
54
June
95
Nov
..No par
5
10
Feb 19
11% Mar
3
15
80
7
90
par
Cash sale,
Apr
19% Jan 31
5534 Mar 20
27% Feb 20
Black & Decker Mfg CoNo par
..100
5
7% Feb 19
10% Jan 14
Belgian Nat Rys part pref
500
Feb
28% Feb 17
No par
125% 125%
Apr
12
61% Dec
9
23% Dec
20% May
111%June
No par
101%
Apr
14% Jan 11
2478 Mar 17
31% Mar 24
Bethlehem Steel (Del) .No par
Apr
Oct
6% Nov
12% Jan
113
Jan
1834 Feb 3
27% Feb 4
111% Jan 24
Best & Co
9I84
153%
111% Jan 29
54
1
1,100
175% Mar
89% Apr
Apr
116
r
18
145
41%
Beech-Nut Packing Co
New stock,
Feb
May
Belding-Hemlnway
n
Jan
Feb
93
20
700
d Def. delivery,
2338
29% Mar 18
12% Mar 29
400
Bloomlngdale Brothers .No
12% May
70% Dec
11% May
8% Nov
64% Dec
104
Bliss & Laughlin Ino
Apr
17%
32
Preferred x-warrants .No par
Beech Creek RR
50
Blumenthal <fc Co pref
Jan
14%
May
7% June
9,100
Feb
152% May
9% May
11
9% Jan 10
5
70
3338
7% Feb 19
20
Apr
155% Deo
May
Feb 17
20
May
Feb
19% May
5
100
Beatrice Creamery....
May
49% Dec
139
54
June
Mar 10
300
4
122
60
.No par
Blaw-Knox Co
Jan
41% Dec
18
22
700
8
May
30% May
35
103
400
9
60% Jan 13
11%
23
6
26
3,000
8% Jan
:
May
0% Jan 8
28
Jan 20
79%
t In receivership,
■
No par
100
7% Jan 10
99% Jan 11
5
3
...50
$5 preferred w w
20
Jan
6
.....100
fist preferred
""360
Jan
Mar
Jan
100
Barber Asphalt Corp..
Barker Brothers
9
103
35
No par
4% preferred
9
Jan
June
27% Jan
No par
35 prior A
No par
Aviation Corp of Del (The)..3
Baldwin Loco Works v t C..13
Bangor & Aroostook
Jan
7
878 Jan 13
684 Jan 10
6% preferred
Atlas Powder
159
34% Jan 10
Assoc Investments Co.No par
0% preferred
Jan
7
8
Mar 25
Atch Topeka & Santa Fe.. 100
Atlas Corp
Feb 14
6
Jan
7% Feb 18
4% Feb 19
100
...100
conv pref series
5
8
Jan
28
100
5% preferred
Feb 14
Jan
No par
Beneficial Indus Loan..No par
Pr pf d 12.60 div 8eC38No par
90
3
Jan 21
Jan 20
Bendlx Aviation
*85
Jan
60
1,300
*12%
2
100
7% preferred
6% 1st preferred.
7% 2d preferred
5
61
5
7*.800
*16
Jan
14%
I6884
73%
74%
8934 Feb 27
6% Feb 24
20
prior pref
3
50% Mar 31
22% Feb 14
Archer Daniels MidPd.No par
Atlantic Refining
13% Jan 31
156% Feb 19
67% Mar
64
2
25
No par
Andes Copper Mining
A P W Paper Co Inc
conv
Jan
5% Feb 14
19%
56%
2834
12
154
1
36%
1034
Jan 13
45% Jan 13
67a4 Feb 15
1,000
....
90
40
l47%Marl4
1934
*55%
28%
78%
12
1634
7
8% Jan 28
Feb 14
37% Feb 14
138s4Marl3
...26
36%
*85
30
...100
$5 prior conv pref
5%
Jan
74% Nov
1234 Mar
Anaconda Copper Mining_.50
4%
1058
Jan
48% May
684 Dec
Anaconda W & Cable.-No par
Anchor Hock Glass Corp 12.60
300
135
54
4
290
•
28% May
484 May
5%
63%
7334 Jan
Amer Zinc Lead & Smelt
100
Mar
May
5
Preferred
91
26
2
3484 May
4
4
Common class B_.
62
20% June
6% Mar
7% Jan
6% preferred
30
Mar
63% Mar
Am Type Founders Ino
10
Am Water Wks & Eleo.No par
30 1st preferred
No par
1,700
121
100
2,100
5,000
July
90
Safety Razor.. 18.50
conv preferred
23,000
4%
56%
Jan
Mar
18% Nov
American Woolen
100
Jan
25
9% May
2,300
1,500
""500
I84 May
12% May
6
American Tobacco
68
*85
90
162
Am Sumatra Tobacco. .No par
Amer Telep & Teleg Co...100
110
*85
Jan 13
"7",200
110
8%
16%
13%
39
Mar 27
2
Apr
Jan
Mar 19
29%
Jan
13% Aug
Dec
19
300
57
15% Jan
Preferred
100
12% Sept
41% May
Apr
1478
33g
93
200
6%
Apr
Mar
92
81
5,000
35
Apr
1178 Feb 19
25
American Snuff
500
38
60%
378
2234
200
1,100
Jan
May
13% Jan 14
1,600
2,300
Jan
24% Jan
50% May
6% Apr
May
7% Jan 10
Feb 17
Jan
May
5% Apr 4
19% Jan 10
121
Apr 4
25% Feb 13
3% Jan 13
4684 Jan 13
Feb 14
6
155
Apr
3
35 div preferred
20
,
6%
2%
28%
7%
Jan
American Rolling Mill
4
par
Feb 14
Apr
10
11% Jan 13
12%
27
Jan 24
13s Mar 27
Feb
8% Jan
15% Apr
91% Mar
3% Mar
10
978 Feb 19
46,800
8%
23%
4
934
38
11% Feb 28
13
Feb 19
90%
7%
58
20
Mar
13
6
American Stove Co..r.No par
American Sugar Refining.. 100
Preferred
100
1,000
5%
5%
27
111
June
Jan
Nov
9
28% Jan 10
94
77
76%
77%
77%
125% 125% *125
125%
*25% 27
*25% 26%
19%
19%
19%
19%
7%
8
7%
7%
*16
*16
17
1634
*11%
12
*11%
123)}
Feb 14
3
Nov
23%
Jan
150% Jan 10
28
*11%
36% 37
19%
19% 19%
57
*55% 56%
28
28%
28% 2834
78
7834
7634 77
125
125% *124% 125%
2034 2634
2534
2534
*19%
20
*19%
19%
7%
8
7%
8%
2% Feb 15
1% Dec
18
May
65
13% Jan
Feb 19
94
36%
3
21
27%
1934
*55%
8
Amer Steel Foundries..No par
American Stores
No par
-
36%
Jan
Feb 24
14
7%
50
Mar 27
~T,io6
117
358 Feb 18
12% Mar 19
4834 Apr 4
45
95
7%
*11%
Feb 14
149
28
116
l%Mar 29
22% Jan 2
4% Jan 8
13% Jan 27
25
26
7%
20
4
100
*31%
119
23
May
45% May
Amer Power & Light ...No par
6% preferred.
*94
7%
Jan
16
1,300
95
*117
Jan 23
51
Feb
Amer Metal Co Ltd...No par
Atl G & WI SS Lines...
*52
16,200
3234
7%
May
30
2% Feb 15
17% Jan 10
Preferred
25%
118
3
4
46% Feb 14
1% Feb 20
29
Am Rad & Stand
70
May
May
14,300
152
8
75
23
32% Feb 20
69
9
5% May
4% May
38% Jan 4
4% Jan 10
No par
25%
7%
*11%
35%
29
35 preferred
95
118
Jan 9
Feb 14
3
93
Atlantic Coast Line RR...100
7%
1% Jan
39
68
69
70
4,200
68% 68%
18%
19%
1834
1834 20%
20% .23,900
20%
2,500
20% 21%
21%
2034
2084
25
25
2434
26%
4,000
24%
2534
2534
23
22%
22% 23
23%
23%
23%
5,900
100
108% *106% 108% *106% 108
*106% 108
634
1,400
634
6%
7
6%
6%
6%
49
49
500
48%
*49%
49% 49%
49%
200
67
*64%
67
6434
6434
*64% 67
115
*115
115
115
20
*114% 115
115%
7
7
7
7
400
*7
7%
2
200
*1%
1%
2%
*134
1%
*15
16
30
15% *15
18%
16%
16%
3%
3%
312
30,100
3%
3%
3%
3%
15
14%
15
15%
1.5%
4,200
15%
15%
334
334
8,900
4%
4%
3%
3%
4%
7
6
5%
17,800
6%
7%
7%
6%
6
400
534
*5%
534
5%
6%
5%
210
27%
27%
27%
28% 29
27% 28%
9
9
9
834
3,400
834
8%
9%
8
8
500
8%
*734
8
*7%
8
32% *30%
32%
*30%
32% *30% 32%
9
8%
9% "9",500
8%
8%
8%
119
34 Mar 26
6
Mar 26
Feb 19
Associated Dry Goods......1
32%
5
Feb
9,600
*80%
92%
6
2
Feb 15
Arnold Constable Corp
6
Artloom Corp
No par
81%
1% Feb
3% Jan
12
600
90
7
12
1,800
90
Jan
3
81
7%
5
81%
Feb 19
May
13% May
Locomotlve.No par
28%
94
4
Feb 17
No par
18
7%
82
92%
32%
Apr
36 preferred..
"5", 166
/
78
Mar 27
34
Preferred
100
Amer Mach & Fdy Co.No par
Amer Mach & Metals..No par
1834
19%
*85
American
7%
7%
0
23
11
19
10
50
21
7%
*11%
36%
19%
90
conv preferred
28%
*434
Jan
8% Jan
6% Jan
14% Mar
85% Mar
1% Jan
9%
7%
4%
9%
2,900
2,500
23%
11%
1234
24 ■
23% 2334
23% 24
23% 2334
23% 23%
23%
24%
24%
31% 31%
3034 31
30%
30%
30%
30%
30% 30%
30%
30%
*111% 11134 *111% 11134 *111% 11134 *111% 11134 *111% 11134 *111% 11134
*22
*23
23
23%
23
23%
23%
23%
*22% 23%
23% 23%
*103% 105% *103% 105% *103% 105%
103% 105% *103% 105% *10314 105%
*103
105% *103
105% *103
105% *103
105% *103
105% *103
105%
*29%
*30
30%
*29% 30%
*29
30% *2884
30%
30%
30%
30%
*118
5%
7%
5%
*85
140% May
12
May
May
Amer Internet Corp...No par
Amer Invest Co of 111
1
2838
7%
112
100
7%
*4%
91
Jan
.No par
283s
7%
121
6% conv preferred.
50
American Home Products... 1
7%
5%
*85
115
7
9% May
28%
7%
81%
May
3
1734 Jan 18
300
1C%
100
Apr
23% Jan
13
pref
Deo
33% May
Jan 21
No par
Amer Hawaiian SS Co
10
American Hide <fc Leather... 1
non-cum
Jan
185
69
36 preferred
6%
110%
115
2% May
American Ice.
Jan
June
234 July
Feb 15
56
Jan 18
500
4S34
135
18% Feb 14
107% Mar 7
2108% Feb 28
3% Jan 13
Amer Smelting <fc Refg.No par
*1%
May
21
200
6%
53
25%
32
May
18
14% Feb 15
2% Feb 18
♦111
*1%
28%
91
25%
684
48%
25
*.50
*31%
2234
*50%
2%
62
3234
94
2434
6
*50
25%
'106
57%
110
9334
69
.
164
Jan
37 2d preferred A...No par
850
534
90%
7%
85% Dec
7
31% Jan 11
700
3,300
*5%
110% 11034 *10934 11034
4%
4%
434
4%
5384 54
53% 55%
25%
94
*150
10%
28
*9084
*31%
18%
3%
1484
3%
7%
13%
94
*634
*134
*15%
7
*12%
*50
6934
*89
5%
7%
68%
6934
Oct
,800
3,200
91%
May
Sept
1% May
3% June
84 Dec
1034 May
40%
160% 161%
151
5%
584
90%
5%
24%
30%
*89
65
6934
151
5%
2434
*10
*13%
68 34
6
53
2538
31%
13%
94
115%
*634
6%
6884
30%
10
18
161% 161%
6%
*50%
*80
65
*91
6
53
81%
65
92%
14
58%
*78
115% *114
*91
57%
7
*64
*12%
57
7%
*114
*11
1234
17%
57
7
*9334
11
22%
May
1%
95% Jan 10
185
28
128
American Encaustic Tiling.. 1
145
46
7
1% Jan 13
Amer European Sees. .No par
Amer <fe For'n Power...No par
$7 preferred
No par
American Seating Co..No par
Amer Ship Building Co.No par
149
Jan 13
Mar
Highest
$ per share S per share
300
500
'
Year 1940
Lowest
1,000
1,300
American
46
Feb 15
Mar 28
38
130
2378 Feb 19
100
800
*139
11
*13%
:
6% 1st preferred
200
46
82
177
10
6%
8%
37%
149
*12%
17%
90
7%
*141
1234
17%
*28
53
*934
10%
2%
1%
1%
*1%
2%
28
28%
28
2734 2734
*10984 110% *10934 110% *10934110%
4%
434
434
4%
4%
4%
*54
55
55
55
*5434
55
62
5%
90
3034
40%
145
23%
9134
9134
*13%
1334
161% 162
68%
68%
69%
6934
151% 151%
5%
8
22%
31
10
*50
17
6%
22%.
11
24%
24%
*1%
62
2134
1034
*12%
*29
*27%
*57
*139
150
*534
*59%
24%
*111
10%
*139
;1
6%
160
160
*734
34%
150
American Crystal Sugar....10
20
3534
634
6684
*6%
*139
900
20,500
15
No par
American Colortype Co
1%
14%
American Chicle
Am Comm'l Alcohol Corp..20
42
14%
100
preferred
V 400
80
1334
conv
"""466
25%
13%
conv pref
Am Coal Co of Allegh Co NJ25
121
13%
35%
34%
40
40
40
40%
39%
3934
14334 14334 *142% 145% '143
145
*141
*453s
46
45%
46
45%
*45% 46
""206
1,200
10,100
1,000
v; 760
13%
143% 143%
*45%
46
5%
3,500
1,000
13%
35
Am Chain & Cable Inc.No par
1234
5%
1834
13%
6%
*734
35%
40%
800
14
86%
13%
8
6,400
Preferred
100
American Car & Fdy__No par
Preferred
100
3%
13%
8
100
6,000
4934j """766
700
134
200
21%
4
1,700
13
13%
6%
Mar 18
29%
:f1%
634
160
Mar 28
12%
4%
% 41
31% Mar 17
1
""160
*2434
3 per share
125
48 34
121
25%
$ per share
100
4834
1334
85%
*18
120
25%
v
*123S
5H%
Highest
Araer Cable & Radio Corp_.l
American Can
25
3
3%
*28
49%
Am Brake Shoe & Fdy.No par
80
173g
3
49%
4
*12%
*4834
300
Par
Range for Previous
Lowest
15,000
1,800
434
%
25s
36%
On Basis of 100-Share Lots
EXCHANGE
3334
*7
112
NEW YORK STOCK
the
126
111
112
Range Since Jan. 1
for
Week
3334
*33%
34%
33%
33%
129% *125
126% *125
129%
1%
1%
I3<j
1%
138
88
88% 89
89%
89%
178
178
*175
179
*175
178% *175
179
*175
179
178% *175
25% 25%
25% 25%
25% 27%
26% 28
27%
28
27% 28%
*60
* 61%
*60%
61%
65
61%
68
69
65%
68%
67%
6734
20
20
19%
1934 *19% 20
*19%
19%
1984 20
20%
20%
*108% 112
*108% 112
*108% 112
*108% 112
*108% 115
*108% 115
*110% 112
*7%
10
STOCKS
Friday
Apr. 4
1%
873g
2195
Sales
x
Jan
Ex-div.
y
Mar 11
Jan
34%
22%
11%
23%
Jan
Apr
Jan
Jan
Ex-rlghts. H Called for redemption.
New York Stock
2196
LOW
AND
Saturday
Monday
Tuesday
Mar
Mar
31
1
29
$ per share
1512
15%
28
28
48
Apr
15%
15%
28
28
15%
27%
*103% 107
*46%
48
197«
*46%
48
19%
*19%
m
19%
19%
19%
17%
17%
18
19%
1%
1%
1%
34
3%
33
3%
3%
10>2
207s
10%
10&8
20%
21
3658
*36%
305s
*3812
*2's
3912
39%
214
*2%
6
6
6%
207s
*3612
1214
12%
1214
19%
33%
33%
3%
3%
3%
*3%
10%
10%
10%
20%
21%
36%
30%
40
*38
2%
*2%
2%
*2%
6%
0%
6%
*6
12%
12%
*30
31
*30
31
*30
31
*21%
*22%
22%
1012
10%
*21%
10%
22%
*10l8
22%
10%
10%
10%
10%
*59
*014
2%
6
12%
*30
22%
10%
111
12%
12%
*30
12%
6%
6%
27%
27%
27%
28
28%
29
29
31
31
31%
315s
31%
31%
31%
32%
17%
31%
17%
17
17%
6%
6%
*27
31
31
17%
*17
17%
*17
17%
*17
17%
*50'4
51
*50%
51
*50%
51
*50%
51
*50%
4
62
62
6%
6%
6%
28
110% 111
51
*50%
Co
4,400
6%
2,200
700
51
Feb 20
MarlO
No par
46
1
19
(The)
15
5
100
Briggs Manufacturing-No par
Brlggs & Stratton
No par
Bristol-Myers Co
6
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit. .No par
Brooklyn Union Gas ..No par
7% preferred
100
Budd (E G) Mfg
No par
preferred
7%
Budd Wheel
Burlington Mills Corp
Conv pref 12.75 ser..No
Burroughs Add Mach—No
8%
8%
8%
8%
8%
3,200
2%
2%
2%
2%
2%
800
Bush
18%
*2%
18%
19%
220
5
900
Bush Term Bldg dep 7% pf 100
Butler Bros
10
20
20
*20
33s
*818
3%
*3%
85s
*8%
18%
18%
18%
4%
4%
20%
3%
20%
3%
4%
20%
3%
8%
85s
84
84
85
85
85
*9*8
10l2
*9%
21%
10%
*9%
10%
21%
20%
*51%
21%
21*8
*1
2134
54
*51%
1
1%
54
1
1
6'g
6'4
6%
6%
6%
12's
11*4
12%
11%
12%
12%
12%
11%
*38
3*8
38i2
*2U
38%
3%
38%
258
*11%
12
*38
38%
3%
3%
39%
39%
*2%
*38
3%
*38%
2%
2%
85s
*6612
21
22%
*119
85s
8%
67
67%
21
*2
*21
2
2%
111
111
*2i2
*5i2
*2l2
*90
111
25s
2%
6
*5%
27
27
*27
3
3
48
50
116
41%
68
21
42%
22%
23%
119% 119%
8%
68
42%
8%
9%
*68
20%
5%
43%
3,700
22%
22%
22% 23
119% 119% *119% 120
9%
9%
9%
9%
3,200
42%
1%
2
*69%
210
1,600
31%
31%
32%
31%
32%
31%
31%
3%
3%
3%
37s
*3%
3%
4
4
28%
28%
28%
28%
28%
3%
29%
*1312
*234
14%
39 "2
39%
*14
3
2%
40
100
*95
18%
15
*14%
2%
2%
40
40%
*98
100
*18%
18%
*104% 106
18%
*18%
15
♦13%
2%
2%
40%
39%
100
*98
*18%
30
18%
*104% 106
19
*18%
15
234
40
Jan
6I4
Apr
16*4
Oct
5% Jan 6
215s Jan 13
412 May
75s
17x2 May
2314
Apr
5
Sept
43s Jan
_
Jan 24
1*2 Jan
714 Jan
6
41
Jan 17
Jan 13
19
6
Caterpillar Tractor
No
Celanese Corp of Amer.No
7% prior preferred
Celotex Corp
5% preferred
50
700
{Central RR of New Jersey 100
900
Central Violeta Sugar Co
Century Ribbon Mills.No
400
30
Preferred
Feb 14
Feb 14
No par
par
3%
9
41% Apr
22
2
Feb 19
116*4 Mar 19
7
Jan
2
66*4 Feb 14
18U Jan 30
17b Feb 15
111
Mar 29
2% Jan
414 Feb
9
3
2i2 Feb 19
5914
125
Jan
Jan
6
34%
4
1,400
Certain-teed
30
1,340
3*4 Feb 14
25i2 Feb 15
*18%
18%
*104% 106
19
19
15
14%
*14%
2%
2%
40% 40%
*93% 100
Chain Belt Co
No par
300
Cham Pap A Fib Co 6 % pf. 100
Common
No par
100
Checker Cab Mfg
10
1,000
8,300
200
5
{Chesapeake Corp
No
Chesapeake A Ohio Ry
Preferred series
A
18
Feb 14
103J2 JaL 3
17i2 Feb 15
1212 Feb 14
2%
par
Jan 13
25
38*2 Feb 15
100
98*2 Mar 20
Jan
9
5*8 Jan 13
Jan
2
Jan 16
1%
1%
1%
1%
1%
1%
10,200
1X2 Apr
1
4
3%
4%
4
4%
26,400
1*8 Mar 12
414 Apr
3
2%
3%
2%
7%
Chic A East 111 RR Co.No par
Class A..
—.40
3
4%
1%
2%
2%
2%
2%
7%
2%
24,400
Chic Great West RR Co...50
,3i« Mar 20
212 Apr
1
8
65,000
5% preferred
...50
Chicago Mail Order Co
5
Chicago Pneumat Tool.No par
$3 conv preferred
No par
Pr pf ($2.50) cum div No par
{Chic Rock Isl A Pacific.. 100
8% Apr
3
6%
6%
7
*0%
13%
13
*39
40
*38%
50%
39%
50%
*38%
*49%
4914
si#
49%
310
*14
*31«
*8
12x4
*15s
*24
*310
%
%
12%
1%
40
200
50%
50%
50%
*49%
50
*24
26
1%
26
*99
99%
99
45
45
*44
46%
*44
*2%
*34
63
9%
2%
*2%
36
*33
*3i«
%6
3i«
%«
%
13
9%
75%
40
*12%
1%
9%
111
39%
12%
9%
99%
111"
39%
*12%
9x4
9912
*
*38%
*316
63%
2%
39%
*8
*24
36
900
9
62%
*2i2
500
%
62%
*34
6%
13%
%«
6214
*125
6%
13%
*8
1%
26
6%
13%
*3i«
.
*3i«
9
1%
%
%
9
9
*12%
12%
12%
12%
1%
*24
1%
1%
26
*24
63%
65%
9%
9%
9%
9%
9%
99
*90
98%
*96
46%
*44
46%
*44
25s
2%
36
*32
*125
*125
*125
»
*
*
75%
75%
110% 110% *110% 111
2%
2%
34%
*32%
80"
*
28
*27%
28%
*82
84
*83
84
*83
84
*83
*49
*49
51
*49
51
*49
34
34I2
32%
*142
147
*95
95%
*60
62
33%
3334
34
35"
31
31
31%
32%
*140% 146%
145
*145
146
*60
62
112
112
1634
16%
*16%
l'B
1%
1%
2%
134
2%
112
1%
i8i4
18%
18%
*1778
1%
112
17
*60
62
12%
12%
102% 102%
*23%
*112
24%
113
112
32%
1,300
146
*145
146
40
96
96
97
97
400
*112
*60
x»i Dec
5a
9U
95
45
Jan
3
Jan
3
Mar 12
2% Mar
7
3U4 Feb 15
3334 Jan 10
26
May
83
Jan 30
83i4 Jan 29
74
May
49
Jan
50
27
Feb 14
2678 Feb 14
Cluett Peabody A Co.-No par
Preferred...
100
Coca-Cola Co (The)
Class A._
8
28i2 Feb 18
143
87
Feb 19
60
Mar 17
*24%
400
Collins A Alkman
par
lli8 Feb 14
10034 Feb 15
No par
24% Mar 31
4,720
4% 1st preferred
4% 2d preferred
100
II4 Feb
100
1
Feb 18
18%
18%
18%
18%
1,570
1,700
18
Mar 31
18
18%
18%
1,600
3%
3%
3%
19,400
Columbia Gas A Elec._No par
80%
18%
3%
80%
6% preferred series A... 100
1734 Apr
3% Apr
74i2 Feb 26
5%
64
*75
76
285s
28%
100
100
34
34
28%
*100
B.
80%
80%
1,200
71%
71%
30
75%
77
77
200
Columbian Carbon Co.No par
4%
*4%
5
*4%
5
500
Columbia Pictures
23%
*22%
23%
22%
22%
28%
100%
28%
29
28%
29
{ In receivership,
a
300
2,300
200
preferred
$2.75
conv
Commercial
100
preferred-No
Credit
4)4% conv preferred
par
10
2,400
Comra'l Invest Trust--No par
100
$4.25 conv pf ser *35.No par
Commercial Sol vents.. No par
27,200
27,800
4,200
11,500
Def. delivery,
105
n
New stock,
r
Cash sale.
2
Apr
45i2
Apr
131
145
Dec
99i2May
141
Mar
56
May
63
10i8 May
20
10312 Apr
2
94
Jan
9
16% May
30>4
June 10212
Jan 10
12i2May
Jan 13
•1* Dec
Mar
4
Apr 18
1
Mar
2
1%
2*4 Mar 31
May
lis
lis
112i2
24
434
5*4
Feb
Apr
Feb
May
Apr
Apr
Apr
2134 Jan
6
16
21
Jan
6
16
May
Jan
9
414 May
712
Jan 25
Apr 2
67i2May
9312
Apr
Apr
72
59
June
79
Jan
80%
Jan 17
71
478
8218
Mar 31
5
26*8 Mar
26x4 Mar
May
98*4 Apr
6
3i2May
8i2 Mar
2478 Jan 16
678
Jan
31
Mar
7
1434 May
27*8 June
104
Jan
6
95
June
I08is
Feb
377b Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
1U2 Apr
3
Jan
2
6D4 Mar 20
277» Jan 21
30is
y
108
3512
Feb
Dec
Dec
Oct
May
2
*8 Mar 25
49
Jan 30
Ex-dlv.
Mar
May
Mar 19
8"* Feb 15
*
Jan
Jan 7
Mar 18
4112
20
33% Apr
Commonw'lth A Sou..No par
$6 preferred series
No par
Commonwealth Edison Co-25
13
83i2 Dec
48
114
2
5
28% Jan 30
100
100
62x2
Jan 31
Nov
251b May
2512 May
3
Jan
74% Mar 21
4% Apr 2
2212 Mar 5
No par
9
133
4658 May
Feb 20
?8 Jan
2.50
72
Bid and asked prices: no sales on this day.
Class
80%
100% 100% *100
100%
34
33%
34%
34%
34% 34%
*104i2 105l2 *104
105% *104
105% *104% 105% *104% 105%
105
105
978
10%
9%
10%
10%
10%
10%
11
11
11%
11%
11%
7l#
%6
7i«
%
%
%
7i«
7i«
%
%
7i«
%
59
5858
58% 59
59% 59%
60
59
59%
60
59
59%
283s
28%
28% 28%
28%
28
28%
28%
28%
28%
28% 28%
15
Columb Br'd Sys Inc cl A.2.50
*71%
75%
4%
23
110
Jan
34
106
No par
par
4
145
No par
Mar 11
35X4 Apr
Jan 22
2
5
Apr
Special gtd 4% stock.....50
Climax Molybdenum..No par
2%
24
Apr
Clev A Pitts RR Co 7 % gtd. 50
2%
*1%
18%
18%
76%
418
40i4
74*4 Nov
2
*4%
May
May
11412 Jan
4314 Mar
2%
*23
2
24
July
*1%
72
Jan
4
37*4 Jan 13
May
1%
72
Jan
Feb
r60
June
2%
72
Apr
98
56
1%
80%
Nov
14U
124
2%
80%
Jan
915a
108
1%
*75
3
55s Mar
34
Jan 15
2%
*70
10034 Jan 31
46I4 Feb 20
Aug
Jan 24
1%
77%
5
1% Aug
20
53i2May
87s Oct
85
Sept
44
Sept
Apr
85
2%
72
2
16is
May
114
300
18%
Jan 27
lix2 Mar
9
Jan 15
100
334
27b Jan 27
Jan
778 May
Feb 14
Colorado A Southern
3%
9
85
5% conv preferred
100
Colo Fuel A Iron Corp.No par
18%
17%
Jan
110
830
3%
13*8
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
900
3%
34
x4 Jan 18
9i2 Jan 29
1%
17%
34
6
16%
80%
34
Jan
Apr
Jan
*1%
*75
34
Dec
27
103% 103%
60
41
«i» Feb
72i8 Jan
10*4 Feb
Colgate-Palmolive-PeetNo
$4.25 preferred
No
24%
Dec
62i4Mar 28
"2', soo
*112
Dec
23i2 Feb 14
61%
12%
12%
Jan
I5i8
38
*4
16%
18
28%
7,400
12i8
44M
515s
1%
*17%
3%
28%
*32
35%
6i2May
May
16%
18
*99% 101
34%
Apr
Dec
Dec
in Dec
1%
2%
2
4%
200
~~50
478
44
101
X|» Dec
16%
2%
24
"2i6
Oct
6
1%
18
4%
110% 110%
212
30*2 May
84'4 June
Apr
3s Jan 17
16%
18
*23
¥6"
*._.
15
4
*1%
80%
*70%
5%
24%
28%
28%
*99% lOlig
400
Dec
8
16%
77
*5
2%
34
Feb
38*4
Jan
1%
72
*23
50
Jan
8*8
Sis May
2314 May
44x2 Jan 9
52i2 Jan 13
5
City Ice A Fuel
No par
6>S % preferred
100
City Investing Co
100
City Stores
5
Clark Equipment
No par
CCC A St. Louis Ry Co.-.IOO
5% preferred
100
Apr
3i2May
15% May
Jan 10
25
Chrysler Corp
Mar
4112
Jan
16%
*75
80i2
45
8%
No par
-
6
100
15X2 Mar 18
8*2 Mar 20
10*4 Feb 7
H2 Mar 26
10
11*4 May
Oct
Sept
22i2May
88
>8
100
No par
Jan
Apr
%«
158
*69
3%
80%
20
9i2 Feb 19
37 >8 Feb 15
i49i4Mar 19
*16%
1%
17%
3%
80%
334
98%
*145
*60
62
*60
61%
12%
12%
12%
12%
103% 103% *102
103%
24
*23%
24%
24%
112
1,400
84
31%
95%
9%
3% Mar 20
6*4 Feb 14
100
Chllds Co
Chile Copper Co
"l¥, 800
28%
34%
95%
1,400
*49
31
95%
1%
65X4
*26%
33%
145
Chickasha Cotton Oil
*83
31%
*95
300
84
34%
95
12%
27%
31%
95
100
*125
"
110% 111
27%
*2-%
*33
33%
*1258
12%
12%
12%
*10258 IO3I2 *102% 102%
*24i8
24%
24%
24%
*111
46%
2%
400
26
64%
9%
45
80
*26%
12%
1%
*96
34
%
9%
7% preferred
6% preferred
Chicago Yellow Cab
%
98%
*125
_
200
300
*24
63%
84
*3114
1%
26
6212
400
%
®16
*8
63%
50
%
«u
%
9
49%
27%
%
*8
49i2
2784
*49%
%e
%
110% 110%
*27%
28%
*82*4
8%
*6%
13%
*38%
*'l6
%
7%
6%
13%
%
*'n
8
6%
13
%6
*%
9%
7%
6%
13
May
2%
57s
29i2 Mar
3
3%
6
4
Dec
Apr
1078 June
18
44is Jan 13
102x2 Feb 3
1%
*6%
158
33s
11414 Mar
Oct
1%
*13
June
Feb
May
May
4%
7
106
12X2
72
26i4
Jan
Apr
Dec
30*4
1%
6%
Aug
li2May
3512
121
22
1%
13%
May
Jan
Dec
106
3%
514
20
105i2May
5612
May
1%
*634
4212 May
314 Nov
75
126
17'2 May
1%
*13
June
99i2 June
3%
%Mar
3914 May
100
20*8 Jan 10
U4
1%
May
Jan
37% Jan 14
2H4 Jan 4
IOOI2 Feb 10
%
212
1%
9214 Dec
32*4 May
2
May
Feb 19
Anr
Apr
ess MS;
7512 June
22i8 May
June
Jan 13
Apr 2
O
Apr
5
3i8
23l»
Feb
Feb
Apr
May
17
678Mar 11
178
8is
1912
6
48
4
2678 Feb
5212 Mar
45
Jan 14
Apr
Jan
40i2
Jan 13
3
Jan
Nov
2% Dec
3612 Aug
10
27
100
July
Jan
2*8 May
29X2 May
7334
Cerro de Pasco Copper.No par
6% prior preferred
2
May
22*4 Mar 25
2*8 Jan 13
115X2 Jan 29
4,800
1
Jan 10
Jan
50% Jan 9
28*8 Jan 6
120*4 Jan 29
97
Products
11
115s De
Mar 18
100
Central Aguirre Assoc. No par
Central Foundry Co
1
Central 111 Lt 4H% pref..100
14
May
50'8 July
1
May
45s May
34
43
100
15i2
40
112
par
82
May
37
100
par
May
9
11% Feb 14
414 Apr
13*4
39
147b Jan 10
1334 Jan 14
Jan 22
2%
40%
100
Preferred
714
2i4 May
6i8 May
1134 Jan
95
2%
100
1212
100
14%
40%
100
101%
29%
5,600
70%
2
*90
270
20%
30%
18%
Dec
May
5X2 May
63
2% Jan
Jan
2
21*4 Mar 29
1
100
Oct
36
2312 Jan 27
3978 Apr
170
Jan
5314 Jan 13
8*4 Jan 16
334 Jan 10
Jan
5
8I4 Nov
21&8
Jan
Mar
Dec
6X4 Jan
72*4 Nov
1214 May
9112
400
12*4 Nov
May 119
I8I2 Jan
3012 Jan 14
3X2 Jan 29
50%
50%
116% 118%
6U May
97
3514 Nov
26
50%
2512 Jan
3712 Apr
2912 Apr
Dec
May
318 May
86% Feb 25
116
14*4 May
175s May
1
5
12*4
27
20
16*4 Feb 20
1
Apr
3414 Jan
33*4 Mar
12
Mar 17
53*4
Apr
4i8 Nov
May
Jan
13*4
24*4 Sept
21
r7%
Mar
Jan
68'8 Jan
85
512 Feb 19
11*8 Feb 14
li2
7
z5% Nov
May
Feb 18
Feb
8
Dec
May
3
3i« Mar 25
7% Feb 19
761* Feb 14
Mar 11
4i8
Jan
Carolina Clinch A Ohio Ry 100
90
*18
6
Jan 17
514
Carriers A General Corp
Case (J I) Co
96
*104% 106
Jan
12% Jan
118
Carpenter Steel Co
3
18%
Feb 14
Feb 15
14i8 Jan 13
3012 Jan 3
23i2Mar 21
100
97
18%
9*8 Feb 15
110i2Mar27
,3% Feb 14
6% Jan 14
600
*2%
105
2i2 Jan 13
900
95%
18%
May
44i2 Jan 13
51
10
Jan
38
Apr
1
No par
13 preferred A.
Jan
2*4
4U2 Nov
2
10
May
26*4 Nov
Jan
3
3
105
38*4 Nov
27%
96
*18
26
91
*2%
19%
6
3
111% 112% *111% 112%
3
3
2%
2%
5%
5%
6%
5%
3
3
*2%
*2%
29
39% Jan
91
*92%
.
25%
2% Jan 3
5*4 Feb 14
lli4 Feb 20
20
2414 Mar
1278 May
58 Dec
27%
3
31
June
9
3
20
5%
17
Apr
4
27%
70
2%
Jan 10
Jan
70i4 Mar
2914
1% Apr
91
20%
*2%
*5%
20i8
Dec
Apr
Nov
34
20x4 Jan
39
Cannon Mills
Capital Admin class A
100
43%
2
May
50
..25
500
20%
2%
19
3% Feb 13
35% Jan 29
23s Mar 28
Ry
200
69
111%
2
Canadian Pacific
2%
69
111%
515s
Jan
Canada Southern Ry Co.. 100
39%
39
Jan 18
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy._No par
Canada Dry Ginger Ale
5
2%
20%
*2
2%
111% 111%
*2%
2%
39
1,600
49,600
No par
*38%
2%
40
96
105
100
1,700
*2%
3%
28%
18%
*18
91
120
21
5%
91
48
23%
6
*90
*115
68
25s
*2%
*38%
49
22%
*2
2%
39%
116
21%
2
39%
*2%
39%
2%
119% 119%
111%
2,700
*92%
30%
37s
*1812
3
42%
85s
6%
12%
3
30%
*104
27%
42
8%
6%
12%
96
30i4
28i4
2%
22%
120
California Packing
39%
39%
No par
5% preferred
Callahan Zinc-Lead
12%
5
Participating preferred. .100
Byron Jackson Co.—..No par
1,400
12%
30
Copper A Zinc
2,000
*38%
11%
5% conv preferred
1%
54
4%
2%
119
21%
1
38%
*26%
22%
21%
*51%
1%
4
3
119
12%
20%
54
x38
27
42%
12%
*51%
1%
6%
arl2%
4%
39%
3
43%
22%
6%
1%
0%
100
38%
27
4212
20%
54
640
10%
4
27%
3%
*47%
Byers Co (A M)
85
10%
12
90
*115
1,400
9%
85
10%
*38
90
49%
9%
9%
85
12%
90
120
Butte
38%
4%
90
42
1,100
4
90
*47%
900
3%
*38
*88
*115
20%
3%
4%
12
40
50
*4%
20%
3%
38%
*39%
120
20%
*10%
20%
*1
20%
3%
6%
12%
12%
41
*4712
20%
4%
84%
10%
19
,———1
4%
8%
8%
85
*51%
12%
*39%
*115
8%
85
1%
6%
41
*27n
3%
*10
54
*39i2
2714
3%
8%
83
*51*4
*20
19
Terminal
54
22*8
28-%
12312
May
Feb 25
8%
25»
May
1314 May
7*4 Feb 27
2i2 Feb 14
15% Jan
412 Feb 17
8%
12*4 Aug
19*4 May
99
27
60
8%
25s
9
8
par
8%
Jan
6
par
1
18% Jan 27
35
111X2 Jan 23
Highest
$ per share $ per share
41
Feb 15
Feb 15
No par
No par
share
253s Jan
55s
26>4
27i2
IGI4
—No par
Bui ova Watch
per
Feb 15
Feb 14
Bullard Co
$
Feb 19
Mar 22
61
100
Year 1940
Lowest
412 Jan 23
123s Jan 2
Jan 16
2%
4%
Mar 20
Feb 19
8%
*18
3*4
9*4
19%
3612
38i4
30
*2%
18%
4%
4%
18% Feb 19
10% Feb 4
7$ Feb 19
30*4 Feb 13
20
8%
4%
2012
4
No par
234
1834
Apr
Mar 24
Bruns-Balke-Collender.No par
Bucyrus-Erle Co
5
*8i4
*434
13% Feb 19
27
105
Bower Roller Bearing Co
6
Brewing Corp. of America.—3
Bridgeport Brass Co
No par
390
1,300
2,500
per share
5
*25s
*18
*
Borden
90
4%
62%
6%
Class B
Brown Shoe Co
2.100
27%
05s
*2712
900
10%
61%
*30U
1714
«
10%
61%
6%
27%
61
500
l.OCO
31
61%
61%
1,500
—.5
$
Highest
No par
Brass
Bond Stores Inc
Boston & Maine RR
10%
4%
&
Borg-Warner Corp
900
111
Aluminum
2,900
22%
4
Boeing Airplane Co
Bohn
Bon Ami Co class A
4,500
22%
60%
61
12,900
22%
4
Par
Range for Previous
100-Share Lots
Lowest
170
400
2%
112
,
10
40
4
4
1,500
100
6
Range Since Jan. 1
Shares
5,600
April 5, 1941
On Basis of
Week
4,400
*111
112
EXCHANGE
37%
4
3%
NEW YORK STOCK
the
500
4
*111
8TOCKS
JOT
.500
6
31
Sales
3%
10%
21%
*2%
0
Record—Continued—Page 3
33
*110% 114
4
61
*2%
2%
0%
12%
31
*37s
*39
38%
22'4
*110l2 114
4
20%
39%
12%
33
33%
3%
30%
22
*30
33
10%
10%
36%
38%
1%
20%
*36%
38%
105s
21
$ per share
3%
10%
20%
*36%
20%
*36%
38%
12%
19%
18
17%
*1%
*32%
1%
4
10
16b
15%
15%
28
287t
29% 29%
106% 1061, *103% 106%
48
48
46
46%
197f
*19%
19%
19%
20
19%
197{
19%
18%
18%
18%
18%
1%
1%
1%
1%
273
48
17%
*33
151
15%
27%
19%
1%
34
15%
27%
Apr.
$ per share
48
1734
*3*4
1012
$ per share
Friday
3
Apr
19%
193I
*33
2
Apr
48
1712
*1
Thursday
*103% 106% *103% 1063i
*191s
1912
19%
SHARE, NOT PER CENT
Wednesday
$ per share
$ per share
*103i8 107
-
SALE PRICES—PER
HIGH
1*14
Jan 11
Ex-rights.
97
8
May
5s
42
Dec
May
2578 June
26
48
1658
Dec
Jan
Apr
1*4 June
7314
Jan
33
Apr
^ Called for redemption.
New York Stock Record—Continued—Page 4
Volume 152
LOW
AND
SALE
HIGH
Monday
Tuesday
Mar. 29
Mar. 31
Apr.
$
share
per
*3
*3
3%
1634
27i2
*1612
27%
*12U
89U
"
312
*1612
2714
12%
89i4
*12l8
89i2
98
*96
*96
6%
21
*634
20%
275«
1234
89i2
973j
*12%
1234
*88
89l2
*86
89
*96
96
634
20%
2114
104i2 10434
2078
2H8
10478 10478
7%
712
*7%
784
*%
*7%
*2i2
2%
5i2
1%
2i2
53s
*1%
2i2
*2lo
*1
bu
1%
27%
37i4
37i2
*7%
81»
393g
3%
18i2
18
39
3'8
18%
*1712
*75g
39
3
3%
18%
18%
18%
1478
14%
103
1718.171s
*17
15
103
17%
21
13,900
1,600
Consol Edison of N Y..No par
20% Feb 20
23% Jan 13
21% May
97% May
105
105
400
%
*%
1,000
Consol Laundries Corp
No par
5
5%
40,200
Consol Oil Corp...:
No par
1%
1%
*1%
1%
3%
*1%
1%
1%
400
Consol RR of Cuba
6% pf.100
3%
3%
*1%
3%
1834
18
15%
54%
7%
38%
38
38%
38%
*39
8
15%
54%
*53%
46%
46%
3%
1834
17%
1734
3%
15%
8
3%
18%
1734
15%
18%
1,500
19
200
10334 10334
14%
14%
1234
12%
1
1%
39-%
3%
20
18lo
1534
54%
Container Corp of Amerlca.25
38%
3,000
*7%
8
700
3%
19%
18%
20%
18%
1534
15%
47
46%
47% 246%$ 47
2171
172
172
172
*172
175
*172% 175
4%
438
4%
43g
4%
,4%
4%
4%
34
3
% % %
34
3,
%
34
15
15%
14%
15%
15%
15%
14%
15
103
103%
103% 103% 103% 103%
10234 103%
17
17
17
*17
17%
17%
17%
17%
3,100
47
47
47
512
*5
*4H4
*41%
*41
43
*40%
13
12%
85%
1278
*85%!? 86%
3978
40
40
87
*2i2
3l4
86%
*2%
*4%
478
434
*86
24
24%
24%
43%
43%
41%
41%
*41%
*40%
43%
12%
1234
12%
*40%
1234
85%
*84%
40%
86%
39%
86
85%
40%
39
*40%
13
13%
"4",eoo
86%
87%
87%
90
39%
4o%
41
40%
41%
4,900
86%
86%
87
88
"
88%
88%
700
334
3%
*2%
234
*2%
60
434
4%
434
4%
434
3%
4%
-
*83
88
*84
88
*85
88
*50
51
*50
51
*50%
1412
23
*14
14%
23
*14
*21%
1%
51
14%
23
1%
*50%
*1378
1%
1%
*43%
45
*43%
4634
32%
9
27
86
188
1%
1%
1%
*43
47
*42
47
33
33
*32%
33
9
8%
26%
87s
2634
265s
86
*74i2
4734
4734
17
17
*3
4
*74%
*47%
17
16%
*3
*14%
*21%
1%
26%
*74%
....
*47%
16%
8%
1%
47
32%
9
9%
26%
86
2634
*74%
*47%
—
17%
173s
16%
16%
6%
*15%
4%
*85
88
50
50
*42
47
8%
26%
*74%
*47%
21%
*16%
978
978
3
3
10
10%
3
14
*%6
11H4 IIH4
3%
!
**16
%
10%
v
3%
3%
*%6
112
113
*112
10
%
112%
10
1034
11%
3%
33g
3%
%
*«!•
%
10%
3%
*ht
112
112%
""800
22,200
1,700
1,500
700
10%
11%
3%
3%
"2",100
14%
"IV
14
24%
36%
*24%
8;
36%
8%
8%
8%
14%
15
15%
15%
76%
8%
15%
24%
36%
8%
15%
76
76
400
200
24
36%
36%
*3534
*8%
8%
7%
8%
8
8
*8
16%
16%
80
8'
35
21
15
16
*77
*8%
*33%
20%
15%
79%
834
35
20%
14%
1434
78
78
77
77
*76
8%
*8%
*33%
35
*20% 20%
*32%
8%
35
*8%
*32%
20%
8%
15%
15%
72%
7234 7234
127% *124% 127
2734
15
*124
*37
16%
37
125
125
" """690
1334
24%
"l4"
24
15
20
20
16%
16%
16
72
72%
.73%
:■
8%
16
16
8%
34%
20%
16%
74%
74
75
35
*32%
20%
126
*123% 127
36%
127%
19%
129
129
20
19%
20%
1984
1934
1934
1934
*19%
19%
5
5
5
5%
*4%
5
4%
458
434
484
5%
*7
7%
*6%
7%
*6%
7%
*6%
7%
*6%
7%
*678
75g
114
*113%
114
*113%
*113%
114
*113%
114
*113% 114
*113% 114
147
148%
148% 149%
146% 147
146% 14634
145% 145%
14534 146
124% 124%
124
124
124
124% *124% 124%
124
124
*123% 124"
19%
19%
*434
116
115% *115
28%
28%
28%
28%
*115
*334
*334
4
*172
*172
180
115
175
*%6
*33%
34
30
30
*32%
33
30%
*32%
2%
29%
15%
15%
%
*7n
2%
2%
34%
34%
35
31
30
31%
32%
2834
32%
32%
34%
*30
29% *28% 29%
*41
42%
*41%
43
*108% 111
*108% 111
4%
5%
4%
4%
75%
*74%
78
81
*79
81
*80
84
84
*7
%
'16
%
1
*%
*73
*3%
*6
*26%
1
1
3%
6%
27
%
%
1%
*34
*73
»»
1%
"16
*3%
6
26%
38%
38%
*28
%
*%
1
1
1%
*84
1%
*%
7% pref.. 100
No par
Cutler-Hammer Inc
No par
5
25
Davison Chemical Co (The).l
Dayton Pow <& Lt 4
pf.100
preferred
...No par
20
Deere & Ce
Preferred
...
10
100
Delaware & Hudson
Delaware Lack & Western..60
JDenv & R G West 6% pf.100
Detroit Edison
100
1%
1%
%
1
78
*3%
3%
*3%
3%
*6
6%
*6%
6%
5
38%
26%
26%
*%
%
5%
5
39
*37
2284
2234
12%
2634
*%
4%
ht
"16
21
9534
*20
125s
12%
*12
37%
37%
*94%
37%
%
20%
*16
*20
9534
1234
*94%
37%
37%
*12
No par
100
I) & Co...20
Du P de Nem (E
..No par
$4.50 preferred
Duqueene Light 5% 1st pf.100
Eastern Airlines Inc....
1
Eastern Rolling
Eastman Kodak
6%
cum
Mills
5
(N J) .No par
...100
preferred
Eaton Manufacturing Co
Electric Auto-Lite (The)
Electric Boat
96
*22%
23%
12%
par
Eureka Vacuum
Cleaner.—5
.5
Evans Products Co
3
Ex-Cell-O Corp
No par
$6 preferred
2
21%
21%
300
Federated Dept Stores .No par
95
200
conv preferred
Ferro Enamel Corp
1234
40C
37%
1,600
this day.
X In receivership,
a
Def. delivery.
May
Mar 28
% Jan 23
4% Jan 11
10% May
25
May
10% May
%
3
Dec
May
4
r24% June
Jan 10
39% Feb 14
44%
Jan 13
37% Apr
3
33
Apr
7
111
4% Feb 14
7
110
Jan
Feb
6
Jan 11
26
May
35
May
May
102
65
Feb 26
80% Apr
4
5% May
63
May
70
Feb 14
83% Apr
4
66
75% Feb 14
87% Apr
4
Jan 30
77
May
Dec
% May
94%
12%
22
16
33% Jan 10
17% Jan 6
3
%
37%
June
Feb 28
96
12%
June
155
Jan 13
»u
7
Jan
4)4%
Fidel Phen Fire Ins N
»
New stock,
100
1
Y.$2.50
r Cash sale.
%
%
Dec
Dec
75
Feb 28
3
Feb 19
3% Jan
6% Feb 19
25% Feb 15
% Jan 20
834 Jan
2
8
67% Aug
2% Dec
5
May
30-% Jan
6
20%
3% Apr
3
Feb 14
ht Feb 19
37%
May
117
Jan
31
Federal Water Serv A—No par
12%
3
4
5%
34%
Mar 17
31
6
21% Feb 15
11% Mar 24
2% Feb 17
37%
Jan 23
182% Jan 9
36% Jan 10
26% Feb 19
Federal-Mogul Corp...
5
Federal Motor Truck ..No par
1234
2684 June
18% May
15% May
Federal Mln & Smelt Co
37%
2
1% Apr
50
20%
37%
May
112% May
«4
20%
*12
146% May
114
6
9
*94%
1234
1% Mar 26
27% Feb 19
23% Feb 19
Jan
May
1% Jan
ui«
9534
12% Feb 14
% Jan 4
7
Jan 16
117% Feb
5
9% June
113
Oct
% Feb 15
%Mar 1
20%
9534
U16
Jan
9
11% May
65% July
127% Nov
1484 Jan
100
*%»
#1«
164'4
125%
8
6
May
4% 1st preferred
.100
4% 2d preferred.......100
$ Erie Railroad
1134
234
uie
Feb 14
400
1,000
3,200
Jan
14
% Mayt
2%
3
Jan 10
Dec
9
30% May
4
11%
20%
14% Feb 14
8
May
484 May
12% May
56% May
1% Apr
*284
*2%
6
32
% Feb 20
11%
2%
12% May
25% May
3
4
142
200
40
Jan
9
3% Feb 14
125% Feb 19
165
Feb 13
19% Feb 15
11% Jan 16
*12
125%
Jan
34
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction
15
*92
98% May
Jan
Feb 19
600
12
Jan
2
Jan 27
25
1,300
96
Jan
84
17
Mar 24
36
23
Jan
5%
2%
No par
Equitable Office Bldg—No par
$6 preferred
Erie & Pitts RR Co
600
23%
79
117
95% Mar
75
%
Jan
24% Mar 10
13
Mar 17
June
16
July
14% Jan 14
12%
Aug
4% Jan
97% Jan
11% Feb
1
34% Feb 19
14% Mar
38% Jan
v
17% May
11
May
25% Jan 23
3
* Ex-dlv.
3% June
29%June
85
Feb 14
18% Jan
Jan
Oct
Jan 27
84 Apr
21% Jan
93
8g
7
7% Jan 23
45% Jan 3
100
Apr
Dec
14134
115
27
—100
Engineers Public Service
1
$5 preferred
No par
$5^5 preferred......No
Feb 15
140
120% Feb 14
29% Feb 17
5% preferred
Jan
June
%a Dec
4
Jan 30
6% Feb 25
113% Mar
6
3
50
Endicott Johnson Corp
Jan
9
9% Jan
4
2
$7 preferred
Jan
6% Jan
Fairbanks Morse & Co.No par
39
22%
12%
Jan
4% Feb 19
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
100
38%
22%
8% May
22
17% Feb 18
"""770
23
*94%
Bid and asked prices; no sales on
No par
1
International
Feb 19
4%
*92
%
20%
37%
Dunhlll
14% Mar
63% Feb 19
122
700
*12
23
No par
2,800
12%
13% Jan 10
23% Jan 28
""166
39%
22%
28% May
19% Apr
19% Arir
3%
12%
11% May
37
7%
38%
22%
96
Doehler Die Casting Co No par
Apr
27%
12%
2
8% Mar 18
34% Mar 17
7%
38%
22%
*92
No par
*3%
12%
*22
....No par
27%
*37%
22%
21
18% Jan
117
3-%
*%
96
1134
2%
;• 7
*4%
22%
2%
600
78
%
*22
*11%
5,000
4%
*92
3%
5,000
1%
1%
*%
3%
96%
1134
3%
200
1%
*1
5% pref, with warrants.. 100
Dixie-Vortex Co
Apr
Nov
2934 Jan 24
»ie Feb 26
3
8%
114
23%
334 Apr
4
106% Feb 15
45% Mar 18
13% Apr
3% May
107
June
5% Mar
18% Nov
13% May
9
86
No par
1,400
410
Jan 24
22% Jan
76
Distil Corp-lbeagr's Ltd
32%
29%
700
Oct
10% Jan 10
18% Jan 11
No par
$6 preferred
No par
Elec Storage Battery ...No par
El Paso Natural Gas
3
1,400
May
23
7% Feb 14
14% Apr
Electric Power & Light.No par
7,200
Jan
Mar
60
14% May
3
May
13% May
114
2% Feb 19
'u
92
Sept
Diamond T Motor Car Co—2
5,100
4,200
30
15
26
19
14
19
Feb 19
9
June
42
3% Jan 15
17% Jan 10
734 Jan 9
Feb 19
Mar 25
Feb
Feb
Feb
Feb
Feb
32% Mar
75
47% Mar 29
19% Jan 8
41
1:266a
200
3%
15%
6%
109%
18%
27%
15%
35% Oct
11% Mar
21% May
36% Mar 27
Elec & Mus Ind Am shares...
800
16% Mar 31
29% Dec
6% July
23% Mar 26
6% partlc preferred
Edison Bros Stores Inc
1%
*73
78
110
1
27%
22%
12%
\h
1%
1%
300
4
Feb
Jan
May
34% Feb 10
9% Jan 9
25
Raynolds A..No par
Diamond Match
36%
33
'16
%
5
22%
»
32%
2634
96%
*2%
32%
7%
27%
23
*11
29%
1
80
■
96%
23%
13
32%
32%
29%
*73
78
*73
3%
27
3134
1"
600
42% Feb
Apr
29% Jan 10
No var
Devoe &
8% preferred
5,600
9
17
51
45% Mar 18
17% Jan 10
29% Jan 11
Duplan Silk
5,300
2%
%
1
*»i«
*22
*%6
Jan
91% Feb
45% Dec
31
June
Jan
8% May
9
1% Jan
Jan
Dec
Dec
4%
29%
4%
2
Deo
47%
z99
6
Jan
Jan
Apr
21% May
9% May
19%June
1% Oct
16% Jan 25
7% Feb 14
24% Feb 20
Dresser Mfg Co
800
""MOO
36%
%
*94
*1934
*94%
32
1
%
2%
2834
42
*41
*41
41% *41
41%
42%
42%
*108% 111
110
*108% 111
11034 *108% 111
4%
4%
4%
4%
4%
4%
434
434
80
80%
78
80%
77
77
79%
79%
83%
83%
82
81
81
8134 82-%
82%
86
87%
87%
86%
84% 85%
84%
84%
*12%
1134
3%
-No par
Class A
1,300
15%
2%
32%
28%
*23
*2%
Prior preferred-
Curtlss-Wright
Douglas Aircraft
No par
Dow Chemical Co.....No par
29%
*%
37%
*29
12%
*11
45
Dome Mines Ltd
15%
35%
2%
23%
*23
,12%
45%
2,700
1,200
29%
%
2%
6
6
6
32%
*73
78
*%
*%
*538
38%
84%
*%
1
78
Mar 11
25
6,300
600
*16
29%
*
""766
33%
16%
*32%
16%
15%
*16
180
33
29
30%
33
*29%
3234
15%
29%
34
*78
175%
*172
29
15%
1%
136
180
15%
15%
34
137
*172
15%
*"l6
*28%
75%
53
21% Mar 10
1% Feb 26
Jan 20
Nov
75%
41% Feb 20
43
106
25
5
No par
Apr
1% Apr
24% Jan
3
100
...30
6
Dec
7%
6
Mar 11
Mar
184
Dec
88
13
May
Jan
Jan
95% May
May
Feo 15
Curtis Pub Co (The)...No par
Class A..
1,600
135
175
1634
*1534
1,000
4,100
4
137%
*3%
135
32%
33
1634
29%
15%
300
2,400
175
32%
33%
*15%
29%
15%
I
3%
300
115% 115%
28%
29%
135
*1534
*33
16%
29%
2
334
334
29%
1634
29%
32%
1%
28%
29
334
115
115
115
2834
135
33
32%
*1534
he
285s
3%
28%
135
180
115
115
*334
4
135
134
134
134
6,400
15,100
%
"i«
36%
~14~
72%
preferred
Dlesel-Wemmer-Gllbert.
24
14%
24%
37%
*205s
900
*14
14%
*23%
*33%
"V.OOO
24
14l4
24i4
37%
*79%
*8%
conv
Conv 5%
"l4"
14%
*37
5M%
70
61%
65%
45%
7
7
5% Mar 10
3% Feb 15
25% May
75
9
May
Oct
1% May
3% Aug
60
May
72
Feb
Jan 16
15% Jan
Dec
3% May
45% Jan 15
3% Mar
Cudahy Packing Co
May
4%
Dec
47% Jan
98% Jan
10
Jan
Apr
97% Jan
49% Apr
45%
Feb 18
100
Apr
1%
July
30% June
12
May
84% Feb 18
Sugar
Deo
36
36% Feb 19
Preferred
Jan
Feb
4
40
2
Apr
Nov
Nov
18% June
100
100
5% conv preferred
Cuba RR 6% preferred
Cuban American
May
TuSept
45% Jan
92
Dec
4
22% Feb 14
40% Feb 14
Feb 24
Apr
3234
7%
38%
Crucible Steel of Amer.No par
Davega Stores Corp
4
16%
*3
5
40%
6% Jan 24
27% Jan 10
12% Feb 14
85% Mar 25
$8 preferred-
*15%
19
preferred.. .No par
Cushman's Sons
86
112% 113
112% 113
June
17%
Detroit Hillsdale & S W RR100
*2334
*
"7,100
9%
26%
49
*45
; '
400
113
*29
75
Jan
Crown Zellerbach Corp
40
33%
16%
*15%
16% *15%
7%
6%
6%
*634
7
*6% ; 7
634
6%
112
*109
*109
112
*109
113
*109
113
*108% 113
22
21%
21%
21%
2134
22
21%
21%
21% 21%
21%
*28%
28%
28%
2834
*28%
2834
2884 2834
2834 29
29%
17
*16%
*1638
17%
*16% 17%
*16%
17%
*16%
18
18
*67s
Jan 16
107
Apr
Jan
June
4
10%
4%
8%
2%
5%
2334
108%
19%
15%
Apr
13
16% Feb 24
4% Jan 6
Apr
33
19% Jan 10
100% Feb
Feb
110% Mar
1% Jan
25
14% Mar 28
100
Dec
16% June
18% May
15% Mar
47
May
41
May
25
47% Jan 13
Deo
9%
32%
9% Apr
40% Mar
165
Preferred
"17%
17%
,
May
Apr
Apr
4% May
27% May
2
May
182% Jan 16
4% Jan 4
% Jan 14
$2.25 conv pref w w__No par
Pref ex-warrants.,
No par
conv
33
3% Feb 17
% Jan 7
Cream of Wheat Corp (The).2
$5
8
June
..1
1
preferred
conv
52% Jan
70
45% Feb 19
44% Feb 19
170
Mar 31
Crane Co
5%
Jan 24
56
Feb 18
52
50
Jan
Feb
Dec
25
..........100
Cuneo Press Inc
1%
33%
Preferred
1,100
14%
23
5% series
Corn Products Refining
2,400
y
14%
*21%
1%
*3%
4
*3%
4
*15%
50%
14%
23
*43%
32%
17
17
*3
4
*3
4
50
14
23
32%
2684
*47%
16%
51
14
9
2634
86
*74%
86
50
88
*21%
33l4
884
16i8
7
*15i4
*105
.
33
9%
26%
4%
*85
86
*21%
3%
434
*2%
..5
Copperweld Steel Co
100
3
%
23% Jan 14
18% Jan 2
No par
85%
2
17% Mar 25
14% Feb 19
No par
43%
13%
Apr
Mar 29
40% Jan 8
8% Feb 7
39% Mar 26
2% Feb 14
Crown Cork & Seal
1234
*41%
Feb 14
Crosley Corp (The)
*40%
8
98
6% Feb 3
35% Feb 14
600
43%
1234
85%
13
3
36
/ 800
5-%
24%
85
*2178
5%
24%
43%
43%
5-%
Jan
6%
24%
31%
16
99i2
100
2% May
8% May
93% May
9% May
7% May
17% Feb 24
190
24%
43%
2
1
5
Coty Internat Corp
5-%
4% Jan
21
.
2% May
5% May
% Dec
4
Continental Steel Corp.No par
Coty Inc
24%
*41%
7
Jan
3% Jan 13
6% Apr
1% Apr
1% Mar 31
20
Continental Oil of Del
100
5%
8
Jan
% Aug
5% May
4% Jan 2
20% Jan 11
Continental Motors.,
1,600
6,200
24%
43%
*5
*5
5%
24
*23%
24
43i4
9
Jan
2
% Jan
Jan
$2.50
1
May
7%
106% Jan 22
15% Jan 2
79
Diamond Fibre.5
Continental
1,000
700
,
May
75
Feb 4
Feo27
Feb 15
Feb 19
100
Continental Can Inc
Conv pref
""270
47
8% preferred
Corn Exch Bank Trust Co..20
54%
4634
46%
No par
Continental Insurance
46%
*53
Class B
1,200
12,000
13,800
1,000
1,100
*53%
46
Continental Bak Co cl ANo par
63
Jan 15
% Mar 27
% Feb 15
2% Feb 15
15%
101%
12%
7%
97% Jan 28
2
7% Mar 25
100
preferred
Consumers Pow $4.50 pfNo par
37%
3%
conv
20C
2,100
39%
5%
14
107%
2% Mar 20
5% Feb 3
25
Consolidation Coal Co
3,000
14,000
18,500
96%
*94
37%
7%
3634
••8
39%
3%
103% 103%
13%
14
12% 13
1%
1%
96
37%
19
18%
95
37%
*38%
3%
18%
181
4
18% Feb 8
29% Jan 9
15% Jan 16
103
Mar 28
% Jan
*«34
2%
*
*5%
*23%
$2 partlc preferred
400
5
Feb 16
104
No par
Consol Film Industries
1
$5 preferred
6%
46%
1434
20%
534
46
102i2 10212
2034
21%
104% 104%
*%
%
2U
46
34
4% May
*7%
*53
4%
7% Mar 19
5%
15%
170
5% Feb 14
Mar
92
2%
54%
4%
*nl«
Consol Coppermlnes Corp..,5
86
100
100
7»4
46%
170
3,900
No par
7% preferred
6M% prior pref
5%
*46
34
7
Consolidated Cigar
30
340
2%
*53%
438
6%
700
1234
*7%
1512
171
97%
5%
54i2
*"16
89
96-34
234
4634
46
*414
89
96%
7
7%
*53i8
i.
1234
89
15% Apr 4
22% Feb 19
11% Mar 3
1
5%
*46
171
Congoleum-Nalrn Inc.ATo par
Consol Aircralt Corp
20%
|
2% May
May
17% June
1,700
3,200
20%
97
Highest
share $ per share
per
3%
16%
634
96
4
Feb 19
3
No par
Conde Naflt Pub Inc
share
Jan 10
per
28
*3%
7%
8
8%
39
300
$
1534
6%
96%
Year 1940
Lowest
27%
12%
6%
96
Range for Previous
Highest
$ per share
*2%
*17%
15%
4534
.
96%
37%
Par
Shares
$ per share
734
234
5%
*17%
15%
*1518
■
95%
37%
Lowest
Week
4
Apr.
384
1234
35s
*31.1
3%
3%
3%
"16&8
*16%
18% *165S
*16%
18%
18%
*10312 105
♦103% 105
*103% 105
*103% 105
14 ;
14
14
1414
14%
14%
1334
13%
12
13
1134
12.%
1134
12%
11%
12%
1
1
"16
1
1%
1%
1%
1%
98
On Basis of 100-Share Lots
,EXCHANGE
16
95%
3%
1812
98
Range Since Jan. 1
NEW YORK STOCK
the
£8%
*86
*%
STOCKS
for
15%
96%
104% 10434
Sales
27%
334
3%
16%
27%
3%
16
27i2
1278
12
512
$ per share
27i4
*123g
634
*1<>
$ per share
3
Apr.
CENT
Friday
Thursday
3i2
16i2
9734
678
634
;10434 10434
3i2
16i4
16%
NOT PER
Wednesday
Apr. 2
1
$ per share
$ per share
SHARE,
PRICES—PER
Saturday
2197
7
1
14
15
14
9
2% May
'uMay
3%
1%
Jan
Apr
67% Aug
5
Feb
11% Apr
3484 May
1
Jan
8% Mar
49% Apr
31% Apr
18% Apr
102
29%
15%
4%
1
Mar
Jan
Oct
Jan
Jan
15
May
25
Jan
79
June
98%
Dee
10
May
20
Jan
40%
Feb
27% May
Ex-rlgbts. "J Called for redemption.
New York Stock
2198
LOW AND
HIGH
SALE
Saturday
Monday
Mar. 29
% per share
EKICES—PER
NOT PER
Wednesday
Mar. 31
Tuesday
Apr.
1
$ per share
$ per share
$ per share
Apr.
Thursday
2
$ per share
CENT
*116
120
*3
*116
37%
*1%
1%
16%
*19%
*106
*116
119
♦116
*3
3%
*3
3%
43
*43
43%
*35
43%
37%
1%
36%
*1%
1%
*16%
37%
*19%
20
3%
43
120
1%
16%
19%
115
4%
1%
17
106
106
4
1%
36%
*1%
*1%
*16%
*19%
106
36%
1%
1%
17%
20
106
3%
3%
43%
*35
119
*116
119
3%
*35
36%
36%
*1%
1%
1%
1%
367g
*1%
*1%
16%
19%
16%
*16%
19%
20
*106
Shares
7%
11%
42%
43
*124% 124%
*40%
41%
*3%
4
*6%
6%
,
♦107
109
3^4
6%
*107
*%
%
12%
12%
*102
*40%
105
22
*10
56
19%
22
10%
56%
*19%
20
*13
13%
*20%
21
*102% 104%
*11%
11%
3
3
36%
6%
*63%
36%
66
*13%
13%
*42%
45
*1%
6%
*81%
1%
2%
86
13
13%
*60%
61%
18%
83
*2%
18
*81%
*1%
*21
1%
27%
*%
*102
*18%
22%
19%
22%
10%
13%
*42%
*1%
2%
*81%
12%
*60%
17%
82%
*1%
*21%
10%
11
31%
*31
*23
24
*23
22
%
11
*10%
14%
25%
*25%
141
13%
45
1%
2%
86
13
62
18%
82%
1%
27%
%
5
13
*61
20
*1%
*13%
13%
*10534
105
105
*105
*19
20
*19
*84
86
7
7
2%
*84
*6%
*70
13%
71%
*12%
*70
11
*10%
*31%
25
141
52
1%
18%
2%
15%
*43
52
*15
17
*28%
31
37%
13%
13%
*36
37%
13%
2%
86
7%
13%
71%
18%
11
31%
23
23
*42
52
13%
*1378
*10534
♦105
19%
*147%
534
94
2%
*82%
*678
12%
*70
278
*15
31%
11%
11%
14
*42%
*1%
13%
*61%
18%
84%
1%
*83
27
*25
2%
1%
5
52
14%
45
10
"MOO
"¥, 270
800
600
400
'"960
4,200
500
17,200
450
800
100
500
7,000
300
300
"MOO
5%
1,300
12%
10%
400
Bid and asked prices;
95
preferred
conv
3
Mar 22
60
No par
50
Jan
3
6ig Feb 14
31
I534
*29%
31
37%
*37
37%
*37
37%
153g
"
3%
1,000
7,300
2,600
1,000
500
30
18,800
14,300
"""io
400
200
1234
1234
70%
70%
*126% 129
%
t In receivership,
a Def.
May
14
Hercules Powder
1
•
100
3
3084
100
94
conv
Feb 20
Mar 10
Feb 18
Mar 12
2
91
Jan 10
Jan 27
28% Jan 22
1% Jan 11
6% Jan 6
1334 Jan 7
13% Jan 6
1284 Jan 2
36% Jan 16
25% Jan 22
1584 Jan 4
283g Jan 11
26% Mar 19
Jan 15
Mar 26
42
Mar 26
29% Feb 14
IOS4 Feb 19
34
Jan 13
11
11% Jan 24
17% Jan 9
Jan
1% Feb
7
Jan
4
3
1% Feb 19
9
12% Jan 10
1% Mar 10
19
Mar 11
33g Apr
16% Apr
4
5
33
7
Feb 18
38
Feb 14
Mar
Jan
3
Mar 28
107
Jan 16
104
Feb 25
Jan
3
5% Mar
4
94
Mar 31
2% Feb 14
84% Mar
7
6% Feb 14
8
delivery,
v t
r
May
21% May
11% May
15% May
18% May
zl23
Apr
Apr
July
Jan
30
Nov
29%
Jan
June
142
27% July
55
Jan
23
May
35%
9% May
17%
Apr
Jan
12
Jan
9
May
1484 June
1% Aug
11
May
1% Dec
8% Nov
29% June
30
May
9% May
10% May
100% June
95
June
16% May
130
25%
Apr
3% Apr
30% Apr
2% Nov
14% Nov
34% Apr
37
Jan
20%
Feb
17
Jan
106%
Jan
106
Dec
28%
May
138
5% May
83% June
104
2
Feb
9%
Aug
4%
89% June
6% Dec
113%
11%
Jan
A]
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Apr
67% Feb 19
124% Mar 12
5284 Mar 28
Feb 21
108
Mar
Jan 29
684 Feb 14
Feb 14
9
43%
"Feb
14
34% Mar 24
11
163g Jan 9
77% Jan 11
128% Jan 8
56 •% Jan 18
115
Jan
8
Jan 14
16
17
Mar
9
Jan 24
110
100
1
x
Ex-dlv.
u
4% July
May
Jan 27
28
May
in
% Feb 15
May
May
Jan 30
2
19
May
9
3% Apr
94% May
12% July
8
6
3
2% Feb 18
16% Feb 28
Dec
June
35
13% Jan
3gMar
50
8
52% Jan
64
3% Feb 14
3034 Feb 14
69
126% Aug
103
14% Mar 10
39
12% May
Jan
Jan 15
4% Jan
6
37% Jan
8
% Jan 22
8% May
54% May
101
June
3% May
28
Aug
% Dec
2% May
3%
18%
4%
Jan
6
Apr
4
12
May
Jan 13
3
May
Sa
Jan
Ex-right,
Jan
115%
Apr
Jan
I884
Jan
5
3O84 Jan 10
7
Feb 17
58% Mar
C..25
Cash Bale,
June
May
26
21%
100%
133%
67%
Feb 19
12
100
tHunn Motor Car Corp
June
10
Jan
Jan
Apr
Jan
Dec
Dec
5
preferred
New stocfc.
78g Jan 13
May
May
110
Hud Bay Mln & 8m LtdNo par
Hudson Motor Car
No par
n
7
May
%
4%
9%
6%
Apr
Feb
Feb
167
pan
100
Hudson & Manhattan
5%
6
25
24%
97%
4%
71%
1%
9%
14%
12%
16'4
3684
25%
18%
Jan
No par
No par
300
1,700
2,400
Jan
June
1% Dec
June
5
preferred
20'4 Apr
69% Mar
12% May
Sept
86
Mining
12.50
Houdallle-Hershey cl A.No par
Houston Oil of Texas
90
155
Homes take
Howe Sound Co
"MOO
3% Jan
95
100
600
July
Jan 13
""866
5%
Feb 10
Apr
Apr
77
Jan 10
5
300
101
Dec
96
4
5,900
14934 Feb 11
6% Jan 23
4%
3%
166
14% Feb
Class B
Dec
May
1
17
Household Finance
I84
Jan
7
26
100
Jan
634 Mar
51% Mar
Apr
10
100
23%
Feb
10
2,000
Jan
Apr
May
79
Hires Co (C E) The
"2",300
13%
23%
106
158
Hlnde & Dauch Paper Co...10
No
65% Nov
2484 Mar
2
1% Jan 10
143
Holland Furnace (Del)
Hollander <fc Sons (A)
Holly Sugar Corp
7% preferred
Apr
Jan
Jan
45
30
Jan 24
100
Apr
18%
3334
14%
May
Jan
15
No par
No par
Jan
19% Jan
106% Dec
4% May
2% Jan 25
2% Jan
16% Jan
No par
No par
Jan
Jan
1%
46
13% Feb 15
1
Apr
40% Feb 25
1% Jan
42
25
7%
10
110
Jan
13% Mar 29
100
Dec
Nov
""loo
4,300
Oct
60
19%
138% Mar 26
2
preferred
Sept
Apr
127% Mar
May
23
25
6% cum preferred
Hershey Chocolate
10% May
Jan 13
140
500
Feb
56%
11
Feb 20
Feb 14
1134Mar 26
10% Mar 6
10% Feb 14
3034 Mar 7
100
Motors
98
Jan 15
6% preferred
100
Hat Corp of Amer class A...1
Hercules
% Dec
13% July
1634 May
784 May
13% May
""400
300
% Nov
934 June
86% Jan
6
13% Mar 27
Preferred
June
9
..10
Hecker Products Corp
Helme (G W)
100
4
25% Jan 10
700
32% June
3% June
5% May
Jan
10684 Jan 16
800
May
Jan
Jan
19% Mar 28
..-ff
Dec
May
37% May
July
No par
100
Hayes Mfg Corp
131
118
116
9
33
Hazel-Atlas Glass Co.
Apr
10
10434 Mar 13
2,500
101
1484 Jan
29
preferred
77% May
1284 Feb 24
25
6H%
Jan
Jan 10
Hanna (M A) Co 95 pf_No par
Harbison-Walk Refrac.No par
20
Jan
44
9
25
preferred
Jan
%
Sept
65
Hackensack
6%
28
May
800
90
Jan
May
13
Hall Printing Co
Hamilton Watch Co
Dec
43
8% preferred
100
Gulf Mobile & Ohio RR No par
95 preferred
No par
Water
Nov
Apr
69
1
22
118%
90
10
Apr
89% Nov
9
x80%
1%
27%
34
484
No par
4% Sept
11% Jan
29%
111% May
% May
May
Grumman Aircraft Corp
Jan
Jan
49%
May
1
Jan
8%
145
41
10
par
Deo
57%
120
20
Jan 10
3%
37%
7%
x67%
Apr
105
Dec
Jan 11
Mar 19
Jan 17
Apr
May
734
May
45
Green (H L) Co Inc
7% preferred class A
8
14%
51
33%
1434 Jan 10
100
105% Mar
26% May
65% Jan 13
20% Jan 10
20
Guantanamo Sugar
Mar
102
16% Feb 14
No par
10
Greyhound Corp (The) .No
5 H % conv preferred
»i6 Mar 27
20
29%
11%
61%
22%
16%
21%
104%
I84 May
4% May
11% May
48% Feb
12% May
1134 Feb 14
dlv ctfs.No par
No par
Green Bay & West RR
16% Jan 10
106% Jan 15
May
59% Feb 19
1
Sept
9
Jan
52
118
par
5
Apr
20
Jan
Feb 14
*42
Jan 27
June
3534 May
5% May
par
100
20
Jan
Feb 21
82% Mar 24
No par
preferred
%
2% Feb 13
Without dlv ctfs
5%
4
3
Feb
13
1034 Feb 19
No par
Graham-Paige Motors
Granby Consol M S & P
w
7
Mar 17
3434
.No par
Granite City Steel
Grant (W T) Co
Feb
19
60
16%
31
this day.
46% Jan 30
18% Feb 14
11% Feb 19
102
4% Jan
2
9% Mar 24
1
Gotham Silk Hose
Jan
Mar 29
140% 140%
*%
no sales on
%t
16% Feb 20
6
7% Jan 15
109
3
13% Feb 18
...
*
% Jan
22
48% Jan
3
2
Jan 30
19%
..
%
3% Apr
107
22
*126% 128% *126% 128
*126% 128
128
*126% 128
128
♦52
53%
*52% 53% *52%
53% *52%
*52
53%
53
53
53%
*108% 110%
108% 110% *10834 110% *108% 109%
109% 109% *10834 110%
*14%
16
*15
*14%
16
16
*14%
16
*15
15% *1434
15%
*17
17
17
17%
*16%
17
*16%
17
*16%
17
*16%
17
*27
28
*27
28% *27
28
*27
28%
*27% 28% *27% 28%
*7%
7%
*7%
7%
*7
*7%
7%
7%
*7%
7%
7%
8
*13%
13%
13% 1334
13%
13%
13%
13%
1378
14
137g
137g
*108%
*108%
*108%
*108%
*109
*109
*46
46
46%
46
46
4634
46
46%
46
46%
46%
46%
*34
*34
35%
*34
35%
35%
*347g
35%
35%
35%
*3434
35%
11%
11%
11%
11%
11%
11%
11%
11%
11%
11%
1134
12
*58
59
59
59
*58
62
*58
61%
*57
*58%
61
61%
♦108
110% *108
110% *108
110% 110% 110%
110
110
*110% 110%
3%
3%
3%
3%
3%
378
4
37g
37g
4%
4%
4%
*32%
34
*32% 33% *33
33
3378
33
32%
33
33
33
*%
%
*%
%
•*%
%
3g
3
*%g
%
%
%
*2%
3%
*2%
3%
*2%
3%
*3
*27g
3%
*3
3%
3-%
*16%
17%
17%
17%
17%
18
18
17%
1778
18%
18%
18%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3«
7,.
%
7
Gr Nor Iron Ore Prop..No par
14%
*29%
*69
Mar
Great Northern pref
No par
Great Western Sugar. .No par
Preferred
100
11%
15%
1%
17
3%
16%
70
48
1,000
1,000
...
,
Feb 14
40
No par
No par
5% preferred
No
Goodyear Tire <fc Rubb.No
2
2
preferred
100
General Tire & Rubber Co...5
Gillette Safety Razor..No var
conv preferred
Jan
Jan
Gen Theatre Eq Corp. .No par
Gen Time Instru Corp .No var
4H%
Mar 19
132% Jan 28
General Shoe Corp
1
Gen Steel Cast 96 pref ..No par
General Telephone Corp...20
preferred
"lgMar 17
126
Feb 18
96
Mar 19
12634 Mar 11
12,300
13% *13%
13% *13%
13%
14
14
*13%
14
*13%
14%
*10534
*105% 106
*105% 106
106
*105% 106
*105% 106
105% 105%
19%
19%
19%
19%
19%
19%
1934
149
*147% 149
*147% 149
*147% 149
534
*5%
6
6
6
*5%
6
94
*93% 100%
*93% 100%
*93% 100%
2%
*2%
2%
2%
2%
*2%
2%
86
*83
86
*84
86
*8434
87
7
7
7
7
7
7%
7%
80
*79
80
80
80%
*79%
80
162
*155% 162
*155% 162
*155% 162
70
86
Feb 19
Grand Union
""500
Feb 27
12
Gimbel
6
Mar 18
114
80
102
Glidden Co (The)
Jan
35% Jan 14
3934 Jan 6
91
No par
preferred
Brothers
129
6
6% Jan
conv
45% June
3% May
Mar 20
6%
2
6% preferred
100
Gen Realty & Utilities
1
96 pref opt dlv series.No par
General Refractories
No par
95
8
40% Feb 19
12334 Mar 19
No par
No par
Gen Public Service
Gen Railway Signal
Jan
15% Jan 10
8684 Jan 10
19% Jan 28
Jan
Printing Ink
preferred
6
10
No par
Gen Outdoor Adv A ...No par
Common
No par
96
Jan
100
Motors Corp
General
7%
Jan
%
14%
27%
25%
25
June
Feb 14
5% Jan 10
38
100
1%
*15%
1234
70%
preferred
preferred
6
700
11%
13%
95
Jan
32
14%
2634
8
Apr
Dee
Mar 21
5
23%
*13
*12%
5%
General
Preferred
"ig
11%
12 s4
Gen Gas <fe Electric A
6%
*10%
10%
*23
June
11% Jan 15
Jan
33% Feb 15
112% Jan 8
96 conv pref series A.No par
General Mills
......No par
"3",700
11
97
139% Mar 21
30% Feb 15
No par
No par
13%
14
12%
71%
preferred
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
3134
27g
2,400
2,100
122
par
Gobel (Adolf)
11%
14%
500
*11
32
94.50
100
No par
No
700
3134
15
300
cum
7% preferred
General Electric Co
General Foods Corp
Jan
4% Mar 13
11% Feb 14
73% Feb 19
17% Feb 27
par
No par
preferred......100
General Cigar Inc
No par
10
300
134%
3%
5
No
800
19%
84%
1%
Jan 30
Feb 10
6
No par
184
63
Jan 14
Dec
6%
Dec
10% May
12
May
94
5
2%
85%
ll7g
11%
15%
1%
15%
*1%
15%
278
130
500
27
»ie
7%
50
1934
23
10%
61
*82
12%
10%
107g
31%
*23
23%
14% 14%
26
27%
25%
25%
*140% 141%
8,500
1,400
*18%
22%
*10
10%
2
Jan 28
5% Mar 21
55
100
105
13%
62%
19%
10%
10%
31%
32,300
5,300
129
32
17
2%
14%
*29%
*35%
%
47g
1%
200
109
2%
85%
*11
*42
31%
31%
11%
11%
11%
11% 11% *11%
11%
16
15%
147g
1478
*1%
1%
*1%
1%
31
94
43
31%
15
19%
43
14%
14%
14%
2578
25%
25%
25
25
25%
141% *140
141%
2%
14%
106
45
4%
12%
107g
31%
141
13%
"ie
23%
14%
25-%
13%
34
*23
14%
25%
25%
13%
4%
*11
24
*80
83%
79
79% 79%
*155% 162
*155% 162
*155%
*12%
%
434
12%
11
*147% 149
5%
6
94
*25
1078
15
*36
27
*10%
107„
31%
1%
2%
14.%
*29%
82%
1%
*25
1%
11
31%
15
*15
85%
13%
617g
11
1%
2%
14%
*81%
127g
617g
18%
82%
*1%
1%
*2%
*82%
13%
6l7g
18%
*83%
1%
9i«
434
11%
16
1%
*11
31%
2%
22%
10%
2%
12%
11%
11%
2%
19%
22%
*10
1%
27
31
6
♦181s
"""300
30
32%
36%
118
»H
39% Dec
3% Sept
5% Apr
8
3
49% Feb 20
Baking
Class A
129
13%
2484 May
1% May
7
preferred
No par
Gen Am Transportation
5
700
*%
4
6
4% Mar 28
62
800
900
*102
Jan
7
Apr
61
18% Feb 28
10634
Apr
Mar
2% Jan
10434 Mar 26
21%
41
Jan
22
Jan
Apr
9% May
118
2
Feb 25
Nov
35
107%
May
39
18
32
Sept
June
18% June
2% Aug
May
Feb 15
1% Mar 29
14»4 Feb 18
Jan
Apr
20
33
4
46
21%
38% Mar
25% Apr
8% Nov
May
102
7
Jan
7
46
1% Feb
50
Jan
Jan
Jan
106
6% Sept
334 Feb 28
6
47% Jan 21
4% Feb 21
4i2
22,800
%g
132
Jan
No par
4%
13%
83%
18%
%
Feb 19
2% Feb 17
43
var
conv preferred
98 preferred
General Bronze Corp
General Cable Corp
148
%
105
10
Gen Amer Investors
19
22
7
5% preferred
General
43%
13
Feb 14
May
share
per
22%
21%
32% May
10% May
2484 June
4
20% Jan
10
No
600
12534
42%
42%
%
19%
~y,2o6
6%
634
4
Jan
16
52
4
25% Apr
13% Feb 14
preferred
5H%
3
10
Gaylord Container Corp....5
1,700
Jan
7
Gannet Co conv 16 pref No par
Gar Wood Industries Inc...
5%
22
2
40
53%
8
Jan 13
Jan
Gamewell Co (The)
104
33% Jan
32
60
400
15
3
107% Jan
No par
84
42% Jan 13
Mar
Highest
share S
14
Sept
12% May
Jan 10
105% Jan 24
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
93
105
12% Feb 14
No par
per
18% Jan 10
31
27
10
$
100
1,300
634
1017g Mar 7
347g Feb 27
F*k'nSlmon<feCo inc 7% pf.100
Free port Sulphur Co..
10
500
Feb 14
Jan 13
20%
4
16
7
*18%
%
87%
84%
9 per share
29
100
6,600
9 per share
Year 1940
Lowest
4% Feb 18
1,400
7
Highest
24% Feb 14
Foster-Wheeler
f7 conv preferred
Francisco Sugar Co
Lowest
10
Food
Machinery Corp
4M% conv preferred
Range for Precious
100
1%
1%
16%
109
13%
conv preferred
37%
4234
102
2%
18%
*25
11%
11%
98
%
%
10%
59%
20%
127g
"V.000
5%
1%
1%
16%
*125
3%
3%
*6%
6%
*107
109
1%
2%
86
84%
11%
11%
15%
*6%
43%
%
22
400
*106
42
13%
*42%
62
18%
*82
11%
*11%
15%
*1%
*15%
2%
*94
*18%
Follansbee Steel Corp,
,37
1%
1%
17%
42
102
105
%
Florsheim Shoe class A .No par
100
100
37
126
13
300
30
126
13%
45
13
31
*147% 149
®
13%
*42%
*1%
2%
*81%
*43
*105%
*102
*10
52
37%
13%
14
%
12%
10%
31
30%
*%
22%
*30%
37%
13%
*13%
6%
12%
*10
*42
*29%
4
109
427g
First National Stores-.No par
Flintkote Co (The)
No par
Florence Stove Co
No par
400
"""266
58
57% 59%
58%
59% 607g
59%
20
20
20
20%
20
20
20%
20%
12%
12% *12%
13
127S
13%
13%
13%
13%
20% 20% *20%
21
20
*19%
21
20%
20%
20%
102% 10434 *102% 104% *102% 104% *102% 1G4% *102% 10434
11
11
*11
11
11%
10%
10%
11% *11%
11%
3
3
3
3%
3%
3%
3%
3%
3%
*36%
3634
37
37
36%
36%
37% 37% z37%
37%
6%
6%
6%
6%
7
6%
7%
7%
7%
7%
63% 63% *62% 66
64
64
*65
66
66
66
*10%
31%
14
*3%
6%
*107
*%
*18%
22%
19%
41
56%
*434
*11%
25
25%
*25
25%
*138% 141%
105
41
*19%
13
14%
13
*102
%
13
14%
*12%
105
*10
109
%
%
%
5
*107
13
*11%
10%
6
3®4
6%
109
13
*%
*18%
41%
42%
427g
125% 126
800
1,800
3%
4%
42% 43
125% 125%
*40% 41%
3%
3%
*6%
6
6% preferred series A... 100
43%
11%
42%
125%
Filene's (Wm) Sons Co.No par
Firestone Tire & Rubber... 10
700
*3
4%
42%
"l'ooo
119
*6%
*10%
125
Par
*35
4%
4%
4%
4%
4%
4%
478
484
7
7%
*6%
7%
*6%
7%
7%
*11
11% *1034
*10%
11% *10%
11%
11%
*51
*51
*51
53%
*51
53% *61
53% *51
53%
53%
5
♦4%
5
5
5%
*4%
5%
478
*47g
5%
*4%
*100
*100% 106
104
*100
104
*100
104
*100% 104
*100
*61
51%
61%
51
51
61%
50%
61
51%
51% 51%
*6%
6
6%
6%
6%
6%
6%
6%
6%
*139% 146
*140
*139% 146
148
*140
148
*140
*139% 148
*4%
4%
4%
43g
4%
4%
4%
4%
4%
4%
4%
*4%
484
434
*4%
4%
4%
4%
4%
4%
4%
13% *12%
*12%
13% *12% 13% *12%
13%
*12% 13% *12%
84
84
*82% 84% *82% 82%
*83
84
*83
84%
83%
19
19
*18%
19
*18% 19
*18%
19
18%
18% *1734
*127% 128
*127% 128
129
127% 127% *128% 129
*128% 129
32
32%
32%
32%
32%
32%
31%
3278
32%
32%
33%
35%
35%
35% 35%
35% 35%
35%
36%
36% 36%
36%
*113
118
*113
118
*113
114
118
114
*113% 118
*113%
%•
#u
%
9i»
®ie
»»•
%
%•
6g
"16
%
*85
85
85
*85
87
89%
85
85
85
88
87
83
*81%
84
83
*82% 84%
83
83
83
83%
*8334
*129
*129
*129
129%
129%
129% *129
129% *129
129% 129
*6%
*10%
Range Since Jan. 1
On Basis of \wy-Share Lots
EXCHANGE
3%
43%
*106
.
STOCKS
NEW YORK STOCK
the
$ per share
*116
April 5, 1941
for
Week
*11%
20
*13%
20% *11%
20% *11%
20%
*11% 20% *11% 20%
*16%
16%
16%
17
17
16%
16%
16%
16%
16% *16%
16%
102% 10212
103% 103% 103% 103% 104% 104%
103% 103% *!027g 103%
36%
35%
35%
36
36
3534 *35% 35%
35%
357g
3534
35%
13
13
*13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
31
31
31
*30% 31%
*30%
31
31
31%
31%
31% 31%
*23% 24% *23% 24% *23% 24%
25
25
24%
24%
25% 25%
*5
6%
6%
534
*5%
5%
*5%
5%
*5%
*5%
5%
5%
*23
*24
27%
25
25
*25
27% *24% 27% *24
26%
27%
27% 27% *27% 28%
*27
28
*27
28
28
27%
27% *27
*105% 106% *105% 106% *105% 106% *105% 106% *10.5% 106% *105% 106%
15
15%
*15%
15%
15%
15%
15%
15%
15%
16%
15%
15%
5
Sales
Friday
Apr. 4
3
Apr.
Record—Continued—Page
6
% May
35% Apr
934 Nov
16%
110
Apr
Mar
60% Jan
38% Dec
16% Apr
71% Apr
112
Dec
6%
50%
Feb
1%
Feb
7%
Feb
27
Jan
Jan
6%
Feb
1
Jan
t Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 6
152
HIGH
SALE
PRICES—PER
Saturday
Mar. 29
Monday
Mar. 31
Tuesday
$ per share
$ per share
$ per share
*7%
7%
Apr.
1
Apr.
Thursday
2
Apr.
$ per share
714
7i2
73g
7*2
16
16
I6I4
16U
I6I4
I6I4
*16
*4012
42
4H2
42i2
42i4
4214
NOT PER
SHARE,
Wednesday
10.500
3,000
42
42
42%
4%
*42%
4%
43%
4%
180
4
42%
4%
19%
6%
24%
101%
2012
2012
6I4
*1934
203g
*20
20*4
20
20*4
19%
57g
6ig
2412
57g
2314
6
23
5%
*23%
...
101
*23
2414
101
101
*154
101
23
23
101% 102
*155l2
101%
*156
*156
20
600
2,600
6%
24%
24%
100
1,100
101
*156
....
I,200
'
Illinois Central RR Co
Leased lines 4%
RR Sec ctfs series A
100
34% Jan
6
1000
2% Jan
2
4-% Mar 31
19
Feo 19
21% Jan 27
5
Feb 13
...No par
No par
22% Feb 19
100
Inland Steel Co
No par
155% Feb 10
74% Mar 5
9% Feb 19
77
7634
77
77
77
76%
76%
77%
77%
1*300
10*2
1012
10l2
10*2
10%
10%
10%
11%
11%
6'g
6i8
6*8
6%
6%
*6
*6
800
Insuranshares Ctfs Inc
*20i8
21i2
*2038
2138
*20 lg
21l2
109i2
*20%
21%
6%
21%
11%
6%
3,100
618
*21%
22%
100
Interchemlcal Corp
*334
8I2
4
8i2
*109
334
3%
37g
4
4
4
4%
85g
834
8%
8%
8%
8%
8%
9
109
109
■
*1%
1%
*3514
*35%
1®4
*15s
134
158
15g
39
*3514 39
*3514
39
155
15518. *152
155*8 *153
4734 48 t
48*8
48*2
48*4
48*2
*153
*160
16212
13s
1%
8
S's
3%
3%
263g
26'2
*12712 135
13l2
13'2
64i2
6434
*2
162i2 162l2 *161
13g
112I
2658
*127
*3%
2634
1312
13%
647g
65
*36%
39
*3934
4012
*3934
29%
40
297g
34l2
*3334
29'g
35
*34
110
*101
23g
212
V 2%
2%
2*2
2%
25g
7%
75g
758
734
*84
89
*8
*28'4
*122
40
40
29%
2%
2%
734
34%
64%
*134
36%
2
37
*33%
2%
115s
lll2
11*2
11%
39
39
39
10312 103l2
12 !g
....
43s
*173g
18
*12i2
13%
5934
11%
39
*119
....
4*2
18
4%
19
*12*2
13%
*12%
40%
29%
34%
14%
66%
2%
38
40%
29%
35%
108
28%
19,300
14%
66%
2
*36%
40%
29%
35%
*100
14%
24*666
67%
8,700
300
Intnational Salt
No par
29%
35%
900
International Shoe
No par
400
International Silver.......50
7% preferred
100
Inter Telep & Teleg
No par
Foreign share ctfs...No par
8,400
2,700
90
90
90
*8
8%
29%
94
8%
11%
*39%
8%
11%
40
*119
.8%
11
11%
*39%
70
*10214 106
4%
11
4
14
Mar 31
44
55
Feb 14
100
"9" 300
20%
20%
900
13%
*12%
13%
12%
12%
13%
13%
200
7
*102% 105
*102% 105
*102%
105
*103
105
34%
33%
13%
33%
*12%
*31%
13%
32%
1%
1%
26%
1314
33t2
*31%
2
*178
2
2634
2634
2334
26%
26%
26%
*23%
2334
2334
23%
*2'g
2212
314
225g
*27g
3%
*2%
2234
2234
2234
26
25%
25%
25%
7
114%
212
2%
234
%
34
12*2
2212
5%
*3434
8312
36
8312
22%
22%
22%
22%
"5",500
25%
25%
25%
25%
25%
25%
1,200
25%
»ie
317g
5*2
28%
25
*734
*5s
3114
2
24%
25%
2*2
*12%
22l2
2
28%
12%
11412 *114
3%
20*2
2
24%
*6%
8
3%
3%
20%
20%
21
*20
2%
234
3%
20%
12%
22%
32%
5%
32%
5%
3434
3434
5%
*3434
83%
55g
36
83%
*82"
8%
26%
"""360
21%
21%
300
115
114
114
5%
33%
84
84
84
84
84
84
*180
181
*180
181
*180
84%
2034
2034
*19%
2034
*20
25U
25
25%
36
35
35
*24%
34%
*33%
10
10
10%
*10
25%
34%
10%
15*8
*14%
15
2234
2234
*223g 227g
31%
3134
31l4
317g
*107l2 108% *107% 108%
1812
18%
18%
1834
37i2
*234
*15
37i2
*3734
38
278
2%
278
15%
15%
15%
24%
10
14%
15
5%
33%
84%
25
15]8
20%
12%
%
3%
20%
12%
*112
3%
3
15
2%
700
21
1,000
21%
*12%
12%
800
34
4,600
5%
5%
5%
33%
33%
84%
84%
*20
25%
84%
85
181
20%
26%
35
34
5%
34
*83%
841-t
*179
700
85%
3,800
*20
26
2%
2%
100
600
*129
*108%
*108%
17%
*17%
....
136
135
135
*129
*129
...
27%
*2612
27%
27
27
*24
2414
24%
24%
24
24
*1134
12
12
12
12%
12%
*25
26%
25
25
*2
2%
2
2
*634
734
*6%
7%
*12i2
13%
*12%
13%
*7g
1
9%
412
9%
1434
1434
28
28
4l2
*9%
*24
9%
25
25
25
*170
176
*48%
*2%
*26*4
*105
13%
4834
3
29%
....
1334
*%
4%
*27%
*25
134
*7
*32
13
32%
25
25
12
12
*12%
4%
4%
10%
14%
27%
9%
24
26
434
9%
28
28%
2734
2734
9%
27%
24%
2534
*23%
25%
*174
48%
*2%
*27%
*105
*13%
*9%
2334
*25
25%
176
*174
4834
48%
*2%
3
*27%
29%
...
1
176
49
3
29%
13%
13%
13%
*32
32%
7%
7%
*3%
3%
27
3%
3%
27%
27%
33
14%
9%
25%
*48%
22% Feb 19
Link Belt Co
33
34
8%
7%
3%
3%
27%
2734
27%
7%
3%
27%
day.
30% Jan 14
No par
107% Jan 31
100
2% Feb 15
1334 Jan 30
10
...100
7% preferred
Feb
108
1
Mar
17
10
1
Mandel Bros^__.
Manhattan
25
Feb 17
Marine Midland Corp
4% Jan 30
7% Feb 18
13% Jan 17
5
23
Feb 14
8
Feb 14
23% Apr
26%
600
Mathleson Alkali Wks. No par
Co
100
.100
May Department Stores
10
Maytag Co
No par
$3 preferred
....No par
$6 1st cum pref......No par
MeCall Corp
.No par
McCrory Stores Corp
1
6% conv preferred......100
700
McGraw ElecCo
7% preferred
176
"i~66o
3
30
*105
500
900
1
1,100
McGraw-Hill Pub Co_.No par
4
24% Feb 15
174
Feb 19
48
Mar 28
2% Feb 24
25
Jan
8
103% Jan 23
12% Jan 7
13
Mar 29
1,300
Mclntyre Porcupine Mines. .6
31
7%
2,100
McKeesport Tin Plate
3%
9,500
29%
9,200
7% Jan 2
3
Feb 18
24
Feb 19
29%
t In receivership,
d Def. delivery.
10
JMcKesson A Bobbins, Inc..5
$3 series conv pref...No par
nNewBtock.
r Cash sale.
*
Feb
3
34%
3%
Apr
Dec
16
May
23%
4
16% Jan
8
28% Jan
9
6
Jan 29
19% Mar 11
Ex-dlv.
18% May
3OS4
Apr
Dec
27
May
41
Apr
9
May
148g
Apr
10% May
22% July
20% May
97
May
18% Mar
41% Apr
37% Mar
109%
16% May
39%
29
June
46%
2
May
Jan
9
3% Jan
15% Jan
3
6
13% June
110% Jan 18
105% May
19% Jan 15
Jan
17%
33%
Jan 10
17
4%
1834
27
Jan 14
20% May
May
3184
31
1284
1
8% June
2
21% May
1% Aug
4
May
38
11% May
84 May
16%
2% Mar 10
1% Apr
4
5% Jan 14
11% Jan 8
15«4 Jan 27
3% May
2% May
834 May
2634 June
3034 Jan 6
12% Jan 6
28% Jan 13
6% May,
2D4 June
30
Jan 22
21
June
175% Feb 10
53% Jan 23
160
June
36% May
27g Jan 14
2% May
2734 Mar 19
106% Mar 25
96% June
14
Apr
4
1478 Jan
6
20
May
10% May
Apr
Dec
Jan
Nov
Jan
136% May
12% Apr
Jan
Apr
Apr
Jan
Apr
Jan
109% May
30%
103% Feb 20 lllTu Jan 30
22
Mar 31
25% Jan 11
9
Jan
9
7% Feb 19
*34%
29%
Apr
109%
188%
6% Mar 22
No par
3%
109
May
June
14% Jan 13
1
No par
27%
May
87
3
Martin-Parry Corp
35%
7%
87
169
37% Jan 14
11% Jan 6
34% Jan
Apr
3
2034 Mar 27
Jan
45
Jan
3
Jan
Jan 14
Masonlte Corp
...
Jan
I284 Mar 25
Martin (Glenn L)
48%
Jan
4
500
48%
*2%
May
1% Feb
3,800
*27%
33
35
4,100
3
Jan 18
65
9%
29%
Apr
May
23%
49
9%
2534 May
128
Sept
9%
23%
*25%
May
38
23%
*174
5
21%
28%
26%
Jan
Jan 23
25%
3
Feb
53%
163%
Mar 31
84
14
29
Dec
11
534
No par
Shirt..
24% Nov
15% May
25
Maracalbo Oil Exploration— 1
15% May
138% May
23% Feb 14
—
Jan
484 Nov
2
Feb 14
__
Macy (R H) Co Inc...No par
Madison 8q Garden...No par
Copper
Co
Mar
26
..No par
Jan
1%
% Dec
May
June
134
6% preferred
Mack Trucks Inc
4
9% May
18% May
98
162
Dec
116% Dec
30
8
100
100
7% Nov
Jan
9
96% Jan
109
25
2
Jan 13
189
30
3534
15% May
Jan
12% Jan
39
16% May
18g May
Jan
45% Jan
7%
21% Sept
16% Jan
100% June
223s Jan 22
24
May
8% May
117g Dec
3% May
19% Jan 10
Market St Ry 6 % pr pref.. 100
176
84
4
4
3
17% Mar 18
15684 Mar 27
Louisville Gas A El A..No par
8
116% Jan
3% Apr
40
36% Feb
Long Bell Lumber A ...No par
Loose-Wiles Biscuit....
25
5% preferred
Lorillard (P) Co.
Feb 19
14
1
Lone Star Cement CorpNo par
Marshall Field A Co...No par
7%
3%
7%
20% Feb 14
.....Nopar
$6.50 preferred
Loft Inc
880
8%
*34%
35
34
Feb 10
6,100
14
14
*13%
14
14%
13%
13%
13%
13%
*13%
13%
104% 104% *103% 105% *103% 105%
*21%
22%
22%
22%
*21%
22%
8%
No par
2,900
*13%
Bid and asked prices; no sales on this
*105
7%
3%
7%
18% Mar 11
Lima Locomotive Wks.No par
4%
9%
*27%
82»4 Mar 27
Jan 27
9%
15%
28%
28
*2%
3
29%
Mar 26
81
179
4%
10
15
23%
*25%
Feb 19
33% Apr 2
5
9%
14%
27%
4%
9%
48%
49
*2%
*27%
4%
;
Feb 14
Mar 31
Feb 1
Mar 3
Mar 29
Lily Tulip Cup Corp...No par
900
600
14%
*174
176
*174
*105
*105
14
.100
Jan
% Feb 13
2%
20%
11%
2l7s
31%
25
Series B
M anatl Sugar
1434
9%
Corp (The)
.'
Lehn A Fink Prod Corp
Lerner Stores Corp
No par
Llbbey Owens Ford GI.No par
Libby McNeill A Libby
7
Life Savers Corp
6
Liggett A Myers Tobacco-.25
9%
8% Jan
87g Jan 13
50
Lehman
Jan
Apr
27% Jan 10
25% Jan
2
Apr
Feb
3
3
Jan
15% Nov
4
23% Feb 20
20% Mar 26
Jan
Apr
Dec
34%
Jan
Mar
38%
29%
Jan 13
1%
105
23% May
13
113
May
9%
22% Aug
Jan 30
3
26
Jan
10
Apr
18% Nov
29% Jan 10
Feb 15
7
87% June
24% May
109
27% Jan
31% Jan 21
138
Jan 21
"""166
Jan
Jan
70«4 Jan 27
1%
15%
Feb
Feb 18
7%
Apr
May
Apr
Mar 26
13%
7%
20% Nov
9
284
6% Feb 14
2
12
.50
1
5
6% conv preferred
Magma
9%
100
3
Feb 15
17% Jan
Lehigh Valley Coal....No par
800
14%
2% Feb 15
6
4% conv preferred
£ Lehigh Valley RR
400
1%
121
May
26
28g Mar 10
60
*7
3% May
11
31«4
26% Jan 13
28
*13
Apr
Mar
17% May
19% May
2
May
29% Jan 25
24
Lehigh Portland Cement...25
2
1
16
46%
Louisville A Nashville—..100
7%
Dec
2734 May
l%May
Feb 14
No par
Lee Rubber A Tire
9
Jan 10
1% Jan24
23% Feb 15
*22% Mar
100
2
38
Laclede Gas Lt Co St Louis 100
5% preferred
37% Jan
13% Jan
29% Mar 24
22
Lambert Co (The).....No par
106
MacAndrews A Forbes.....10
13%
Jan
109%
Feb 14
25%
*7
132
48% May
9% June
117% May
12
No par
Keystone Steel A W Co No par
Kimberly-Clark.......No par
Kinney (GR) Co
1
$6 prior preferred...No par
Kresge (SS)Co
10
Kresge Dept Stores
1
Kress (8 H) A Co
No par
Kroger Grocery A Bak.No par
2
; 1
Jan
122% May
Feb 14
25%
*12%
77%
31
2
1
Jan
Mar
June
Kennecott Copper
25%
7%
17
52
9
44
Kendall Co $6 pt pf A ..No par
*1%
12%
May
3484 May
Jan
25%
*%
Deo
Dec
484 May
2
*7
Jan
33
130
8% May
25%
12%
June
95
*1%
7%
20% May
122
4
Mar 26
100
700
8%
2
8% Jan
2,300
2,100
6% May
Jan
9
25%
%
25
12%
80
400
Dec
Jan
134
1434
7%
•
24%
12%
10%
7%
*26%
24%
10
9%
25
27%
13%
4%
28%
24
28
....
28
27%
%
434
*132
*12
*12%
1
...
27%
*14%
*24
*132
...
"1*500
92%
Jan
Jan
25%
13%
13% *13%
*104% 105%
*103% 105
*104% 106
22
22%
*2134 22%
*22%
2234
*8
*8
*8
8%
8%
8%
13
....
...
Jan
74% June
4%
18
Loews Inc
14%
10%
106
1
3,400
*2%
43g May
Jan 22
14% Feb 28
6% Feb 19
98% Feb 21
Class B
3,000
14%
Dec
Jan
984 Feb 17
13,400
1,400
Nov
Dec
14% Mar 24
300
Jan
30
109 (
4'4
15%
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
15
36%
13% May
97% Jan
184May
1% May
104%
Lion Oil Refining Co ...No par
15
Dec
Dec
700
10%
15
Feb
39%
May
3,200
10%
14%
4
14% Jan 10
104% Jan 27
Jan
56%
7
200
10%
Jan 10
53s
June
26% May
25
May
92
35%
14%
15
2,200
5%
20-% Apr
I84 May
37
Jan
Jan
21% May
73
Apr
6
Preferred
20%
26
12% Jan 10
10% May
40% May
38%
133
Jan
Mar 19
7% Feb
*33%
10%
*2%
500
85%
10
15
6,600
181
*108% ....i*108%
*108%
18
17%
18
18%
17%
17%
17%
17%
*1712
18
157% 158%
158% 158%
15812 158%
158%
*155
158% *155
158*2 *155
19%
19%
19%
*19
*19%
19% *19%
19%
19%
19*2
19%
19%
70
70%
*68
68%
70%
68%
66
67%
6734
66%
65*2 6534
29
29
*27
29
*28% 29%
*27
29
*27
29
*27
29
*108
200
22
33%
*33%
2%
v
22
25%
35%
15
2,200
33%
33
20%
*2%
*14%
15
II,200
%
3%
23
23%
23%
23%
22%
22%
22% 22%
32
32
32%
32%
32%
32%
3134
31%
108% 108% *107% 108% *107% 108% *107% 108%
18
18%
18%
18%
19
18%
18%
18%
38%
39
38%
38
38%
37%
38%
38%
*2%
80
114
9
9
June
8
Lane Bryant
22
*22
*179
181
*19*2
15
%
3%
12%
8%
3%
%
3%
%
■>.
*7%
3
3
2%
*3
181
10
*7%
*25%
21
84
*19%
800
26
*178
*3412
110
12%
21
*83
84
7
23
12%
26
22%
33
12%
22%
*6%
*21%
12%
21
*12%
22%
32%
12%
40
7
21%
26
20%
22%
32
3%
*25
20%
22%
3134
*6%
21%
12%
*3
*7%
20%
*12%
3%
*20%
34
*%
7%
23
*3
300
440
1,600
12%
8%
114% 114% *114
*3
200
28
*21%
25%
20%
200
32%
2
7%
*734
13%
*31
24
12%
8
20%
*12%
28
22%
*24%
30
13,600
2
*634
207g
12%
32%
:
Feb 11
110% Jan
19% June
109
4
104%
34%
Jan
12% Mar 10
Keith-Albee-Orpheum pf._100
27
22%
*2434
34%
7
Jan 16
63% Jan 13
121% Mar 12
2
Feb 14
4
15%
.....100
Kaufmann Dept Stores
1
KelBey Hayes Wh'l conv cl A. 1
300
Jan
7
120% Jan
Southern.No par
4% preferred
T666
23%
3%
22%
*1%
*12%
*20*2
12%
*31
104% 105
34%
Kansas City
Jan 10
128
100
27
12%
7
34%
10
9
124% Mar 26
100
Feb 14
11
Feb 6
6% conv preferred......100
Kayser (J) & Co
...5
120
23%
*2%
22%
227g
123s
8*2
25*2
*314
32%
12%
227g
*1218
*20lg
23%
3%
22%
25%
34
13%
32%
33%
*12%
67g
2234
*19
*114
34
Kalamazoo Stove & Furn
Anr
500
7
7
Preferred
Kan City P & L pf ser BNo par
...
20
7
33
39
Jones & Laughlin St'l pref.100
Jan
Mar26
133% Feb
1
20
Jan
94% Jan 17
8% Mar 15
No par
100
19%
7
Mar 21
Jan
Dec
Apr
35% Mar 21
No par
11%
5
124
173
7
2% Jan 16
3934 Jan 2
41% Jan 10
31% Jan 30
Johns-Manvllie
1,100
4%
1
Deo
14%
3
Feb 14
62»4
5% May
3% Jan 10
8% Apr 4
7
Dec
3% May
Feb 17
Feb 24
2%
44
191% Mar
4
Feb 13
87
Mar
5% Nov
12% Jan
4
16% Jan 4
68% Mar 19
Jan
May
113
Apr
538
Jan 13
102
1
18% May
15%
1% Dec
2
28% Feb 21
1
6
2
5% Feb 19
No par
...
3
131
Jewel Tea Co Inc
4%
19%
*6%
*31i2
*l7g
*734
Interstate Dept Stores .No par
Preferred
100
Jan
Jan
2% Jan 10
Jarvls (W B) Co
102% 103%
*119
4%
95
3
Jan 16
170
300
1,300
11%
100
2% Jan
49
"2" 700
40
*18%
7
*6%
7
*12%
*634
337g
*6%
337s
*125g
*25
5% preferred
$6 preferred-.....
59%
59%
*125% 127
101
101
101
101
100% 101
100% 100%
*100% 101
7%
7%
7%
7%
7%
7%
*7%
7%
7*8
7*8
7%
*102
109% *102
109%
109% *102
109% *102
1097g *102
109% *102
15%
15%
*15%
16
16%
*1514
16
*15*2
16
15%
15%
16%
335g
57% Feb 19
1% Feb 17
36% Feb 26
38% Feb 21
*28% Mar 13
25% Feb 16
40%
23:666
*88
5% conv preferred
100
InternatRys of Cent AmNo par
150
8%
Mar 28
10% Feb 19
200
108
23% Feb 19
128
15
Inter Paper & Power Co
2
2%
90
100
38
2%
2%
2%
1
Preferred
8%
2%
Corp
157% Feb 20
1% Mar 27
Int Nickel of Canada.-No par
135
*7ig
7
6% May
4
28%
*127
*10012 101
*6%
June
2% July
28% Apr
28%
135
2%
2%
4%
91
378 Jan
500
19
4%
4% Feb 28
11% Jan 2
9% Jan
*100
*119
*119
4*2
473g Mar
Jan 30
5934
19
21% Aug
7
64%
*1%
11%
39%
25% Jan 14
113% Jan 28
3% Feo 14
3%
8%
11%
7% Nov
Internat'l Mining
3%
2%
2%
*39
4% June
Int Mercantile Marine.No par
59
59
59% 60
59%
*124
127
125
125
*124% 127
*124% 127
103
103
104
104
103
1035s 104
104%
*11%
1134
*11%
12%
*11%
12
*11%
117g
59
7% May
2
4,500
3%
Island Creek Coal
59
*12434 127
66% May
6
May
300
397g
Nov
9
6% Jan
145
100
29
*29
28%
28%
29%
29I4
*28%
*29% 29%
13334 *124*2 13334 *124% 13334 *124% 133% *124% 133% *124% 133%
8%
94
90% Jan
13% Jan
Int. Hydro-Eleo Sys class A.25
Intertype Corp
*7%
814
29%
Apr
900
Preferred
Jan
Jan
158
162% 162% *160% 163
*1%
1%
*1%
1%
8%
8%
8%
8%
400
29
118
May
May
Mar 22
Apr
May
38
37
984
72
5384 Jan 10
300
*8
163g May
Jan
Nov
23
140
46% Feb 19
8
7%
May
Internat'l Harvester...No par
48
*2%
2%
*2%
7%
Dec
5
2,300
48%
*1% - 1%
*36% 40
153% 153%
8
2%
20
48%
*36%
108
1
6%
June
13%
40%
29%
34%
*39%
29%
Apr
3% Feb 17
7% Feb 14
1% Apr 3
Dec
136
28
13%
109
Apr
167% Jan 10
*127
13%
64 /
6% preferred
Intercont'l Rubber....No par
Interlake Iron.
No par
43%
146% Feb 19
3%
135
*100
89
*lll2
4U
29%
110
♦39
*119
65
2
*34%
27%
6,100
Jan
June
Int. Business Machines.No par
162% 162%
*1%
1%
8%
500
9
20% Mar 26
Jan 10
jan
31
Internat Agricultural..No par
Prior preferred
...100
47%
3%
27%
220
4%
8%
No par
100
Jan 10
161
share
133s
24%
800
1%
39
153%
7%
*3%
109
*4
Feb 25
6
1
26
111% Jan 22
per
May
284
3
Highest
12
"""560
1%
*37
153
*127
13%
1%
153% 153%
48
48%
39
109
8%
8!4
*58%
*lli8
28%
36%
*84
89
*84
8I4
4
36-%
*101
110
*2i4
:
2
i
li2
135
13%
64%
2%
3834
*2912
26%
*127
*3634
*101
8U
4
135
*2
16234
li2
8%l
*3%
218
110
109
334
*10912 112i2 *10912 111
Inspiration Cons Copper...20
97% Mar 10
6% Apr
per share $
5% May
17% Apr
6% preferred
Industrial Rayon
Ingersoll-Rand
0'8
21%
8% Jan 10
4
42% Mar 31
10%
*75%
Feb 18
$
13
Indianapolis PAL Co .No par
Indian Refining
10
*
Lowest
$ per share
6% Feb 15
100
Year 1940
Highest
share
per
Range for Previous
6% preferred series A...100
6'8
77
$
Par
10*8
*76
>
1
650
20
6%
Lowest
Shares
8%
4
101l2
$ per share
17%
414
*23i2
Week
4
7%
17%
4
*154
On Basis of 100-Share Lots
EXCHANGE
7%
17%
438
*101
Range Since Jan. 1
NEW YORK STOCK
the
7%
16%
438
6
STOCKS
for
73a
16*2
7%
4*8
*57g
Sales
Friday
Apr.
$ per share
4ig
6U
3
CENT
2199
4%
Dec
Apr
Jan
Mar
Apr
7% Mar
Jan
l%May
5%
Oct
1384
Dec
16% Nov
4784 Apr
1484
Apr
40%
3234
Apr
Jan
173% Dec
63% Jan
4%
30%
105
16%
Feb
Apr
Mar
Jan
17% Apr
May 111"»« Dec
29
Apr
17% May
6
June
9% Apr
10
May
93
June
47%
Jan
934
Jan
9
5% May
37g
Jan
6
3% Dec
12%
884
Apr
2934 Apr
4
17% May
32%
Apr
35
Apr
y Ex-rlght.
2
26
Jan
1 Called for redemption.
New York Stock Record—Continued—Page 7
2200
LOW
AND
SALE
HIGH
PRICES—PER
Saturday
Monday
Tuesday
Mar. 29
Mar. 31
Apr.
$ per share
$ per share
$
1
Apr.
ver share
Friday
Thursday
Apr.
2
% per share
CENT
NOT PER
SHARE,
Wednesday
3
Apr.
I
$ per share
8 per share
74
*70
*63*8
2934
*3!%
23*8
70
2934
334
2334
*64
297g
74
*70
74
*70
72
*04
70
*64
70%
*64
70
*2934
30
30
30
*29%
30%
29%
334
4
4
4
4
4
4
*3134
7)4
24
24
24
32
32
32
hi
7a t
14
14
1412
14l2
*77l2 79
*111'2 11312
*115'2 11678
3034 3678
*3712
3912
24i4 2414
*9
1534
*20
,
*312
54i4
914
1534
20*8
334
54U
11
*1014
*6278 63%
*nn2 ii3i2
*6
614
*4834
50
4i8
418
1734
18%
284
234
1734
1834
6
6
7
'
"""400
4%
2,100
24
2434
25
3034
2434
28%
25
29
25%
25
490
28
27
29
7,000
32%
7%
31%
31%
31%
31%
30%
7%
3034
400
15%
8,200
234
*%2
%
14
%
%
2%
2»4
*31«
2*8
1n
*ht
1K
732
2,900
j
119%'
32
42
500
90
700
|
...J
20
1,200
3%
62
200
10%
2,000
3,300
3
2%
%
2%
*'32
%
300
7
7«2
732
1,300
3
14*8
14%
14%
14*8
14*8
1434
14% *14%
15%
80
80
77i2 77%
79%
79%
78%
7834
80% 801"
*110
113l2 11312 ♦112
113%
112% 112% *112% 113
116%
115l2 11034 *115% 11034 *115% 11034 *116
116% *116
110%
367g
37
3634
367g
37%
3734
3034
37
37%
37%
*38
*38
*37i2 4H2 *37% 41% *38
39
41%
3834
25
26
2e
26
2412 2434
26*8
2534
26
26%
0
9
*9
9
9
914
9%
9%
9%
9%
15*8
15%
15%
15*«
1.534
I.534
*15%
16
15%
1534
2034
2O84
20%
20% *20%
20%
20% 2034
20% 20%
*3%
3%
3%
3*g
3*g
*3%
334
334
*3%
3%
*53
*5414
54%
5534
54%
54%
54%
.5534 *53
55%
*1014
11
*10%
107g
10-%
*10%
1034
*10%
1034
10%
04
04
64
05
*63
64
6334
6334
*64%
65%
*112
*112
114
*112
114
113l2 *112
113% ♦112
*4834
4ig
18
6
57«
6
50
*4834
50
4'g
18
18*8
*6
18*s
6I4
4%
17%
18%
4%
17%
18%
*6
0%
5%
5%
534
*4834
4%
17%
18%
50
4%
17%
18%
50
63g
8%
6
*6
4%
6
0%
50
*48%
500
1,300
Mengel
55
55
55
55%
54%
*5
5i4
5%
5i4
*914
9l2
9ig
9i2
46*4
*49i2
46*4
47
47
47
50
50
50
50%
*414
*912
43g
4ig
414
*4%
50%
4%
978
*9%
*9%
9%
*4%
9*g
*834
9i8
87g
*1414
934
87g
*834
9
*8%
.
5%
*9%
5%
5
9%
9%
47
55%
5%
9%
47%
51%
4%
37
Miami Copper
..5
Mld-Contlnent Petroleum.. 10
Midland Steel Prod
No par
30
No par
7% preferred series A...100
1% Jan
$4.60 preferred
Preferred series B
47%
50%
May
26%
Jan
100
1,300
5,800
"""200
100
4,000
"2",800
41
10034 10978
*20
26*8
»6l2
6*8
012
2434
2434
2434
*107
108
*34
12*8
*1314
137g
30
30
*21
22
*5
6
»9i4
107
36l2
1278
1034
6*8
25%
109
58
%
%
»4
*'8
29
26l2
29
13U
137g
13
30l2
307g
30%
*2H4
2112
21%
534
534
IOS4
*5
58
10
37
12%
13%
13%
13%
30
31
20%
21
*5
10%
114
6
*9%
*112
Nashv Chatt <fe St Louis
6%
al#
3l«
2,900
%
Ml«
3,300
%
29%
*%
1
*%
%
29
29%
20%
30
*26
27
27
27%
*25%
27
211
212
209% 209% 212
212%
*114
118
*113
118
♦112% 118
29%
29%
15%
14%
15%
14%
14%
5012
56%.
55%
56%
55%
*56%
*55%
14
14%
14%
97
6%
6%
97
6%
14%
*96*8
6%
*12l4
7>s
15i2
*734
*97
3U
157g
"148
778
30
13
*24%
12
30
*24%
30
12%
*12
13
7%
7%
7%
7%
7%
15i2
8
15%
778
153g
778
15%
1534
7%
100
*97
100
314
*3%
3*8
1578
15*8
15*8
__
77g
46
*45
46
*21
217g
*21
217g
*51l4
*116l8
42
*712
2*8
11%
—
42
8
2*8
12
52
52
*116%
42
*7%
16
23g
778
2%
11%
11*8
3*g
16
*8%
preferred-No par
16
148
148
7%
100
15%
1534
148
7%
99
267g
26%
35%
35%
26*8
35%
14
14
14
Bid and asked prices; no sales
on
Jan
25
Supply (The) Pa..10
conv
preferred
40
*3%
16
7%
147
54% Mar 28
478 Feb 19
8% Feb 19
68% Jan
*116%
42%
7%
2%
*11%
*116%
...
43
7%
2%
13%
6
*5%
43
Apr
5
Feb
6
3%
10% Jan
4
7% May
6
8%
Oct
10% June
May
25% Mar
Nehi Corp.
No par
........
8
1
13
16
Jan 18
14
79% Feb 10
45% Jan 16
72
July
36
May
100
107
Feb 14
100
June
10
25% Feb 19
6% Feb 14
1
20%
106%
32%
11%
11%
25
9
109
50
115
N Y Lack <fc West Ry Co.. 100
47
1NYNH4 Hartford
Conv preferred
12
*5%
12%
6
26
26%
261.4
11%
27%
35%
35%
35%
36
"13%
13%
13%
13%
this day.
Norwich
Pharmacal
Ohio Oil Co
10
834
Jan
8
6
2734 Jan
2
6% preferred
Otis Steel
21
200
Outboard
51%
52
150
Outlet Co.
100
Co
No par
1st pref. .No par
Marine & Mfg
5
conv
........
No
Preferred
"
280
160
var
100
Jan
21%
Jan
Feb 14
33% Apr
4
15
24% Jan
6
20% May
7
3% May
2
684
Feb 14
12
Jan
Jan 10
Glass Co. 12.50
Pacific Amer Fisheries Inc...5
Pacific Coast Co
10
1st preferred
No par
2d preferred.
No par
27
5 .30C
Pacific Finance Corp 'Call). 10
Pacific Gas A Electric
25
35%
13%
1,200
Pacific Ltg
1,800
Pacific Mills
"
Def. delivery,
n
Corp
......
New stock,
r
May
434 May
50
tan
39
Jan
33% Mar
8%
12%
Apr
Apr
112
Jan
7
104
May
115% Mar
115
Feb 24
110
Apr
54
Jan 24
45
117% Aug
58% Nov
Jan 13
lag Feb
%
June
%»
%
6
Jan 10
3134Mar 17
3234 Jan 8
13%
Dec
Oct
%
2
Jan
Jan
Dec
%
Jan
Jan
31 s4
Dec
20
May
Jan 25
175
May
35% Apr
226% May
2
105
May
117
Dec
17% Jan 10
14% May
23
Jan
5834 Jan
6
47% May
59
Jan
57% Jan 20
17% Jan 10
47% May
15
May
58
Jan
84% June
Dec
4% May
9%
3
9634Mar 19
7% Jan 9
113% Feb 1
26%
97%
Mar 31
10% Mar 31
Jan
7
Mar 31
Feb 19
14
20
20% Mar
51
39% Mar 17
234 Jan 11
27
Jan 11
1334 Feb
8% Apr
4
18% Jan
9
10
6
Jan
7
104% Jan 7
3% Jan 10
1734 Jan
150
8
Jan 11
101
May
27
May
11
Dec
10% May
7% May
95
May
2% May
11% June
12434 June
7
21
May
5
19
June
6
55
Jan 17
47
May
Mar 26
120
Mar 26
2% Apr
2
16
Jan
6
8
Jan
Feb 17
Feb 19
7%
11%
25% Feb 15
35% Apr 1
11
Feb 19
Ex-dlv.
y
June
4'4 June
2
May
5
var
42
6
11
par
115% May
8
10% Feb 14
No
May
49% Jan
9% Jan
3% Jan
6
May
6
3% May
Jan 28
9% May
28% Jan 24
25% May
40
Jan
8
33
May
14
Jan 10
8
May
Ex-rlghts.
Jan
Sept
5% June
10% Jan 10
Jan
114
Jan
2% May
25% Aug
53% Jan 10
26% Jan 6
15
19
40% Feb20
7% Feb 18
x
Nov
4
No
Cash sale,
10534
Feb 24
Mar
Feb
Feb
Feb
Feb
120
Owens-Illinois
Dec
8% May
1334 Feb 19
7% Apr 2
3
Dec
18%
95% Mar 17
15%
145%
7%
42%
27»4
110%
23% Nov
9% May
6
No par
Feb
15% Jan 10
15% Jan 10
100
No par
14%
Feb 19
Feb 19
Jan 15
Otis Elevator
Dec
6% May
30% May
Feb 15
Oppenhetm Collins
Jan
30%
6
6% Feb 19
par
Apr
20% July
6
2
12
Apr
Jan
34
1,500
6
Jan
91
53%
110
Jan
2»% Mar
No par
Equip
No
Omnibus Corp (The)...
21
a
111
Co..2.60
Oliver Farm
$5.50
! In receivership,
1
North States Pow $5 pf No par
Northwest Air Lines
No par
Northwestern Telegraph
60
Norwalk Tire A Rubber No
par
Preferred
50
200
26i"
Aviation
3%
1C%
3134
Apr
Apr
45
4
12% Feb 14
96% Mar 7
534 Feb 14
Northern Central Ry Co....50
Northern Pacific Ry
100
47
*35%
13-%
10
16%
2%
12%
*1034
North Amer
Co
8% preferred A.
300
11%
*10%
American
60
500
2%
Jan 17
Jan
3",700
2%
110
Nov
110
4% Feb 15
.No par
non-cum pref
Feb 14
Mar 8
Feb 18
20% Apr
..50
North
8%
10%
Jan 23
No par
5% preferred
49% Nov
Jan
Feb 17
6% preferred series A... 100
NYC Omnibus Corp..No par
N Y & Harlem RR Co
Aug
Mar 28
No par
Dock
34
77
N Y Chic & 8t Louis Co...100
York
Jan
48
41
Newmont Mining Corp
Newport Industries
New
9
26% May
No par
serial pref... 100
New York Central
Feb 19
117
7%
Jan
54
215
43%
14% May
May
Feb 14
4% Mar 31
9% Feb 4
200
...
Jan
8
43
Feb 25
7%
*2%
12%
*5%
*10%
7334
934
May
100
National Tea Co......No par
Natomas Co....
No par
Feb 19
42%
Jan
4% May
48
4
4
109
"116%
3R34 Sept
8%
5% May
49% Apr
200
734
Dec
Apr
Feb 19
100
43%
13% May
y2834
22%
41
100
....
7%
14% May
100
Adjust 4% preferred
90
6
10% Jan 10
Norfolk A Western Ry
2,400
3
6% Jan 10
900
1,500
147
Jan
6
7% Mar 20
26% Mar 29
"""400
99
52
26*4
35%
13%
27
31
Feb 19
Noblitt-Sparks Indus Inc....5
2,900
52
11%
23% Jan 10
Feb 19
6
300
30,200
52
11%
5%
17% Feb 15
26
24% Feb 14
8%
3%
8%
13
*51
5%
Dec
8,300
16%
7%
52%
1134
Dec
2
8
Jan
15334
Jan
16
June
176
1734 Jan
»»»
8%
3%
*146
7%
13
Jan
JN Y ODtario A Western.. 100
N Y Shipbldg Corp part stk._l
16%
52
10%
*
16
7%
100
13
21%
11%
131.1
3%
*3%
7%
16
21%
*514
26*4
*35*8
12%
7%
21%
*1034
6
12
Jan
96
66
Apr
May
21,200
7%
12%
June
7%
12
73$ Nov
734 Oct
Nat Mall & St'l Cast Co No par
National Oil Products Co
4
National Pow & Lt
No par
140
15%
15%
7%
7%
*98% 100
June
7% June
3
400
May
5% May
5% May
6
210
3
17
Jan
Jan 16
4
"
11% June
8% Jan 13
93% Jan 10
Jan
21"
Jan
13-% Mar
18% Apr
26%
15%
Jan
391"
Apr
20%
16%
132
96%
30
99%
Oct
zl60
96%
6%
*2%
Nov
934 May
6
May
2
96%
7
*24
Apr
Jan 15
96%
*38
19
Jan
97%
39%
2%
Dec
170
*96%
30
Dec
154
4,800
2%
15%
Jan
170
Jan 28
15%
*38
86
Apr
June
Feb 13
15
*24
14% Jan 10
6% Jan 14
12%
Dec
8«4 Sept
Sept
10
16%
24%
15
14
30
Dec
June
10%
Feb24
Jan 6
Jan 15
Mar 20
Jan
100
2334
9
Jan 15
11
Jan
Jan
5% July
7% June
155
Apr
Feb
22%
Jan
Jan
7%
June
Jan
Jan
Dec
53
145
53% Feb
*24
9
*11
1,600
324 May
Mar
8% Nov
172
50
10
June
83
111%
10
5}4 pref series
10
41
5% Nov
56% Nov
1534 Mar
100
500
*21
53g
Mar 29
May
Oct
100
7% preferred A
6% preferred B
5634
21%
1114
2634
3578
1314
Mar 24
5684
*21
514
National Lead Co
80
56%
14%
10
7% Jan
16
conv
4
13%
Jan 30
6% Feb 19
8% May
May
56
23% Jan
107g
18%
175%
13%
88%
17%
13%
May
97% May
11
*it
20
4
12
1
56%
14%
10
5% Jan
2% May
20
20% Jan 28
100
12,600
112% 112% *111% 1121"
8% Jan 11
51% Jan 27
Not Enam & Stamping No par
Nat Gypsum Co
56%
14%
6%
Feb 19
8% Mar 20
24% Jan 11
50
6%
11% Jan 23
71% Jan 10
112
Feb 14
6% preferred series
8%
*1034
4% Feb 15
7% Feb 14
6 CO
*46%
23g
4
57%
8
23s
Feb
57%
46
7%
13
57%
46
43
Feb 14
15% Feb 13
12% Feb 15
834 Apr 1
57%
46
....
86
14% Mar 25
55% Feb 17
*441"
42%
7%
Feb 14
6
Jan 15
100
"
30
*27%
28%
212% 213
*114
117%
14%
15
45
45
*116%
42%
100
*3%
148% 148% *148
8
8%
8%
*45
52
7%
*97
15
59
Feb 17
14%
57%
*110i4 112i8 *110% 112% *110% 111% *110% 111%
10
10
10
10%
10%
10%
39
39
*3812
*38
39% *38%
3934
39%
2
2
*2
*2ig
23g
2%
*2%
2%
*24ig
io
*53%
Feb 19
Jan 13
4% Jan
57
20
10%
J
14*8
56i2
54%
*96*8
30
3
*%
6I4
300
54
%
6'8
10%
114
%
¥%
*96*8
*9%
3i«
14
14i4
97
114
54
57
*lg
2914
54%'
10%
400
*112
*»I6
112
10%
1,100
6
3
12% Jan 30
10
N'port News Shi p&Dry Dock 1
0
Jan
24%
No par
$5 conv preferred
No par
N Y Air Brake........No par
6
166
par
100
05,500
2,300
8,500
Feb 14
16% Feb 19
100
6% preferred
Feb24
7% Feb 15
....10
Nat Distillers Prod
conv
100
7
5
Nat Bond <fe Invest Co.No
2
5% Feb 15
conv preferred.......10
Nat Aviation Corp
National Biscuit Co
4,100
*109% 111
*S32
1
24%
25%
24% 25%
107% 107% *107% 109%
*37
38
39
13%
13%
14%
14
15%
14%
15%
31%
33
32% 33%
20%
21
20%
20%
*112
*52%
s32
Co
Nat Automotive Fibres Inc__l
Newberry Co (J J)
5% pref series A
*37
13%
45%
4%
14%
17%
100
Nelsner Bros Inc
400
534 Apr
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp...
5
2,500
*109U 111
%
210
300
6,100
%
58
">S2
Feb 20
62% Feb 28
11034 Mar 3
par
7%
0
103g
7
7
114
%
*26l4
700
316
*52%
2934
2712
6%
111
*8
112
14
6
*35%
*32
118
*55l2
13%
3034
21%
24%
24%
*107% 109
%
*112
56l2
5714
36%
13%
6%
*32
.
'
210
*56
24%
6%
109% 109% *109
27
211*8
14*8
*13%
*112
*208
14*8
0%
109
36%
*51
•8
*®16
24%
*107
♦108i2 111
*10812 HI
115'
112
115
*52
0%
3612
*112
80
10634 109% *100% 109% *100% 109% *10634 109%
*26
2034
*26%
26%
26%
26%
20%
26%
*3512
1278
137g
*10
100
15
80%
"10634 109%
2618
26'8
3,900
400
*39
10
par
5% preferred.
100
Murray Corp of America.. 10
$4.50
300
*70
,
Feb 19
National Cylinder Gas Co
1
Nat Dairy Products
No par
Nat Dept Stores
No par
1,000
15
Feb 19
1,700
15,100
1,300
4%
40%
3
46
Munslngwear Inc.....No
Murphy Co (G C)
No
National Acme
Jan
1
5% pref series A...;
100
Nat Bond & Share Corp No par
Nat Cash Register
No par
9%
80%
5
2.800
9%
8%
*14
*40
par
Feb 19
No par
7% preferred
*4%
*76
8
15
35
par
1
$7 preferred
5^% prior preferred
0% prior preferred
*14
Jan
39% Jan
Mulllns Mfg Co class B
460
15
803s
120
800
1,300
42
July
200
54
*39
119
Feb
491"
*76
May
Apr
53
*13%
110
Apr
49
15
Jan 31
18%
$2
42
May
117
16
1,400
80%
Mar
119
30%
9%
*14
115
Nov
May
9%
*39
No par
Jan
z79
12
National Steel Corp
♦76
Mar 27
%
193s
7
21% June
8% May
National
15
112
Jan
Jan
% June
9% May
Jan
Jan
38
4
4,300
42
No par
1%
434
6
2,000
80%
88% Jan
Corp. .No
Corp
534
*76
Feb 14
Montg Ward & Co. Inc.No
5%
*39
6
Feb 18
15
77
1134 Nov
4
600
17
% Jan
13% Feb 15
10
%•
Dec
Dec
Jan
2,200
42
Jan
20
*i« Dec
1%
17% Jan
6%
80*8
%i Mar
7% May
12
19%
*1414
4
*11 Jan 14
Dec
26% Apr
*5%
*7%
8%
*39
4
Apr
Jan
Apr
64%
Mueller Brass Co
100
*76
Jan
% Mar 31
3
May
434
8% Feb 17
15% Feb 21
19% Feb 14
"2,100
9
11
4
26
Apr
110
23
19%
8%
9
3
% Jan
June
2% May
Dec
Motor Products
6
4%
9%
8%
9% Feb
Jan 13
95
54
Motor Wheel
18%
4%
Jan 16
4% Jan 11
33% May
1738 May
45
124% Dec
800
800
934
110
May
800
5,000
53
45% Jan 10
103
Jan
4%
52
Jan 14
Feb
Feb
19%
47
125
26
28% May
z38% Dec
12% Apr
45
4%
9%
23% May
May
34% Mar
6% Jan
56
200
56
6% May
11% May
9
67
%
Aug
May
6
Feb 14
100
10
24
3
Mo-Kan-Texas RR
conv preferred
11% May
2
Jan 15
9% Jan
No par
5%
82
15% Apr
$6.50 preferred
Mission Corp
100
Feb
2% May
38% Jan
118% Mar 29
40% Mar 28
4% conv pref series B...100 zl07% Feb 19
Minn Mollne Power Impt
1
2% Mar 27
10
Feb
53%
0
1st pref
100
Minn-Honeywell Regu .No par
56
64
24% May
Feb 19
cum
Jan
Dec
14% May
85
May
122
18%
55%
Feb 19
Mar
9%
108%
33% May
4%
5%
9%
48%
7
May
113% May
3134 May
18%
56
3% Feb 15
21% Feb 15
May
7% May
8
19
5%
1
50
3034 Apr
Mohawk Carpet Mills
Monsanto Chemical Co
4
33% Jan 10
4% Jan 3
25% Jan 10
5
90
43% Jan 23
17%
55%
Jan 16
Feb
3
Feb 17
'
55
75
70
Mar
Highest
share $ per share
38% Mar 19
1,100
/
70% Mar 19
66
29% Feb 14
Feb 14
J Missouri Pacific RR
9
Jan 13
14
,50
8
8
*71*
*7l2
8
*7%
8%
*7%
8%
8%
8io
8%
9
8I2
8*g
8*8
8%
8%
8%
8%
17
17
17'8
17
171S
1718
17i8
17%
17%
17%
17%
17%
*16112 16934 ♦166
10934 *167% 170
*167% 170
*167% 170
*167% 109
*12%
121,
*123g
1212 *123g
12%
12%
123g
12%
121
*12%
12%
*84
*84
92
*84
92
*84
92
*84
92
89l2 *84 "
89l2
17
*15*8
16
*15%
16
*15*8
17
*15%
*15%
16%
*15%
10%
1312
13'2
1312
1312
13%
13%
13%
13%
13%
13%
13%
13%
*9
9
9
9'g
012
9%
834
'9
8%
8%
9%
9%
1334
13i2
13%
133g
1334
1334
13%
13%
13%
13%
13%
13%
5%
512
5i2
5%
5%
5%
5%
5%
5%
534
5%
534
*8%
9
*8%
9
*8%
9
*8%
5%
8%
*8%
8%
8%
21
21
21
20%
21
207g
21
20%
21
20%
20%
21
*15
*14!2
*14i4
1512
*14%
1534
15%
*1438
15%
15% *15
15%
*67g
7
7
07g
7
07g
7
6%
7%
6%
7
7%
*75
*75
84'
*75
*75
8434
8412 *75
84% *75
84%
84%
15
15%
16
15%
15l2
15%
153«
153g
1534
15%
15%
16%
"170
170
167
*169
174l8
174%
172%
172% 172%
174% *170
174%
149
149
149
154
149
154
150
150
*150
154
149% 149%
*1834
2014
*1834
20
1934
1934
19%
193g
19%
191*
20%
29l2 29l2 *29'4
29i2
29%
29%
2934
29%
*28% 30% *29%
30%
7
7
07g
07g
67S
7
7%
7
7%
7%
7%
7%
9
per
Morrell (J) & Co......No par
Morris & Essex
60
,200
V.890
50
7% Jan 15
109% Jan
29
8%
I
1
13
Year 1940
Lowest
$ per share
Merch <fe M'n Trans Co.No par
Mesta Machine Co
5
"
"
6%
Co
(The)
conv 1st pref
5%
$ per share
0
Feb 15
7% Feb 14
$6 preferred series A .No par
$5.50 pref ser B w w.No par
Melville Shoe Corp
120
4
1
.No par
Range for Precious
Highest
100 *105% Jan 23
preferred
conv
Mead Corp
13,800
*1414
6
Par
McLellan Stores Co
20
29%
28
234
Lowest
6%
25
3i«
82
1,800
"""600
24
27«
iit
On Basis of 100-Share Lots
EXCHANGE
70
714
7U
734
7%
7%
71
7%
14
14
34
14i8
14ig
14%
14%
143g
14%
15%
15%
31
32
31
*31'4
3178
31% 31% *313g
317s
31%
32
*117
119
120
120
*116% 122%
118l2 119
119% 119%
119%
42
♦40<4
41
*4C14
41
*40% 4034
4034
41
41% 42%
*108
111
108
111
*108
112
*108
*108
108i2 10812
3
3
3
*27g
3
*2%
3
*278
3
3%
3%
*58
*57
*587g
617g
61
59%
59%
60%
60%
60%
*59%
*978
10i8
934
9%
*934
10%
97g
10%
1C%
1034
10%
»u
%
»4
%
UH
h
h
s4
%
2>2
Range Since Jan. 1
NEW YORK STOCK
the
72
*64%
*3012
•7%
*2314
71
70
297g
334
24
24lS
*3*8
71
71
8TOCK8
for
Shares
0i2
0i2
*612
6*8
6%
6%
6%
63/
0%
6%
6%
*105i2 110
*106% 110
*10612 110
*106% 110
*106% 110 I
*106% 110
*8
8
*8
814
*784
8ig
8%
*8%
8%
83g
8%
8%'
*70
Sales
Week
4
April 5, 1941
U Called for redemption.
Volume
LOW
AND
Nb.r York Stock Record -Continued—Page 8
152
PRICES—PER
SALE
HIGH
Saturday
-1/ ondatj
Tuesday
Mar. 29
Mar. 31
Apr.
$ per share
$ per share
SHARE,
Wednesday
1
Apr.
$ per share
2
Apr.
S per share
734
"»■
*30%
12%
99i2
11%
11%
12%
*98%
113s
1534
*15
*15
134
2734
134
*1%
2734
*18%
18%
27%
*18%
*3<
15,
al«
8%
8%
8
*7%
47
47%
80%
80
*2%
2%
*2%
238
*37
40
*13%
15
*2%
*2%
*37%
*13%
*113
*113
24%
24%
*233s
24
*42
43
*2338
*42%
*13g
1%
*8%
91"
55
56
28%
29
*213.!
23
6%
*6%
7
7%
28%
29
46
46
83%
1078
83%
10%
84%
*10%
75
75
*7334
10538 1053s *105
6%
*5%
68
*63
38%
38%
*234
3%
53
*45
22%
*21%
*76
*4%
*32%
6%
27%
5%
%
*3,
"is
8%
7%
8%
8%
*7%
7%
47%
80%
2%
2%
39
15
658
*76
76%
*11%
12%
24
43
1%
9%
57
30%
23
6%
7%
28%
45%
84%
10%
6%
*173
5%
7
*52%
51"
193.1
47-
46%
80%
8034
2%
80%
*2%
2%
38%
15
*1234
2%
15
2%
*37%
*12%
....
*113
30%
*2134
31
23
634
*7
6%
7%
28%
*45
2934
*2134
6%
7%
29%
29
45%
45
29%
45%
a8534
8534
85
10%
10%
10%
75%
75%
75% 75%
105% 1053s *105% 105%
5%
51"
38
30 %
*22
634
23%
7
738
*7
76
*11%
76
*73
76%
*70
634
76%
12%
*11%
11%
*11%
11%
5%
....
34
63%
11
11%
3
,15
19%
7%
52%
33%
*173%
*5%
*5%
*7
*61
*1712
*174
(5%
*7
7%
54
53
53
....
33
*17%
6%
6%
6%
7%
11
7%
7%
7
10%
1034
10%
*10%
*11
12
*10%
11%
*10%
10%
12
*10%
*34%
37
*34
37
*35
36
*34%
55%
*55
55%
1934
*8%
4
87
320
1034
76%
1034
11
77%
300
Philco Corp
400
Philip Morris & Co Ltd
*10%
*77%
76%
105% 105% '105%-106%
534
38%
*234
39%
34
3%
34
'
634
*74
76%
11%
12
68
39
39
234
5%
400
400
*74
76
10
12
12
400
7%
54%
35%
*62
1134
30
57%
13%
26
118
3
4%
118
57%
57%
2%
40%
1934
13%
234
40%
1934
13%
26
26
14%
*25%
2534
14%
2534
14%
25%
*22
23
23
23
1%
27%
*1%
*23
7%
*7%
'7%
10%
*10%
10
*19
55%
117%
28
91%
*9
23
*19
15%
2534
5,100
2534
23%
23%
500
*1%
*1%
26%
*23%
*2234
*8%
1%
26%
9
*7%
734
*7%
1%
27%
10
734
*58
60
%
1
19
*11%
*44
11%
45%
*%
31
31
%
%
*2%
2%
8
38%
111%
43%
*434
38%
*111%
43%
*
%
18%
*90%
8%
91%
8%
112
11%
7%
8%
*52
*6%
*5
5%
*5
5%
17%
11%
*17
17%
*11
44
*43
44
*%
%
31%
31%
5%
5%
1
conv
Procter A Gamble
*%
3i«
su,
*2%
ilt
si«
2%
*4%
8
38l2
38%
111% 112
43%
44
31%
%6
*16
*2%
2%
*4%
8
3834
38
111% 112
44%
44%
Bid and asked prices; no sales on
»%«
1
%
1
19
1934
19%
1934
100% 100% *100% 100%
*90
92
91
91%
9
9%
9%
93s
1134
7%
32
24%
65
11%
90
i~
7%
32%
89
89
8
32%
.8%
8%
5%
11%
11%
*44%
45%
%
*44%
44%
7
%
*'it
31%
31%
!ie
*%
*S16
8
*5
3738
37%
45%
this day.
400
8
7% Jan
6
9% Jan 10
75% Jan
13*4
Jan 10
Mar 31
164
78 Jan
Jan
2
Feb 14
8% Jan 10
4*4 Feb 14
8% Mar 28
13% Jan 6
13% Jan 6
40*4 Jan 2
58% Jan 22
119% Jan 29
29% Jan 9
110
Jan II
Feb 21
158% Feb 11
117% Jan 25
Pure Oil (TheW
No j
150
22% Feb 14
TFebM
z94
100
100
6% preferred
5% conv preferred
83*4 Feb 15
10%
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Jan
4
28
Feb 16
Jan
Apr
4
3
9% Apr- 4
101% Jan 8
90% Jan 10
11% Jan 11
10
8% Apr
Amer...No par
Radio Corp of
Mar
137
Jan 17
4% Jan
13.50
66% Mar 21
234
38%
18%
12*4
24%
12%
23%
Radio-Keith-Orpheum
6%
preferred
100
Manhsttan.No par
conv
Raybestos
Rayonler Inc
S3 preferred
25
50
.50
Reading Company
4% 1st preferred..
4% 2d preferred....
Silk
50
_.L--5
Hosiery
100
Preferred
Rels (Robt) A
Co 1st pref.. 100
Reliable dtores Corp...No par
7
*6%
3134
%6
100
Reliance Mfg Co
Remington-Rand
2,900
17,300
740
400
600
*«i«
21
II
Mar 24
*%
70
5
.......10
Revere Copper A Brass
5M%
preferred...
8%
1,000
4,400
5W7o
Common..
No par
5%
300
Roan Antelope Copper
Mines.
17%
11%
800
Ruberoid Co (The)
No par
Rustless Iron A Steel Corp
1
900
10
4,5
3~ 300
3
conv
preferred.No par
St. Joseph Lead
fSt Louis-San Francisco
%
2%
2%
8
37%
140
111% 111%
46
46%
12.50
^Rutland RR 7% pref
%
4
T,806
330
2,300
d Dei. delivery.
6% preferred..
fSt Louis Southwestern
5% preferred
5% preferred
Savage Arms
Corp
n New stock.
8
62i2 Jan
3*4 Jan
2
2
Feb
May
22*4
Jan
5% May
434 Oct
20%
12%
6% May
6% May
21
May
53
June
1234
8
Jan 27
6% Mar 26
97g Feb 27
Apr
2
28% Jan 14
15% Apr
4
1% Jan 11
28*4 Feb
9% Jan
4
7
7*4 Jan 21
8% Feb
4
78 Apr 1
1684 Feb 14
12% Jan
Jan 10
14%
14*4
112% May
28% Dec
100
May
71*4
118%
43%
115%
1% Jan 11
22*4 Jan
6
143
May
165
Apr
Oct
118
Jan
114%
_16%_May
6*4
84
32%
Il%Tvray
June
97% May
73% May
89
15%
Feb
15%
Feb
4% May
7%
Apr
9
Apr
90
48% May
69
43%
Deo
15% May
23
Apr
13% May
29% May
37% May
17% Apr
2% Nov
34
June
24
May
9% May
May
1*4 May
43g
25
Dec
55
6
June
13
6% May
8
Aug
6
May
63%
Deo
69
Jan
2
Apr
50
May
1
May
14
May
70% May
3
7% May
2
17% July
113
Jan
8
70
June
73
Jan
8
39
May
13% Jan
60
May
14*4
30%
117
9
8% May
74%
15%
75% Mar
96%
30% Mar 21
34%
30% Dec
44
52
53% Jan 13
9
Jan 22
May
56
%
2%
Jan
4
Jan 18
4*4 Mar 20
37% Feb 19
1097s Feb 17
37
Feb 19
x Ex-dlv
% Mar 21
38% Jan 10
% Feb
8
6% May
52
Feb
3
4*4 Mar 20
Apr
Oct
5% May
9% Nov
7%
3% Aug
11% May
12% Dec
45% Oct
% Dec
June
26
Jan
Feb
12
22% Apr
15% Nov
48% Nov
1%
Feb
Jan
42
%« Dec
%
Jan
Oct
%
Jan
May
%
2
3
Jan
Dec
5
4*4 May
34
May
53
96
May
111%
Jan 16
17
May
Ex-rights,
Feb
May
Jan 13
50%
De«
11% Nov
112% Jan 11
45
Jan
Apr
Nov
4*4 May
*11 Jan 17
3
Jan
24% Nov
105*4 Sept
97% Dec
94% Jan 16
10% Jan 6
7
Jan
*37*4 June
Jan 13
hi Jan
Mar
8*4 Nov
Feb
Jan
17*4 Mar 20
13% Jan 3
48*4 Jan 14
Oct
Jan
Feb
13%
10%
Jan
9*4 Feb 15
42% Mar 1
Apr
Dec
11
4% Mar 8
15% Jan 30
Apr
3*4
97
9% Jan 27
5*4 Jan 16
May
June
9% Sept
24
Jan 17
Jan
Oct
Feb 19
7% Feb 14
6% Feb 14
Jan
Apr
Mar
Feb 13
Jan
Jan
Apr
145
8
Feb 19
Jan
Apr
128
19% Feo 13
7
Jan
June
91
4
Dec
Jan
July
110% May
MarlS
Mar
Feb
126
100
101% Feb 10
Deo
45% Nov
23
%«Mar 11
r Cash sale,
%
15
73%
16% Apr
151% July
1% Mar
27
1% Feb 10
22% Mar 12
30% Mar 26
..100
No par
Ma.
19*4 June
10
100
No par
Safeway Stores
May,
7
Deo
17
100
100
100
100
19
151% July
Jan
57
41*4 Nov
Jan 10
Feb 15
No par
16% May
10
May
Oct
-Jan
11
Jan 13
Mar 31
10
.....
May
24
10
Richfield Oil Corp
5
May
8*
26
62
Ritter Dental Mfg
178
7
Jan
100
400
154
June
4% May
Jan
100
5",3o6
9
7%
May
167
17
100
conv
154
20
85% Mar 27
23g
8
*37%
3734
111% 112
45% 4534
J In receivership,
conv
preferred
100
prior pref ser A. 100
9% Nov
85% Deo
16% Nov
Feb 14
Feb 15
Feb 18
Feb 14
Jan 8
preferred-..100
Reynolds Spring
1
Reynolds CR J) Tob class B.10
1,700
*5%
conv
May
5% May
64*4 May
13% Nov
3
Jan 23
80
%
37%
6%
6%
16
Jan
7% Nov
46% Deo
46
Reynolds Metals Co...No par
si#
*2%
*538
1
Reo Motors v t c
Republic Steel Corp...No par
3% May
Mar 14
2,400
32%
31%
31
10
1
Jan
90
No par
1st pref..No par
conv
30
6
116% Feb 15
Real
57
*52
57
11%
11138 111%
46% Jan
8*4 Jan
Pub Ser El A Gas pf l5.No par
7% preferred
12%
17%
2%
Deo
123% Jan 15
Class A.
12
5%
*%«
Apr
75
60
17%
*2%
28%
May
2
2
2
Feb 19
538
*%
May
35
Mar 28
7*4 Jan
Feb 13
17%
31
22
78
61
5%
11%
23% Jan 11
115% Mar 19
129% Mar
No par
Apr
Feb
100
100
100
Pullman Inc...
7*4
Feb
8
8
Feb 13
97% May
66
7
35
3% May
May
Jan
9% Feb 19
11% Mar 10
5
50
1st pref
2d pref
conv
11*4 Dec
68
May
Deo
14% Nov
36
43% Jan
6
Jan
87%
June
7
1678 Jan 17
No par
Jan
70
FeD
21
Pittston Co
Feb
47
3% Feb
50
65
Feb 19
10%
40%
Dec
31% Feb 19
9% Feb 19
Apr 31
6% May
25% June
37% May
49
45% Feb 14
57
Apr
Apr
8% Nov
41*4
6%
Feb
164
Dec
27% May
2% May
Jan
181
Mar
May
5*4
2
7
69% Jan 18
41%
60
17%
45
Jan 17
7
Rensselaer A Sara RR Co.. 100
173s
*%e
7
3
80
30
70
*58
*6%
*5%
*43
Jan
105% Apr
60
73g
113s
12% Jan 10
'
8%
45%
9
Preferred with warrants..25
*52
57
Jan
200
8%
*11
7,
31%
*%
32%
Mar 29
1,700
*87
7%
*7%
778 Jan 23
3578 Jan 2
9%
11
65
32
4
61%
*63
90
24
7% Apr
9%
*62
*86
15
33% Apr 4
22% Jan I 6
61%
*10
*110% 111% *109% 111% *107
11%
Apr
Dec
9%
10%
111
62
17% May
11% May
61%
24
11%
8%
7%
*734
*19
62
7%
32
15%
57
,
9%
*19%
11%
57
*52
8%
23
63%
90
31%
91
8%
*19
23
*19
*17
*11
I
19
15%
Mar 31
13%
46*4
29%
7
10% Mar 10
67% Jan 23
10%
*61
60
*90%
*85
*6%
*10%
100% 100%
86
634
10%
18%
86
5%
17%
8
*734
*7%
100% 100%
*61
6%
*23
60
*58
*107
*5
*1%
61%
*7%
11%
*17
300
2534
15
9
8%
7%
1,700
23%
14%
*60%
57
13%
26
23%
62
8%
13%
26
15%
25%
112
*52
26%
300
20
1334
27
23%
1%
11%
8%
20
13%
2534
62
57
20
*26
1,000
*22%
*109
31%
*1934
5,500
23
11%
8%
20
13%
3%
47
Y.200
*25%
64
31%
3%
*44%
9
7%
31%
58%
46
61%
9%
3%
58
44'
9
91%
3
57%
*26
112
*52
*1934
13%
57%
5% May
?5 preferred B
"
42%
61%
23
*7%
31%
2%
234
*80
16,000
25%
*11%
7%
57%
4
26
15
*62
7%
57%
*10%
19
4%
*80
7%
10%
100
4
*25%
1
1
18%
100
4%
100
Jan
4
1034 Apr
Jan
24% Mar 28
101% Mar
800
Nov
4%
15
116% Mar 12
1,200
Nov
43
Feb 17
5% pf (ser of Feb 1 '29).100
9%
4%
23
May
Jan
1% June
11
Pub Serv Corp of N J..No par
11%
May
62% Jan
96% May
4% Jan
Jan 27
Jan 30
80
87%
15
23
2
84
4,100
400
25% Nov
Mar 31
51% Feb 21
160
100
6
Jan 21
No par
20,400
'28,600
May
17% Feb 18
Pressed Steel Car Co Inc
100
300
15
25% Apr 4
24% Jan 27
43% Jan 23
% Feb14
14% Mar
3,300
11%
11%
38
Feb
Dec
5
Postal Teleg'h Inc pref.No par
11%
4
46%
16%
(The).
1,600
11%
1% May
11*4 May
9*4 June
6
Pond Creek Pocahontas No par
3,300
38
2
Jan
13% Mar 17
112% Mar 1
Plymouth Oil Co..
7%
113g
3% Jan
44
100
7% pf 100
No par
Pit Youngs Asht Ry
Poor A Co class B
*25%
14%
*110
*85
ser conv pr
Pittsburgh & West Va
2,400
12%
37%
2
5% Feb 15
6% Feb 16
par
1934
.6*4
7%
June
l%May
76
174
.100
100
pf.100
7% pref class B
6% pref class A...
%
15%
11
10
734
10%
9%
60
9
13%
26%
10
*57%
93
20%
13%
*734
60
1
*19%
*23%
8%
62
9
No
Pittsburgh Steel Co
*%
15%
*11%
4
41
42
8%
8%
18%
100%
2%
*41
26%
*60%
1
*2%
57%
1%
8%
18%
57%
*1%
62%
*90%
100
*17%
734
2
6% Mar 26
No par
1934
100
Dec
71
2
Co. 100
preferred
Pitts Screw A Bolt.
15%
300
Jan
4% Feb 19
31% Feb 17
No par
Pittsburgh Forgings Co
1
43
2
87
4
2% Mar
12% Mar
10% May
7
Feb20
Mar 28
5% June
Jan
46
61
S5 conv preferred
5^% 1st
Feb 14
21% Mar
100
6% preferred
....
10%
12
*80
1%
8%
*100
4%
23
*60%
60
4
*80
*80
*14%
*10
40
670
7
6
2% Nov
44% Apr
23% Nov
2*4 Jan
27% Feb 14
40% Feb 18
z38% Feb 14
6% preferred
7% preferred
8% preferred..
20
*734
*6%
340
Jan 31
5
300
*13%
*22%
250
Jan31
6
..100
200
*19%
*1%
700
21
5% Jan
Pitts Coke & Iron Corp No par
guar
Feb 15
52
Ptllsbury Flour Mills
25
Pirelli Co of Italy "Am shares
Pittsburgh Coal of Pa
100
7%
2
35*4 Feb 20
2*4 Mar 18
*158%
6»4
55%
Jan
72% Feb
par
13034
152%
118
55
Feb 14
36*4
105
100
No par
$5 preferred........No par
2%
40%
*25%
No
Phillips Jones Corp
7% preferred
Phillips Petroleum
Phoenix Hosiery
20
%
21
10% Mar 27
10
series... 100
600
*39
2%
2,200
5%
7%
54%
35%
64%
11%
7%
36
Preferred 4M%
Pitts Ft Wayne A C Ry
...
177
5%
734
5434
*17%
100
6:
634
35
12%
"""loo
40
54
64%
Feb 14
79
3
Preferred..
538
34%
34
7%
100
234
22
22
177
5%
"moo
52%
*160
...
*174
100
5%
*5%
*63
34%
634
500
25
24%
25%
24% 25%
10334
103% 103% *103
118
*116% 117% *116% 11734
13034 13034 *130
130% *129% 130% *129% 13034 *12934 13034
152
152
152
*151% 152
151% 151%
152%
*150% 152
117% *114% 117% *114% 117% *114% 117% *114% 117% *114%
26
26%
27% __2Z%_~28. —42734
6%.-26%
irf
—-g
g%
T?r—8
*99
99
99%
*97%
99
*97%
99
97%
*97% 99
86
86%
86%
8534
8534
85% 85%
85% *95% 85%
11%
11%
11%
10%
10%
11%
10%
10%
1034
10%
*8%
*8%
9%
*8%
9%
8%
8%
9%
*8%
919
*117
25%
—.
57%
No par
Phelps-Dodge Corp
2,300
4%
*80
Pfelffer Brewing Co
5
87
68
22
42% Feb 16
20% Feb 14
No par
86
0"
85%
Pet Milk Co..
Petroleum Corp of Amer
55%
118
118
118
118
*117% 118
25%
25%
25%
25%
25%
25%
10334
103% 103%
103% 103% *103
117% 117%
117% 117% *116% 117%
55
*103% 10334
*11
100
100
100
Marquette Ry Co
5% prior preferred
5% preferred
55%
55%
*11634 118
97%
3,790
"¥, 200
100
86
*5%
112% Jan 28
60
6
Philadelphia Co 6% pref.-.50
$6 preferred..
No par
6%
7%
36
55%
100
Pennsylvania RR
800
33%
33%
63
*62%
64%
63%
11%
*10%
11%
10%
1034
*158% 170
*158%
*158% 170
*%
*%
%
%
%
14%
14%
14%
14%
15
1934
Jan 30
400
*61
*17%
Feb 19
Feb 20
12
6,400
*160
*160
*160
....
2
36
7%
434
5%
34
No par
pref ser A...No par
Penn G1 Sand Corp....No par
451
*5
634
Penn-Dixie Cement
2934
*70
*434
*32%
300
29%
45%
7%
29%
22
76%
5%
34
7
Jan
87
2,690
*2134
76%
434
*434
48
134 Feb 15
57%
79
*32%
*6%
4
74*4 Feb 20
10
5634
22
5%
43% Mar
par
7
*76
7
No par
Pere
33%
9% Jan
No
Penn Coal <k Coke Corp
1,500
*2134
34
*4 May
5% May
7% Feb 14
1034
23%
Feb
13% May
Jan 10
Deo
Dec
4
Jan
Nov
18
1% May
1
Deo
May
7
9*4
Jan
Apr
105%
10%
11%
6
Feb 19
June
1
99
20% Jan
*4 Feb 21
8
10
45%
May
17% Feb 14
1
7% Jan
8% Nov
4% Mar
25% Apr
itoay
2.50
Corp
5% preferred
7
6%
29% Dec
Penney (J C) Co
38,900
Sept
4% May
30% Jan 10
Penick & Ford
conv
99
25% Feb 14
100
$7
26% June
15
Jan
2
Jan
% May
Jan 11
1,000
...
32
106
May
6*4
1% Mar 17
37% Jan 10
2,000
500
2% May
12
No par
Patlno Mines & Enterprises. 10
15
*22
4
15% Jan 31
934
79
*6%
Pathe Film
6
Jan 15
1% Feb 19<
1% Mar 24
22
*4%
Co
&
6
Jan
Apr
64
JPeoria <fe Eastern Ry Co.. 100
*76
3%
*234
Park
3% Jan
16
10
12*4 Mar 28
Peoples Drug Stores Inc
*21%
3%
1,600
3
99% Jan 10
11*4 Jan 9
Peoples GLACC (Chic)
22
38%
1
734 Apr
1
200
*21%
*2%
1
Park Utah Consol Mines
2% June
5% Oct
3
10% Feb
15
Park & Tilford Inc
1,500
45%
7%
29
*44%
*63
38%
9'
57%
3134
500
Feo
4% Jan 10
95% Feb 14
300
*45
38%
6%
26%
519
68
*63
68
7%
*114%
30%
23
6%
7%
84%
*10%
*5%
9%
56
100
10
200
*2
934
10
1
inc
2%
*42%
2
56
Feb 27
4234
42%
2
934
101
24
24
42%
55
100
24
24
43
1%
*1%
Feb 15
25%
24
134
29
25
*42%
24
42%
*1%
934
39
*23%
*23%
42%
57
^9
24%
25
No par
6% 1st preferred
6% 2d preferred
Davis
3
7% Jan 7
% Feb 15
1
3,800
500
*2%
*113
...
Paramount Pictures
500
8
47%
80%
2%
2%
24%
24%
934
*113
...
24
24%
56
2%
38%
*1234
2%
38%
15
33", 900
5
preferred
conv
Mar
5% Feb 18
2*4 Feb 14
ll%Mar 31
No par
Parker Rust Proof Co
47
39
Deo
10
Parmelee Trans porta'n.No par
2%
2%
Mar
160
600
80%
*12%
139
June
200
47
*37
May
144
2,200
*2
*2
115
Jan 10
8%
80
6%
130%
*150%
7%
Jan 27
160
18%
%
*34
8%
*7%
46%
7%
*116%
7%
126
3
18%
2%
6%
2434
8%
80%
7%
55%
8%
48
*6%
10%
*3a
8%
7%
51
*%
1934
"16
4%
Highest
$ per share % per share
share
116% Feb 21
Fetrol & Transp..5
Parafflne Co Inc
per
148% Mar 12
28
*45
15
Packard Motor Car
$
share
per
Year 1940
Lowest
Highest
100
1
Pacific Western Oil Corp
18,000
S
Range for Previous
100
27%
53
164
15%
28
18%
*45
34
*%
*15
U16
8%
*7%
27%
18%
27%
18%
50
*173%
5%
3
»i«
*45
7
*158%
27%
18%
7g
3%
49%
52%
11
7g
30%
38%
7
35
9~
*234
52%
63%
11
12*2
38%
7
*34
12is
*45
53%
*62
1,500
80%
2%
*63
68
*160
*160
7%
48
*113
24%
75
34
35
123g
834
7g
3134
27%
18%
18%
*5%
11%
8%
7g
*30%
27%
*18%
*76
"
7%
2%
6% preferred
Pacific Tin Consol'd Corp
200
105%
*63
70
600
30%
30%
30%
*30% 31
105
*101
*101
105
102%
102% *101
102% *101
12%
12%
12%
12%
12%
123s
123g
12%
1234
99
99% *98% 993g
99%
*98%
99%
99%
99%
11%
11%
11%
11%
113s
11%
11%
11%
11%
*15
*15
15
15
15%
15%
15%
*14%
15%
1%
1%
1%
1%
1%
134
134
134
134
31%
*7
28%
Pacific TeleD & Teleg
60
3%
Panhandle Prod & Ref
6%
*45
120
150
3%
5,300
1%
9%
56%
29%
*21%
W16
120
149
Par
1%
...
24%
151«
Shares
Pan-Amer
7%
SOU
2%
12%
9%
$ per share
Lowest
Pan Amer Airways Corp
%
83g
47
234
12%
9%
Week
1,100
*%
12%
634
334
734
On Basis of IWY Share Lots
EXCHANGE
6,300
"it
*9812
149
334
Range Since Jan. 1
NEW YORK STOCK
the
10
8%
*102
149
STOCKS
for
12%
11%
8%
105
*102
"118% 120
Sales
10
11%
*30%
3
CENT
Friday
Apr.
4
12
1178
734
32
\
$ per share
*118% 120
*119% 120
*118% 120
118% 118%
*148
150
*14734 150
149% 149% *147% 149
*3%
3%
3%
3%
*3%
334
*3%
3%
7
7
*6%
7
*6%
7%
*6%
7
234
2%
234
2%
234
2%
2%
1134
NOT PER
Thursday
2201
43
Mar
Dec
Dec
1 Called for redemption.
3Tu
New York Stock
2202
LOW
AND
SALE PRICES—PER
HIGH
Saturday
Monday
Tuesday
Mar. 29
Mar.HI
Apr.
$ per share
$ per share
SHARE,
Wednesday
1
Apr.
$ per share
Thursday
2
Apr.
$ per share
%
*%
13%
%
12
13*2
*2%
7112
2i2
71%
lih
*4i2
♦18
13%
212
*2*8
7134
72 *2
7134
'2
95s
1134
1134
66
66
4
1134
*66
418
4%
*52*2
54*4
5234
514
5*4
38
514
*3714
11*2
1834
*412
*18*4
38
*i«
'4
'2
13%
%
%
13%
13%
214
72*2
*2%
71%
2%
934
72%
934
1134
11%
97g
11%
67
67
67
*4
54%
11*2
1%
*1*
934
11^4
♦5M
♦3714
'?
13«4
*2%
66
4
*52
12
1334
9%
9%
*11 *2
*65
®l«
I4
14
4
4%
53
9
*1%
15
15
15
9
2
8%
2
*15
1512
151-4
*18*2
1912
18»4
♦147
2518
934
150
25'«
9%
22*4
*100
*112%
109
...
*100
*112%
*16*2
17%
16%
13%
13%
13%
*14*4
15%
*14%
9
87«
9
22%
*112%
16%
17%
....
13%
15
8%
2%
23%
24%
3,500
109
...
300
1434
1434
*14'4
14%
200
15%
19%
93f(
2%
2%
15%
1834
1834
18%
19%
19%
19%
25%
978
150
149
149
*148
25%
25%
25%
10%
9%
10%
24%
26
26
25
25
25
25
25
25
1»2
1%
4
*3%
1%
4
13%
1%
1%
*3%
4
153
33%
33%
84*2
33
33
58*2
*58%
59
33%
58%
3334
5834
584
5%
5%
534
5%
50%
50%
35
35
35l8
35
35
*112
6is
*11158 114
ht
7i»
*35
35*8
*112
*60
*112
15
3334
34%
3,200
*32%
33%
400
z58
58%
520
10
Greyhound Lines..5
So Porto Rico Sugar...No par
8% preferred
3%
3%
3%
3%
19
1834
19%
I884
1834
20
20
20
21
20
20*2
1934
2018
20
20%
20
20*4
20%
20%
20%
20%
1934
2634
3%
19%
Ry
5% preferred
Sparks
Withlngton...No
Spear & Co
Spencer Kellogg & Sons No
Sperry Corp (The) vtc
Splcer Mfg Co
$3
1
6
6%
11134 11134
8,000
conv
1
Mar
3
Jan
2
Feb 19
Jan 30
Jan
3
2
Mar
5
Feb 14
28%
28»4
16,000
36%
36%
36%
31,100
Standard Oil of New Jersey.25
33
3734
39
38%
1,000
Standard OU of Ohio
39
39
*3884
39*2
39%
3834
3834
38
3834
500
60
60
60%
59
60%
59
583ft
58%
58%
58«4
3,100
34% Feb 19
34
Feb 14
66% Mar 6
51%
118
118%
11734 118%
52%
118
118%
8%
8%
8%
8%
17%
17%
17%
17%
*1%
1%
1%
1%
1%
♦13
1334
*13%
1334
*21
21%
*21
21%
*3%
5
*3%
5
52%
8%
17
8%
17%
Stone 6c
Studebaker
1,000
Sun Oil Co
6%
52%
118% 118%
8%
17
8%
17
6%
6
52%
118
6%
6%
6%
6
*53%
54
118
118
118
980
8%
8%
18%
1734
8%
1734
1®4
1%
1«4
*1%
1%
1%
*13%
1334
*13%
21%
*13%
21%
*3%
1334
*2034
21%
5
634
53%
Xl634
1%
*3%
8
14
13%
13%
21
21%
21%
5
*3%
5
*3%
5
21
22
21%
22
21%
21%
21%
22
18%
18%
18%
18%
18%
18%
22%
18%
22%
18%
22%
18%
22»4
18%
*6%
6-%
6%
634
634
6%
6%
6%
684
6%
6
6%
6%
6%
*4%
*33%
4%
35
*4%
6
*4%
*33%
6
6%
6%
6
4%
4%
4%
*4%
*33%
35
*33%
35
4%
38
♦3%
3%
*3%
3%
*3%
3%
*7%
36%
7%
36%
*7%
7%
7%
*3%
*734
36%
7%
36%
36%
3634
3
3
3
*3
35
5%
*4
3%
35
5%
4%
3%
34%
34%
34»4
5%
5%
*5%
*4
35
*39
4%
36
2%
*2%
*38%
2%
*2%
40
4%
36
4%
36
40
4%
36
*3
3%
3%
3%
*5%
5%
*5%
5%
30%
*29%
31
*30
*38%
2%
40
5H% partlc pref...
Texas Gulf Produc'g Co No par
35%
353s
35%
3534
3534
2,300
6%
6%
2,800
Texas Gulf Sulphur
No par
Texas Pacific Coal 6c Oil
10
2%
*39%
4%
3534
2%
1,300
1,100
500
2%
2%
200
Texas & Pacific Ky Co
conv
pref
The Fair
.100
3
3%
3%
3%
3%
1,400
*5%
5%
*5%
5%
5%
5%
*5%
5%
100
Thompson (J R)
29%
30%
2984
2934
30%
30%
600
%
900
Thompson Prods Inc..No par
Tompson-Starrett Co.No par
30
4%
4%
36
30
36
10
1,500
220
Preferred
Thermoid Co
$3 dlv conv preferred
Third Avenue Ry..
*1434
%
15%
9%
934
97%
30%
97%
30%
2934
2034
30%
30%
30%
31
31%
43
43%
31%
43%
97%
30%
4334
43%
43%
43%
44
4334
45
2,000
4%
434
Timken Roller Bearing.No par
4%
4%
4%
4%
4%
4%
12%
2,600
12%
12%
12%
12%
12%
12%
4%
12%
44%
4%
4434
434
121?.
800
*6%
7%
*7%
734
7%
7%
*7%
7%
*12%
7%
Trsnsamerica Corp
2
Transcont'l & West Air Inc..5
400
Transue & Williams St'l No par
1%
1%
1%
1%
1%
1%
1%
*96
*4%
12
*6%
1%
*69%
*4%
10
6
*17%
*1
*17%
*7%
12
7%
1%
71
434
10
6%
2934
H4
*69%
11%
65%
11%
71
434
4%
4%
*934
10%
5%
1
7%
1%
71
97%
10%
*17
19
1%
71
984
*4-%
1%
32%
*96
34
16
*9%
1734
32
34
9%
17%
*7%
♦32
6
18
1%
6
17%
*1
6
17%
1%
17
17%
734
17
7%
7%
32%
32%
32%
11%
11%
11%
11%
66
65%
66
6584
66%
11334 *113
11334 *113
11334
13
13
13%
13
13%
13%
77
78
77%
77%
77%
78%
83
83
8234
8234
8234
8234
1234
*12%
*12%
12%
12%
12%
*113
27%
27%
*27%
37%
37%
37%
12%
12%
12%
*12%
12%
12%
111% 111%
*42%
4334
*18%
19%
34
23%
*
*34
*14%
9%
*96
*70
*4%
*934
%
15
10%
10
10%
97
734
32
113s
66
113
13%
78%
*82%
*12%
*96
72
71
434
*438
10%
*934
6%
6%
*17%
18
1%
*17
97
71
4%
10%
6%
18
%
*14%
15
10%
96%
5,000
96%
200
71
*4%
*984
4%
6%
18
5,700
80
100
100
6%
4,700
$3.50
cum
Tide Water Associated OU..IO
$4.50
conv
pref
Tlmken Detroit Axle
Trl-Conttnental Corp
$6 preferrred—
Truax-Traer Corp
Truscon Steel Co.
10
Jan 18
3
May
42% Feb
534 Mar
Mar 28
20
June
35
Jan
Mar 17
9934 Jan
6
27% Feb 19
34% Jan
39
51%
Feb 17
Mar 28
Feb 19
11%
6734
1134
12
5,900
6734
68
7,900
38%
27%
39
*27%
38%
12%
13%
1234
27%
3734
38%
38%
38%
13
12%
13
1234
13
$ In receivership,
a
Union Tank Car
United Aircraft
7,200
Un Air Lines Transport
5
United Biscuit Co
No par
500
40
300
13,800
6,200
Def. delivery,
9% Feb 14
80
Corp
5% preferred
5
111
100
United Carbon Co
No par
n
New stock,
Cash sale,
Jan
2
uuMar25
22% Mar 27
No par
r
4
43
Mar 27
18% Feb 13
United-Carr Fast Corp .No par
United Corporation
No par
$3 preferred..
Mar
12% Apr 1
25% Feb 19
34% Feb 14
12% Feb 19
12% Mar 31
No par
7,300
13%
12%
12%
12%
123s
12%
12%
12%
12%
12%
111% 111% *111% 112
*111% 112
*111% 112
*111% 112
43% 43%
*42%
43%
42% 43%
*43
43%
43% 43%
*18
*18
19%
*18
19%
*18
18%
*18
18%
18%
34
»5X6
%
34
3*18
1*18
**18
%
%
»16
24
23% 24%
24%
23%
24%
24
23%
24%
23%
Bid and asked prices; no sales on this
day.
700
16% Feb 20
Union Carbide A: Carb.No par
60
Feb 14
Union El Co of Mo $5 pfNo par rl 11% Jan 30
Union OU of California
25
12% Jan 2
Union Pacific RR Co
100
75% Mar 28
39
x
Apr
1% Jan 18
May
xll%
38
38%
Jan 10
12
9% Jan 30
6% Feb 19
4% preferred
100
Union Prem Food Stores.Inc. 1
Dec
2584 May
34
884 May
11%
6684
500
Apr
6%
3
Feb 21
400
7%
Jan
10% Apr
FeD 14
2,000
Feb
4
23
7
12%
27%
2%
6
May
30
823.4
6
Jan
May
1
8034
Jan
6
1
Mar 25
7934
Nov
4%
8
1
*82%
*12%
June
9
Twin City Rapid Tran.No par
12%
30
Jan
Under Elliott Fisher Co No par
Union Bag & Paper
No par
82%
Jan
Mar 15
Twin Coach Co
8238
12%
27%
Jan
5
800
12%
Jan
45
900
8284
6%
36
7%
27%
Jan
1
800
20
8%
2
Feb 14
6,100
pr
37% Nov
Jan 17
Feb
18
80
Apr
4%
38% Jan
3234
79
47%
Feb
17
*11234 11334 *11234 11334
13%
14%
13%
14%
Dec
May
2% May
26% May
5% Oct
33
4
7%
3234
13%
7834
Mar
5% Mar
2% June
7%
67
40
9%
4% May
2% Jan 14
3234
113
Apr
3
17
100
4
Dec
6
2% Mar
20tli Cen Fox Film Corp No par
$1.50 preferred
No par
7 % preferred
6% Apr
2%
Jan
7% May
Mar
300
70
3% Jan 10
38
Jan 24
28% May
9%
53
7%
20
8
2
3«4 May
4% May
7% Mar
Dec
4
...10
Apr
334 Jan 16
9% Jan
40% Jan
May
36
678 Mar 25
1% Mar 26
68% Feb 17
par
35
8
3
May
3
40% Jan 21
12
No par
No
484 Jan
20
3
4% Feb 18
1
Feb 28
Jan
Jan
2% Jan
18% Nov
35% Feb
18%
32%
1%
Dec
10%
27%
12%
*18%
1%
125
Dec
96
No par
4
7
7% May
12% May
1% Oct
9% May
May
3
Jan 31
4%Mar 3
28% Feb 3
%Marl9
13% Jan 31
9%Mar 6
preferred.No par
1% Jan
17
4
Jan 10
5
17%
734
32%
1%
118% May
Jan
7
4
Mar29
1%
2734
3,200
10%
18
•
23%
10%
8
71
100
6
1%
*27%
2734
%
15
6
*17
%
15
Jan 22
Jan
12% Feb
65% May
334 July
4
9%
*15
46*4 Aug
534 May
10% Jan 23
30
15%
9%
127
7
6
4% Feb 27
12% Apr 4
1
34
*15
8% Jan
6884 Jan
7
10
100
25
%
*%
8% Jan 10
8% Jan
100
3
40
*39%
Jan
No par
3%
3
4%
36
4
Feb 16
3578 Jan
3534
40
Feb 28
No par
No par
38%
4%
Feb 24
Apr
3% Apr 4
7% Mat 6
34% Feb 19
278 Feb 14
34%Mar26
5% Mar 4
3% Feb 18
Texas Pacific Land TruBt... 1
38%
434
3584
32
25
4%
*35%
*4%
*35%
Mar 28
6% Feb 14
5
5
Thatcher Mfg..,
$3.60
38
4
60
8,000
2*4
Apr
May
4% Mar 25
12,100
*2%
Jan
Feb
8%
12%
5
Feb 15
9
38%
3%
*36%
*2%
Talcott Inc (James)
3%
38
*36%
8034
8%
Dec
6
37%
*36%
39%
May
4
1
3%
38
39
*36%
20
■
56
Jan
Without warrants..
37%
4%
Jan 11
Apr
3
12%
7%
66
32%
3
7%
Dec
24%
3
4%
3834
16% Aug
434 May
36%
12%
May
19% Jan 14
734 Jan 2
6% Jan 7
Tennessee Corp
Texas Corp. (The)
8
23
17% Mar
Telautograph Corp
12
4
zl7% May
700
4%
3
Jan
2
300
*7%
Apr
40
24% Jan 27
7%
11%
Jan
39
21% Mar 31
37%
3%
8
46%
16%
25
3%
734
4%
Oct
20»4 May
29% June
6
7%
11%
4
4
36% Jan 11
Jan
100
*4
2834 Apr
12% May
23% Jan
3%
*7%
*36%
21% Apr
5
9% May
20% Feb 24
48f,
*11
4
Dec
7%
18%
2284
26%
Paper Co
10
(The)..50
*4%
*35%
4%
Mar
Feb 14
6
Dec
4% May
8
Sweets Co. of Amer
4%
11%
Jan
4% Mar 20
21% Mar 21
22% Mar 21
112
Sutherland
2,200
*4
1%
Jan 24
300
638
*11
116
200
63s
7
Jan
66%
9
6%
4%
11%
21
Symington-Gould Corp w w.l
11%
Apr
58% Dec
4
1,100
7
Feb
3834
16% Feb 14
1% Feb 27
12
Feb 17
6%
11%
47
May
5% Jan 28
117
6%
6
May
19
8% Jan 10
100
preferred
Sunshine Mining
3%
5%
33
45% May
Co...
100
Superheater Co (The)..No par
Superior OU Corp
1
Superior Steel Corp
....100
1,800
4,400
*734
5%
58% Jan 21
4
No par
3%
3634.
38% Jan
x3734 Jan
3% Mar 4
6% Feb 15
6
51
1,100
7
39%
1
I884
35
Apr
Mar
6% Mar
No par
Corp (The)
Swift International Ltd
11%
*37
Webster
Swift <fc Co
7
8
6
1
2*900
*10%
*7%
6%
10
Corp
7%
3634
35
5%
35
4,900
"
*18%
22
Sterling Products Inc
9,600
52%
25
Starrett Co (The) L8..N0 par
2,600
634
6
51%
23«4
Jan
28%
35%
5134
14% May
Apr
27%
3734
51%
20% Jan
Apr
29
Feb 19
Feb 14
35%
Stokely Bros & Co Inc
Jan
May
3%
Jan
Jan
Jan
10%
12%
17%
25%
2734
Stewart-Warner
7
72
Jan
% Mar 21
2% Feb 15
par
35
700
1% May
334 June
60% Oct
2%
Mar 28
27%
600
Jan
Mar
26% May
*37%
*3834
58%
734
Jan
4% Jan
60
9
3734
4%
634
Jan
113
No par
*7%
Jan
39
May
prior pref
*4
20%
34%
1
cum
7%
2
13% May
17% Nov
2% May
$7
4%
26% Apr
29% Jan 13
May
May
5,400
25,200
7%
8
Apr
June
No par
4%
30% May
15% Jan
14
5
prior pref
7%
3034 May
152% Apr
98
cum
4%
Aug
May
23% May
684 May
6
No
7
16
128
6% Jan
Standard Gas 6c El Co.No par
4%
MarlO
Mar 31
28% Jan
11% Apr
9
35%
*6%
12% Jan
2% Mar
16% Jan
150
57% Jan
2734
7%
May
36% Jan
35
4%
1% July
8
Mar
3734
7%
7% May
10
31% Feb 19
27%
4*8
9% Apr
2% Apr
1534 Jan 23
21
434 May
46
May
3734
40
7%
Oct
Jan
Feb
35%
4%
Apr
11%
27%
7%
22
2434
3734
*3834
6%
10% May
Dec
35's
*4%
114% May
May
27%
714
120
5
353s
614
May
May
14
37
414
23% May
67
105
1534 Jan
27
6'4
Jan
Apr
Nov
1334 Apr
37
*7
19% Mar 17
2%
31
8
34%
*4i8
24% Apr
1% May
17% May
12% June
113% Feb 14
$6
*38%
2% Jan 20
27% Jan 28
24
Feb 28
Standard Oil of Calif—No par
Standard Oil of Indiana
25
60
Jan
12% May
6% Nov
Jan 30
1,400
21%
Apr
7% Mar
Jan 24
19%
21%
56
6
$4
21
Jan
73% Nov
584 Jan
111
2,800
20%
Apr
16%
16% Nov
21% Jan 10
6
100 xll2
4,.500
20%
21%
88
par
*18
20%
34
Jan
Jan
2% Nov
No par
3%
preferred
May
434 May
1%
20
Apr
40% Apr
112% Dec
7% Apt
No
$4.50 preferred
Jan
3
40% Aug
6% Jan
50
1
5 % conv preferred
Standard Brands
Oct
May
Feb
Jan 27
56% Mar 19
5% Feb 14
No par
18
19%
32
..No par
..2
%
13%
Jan
18% Jan 30
31% Feb 20
par
3%
19
60
No par
Square D Co
200
par
No par
Jan
7% Juue
3% May
112
6
11% Feb 15
19% Feb 14
23% Mar 13
1% Feb 18
3% Feb 28
Mobile 6c Ohio stk tr ctfslOO
110
*112%
8
%
4
114
24% Apr
No par
...100
900
3%
25
% May
40%
Feb 15
16% Feb 14
135
100
Southern Calif Edison
51
3434
4,400
9
133g
8%
1%
13
Jan
Dec
May
Feb
14% Feb 19
Socony Vacuum OU Co Inc. 15
South Am Gold 6c Platinum. 1
S'eastern
3484
35%
6
112
Smith 6c Cor Typevtc.No par
Snider Packing Corp
No par
pref A
Spiegel Inc
Conv $4.50 pref
51
1834
400
95
No par
$5.50 preferred
19
50%
3U
I8I4
4
19
3434
*112%
5,100
...
5%
50%
18'4
3%
1%
*3%
*60
...
6
6
6
6%
6%
6
6%
6%
111% 111% *11134 113% *11134 112% *11184 112%
%•
%
%
®x»
®1«
»16
%
3
Skelly Oil Co
1,000
3284
*3412
40
25%
11%
10%
13%
1%
4
3234
*112
1% Mar 28
2378 Mar 28
18% Feb 19
10
1%
*3%
*32%
58%
51
Simms Petroleum
800
33i8
5%
4
Jan
25%
33
51
Apr
5
25%
33U
578
10% Jan 21
26
33
50%
153
25%
3
43$ Feb 14
16% Feb 16
Southern
19%
34%
5%
1,100
5% Apr
Sliver King Coalition Mines. 5
Simmons Co
No par
Southern Pacific Co..-No par
*18%
50%
19%
2
Jan 30
13,700
19%
534
900
71% Jan 17
4% Feb 8
55% Jan 14
Feo 19
13
77,300
*1812
50'2
38,500
29,000
61
4
Jan
111%
8% June
8% May
51% Aug
Jan
Dec
115%
10% Jan 21
14
1434 Mar
107% June
101% June
1% Sept
61% May
40
Simonds Saw 6c Steel_ .No par
May
11
10% Feb 20
37
88
49
9
Feo 18
27,800
19%
*50
9%
2%
15%
% Jan
7% May
64% July
34
2% Mar 11
78% Jan 2
15
14
*18%
5834
*148
700
11% Jan 10
87% Jan 24
38% Mar 28
115% Mar 27
111% Jan 10
% Jan 3
Highest
I per share $ per share
15% Jan 10
51% Feb 27
4% Feb 19
par
26%
19
34%
Co.No
25%
19
58%
Sheaffer (W A) Pen
Shell Union OU
share
3
334 Jan
A.No par
1334
25%
1934
*32*2
No par
ser
13%
24%
*23%
*1%
*60
33
pref
25%
10«4
78
60
conv
24%
10%
*60
*60
$3.50
$6 preferred
Smith (A O) Corp
1784
1334
15%
8harpe 6c Dohme
per
Year 1940
Lowest
Feb 13
68»4 Feb 14
9% Mar 22
Shattuck (Frank G)._.No par
SIoss Sheffield Steel & Iron. 100
*13
2
1
*100% 106
*1634
12% Mar
Sharon Steel Corp
No par
$5 conv preferred...No par
*112%
1334
2%
150
"
17%
15%
10%
134
1334
15%
1234
23%
3'4
"400
.2%
13
6
26 %
*1%
9
9
9,600
24
15%
"
70
13
*25
2%
33
37%
134
26%
15%
24
534
22»4
*100
105
12%
331*
*1%
*25
2*8
*5834
*3634
Serve! Ioc
600
800
23%
♦18*2
1,000
3,500
700
9%
Us
*3%
5%
434
13*4
24
1*8
4%
55
*5%
1834
1234
23%
414
130
4%
12%
78
800
1834
23*2
♦60
2,700
4%
18%
18%
15'4
18a4
149% 150
2512 25 '2
9%
12%
67
4%
4%
1234
*1*2
66
*12
18*4
22%
*33»
12
6584
18%
22%
*14*4
12
12%
22 *2
13%
~7~4()6
Jan 23
% Jan 9
% Jan 20
100
7234
37
18
preferred
72%
984
12%
♦4%
4-2%
Seaboard OH Co of Del.No par
Seagrave Corp...
No par
Sears Roebuck 6c Co...No par
12%
134
17
700
Feb 14
11 i% Jan 4
108
Feb 14
par
1,600
37
18
fSeaboard Air Line...No
14%
2%
64%
*4
No par
No par
14%
*2%
12%
26%
17
72%
934
14%
2%
72%
9%
4,100
9
$
84% Mar 26
34
Range for Previous
Highest
$ per share
5
100
No par
$4.50 preferred
$4 preferred
140
37*4
*1%
13%
13%
*2%
50
12
25%
13&S
114% 114%
108% 108% *107% 108%
%
%
%
%
*%
®16
*%
*18
37
22
17
Scott Paper Co
12
134
13*2
Scbenley Distillers Corr
6J4% preferred
100
38
25%
♦16»2
200
55
*1*2
...
2,000
4%
*24*2
109
9%
88%
11«4
4*2
4*2
Par
40
5%
1»4
22*4
Shares
*37*4
11*2
45S
1834
Lowest
*86%
54%
25*2
*112*2
On Basis of 100-Share Lots
EXCHANGE
*38
5%
*112
*100
NEW YORK STOCK
the
88%
54%
*23*2
...
for
40
5%
134
109
Range Since Jan. 1
Week
115
April 5, 1941
STOCKS
*86%
115
9
Sales
*38
54%
2512
21%
21%
934
5%
4%
4
$ per share
9%
*53%
5%
*1'%
*11212
*934
Apr.
*4
*2412
*100
Friday
3
$ per share
9%
97a
10
9%
978
9*4
934
87
87
*84*2
86*2
8612
86*2
*84*2 86^2
*38
40
38*2 38*2
*37*2 40
♦37% 40
*115
115*2 *115
115% *115
115*2 *115
115%
109
109
*10812 110*2 *10812 110*2 *108*2 110*2
*9%
Record—Continued—Page
NOT PER CENT
Ex-dlv.
y
18
2%
Jan
81
May
9984
6
18
May
34% Dec
2
35% May
5% Jan 13
17% Jan 2
8% Jan 7
4% May
Jan
2
Jan
9
75
Jan
9
5% Jan
9
10
Jan 16
10% May
Dec
62% Nov
7
Mar
21%
Apr
4% May
9% Nov
1% May
2«4
64
Aug
3% May
6% May
Jan
82% Mar
5%
Apr
10%
Apr
Jan
6
5
May
13%
19% Jan
7
14
May
25%
Jan
l%May
3%
Apr
7%
1% Jan 10
24
Jan 10
9% Jan 13
34% Jan 6
12% Jan 4
70% Jan
115
14%
6
Jan
13% May
6% May
30
21%June
9% May
69% June
45
Feb
1884
Apr
Apr
13% Mar
88%
Jan
Dec
Jan
Jan 15
105
May
116%
Jan 14
112
May
17%
71
May
98
Jan 13
70
June
89%
13% Jan 2
2934 Jan 10
13
Dec
2234
44% Jan
9
31% July
53%
Apr
17% Jan
9
12
2384
Apr
14
Jan
9
18
113% Feb
Apr
Dec
85% Jan 10
85%
Jan
May
16
Apr
Feb
July
29% May
6
12% May
108% Nov
50% Jan 10
42% May
65% May
20% Jan 15
12
20%
Dec
2%
Apr
1% Jan
7
30% Jan 10
Ex-rights.
1%
26
May
Dec
Dec
111%
42
Feb
5 Called for redemption.
Volume
LOW
AND
Saturday
New York Stock Record—Concluded—Page 10
152
HIGH
SALE
Monday
1
PRICES—PER
SHARE, NOT PER CENT
Mar. 31
Tuesday
Apr.
1
Wednesday
Mar. 29
3 per share
$ per share
$ per share
$ per share
4
378
378
37«
2%
25i2
*2
2%
*2
*25
*25
♦3%
2512
3*4
35s
33s
*357B
36*4
*357g
36*4
65
65
65
66
*37g
*2
25
Apr.
4
2%
25
3%
*36
3%
37
63%
64%
8%
8
8
8
8
8%
110*4 110*4 *11078 111
*110% U07g
9*4
9*4
9*4
97g
97g
3
3
3
3
*27$
3
*3
3
3
3
3%
*84
86
86
88% *85% 88%
*11
87«
lli4
*10%
11
11
11
878
*8*4
9
63
8%
63%
8%
63%
63
63
*167
177
*5l2
53s
377$
*35
*24
*3*4
67g
*62%
*174
•
67«
*6%
7
*66%
287g
3284
1934
1%
22%
69
29%
91 Ig
*287#
2914
33
21
1%
22
2214
91
91
61
6112
737$
57%
122*4 122*4
*257g 2612
*1%
**1«
24
4
*20
i 42lg
*35
*334
*32*4
66I2
5%
377g
24
70
*73
173
4
*65
1%
5%
25
■
177
56®4
123
4213
1%
"z.
3%
*36
37
64%
65
8
111
97g
10
*27g
3
3
♦85
11
62%
24%
*3%
3%
*67g
7
7
67%
69
*68
68%
287g
7
*28%
29%
33
*32
33
1
23
*1%
22%
1%
23%
91%
62%
737g
57%
91%
122%
43
43
26
44
*43
1%
*1%
*1%
138
22%
92
23%
93%
63
63
73%
5638
73%
57%
123
25%
1%
*1%
u
*%
"16
*45%
46%
*45%
*13*25
15
51
*14
14%
*14
14%
14
*491t
*16%
26
*115
*40%
14
...
*....
85
23%
23%
*23%
*1%
85
24%
17g
*134
*134
*941*
*134
»ia
%
%
*%
8%
9%
9%
20
27g
237g
93%
6 4'4
1%
24%
94%
64%
73%
58%
122% 123
26
26%
57%
1%
1%
7S
45%
7g
46%
14
14
69
28%
*32%
2884
52%
*%
122% 12234
78
*%
16%
*15%
16%
3%
*15%
3%
59%
%
*57
3
60
%
8%
*25%
2178
*15%
17%
*27g
*80
3
59%
5
52%
*%
8%
29
217«
1534
17%
3%
....
9
9%
26
26
22%
15%
17%
*27g
22%
*25%
*217$
15%
17%
*2%
8%
*80
15%
17%
3
...
*80
%
20
984
27%
22%
15%
17%
3
21%
71%
104%
110%
102%
113%
94*4
17
*16
*3
3%
7
*634
%
5z«
21%
20%
95
*133% 135
31%
31%
30
30
21%
197g
94%
*133%
30%
29%
*1-80% 1067g *106%
*54
76%
*54
*94
97
*94
*26%
27
72%
12%
15%
5%
*68
*117g
15
*5%
*4%
434
*45
70
*25
25%
*1%
*1%
*3*4
*434
119
28
30
30%
20%
*91
716
*3
7%
*6%
217g
21% 21%
20
19%
197g
947g
94%
95
134
133% *131
31
31%
31%
29%
*28%
29%
1067g 106% 106%
76% *54
76%
%
1,500
4,600
97
267g
*94
97
27
27
*69
12%
15%
*45
70
*50
65
25
25
*24%
1%
1%
25%
*1%
,1%
'3%
47g
72
*1
5%
434
*3*600
7l
15,300
10
»I6
2,100
28
217g
16%
18
9
17%
17%
27$
*17%
*234
*80
21% 22%
22%
227g
7134
7134
7134
104% 104% *104% 105
110% in
*110% 113
1%
1%
3%
47g
72
119
*27%
28
297g
30
20?g
21%
%
21
21%
19%
19%
94%
2134
19%
22%
20%
95
134
134
134
104
32
32
31
-
31%
106%
500
Westvaco Chlor Prod..No par
106
220
76%
Wheeling A L E Ry Co
*94
*95
*95
97
200
preferred—..100
Wheeling Steel Corp
No par
35 conv prior pref.--No par
200
White Dental Mfg(The 88) .20
2634
1%
21
3%
4%
72%
47g
72%
*116
2784
297g
2034
99
*90
997g
*90
93
*83
93
*86
57%
*61%
57%
62%
*57
58
*57%
19%
14%
315% 116
*9%
97g
3384 34%
*86% 93
15
15
15%
15%
2%
2%
•
*61% 63
•
93%
9184 *89
68% 68%
*6884 69%
*19% 20
*19% 20
137g
a?14%
14%
14%
*115% 116
*115% 116
10
10
10%
10%
34% 35
34% 34%
*86l2 93
*86% 93
15
15
15
15%
15
15%
15%
15%
2
2%
2%
2%
178
1%
334
47g
97
27%
72
117g
15%
5%
47g
27
27%
71
71
117g
15%
117g
157g
5%
4%
5%
4%
92
92
*86
9212
5734
59
62%
*58%
59
100
*90
*62
63
89
89
*89%
93%
70
70
69
*1934 20
*19%
20%
14
14%
1334
137g
*116
118
115% 116
10%
10%
10%
10%
36%
93
16
157s
2%
70
1984
14%
10%
35%
10%
36%
*89
93
16
16
15%
15%
2
t In receivership,
2
33% Feb
% Jan 10
97g
22%
105%
6%
30%
% Oct
'it Deo
5% May
16% May
Jan
89
9
5% Jan
1
Jan 22
177$ Jan
Mar 21
14
Feb
80
n New stock,
r
Cash sale,
3
Feb 25
9% Feb 19
15% May
407$
Apr
Apr
5
Jan
8%
Apr
1
Jan
28%
Jan
28%
Jan
May
118
Jan
Mar 22
110
May
140
Nov
34% Jan 10
26
Jan
141
36
Jan
3
110%
Jan
6
108
Dec
17% Jan 9
7% Jan 13
5%
41
Jan 10
Feb 15
25% Mar 28
1% Jan 7
2%
5%
Jan 11
Jan 13
5% Jan 25
34%
Jan
7
7
24%
Jan
9
27% May
37% May
38% Feb
1097$ Deo
Jan
June
116
Jan
1534 May
30
May
13% May
55
June
7% Apr
70
Mar
121% Mar
34% Nov
42% Apr
247g May
102%
Oct
60
July
95
Oct
29
June
58
Nov
June
June
129
May
93
Apr
Apr
25
Jan
22%
17%
120
12%
Jan 10
15% May
934 May
Jan 10
98
Jan
8
Jan 11
3
8% May
17%
Apr
2
Mar
4%
Apr
Jan
Jan
Ex-rights,
19% Jan
126% Sept
14
Apr
48% Jan
99% Deo
28% Jan
6
18%
2%
Oct
26% June
May
12% May
Feb 14
157$ Apr
May
6% June
65%
6
Jan
y
3
3% May
45
39
Jan 31
Ex-dfv.
14% May
1% Oct
1% Jan
Apr
7% May
57% Mar
247g May
3% Jan
3% Apr
73
42%
Jan 31
Jan
91
94%
2
3% May
38
7478 Nov
Jan 11
80
31% Feb 19
12% Feb 15
4% Mar
Apr
64% Jan 28
101% Jan 9
88% Mar 25
15
t
14% May
105
Apr
18% Mar 3
127g Feb 15
1
June
6%
114
par
21
Apr
Feb 13
No
Oct
25% May
Deo
Apr
Zenith Radio Corn.
Jan
120
76
Jan
Jan 30
ZonJte Products Corp
198
May
11%
64% Feb 17
Youngst'n Steel Door..No par
June
11
2
105
85
A—100
80
108% May
2% May
4% May
% Dec
997b Mar 27
92
Apr 3
60% Jan 28
ser
Jan
100?g May
Mar 15
6)4% preferred
Apr
Apr
3% Jan 22
7% Mar 28
% Jan 3
22% Jan 10
93
Youngstown 8 A T. ...No par
29%
Apr
June
106% Feb 10
28% Jan 2
Jan 10
Dec
115
1077g Jan 18
117% Jan 3
227g
Jan
Feb
96% May
Jan 10
7
47$
80
75
115
Jan
24
;
110%
68% Aug
91
18
4%
May
Dec
Jan
Jan
Feb
60% Deo
2% Sept
12% Sept
34% Nov
28% Feb
20% Apr
May
May
15% May
227g Apr
74% Jan 18
106% Jan 26
33% J an
Young Spring A Wire..No par
May
May
2% May
4% Jan
27% Mar "§
297$ Mar 31
16% Feb 19
500
30
13% May
Woodward Iron Co.—--.-.10
6,500
25%
Feb
1% Jan
3% May
4
25
13% Aug
16% Jan
20% Jan
80
Jan
Jan
9%
20
6
13g
97g Nov
23% May
1047$ Deo
6% Nov
35% Jan
16%
22
Jan
Apr
.,.—..100
Jan
2%
3% Dee
%May
23% Jan 13
74
—
Nov
15% Apr
48
% May
4% Feb 14
Preferred...
120
June
Jan
97g Apr
30
10
2
3% Jan
1
May
18% May
Jan
13% Jan
June
3
Jan
65% Feb 15
Yale A Towne Mfg Co
May
Apr
Jan
'%« Jan 17
No par
Wisconsin El Pow 6% pref-100
Yellow Truck A Coach cl B.. 1
May
36%June
28% May
—No par
Worthlngt'n PAM(DeI)No par
l%May
May
5
Aug
17%
11%
58
d Def. delivery,
Jan
Oct
60
31% Mar
4% Jan
3134 Jan
14
109
62
7% May
89
800
42
July
35% May
66% Jan
60
Aug
19
May
Jan 14
64% Mar 14
2,000
Mar 26
24% Jan 15
2% Jan
27% Jan 11
117% Feb
20% Jan
112
Jan 22
WrlgJey (Wm) Jr (Del).No par
"MOO
57
2
9
12
Wright Aeronautical...No par
70
397$ Mar
117% Apr
49% May
Jan 15
76
10
200
22% June
26
116% Jan
44% Jan
Feb 14
100
5,800
437g May
10% Jan 7
12% Feb 14
6% Feb 19
800
14%
19
May
69
7% preferred A....
100
6% preferred B
100
Prior pref 4)4% series...100
Prior pf 4H% conv serleslOO
1934
119
119
June
25
Oct
Prior preferred
10
12
6
Mar 17
Nov
Feb 14
400
4
15
Apr
Feb
35%
Feb 15
4,300
10
Jan
34% Jan
%
80
10
W&
»n Nov
Jan
103
6% conv preferred—
22
Deo
June
18% May
51
May
7% Aug
Wilson & Co Inc
21%
997g
Jan
128
59
3
5,100
1,000
21%
70
159
45
Jan
4
.10
May
134% June
30
41
Wool worth (F W) Co
Apr
18% Nov
Feb 19
S4 conv preferred—No par
15,900
12% May
Apr
25
White Sewing Mach Corp... 1
"2*566
June
May
4
29%
30%
22%
Deo
41
May
1,100
119
Dec
2%
2%
63%
50
5
74
29%
297$
217,
Apr
50
85
47g
73%
*116
89%
2
1% Feb 18
l%Mar 27
3% Feb 14
30%
130
42% June
1% Deo
1
May
Jan
White Rock Mln Spr C0N0 par
$6 preferred
Nov
103% May
29% Deo
200
20% Feb 14
5
May
Jan
Jan
Apr
67% Nov
x73% Dec
76% Nov
Mar 20
300
400
42
1%
41%
117
95
1
29
2
4
5
70
2
Apr
20
119
15%
15%
2%
27% Feb 28
106
..1
-
May
Jan
Apr
Nov
9
100
1
30
*90%
29% Feb 17
wntvs-Overland Motors
28
14%
15%
Feb 27
Wilcox Oil & Gas Co
93%
15%
15%
131
2,100
2,700
*116
35%
1
"*30C
30
35
93
5
25
2
*89
34%
*87%
Jan
7»t Feb
18% Feb 13
19% Feb 19
89% Feb 14
conv
White Motor Co
3
*2434
*134
134
37g
178
1%
37g
28
*61%
23% Mar
25
119
62
104%
Feb 19
Jan 9
65
*69
62
3,900
Feb 20
Mar 31
15%
*50
73
92%
57«4
$4.60 preferred .....No par
5)4%
1,200
50
preferred-.-.
100
112
65
73
Bid and asked prices; no sales on this day.
25
1%
1%
37g
*91
*89
434
*50
25
1%
1%
21
5%
47g
25
1%
27%
30
51*
65
*86
63
72
*5%
*484
93
93%
68%
19%
14%
27%
*50
58%
*61%
27
15%
*57
*67
97
*29%
110% Feb 25
Westlnghouse Air BrakeNo par
Westinghouse El A Mfg
50
1st
3
6
Feb 18
6
*55
134
16% Mar
65% Mar
100
*28% 30
106% 106%
*54
76%
*70%
*11%
119
11,800
5,800
4,500
5
101
Western Pacific 6% pref—.100
Western Union Telegraph. 100
Weston Elec Instrument. 12.50
11%
27%
29%
20%
96»4
3
Feb
2% Feb 14
800
15%
*116
22%
1984
94%
Feb 14
100
32
15
5
22
4
5
278 Feb 17
100
4% 2d preferred
Feb
Feb 19
Mar
17% Apr
80
100
—100
pf-100
% May
15
68% May
39% May
60
May
39
% Jan
63
Jan
6
No par
Maryland..
Feb 25
% Mar 11
Western Auto Supply Co... 10
Western
Feb 24
2% Feb 19
Wesson Oil A Snowdrift No par
$4 conv preferred
Jan
63
West Penn El class A..No par
24
Jan
14
..No par
6% preferred
300
59% Jan 15
38%
22
May
..1
...
West Va Pulp A Pap Co No par
800
16% Jan 10
21% June
27% June
Dee
Apr
Apr
May
135
Wayne Pump Co
Webster Eisenlohr
West Penn Pow Co 4
%
4
Jan 10
74
June
15
190
7%
1% Jan
Aug
120
..6
330
%
7
48
Mar 27
Waukesha Motor Co...
500
1,200
1% Jan
Apr
12%
135
26
7% preferred—
6% preferred
"1,366
4
May
Mar 27
21
*31
*11%
3%
3%
Jan
Deo
7%
135
% Mar 24
par
31%
29
29%
106% 106%
*55
76%
*71
72%
190
Jan 13
33% Jan 13
35
28
Nov
par
230
15%
3%
*7
40
65% Apr 4
76i2 Jan 29
70% Jan 6
Jan
6% Mar
35
par
134
11%
4%
3%
300
25% Apr 4
94% Jan 11
Nov
89
182% May
110
par
134
*86
*89
94%
72
71%
5,600
-
7
6
I7g Jan 11
11
3% May
6
May
12% Deo
May
712% Feb 13
3% Feb
7% preferred......——100
*70%
11%
5%
i.eoo
Jan 11
97
71
4% Feb 14
25% Mar 24
Warner Bros Pictures.......5
300
3
31%
13% Mar
7% Apr
7% Jan
Mar 12
19% Feb 24
...100
400
—
104
7% preferred..
par
100
64
6
Jan 17
5%
100
% Jan 20
*u Jan
-No par
13.85 preferred
No
tWarren Bros Co
...No
$3 preferred
..No
Warren Fdy A Pipe—.No
Washington Gas Lt Co.No
620
9%
4
May
2% May
25% July
14
May
Apr
Mar
Feb 15
101
*84
5912
3
June
7%
6
89
31% Mar 29
Walgreen Co..
No par
4)4% pref with warrants 100
Walworth Co
Dlv redeem pref
No par
Ward Baking Co el A..No par
Class B
No par
%
Feb 15
8
700
3%
Apr
par
13%
5
"
"T.OOO
12
100
No
Fe* 15
40
6% preferred A.—.-.100
1384
*4%
*234
*80
7%
tWabash Railway Co
Waldorf System...
Walk(H)Good & W Ltd No par
16%
Mar 13
1% Apr
100
700
300
Mar 26
20
20
25
100
287g
*16
7%
6% preferred
Vulcan Detlnnlng Co
*2734
16
15%
5%
4%
1,100
*
57
116% Feb 17
—.25
5
16
*7ie
Virginian Ry Co
5
*26%
2l7g
7i«
94
""*500
%
97g
7%
7ie
No par
Va-Carollna Chem
Preferred--
%
27%
22%
3%
3%
100
%
9%
3%
7I6
72
4
28
*6%
%
3%
*117g
15%
*5%
*4%
47g
*116
*3
*69
1%
72
20%
26%
1%
72
3%
7%
800
9% J 97g
197g
20
*9984 102
%
104
5
6% dlv partio preferred. 100
...
*26%
*2l7g
103
100
May
5% May
50
8% Jan
50
Jan
5
165
4% Jan
48
3% Dec
80
8
6% Jan
130
107% June
Jan 14
69i2 Jan
183
non-cum pref--..—.100
Victor Chemical Works
Va El A Pow $6 pref-. -No par
Va Iron Coal & Coke 5% pf 100
30
10% Jan 27
17
Feb 14
Oct
May
Jan 21
Feb 13
Jan
3
MarlO
40% Mar 10
Jan
15
118
3% Jan 10
3% Jan 9
158
114
Jan
Deo
857g
May
9% Deo
June
157
Jan
41
60
6
*i« Jan
16
65% Mar
Jan 13
6
25% Mar 26
13% Mar 21
3% May
2
Sept
26% Deo
27g May
25% May
11
6
Highest
share $ per share
Jan 22
Jan 17
Mar
r22
30
800
45% Mar 22
13% Mar 20
497g Mar 28
.5
1,000
■'
15%
*40%
42
*3234
33
98% 100
2
"11 Mar 26
100
Vlcks Shreve & Pac Ry
6%
1% Jan
....6
7% 1st preferred—
700
■
100
Vlck Chemical Co
Mar 27
42
No par
Preferred
Van Raalte Co Ine
400
237g Mar 25
Vanadium Corp. of Am-No par
Van Norman Mach Tool—2.50
"466
'
*57
%
Universal Leaf Tob
""loo
24%
17g
22%
113% 113% 11434 11434
*16%
17
16% 16%
*16%
17
16%
*105
105% *105
105% *105
105% *105
105% *105
105%
105% *105
26% 26%
26% 26%
263g
267g 27%
27%
27%
26%
26% 26%
20
5,200
14
117
59%
....
21%
2034
71% *70%
104% *104
111
110%
102% 102
113% 112%
17
16%
22
117
*12
...No par
8% preferred
85
24%
134
*15
3%
Feb 24
162
16
3%
*57
117
133
*15%
%
100
100
7$
3%
Feb 19
Universal Pictures 1st pref. 100
Vadsco gales
No par
*%
59
*65
"*360
%
16%
,li#
65% Mar 13
72% Mar 24
par
Universal-Cyclops Steel Corp 1
1384
5
1% Feb 18
I77g Feb 14
80% Feb 15
200
100
U 8 Tobacco Co
10% Jan 15
per
117
34% Feb
25% Jan
10
50
Preferred
Mar
100
50
Corp........No
Jan
19
$6 conv preferred.—.No par
"z«
47%
15
13%
.
Min
Preferred
U S Steel
Mar 22
31
200
"ze
*45%
*1384
14
4%
*4
U S Smelting Ret &
Feb 19
28
United Stockyards Corp.—.1
United Stores class A—
5
5
28%
28%
4%
197g
8% 1st preferred
1
54% Feb 24
1,000
1,600
47g
28%
28%
*%
*19%
*99% 102
US Rubber Co
8
28% Jan 10
6
..100
20
U S Playing Card Co..
10
U S Plywood Corp
1
{U S Realty & Imp.
No par
Jan
*37% Jan 16
No par
Prior preferred
U S Pipe & Foundry
Jan 11
Feo 10
1%
%
%
cl A
5
42
70% Jan 10
21% Feb 19
3% Feb24
1%
*134
984
conv
Feb 14
Apr
33
No par
7% preferred—.—....25
...
*%
Partio &
Mar
47b Feb 17
120
*
9%
conv preferred.
Jan 11
Jan 17
60
U S Industrial Alcohol.No par
4% Jan 13
3% Jan 11
32
Jan
173
U S Leather Co.
$
14
7% preferred.....—...100
5
50
share
90
No par
.20
U S Hoffman Mach Corp
per
4
43%
17
*9z«
U S Freight Co
U S Gypsum Co
Year 1940
Lowest
9% Feb 19
8% Mar 4
84
Corp cony pref.100
43%
27%
%
10
1,800
1,800
%
85
1
v t c
110% Mar 28
8% Feb 21
2% Feb 24
2% Feb 19
26%
27%
*13%
*—.
3% Mar 20
26%
*15%
434
*484
21
21% 2184
21%
71*4 *70%
71% *70%
104*2 ♦104
104%
104%
*111
1117g *111
1117g
110%
102
*102% 103
102% *102
*112
113
112
113
113%
21%
900
200
17
102
434
%
70t2
*6*4
*%
2,300
30,700
27%
434
4%
21
*3
1,500
53,800
65%
26%
*13%
*25%
9%
20
19%
*13%
434
*104
*16
100
500
587g
*51%
14
1,000
33
22
1%
25%
94
73%
577g
44
500
*68%
*73
*73
*134
*99
13%
27g
17%
3%
....
20
*98% 101%
434
484
27% 28%
13%
*57
16
700
*15%
*%
13%
%
'
%
13%
16
16
*%
20
47g
27%
*%
217g
17%
*27g
*27
1
8%
29
*77
47g
1312
4*2
2l7g
*15
20
*99% 1017s
*77S
*25l2
7%
17
~
87g
62
7%
26%
14%
26
85
20%
116%
12%
*39%
*32%
"t.
*»Zf
7%
68%
287&
33
22
24% 24%
24%
I7g
17g
I7g
21% 22
21
116% *116% 117
12
12
12%
41
41%
41
32% 32«4
32%
~
98
*94% 98%
*23%
*16
*57
7%
....
*—
V
8.%
*%
1512
27g
"V,o66
200
*21%
1%
24%
93?g
65%
United Mer A Manu Inc
5)4%
37
25
37g
68%
2812
*32%
*21%
*1%
Mar 28
2,000
37g
*51%
%
26%
*13%
*24%
'%
*4%
25
8
United Gas lmprov't.—No par
$5 preferred
No par
63%
37g
1
Feb 14
1,600
153
8*4
*13
*35%
25
Apr
61
U 8 Distrib
*334
Mar 27
35% Mar 7
..No par
U. S. & ForeignSecur..No par
$6 first preferred
No par
1,900
%
United Electric Coal Cos....6
United Eng & Fdy
5
130
57g
share
United Fruit Co
100
152
»u
*2612
534
5%
37
2
25
Range for Previous
Highest
37g Feb 15
5
700
30
per
100
87%
117g
10%
177
%
..10
Preferred-.-
United Paperboard
*148
*%
4*4
27%
63
*167
United Drug Inc
United Dyewood Corp.
900
153
*%
20
10
Par
3%
3%
25
25
26
*24% 26
25%
115% *115
115% *115
115% *115
115%
115% *115
40%
*40%
41%
41%
*40%
41%
41%
40% *40%
*56%
*56% —.
*56%
*56%
*56%
*134
102
10
63%
Lowest
3,200
154% *150
*8i2
4*4
11%
2203
Range Since Jan. 1
Basis of 100-Share Lots
On
10%
*148
2
*1%
17$
21
21
21
2112 *20
*116*4 118I2 *116% 117% *116% 117
*12%
14
*12%
14
*12%
15%
41
41
41
41
*40
41%
3U2 32*2
*32%
31% 32
32%
*94iz 98% *94% 98%
*94%
98ig
20
14
11
600
*151
26%
....
*100
1%
%
46%
*3
8%
*40%
24
*134
10%
3%
♦85
100
2,500
15,800
111
111
3%
900
•
*115
*—-■
65
*22%
*1*4
*2012
8%
3%
51
*13%
41%
66%
3%
154
17
26
37
66%
153
26%
1378
11512
37
65%
51
26%
*13%
*24%
26
3%
37
86%
200
140
*148
*16%
14
25
1,900
51
17
%
5%
4
2%
25
151
2612
*%
12
*56'g
*
*49%
*148
157
154% 154% *152
*%
%
*%
16%
16% *15%
*%
*13%
*2412
51
154
laze
*2
25
177
44
44
48
*148% 153
26%
*43
*45%
155
21%
123
63
*35%
37
24%
4
48
154
5%
21%
9%
*167
24%
*45ig
*49%
*148% 153
3%
173
5%
3%
4
2%
25
8
8%
110% 111
10%
10%
11
4
62%
*73%
567g
3%
86
24%
9134
62%
737g
57%
123%
26%
3%
2%
3
*35
37
Shares
11
173
5%
$ per share
3
87g
62%
EXCHANGE
$ per share
*85
878
NEW YORK STOCK
the
Week
65
8%
111
for
Friday
Apr. 4
*36%
21
26%
„
3%
STOCKS
Thursday
Apr. 3
25
287g
123
1»„
*35
37g
2%
25
21
26%
*1%
*5%
37g
2%
25
*32
32%
1984
*61%
737g
173
2
Sales
6
80
t Calledfor redemption.
I
ag
April 5, 1941
2204
Record—New
Bond
York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
are
Cash and deferred delivery sales are disregarded in the
shown in a footnote
"and Interest"—except for income and defaulted bonds.
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
in the week in which tbey occur.
No account is taken of such such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
BONDS
N.
Y
STOCK EXCHANGE
Week's
Last
Range or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Price
Week Ended Apr. 4
1947-1952
,,1944-1954
—1946-1956
1945-1947
1941
1943-1945
1944-1946
1946-1949
1949-1952
1946-1848
,.,1951-1955
.,1955-1960
1945-1947
1948-1951
1951-1954
1956-1959
1958-1963
-—1960-1965
1945
1948
1949-1953
.,1950-1952
Treasury 3%s
Treasury 3%s
Treasury 3%s
——
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3s
Treasury 3s
Treasury 2%s
Treasury 2%s
Treasury 2%s
Treasury 2%b
Treasury 254s
Treasury 2%s
Treasury 2%s
Treasury 2%s
Treasury 2%s
Treasury 2%s
Treasury 2%s
Treasury 2%s
...
1952-1954
1951-1953
...1954-1966
-—..1947
.Dec 15 1948-1950
Mar 15 1948-1960
1953-1956
Treasury 2%s
Treasury 2%s
Treasury 2s,.,
Treasury 2s
Treasury 2s
Treasury 2s...
BUI
&
Low
Government
U. S.
Treasury 4%s.
Treasury 4s
A
O
J
D
M
5
Friday
112.4
8
Jan. 1
Asked
High No 5
Low
High
119.20
119.20
10
119.4
121.26
112.4
112.9
67
112.4
113.18
*113.5
113.8
113.4
115.7
/
d
*106.25 106.27
F
A
*101.25 101.27
A
O
♦107.7
107.9
A
O
108.4
108.6
J
d
106.26 107.25
101.21102.18
5
107.2
108.6
108.1
109.9
110.12
110.12
5
J
D
112.15
112.16
6
112.15114.9
J
d
109.28 109.28
109.28
3
109.24111.21
8 111.18 111.18
111.20
7
110.4
109.20
109.28
21
108.3
108.5
M
M B
M
8
M
8
108.3"
7
110.11112.12
113.2
107.14111.9
108
109.24
107.27110.9
*108.25 108.28
"io
107.2
109.31
108.24
109.6
29
107.1
110.22
J
d
109
109.12
10
106.31110
J
D
109.17
109.25
7
J
D
*107.24 107.26
J
M
d
8
108.21
108*25
108.21
107.8
110.17
107.30108.14
8
*108.5
108.8
D
106.15
106.17
32
105.2
107.30
M
8
106.24
106.25
3
105.4
107.23
m
s
102.8
102.18
66
102.8
102.18
M
J
107.16109.22
J
D
*104.13 104.16
103.5
105.14
J
d
*104.15 104.18
103.5
105.9
J
D
*105.3
104.28106.28
J
D
&I S
J
d
104.17 104.13
101.7
101.7
102.19 102.19
105.6
104.12106.7
104.17
101.7
100.24 101.7
102.22
101.24103.15
M
8
3148
1944-1964
3s
3s
1944-1949 MN
J
1942-1947 /
2KB
1942-1947
107
107
106.26107.28
107.4
i07.4
106.28108
series A
214s series G
114s series M
Jan 1961 J
10%
12%
1962 A
♦6s assented
1957
♦6%s assented...........1957
♦Sink fund 6%s of 1926
1961
♦6%s assented
1961
♦Guar sink fund 6s
♦6s assented
♦Guar sink fund 6s
♦Chilean Cons Munic 7s
♦7s assented..
♦6s of 1927
External loan 4%s
Foreign
Govt.
101
100%
101 %
....
100
103%
♦Gtd sink fund 6s
..1948 A O
M 8
4s. 1968
♦Antloquia (Dept) coll 7s A—1945
Akershus (King of Norway)
♦External s f 7e series B
1945
♦External
1946
f 7s series C
8
A
J
s
f 7s series D
s
f 7s 1st series
♦External
sec s
f 7s 2d series. 1957
♦External
sec s
f 7s 3d series. 1957
*24
J
.1945
1957
♦External
♦External
*23M
23%
7M
23%
24%
40
23
23
10
11
11%
8%
10%
10%
11%
10%
8%
10%
11%
10%
10%
"l"6%
8%
10%
*10%
*9%
*6%
8%
11
"16%
8%
10%
1961
O
1960 Vf
8
1960 m
8
External 5s of 1914
ser
A.
—
1949 F
5
21
74%
74%
17%
17%
2
103%
103%
1
51%
103
100%
"1
51%
304
103
74%
*9%
13%
ser B— —1952
*9%
External g 4%s
With declaration
A
103%
101
103
96
49%
73
75%
8%
51
54
15
48
45%
46
53
103%
2
46%
47%
44
100%
101
44%
47
18
101
1
36
43%
*46%
16%
9
43%
48
Apr 15 1962 AO
74%
8
23%
100%
1955 F
24%
21%
72
31
25%
23
74%
External gold 5%s
With declaration..
21%
*24%
25
51%
j
34%
24
*102%
34%
23%
23%
23%
25%
25%
23
30
♦Public wks 5%s...June 30 1945
♦Czechoslovakia (Rep of) 8s ...1951
♦Sinking fund 8a
30
30
10
9
13
31%
38%
29%
33%
27%
44%
54
47
48
45%
47%
10
47
3
3
31
47%
8M
7%
9%
Dominican Rep Cust Ad 5%s..l942 M B
53%
53%
4
52
57
8
9%
54
54%
5
52%
58
8%
8
9
{♦1st ser 5 %s of 1926
1940
{♦2d series sink fund 5%B—1940
Customs Admin 5%s 2d ser.. 1961
5%s 1st series
1969
5%s 2d series
1969
♦Dresden (City) external 7s... 1945
54
54
5
52%
54
54%
3
52
56%
53
54%
14
52%
59%
53
53
1
52%
59%
m N
16
27
♦EI Salvador 8s ctfs of dep
j
1948
J
1967 J
J
1945 M 8
f 6%S—1953 yn
8
7M
8)4
8
7%
7%
9%
8%
7M
7%
8%
7%
7M
14
20
8%
a
0
a
o
M
8
a
o
a
o
78
82%
♦Estonia (Republic of) 7s
66%
65
70%
Finland (Republic) ext 6s
8 f extl conv loan 4s Feb
1972 F
A
61
60%
61%
1972
A
o
60%
61
64%
64%
♦Frankfort (City of) s
8 f extl conv loan 4s Apr
61
French Republic 7 %s stamped. 1941 /
With declaration
J
60
61
8
60
61
58%
58%
53%
53%
51%
53
47
53%
6
8%
6M
6%
54%
58
17
78%
53
39
*23%
a
...1977
66%
1956 mn
J
1957 J
34%
23%
25%
...1949
-
78
External g 4%s of 1928
♦Austrian (Govt) 8 f 7s
34
23%
*23%
..1951 M N
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904. ...1944 M 8
66 %
External 6s of 1927
47
22%
23%
22%
21%
23%
7s..1942
78)4
Australia Com'wealth 5s._„
"l9% "26%
34%
34
8%
*18
1955 J
1957 M
9%
22
34%
1948 M N
1971 M N
8 f external 4%s
10%
7%
Argentine (National Government)—
8 f external 4)48
11
♦7%
*7%
*7%
7M
7M
Th
Antwerp (City) external 5s....1958
24
23%
22%
13
11%
12%
11%
13
12
10
10%
11%
10%
*11%
O
With declaration
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 P
11%
12%
12
12%
11%
1961
Denmark 20-year extl. 6s.....1942 J
Municipal
&
20
declaration
Cordoba (Prov) Argentina
4 %8 external debt
d
10%
*12%
8%
10%
8%
10%
8%
11%
9%
9%
8%
10%
1953 AFN
101.29103.2
J
13
12%
17%
With declaration
With
10%
10%
1947 A O
1946 M N
1947 F a
1952 / d
♦Sinking fund 7s of 1927
102.17103
...1980
High
*11%
Jan 1961
Copenhagen (City) 5s
10%
d
34%
♦Sinking fund 7s of 1926
102.21
3% Corporate stock
Low
d
Oct 1961
♦Colombia Mtge Bank 6%s
102.18
Transit Unification Issue—
NO
d
♦Chinese (Hukuang Ry) 5s
1951 J d
♦Cologne (City) Germany 6%s_ 1950 .If 8
Colombia (Republic of)—
♦6s of 1928
106.17107.26
City
Since
15
1962 yn
106.21
York
High
*10%
*12%
11
Sinking fund 5%s...Jan 15 1953
New
Range
Jan. 1
Asked
*11%
10%
D
J
1962 AfN
♦6s assented
106.21 106.21
*101.29 102.1
10%
O
♦External sinking fund 6s._. 1963 YN
♦6s assented
1963 VN
♦Chile Mtge Bank 6%s
........1944-1952 m n
J
Ac
♦6s assented
102.15103
d
Bid
Low
♦Extl sinking fund 6s..Sept 1961 M S
♦6s assented
i
Sept 1961 M 8
♦External sinking fund 6s—1962 A O
102.18103.3
j
Price
*12%
102.20
J
Friday's
Jan 1961 /
102.15
..1942-1944
1945-1947
Range or
Sale
Foreign Govt. & Mun. (Cont.)
102.12
—
A.
Week's
Last
♦Ryextl.sf6s
102.15
Home Owners' Loan Corp—
3s
»»i
Friday
Chile (Rep)—Concluded—
8
M
if
Week Ended Apr. 4
25-year gold 4%s
Federal Farm Mortgage Corp—
2^
|
61
*8%
7%s unstamped
External 7s stamped..
1941
..1949 J
"50" "51%
*50%
With declaration
92%
d
89
D
8%
11
22
16%
92%
91
15
27
26%
26%
73%
94
84
97%
69%
84
63
92
64%
67
-u.
With declaration
-1945 P A
♦Bavaria (Free State) 6)48
With declaration
*12
20
...
1949 M
Belgium 25-yr extl 6%s
8
67
67
70%
With declaration
1955
External s f 6s
"78"
J
"79%
With declaration
External 30-year s f
1955 J
7s
With declaration.
D
76
"78*"
1950 A O
J D
16%
16%
16%
5
With declaration
♦Brazil (U 8 of) external 8s
♦External s f 6 Ma of 1926
♦External
♦7s (Central Ry)_
♦6sstamped
26
26
16%
26%
26
26
1957
16%
15%
65
16%
16%
16%
16%
41
17%
17%
17%
17
17%
15%
15%
16%
58
59
18
57
64
57
57
2
52%
57%
61%
1962
D
A O
A O
J D
M 8
P A
J D
J D
62
64%
5
5
64%
5
17
1
5
19%
7s unstamped
1961 M
—n.
1977
1976
1976
1975
1984
M
P
A
Af
J
8
P
A
O
N
J
*55
♦5 %s of 1930 stamped
1965 J
1965
♦5 %s unstamped
♦German Rep extl 7s stamped-
♦7s
unstamped
_
♦Stabilization loan 7MS---—1968
"13%
48
registered
1960
A
O
1960
A
O
♦(Cons Agric Loan) 6%s
♦Greek Government
s
f
ser
1958 J
,.1952 M N
5s
1964
♦6 part paid....
1968
1968 F
o
1946 a
65
6
Hungarian Cons Municipal Loan—
49
51
52
45%
52%
47%
47
47%
46
51%
48%
49%
48%
52%
37
37
33
37
♦7s secured
s
s f g.
f g
j
A
10-year 2 Ms
41
7-year 2)4 s
/
1946 j
J
♦Hungarian Land M Inst 7%s.l961 m n
♦Sinking fund 7 %s ser B
1961 m n
Hungary 7%s ext at4%s to...1979 f A
Irish Free State extl s f 5s
5
"5%
5%
7%
♦Italian Cred Consortium 7s
*7%
7%
6%
8
♦Italian Public Utility extl 7s..1952 /
94%
88%
94%
92
92
ser
B'47
V
30-year 3s.
♦Farm Loan
s
s
♦6s Oct coupon
71
24
♦Mexico (U8) extl 5s of 1899 £.1945 Q
16
26%
♦Assenting 5s of 1899
1945 Q J
♦Assenting 4s of 1904
1954 J D
♦Assenting 4s of 1910
1945
{♦Treas 6s of '13 assent
1933
♦Milan (City, Italy) extl 6 %s_. 1952
Mlnas Geraes (State)—
♦Sec extl s f 6%s
1958 Af 8
♦Chile (Rep)—Extl s f 7s
♦7s assented
12%
11%
m'jv
*12%
12%
10%
1942 M N
10%
10%
8%
12%
12%
1942
♦External sinking fund 6s_._1960 A
O
♦6s assented
1960 A
♦Extl sinking fund 6s...Feb 1961 F
O
10%
10%
11%
A
12%
12%
Feb 1961 F
A
10%
12%
10%
♦6s assented
For footnotes
see
page
2209.
11
10
9
10%
9
12%
12
12%
12
5
23%
60%
20
14
87
5%
18%
43%
19%
14
19%
64
27
24
5
69
J
i>
9%
46
S
1960
*4%
65%
96%
on
5
44
84%
84%
9%
26%
5%
5%
64
84%
9%
25
5%
8%
5%
46%
30%
29%
87%
16
6
*4%
18
76%
76%
9%
14
5
8
84%
16%
5
21
82%
82%
9%
16
49%
5
19
J
O
49%
*74
j
1967 J
1960
27
75
95
Oct 15 1960 A
26
26
57
19%
79%
f 6s
22%
27
*47
65
1954 r a
Extl sinking fund 5%s
1965 m n
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F a
♦Lower Austria (Province) 7%s 1950 j D
♦Medellin (Colombia) 6%s
Mendoza (Prov) 4s readj
66
26
27%
92
J
38%
22%
7
89
1954 J
1950 M
41
35
95
♦6s July coupon on
♦Farm Loan
101%
38%
29%
96%
f 6s..July 15 1960 J
.....
20%
87%
♦Carlsbad (City) 8s
♦Cent Agric Bank (Ger) 7s
"9% "12%
19%
95%
84%
14
"12%
27%
93%
1968 M N
8%
26%
19%
85
_
6%
15
27%
J
84
'l6%
8%
7
14%
8
J
30-year 3s
"51
9%
D
A
95
"11"
*12
1960 m N
1951 J
6%
1961 J
1944 J
....
13%
25
O
Aug. 15 1945 F
25-year 3%s
5%
J
1945 j
*6
97
3
With declaration
♦Heidelberg (German) ext 7%s 1950
Helsingfors (City) extl6%s
1960
47%
101%
5%
"16"
♦Hamburg (State 6s)
47%
"99%
5%
"*9%
a
18%
46%
"ioi""
7%
*12"
7s. .1964 M N\
♦7s part paid
♦Sink fund secured 6s
o
46%
92
58
20
d
♦Haiti (Republic) s f 6s ser A.. 1952 a
47%
93%
8%
*7
...1949
Japanese Govt 30-yr s f 6 %s
Canada (Dom of) 30-yr 4s
—...
8
German Prov & Communal Bks
17
47%
M N
1949 AO
8
17
45
J
d
♦5%s stamp(Canadlan Holder)'65
♦Italy (Kingdom of) extl 7s
1967 J
f 7s
*70
1949
German Govt International—
♦7%s secured
4%-4%s
Refunding s f 4%-4%s
External readj 4%-4%s
External s f 4%-4%s
3% external s f $ bonds
Bulgaria (Kingdom of)—
s
26%
(Prov of)—
External s f
♦Secured
55
16
1950
♦Budapest (City of) 6s
Buenos Aires
84%
19%
1958
20-year s f 6s__
81%
"l9"
1957
Sinking fund gold 5s
47
83
19%
1952
Brisbane (City) s f 5s
72
1941 J
f6Ms of 1927...1957
s
26
18
20%
With declaration
♦External sinking fund 6s_._1958
27
43%
43%
43%
43%
49%
48%
—
♦Berlin (Germany) s f 6 Ms
19%
26
46
*6
8%
7
28
1954
1954
19%
7
7%
7
*66
69%
61
55%
8%
26%
9%
70
Mexican Irrigation—
♦4%s stamped assented
♦Sec extl
s
f 6 %s
♦Montevideo (City) 7s
♦6s series A
1943 M N
1959 M
*4%
5%
3%
5%
5%
5%
67
3%
5%
5%
J
8
5%
5%
5%
40
3%
5%
5%
31
3%
5%
5%
1
4%
4
18%
19%
10%
10%
9%
10%
26
9%
10%
28
D
*60
1959 M1V
60
1952 j
20
"60 ""
8
8%
5%
5%
30
10%
10%
54
62
53
60
Volume
Last
BONDS
Bid
Price
Week Ended Apr. 4
Low
Foreign Govt. & Mun. (Concl.)
1957
F
A
Apr 1958
A
O
1943
F
A
1944 F
A
New So Wales (State) extl 5s—
External
f 5s
s
Norway 20-year extl 6s
55
declaration
With
1956
~39m
f 4 J£s
s
1965
With declaration......
4s
With declaration
27
A
f 5s
8
With declaration
1970
J
1952
F~"i
1953
A/
S
1958 M N
....
1955
♦Panama (Rep) extls f 5s serA
♦Ctfs of deposit (series B)
1963
A
♦Stamped assented
♦Ctfs of deposit (series A)..
♦Pernambuco (State of) 7s
1963
1947
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s lstser
1959
1960
f 6s 2d ser
M~8
1958
1955 J
Conv 4s of 1905
D
z
aa
1960 J D
1948 J D
Rocky Mtn Dlv 1st 4s
1965 J J
Trans-Con Short L 1st 4s_.1958 J
J
x
aa
z
aa
10434
z
aa
101
z
aa
7
5134
20
32 34
36 34
32
3434
40
3134
3434
3634
3434
3634
3134
2734
28
3134
3334
13
31
35
3634
8
33
3134
3134
8
3034
54
Conv gold 4s of 1910
Conv deb 434s-.
1944
1944
4s. July 1952
1st 30-year 5s scries B.
Atl
Coast
1st
cons
General unified 4 34s A
1964
10-year coll tr 5s..May 1 1945
L & N coll gold 4s
Oct 1952
1948
1948
2134
27
46
Atl A Dan 1st g 4s
37 *4
3734
38
19
37
43
2534
2534
1
2434
2734
Second mortgage 4s
Atl Gulf & W ISS coll tr 5s__1959 J
89
90
6
70
90
Atlantic Refining deb 3s
1953 M
Austin & N W 1st gu g 5s
1941 J
91
9134
3
75
9134
8034
79
81
77
61
81
80
7834
81
137
61
81
7
634
7
13
634
734
7
7
1
634
8
""634
634
7
43
634
734
7
42
6
734
634
O
13
1st mtge. gold 4s
July 1948 A
1948 A
4s registered
With
declaration.....
♦External
.
6s
s f
—1952
A
1941
1947
A
F
1950
M
Queensland (State) extl s f 7s
25-year external 6s...
♦Rhine-Main-Danube 7s A.
1946 A
6Hs.................1953 F
♦Rio de Janeiro (City of) 8s
♦Extl
see
Rio Grande do Sul (State
8
"20""
95
A
5134
53 J4
278
4634
372
z
cc
2
4634
4534
47
341
z
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3
29
26
3034 2433
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734
39
7
1946
A
O
J
D
1966
MAT
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/
A
O
♦Roumania (Kingdom of) 7s
F
A
1959
10
10
10
8
834
9
D
♦7s municipal loan..............1967
♦Rome (City) extl 6 Ms
1952
'19"
834
834
9
834
834
19
834
734
,
Ref g 4s extended to.
1960 F
♦634
....
6
paid
6s
to Jan 1
.1951 M A ybb
1950 J
1947) due
Toledo Cln Div ref 4s A—1959 J
Bangor A Aroostook 1st 58—1943 J
...1951 J
Con ref 4s
1953
/*"}
1964
A/
934
1034
734
834
834
934
1
8
934
17
19
1951
Battle Cr A Stur 1st gu 3s—1989
Beech Creek ext 1st g 334s—1951
Bell Telep of Pa 5s series B..1948
J
A
J
1960 A
1st A ref 58 series C
Belvldere Del
J
9
5
7
6
4
6
♦Berlin City El Co deb 6 348.1951 J
32
2534
1134
2234
5434
934
834
*55"
*56"
♦1134
1134
2634
1334
f 4s
♦Sao Paulo (City of. Brazil) 8s
10
63
1334
1234
A
3
59
58 34
60
33
4834
4734
4834
92
25
S'west Dlv 1st M (lnt at 3 34 %
334s
1943 J
Beneficial Indus Loan 23£s_. 1950 J
R
s
27
.
24
18
21
1952 M N
♦634s extl secured s f
_......1957 M N
J
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1936 /
Santa Fe extl
?
734
634
of)—
1968
♦Saarbrueeken (City)
""§34
27
:
Feb 1
4s stamped
f g
coupon
66
174
70 V
4534
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59
70
69
5334
27
3
69m
46
2634
6334
3
70
ccc4
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9634
10034
ccc4
27
27
13
100
z
1734
15
10434
z
9
87
14
10434
D
(Int at 1%
1 1946) due__2000 M 8
Ref & gen ser F (int at 1%
to Sept 1 1946) due—1996 M 8
to Sept
834
28
95
S
O
♦6s extl
♦February
""8J4
63 34
A
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s
9234
6334
27
88
104 34
93
Ref A gen ser D
M
89
"89"
79
317
834
834
26
7134
834
;
54
3734
3434
4734
11
8
75
35
7034
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to Dec 1 1946) due...1995 J
r
8734
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45 h
4
10
87
74 M
70 X
334
....
87 M
3634
46 M
5
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233
3
♦434
♦834
J
69
ccc4
♦4Ms assented........_-.__.1963
♦Porto Alegre (City of) 8s
1961
♦Extl loan 7 Ms..
1966
♦Prague (Greater City) 7 Ms
1952
♦Prussia (Free State) extl 634s
1951
A/N
119
6634
3134
o yhh 1
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23
79
68
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1946) due... 1995 J
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1947
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10134
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to Dec 1
1968
loan
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b
z
101
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69
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y
20
105
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Ref A gen ser A
23
8
J
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99
10434
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Oct 1 1946) due July 1948 A
.....
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A
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53
54
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aa
5234
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55
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or
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51
3934
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5134
3234
O
Price
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D
30
634
A
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See a
(Cont.)
Fe—{Concl.—
1955 J
40
1940
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&
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Rating
52
26
8
1961
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Atch Top & Santa
6634
39
M N
M
Railroad
6434
Sfe
sa,
40
O
.1963
1963 MN
Indus. Cos.
High
Last
Elig. A
EXCHANGE
1
♦2734
D
STOCK
Week Ended Apr. 4
"55" "*3
-
♦Nuremburg (City) extl 6s
Extl debt 5Ms
Oslo (City) s f 4Ms
6634
5434
32
Oriental Devel guar 6s
s
V
2
6634
.........
Municipal Bank extl
♦Nat Loan extl
AO
.....
.1963
f extl loan
s
M~8
declaration..
No. Low
6134
53
53
54
__
External sink fund 4 Ms
External
53
1
Jan,
♦52 34
53
N. Y.
Since
Asked
High
6134
6434
With declaration
20-year external 6s
With
A
BONDS
Range
Range or
Friday's
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EXCHANGE
STOCK
Y.
Week's
Friday
Bank
Week's
Friday
N.
2205
New York Bond Record-Continued-Page 2
152
cons
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/
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a
3
10034
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16
49
5034
1965 F A
1944 / D
1950 F A
z
a
3
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104
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10034
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1968
J
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1734
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A
O
4934
1945
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1946
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J
D
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{♦Secured
s f
7s
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sec
extl
D
1962
M N
M N
1958
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/
J
D
1947
F
A
♦Silesia (Prov. of) extl 7s
♦SHesian Landowners Assn 6s
Taiwan Elec Pow
s
f 5 Ms
Tokyo City 5s loan of 1912
External s f 5348 guar
♦Uruguay (Republic) extl 8s
♦External
s
f 6s
♦External
s
f 6s
3%s-4-434s ($ bonds of *37)
external readjustment
1834
43 34
53
Consol mtge 334 s ser H
2234
2634
2634
2634
2034
4734
634
834
834
654
834
434
334
5
534
—I960 F
Big Sandy 1st mtge 4s
Blaw Knox 1st mtge 3 34s
cccl
F A
A/N
z
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a
54
1st lien A ref 6s series A—1947 A/N
z
bbb3
59
Debenture gold 5s
1950 J D
y
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1957 A/N
z
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z
aa
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Buffalo Rochester A Pgh Ry—
x
aa
20
2034
19
46
4834
43
55
5434
5434
'5434
25
5034
Buffalo Gen Elec 434s B
Buff Niag Elec
Rating
See
Week Ended Apr. 4
"4l"
43
4234
43
41
41
3934
41 J*
43
43
4134
1734
28
"934
1234
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334
4
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534
49
3634
12
46
5734
Week's
Range or
Friday's
Sale
4434
334
.334
534
*334
Last
4034
*9" ~
46
Price
a
4434
4134
3554
4134
3634
"
46
3934
3534
3934
Friday
Eltg. A
EXCHANGE
43
Bid
A
Asked
(interest
at 3% to 1946) due
1957 A/N
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A/N
{Burlington Cedar Rapid & Nor—
{♦1st & coll 5s
1934 A O
5s registered
.1934 A O
2
Since
Jan.
1
COMPANIES
4734
I
♦1C0 y8
Canadian Nat gold 434s
1957
Guaranteed gold 5s_.July 1969
4334
50
5034
9934 10234
5s...Oct 1969
Guaranteed gold 5s...
1970
Guar gold 4J4s..June 15 1955
Guaranteed gold 434s
1956
Guar gold 434s
Sept 1951
aa
z
aa
M 8
z
aa
/
z
aa
cccl
z
aa
4
z
aa
4
Albany Perfor Wrap Pap 6s. 1948 A
O
y
b
2
57
57
1
5434
A
O
y
b
2
46
4634
3
46
69
5434
{♦Carolina Cert 1st guar
1946 A
334s registered
1946 A
Alleghany Corp coll trust 5s.1944 F
Coll A conv 5s
1949 /
O
O
A
z
bbb3
83
83
5
8134
8334
Carolina Clinch A Ohio 4s—1965 M
x
bbb3
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y
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O
O
8
A
4s_1952|M a
Amer IG Chem
deb
conv
Am Internat Corp conv
♦10934
9
10734
25
10934 11034
10734 10734
1964
1955 F
1957 J
1st
s
f 4s ser C
(Del).
Atchison Top A Santa
.—.
Gen 4s registed...
4s
67
48
39
534
10
534
*6634
43
"39
6934
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45
7334
107
10734
86 34
6
86 34
7334
1
10734
26
87
Canadian Northern deb 6 348.1946 J
Can Pac Ry 4% debstk perpet... J
5s equip trust
M
a
J
D
/
4s. 1949 J J
z
aa
z
a
z
a
z
ccc3
8
z
a
ctfs
1944 J
Coll trust gold 5s...Dec 1 1954 J
Collateral trust 4 Ms
1960 J
101
43
10134
38
102
9834
102
16
10034
9734
98
10034
9834
25
9534
62 M
49
85
!
10134
80 34
7834
7434
106 34
106 34
106 34
10134
10134
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117
1
85
102 34
2
18
10634
63
61
2
4
16
96
10534
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1946
37
9834
97
98
9734
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5
Coll trust 4 348
96 34
9834
101
10134
12
10234
8034
56
75
50
1950 M N
4s—1981 F A
y
b
y
b
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a
y cc
2
5934
5934
6234
26
55
6234
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69
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40
10634
10734
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Celotex Corp deb 434s w w..1947 J D
♦Cent Branch U P 1st g 4s
1948 / D
{Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945 F A
{♦Consol gold 5s
1945 M N
♦Ref A gen 534? series B
1959 A O
♦Ref A gen 58 series C
1959 A O
♦Chatt Dlv pur mon g 4s.. 1951 / D
♦Mobile Dlv 1st g 5s
1946 / J
Cent Hud G A E 1st A ref 3 34s '65 M 8
Cent Illinois Light 3348
1966 A O
z
cc
2
12M
1034
c
2
334
334
1334
534
381
z
.
107
5734
104
80
8
29
53
1031?! 104
102
10434
10634 108
52
6734
58
100
10334
104
33
10034 10434
100*16
100*16
2
100*16l00*»M
101J4
11
10234
101
6034
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103
23
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stamped registered...1995 MN
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46 34
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1995
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1995
4634
4
Cart A Adlr 1st gu gold
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10934
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1995
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1
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9134
106
29
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M
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9534
82
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♦Anglo-Chilean Nitrate deb_.1967 Jan
{Ann Arbor 1st g 4s
1995 Q J
20
10934
8334
1949
1949
534s, 1949
334 s debentures
Am Type Founders
1C934
11034
8234
5s—_2()30|A/ 8
MN
188
10834
83J4
2
1961 A
1966 J
deb. 1950 J
20
10734
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*9534
3
334s debentures
381
3
a
20-year sinking fund 5 34s. 1943
1
,29
2
b
A/N
1934
10734
3
87
b
y
534s
534s (called bonds)
2734
1534
2
59
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z
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Am A Foreign Pow
A
A
A/
F
20
aa
aa
z
25
aa
z
z
O
D
D
1950
1998
1942
Stores Corp 434a debs. 1951
28
634
aa
z
z
A
♦5s stamped
7434
*
z
10034 10734
AHegh & West 1st gu 4s
Allegh Val gen guar g 4s
75
7334
......
bbb3
10134 10334
83
cc
z
10334
Alb & Susq 1st guar 334s
cc
a
103
10734
z
z
z
103
1943 1
b
1966 A O
1962 A O
10134
1st cons 4s series B
h
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
1
6s with warr assented...—1948
z
z
b
1
1943 J
;
y
bb
Ala Gt Sou 1st cons A 5s
__
1960 A O
y
♦15
75
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10934
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10-year deb 434s stamped. 1946 F
♦Adriatic Elec Co extl 7s
1952 A
84*4
z cc
♦Certificates of deposit
Bush Terminal 1st 4s
—1952 A O y bb
Consolidated 5s
...1955 /
J yb
D
1947 /
Coll trust 4s of 1907
77
; 84
Range
c
£3
RAILROAD and INDUSTRIAL
2
ccc3
12
Stamped modified
Guaranteed gold
{{♦Abltibl Pow A Pap 1st 58.1953 J D z cc
Adams Express coll tr g 4s
1948 A/ 8 ybb
3
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4554
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__
X:
3934
:
10034
7834
2
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45
M N
84
y
70
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78 34
2
A/N
534
2634
61
1960
2
y
1961
..I960
♦Inc mtge 434s ser A.July 1970
{♦Boston A N Y Air L 1st 4s. 1955
Bklyn Edison cons M 334s—1966
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s„1945
10034
bbb4
A O
J J
1st g 434s series JJ
13
*109
z
y
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106
8 y
1955 M N
A/N
334
2034
6234
*56
1st M 5s series II
F A
20
6234
4434
1964
BONDS
STOCK
1554
Consol mtge 3s ser G
,
Bank
Y.
♦434
*
1979 A/N
3^-4-4348 ($ bds of *37) ext conv 1979 A/N
3J4-434-4lu extl conv
...1978 J D
4-434-4 34s extl read J
1978 F A
3J4s extl readjustment..
1984 J J
♦Venetian Prov Mtge Bank 7s._
1952 A O
♦Vienna (City of) 6s...
.........1952 M N
♦Warsaw (City) external 7s
1958 F A
♦434s assented......
...1958 F A
Yokohama (City) extl 6s
1961 J n
N.
834
♦734
834
434
D
1955 F A
J
1971 J
1952 M 8
...1961 A 6
1946 F A
Sydney (City) s f 534s
Cons mtge 3Ms ser F
Boston A Maine 1st 5s A C—1967 M
...1962
♦8s secured extl.
♦7s series B
J
debs...1952 A
1959 J
19
10934
92
2
9034
92
22
8834
9134
92
3
8934
8434
9234
93
89
Celanese Corp of America
{♦Cent New.Engl 1st gu 4s—1961 /
{♦Central of N J gen g 5s
1987 J
5s registered..
1987
1987 J
♦General 4s
J
J
J
4s registered
1987
Central N Y Power 3Ms
1962
Cent Pac 1st ref gu gold 4s
1949
Through Short L 1st gu 4s. 1954
Guaranteed g 5s
1960
Central RR A Bkg of Ga 5s_1942
Certain-teed Prod 534s A
1948
A 0
F A
A O
F A
A/N
A/ 8
K
"98
52
"97*4
93
*24
9834
9434
26
12
185
2
434
434
434
492
z
cc
2
1234
934
1234
76
z
cc
2
834
z
aaa3
10534
834
10534
10834
10834
z
c
z
aaa4
z
b
6334
6334
64
z
ccc3
19
17
20 34
z
ccc3
17
15
1734
73
z
ccc3
17
1534
18
44
z
ccc3
2
H
20
364
*12
10734
3
18
10734
7434
7134
120
5134
5434
317
73 34
74
6
86 34
89
56
x
a
y
bb
7434
72 34
y
bb
7134
68
y
b
5334
y
b
73 34
y
b
88
70
Champion Paper A Fibre—
S f deb 4Ms
Sfdeb 4Ms
(1935 issue).. .1950 MSz bbb3
(1938 issue) —1950 M 8 z bbb3
106 34
106 34
10334
10334
▲
I
For footnotes see page
2209,
Attention is directed to the column
incorporated in this tabulation pertaining to bank eligibility and rating of
bonds.
See a.
High
New York Bond
2206
BONDS
N.
Inter st Period
EXCHANGE
Y. STOCK
Week Ended Apr. 4
Bank
Friday
Week's
Elig. A
Last
Range or
Rating
Sale
See a
Price
Chesapeake & Ohio Ry—
General gold 4 34s
4 Mb
Ref A
Ref A
Potts Creek Br 1st 4a
if
High
ccc4
77
77.
4
76
8034
aaaJ
......
x
aa
x
aa
2
x
aa
2
mm
'
'
123
*12034
mm—
17
*li234
1334
9334
2
±mmmm
9334
♦
2
"97 k"
98%
....
499
18%
9434
9234
47
——
99
99
*
100
—
....
12034 122
1st mtge 334s
112
1st mtge 3 34s
112
83*
18%
91
94 %
90
93 M
963* 100 %
97
97
j#~p
x
a
3
87
85
88%
a
1
bbh4
77
77
8734
7834
83
r
10
71 M
80
1971 f
a
x
bbb4
86
8434
8634
52
78%
88
1977
Chicago A Eastern 111 RR—
'
♦Gen mtge inc(conv)
J
1997
Chicago A Erie 1st gold 5s._1982 M N
J
Chicago Gt West 1st 4s ser A-1988 /
♦Gen lnc mtge 4 54s—
.
y
.
26
25
mmmm mm
*11134
2
c
bbb2
bb
4
ccc2
2038 J J
J z ccc3
{♦Chic Ind A Louiev ref 6s..1947 J
J z ccc3
♦Refunding g 5s series B..1947 J
J z ccc3
♦Refunding 4s series C—.1947 J
♦st A gen 58 series A
1966 MS z cc 2
♦1st A gen 6s ser B.-May 1966 J
I * cc 2
Chic Ind A Sou 50-year 4s..1956 !
J ybb 2
{Chic Milwaukee A St Paul—
.
May 1 1989 J
B.May 1 1989 J
C.May 1 1989 J
♦Gen 4^s series E.May 1 1989 J
♦Gen 4%h series F.May 1 1989 J
fChle MIIw St Paul A Pac RR—
♦
Mtgeg 5s series A
—1975 F
♦Conv adj 5s
Jan 1 2000 a
J Chicago A North Western Ry—
♦Gen g 3 54s ««r
♦Gen 4 Mb series
J
z
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J
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J
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447
27
71
67
112 34
72
3934
34
2634
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11
10
11
74
72
72
72
12
39
3834
40
128
38
3854
3
mmm
69
72
2934
28%
40
39%
4034
4034
4034
1034
234
x
ccc2
1987
M N
z
ccc2
-mm-mm
1987
M N
A
ccc2
25
1987
♦Stpd 4s n p Fed lnc tax. 1987
♦Gen4 Jis stpd Fed lnc tax 1987
45*8 registered
1987
♦Gen 5s stpd Fed lnc tax..1987
5b registered
1987
♦4 Mb stamped
..1987
4
registered
...1987
MN
z
ccc2
rnrnmmmm
3
2434
1
334
2234
24 34
72
15
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2154
2254
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154
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22
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349
24
25
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2534
mm
mm'm
mmrnmmm
»----
36
mmmm
16
2534
1634
25
15
22
18
26
1988
O
♦Certificates of deposit
A
—1960
ccc2
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CC
C
1
C
1
C
1
C
1
A
D
y
3
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yb
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3
1st mtge 3l*s series E
1963 1 J
334a guaranteed
...1951 M S
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J
1963 J
Chic A West Indiana con 4s. 1952 J
J
x
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1
aa
M
49
14 34
11 54
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219
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5334
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68
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63
65
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65
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345
234
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Chicago Union Station-
...1944
1st A ret M
a
1
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100
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Cincinnati Gas A Elec 33*8—1966
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..1967
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10554 10634
75
94
95
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3334
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49
87
10
10834
J
D
x
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1993 /
D
x
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—
-
m
m m
m
m
Ref A lmpt 434s series E..1977 J
J y b
Cln Wab A M Dlv 1st 4S..1991
10954
112
112
J
J
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3
5934
_
7
2
,
1970 J
Cleveland Elec Ilium 3s
J
x
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79
5954
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55
77
~M%
•
10434
43
9154
5834
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77
1942
a
O
x
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1942
Series A 4 Mb guar...
1942
Series C3M" guar..
1948
Series D 3 Mb guar
1950
Gen 4Mb series A
1977
Gen A ref 4 Mb series B —1981
Cleve Short Line 1st gu 4 348.1961
Cleve Union Term gu 5 34s—1972
1st 8 t 6s series B guar
1973
1st b f 1Mb series C
...1977
Coal River Ry let gu 4s
1945
a
0
x
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*104
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J
x
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MN
x
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F
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J
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8754
87 34
88"
—
_
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89 34
48
x
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79
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7934
160
x
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72
71
72
J
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a
x
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3
b
3
Columbia G A E deb 5s.May 1952
M N
x
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O
x
bbb3
y
Debenture 5s
Apr 15 1952 4
Debenture 5s
Jan 15 1961
I
J
x
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Columbus A H V 1st ext g 4s. 1948
a
O
x
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Columbus A Sou Ohio El 334 s 1970 M S
Columbus A Tol lRt ext 4s_.1955 F A
x
aaa4
1
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106
73
.1968 J
D
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4
1958 J
Conn A Pasump Rlv 1st 4s__1943 A
J
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a
3
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1st mtge 3 Ms series I
Conv debs 334b
O
x
Conn Ry A L 1st A ref 4348.1951 J
J
x
aa
3
1951 /
J
x
a
1
Stamped guar 4 Mb
Conn Rlv Pow
106
17
8054
8134
2334
1634
26
2475
2
s
1961 F
f 35*s A
a
x
aa
3
O
x
aa
4
..1946 A
1948 A
O
x
aa
4
3 34 s debentures
3 Mb debentures
1956 A
O
x
aa
4
1958 J
J
aa
cccl
of Upper Wuertemberg
Consol Oil
conv
For footnotes
deb
see
3343
u we
1951 J
2209.
D
x
bbb3
M
<4
♦Genessee River 1st s f 68.1957 J
631
634
13 34
3%
734
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x
aa
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z
x
11
3
10334
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x
aa
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x
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11134
103
10334
68
27
27"
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9834
9834
I
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z
J
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1
10234
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I
5
11
20 34
23
10834
10734
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b
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2
1954
F
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1
x
a
3
x
bbb2
x
bbb2
1954
30-year deb 6s series B
J
D
9354
95
9154
27 34
36
934
1554
107 34 10934
♦1st A ref 5s series A
5s
registered
J
105
7
60
2
88 34
"5034
56
55 34
50
216
53
150
98'
10134
10334 10534
9734
34
10734
60
56
„
8034
8834
42
42
4034
63
52
5034
52
8
42
52
46%
4434
47 34
93
38
4734
48
4434
48
28
36
48
*47
"24%
22 34
~25k
734
24%
2234
2534
028
109
8934
1
109 34
4
46
102 34
*10634
102 34
100
38
42
1634
2534
2534
1634
8234
8934
103
10934
101
101
36 34
3634
10434 107
107
,
102 34
5
100
3
10134 103
100
100
'
10234
102 34
6
102
10334
10234
102 34
2
102
104
10134 10234
1974
M
1974
M 8
zee
♦Certificates of deposit
106
bbb2
D y bb
8
30
bbb2
3
J
43
27
24
1654
10534 10834
85
"52 34"
43
9834 102
101
10434
x
4
8954
60
"87
2%
234
x
ccc2
104
60
"8834
13 34
77
72%
10834 111
109
11134
10234 10534
150
105
8934
ybb
1V4
10834 10834
100 34
93
*101
Federal Light A Trac
{♦Fla Cent A Pennln 5s
21
"9934
99
9934
105
10934
Fairbanks Morse deb 4s
1956 J D
1st 5s.. 1942 M 8
5s International series.. 1942 M 8
1st lien 8 f 5s stamped
1942 M 8
1st lien 6s stamped
1942 M 8
24" "72
10834
97
*
2
1
11
103
*107
2
4
xa
734
*35
3
2
734
IIO34"
734
11034
ccc2
a
131
♦80
3
x
y b
13
♦NY A Erie RR ext 1st 4s. 1947 At N y bb
♦3d mtge 434s..
1938 M 8 x bb
z
I
cc
cc
2
1
10434
"73
34
102 34
6
104
10434
31
47 34
?934
1134
10334 105
43
4334
73 34
17
6534
75
1134
572
734
1134
834
834
1034
------
1
1
10234
*46
1034
10%
176
634
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4S..1982
110
10534 106
108
11034
111
11334
93
{♦Proof of claim filed by owner.
72
80
85
91
54
61
10454 10934
M N
♦Certificates of deposit
AC
A
68.1956
Francisco Sugar coll trust
M N
y
ccc3
5s 1949
1945
x
aaa3
z
cccl
a
cccl
(Germany) 7s
234
2
....
{♦Sinking fund deb 6348—1940
Gas A El of Berg Co cons g
2
234
50
49J4
234
6
234
22
1948
♦20-year s f deb 6s
Gen Steel Cast 534s w w
M N
{{♦Ga Caro A Nor 1st ext 68.1934 J
♦Good Hope Steel A Ir sec 7s. 1945 A
Goodrich (B F) 1st 434s
1956 J
Gotham Silk Hoe deb 5s w w.1946 M
*18
32
J
y
b
3
c
2
J
cccl
O
cccl
30
D
bbb3
8
bb
4
b
2
9034
8934
90 34
13
1334
1934
23
106 34
76
106
"
76
10634
Grand R A I ext 1st gu g
D
bb
3
108 54 10854
Grays Point Term 1st gu 5s.. 1947 J
Gt Cons EI Pow (Japan) 78—1944 F
A
b
1
65
65
J
b
1
65
65
x
a
4
108
a
4
1
bbb3
1950
J
"48
2
76
10334 10334
1st A gen s f 634a
234
5234
30
3534
9034
10
1334
18
23
27 34
33
10434 10634
76
8134
101
*95
65
39
35
95
*100.25
aaa2
30
3534
35
8434
8
*10034
D
J
93
26
30
5s..1942 J
4 34s 1941 J
Gouv A Oswegatchle 1st
234
134
32 34
46
cccl
J
154
39
*120
*
1949 J
{♦Georgia A Ala Ry 5s.Oct 11945 J
10554 10554
10754 10754
7
50
With declaration
80
" "8834
Great Northern 434s ser A..1961
4 34 s
8454
7454
90
7934
General 534s series B
1961
1952
68
73
General 5s series C
1973
registered
10554 106 34
General
bbb3
1976
4 34s series E
.1977
mtge 4s series G—1946
D
7734
8534
General
13
26
Gen mtge 4s series H
1946
Gen mtge 334s series I
1967
♦Green Bay A West deb ctfs A
J
104
78
10354 106
19
10354
103 34
104
56
10354 106
10354 10534
11434 11434
Gulf Mob A Nor 1st 5 348 B..1950 A
105
108
Gulf Mobile A Ohio 4s ser B 1975 J
113
113
165 k "22
*11234
♦Debentures ctfs B
1950
1st mtge 5s series C
♦Gen mtge inc 5s ser A
x
bbb3
t
bbb3
bbb3
10334
165"
1334
8
♦Gen conv 4s perles D
1953
♦{Ref A lmpt 5s of 1927.. 1967 M N
♦{Ref A lmpt 5s of 1930-.1975 A O
♦Erie A Jersey 1st s f 6S..1955 J
J
10334
"l"05 k
x
1
D
1953
10334
10034
10134
95
95
15
63
73 '
1
65
80
108
11
107
109
-37
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2015 J
106
107
101
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18
9734 104%
9334
9234
10234
9334
16
8934
101
89
9534
103 34
96
100
10534
9734
9834
66
95
99J4
8334
8434
9334
93
103
t
bbb3
9734
x
bbb3
8434
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Feb
c
*60
I
0 y bb
0 ▼ bb
J y
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10734 10734
106
94
103 34
80
65
10834
95 34
80
8734
64
64
734
90 34
834
"35
5
8 34
9134
2
87
9134
86 34
88
22
79
88
66
62
70
179
36
4434
6934
6834
70
42
4034
4434
Gulf A Ship Island RR—
38
3734
3954
67
10934
10854
10934
25
10754 110
11254
11254
114
13
11254 H954
3554
4334
1st A ref Term M 5s stpd.. 1952 J
Gulf States Steel s f 434s
*10034
"i09"k
119" U9~~
*10934
10934
10934 10954
105
10634
A
jg 4348.1999
Registered
a
x
cccl
3
x
aaa4
x
aaa4
a
bb
z
b
y
bbb2
2
10834 10934
105
8
10334 10534
Hudson Coal 1st s f 5s
10554
10634
13
10634
10634
5
10454 106 34
103 34 10634
108
108
13
10634 10854
104 34
105
54"
10254 10634
Attention Is directed to the column
bbb3
x
J
10954
15
x
J
10434
24
t>
J
Hoe (R) A Co 1st mtge
D y cccl
Hudson Co Gas 1st g 5s
1949 M N x aaa3
Hudson A Manhat 1st 5s A..1957 F A y b
3
♦AdJ Income 5s
ser
A.1962 J
Febl957
A
O
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*85
2
y
J
1944 A O
{ {♦Housatonlc Ry cons g 5s. 1937 MA
Houston Oil 4%b debs
1954 \f N
*
"l04»4
1961
Gulf States Util 3 34a ser D..1969 M N
J
♦Harpen Mining 6s_.a
1949 J
Hocking Val 1st cons
*117
4
x
>
2
ccc2
10354
♦Consolidated Hydro-Elee Works
7s. 1956 J
cc
z
10354
Consol Edison of New York—
3 3* s debentures
3 Mb debentures
x
{♦Erie RR 1st cons g 4s prior 1996
Prior 48 registered
1996
♦1st consol gen Hen g 4s—1996
Gen 4s registered
1996
♦Conv 48 series A
1953
General 434s series
a3
l
J
8
O
312
a
♦Commercial Mackay Corp—
Income deb w w
Apr 1 1969 May y b
Commonwealth Edison Co—
2
234
bb
*10434
mmmm-rn
c
61
134
.
O
Vf N
z
234
y
56
O
4
4
1334
134
z
77 34
4
Colo A South 4 Mb series A..1980
234
1334
1134
x
7534
A
O
ddd2
11
J
.....
i0734 11
mm
z
740
1334
13
O
5154
51
10554
*10734
-—mm
F
M
108 34
10334 105 34
106
10834
1334
734
cccl
1943
{Florida East Coast 1st 4 348.1959
5
*10254
...
OX bbb3
4
Colo Fuel A Iron gen s f 5s.. 1943 F
♦5s Income mtge
A
234
k"
cccl
Firestone Ttre A Rub 3 34s. -1948 A
4
Cleveland A Pittsburgh RR—
Gen 4 Mb series B
ddd2
10734
89
*8654
St L Dlv 1st coll tr g 4s...1990 MN y bbb2
z
109 34
109
-
-m
10854
7734
mmm-m-
F
J
10334 109
5434
4634
'
*9334
79
108
Elgin Jollet A East Ry 3348-1970 M 8 x aa
El Paso A S W 1st 5s
1965 A O ybb
58 stamped
1965
ybb
♦Gen Elec
1993
104
♦106 34
J
16
107
104 34
3
1970 J
♦Ernesto Breda 7s
165
3
{{♦Dul Son Shore A Atl g 5s. 1937 J
Duquesne Light IstM 3 348--1965 J
V
27
5334
aa
4s..1995 J D
♦Second gold 4s
1995 J D
Detroit Term A Tunnel 4348.1961 M N
Dow Chemical deb 234s
.1950 M 8
Dul Miss A Ir RaDge Ry 3 34s 1962 A O
♦Series B_
104 34
aa
J
51
♦107
x
105
Cleve Cln Chic A St Louis Ry—
General g 4s
10334
5034
53
x
107
16
9354
*10934
*10534
10934
14
100
108
10834
*20
10834
10554
9854
92
VN
4s.1942
Cln UnTerm lstgu 3 34s D—1971
1st mtge gu 354s ser E
1969
Clearfield A Mah 1st gu 5S..1943
10734
10534
9354
M
Cln Leb A Nor 1st con gu
..
107 54
«mm-mm
aaa3
x
4tfs series D-. 1962
Chllds Co deb 5s
1943
4
3
10434
3
D
578
1254
m+mmmm
ybb
19
2
9734
aa
J
1654
254
12
hb
Elec
1034
134
1654
m—mmm'm
D
2054
1734
J vaaa3
J
97
11
1034
bbb2
D
46
19
17
9934
*150
123
15
D y bbb2
y
4334
1834
96
97
aa
186
254 1143
1634
aaa4
30 34
1734
1654
11%
'm-mmmm
1
A
t/N
-mm-mm
1
A
I
"i~9~M
ccc2
Z
registered...
1951 /
Gold 334s
..June 15 1951 J
Memphis Dlv 1st g 4s
1951 j
Chic T H A So'eastem 1st 5s. 1960 J
2
1
F
5s
Dec 1 1960
1534
2%
M S
♦Certificates of deposit
Cb fit L A New Orleans 5s..1951
1534
16%
z
A
Vf
1634
2
2
19
bbb3
1054
2
*1734
x
1934
1934
D y ccc2
O x a
3
x
130
1634
1534
x
106
18
18
19
J
1734
1654
1654
18
1834
18
1734
O
3034
2034
*1534
M N
1554
16 34
*1934
J
2734
21
cccl
Ed El III (N Y) 1st cons g
1634
1734
20
9734
ccc2
East T Va A Ga Dlv 1st
29?4
14 34
b
East Ry Minn
2
1534
29
z
Detroit A Mac 1st lien g
Nor Dlv 1st 4s 1948
5s..1956
58.1995
Auto-Lite 2348 debs
1950
16
1634
19
1534
cc
—1952
G.1960
Gen A ref mtge 3 34s ser
1734
1
1965 A
Detroit Edison 4s ser F
106
9534
1634
1934
cccl
{♦Secured 4Mb series A..-1952
{{♦Den ARG 1st cons g 4s..1936
{•Consol gold 4%b
1936
{♦Denv A R G W gen 5s.Aug 1955
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.Apr 1978
{♦Des M A Ft Dodge 4s ctfs.1935
{♦Des Plains Val 1st gu 4348-1947
104
9734 102
1634
25
A
4
1st mortgage 4 34s
10834 11034
10634 10834
108
11134
12
9634
1534
x
1934
1st A ref 4 348
28
108 34 10934
z
VN
4348.-1971 J
1969 J
1969 J
"42
15
9534
1934
\fV
48 ctfs registered
1st A ref 4s..1943
10934
99
1654
May 1 2037 I D
1st A ref 4Hs stpd May 1 2037 J
D
♦1st A ref 4 34s C.-May 1 2037 J D
♦Conv 44*s series A
1949 Vf N
{{♦Chicago Railways 1st 5s stpd
Aug 1940 25% part pd_.1927 F a
J
{♦Chic RI A Pac Ry gen 4s-.1988 '
4s registered
1988 J J
{♦Refunding gold 4a
to 1946 J
extended
series B
Gen A ref 3s ser H
....
1
10834
10634 10834
z
Y'd
Del Power A Light 1st
M N
ccc2
20
Del A Hudson
334 3154
ccc2
2
Dayton P A L 1st mtge 3s..1970 J
2
A
J y b
J
11%
11
c
Abb
1634
24%
x
z
1
26
o
cc
I
b
6M
6%
4%
cc
b
z
18M
30
AC
z
20
1054 1409
A
D
5
4034
A
J
2
934
1st ref g 5s
bbb3
♦Deposit receipts
♦6s
104
9934
x
169
3934
♦
2
O t «
D
1134
1034
ccc2
aa
A
2534
2234
4034
x
x
J
3
J
25
3
MN
3
D
10834
10434
10
mmm
—
10834
2234
cc
cccl
2
11
121
ccc2
a
21%
4034
ccc2
x
16
3934
A
M N
2634
ccc3
A
3
2534
108
z
107
Curtis Publishing Co 3s deb. 1955 A
40 34
M N
106 34
40%
28
3834
M N
3
30 M
3934
3934
MN
3
aa
2234
mm-m-m
mm
3
aa
x
271
ccc3
M N
aa
x
M N
4034
t
deposit
♦734s series A extended to 1946
x
M N
72
z
{♦Secured 0 34s
1970
1966
1st mtge 334»
1969
Continental Oil conv 25*8—1948
Crane Co 254s s f debs
1950
Crucible Steel 3348 s f debs..1955
♦Cuba Nor Ry 1st 5 348
1942
♦Deposit receipts
♦Cuba RR 1st 5s g
1952
♦Deposit receipts..
-
in
10734
13
10734
♦10734
10934
10934
64
J
registered
-
May 1 1965 AfN
1967 M N
200
A
3 Mb registered
♦General 4s
f 5s
1st mtge 334s
24%
27
109H 111
30%
3034
3034
♦General g 3 34 s—
s
1st mtge 334s
42
—1958
1st mtge 3 34a
*
x
J
<
/
J
1949
Income guar 5s
2534
1960 J
1946 J
1949
Guaranteed 4a
2534
18
Consumers Power Co—
—1949 I
♦Conv g 4 Mb
2534
17?4
12
1023* 105M
aa
registered
18
50
cccl
2534
45
x
4 Ms
27
2534
24 34
10454
J
♦Certificates of
2534
24 M
2534
104
Chic Burl A Q—III Dlv 334« 1949 J
♦
25
2534
10434
m
1
High
2534
aaa2
CCC3
Low
cccl
x
aaa3
No
cccl
A
aaa.l
Hioh
x
V
A
4s
Low
Jan.
x
Consolidation Coal
x
Since
Asked
x
102M 106
x
A
J
23
....
Range
or
Friday's
J
104
13234
12834 12834
Range
Bid
/
103%
J
Price
1956 J
104
.....
Sale
See a
♦Debenture 4s
aaa2
——
Rating
Week's
non-conv deb 4s 1954 J
♦Debenture 4s........
.1955 J
x
J
1st A ref 4 Mb series B
1st A ref 5s series A
131
MN
m'mmrn
-r
Elig. A
Last
Railroad & Indus. Cos. (Cont.)
aaa4
J
4« registered
19
132
132
132
Friday
EXCHANGE
aaa4
O
♦Gen 4s series A
STOCK
April 5, 1941
Bank
Week Ended Apr. 4
x
J
General 4s
Y.
x
4s...1989
1989
♦Chic A Alton RR ref 3s
3 34s registered
Illinois Division 4s
N.
M 8
1949 a
con g
2d consol gold 4s
No. Low
High
BONDS
Since
Jan. 1
{♦Consol Ry
1992
1992
lmpt mtge 334s D—1996
lmpt M 3^8 ser E—1996
registered
R A A Dlv 1st
Asked
A
Low
Railroad & Indus. Cot. (Cont.)
Range
Bonds Sold
Friday's
Bid
Record—Continued—Page 3
ccc2
10934
90
104 34
104 34
19
109
10934
31
128""
128
k"
"8
90
65
-30
64
102 34
34
"45 k
1134
100
2834
*12134
90
65
103
30 34
1
4634
11
13
127 % 12934
12534 12534
8634 9234
30
5
56
65
10134 10334
127
125
4534
10354 10434
10834 11134
26 34
3134
12134 127
169
44
99
11
22
incorporated In thia tabulation pertaining to bank and eligibility rating of honda. See
«
4834
1334
Volume
New York Bond
152
bonds
N.
Y
STOCK
£'
EXCHANGE
Week Ended Apr. 4
Railroad
&
Indus.
Cos.
| |
Bank
Friday
Elig. A
Last
Rating
1
Sale
See a
|
Price
'
1
x
aaa4
let gold 48
4s registered
1951
t
x
bbb4
1951
1
X
bbb4
1st gold 3 34s
Extended 1st gold 334s
1st gold 3s sterling
1951
1
1951
>
1951
»
4534
'ybb
2
4334
(ybb 2
------
y
'ybb
'ybb
'ybb
2
yb
2
,
'
[
2
bbb4
x
bbb3
"5334
4534
------
1953
1951
.ybb
2
------
St Lonls Dlv & Term g 3S--1951
ybb
4
------
334s registered
Omaha Dlv 1st gold 3s
Gold 3 34s
3 34 s registered
Springfield Dlv 1st g
1951
1951
3348.1951
Western Lines 1st g 4s
'
1951
1951
4s registered
4
'ybb
'ybb
1st A ref 4 34s series C
♦Ilseder Steel Corp 6s
1963
1948
Ind III A Iowa 1st g
1950
4s
{♦Ind A Louisville 1st gu 4s
Ind Union Ry 3 34s series B.1986
Inland Steel 1st rntge 3s ser F 1961
Inspiration Cons Copper 4s.1952
Jnterlake Tron conv deb 4s_.1947
ser
5934
62
5834
6134
Mead Corp 1st mtge 434s...1955 Af
Metrop Ed 1st 4 348 Berles D. 1968
Metrop Wat Sew A D 5 348—1950
5634
54
55
43 34
43 34
47
4934
2
4934
45
1
44
*70
75
6
60
65"
58
60
A
3 .1—.
2
4834
2
45
6134
62
*5734
60
46
49
620
4034
49
4234
4534
438
3734
4534
2934
7534
2034
25
33
"75 k
~5
74
78
*
z
cccl
y
bbb2
z
ccc2
x
aaa2
7534
2034
2034
*10634
------
1
11
13
1534
14J4
1634
419
134
1534
134
1434
134
114
103
r
cccl
1
cccl
z
z
cccl
1534
14
y
b
4934
4534
3
87
y ccc4
1
ybb
3
b
3
y
y
bbb2
y
bb
{♦Iowa Cent Ry 1st & ref 4s. 1951
90
3
300
163
8
64
44
61
78
78
5
90
90
7
4334
4334
4534
258
4534
4534
134
134
5334
4734
134
5534
382
cccl
9734
98
•ybb
2
Jones A Laug' lln Steel 3 34s. 1961
I
2
x
a
5434
mernmmmm
bbb4
x
9434
26
29
97
2
{{♦MStP&SSM
{♦1st
Keith (B F)
1946
Corp 1st 6s
5134
89
bbb3
x
bbb3
x
1
8034
xbb
*88
9234
2
*85
♦163
170"
1954
1954
x
a
2
-.mm
*10634
10734
x
a
2
mmmmmm
Koppers Co 4s series A
1951
Kresge Foundation 3% notes 1950
x
a
3
x
a
2
1959
♦108
y
m»
m
—
88
10734 10734
10334 10534
10234 10534
—
19
32
4
16
334
*94
97
4
9434
97
9634
9534
"~25
92 34
6234
6134
6234
16
2d gold 5a
334a
1941
3^8—.1997
6434
1997
registered
1975
Lehigh Coal A Nav s f 4 34s A 1954
Cons sink fund 4 34s ser C-1954
Lehigh & New Eng RR 4s A.1965
Lehigh & N Y 1st gu g 4s_—1945
♦1st mtge Income reg
bbb3
91
10
25
y
b
3
z
b
1
6934
6634
68
6934
6634
57
66
34.
*96
mm mm mm
42
9
9634
40
,
1944
1954
♦1st & ref s f 58-.
♦5s stamped
♦1st & ref
s
f 5s_.
z
b
1
1954
z
b
1
z
b
1
1964
z
——1974
z
b
1
1974
♦Sec 6% notes extended to 1943
z
b
1
♦5s
8 tamped
♦1st & ref
s
f 5s
♦5s stamped
b
*85
1
23
42
'
98
....
44
44
4434
4434
5
*86
mmmmmm
cc
Gen A ref
s
f 5s series D
1955
1941 afn
A—1978 r
91
National Steel 1st mtge 3s—1965 a
Natl Supply 334s
1954 /
{♦Naugatuck RR 1st
6034
6634
96
Newark Consol Gas
g
Libby McNeil A Libby 4s—1955
~105k
Liggett A Myers Tobacco 78.1944
5s debenture
1951
x
aaa4
12034
X
aaa4
Lion Oil Ref conv deb 434s._1952
y
bb
Loew's Inc s f deb 3 34s
1946
x
aaa3
Lombard Elec 7s series A
1952
z
cccl
♦Long Dock Co 334s ext to—1950
Long Islartd unified 4s
1949
Guar ref gold 4s
1949
4s stamped-1949
Lorillard (P) Co deb 7s
1944
y
bb
y
bbb2
x
bbb3
7
12034
15
10434
12034
12434
12434
mjmm
9734
10434
mrnrn'mmm
*9134
22
*
"97 34
9734
bbb3
aaa3
5334
11934
10534
10434
rnmm
9734
9734
11934
3
26
52
123
12334
bbb3
8
12434
9734
35
57
120
10434 10634
12434 131
4
x
x
aa
3
x
aa
3
10734
10834
2
x
bbb3
10534
29
x
bbb3
10034
8534
86
17
10934
110
22
22
3034
9334
9534
9634
9834
9934
9534
96
11934
12534
82 J4
10834
10734
99 34
12234
128
87
110
10934
Louisville A Nashville RR—
1st & ref 4s series D
2003
x
bbb3
9534
10534
9934
9434
1st A ref 3348 series E
2003
x
bbb3
8934
8934
Unlf mtge 334s ser A ext--1950
Unlf mtge 4s ser B ext
1960
a
3
10434
x
a
3
x
bbb2
10434
10534
10534
x
a
3
Itl
"9934
^
■
m
*
102
45
9734
96
19
92
90
39
10434
44
10534
10534
3
2
86
1934
1934
25
2434
2334
2334
"234
2
2
8
O
0
25
ccc2
"2534
24 34
26
cccl
24 34
2434
7
19 34
z
c
2
134
2434
134
246
34
z
ccc2
134
26
z
cccl
z
26
24 34
"2434
cccl
23 34
cccl
b
2334
2
*85
57
y
b
2
x
■
4
11034
11034
3
11234
4
10534
5534
1
11
11234
11034
11234
10534
10534
31
2
7534
85
50
50
1
60
50
*46
79
4334
41H
65
221
37
362
36
y
b
2
37
4134
3834
446
3034
x
aaa2
10834
10834
6
x
a
x
bbb3
x
a
x
aa
10834
2
*114
117
102 34
6934
10334
10434
10434
6834
103
"10234
102
10434
34
10434
8534
x
aa
3
ccc2
b
z
b
z
cccl
f'a
z
x
10634
124
8534
~60
6034
50
453i
60
6034
12734
123
125
J2434 13134
10834
10834
7834
*75
7034
10534
"43 k"
70
107
67
71
52
106
12
106 34 10634
10634
10
10634
7334
76
36
36 34
43J4
3954
40
*46"
1
4434
1
68
76
4
30
3634
30
"22
5
aaa2
31
34 %
43J4
34
40
43
14
32
3934
"42
26
32 34
42
3
3334
3934
3934
3934
42 34
45
*3934
71
113
36 34
42
40
65
43
1
41
75
10834
7834
10534
6834
i
77
10834
7834
106
*3334
ccc2
..ib
104 H
!2134
8534
12334
ccc2
zb
103
104 34
58
72
10434
10314 10434
102% 10634
12434
3634
z
68
102
123
1
z
38 34
10734 10934
11634 117
100»m100»»I
k
124
""75""
j
7
85
4334
ccc2
a
67
4034
b
—
53
10834 11034
11034 113
10234 10634
3834
34 34
bbb2
1954
2434
8534
83
*46
z
♦Certificates of-deposit.
25
19
41
z
Newport A Cincinnati Bdge Co—
Gen gtd 434s
1945 j
1934
8134
4234
7
..
3
2
{{♦N O Tex A Mex
>
7
....
23
2
New Orleans Term 1st gu 48.1953
1956
488
2434
86 34
57
134
26
20
b
bb
1956 A
"25"
25
20
bb
bbb3
♦Certificates of deposit
133
26
y
bbb3
♦1st 434s series D
♦Certificates of deposit
♦1st 534» series A.
19
20
y
y
o
16
151
2434
2 34
25
2434
2
x
1954 a
2434
*2434
j 7 bb
inc 5s 1935
134
1934
1212
cccl
x
n-c
8
506
234
2354
2334
1955
1st A ref 5s series B
255
2434
2434
a y bbb2
1983 j
'25
157
45
42 34
32
40
6034
8934
6534
6134
5934
8334
8134
6934
*107
8734
10334
10534
10534
8534
10534
101
9634
9134
10534
10934
10634
N Y Cent RR 4s series A
1998 F
a 7 bb
3
o 7 bb
o 7
3
9534
66 34
95
6734
9534
112
1946 a
3
61
5934
62
857
o 7 b
Conv secured 3348——-.1952 AfN y bb
N Y Cent A Hud River 334S-1997 j
j
3
6834
67
6834
300
3
6434
6334
65
8634
86 34
8734
*8234
82 34
10034
6834
10034
0834
10-year 3?48 sec
s
f
Ref A impt 4 34s series A..2013 a
Ref A impt 5s series C
2013 a
2
334s registered
1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 3 348—1998
334s registered
1998
yb bb2
Mich Cent coll gold 3 348—1998
7
bbb2
y
bb
2
O ybb
3
334s
registered
—
Ref 434s series C
4s collateral trust
1st mtge
2
.1998
New York Chicago A St Louis—
Ref 534s series A
1974 a
y
bb
y
bbb2
1978 M 8 y bb
3
a xbbb2
o xbbb3
3-year 6% notes
6s debentures
1941 a
o y b
1950 J
D
334s A—1965 a
o
100»H
6834
mm
1
aa
3
~rnm
mm
75
6334
9334
mmmmrnrn
96 34
m
mm
mm
*
68
"e"2k
63
2
ybb
x
mmmmrnm
3
1946 f
334s extended to 1947 a
N Y Connecting RR
67
m
10034
61
99
62
....
44
....
6334
33
60
60
7334
6134
7534
121
6334
373
9334
9434
28
93
94
96 34
8334
100
100
8
98
8434
10034
6
15
160
6434
6034
5934
95 34
6334
6934
6734
8734
83
10034
70
6034
68
57
65
6634
5434
8634
7534
9334
90
9434
64
90
98
25
79
8434
17
9834 101
88
-
1
Attention is directed to the column Incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
1134
12034 123
22
Louisville Gas A Elec 3348--1966
10934
28
3134
2834
98
Louisiana A Ark 1st 5s ser A-1969
2834
5934
New Orl Great Nor 5s A
105
Lou & Jeff Bridge Co gu 4s. .1945
1134
334
aaa2
39 J4
95
9
26 34
511
aaa2
4434
104
6
11
412
1134
x
44
5
33
412
2834
934
x
3634
3734
17
29
26 34
2434
D
35
105
9534
9734
9734
9734
12034
123J4
22 34
11
1961 Af N
N J Junction RR guar 1st 4s. 1986 f
N J Pow& Light 1st 4348—1960 a
1934
2534
26
cccl
45
4834
3034
cccl
86
117
1234
z
2934
*118
5334
mmmm
3034 1180
z
♦Certificates of deposit
♦1st 5s series C
271
bbbl
3834
28
J
52
35
a
bbb4
2434
J
43
31
3334
x
7734
451
{♦New England RR guar 5s. 1945 j
♦Consol guar 4s
.1945 j
New Eng Tel A Tel 5s A——1952 J
36
20
12
3834
*12034
5934
5834
53
22
85 34
aaa3
48
25
mmmm
53
65
8134
x
80
1634
1434
1734
2834
1
65
36 34
D
47
24
mm
58.1948 j
cons
♦Certificates of deposit
♦1st 5s series B
631
mm
37
z
a
49
493
'mm
mm
z
b
8534
90
3134
2834
3
2
z
x
8534
8234
28
aa
ccc2
z
43
2934
x
z
D
1
28
x
cc
4s—1954 Af N
22
2734
3
cccl
z
a y bb
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Nat Dairy Prod 334s debs-.I9601J
Nat Distillers Prod 334s
1949 Af
89
2534
x
x
ser
49
28
3
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z
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o y bb
Morris A Essex 1st gu 334s—2000
D
Constr M 5s series A
-.1955 M N
Constr M 434s series B—1955 MN
4734
2834
3
1334
j y bbb2
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2
o y bb 1
1955
89
3034
y
For footnotes see page 2209.
f 5s series B
f 4 34s series C-1955
4 348 A'52
I
1
x
s
s
N O A N E 1st ref & imp
1951
gu—1965
2003
Gen A ref
Gen & ref
New Orl Pub Ser 1st 5s ser A. 1952
8
43
1
y
12 34
O y bb
D x a
Montana Power 1st A tef 334s '66
Montreal Tram 1st & ret 58.-1941
Gen & ref s f 5s series A
1955
43
mmmm-mim
1
1
834
z
O
1965
3334
69J4
Lehigh Valley RR—
C
ya
1960
43
: 4734
1st A ref 434s series
mtge 434s
43
2
2003
1st
6s debentures
32
bb
y cc
333
z
33
z
1st & ref 5s series B
1981
♦Certificates of deposit
3534
Lehigh Valley N Y 434s ext—1950 j
4s stamped modified---—2003 AfN y cc
4s registered
y cc
-.2003
4 343 stamped modified—2003 AfN y cc
12 34
z
{♦MoPac 3d 7s ext at 4% July'38 MN
Moh'k A Malone 1st gu g 4s. 1991 M Si
Monongahela W Penn Pub Ser—
5
4734
1951
♦1st A ref 5s series I
'
6
2
debenture
8
43
2
5s
1977 Af
43
2
Lex & East 1st 50-yr 5s
S
43
b
Leh Val Term Ry ext 5s
a
42
bb
2003
2003
1965 r
1975 Af
4134
b
434s registered
5s stamped modified-
4s
42
z
z
1134
J 7 ccc2
J 7 c
1
1962
43
"
y
1943
1134
2
1962
8834
9334
*41
Leh Val Harbor Term gu 58—1954 P
♦6s stamped
A
1st g 434s series B
1964
cccl
934
69 34
85 34
2734
6234
Lehigh Valley Coal Co—
♦5s stamped
z
3
95
x
1
4
92
2
10
b
95
bb
634
134
134
b
3
y
40
134
y
32
2
3
134
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Nash Chatt & St L 4s
bb
234
2
j y bb
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y
2
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8734
9834
2934
106
2
c
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D
62
91
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1234
434
154
82
2854
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1034
3534
1034
34
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91
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65 34
23
3
2
22 34
134
14
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15
134
2
a
23
134
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22 34
4534
2
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36 34
2134
22 34
28 34
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60
Lautaro Nitrate Co Ltd—
2634
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49
94
59 34
11
8
17
9834
2
36 34
134
5734
9434
45 34
64
36 34
734
834
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64
83
2
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2
99 34
70 34
107
90
b
bb
103
434
y
x
23
12 34
Mountain States T A T 334s.1968 j D
Mutual Fuel Gas 1st gu 58.1947 MN
y
10534
1334
17
65
Lake Erie & Western RR—
Lake Sh& Mich So g
10434
4
6134
62
105
1134
60
8734
9834
9434
64
12
6134
59
96
23
434
2
87
2
68
13
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61
70
98
66 34
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8734
67
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5734
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1947
88
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88
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103
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.
7734
10334
10334
10334
s
1942
Coll tr 6s series B
mm*.
10334
8
8034
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55
30
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♦Conv gold 5348
1949 AfN
♦1st A ref g 58 series H
1980 a O
♦Certificates of deposit...
1834
mm
20
--»_
cc
♦Certificates of deposit
10934 10934
mm*.m
6
z
z
'
73
59 34
z
♦1st A ref 58 series A
102k 103"
112
1
11134
85
7954
10534 107
10934 11234
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10734 109
102k ~~~2
7334
8034
7834
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Prior lien 434 s series D
1978 J
J y ccc2
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*25
96 34
53
79
.
z
40-year 4s series B
*16
10234
*10934
27 34
95 34
86
z
♦Certificates of deposit
♦1st A ref 5s series G
1978 MN
♦Certificates of deposit
10234
88 34
27
mem mm
j
73
mmmrnrnm
96
j
69
3
*
25
96 34
j
28
3
77
....
62 34
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78
72
mm
-.1938 j
7234
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ccc3
73
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z
♦let A ref 5s series F
1961
{♦Laclede Gas Lt ref & ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 5 34s series C—1953
Coll A ref 5 34s series D...1960
ccc3
6834
Kings Countv El L A P 6s—1997
{♦Kreuger A Toll 5s ctfs
z
6334
1961
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8
44
a
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ccc2
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6634
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9534
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94
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10834
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Mo Kan A Tex 1st gold 4s_—1990 j
Missouri-Kansas-Texas RR—
98
44
mm
z
♦1st A ref 5 34» series B—1978 j
{♦Mo-Ill RR 1st 5s series A.1959 j
ser
86 34
mm
80
4s int gu '38 j
5s
Prior lien 5s
86
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♦1st A ref 68 series A
1946 j
♦25- year
534s
1949 Af
16
36 34
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91
x
144
Kentucky A Ind Term 4348.1961
Plain
con g
28
S
171
Kentucky Central gold 4s—1987
Stamped
cons
48
7
9534
I
10534
11034
103
27
mmmmmmmm
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2
105
1
3534
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9434
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90
-
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52 34
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---
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45
1960
1
1
74 34
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8934
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9434
(Rudolph) Inc—
stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 M N
♦Ctfs with warr (par $925) 1943
aa
112
1
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80
bbb4
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w w
7
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105
34
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1949 Af 8
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Q r
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52 34
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7934
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109
b
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44 34
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2
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2
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b
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Since
27
-
8
1
1950
Apr 1950
-
a
b
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-
A
'ib
♦Certificates of deposit
to a*
7
7 m
j
1934 M N
{♦Minn & St Louis 5s ctfs
10234 10334
10134 104 34
7634
78 34
83 34
90
3034 4534
3234
4734
34
134
5234 5834
46
n
*
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{{♦Mil A No 1st ext 4 348—1939 j
♦{Con ext 434s
1939 j
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101
71
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1952 AfN x a
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1963 M S x a
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1940 a O z ccc2
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8
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154
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16
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98
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Range
Asked
High
*11134
8934
Mich Cent Det A Bay City—
Jack Lans A Sag 334s
1951
10234 10734
16
4934
8734
10334
10334
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James Frank! A Clear 1st 4s.1959
Kanawha A Mich 1st gu g 4s 1990
103
10334
1947
Telep A Teleg deb g 4 34s 1952
Debenture 5s——...
1955
84
10334
9
10334
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1534
2034
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s
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60
45
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Gen mtge 4)4s series A... 1960 j
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4934
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McCrory Stores deb 3J4s
1955 4 O
{♦McKesson A Robblns 5 34» 1950 Af S
54 34
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Mob A Montg 1st g 4 34s..1945 M 5
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j
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a
or
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Bid
Louisville & Nashville RR (Concl)
{{♦Man G B & N W 1st 3 34sl941 j
8034
Range
Sale
Price
a
(Cont.)
45 34
45
▼
Indus. Cos.
Weeks
Last
a
See
Stamped
A
{♦Market St Ry 7s ser A Apr 1940 Q
(Stamp mod) ext 5s
1945 Q
98
Int
Kansas Cltv Term 1st 4s
35 34
78
3
100
1955
Ref A lmpt 5s
4734
537
Railroad &
Friday
Rating
41'
4934
7
'zee
,
172
9934
1941
gold 3s
39
Elio
EXCHANGE
Manati Sugar 4s s f.__Feb 1 1957 MN
Manila Elec RR A Lt s f 5s.. 1953 Af P
Manila RR (South Lines) 4s. 1959 AfN
4
Int Rvs Cent Amer 1st 5s B.1972
Kan City Sou 1st
39
9734
'
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5434
4534
8034
4334
40
2
9734
'
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5134
4334
8034
47 34
3834
40
120
9934
1956
A A B.1947
41
103 34
1956
f 6s series A
4434
3
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s
65
39
4134
3
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Ref
4334
2
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4534
41
41
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61
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90
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92
m-mm
«**»
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10034 10234
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61
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1952
1952
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2207
BONDS
N
1
Jan.
*87
2
Purchased lines 3 34s
3 34s registered
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1955
40-year 4?4s
Aug 1 1966
Cairo Bridge gold 4s
..1950
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bbb4
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10134
94
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1955
1953
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1953
|
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Asked
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10034
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4s registered
A
Low
Illinois Bell Telep 2 34s ser A.198I
Illinois Central RR—
4
Bank
■3
or
Friday's
Bid
(Cont.)
Record-Continued-Page
Week's
Range
See
a.
Bank
Elig. A
BONDS
N.
STOCK EXCHANGE
Week Ended Apr. 4
y.
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See a
Price
N
63 3*
y
b
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--
No. Low
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N.
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x
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x
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58-1948
4s.-.1949
55
6334
Peoples Gaa LAC cons 6s..1948
11
60
67
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10834
10734 11034
114%
121
121
11434
11534
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cc
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x
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N Y Lack A West 4s ser
M N y bbb2
M N y bbb2
5sl946
1973
—
12034 12554
13
11434 11854
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—1954
4a—1965
♦Non-conv debenture 4s—1966
♦Conv debenture 3 34«
1956
♦Conv debenture 6s—...1948
6s registered
...1948
|♦Collateral trust 6a
1940
♦Debenture 4s
1957
♦1st A ret 4 %B ser of 1927.1967
{♦Harlem R A Pt Ch 1st 4s 1964
•
Non-conv deb 334s
♦Non-oonv debenture
1942
4s. 1993
9934
116
24
92
97
88
89
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z
cccl
26%
"26
13
2554
2654
2534
2554
26
5
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31
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26%
2554
27
22
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26
27
110
J
J
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26
2534
26
/
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28
2734
2854
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27
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4434
4534
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1
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5
D
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2554
2754
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b
84
84
85
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3
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554
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2%
2
4934
J
x
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J
J
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F
A
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1937
A
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1940
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J
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aa
4
cc
2
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2
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bb
8
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c
O
a
2
2
4
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F
A
♦Certificates of deposit...
10934
j
106
05
87
143
1961
16%
109"
Debenture 33*8
i'oi%
4s called bonds
1974
1974
North Cent gen A ret 6s
Gen A ret 4 He series A
10954
10554
9
1454
87
10854
109
10034
6
8
334
4
336
109
"7
c
1854
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18%
c
ccc2
x
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x
a
126%
4
a
4
"105"
x
a
4
10434
9534 10134
234
654
111
10834 10934
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1234
1854
1834
12
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12634
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8
77
9334
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12654
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104
10434
105
27
104 34 107
103'n
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52
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123
115"
106
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123
73
73
5
♦Certificates of deposit.
z
ccc2
x
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x
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Gen Hen ry A Id g 3s Jan...2047
3s Registered
......2047
y
bb
2
"4454
y
bbb2
Ref A lmpt 4 34s series
y
bb
y
bb
2
6834
6634
y
bb
2
60%
5934
603*
13
y
bb
2
60%
5934
603*
40
A.—2047
2047
2047
2047
Ref A lmpt 6s series B
series C
Ref A lmpt 6s series D
2
*35
7934
*75
803*
7634
"l"35
A
x
45
4234
42%
4234
1
55
53
5534
93
M 8
Northwestern Teleg 4 Ha ext 1944 J
J
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Ohio Connecting Ry 1st 4s.. 1943 M 8
Ohio Edison 1st mtge 4s
1965 MN
1st mtge 4b
1967 M 8
1st mtge 3*4s
..1972 J J
Oklahoma Gas A Elec 35*s— 1966 J D
1946 J
D
aa
109%
109
x
aa
110%
liO
x
bbb3
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c
aaa3
x
a
4
x
a
4
x
a
4
x
a
4
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10754
106
10334
10434
3
3
Oregon RR A Nav con g 4s.. 1946 J D
Ore Short Line 1st cons g 68.1946 J
x
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x
aaa2
...1948 J
1961 J
x
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x
aaa2
Otis Steel 1st mtge A 4Hi.. 1962 J
y
bb
2
85%
8454
Pacific Coast Co 1st g 6s
1946
y
b
3
65%
65
Pacific Gas A El 4s series G.1964
x
aaa2
112%
aaa2
110%
.1944 A
cons
x
x
aaa2
z
bb
2
z
b
3
x
aaa4
*107
*104
y
b
2
89
355
1942
4s..>1960
4 34s
1963
cons guar
4 34s
1964
1st mtge 434s series B
1st mtge 434s series C
aaa2
x
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5434
96
2
36
11
A
x
a
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bbb3
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3
104
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3
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x
a
4
x
bbb4
x
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x
aaa2
O
—1981
J
x
1969
A
1974 F
A
Pennsylvania RR cons g 4s..1943 MN
Consol gold 4s
1948 MN
10534
aa
2
x
a
3
x
aaa2
1965
x
a
3
1965
x
a
3
—1968
x
a
3
3
x
10334
1st gen 5s series C
1st 434s series D
1974
Port Gen Elec 1st 434s
1st 5s extended to
1960
10834
"9634
A
x
aaa2
F
a
x
aaa2
10834 ho
110
11054
9
108"
D
Pub Serv of Nor 111 334s
Purity Bakeries
s f
deb 5j___ 1948
Reading Co Jersey Cent coll 4s '51
Gen A ref 434s series A... 1997 J
Gen A ref 434s series B...1997 /
Pur
mon
1st M
conv
4s
1 f
7s
...1946
1962
1953
1955
2
10734
51
8534
49
6534
11254
2
40
110»j2h254
11054
43
11034 11134
108 34 11034
7
60
6534
16
a
3
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bbb4
91
104 3*
54
100
1133*
1003*
6
993* 10034
5534
5434
5634
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55%
543*
5634
84
52
613*
55%
5434
563*
36
52
613*
*10834
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x
117
117
...
aa
84
8234
1073*
95
3
434
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9334
9734
18
23*
434
90
x
109
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693*
773*
8534
10634 107
107
10934
434
111
J
1
953*
111
O
4
....
1073*
*80
D
66
84
*107
8
10934 11134
142
152
218 34 222
220
8
109
10834 1093*
104
106
1045*
7034
7034
"68
84
8234
843*
102
J xbbb3
833*
82
8334
70
x
bbb3
1033*
1033*
x
bbb3
10334
10534
104
10534
63
10434
10334 10534
10334
10434
983*
18
103
6534
78
843*
783*
x
bbb2
x
bbb3
MN
x
bbb4
J 3
J 3
J 3
MN
MN
F A
A 0
z
f conv debentures
s f
7s
Roch Gas A El 434s ser D
1952
1956
1977
Gen mtge 33*s series H...1967
s
f 6s
{♦Rut-Canadian 4s stmp
{♦Rutland RR 434s stmp
M
M
M
M
M
A
1949 J
1941 3
1948
Saguenay Pow Ltd 1st M 43*s '68 A
St Joe A Grand Island 1st 4s.l947 J
St Lawr A Adlr 1st g 5s
2d gold 6s
1996
1996
8334
2
7
113
"30
97
257
39
102
10254
10234
90
9154
131
65
7
._
273*
—
2934
283*
33
263*
"l9" "27"
22
..
z
z
19
25
106 34
97 34 101
283*
z
z
i03"
..
8 * bbb3
Azb
1
D * ccc2
3 % ccc2
O z cc 2
O z cc 2
8 x aa 2
8 *
2
8 * ■» 2
8 * aa 2
S
O
J
J
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O
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106
106
1634
20
105
10634
634
*634
*46
463*
1034
53
2634
265*
107
9
40
45
4134
934
4734
143
35
47 34
1034
328
7
1034
.634
634
1
434
634
*105
1073*
1075*
14
143*
cccl
z c
2
z cc 2
z
18
22
3
108
153*
115
......
~~6%
9
534
93
2
J x aaa2
J «/ y bb 2
A Oyb
3
"76"
60
"9
107
110
103*
153*
31
31
170
334
934
77
43*
9334
21
90
9
934
9334
112
....
112
60
70
60
2
60
20
~70"
St Louis Iron Mtn A Southern—
70
72
643*
6434
70
16
363*
3434
363*
99
25
363*
22
6734
74
108 34 h0 34
J z ccc2
{♦St L Peor A N W 1st gu 6s 1948 J
8t L Pub Serv 1st mtge 6e._.1959 M 8 yb
2
J y b
St L Rocky Mt A P 6s stpd.. 1955 J
2
39
41
10434 10534
{♦St L-San Fr pr lien 4s A...I960 J
10754 109
70
10454 10454
10434 10554
1~05"
98
"91
z
z
1033* 10434
*90
69
69
20
3
1033*
10234 1043*
68
12334 126
110
1033*
70
104
693*
5254
5434
140
x
104
119
10934 1133*
102
1053*
683*
85
10654
9534
10434
119
110
693*
8954
106
10234
20
bb
8434
10634
10254
10234
11034
111
bb
80
142
"9654
6
110
110
z
88
9634
12134
3
11834 12034
z
88
12i
a
11034 112
1113* 1113*
11834
*119
D
M 8
M 8
M
'
{{♦Rio Gr June 1st gu 5s...1939 J
{{♦Rio Gr West 1st g 4s.—1939 3
♦1st con A coll trust 4s A—1949 A
4s registered
1949 A
s
11354 11734
10634 10734
83
8934
1*12" "26
a
10634
112
111
*993*
B'61
115
112
bbb4
112
*11134
11834
*1173*
F A
534s.l954 M ^
ser
11734
11154
x
106
11034 11034
*111
aa
J
.....
Ill
*109
aa
J ybb
1968
11234
112
x
103»i810434
aa
m a y bbbl
Public Service El A Gaa 33*s 1968
1st A ref mtge 5s
2037
1st A ref mtge 8s
2037
114
MN
g 4s_—1933
♦Certificates of deposit
♦{Rlv A G Dlv 1st
J
cccl
♦Certificates of deposit
♦Con M 4 34s series A
1978 MS
♦CtfB of deposit stamped
z
cccl
z
cccl
z
cccl
"1434
7034
7034
41
41
1234
113*
1334
133*
1234
14
1334
143* 1297
2
1989 MN y bb
934
1334
13
321
9
13
1434
260
934
934
93*
934
14
133*
143*
75
76
J
z
b
753*
473*
46
4834
3
2
J
1968 3 H
z
ccc2
2634
25
27
z
cccl
17
1534
1734
x
bbb2
♦2d 4s inc bond ctfs..Nov 1989 J
(♦1st term A unifying 58—1952 J
10334 105
10554 106
St Paul Un Dep 6s guar
S A A Ar Pass 1st gu g 4a
1943
1990
z
cccl
z
cccl
x
aaai
*
30
260
73*
11234
33*
10
1434
14
145*
143*
46
69
76
28
3534
91
1734
270
934
4834
27
1734
78
9034
"33*
934
6934
566
{♦St Louis-Southwestern Ry—
3 J
F A
1972 / J
"26
234
207
534
81
35*
10
11234
3
11234 1143*
92 34
271
7034
9234
10634 10634
1213* 12434
110
98
12054 12534
104 34 10834
10734 10734
Santa Fe Pres A Phen lat 58.1942
Scioto V A N E 1st gi| 4a—1989
3 3
M 8
MN
3
91
89
x
aaa2
*10534
x
aaa3
*12134
1063*
(♦lstg 4s unstamped
1950 A O
z
ccc2
1334
1134
1334
13
9
1334
{♦4s g stamped
1950 A
O
A
O
z
cccl
123*
529
834
1334
c
1134
34
434
1334
z
13*
45
255
3*
334
5
334
634
434
70
25*
434
111
116
115
115
♦1st
90
97
9954 105
ybb
{Seaboard Air Line Ry—
Oct 1949 P
{♦Refunding 4s
1959 A
♦Certificates of deposit
8754
1234
143*
cccl
{♦St Paul E Gr Trk 1st 4 34s. 1947
{{♦St P A K C Sh L gu 4348.1941
100
13
z
105
93
cccl
z
1950 J
♦Gen A ref g 58 series A
St Paul A Dul 1st con g 4s
10834
10334 107
10534
z
J
♦Prior Hen 5s series B
106
10654 11034
10734 10734
11134 11534
11134 11454
x
103"x« 103wie
*106
x
{♦Providence Sec guar deb 4s 1957 MN
M 8
{♦Providence Term 1st 4s
1956
110
108
1968
102 34 10434
x
aaa4
li5
48
1970
1023*
x
x
109
34
1981
1984
1952
10234
A
J
♦Ruhr Chemical
10334
10834
Debenture g 434b
10234
D
Potomac El Pow 1st M 33*8.1966
Pressed Steal Car deb 5s
1951
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
109
General 434s series D
Gen mtge 43*s series E
b
bbb2
♦Rhlne-WeetphaHa El Pr 7s. 1950
108
11154
100
2
x
103
121
11234
100
aaa2
j
6154
10854
9534
aaa2
F
1977
62
2
1
*107
T12"
aaa2
x
1950
6954
18
14
*105
109
aaa2
x
y
10054 10434
10534
x
yb
65
10754 10954
10834 11034
10754 10934
105
10634
*10434
10454
*107
99 % 10034
100
*
1959
6234
70
aa
x
x
Pitts Y A Ash 1st 4s ser A...1948
1st gen 5s series B
1962
♦1st 4s bond ctfs
For footnotes see page 2209.
o
1960
10434
10834
10854
a
MN
MN
J x aa
Gen 434s series C
1977
J
D
Pitts Steel 1st mtge 4 34s
y bbb2
1950
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
D y b
Pitts A W Va 1st 4 34s ser A. 1958 J
Gen mtge 334s series I
1967
Gen mtge 33*8 series J
1969
{{♦R I Ark A Louis 1st 43*8.1934
109
*4
z
Series E 334s guar gold—.1949
J D
Series F 4s guar gold
1953
Series G 4s guar
1957 MN
5454
124
aa
Conv deb 33*s
bbb3
♦33*s assented
1946
♦Rhine-Ruhr Water Serv 68.1953
70
aa
6s registered
x
58%
124
aaa3
x
General 6s series B
M 8
34s A *62
4434
4534
x
4Mb registered
aa4
4734
94
x
General 4 34s series A
43*
x
39
4134
O
634
334
j
50 34
9634
dollar May 1 '48 MN
2034
634
434
♦Rhelnelbe Union
43
D
4s sterl stpd
33*
42
43
b
Gen mtge 3%b serletf C...1970 A
Consol Blnklng fund 434a.-I960
227
6
5J4
10534
9534
xbbb3
D
debentures
634
534
'
Gen mtge 434s series C...1956
Revere Copper A Brass 33*8 1960
O y ccc3
1963 F A
D
.I960
43*
1
♦Certificates of deposit
x
Pa Ohio A Det 1st A ref 4 %b A *77
1
cc
8054
7634
5534
9634
1944
4Hs
11154
11034
10834
*8634
*8634
10754
2
1942
Penna Pow A Lt 334s
109
*11334
11354
11354
10734
10634
aa
Guar 4s ser E trust ctfs...1952 MN
434s series B
"109"
aaa4
z
28-year 4s
*103
x
1942 M 8
Pennsyl Glass Sand 334s_
10434
x
6s. 1949 M 8
Pennsylvania Company—
Guar 334s trust ctfs C
Guar 3%b trust ctfs D
cc
45
10634
aa
334s series C
1966
ef g 4 34s—1955
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F A
Paramount Pictures 33*s deb '47 M S
z
z
76
2
aa
Ref mtge
1949 M 8
J
45
"40
x
Paducah A 111 1st
16%
10334
10954
x
{♦Pao RR of Mo 1st ext g 4s. 1938
(♦2d ext gold 6s
1938
Paclflo Tel A Tel Z%n ser B..1966
290
bbb3
10*734
A
1st A ref mtge 33*s ser H—1961
1st A ref mtge 334s ser I... 1966
2034
20
x
10754
Ontario Transmission 1st 68.1945 MN
Ontario Power N F 1st g 6s.. 1943 F
1073*
cccl
xbbb2
10954
10934
1183* 120
1133* 11534
z
Rensselaer A Saratoga 6s gu.1941
354
105
10834 109
119
J
/
Republic Steel Corp 4 34s
139
10754
1083*
1183*
1093*
F
♦Rlma Steel 1st
109
1083*
1183*
*1133*
*1083*
108
5234
*108
10754
106 3* 1073*
1083* 110 34
73
9
534
74
74
10634
106
1945
cons guar
833*
63
64
13
1942
cons
723*
30
92
71
*95
2
x
10934
11034
119
122
11034
4634
Northern States Power Co—
F
73
10734
Remington Rand deb 4 3*s w w '56
43*s without warrants
1956
7234
"
44
69
703*
543*
11334 115
North Pacific prior Hen 4a...1997
4s Registered
.....1997
7954
80
71
49
45*
934
1073* 110
1093*
173*
aa
97
2
108
1153* 1183*
10634
aa
93
279
93*
106%
x
10834 11134
21
109%
x
15
1654
n 8%
11034 111
"ii
52
783*
1
High
aaa4
x
1234
46
2
o
109
1 834
2
aa
D
87
2
No. Low
110
116
6834
10634
aa
1975 a
J
934
934
6134
"72%
x
MN
40
"79
x
1970 J
42
♦h534
ccc3
Pat A Passaic G A E
108
aa
Gen mtge 5s series B
26
63*
High
bbb4
Series B 4 34s guar
Series C 4 34s guar
Series I
105
50
934
aaa3
Series J
69
aa
ccc2
♦Paullsta Ry 1st s f 7s
1153*
x
Gen mtge 6s series A
1834
aa
z
Parmelee Trans deb 6s
*109
52
x
5434
1854
x
x
Ore-Wash RR A Nav 4s
cc
99
18
x
O
Guar stpd cons 5s
z
99
1754
8
O
4s debentures
b
4834
10
105
x
A
(Minn) 1st A ref M 3 348—1967
(Wise) 1st mtge 3 34s
1964
•
Jan.
Asked
x
Series D 4s guar
Series H
♦1st mtge g 6s
Ref A lmpt 6s
••
x
10834 10954
10354
1754
conv 4
A
Pittsburgh Cine Chi A St Louis—
3
10534 10854
11
♦Conv deb 6s
754
3
14
10134
454
154
25
36
97
7
10834
10434 10534
"1654 "84
8654
27
4534
8534
21
40
2854
3354
354
Bid
x
sec 5s series A
1967 J D
Phila Electric 1st A ref 3348.1967 M S
26
22
J
Phlla Co
18
2054
A
1977
1981 J D
Pitts Coke A Iron
2754
*10934
10834
10354
10354
4
c
(stamped can¬
cellation of guarantee). 1945 A
1946
General g 4 34s series C
General 434s series D
27
{Northern Ohio Ry—
♦lstgtdg 6s
J
27
2634
78
""4
10554
M 8
M
1974 F
{(♦PhlUpplne Ry 1st s f 4e._ 1937 J
♦Certificates of deposit
PhUllps
Petrol 154s debs..1951 7
20
5234
10634
10834
z
z
1959
..1959
Debenture 4s
4s..1943 MN
General 5s series B
26
57
152
10554
95
z
z
1941
1996
1949
1954
isation manager) 5a
North Amer Co deb 834s
x
y
Since
Friday's
Sale
334s deb. 1952
conv
Phi la Bait A Wash 1st g
2654
♦Ctfs of dep (Issued by reorgan¬
Norf A W Ry 1st cons g 4s
Phelps Dodge
1754
1754
1834
1854
♦Ctfs of dep (issued by reorgan¬
6s
O
st 5348—1974 F A s a
Pere Marquette 1st ser A 5s. 1956 J
y bb
1st 4s series B
1956 J
y bb
M S
1st g 4 34s series C
y bb
1k80
/ D x a
19
228
371
754
10554
36?4
*1534
2
y
J
M
109%
bbb3
x
2
*98
O y b
O y b
J
40
383
7
M N
N Y Queens El
ization manager)
4s
A
M 8
1960 A O
Apr 1990 Apr
{♦Phlla A Read C A I ref 5S.1973
J
A
68
100
9654
O
A
J
53%
95
9534
N Y Rys prior Hen
.,—1967
1946
6s stamped
1946
f {*N Y West A Boat 1st 4 34s 1946
Niagara Falls Power 334s.—1960
Nlag Lock A O Pow 1st 6s A. 1955
Niagara Share (Mo) deb 5 34s 1960
{ (♦Norf South 1st 4 ref 6S..1961
58
*88
aaa4
N Y
55
99
50
*94
x
N Y Trap Rock
58
99
2654
10034 10354
4954
5454
bb
M N
Lt A Pow 3 Ha '65
6s stamp. 1968
N Y A Rlchm Gas 1st 6s A..1951
N Y Steam Corp 1st 3 34s.~1963
{•♦N Y Susq A W 1st rel 68.1937
"5454 "74
y
M S
{♦N Y Prov A Boston 4s
5234
S y bb
{♦N Y Ont A West ref g 4a.. 1992
♦General 4s
1955 J D
N Y A Putnam 1st con gu
*10354
"rA%
b
Branch gen 4S..1941
{♦N Y New Hav A Hart RR—
♦Non conv deb 4s
1947 M S
M 8
♦Non-conv debenture 334® 1947
N Y A Long
50
34
z
RR 534s'42
Impt 6s 1943 J
♦N Y L E A W Coal A
♦N Y L E A W Dk A
MN
49
.50
M N
N Y A Harlem gold 334s
4Kb series B
♦Income
1947
Range
Range or
Last
Price
Railroad & Indus. Cos. {Cont.)
56
67
10654 10854
See k
Week's
Friday
Low
6334
10734
Rating
3*
6634
'
2000
A—.1973
Elig. A
8TOCK EXCHANGE
Week Ended Apr. 4
Peoria A Pekln Un
N Y Gaa El Lt H A Pow g
(♦N Y A Greenwood Lake
Y.
1
61%
Y A Erie—See Erie RR
N
Since
Jan.
10634
'l07%
aaa4
x
i2
Friday's
A
Asked
Low
(Cont.)
1951
1947
Y Edison 33*s ser D
1965
let lien A ret 33*s ser E—1960
notes
Bid
BONDS
Range
Range or
Last
Rating
Bank
Week's
Friday
Railroad & Indus. Cot.
N Y Dock 1st gold 4a—
Conv 6%
April 5, 1941
New York Bond Record—Continued—Page 5
2208
♦Adjustment 5s
cons
6s series A
1945
M 8
♦Certificates of deposit
{(♦AtlABlrmlstgu4a...l933 M 8
2
cccl
""4%
cccl
4%
cc
2
z
cc
1
z
cccl
z
73*
6
173*
5
73*
835
534
63*
171
33*
63*
133*
173*
58
1034
173*
4%
10454
9154
Attention is directed to the column incorporated in this tabulation pertaining to
15*
bank eligibility and rating of bonds.
See, k
75*
/•er
New York Bond Record—Concluded—Page 6
Volume 152
Bank
Is
2
BONDS
N.
Y.
8TOCK EXCHANGE
Week Ended Apr. 4
Elig. A
Rating
Last
See *
Price
a.
♦6a Series B certificates
a
f debs
F
A
z
c
2
A
z
c
1
3%
3%
3%
F
J
J
x
aa
2
95%
95%
J
x
aa
2
1961 J
,
J
Sblnjretsu El Pow 1st 6 Ha
♦Siemens A Halske deb 6 H*. 1951 M
D y b
S z
1950 F
103%
A
x
bbb3
mmmmmm
Bocony-Vacuum Oil 3s debs.
J
/
x
aaa4
104%
South A Nor Ala BR gu 5s„
A
O
x
a
A
O
x
aaa3
South Bell Tel A Tel 3%s.__
3
J
J x aaa3
103%
Southern Colo Power 6s A
J
J x bbb3
104%
Southern Kraft Corp 4%s
Southern Natural Gas—
J
3s debentures.....
...
1st mtge pipe line 4%S—— 1961 A
Southern Pacific Co—
4s (Cent Pac
4s
coll).
J
....
registered
D
O
Mem Dlv 1st g 6s.......
St Louis Dlv 1st g 4s
103 % 107
119
119
49
7%
105 M 107M
Convertible deb 4Mb
1945 J D
Walworth Co 1st M 4s.....1955 A O
103%
1
m
167
90
94%
64
93%
62%
94%
2
64%
466
57
ybb 2
A O ybb 2
J
J y bbb2
83
82
84
93
75
64 M
84
88%
87%
83%
89
141
79
89
83%
5
78
83M
79%
80
{♦Spokane Internal 1st
J
J
z
cccl
32%
1961 J
D
x
aaa4
104%
J
J
x
aaa4
Studebaker Corp conv deb 6s 1946 J
J
z
bb
2
104%
104%
A
O
x
bbb3
99%
1950
Swift A Co 1st M 8Mb
1950 AfN
J
Tenn Coal Iron A RR gen 6s.l95< J
Term Assn St L 1st cons 68—1944 F A
.1953 iJ
J
x aa
x
aaa3
mm
x
aaa4
mm*mmm
x aa
110%
6
105%
105%
16
*110%
111
110
3
aaa4
104%
102%
104%
a
Gen A ref 6s series C
1979 A
O xbbb3
73
Gen A ref 6s series D
1980 J D x bbb3
2
Tex Pac Mo Pac Ter 5 Ha A.1964 M 8 xa
101
3
92
73%
72%
2
1960 / J yb
♦Ad] Income 6s......Jan 1960 A O y cccl
(♦Third Avs RR 1st g 6s
1937 J J ybb 3
101
100%
15
102% 106 %
84
14
102 M 106 %
94
78
14
106M 108 M
73%
67
62 M
62 M
73%
101
90
62 %
17
96 M 101
58%
184
20
243
19
20
—
108 M 111%
93
88
46
57%
58%
Third Avs Ry 1st ref 4s
14
107%
74%
72
73%
;
94
107%
107%
74%
82%
81%
17
X
bbb3
78 M
102%
124%
'
100%
1
44%
57 M
17 M
100,
74%
73 %
73 M
Wilson A Co 1st M 4s A
1955
Conv deb 3%s
...1947
♦Certificates of deposit
(♦Su A Du dlv A ter 1st 4S.1936 AfN
♦Certificates of deposit
Wisconsin Else Power 3Ms.. 1968 AO
{♦Wor A Conn East 1st 4 Ms-1943 J
J
Youngstown Sheet A Tube—
Conv deb 4s......—1948 M S
1st mtge s f 3%s ser D
1960 MN
aa
X
bbb2
x
bbb3
23
106%
25%
25%
79%
82%
82%
aaa2
z
ccc2
z
cccl
z
cccl
a
cc
1
x
aa
3
z
c
2
90% 95%
100
104%
It 106% 107
95
; 55%
25%
15
177
15
25%
57
71%
80
85
73%
91
74
83%
82%
15
27
""46
50
51
11
113
113
1
66%
60%
40%
52
115
113
104% 106%
103%
3
x
106 %
106%
103 %
104
"l3
106
107%
18
103
104
114
114%
*114 %
36%
"12%
35%
36%
11%
"37%
207
36%
1
13
92
11
11%
8
109%
109
109%
4
103%
102%
27
37%
26%
36%
13
7
11%
7%
108% 109%
*4
x a
x
104%
101% 104%
23
"53"
50
27
166
t
x
67
94 %
81
82
"53%
ybb
Winston-Salem S B 1st 4s... 1960
{♦Wis Cent 50-yr 1st gen 4s..1949
,
94 %
104 M
24 %
24
b
61
34%
102
79%
z
32
65
111 M
111%
,102
24
J
51%
14
128% 128%
107% 109%
112% 114
109% 111%
"25"
i y bb
J y bb
74
113
ccc2
J
61
108%
cccl
2361 J
34
105%
84
96%
92% 96%
126 %
z
D ybb
M B ybb
91
108 M
*112M
106%
J
77%
16
*124
94%
104 M
2
103
42
108% 108%
z
AfN ybb
12%
12%
108%
110M
2
x aa
12%
*
1946 M S
102*32
5
102
13%
96%
96%
67
A—1946 M S
♦5s assented
Registered.....
2361 J
Wheeling ALE RR 4s.
1949 M S
Wheeling Steel 4Mb series... 1966 F A
AfN
x
bbb3
99% 101M
102*82 106 M
124M 128 M
110M 113 M
103%
x
X
18
104%
O
J
100
aaa4
D
bbb3
West Shore 1st 4a guar
mm
111%
4
x a
60%
20%
49%
67%
18%
11
56%
84
39%
66
108M
3
x
100 M 109
""
"IT
aaa3
O
ser
59
*32
aaa4
x
Western Maryland 1st 4s
.1952 A
1st A ref 5 Ms series A.. ...1977 J
West N Y A Pa gen gold 48—1943 A
O
95 M
96%
60 %
J X aaa3
103 % 106 M
103
105%
x
1977 A
J
19
112
95
D
{♦Western Pac 1st 5s
34
103%
82%
82 %
West Va Pulp A Paper 3s... 1954 J
72
92%
104%
Gen A ref 6s series B...
x aa
32
92%
4
x
D
M S
104%
^'^mmmm
mmm
D
J
104%
26 M
bb
J
105
bbb3
J ybb
Westchester Ltg 5s stpd gtd.1950
Gen mtge 3Ms
.....1967
West Penn Power 1st 5s E..1963
1st mtge 3 Ms series I—.1966
103%
99%
85
x
Texas AN O son gold 6s
.1943 J
Texas A Pacific 1st gold 5s-.2000 J
80
109
bbb2
y
{♦Warren Bros Co deb 6s
1941 M S z cc
Warren RR 1st ref gu g 3 Ms-2000 F A yb
Washington Cent 1st gold 4S.1948 Q M yb
Wash Term 1st gu 3 Ha
.1945 F A X aaa3
1st 40-year guar 4s.......1945 FA x aaa3
109 M 110 M
105
x
O yb
Warner Bros Plot 6s debs.... 1948 M S
y bb
1955 A
103%
103%
33
Texarkana A Ft S gu 6 Ha A.1950 F A
Texas Corp 3s deb.
....1956 A O
.....
73 %
...
Western Union Teleg g 4MS.1950
25-year gold 5s..
1951
30-year 5s
—...I960
♦Westphalia Un El Power 6s. 1953
124%
mmmm
Ill
4
110
32
4
16
(♦Toledo A Chic Dlv g 4a. 1941 M
{♦Wabash Ry ref A gen 5Ms A *76 Af
6s debentures
66M
mm'mrnmm
56 M
164
57%
J y bbb2
D x aaa4
55
12%
71
J
56 M
U%
48%
O
2
12
587
A
b
1
955
#
S
9M
cc
51%
64%
m
10
10 M
O
49
J
12
35
18
2
♦Ref A gen 5s series D
.1980 A
Walker (Hiram) G A W—
60
#»
52%
61
2
101M 102 M
50%
i-
5
18M
10 M
67 M
16 M
2
cc
CC
7%
64
I'mmmm-*
~67%
b
J
O
174
51%
51%
64%
85%
93%
30
44
1
39 M
39 M
—
13
6
cc
51% 1028
J xbbb3
168
49%
67 M
193
49
O ybb
366
20%
!
294
50%
A
J
60 %
18
44
12 %
3
53
1
13 M
12 M
51%
291
b
11%
46 M
53
85%
(♦Des Moines Dlv 1st 4s_.1939
•Omaha Dlv 1st g 3Ms...1941
20%
ccc2
J
11%
11M
34M
67%
A
58 M
12%
49
§2%
1939 F
♦1st lien g term 4s.......1954
♦Det A Chic Ext 1st 5s
1941
59
2
b
12 M
37 M
65%
1939 AfN
13M
3
67%
107%
{Wabash RR Co.—
1
234
85
65
1
44%
J ybb 2
J y bbbl
84%
69
cc
40 M
3
90
107
107%
aaa2
x
64%
89%
69 M
106 M 108%
54%
cc
703
b
M S
High
108 % 110
8
840
y
*83 M
66
No. Low
O
106 % 108 M
51%
/ ybb 2
O x bbb2
Virginian Ry 3Ms series A...1966
High
A
104
46%
109 M
60
Since
Jan. 1
♦Ref A gen 6s series B—...1976 F
♦Ref A gen 4 Ms series C—1978 A
103
9
46
109 M
60
_
Range
§$
108 M
106
3
46%
Asked
Low
60
a
I gS
A
7%
45%
7%
7%
11
....
Bid
Railroad & Indus. Cos. (Concl.)
102 M 103 M
104
102
53
105%
8s debentures
71
50%
48%
aaa4
f g 4s
mmmm
27
39%
103%
106%
x
s
70
20M
106%
*105%
J
Gen refund
'mmmmm
bbb4
J
Superior Oil 3%s debs
7
1%
104%
*
J
1963
103%
103
*101%
So'western Bell Tel 3%s B__
1st A ref 3s series C—....
_
102%
103
bbb3
48%
m'mm
4
x
3
—
Range or
Friday's
Sale
Va Elec A Pow 3 Ms ser B
1968 M S x aa 2
Va Iron Coal A Coke 1st g 6s.l949 MB
y ccc3
Va A Southwest 1st gu 5s...2003 J
J y bbb2
1st cons 5s ———1958 A O
ybb 2
(♦1st gold 6s—......
(♦2d gold 5a—.
50%
J
Devel A gen 6s
Devel A gen 6 %s__
45
47 M
52%
J
1st 4s stamped
25
39%
m'mm
3
J
Southern Ry 1st eons g 6s..
Devel A gen 4s series A—
i'll"
97 M
8
-
99 M
97 M
54
2
4s
2Mb debenture.....
94 M
3
A
San Fran Term 1st 4s
Standard Oil N J deb 3s
49
ybb
J
g 6s
96%
97%
51%
High
3M
3%
Af 8 ybb
Af S y b
AfN y b
1981 MN
10-year secured 3%s
So Pac RB 1st ref guar
2M
105%
102%
D ybb
..1949
1st 4 %s (Oregon Lines) A_
Gold 4 %s
Gold 4%s.
Gold 4%s
2M
16
45
103%
104%
Price
427
;
103%
*120%
106%
See k
No.
*
mm*
Elig. A
Rating
Week Ended Apr. 4
3%
3%
mmm*mm
F A z
♦Silesia Elec Corp 6%s
SHeslan-Am Corp coll tr 78—1941 F A y ccc!
Simmons Co deb 4s..
1962 A O x bbb2
Skelly OU 3s debs
51
mmmmm*
BONDS
N. Y. STOCK EXCHANGE
Last
Since
High
3
*96%
l
Range
ll
Low
1931
Shell Union Oil 2%s debs.._ 195'
2%s
A
Jan. 1
Asked
Friday's
Bid
Week's
Friday
Bank
Range or
Sale
Railroad & Indus. Cos. (Cont.)
:♦ Seaboard All Fla 6a A ctfa.1931
2209
Week's
Friday
103%
98%
98
98
a
103%
103%
102
98
65
24
101M
Tokyo Eles Light Co Ltd—
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A Imp 3 Ms '60 J
Tol St Louis A West 1st 4s
1950 A
Tol W V A Ohio 4s series C..1942 M
__
D 7b
1
D xbbb3
44
43%
96%
63
42
96%
97
11
94%
48 M
97M
O ybb 3
S x aaa2
75%
74
76
12
70 M
76
*104%
4
Toronto Ham A Buff 1st g 4s. 1946 j r x a
Trenton G A El 1st g 5s
1949 M S x aaa3
J ybb 1
Trl-Cont Corp 6s conv deb A.1963 J
♦Tyrol Hydro-El Pow 7Hs_.
♦Guar see s f 75
~
mmmmmm
106
z
b
1
m;mmmm'm
A
z
cccl
——
F
*120
106
AfN
97%
*96%
mmmmm
mm
m
mm
mm
mm
mm
m
"96M "98"
106
1
106"
23
m-m,rnm
20 M
30
....
*111—
107%
20 M
15
15
62
90
M 8 yb
1
J
J
x aa
3
{(♦Union Elev Ry (Cble) 6s.
A
O
z
Union Oil of Calif 6s series A.
F
A X aaa4
cccl m'mmm.'mm
62
62
———
2
F
3s debentures..
A X aa
3
m
mm
105M 107 M
105»i6
2
l65»„io7"*
102
102%
no
101% 105M
{ Companies reported as being in bankruptcy, receivership, or reorganised
Section 77 of the Bankruptcy Act. or securities assumed by such companies.
110%
111%
111%
97
110M 114M
107%
10525J2
*
......
tion per 200-pound unit of bonds.
$4.8484.
107
8%
5
m
mm
Onion Pac RR—
J
1st Aland grant 4s
4s registered. .........1947
A
84-year 8Ms deb.........
M
36-year 8 Ms debenture
Ref mtge 3 Ms ser A
...1980 J
A
United Biscuit 8%sdebs
...
-
United Clgar-Whelan Sts 6s.
United Drug Co (Del) 6s....
A
J
aaa3
aaa3
3
Ill
*
......
N
x
3
97%
x
aa«3
103%
O
x
a
3
Oyb
4
mmmmmm
4
88%
an
Af 8
...May 11941 MN
Nov 11941 MN
x aaa4
aa
2
x
aa
2
May 11942 MN
x
aa
2
876s
Nov
1 1942 MN
x
aa
2
x
aa
2
1.125a
May 1 1943 MN
Nov 1 1943 MN
x
aa
2
1.25s
May 11944 MN
x
aa
2
1.376s—
Nov
11944 MN
x
aa
2
1.60s
May 11945 MN
x
aa
2
x
aa
2
mm.mm-mm
1.80s
Nov 11946 MN
...May 1 1946 MN
Nov 1 1946 MN
1.86s
May 11947 MN
1.00s
1.626s
1.76s
1.90s
2.00s
2.10s
2.15s
2.30s
,
-
2 60s
....
2.568
—
*100
-
mm
mm
mm
mmmjm
112M
96
100 %
96 M
101M
m,
mm
mm
.
mmm.
mm.mm-mm
mm
mm
mm
x
aa
2
1 1947 MN
x
aa
2
May 1 1948 MN
Nov 1 1948 MN
x
aa
2
x
No sales.
70%
82% 90 M
108 M 108 M
aa
2
x aa
2
x aa
2
m
*100
m
*100
*100%
*100%
*100%
101%
100%
m.m-mm
m
mmmmm
m.mmm
101%
100%
101%
100%
mmm
*100
101
mmm
*100
100%
100 M 100 M
100
100
1
101
102
2
100 M 102
100
101M
100
100
7
100%
100%
100%
6
100%
3
100M
100M
100 M
100 M
100 M
mmrnm
m
M
102
aa
2
100
100
100
3
100
103 M
aa
2
100%
100%
100%
100
103 M
2
100%
100%
1
aa
2
100 M 104 M
x
aa
2
101
101
5
101
x aa
2
101%
mmmm
1 1952 MN
x
aa
2
mmmmmm
*100
100%
mmrnm
x
aa
2
mmmmmm
*100
101
x
aa
2
m'm
m
*101
x aa
2
mmmmmm
*100
101%
101%
mmmmmm
*100
101
102
102
1 1964 MN
x aa
2
MN
x
aa
2
♦Un Steel Wks Corps Ms A.. 1951 J
b
1
Nov
♦3%s assented A
1951
s f 6 Ms series C
1951
♦3M« assented C
1951
•Sink fund deb 6 Ms ser A.1947
♦3 H» assented A
1947
United Stockyds 4Mb w w_.1951
D
z
/
D
z
J
D
z
J
D
:
m
mm
mmm
mm
m m
m
mmm
m
*101%
m mm
25
mm* mm
mmmm~m
z
....
J
J
*
cccl
J
/
z
A
mm
O xbbb3
O X bbb2
Utah Power A Light 1st 58—1944 F
A
"
mmmmmm
*
mmrn-mm
103%
104
37
m
mm
m
mmm
mm'*
m
m
9
95%
102%
103%
103%
104%
96
102
104 M
April 4. 1941
5
11
44
22
Stock
Exchange/
Wednesday-.
31M
31
31M
33 M
21M 33
91M
96
102M 104M
102M 105 M
.
_—.
Thursday........
Friday........—
Total
x
bbb3
x
aa
2
*111
111%
110
110
New York Stock
x aa
2
*111
111%
109
109
Exchange
United
Total
Mis c«U.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
Stats
$202,000
433,730
440,210
942,060
703.320
$5,028,000
14,959,000
14,951,000
11,064,000
18,796,000
11,972,000
3,170,020
$77,370,000
$3,406,000
748,000
Stocks—No, of shares
122,000
68,000
637,000
655,000
573,000
1940
1941
$10,000
24,000
531,000
Week Ended April 4
Sales at
Vandalla cons g 4s series A..1955 F A
Cons s f 4s series B._
1957 MN
York
New
Railroad A
209,090
435,610
Saturday-......—
Monday...
mmm
the
Stocks
Tuesday.........
m
at
Number of
Shares
Week Ended
33
mmmm
All issues
102 %
33 M
■mmmmm
21%
101
103 M 103 M
103 M 104 M
102 % 103 M
102 M 104 M
21%
m
lower are In default.
100 M 104
33
m
ccc or
Daily, Weekly and Yearly
mrnrnm
rnmmrn
"21%
Transactions
104
m-'m
36%
27
mmrnmmm
mmrnmmrn
Utab Lt A Trac 1st A ref 58.1944 A
—
mmmm
A great majority of the Issues bearing symbo
bearing ddd or lower are In default.
103 M
x
-May 1 1963 MN
Nov 1 1963 MN
differently, then the highest single rating is shown.
102 M
103
x
mm mm
Indicates Issues In default. In bankruptcy, or In process of reorganization.
102 M
x
mm
z
based on the ratings assigned to each bond
by the four rating agencies.
The letters Indicate the quality and the numeral immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
100 % 101
mm mm
'mmm
Indicates those bonds we believe are not bank eligible due either to rating status
provision In the bond tending to make lt speculative.
The rating symbols in this column are
mmm
mmmmm
mmm
mmm'
m
y
or some
m
mm
mmmm
mm-mm
rni,
mm
m'mm m
101
100
m
mm
mmmmm
*100
mrnmmmmm
m
mmmmm
mmm*-rn
mrnm
m
mm
m- mm
1 1950 MN
May 1
ncluded in the year's range:
67
May 1 1960 MN
2.65s
No sales transacted during current week.
price,
Cash sa'e sold during the current week and not
e
105% 107
56
Dia and asked
Bonds selling flat;
102 M 107
.May 11961 MN
Nov 1 1951 MN
May 1 1964 MN
Frmays
♦
9
—-
mmm*
*100
•
mmm
2.60S
♦See
*100
mm
mm mrnmmm
Nov
2.46«
100%
100%
mm'mm mi.'mm
2
..—May 11952 MN
2 35s
2.40s
*99%
*99%
mmmmmm-mmm.
2
Nov
2.20s
2.26s
88%
•
111
49
rnmmrn
87%
*108%
mm
aa
1 1949 MN
1 1949 MN
67
*64%
mm
aa
.Nov
-
104
105%
mm
x
2.05s ..........May
46
97%
103%
105%
mm
x
.Nov
1.95s
97
2
under
k Bank Eligibility and Rating Column—x Indicates those bonds which we believe
eligible for bank investment.
;
x
76s
62fis
mm mm
98
97%
mmtmmmm
D
Af 8 ybb
U N J RR A Canal gen 4s...
United States Steel Corp—
Serial debentures—
60s
x
X
On aa
v.;
:
~
'
m'mm
during current week,
a Deferred delivery sale; only
n Odd lot sale; not included in year's range.
I Negotiability impaired by maturity,
t The price represented Is the dollar quota¬
Accrued interest payable at the exchange rate of
|
UJlgawa Eles Power s f 7s...
Union Electric (Mo) 3MS...
r Cash sale; only transaction
transaction during current week,
Sales
$5,900,000
15,514,000
15,821,000
56,000
38,000
11,769,000
19,507,000
12,583,000
$318,000
$81,094,000
Jan. 1 to April 4
1941
1940
3,170,620
7,132,430
34,932,099
52,292,338
$318,000
3,406,000
77,370,000
$699,000
4,593,000
43,754,000
$6,632,000
44,206,000
577,858,000
370,038,000
$81,094,000
$49,046,000
$628,696,000
$444,992,000
Bonds
Government
State and foreign
—
—:
Railroad and Industrial....
+
Attention is directed to the column
I
Total...
incorporated In this tabulation pertaining to bank eligibility and rating
of bonds.
See note k above.
$10,038,000
64,316,000
New York Curb
2210
Exchange—Weekly and Yearly Record
April 5, 1941
disregarded In the week's range unless they are the only transactions of the week, and when selling outside
footnote In the week In which they occur.
No account is taken of such sales in computing the range for the year.
NOTICE—Cash and deferred delivery sales are
of the regular weekly range are shown In a
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (March 29, 1941) and ending the present Friday (April 4, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
In the
for the week
dales
Friday
Par
STOCKS
Last
Week's Range
dale
of Prices
Price
Acme Wire Co common-10
Aero
High
Low
Low
High
Par
20
Jan
Feb
22%
Jan
Bell
Feb
6%
Jan
Bell Tel of Pa 0
Feb
Benson A
16%
Mar
21%
1
—
1
5X
common..5
(N J)
1
com...2
"in
Class B
A ins worth Mfg
Air Associates Inc
—
Air Investors new
new
conv
Warrants
5%
5
10%
IX
5%
300
5
200
6X
4%
200
10%
Mar
100
IX
Mar
0%
12H
IX
Jan
11
Feb
25 X
Mar
*»»
Mar
'it
Jan
75%
103%
94%
Jan
IX
20
pref
—
Ot Southern—60
Alabama
pf-*
Alabama Power Co $7
*
*6 preferred
87 K
109
98 J*
88
50
108H 109
180
99
40
87 X
96%
88
Jan
Jan
Apr
100
0% preferred
Mfg...*
com-*
Aluminium Ltd common.*
16X
Id"
145 %
135
116
U5X H6
13X
13X
Aluminum Goods
145%
0% preferred
100
American Beverage com..l
American Book Co..—100
13%
13X
50
13 X
Apr
13%
•
40
40
25
38 %
Jan
40 X
Blrdsboro Steel Foundry
A Machine Co com....*
-
*
22%
Jan
Bourjols Inc
•
X
Jan
4%
Jan
Bowrnan-Blltmore com
•
1,100 rl26
600
U3%
Mar
155
Jan
7% 1st preferred
Feb
116
Jan
2d
Mar
12
Fe
Blumenthal (S) A Co
10c
10c
♦
IX
preferred
♦
75%
1,200
70
Feb
75%
Apr
450
93
Jan
95%
Jan
Bridgeport Gas Light Co.*
X
Jan
Bridgeport
Jan
5%
%
Jen
»n
Mar
Jan
%
200
li«
Jan
Jan
11%
63%
Mar
68%
X
Jan
35
Jan
10
*
*
Corp—1
'it
Mar
Jan
Jan
Amer Cities Power A Lt—
26
Class A with warrants.26
1
Machine
Preferred
..*
Jan
31
12%
500
Jan
X
Mar
%
Jan
Jan
38 %
38
Jan
British Col Power cl A
Jan
JBrown Co0% pref
700
15 %
Feb
X
10%
29%
100
X
Mar
•i«
Jan
700
iox
Mar
12 X
Jan
3,700
27%
110%
Mar
Feb
Brown Rubber Co
2%
Feb
30%
113%
3%
Jan
Feb
29%
Jan
Bruce (E L) Co common..6
Bruck 811k Mills Ltd
•
33
Amer Lt A Trac com
0%
preferred
Amer Mfg Co common.
preferred
•
2%
500
175
29
Feb
Jan
Buckeye Pipe Line
20
19
20
250
15X
Feb
20
Jan
Buff Niagara A East Pow—
20 X
20
21
450
16%
Feb
21
Mar
15%
3,100
UX
Feb
15%
Apr
26%
200
26 X
Mar
28%
23 X
Jan
$6 1st preferred
*
Bunker Hill A Sullivan 2.60
21
Jan
Burma Corp Am dep rets
80
Feb
Burry Biscuit Corp..12He
Cable Elec Prod 00m.60c
Amer Meter Co
*
%
30
Amer Pneumatic Service.*
%
30
n%
100
n%
10
Jan
X
Feb
Feb
32 X
Jan
30
100
%
6X
5X
6%
3
3
3
2*600
800
Feb
Feb
01
Amer Potash A Chemical. *
Amer 8eal-Kap common. .2
%
900
5X
2%
X
ht
Jan
Jan
66
Vot trust ctfs
Am dep 6
Feb
7
Jan
Feb
3X
Jan
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
Feb
%
Jan
Camden Fire Insur Assn..6
60
Feb
Canada Cement Co Ltd..*
54 X
55 X
100
5%
2%
5%
1,300
4X
Mar
8
Jan
Canadian Car A Fdy Ltd—
2X
100
Mar
7% parti0 preferred...26
2
2%
500
3X
2X
Jan
Anobor Post Fenc9 new..2
2X
IX
Feb
Angoetura-Wupperman ..1
Apex Eleo Mfg Co com
*
1
1
700
SO series preferred
*
American Thread 6% pf..6
5%
.....
*
"i'%
Common cl A non-vot..*
.....
Arkansas Nat Gas
com
0% preferred
Arkansas P A L S7 pref...*
Aro Equipment Corp
Art Metal Works com
5
Ashland OH&RefCo
1
"i"% ~~i%
IX
7
..10
91
90
91
8X
1
1%
7%
8X
"1,200
Mar
Jan
1
Jan
1
Canadian Dredg A D Co.*
Feb
12
Jan
Canadian Indus Alcohol—
1%
Mar
IX
Jan
1%
Feb
0%
Feb
IX
8%
Jan
1,400
60
100
"2^660
Mar
89
Jan
Mar
96
7%
Mar
5%
Jan
4%
Mar
5%
Mar
3
8X
Jan
Mar
6
Jan
Amer deposit rets
3
£1
3
120
Mar
Common
1
Class A
1
>11
300
.*
Assoc Laundries of Amer *
1
Assoc Tel A Tel class A..*
1%
S6 preferred
Atlanta Birmingham A
Coast RR Co pref
70
100
70
20
05
X
Jan
Jan
X
Jan
Feo
1%
Jan
Jan
Jan
2
Jan
Jan
70
Mar
Atlanta Gas Lt 0% pref 100
Atlantic Coast Line Co..60
2%
24
Atlantic Rayon Corp__..l
Atlas Corp warrants...
Atlas Drop Forge com...6
Atlas Plywood Corp
*
Auburn Central Mfg
*
6
Automatic Voting Mach
.
_
0% preferred w w
0% preferred x-w
Warrants
Class A
6%
15
3%
"i%
~~3%
2%
24
X
6%
26
26
7C0
510
3%
600
»i®
2,300
2%
17
3%
X
5
36 X
Baldwin Rubber Co com.l
1
Barium Stainless Steel...1
"2X
6
7X
com
700
2%
Jan
1%
1%
1.100
3X
400
3X
3%
15%
15%
3%
Jan
4
oonv
pref
.20
For footnotes see page
40%
Jan
Feb
19%
100
95%
Mar
99 X
Mar
Feb
11%
12
600
11%
Feb
12 X
Mar
%
Mar
%
X
Jan
•u
Feb
Mar
%
7i«
i®
400
Jan
1
T,«
Feb
X
Feb
Feb
X
Feb
H
10
IX
14%
9%
IX
14%
3%
10
IX
14%
4
200
1,400
Feb
150
400
9
Mar
Jan
12
IX
Feb
IX
3%
Jan
3%
Jan
14 X
3
Mar
18H
Jan
13
Jan
Feb
5
Jan
.Jan
15
Mar
Jan
Jan
1%
114H
1%
Jan
Jan
114 X
Feb
X
X
1,900
%
Mar
♦
8%
50
9
Mar
IX
8%
"u
Feb
26c
8%
IX
Products
Carib Syndicate
Jan
1%
Mar
Class
B
Carolina P A L $7 pref
$6 preferred
1,200
Hi®
Feb
Jan
•
•
oommon
7
*
7
36%
•
112%
7
36%
112X 113
300
7
Jan
100
35
Feb
39
Jan
Feb
113
Apr
40
8%
Caseo Products
7
7
20
20
•
Castle (A M) common.. 10
CatalJn Corp of Amer
1
110%
3%
3X
8%
800
200
100
Jan
7
Jan
110%
Feb
7%
6%
Feb
Feb
10 %
Jan
Jan
6%
Mar
8
Jan
Fen
20
Apr
109
*
Carrier Corp oommon
.1
Carter (J W) Co oommon. 1
4
"is
6X
10
4X
Jan
Jan
Jan
Mar
36 X
27%
4%
36X
37X
6
6
2X
2X
iox
7X
5%
2215
14%
5%
*
19
3%
1,500
2X
Jan
121% 123X
400
121%
Apr
4
Feb
6%
3X
Apr
Cent Ohio Steel Prod
IX
Jan
Mar
600
Feb
4%
Jan
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
25
15%
Feb
17%
Jan
Cent States Eleo 00m
Jan
10
H
Feb
Jan
X
4%
Jan
0%
Jan
7%
Mar
200
33
26
Mar
30 X
Apr
Feb
4%
Mar
1,800
650
4%
Feb
31X
Jan
Feb
7%
Jan
Mar
32
FeD
37 X
5X
Feb
6X
1.600
•1®
Jan
2X
Jan
Mar
2,600
%
Mar
IX
Jan
100
preferred
Strip
Co
116%
Mar
Feb
13%
Jan
210
84
Mar
88
88
89
8%
115
1%
IX
Jan
Mar
5X
95
Jan
10
Feb
X
Jan
*ii
Jan
»i»
100
X
IX
X
2X
X
Mar
%
Feb
Feb
Mar
Mar
Jan
25
%
Jan
3%
Feb
4X
4%
Mar
5X
14%
110%
73%
X
4%
Cheeeb rough
Mfg
5
12
105
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Chief Consol Mining..
1
ChUds Co preferred
__100
10
IOX
Apr
$0
preferred
•
Jan
7X
Jan
00c preferred B
•
4%
Mar
4%
4%
Mar
Jan
Apr
Feb
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$0 preferred
14H
Apr
City Auto Stamping
7%
Jan
*
67%
9
4%
5
12H
107
67%
9
800
100
75
11%
Feb
250
103%
Mar
50
67
100
9
Feb
Jan
•i.
8%
4%
65X
7
8%
750
4%
4%
3,000
60%
5X
94
5%
65X
5X
Mar
Mar
46
110H
%
1,300
Charts Corp common
10
Cherry-Burrell oommon..6
Jan
6
Jan
12
6
6%
12X
5X
90
100
Feb
Cbamberlin Metal Weather
OX
100
100
100
300
3,300
103 % 107%
12
12
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
7%
5%
35X
1
iox
14%
800
475
1
100
Mar
5%
44X
12
3%
3%
5%
42%
107
Mar
Jan
134
5%
44%
*
Mar
12,500
122
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Cent Hud G A E com..
1
~30~~ "3",100
5%
$7 dlv. preferred
1st partlo pref
2%
3%
Beaunit Mills Ino com.. 10
$1.60
Feb
18%
IX
1
7% 1st partlo pref...100
Jan
Baumann—Sec "Ludwlg"
Beau Brummell Ties Ino..l
Beech Aircraft Corp
36 X
800
100
Marconi
Capital City
Cities Service common
Basic Dolomite Ino com..]
A
7% preferred
Canadian
Celluloid Corp common.16
Mar
1
10 H
conv
50
18%
96X
\%
Mar
Barlow A Seellg Mfg—
$1.20
38%
18%
96%
1%
4
5%
3H
29%
30
38%
*
Jan
3X
Baldwin Locomotive—
Purch warrants for com.
13
1%
12%
•
Jan
14%
2%
34
10
Babcock A Wilcox Co
7% preferred
vot
Apr
900
Ayrshire Patoka Collieries 1
Bardstown Distill Ino
non
24
Tobacco—
common
voting
Class B
Jan
600
6%
15
3%
Mar
10
...
Aviation A Trans Corp..,
Axton-Flsher
21
3X
*
Avery (BF)4 Sons com. 6
300
Feb
Jan
Celanese Corp of America
Atlantic Coast Fisheries.. 1
Automatic Products
Class A
Carnation Co
|Assoclated Gas A Eleo—
32
1H
11X
60
500
Canadian Industries Ltd—
Carman A Co class A
Associated Eleo Industries
10
1%
13
Can Colonial Airways
%
10%
1,900
.....
4%
Jan
61
2X
Feb
Mar
Mar
X% pref sbs £1
3,700
*
Mar
1%
z24X
60c
'it
1st S0 preferred
1%
8
Cables A Wireless Ltd—
X
X
Am Superpower Corp com •
100
%
15%
17%
32
96%
14M
21
Mar
600
Feb
IX
12%
18%
26%
79%
1%
Feb
14
28
25
15X
Feb
IX
Jan
15
32
60
$1.00 preferred
26%
19
IX
1
com
26
1
Republics
$0
300
2%
17%
2%
16X
•
26
Amer Maracalbo Co
American
Class A preferred
28 X
50
17
Brown Fence A Wire com.l
Brown Forman Distillers. 1
2 X
...100
Preferred
♦
100
28%
100
%
Am dep rets ord reg..10s
18
20
8%
8%
7%
£1
io x
Mach
12 X
Am dep rets ord reg
17%
Amer Laundry
Mar
British Celanese Ltd—
17%
Amer Hard Rubber Co..60
11
Jan
Feb
27
30%
8H
"iox
28%"
"42"
Am dep rets ord bearer £1
Feb
Jan
3
12%
26%
Mar
33
Class A
.._.*
British Amer Oil regis
*
British Amer Tobacco—
Lines com..l
Pow warr...
625
1%
Feb
Feb
%
Amer Fork A Hoe com...*
28X
110X 110%
30
"2
60 X
12
35
29%
IX
UX
X
Jan
31
110%
"366
8X
Jan
100
preferred
100
Amer General Corp com 10c
S2 conv preferred
1
S2.60 conv preferred... 1
"2%
Feb
Feb
8,000
4%%
Fen
5%
5%
X
37
American Gas A Eleo—10
Feb
1%
Mar
800
5
UX
28X
Jan
8%
200
Mar
2,600
%
3%
37 X
Feb
19%
2,900
1%
700
Jan
100
36
X
9X
1%
3
500
X
Amer Export
8%
%
250
U%
35
Amer Foreign
Apr
43
Feb
Feb
6%
X
11%
252*
„
38 X
Feb
7X
2%
27
Mar
41%
100
26
9C0
7X
IX
5%
•
preferred
33 X
*it
38 X
•
7%
Brlllo Mfg Co common
X
10
X
Feb
Feb
Mar
1
200
100
Brill Corp class A
36 H
class A.. 10
Class Bn-v
Feb
9
4X
•
36
Class B
Amer Cynamld
100
35%
6%
4%
7%
4%
X-
•
95X
Feb
400
20%
X
4X
X
4%
7%
X
100
74
Feb
6%
IX
8%
3%
Feb
Feb
Brazilian Tr Lt A Pow
4X
1,600
400
37
%
13%
X
21
Jan
/
37
1,800
34
Mar
33
Jan
10
'11
%
37
16%
%
Feb
7
27%
3X
25
7 X
100
300
100
94X
4%
7%
7% 1st preferred
75
28
15%
6%
95 %
4%
16%
*
Breeze Corp common
1
Brewster Aeronautical...1
28
7X
Jan
Borne Scrymser Co
18%
Jan
7X
1
conv pref
Feb
400
32
common......*
Class B
Class A common
Common class B
Class A
•
Blauner's
American Capital—
S5.50 prior pref
Jan
21
6%
Amer Box Board Co com.l
S3 preferred
•1®
Mar
Aluminum Industries
Mar
117%
10
16X
4
23%
5%
111
2,100
Feb
350
Feb
Jan
Mar
X
14
"idX
3%
101X
24%
23%
Mar
Boback (H C) Co com
pref.,
..
(Mich)..10
Class A conv com
26
Altorfer Bros com
*
Aluminum Co common—*
Amer Centrifugal
$2.60 preferred
Feb
125 zllOX
90
111
110H 1J0K
High
Low
19
7it
Mar
conv
Allied Products
4%
1,300
1,200
23%
nix
Allied Intl Investing—
S3
Blckfords Inc common
$3 opt
20%
Shares
•
Feb
%
4%
105
Range Since Jan. 1, 1941
for
Week
High
19%
Hedges com...*
Conv preferred
Low
Berkey A Gay Furniture .1
X
100
20
4X
Mar
X
X
%
Price
110 x
Blue Ridge Corp com
*
of Prices
1
103
A lies A Fisher Inc com...*
Week's Range
dale
%% pf.100
Bliss (E W) common.....1
A11 lance I n vestment......
Last
100
com
Tel of Canada
Jan
100
preferred
1
Jan
Allegheny Ludlum Steel-
7%
Bell Aircraft Corp com
Bellanca Aircraft
Supply Mfg—
Cl&KH A
STOCKS
(Continued)
Shares
20
19
19
dales
Friday
Range Since Jan. 1,1941
for
| Week
1,500
100
7
10
Jan
Fep
H
10
Feb
5%
48
Feb
69 X
3%
5
Mar
48
Feb
89
Mar
94
50
*89 H
Feb
0
500
5X
Mar
0%
70
100 X
97
6X
Jan
Jan
Feb
Jan
Volume
New York Curb
152
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
City A Suburban Homes 10
1
Clark Controller Co
Claude Neon Lights Inc..!
....X
—
X
Cleveland Elec Ilium
*
Cleveland Tractor
*
com
Cllnchfleld Coal Corp.-100
Club Alum Utensil Co
•
"37"
~37X
350
4X
200
"ix ""ili "ix
100
37
4X
4X
Low
Par
High
5 X
Jan
6X
Feb
15 X
Feb
17 X
Mar
X
Jan
X
Jan
5X
Jan
5X
Jan
37
Apr
41
Jan
Colon Development ord...
6%
oonv preferred
Colorado Fuel A Iron
5X
Jan
Jan
3
Feb
Eversharp Inc
IX
2X
Jan
Falrchild Aviation
ix
X
200
9
Mar
Jan
IX
Mar
3
warr.
2X
74 X
72
3
.
74
1,500
200
2X
72
Apr
Feb
1
Fairchlld Eng A Airplane. 1
Falstaff Brewing
1
Fanny Farmer Candy
100
68 X
1
57 X
IX
4X
Jan
Fed Compress A W'h'se 25
6
Co
59
IX
250
53
Feb
60 X
Mar
900
1
Feb
IX
Jan
1«4
Warrants
IX
21X
Community Pub Service 25
Community Water Serv_.l
IX
21X
300
50
IX
Jan
Jan
Jan
20
hi
Jan
Feb
2
24 X
Jan
X
X
X
600
X
Jan
X
Jan
12 X
12X
12 X
300
11X
Feb
13 X
Jan
1
Vtoextto 1940
Conn Gas A Coke Secur—
lire Association
*
Class B voting
Mar
Franklin Co Distilling
33 X
Mar
Froedtert Grain A Malt-
Conn Telep A Elee Corp._l
1
2%
Consol GELP Bait oom_*
61X
Consol Biscuit Co
4
X% scries B pref
4% pref series C
100
Consol Gas Utilities
1
100
IX
Consol Retail Stores
60 X
Apr
Mar
119X
Feb
IX
104
..100
10
70
116X
107X
50
105
IX
900
105
72
""ex "ex
96 x
7% prior pf 100
"800
50
98
Roll A Steel—
1
Cook Paint A Varnish
*
Cooper-Bessemer
»
com
S3 prior preference
8X
8X
"700
8X
520
"Ix
300
•
Corroon A Reynolds
So preferred A
Coeden Petroleum com..
~5M
3X
28 X
3
Jan
10 X
4X
Jan
Jan
7
Jan
'50
21X
Mar
2X
7 X
3X
3 X
3X
2,600
2X
Jan
Feb
Feb
100
6X
Jan
7
•
Jan
100
22 X
Feb
25 X
Jan
7X
7X
700
Jan
7X
100
Feb
Feb
10 X
7X
6X
7X
8X
Jan
62 X
111X
Feb
Feb
23
23
7X
7
65
65
20
117X 127X
125
1,200
69
Jan
127X
Apr
IX
IX
1,400
IX
Jan
IX
Apr
10 X
11X
1,900
9X
Jan
11X
Apr
Feb
11
Jan
20 X
Mar
23
X
Jan
10
IX
IX
Feb
25 X
Jan
3
Mar
3X
Jan
100
Jan
IX
Feb
Feb
Jan
89
T
6% oonv preferred
105
Apr
1
8X
98
General Alloys Co
*
Mar
Feb
X
Mar
ex
Feb
8X
Jan
Gen Flreprooflng oom
Mar
11X
Jan
Gen Gas A El 6% pref B_*
General Investment com.l
7X
Feb
11
Feb
37
Jan
Jan
Feb
5X
X
Mar
Mar
Jan
7
8
8
300
IX
Apr
Feb
8
ADr
2X
Feb
2X
Feb
14X
13
15X
Jan
4
X
14 X
4,200
12X
Mar
4X
400
4X
Feb
6
Jan
X
300
X
Jan
Jan
IX
100
IX
Apr
X
IX
IX
IX
Jan
"4X "~4X
""306
IX
200
IX
4X
1
20 X
X
•
Cuban Atlantic Sugar
5
Cuban Tobaooo oom
*
5
6X
6X
6X
2,400
5X
Feb
Jan
5
6
Davenport Hosiery Mills.*
Dayton Rubber Mfg.....1
4X
11
,
900
5
18X
18X
100
11
11
200
"ex
Deoca Records oommon.
1
5X
6X
2,800
.....
2
Dennlson Mfg cl A oom..6
2 X
1,200
60
"107"
8% debenture
100
Derby Oil A Ref Corp oom*
IX
""16
107
IX
100
*
Detroit Gray Iron Fdy
1
Det Mich Stove Co oom__l
IX
87
Jan
X
Feb
5
Jan
6X
15
Mar
50
40
Jan
X
55 X
Jan
Jan
78
Mar
83
Jan
Feb
Jan
31
1
•
0% preferred A
13
18X
9X
20
Mar
preferred
...»
Gilbert (A C) oommon...*
Preferred
Feb
108 X
108
108X
f7
5X
~~5X "5X
Jan
20 zIOIX
Mar
105
Feb
40 X
Feb
43
98
Jan
110
Mar
90
Jan
100 X
Mar
6X
Mar
450
"loo
•
preferred
9X
5X
Qorham Inc class A
Jan
3X
Tx "ox
4,800
8X
19 X
Feb
Feb
Feb
9X
25
Feb
99
4
17
Jan
Gorham
5X
Feb
Apr
Grand Rapids Varnish...1
2X
Jan
6X
3X
IX
Feb
preferred
17 X
lit
Jan
IX
Mar
IX
Mar
"~i~% "5"
10
4X
7% 1st preferred
100
Brewery....1
ht
Mar
Gray Mfg Co
2X
Mar
Great Atl A Pao Tea—
50 X
Mar
Jan
17 X
Jan
Feb
"460
4X
Mar
35 X
5
Jan
900
4X
Apr
6X
Jan
150
4X
97
5
105
128 X
Feb
131X
Mar
3,300
X
Jan
X
Mar
8X
200
175
Greater N Y
29X
Mar
30 X
10
Jan
Gt Northern Paper
Feb
42
Jan
Greenfield Tap A Die
8X
Feb
10 X
Jan
18
Jan
Grooery Bts Prod oom..25c
IX
Mar
IX
2X
Jan
Guardian Investors
1
xj
Mar
IX
X
Mar
Apr
Gulf Oil Corp
Mar
33 X
Jan
X
Jan
Mar
11X
IX
Jan
Feb
Jan
Jan
Feb
Apr
21
Jan
Jan
Mar
12 X
JaD
IX
Mar
Distillers Co Ltd—
Non-vot
oom
stock...
25
•
25
131
41
8X
31X
Gulf States UtO 15.60 pf.*
S0
preferred
.*
Hammer mill
114X
131
X
41
41
8X
29 X
m"
£1
6
5
Paper
Hartford Elec
50
31X
3,700
U4X
'""100
10
22
6X
22
22
light
Hartford Rayon v
25
t C....1
6X
4
Feb
6X
Jan
Mar
5X
Jan
Mar
6
Jan
Dominion Bridge Co Ltd.*
Dominion Tar A Chemical*
109
Mar
110X
Jan
Mar
115
200
6
150
20
B non-vot oommon
21X
111
100
2 X
100
2 X
73 X
2X
74 X
400
2 X
22
Jan
Feb
24
Jan
Jan
111
Jan
Apr
3
Jan
IX
60
26c
Helena Rube ostein
10
8X
8X
9
2
*
,100
53 X
100
34 X
SIX
31X
2X
53X
34X
Class A
Apr
8X
26
...10
68 X
(R) A Co class A...10
Bollinger Consol G M
6
"9X
25
ex-warr
X
Apr
•11
Jan
Feb
15X
Mar
Feb
15 X
Mar
Mar
3X
12X
4X
05 X
Jan
*
X
X
100
87 preferred series A...*
15X
15 X
100
14
80 preferred series B
*
15
15
25
14
Easy Washing Mach B
*
3
300
2X
2X
12
Economy Grocery Stores.*
Eleo Bond A Share oom. .6
Jan
Jan
Horder's, Ino
Jan
Hormel (Geo A) A Co oom*
13 X
Jan
Horn
...100
5
Hubbell (Harvey) Ino
Humble Oil A Ref
*
.......*
265
3
65X
2X
preferred
2X
59X
18,700
86
10,600
51X
Mar
Apr
Hummel-Ross Fibre Corp 5
Hussmann-Ligonler Co... *
80
preferred
•
268
65
70
12,400
59 X
Feb
70
Apr
Huyler's com
Mar
13
Jan
9
Eleo P A L 2d pref A.....*
•it
Mar
32
4
2X
32
11X
3
Feb
12X
Jan
32 X
Mar
1.900
Feb
4
Mar
Illinois Iowa Power Co...*
81
Feb
81
Feb
5% oonv preferred
Dlv arrear otfs
89 X
For footnotes see page 2215
67 X
89X
89X
95
Mar
70
Feb
95
Mar
90X
90X
68
Feb
97
Mar
92
92
72
JaD
95 X
Mar
20
Feb
Jan
Mar
33 X
33 X
13 X
77 X
Feb
Jan
Jan
10 X
Jan
9X
Apr
Jan
13 X
Apr
100
160
33 X
Feb
33 X
Feb
2X
Mar
2X
29 X
30
Feb
29 X
113 X
Apr
31 X
Jan
Feb
Feb
113X
Feb
550
16 X
~Jhl%
53 X
5X
5X
56
5X
4,700
53 X
300
6X
7
Feb
Feb
Jan
Jan
Feb
Empire Gas A Fuel Co—
13X
«it
2
Empire Dlst El 0% pf 100
9
Feb
Jan
Feb
Mar
28
Jan
10 X
8X
8X
11X
100
2.300
X
5X
"loo
..1
16
IX
V10 for 1st pref
Jan
Jan
....1
1
Hydro-Electric Securities •
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
700
...
Jan
33X
•
Mar
2X
Jan
12
*
Horn A Hardart....
preferred
Jan
Feb
Apr
Feb
65
Feb
5
Apr
11X
50
6X
26
4 X
100
8X
Jan
Jan
""106
11X
68 X
9X
9X
13X
67
X
26X
"Tx
(A O Co common..1
Horn A Hardart Baking..*
6%
Jan
x
9X
Holophane Co oommon..*
58 X
Jan
Jan
Feb
lix
"4
Hoe
42
20
10
Heyden Chemical
Feb
25
150
25
Jan
Feb
Feo
22 X
50
Jan
Mar
2
100
7X
11X
26
Mar
10
10 X
Preferred
Mar
IX
26
Feb
31X
Jan
20 X
400
25 X
Mar
49 X
5X
Mar
100
2
"16""
6X
300
Mar
22
2
.25
w w
8X
1.650
IX
Feb
"TOO
Eastern Malleable Iron..26
Jan
10X
Hewitt Rubber common..5
Jan
Jan
IX
200
Jan
3X
>*it
10 x
Jan
Mar
25 X
65
10 x
10
IX
2
Jan
Jan
Feb
Mar
76X
1,200
Feb
5X
Mar
East Gas A Fuel Assoc—
Jan
1,700
Mar
Duval Texas Sulphur....*
8X
5X
Henry Holt A Co part A..*
Duro-Test Corp oommon. 1
Apr
5X
X
Durham Hosiery d B com *
Jan
Mar
5X
...*
Heller Co oommon
Preferred
22
600
75
73
76
Feb
2X
X
5
1
Corp
Heola Mining Co
Feb
70
Jan
61X
"600
Hearn Dept Stores oom..6
0% oonv preferred
100
29
Jan
Hat Corp of America—
Haseltlne
5X
38
111X
2 X
Harvard Brewing Co....!
..10
97
Feb
107
10
Dublller Condenser Corp.l
Feb
Apr
25
X
98
IX
X
18 X
Draper Corp
Jan
Jan
100
500
14 X
Jan
19X
5X
Jan
Jan
Feb
19X
5X
Mar
*ii
29
Mfg common.. 10
Hall Lamp Co
Dominion Steel A Coal B 26
Apr
Mar
7X
99 X
1
400
100
Apr
35
IX
6X
X
95
..*
Jan
2X
6X
Mar
Jan
z3 X
50
12
S3
49
45
"400
•
Goodman Mfg Co
Mar
Mar
3X
3X
28 X
IX
1
Mar
61
Gypsum Llme&Alabastlne*
Dlvoo-Twln Truck oom_.l
•u
Mar
•
Mar
2X
.2X
0% preferred
100
6X% preferred.....100
7% preferred
100
8% preferred
100
103 X 103 X
$6
Godohaux Sugars olaas A.*
Class B
*
Feb
Jan
64 X
*
Georgia Power $6 pref...*
Apr
Jan
Jan
X
1
preferred
Glen Alden Coal
Apr
Mar
100
Gen Water G A E oom
Gladding McBean 4c Co..*
IX
Jan
Jan
Mar
Jan
Jan
5
4 X
16 X
91
Mar
Feb
Mar
1
Jan
500
X
62 X
66 conv preferred
Gilchrist Co
Jan
300
oommon.
Emerson Elec Mfg
15X
♦
Common
Jan
Apr
De Vllblss Co oommon..10
Eastern States Corp
15
85
General Tire A Rubber—
Mar
Feb
17X
IX
IX
1
Detroit Steel Prod......10
4X% prior pref
0% preferred
preferred-.....
22 X
Jan
IX
9
1
20
Common
4X
15
Warrants
Jan
3X
25
35
Eagle PIcher Lead
*
Goldfleld Consol Mines.. 1
Darby Petroleum com
Duke Power Co
66
Feb
Curtis Mfg Co (Mo)
preferred
Jan
Jan
Amer dep rets ord reg.£l
2X
4X
IX
Mar
1
Curtis Llght'g Ino com 2.6(1
Driver Harris Co
IX
IX
General ShareboldlngsCorp
..10
preferred
Feb
1,200
IX
common.
X
IX
4X
Am dep rets ord reg
Apr
Jan
"l"66
X
26
preferred
55 X
♦
26c
Distilled Llauors..
Mar
X
83X
Feb
52 X
1
25 X
7% oonv preferred
Crystal Oil Ref com
| Detroit Paper Prod
55 X
95
10
Gen Rayon Co A stock...*
Crown Cork Internet A..*
w w
55 X
Gen Outdoor Adv 0% pf 100
Gen Pub Serv $6 pref....*
Crown Drug Co com
A oonv preferred
Jan
Mar
Crown Cent Petrol (Md).6
Detroit Gasket A Mfg
90
X
IX
Crowley, Mliner A Co...*
90 Prior pref
50
Jan
1
Stores
28
25
Jan
6
Class A oonv
150
52 X
1
Crocker Wheeler Elec....*
preferred
34
34 X
52 X
70
Jan
Mar
250
32
20
X
4X
Mar
52 X
45
34
500
IX
Mar
34 X
42
IX
83
Mar
45
Feb
Mar
Gen Electric Co Ltd—
10 x
4 X
Feb
Mar
19
100
Gellman Mfg Co oom
Mar
Jan
Jan
19
300
IX
£1
Croft Brewing Co
5% preferred
Jan
20 X
22 X
200
20
conv preferred... 100
Jan
9X
Apr
19X
19X
40 X
Gamewell Co $6 conv pf.-»
Gatlneau Power Co—
IX
Feb
19
82 X
60
Creole Petroleum..
»
Mar
1,000
8X
Feb
X
X
1
13 oonv stock
4%
X
1
1
Adrs ord reg stock
Electrographlo Corp
Elgin Nat Watch Co
Jan
1,100
15
Fuller (Geo A) Co oom._.l
23 X
5X
Conv parti o pref
Jan
Courtaulds Ltd—
warrants
Jan
Mar
Jan
2 X
1
Common
Fruehauf Trailer Co
Jan
Cornucopia Gold Mines 6c
Option
20 X
9
1
Jan
Feb
32
♦
Copper Range Co
73
110 X
X
7X
7X
Jan
Jan
1
Continental Oil of Mex
Feb
IX
IX
Jan
400
1,800
1,300
1
Consol Steel Corp com..
Jan
2X
IX
2X
107
107
2
IX
2X
60 X
63
117
117X
Consol Mln A Smelt Ltd..5
7%
Jan
Apr
15
Mar
500
Fox (Peter) Brewing Co..5
X
Mar
6 X%
725
3X
15X
3X
♦
Mar
Dobeckmun Co
X
Amer dep rots...100 free
X
7%
Jan
22
Class A non-vot
33 X
Diamond Shoe
X
8X
Am dep rets ord reg___£l
•
0% preferred
6X
22 X
8
Ford Motor of Canada-
*
preferred
Delay
3,500
High
Mar
Mar
Co Ltd—
$3
S0
X
22
(Phlla).lO
FloridaP&LJ7 pref
Common
Cont
Low
Ford Motor of France—
Com do Shoe Mach—
Cont G A E
Range Since Jan. 1, 1941
9
1
82 X
Ford Motor
Commonw Distribution.. 1
preferred
X
15
15
Metallurgical...*
Fodders Mfg
Commonwealth A Southern
8%
'
Flat Amer dep rets
Columbia Oil A Gas
Consol Royalty Oil
for
Week
Shares
...1
com
Jan
Columbia Gas A Eleo—
6% preferred
of Prices
High
22 X
Eureka Pipe Line com..60
Fansteel
£1
Patent Fire Arms.25
Colt'
ix
Equip..6
Equity Corp common.. 10c
S3 oonv preferred......1
Esquire Ino
1
Feb
Jan
Week's Range
Low
Ems00 Derrick A
Mar
8
Price
Empire Power part stock.*
2 X
4X
Cockshutt Plow Co com..*
Cohn A Boeenberger Inc.*
Sale
{Continued)
200
Clayton A Lambert Mfg__4
Last
stocks
Range Since Jan. 1, 1941
Shares
Sales
Frtaay
Sales
Friday
stocks
{Continued)
2211
Exchange—Continued—Page 2
IX
34
2X
50
4X
2X
30 X
4X
34
2X
31
5X
50
1,000
700
800
31
2X
29
4 X
Feb
18
Jan
63
Jan
6X
7X
Jan
»u
Jan
7
Jan
IX
IX
Feb
Jan
Feb
38
Apr
Feb
35
Apr
Jan
3
Jan
X
7X
Jan
Jan
Jan
STOCKS
Last
WeeX1* Range
for
(Continued)
Sal*
of Price*
Low
High
Week
Par
Price
10 X
Illinois Zinc Co
10X
Low
9X
150
Jan
12 X
Jan
2 X
Mar
2X
Mar
Imperial Oil (Can) coup
Registered
6X
1,600
5X
Jan
7
7
7X
700
700
Feb
Feb
Apr
Apr
9
6X
7X
7X
8X
9
Apr
Imperial Tobaoco of Great
Britain A Ireland
£l
8X
Indiana Pipe Line—7 X
Indiana Service 6% pf.100
3X
100
7
500
8
Jan
3X
Feb
Mlcromatic Hone Corp
13 X
Jan
3H
21X
Jan
10
Jan
10
14X
Jan
24
Jan
Middle States Petroleum—
Class A v t 0
1
X
X
Jan
Jan
21
21
9
Jan
X
X
Mar
Mar
•it
Feb
9X
7OH
71
800
04 H
Mar
Feb
19
19
100
17X
Mar
4X
IX
Feb
....
100
a70H
International Cigar Mach *
X
Jan
5X
5X
2
5X
l'A
1X
2
10 H
9H
5X
1%
60
Pref $3 AO series
Internal Industries Ino—1
Internet Metal Indus A..*
A Pow wan-
100
300
100
4,700
.
4X
"IX
Jan
Feb
Feb
...——*
"T
"~4X
6
6
0%
1
1
*
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
97X
Ken-Rad Tube A Lamp A *
Kimberly-Clark 6% pf.100
Kingsbury Breweries....1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Klrby Petroleum..
.1
Mar
34
150
29
32
/
lit
Jan
Midwest Piping A Sup...*
Jan
Apr
Mining Corp of Canada..*
Minnesota MIn A Mfg.
*
2X
Jan
MinnesotaP A L7% pf 100
10
IOX
6%
Jan
X
5X
Feb
X
Jan
6X
Jan
1
300
X
Apr
Feb
Mar
Mar
2X
400
Jan
3X
Jan
5
Feb
IX
5X
6X
2X
Jan
3X
Jan
Jan
X
500
»i#
Feb
•w
3,600
4X
Mar
6X
6X
Feb
150
10 X
75
109 X
Feb
Mar
100
IX
Jan
17
17
110X ill
IX
IX
7X
7X
7X
800
7
Feb
*13X
Feb
Tn
47 X
49 X
49X
225
45X
8
Jan
Jan
Mar
18
Jan
117X
IX
Jan
Jan
Jan
8
14 X
Jan
Feb
Mar
93
4X
4X
4X
Common.....
32 AO
Molybdenum Corp..——1
8X
6X
Monarch Machine Tool..*
33 X
0X
33X
X
2X
9X
6X
33X
X
2X
Feb
X
Mar
Jan
*i#
Jan
Monogram Pictures
X
Apr
Monroe Loan 80c
6
14
corn..
A.
1
10
Montana Dakota Utll
Jan
Montgomery Ward A..—*
OH
200
"Ix "ix
"250
9X
11X
IX
Jan
Mar
Mar
10
Jan
Montreal Lt Ht A Pow—•
Mar
Moody Investors part pf.*
Moore (Tom) Diet Stmp.l
Mtge Bank of Col Am sbs..
Mountain City Cop oom.5c
3
3
5X
5X
3X
Jan
1,200
X
15X
Feb
Feb
X
Jan
200
18 X
Mar
11X
300
11
Feb
14
Jan
Mountain Producers
X
2%
000
X
Feb
X
Feb
(Mountain States Power—
1,100
2X
X
Feb
Jan
3X
IX
Jan
Feb
97X
300
80
common
10
.
IX
Mar
Mar
97 X
Apr
104 X
Jan
Mar
110
Jan
30 X
1,300
25X
37X
Jan
Naohman-Springfllled.
*
Nat Bellas Hess com....1
23 X
Feb
116X
Feb
Feb
Jan
117
Jan
Feb
9
Jan
Feb
4
7X
8
400
7
4
4X
450
3
10
54
54
IX
2X
X
13X
IX
2X
X
13 X
800
200
200
50
Jan
76
51X
Feb
54
1
Feb
IX
X
13 X
3
Lakey Foundry A Mach.. 1
4X
230
96
94
Jan
Apr
Mar
Feb
X
10
94 X
Jan
70
10
13X
*14
55 X
93
Feb
Jan
Jan
Mar
X
12X
12X
100
13X
4X
14X
4X
3,000
"~9X "iox
12 X
Mar
156
Feb
200
15X
100
19
1,000
1,200
13
12
13
300
7
7
200
Jan
Jan
2X
11X
Mar
174
Jan
Jan
18 X
Jan
26
Jan
X
Jan
»ii
Jan
2X
Feb
3X
Jan
5X
Jan
5X
Jan
14 X
Mar
15X
137
100
12X
Apr
Mar
Mar
Jan
Mar
10X
12
Feb
Apr
5X
67
Jan
Mar
140
12 X
17 X
Mar
Jan
Mar
7
Apr
Jan
07
Jan
17X
Jan
13 X
Mar
14 X
Jan
42
Mar
Apr
National Container (Del).!
National Fuel Gas
.*
12X
Feb
Nat Mfg A Stores com...*
National PAL 30 pref—*
2X
98X
2X
97 X
23
4X
21X
Mar
Jan
IX
2X
X
14
Jan
Feb
Jan
Feb
10 x
Jan
llH
Mar
Apr
104 X
Jan
Jan
National Refining com...*
Nat Rubber Mach
♦
National Steel Car Ltd
*
National Sugar Refining.*
National Tea 5pref. 10
National Transit
12.60
Nat Tunnel A Mines..._*
Nat Union Radio
30c
Mar
Jan
13 X
Jan
—*
5
Jan
42
Jan
14X
Jan
Nelson (Herman) Corp...5
Neptune Meter olass A...*
Nestle Le Mur Co el A—*
300
5X
101X
Jan
Nevada-California
Mar
"300
9X
10 X
Jan
Jan
Mar
Jan
Jan
15
10
preferred—,
7X
7X
Lehigh Coal A Nav......*
2X
3
2.000
Leonard Oil Develop...26
Le Tourneau (R G) Ino—1
3«
X
1,500
*»»
Jan
•is
Jan
27X
7X
28X
300
23 X
29 X
Jan
7X
150
7X
Feb
Feb
8X
Jan
New Jersey Zlno
25
New Mex A Ariz Land...l
New Process Co
..1
Feb
N Y Auction Co com....*
N Y City Omnibus—
6
ICO
Llpton (Thos J) mo—
6% preferred..
...26
10 X
IX
Lit Brothers oommon
*
Locke Steel Chain
.....6
14
9X
14
9X
24 X
X
24X
22 X
22
IX
Louisiana Land A Explor.l
Louisiana P A L 36 pref..*
IX
9X
X
24X
22 X
500
2
4X
l'X
IX
Feb
14
9X
Jan
10 X
X
Jan
Jan
Jan
N Y A Honduras Rosario 10
N Y Merchandise..
10
N YPr ALt7% pref.. 100
X
Feb
Jan
36
Apr
31X
Jan
N Y
22
Feb
28 X
2
Jan
Apr
Founders Shares
1
New York State El A Gas—
4X
109 X
Apr
Feb
IX
4X
Jan
Feb
108 X
Mar
9xb
#1«
200
IX
200
10
Feb
27 X
21X
Mar
25X
Feb
Jan
20 X
Apr
24
Jan
*n
IX
38
X
Jan
Mar
Mar
IX
49
Mar
Jan
Apr
Manlsohewlts(The B) Co.*
*26
Mapes Consol Mfg Co.—*
Marconi Intl Marine
Communication Co Ltd.
"jan
8
"i.
11
ux
114
4X
4X
5
31X
IX
8X
MoCord Rad A Mfg B___*
MoWUllams Dredging...*
132 X
132
4X
Memphis Nat Gas oom..6
18
Mercantile Stores cornMerchants A Mfg cl A...1
4
29X
5
4X
"32 X
IX
9X
133
X
4X
preferred
•
preferred
100
New York Transit Co
6
N Y Water Serv 0%
pf.100
Common
10
6% 1st preferred
100
6% 2d preferred...—100
18
4X
29X
5
"26 X "Jan
Class B common......5
Class A preferred....100
2,700
2X
Feb
5
Apr
Feb
Niplssing Mines
450
IX
28X
Feb
Feb
33
Jan
69 X
Jan
69 X
Jan
Feb
2X
9X
Jan
Mar
160
IX
6X
130 X
100
4X
Jan
300
15 X
Mar
Mar
500
25
87 X
90 X
350
148
4X
18
Jan
Common
30 preferred
*
North Amer Rayon el A..*
Class B common——*
Jan
6% prior preferred
60
No Am Utility Securities.*
Jan
Apr
Nor Central Texas Oil...5
Nor Ind Pub Ser 0% pf.100
4X
Apr
29 X
Apr
5 X
X
Mar
X
Jan
Mar
Northern Pipe Line
10
Northern Sts Pow el A
25
Northwest Engineering..*
X
Apr
Novadel-Agens Corp....*
Feb
90
7%
preferred
Ogden Corp
For footnotes see page 2215.
25 X
Jan
9X
8X
12 X
3X
X
Mar
Mar
Jan
11X
110 X
Apr
Mar
6X
Feb
10 X
2X
X
9X
Jan
Feb
200
"39 x
39 X
39X
250
Jan
Jan
Mar
100
400
Mar
8
400
100
5
Jan
Feb
Mar
114
4X
5X
X
Feb
Feb
Jan
50
5
4
Jan
36 X
Jan
5X
Jan
"46 X
"475
44
14
Mar
n~8X 120"
"130
117
Mar
4
Mar
"45 x
45 X
"il'%
65
64X
1
IX
14 X
65X
IX
Mar
"266
13X
Feb
760
03 X
Feb
700
1
Jan
3X
5
Jan
Apr
Jan
8X
X
Mar
Mar
5X
Mar
103 X
Jan
Mar
41X
Jan
6X
Jan
56 X
Feb
18 X
Feb
129 X
Jan
5X Mar
14 X
Apr
68 X
Jan
IX Mar
3X
6
Jan
Mar
16X
700
15
Apr
Feb
19X
7
"116"
no"
"16
110
Mar
103
103 x
100
103
Mar
116X
105 X
Jan
Jan
Jan
Jan
27X
100
23
Jan
29 X
Mar
Mar
107 X
Jan
15
110
27X
105X
33 X
"33 X
2X
70X
70
2X
7 X
6X
Jan
8
Mar
32 X
Mar
42
Jan
9,700
2X
775
66 X
59 X
Mar
Mar
Mar
Feb
35X
460
2X
71X
100
1ro
*u
3X
Jan
79 X
Jan
05 X
Jan
Jan
Feb
*i4
FeD
«i4
9X
»ll
Jan
4
Feb
92
92
60
89
Jan
92
Apr
55
55 X
200
55
Apr
9X
9X
200
9
Jan
00 X
10 X
Jan
»u
X
300
X
Jan
X
X
2,700
3X
3X
,
1
Feb
78
20 X
1,600
3X
400
Noma Electric.
——1
Nor Amer Lt A Power-
Feb
3X
..
90 X
»i#
2 X
..5
3X
28
1,300
20
114
"""X ""X
Nineteen Hundred Corp B1
600
9X
8X
10X
2X
X
11X
X
Class a opt warrants
Class B opt warrants
Jan
Jan
125
23
87
Jan
Niagara Hudson Power-
10
Feb
4X
1,925
5X%
Jan
2,000
"800 ""~4x"Jan
X
Shipbuilding Corp—
9X
100
Jan
Apr
Feb
2X
99 X
2X
Niagara Share-
Feb
Massey Harris oommon..*
Master Electric Co..—..l
May Hosiery Mills—
34 preferred..........*
Feb
100
X
Nliee-Bement-Pond.—__ *
Margay Oil Corp
12 X
6
24 X
3,000
2X
Feb
600
Warrants
25
X
10X
2X
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Ino common...*
100
200
100
49
19
13 X
20X
ix
Mar
3
100
20X
49
Mar
Apr
Mar
1
25
preferred—*
Feb
7 X
2,200
400
IX
4X
X
Jan
Jan
"Iox
11
1,300
11X
2X
98X
♦
*
1
9X
Jan
44 X
12 X
Mar
10 X
12X
4X
Jan
Elec—
Common...
3% cum 4% non-cumlOO
New Engl Pow Assoc....•
6% preferred.
—.100
32
Feb
12 X
11X
9X
Nebraska Pow 7 % pref. 100
Nehi Corp 1st preferred—*
Jan
1,400
X
X
Mar
Feb
X
Jan
X
6X
2X
0X% A preferred—.100
11X
'"100
9X
3X
36X
X
Mar
Feb
Feb
16
Participating preferred.*
Merrltt Chapman A Soott *
Feb
12X
X
Class B............«_*
Mead Johnson A Co
2X
Jan
X
12X
4 X
98 X
Class A
Marlon Steam Shovel—..*
Mass UtU Assoc v t o
1
X
100
33 X
12X
National City Lines com.l
33 conv preferred—..50
Langendorf Utd Bakeries-
Ludwlg Bauman A Co oom*
Conv 7% 1st pref....100
Conv 7% 1st pf v t o.lOO
Lynch Corp oommon..—6
Manatl Sugar opt warr...
Mangel Stores
—l
3X
5X
300
6X
100
Apr
16 X
37
4X
Lane Bryant 7% pref.. 100
Long Island LightingCommon.....
.....♦
7% pref class A
100
6% pref class B
100
Loudon Packing.
.....*
15X
19X
7X
Jan
Feb
Feb
Mar
000
116X
4X
National Breweries oom..*
National Candy Co
*
Navarro Oil Co
Lane Wells Co common..1
Lone Star Gas Corp...
19
F-h
3X
2,000
Mountain Sts Tel A Tel 100
107 X
93 X
15X
15X
166
200
...»
Murray Ohio Mfg Co
♦
Muskegon Piston Rlng_2X
Muskogee Co common
*
6% preferred
100
110 zlOOX
165"
166
12
X
18X
103
115X
preferred...—.100
Missouri Pub Serv com..*
Mock Jud Voehringer—
4X
Jan
Mar
Jan
Mar
9
Jan
*n
1
109 X
108 X
50
5X
17
3X
29
7X
4X
Lake Shores Mines Ltd
Warrants
Jan
...
90
conv
Jan
Jan
7i«
111
34 X
23 X
Koppers Co 6% pre!
100
Kresge Dept Stores—
4% conv 1st pref....100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J).100
36
X
IX
40
5X
•
Feb
Klelnertd B) Rubber Co. 10
Knott Corp common..... 1
Kobaoker Stores Inc.....*
Line Material Co
Jan
he
50c
Feb
96X
30 X
Kelin (D Emtl) Co com..*
Conv preferred
Feb
5X
dlv shares.*
7X
2X
5X
non cum
Mldvaie Co
Mid-West Abrasive
Midwest Oil Co
3X
108X 109
Klrkl'd Lake O M Co Ltd.l
Lefoourt Realty com
IX
34X
Midland Steel Products—
Jan
Jan
Jan
200
m
Kansas GAR 7% pref. 100
Kennedy's Inc..........6
X
33
102
103
»i#
10 X
Jeannette Glass Co......*
Jersey Central Pow A Lt—
6X% preferred...—100
6% preferred.
.100
7% preferred...—..100
Johnson Publishing Co.. 10
4
550
17X
11X
X
2X
"m
100
Feb
Feb
3X
1,400
X
X
18X
UH
"300
Jan
Mar
*i«
ax
9X
Interstate Hosiery Mills..*
Irving Air Chute...
Italian Superpower A
Jacobs (FL) Co
8X
14 X
X
Interstate Power 37 pref.*
Iron Fireman Mfgvto..
4,000
13
1
11.76 preferred......—*
33.60 prior pref—
International vitamin...1
Interstate Home Eauip—1
10 X
9
Registered shares
*
International Products...*
Internet Safety Razor B_*
International Utility—
Investors Royalty
Jan
Mississippi River Power—
Coupon shares..——*
Class B
2X
High
X
100
preferred......*
12X
Inter national Petroleum—
Class A..
2X
Low
X
5X
1
Class B v t 0...—.... 1
Middle West Corp oom..6
Midland Oil Corp—
conv
X
5X
X
10
73 X
20 X
Internet Hydro Elec—
Internet Paper
Preferred.
32
Industrial Finance—
preferred
*
Michigan Bumper Corp—1
Michigan Steel Tube—2.60
Michigan Sugar Co..
*
Range Since Jan. 1.1941
400
Metropolitan Edison—
16 preferred
200
1
o common
X
X
for
Week
Share*
Corp——25c
3X
20
Non-voting class A_.
V t
of Prices
High
Low
X
1
9
20
Indian Ter Ilium Oil—
Insurance Co of No Am.10
Price
Partic preferred....—15
Imperial Tobacco of Can.6
7%
Mesabl Iron Co
Metal Textile
Week's Range
Sale
Par
High
Illuminating Shares A..
Class B
Last
{Continued)
Imperial Chemical Indus—
Am dep rots regis
XI
preferred
STOCKS
Range Since Jan. 1,1941
Share*
10 X
Sale*
Friday
Sale*
Friday
7%
April 5, 1941
New York Curb Exchange—Continued—Page 3
2212
com
79 X
100
5xi
Mar
4
Jan
Jan
X
Jan
79 X
525
70
Feb
84
Jan
18X
200
18 X
Apr
Jan
19 *
Feb
23 X
23 X
10
50X
Feb
62X
X
Jan
X
Jan
300
3X
Jan
3X
Apr
51
3X
3X
105X 106
7X
8X
20 X
25X
2X
3X
Feb
Feb
78
100
4
X
18X
51
3X
3X
2X
7X
8X
50
100
200
104
Feb
110
111X
7X
7X
Feb
119
Apr
21
250
20
25X
2X
100
23 X
900
2X
Jan
Feb
Mar
Feb
9X
9X
23 X
30
3X
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Volume
New York Curb
152
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Price
Ohio Braafl Co cl B com..*
23
Ohio Edison $8 pref
•
Ohio Oil 6% preferred-.100
Ohio Power 8% prel
108
100
of Prices
Low
High
23
23%
108%
108
for
1st preferred
Oilstocks Ltd common
Oklahoma Nat Qas
S3
100
75
"£16%li6«"ji
"430
"l09%
""§5
conv
*~18~
50
51%
114}*
prior pref..
Omar Inc
%
51%
"300
114% 114%
50
18
50
300
-1
Overseas Securities
Pacific Can Co oommon..*
Pacific O 4 E 6% 1st pf.25
34 %
6%% 1st preferred...25
Pacific Lighting $5 pref..*
Pacific P & L 7% pref.. 100
"105%
Pacific Public Service
SI.30
33%
34%
31
31
105% 107
1st preferred
Apr
110%
Jan
Jan
112
Feb
110%
113%
108%
Mar
116%
Jan
Mar
118%
110%
Jan
Apr
50
Feb
21 %
54
Jan
116%
113%
5%
1%
32%
29%
4
American shares
3%
3%
"l2~
10
3%
3.200
"l2~~
"""50
Parkersburg Rig A Reel-.l
Patchogue-Ply mouthMllls *
6%
200
6%
Peninsular Telephone oom*
SI.40 preferred
25
Penn-Mex Fuel
50c
Penn Traffic Co
..2 %
Pennroad Corp oom
Penn
Cent
Airlines
32%
1
2%
com.l
2%
32%
12%
11%
2%
12%
66
66
66
50
55 series pref
12.80 series pref
*
*
Jan
Jan
87%
Mar
Mar
3%
3
Feb
Mar
32%
31%
%
Jan
Mar
Jan
13
Mar
30
Jan
Jan
6%
33
Mar
Mar
Feb
35%
Jan
32 %
Apr
Mar
%
Mar
2%
Jan
10%
Feb
2%
14%
Jan
Mar
Jan
Mar
66
Apr
Feb
40
Mar
Pennsylvania Gas A Else—
Class A
Penn Pr A Lt S7 pref
56
*
50
Pennsylvania Sugar
Jan
•
preferred
Penn Salt Mfg Co
oom
112%
173%
112% 113%
112% 112%
173% 173%
*
1
"56"
3%
Phlla Eleo Co S5 pref....*
"56%
3%
3%
"1% "T%
Phoenix Securities—
1
5%
Conv S3 pref series A. 10
Pierce Governor oommon.*
5%
6
38
37%
39
13%
12
10
25c
Powdrell A
6%
1
1
Feb
57%
92
Jan
28
Jan
300
3%
5%
Mar
4%
Jan
Feb
"""30
Mar
6%
118%
Mar
113%
Jan
"Too
31%
2%
Feb
31%
3%
Jan
Jan
2,900
4%
Feb
7%
Jan
45%
6%
45%
6%
45%
68
67
6S
15%
16%
200
12%
Mar
79%
83%
3%
600
76%
3%
Mar
3%
9%
9%
200
Jan
1 %
20%
•
*
SO preferred
Puget Sound Pulp A Tim *
8% preferred
Quebec Power Co
100
8%
Jan
Mar
Feb
Jan
Jan
Mar
2%
Feb
4%
3%
Feb
23%
Jan
%
Jan
%
Jan
100
7%
Feb
8%
'%
600
%
Jan
»i6
Spenoer Shoe Corp..
Stahl-Meyer Ino
»
%
Jan
Feb
4%
4%
300
4
Feb
4%
Jan
Standard Brewing Co
*
Mar
2%
200
2%
Jan
Mar
8%
2%
9%
Jan
114% 114%
""To
105%
113%
116
119%
950
95%
99%'
97
53
48%
17%
18%
7%
7%
Jan
Jan
Feb
%
111%
41
FeD
50
Mar
50
50
50
42
Jan
50
Mar
1%
5%
300
4%
10%
500
10%
72
73
850
112% 114
30
4
100
3
2%
%
Feb
10%
71%
109
Jan
Feb
Feb
Mar
7
Jan
4%
Jan
Mar
11
Mar
80 %
Jan
Jan
115%
Jan
Feb
6%
Feb
Mar
13
Jan
Jan
22%
50
22%
Apr
23%
Jan
Jan
Jan
Jan
TOO
2%
1%
2%
~T% "T%
1%
Jan
112"
160
107%
Jan
130%
Feb
2
Jan
2%
Mar
110%
104
Jan
6%
-3
%
1%
3
Feb
4
300
%
100
%
Mar
100
1%
Jan
200
1
700
37
24%
Feb
Jan
%
1%
Mar
Feb
3%
1%
Jan
Mar
Mar
39%
Jan
Jan
30%
Jan
Mar
1%
38
Jan
7%
3%
3
37%
104
Feb
1%
1%
38
Jan
150
11
29%
29%
Mar
44%
Mar
46%
Feb
29%
700
29%
Feb
31 %
29%
700
29
Feb
29%
%
Jan
Jan
FeD
%
156
22
*
22
1%
"T"
Standard Cap A Seal com. 1
Conv preferred
10
Jan
Mar
114%
Mar
$1.60 conv preferred-.20
Jan
119%
Apr
Standard Invest *5% pref
Standard OU (Ky)
10
58%
Feb
Standard OU (Ohio)—
Jan
Standard Pow A Lt
1,050
45
Jan
750
95
Feb
54%
3,200
44
Feb
18%
500
14%
8%
Feb
Feb
7%
""300
Common
75
Jan
Mar
165
Jan
5%
Feb
4%
6%
Jan
Mar
2%
Mar
3
Jan
Feb
22
Apr
20
Jan
8
6
Jan
6%
Jan
,1
Feb
1%
Jan
Feb
7%
Jan
5%
500
6%
250
6%
1
Feb
1%
1%
100
1
13%
Jan
Jan
1%
Mar
*16
Jan
%
Mar
"300
3%
Jan
12%
Mar
Feb
5%
50
15%
Jan
500
Jan
Jan
Mar
14%
10%
1%
12%
7%
10%
Mar
18%
1,600
Feb
20 %
Jan
Apr
"4
13%
1
6%
Jan
Jan
Common class B.._.
Jan
Preferred
8%
Feb
7%
Apr
•
Standard Products Co
110
80
Mar
105
Jan
Standard Steel Spring
5
190
147
Mar
159%
Jan
Standard Tube clB
1
27%
8%
Feb
9%
Jan
Standard
Feb
*ii
Jan
Feb
7%
Jan
Starrett (The) Corp vto.l
Steel Co of Canada—
Jan
*i»
Jan
Mar
Wholesale
21
19%
4
200
300
4%
600
*16
200
"3% "I"
1JOO
*16
**16
he
17%
4
*16
Jan
Feb
Feb
Jan
Jan
25
107%
Jan
109%
*16
Feb
*16
%
Jan
*16
Jan
Jan
28%
Mar
19
Feb
1%
Jan
Jan
Sterling Brewers Ino——1
Apr
4%
Feb
Jan
%
16%
Jan
Sterling Ino
Stetson (J B) Co com
Jan
Stlnnes
Mar
Feb
5%
Jan
Stroock (8) Co
Mar
14%
Jan
Sullivan Machinery
4%
1%
5
Jan
Sun Ray
Mar
1%
Jan
Jan
1
%
%
100
,i«
104
100
"50
104% 105
104%
Jan
7i6
Jan
Feb
104
Feb
Feb
107
Feb
Rochester Tel 6%% prflOO
8%
500
*16
800
*16
Jan
*16
Jan
800
19%
1%
Apr
Jan
27%
1%
Jan
Feb
Apr
20
Feb
21
19
19
Class B common
Feb
10%
Jan
Mar
2%
Jan
Technicolor Inc common.*
1
Jan
1%
Jan
Texas P A L 7% pref-.100
4%
Jan
5%
Apr
Texon OU A Land Co
%
Jan
Thew Shovel Co com....6
4%
5%
400
*
%
Jan
...*
TUo Roofing Ino
•
57
52
Mar
3
Feb
M00
3%
2%
300
2%
Apr
Feb
%
100
%
Mar
1%
Feb
57
50
2%
1
3%
*
2%
Ryerson A Haynes com__l
%
St Lawrence Corp Ltd...*
Class A S2 oonv pref..50
For footnotes see page 2215
*"3% "".3%
2%
%
57
2
1
Jan
Tlshman Realty A Constr *
3%
Feb
Tobacco A Allied Stocks..*
4%
Jan
Tobacco Prod Exports...*
2%
Jan
Tobacco Secur Tr—
1
Jan
1%
Feb
Ordinary reg
Def registered
Jan
25
19
%
Jan
3,400
4%
700
2%
Jan
4%
Feb
25
38%
Feb
40%
Mar
9%
Mar
8%
Jan
40
7
**16
Apr
Jan
Jan
7
7%
1,000
%
500
%
Feb
%
Jan
1%
1%
1,300
1%
Feb
1%
Jan
3
3%
200
3
Apr
4
Jan
"""50
%
12%
Feb
TT~
11%
2,500
11%
Mar
14%
Jan
Jan
Feb
11%
Apr
10
1%
24
8%
3%
Feb
-
«u
15
Mar
Jan
Jan
1%
900
1%
Jan
10%
1%
39%
Jan
"Too
38%
22%
Mar
"24% "24%
Mar
28
Jan
9%
25
9%
Apr
12
""2% ""2%
"Too
1%
9%
2%
Jan
12
%
"13"
...»
9
1%
20
Drug Co
1
BunrayOU
1
6 % % conv pref
50
Superior OU Co (Calif)..25
Superior Port Cement—
100
Jan
T%
♦
"800
13 %
9
Feb
%
7
7%
..._.*
10%
10%
1 %
Feb
7%
12
3%
40
♦
5
"T% "T"%
12
Rome Cable Corp com...5
(Hugo) Corp
1
Swan Finch OU Corp..__15
Taggart Corp com
1
Tampa Electric Co com..*
Roeser A Pendleton Ino..*
Jan
250
%
•
2
Rio Grande Valley Gas CoRochester GAE16% pfClOO
Sterchl Bros Stores
3%
11%
19
28%
*
Ordinary shares
15%
Jan
Phos¬
6% 1st preferred
50
6% 2d preferred
20
Sterling Aluminum Prod. 1
21
18
2
2,600
Stein (A) A Co common..♦
1
28%
*M
*16
85
150
*»•
%
Standard SUver Lead—
85
5
109% 109%
1
149
%
9%
18%
...1
67%
18%
85
8
18%
100
5% preferred
112
149
1
Consol Petrol
Mar
%
reg..£l
106%
100%
Rheem Mfg Co
—1
Rice Stlx Dry Goods...._*
Ryan
Jan
Standard Dredging Corp—
Better Foster Oil Corp..60
Reliance Elec A Engln'r'g 5
Co
Jan
1.700
5%
1,400
20
8%
Reeves (Daniel) common.*
Russeks Fifth Ave
9
200
"16
22%
Southland Royalty Co..
7%
450
400
Ryan Aeronautical
8
8%
%
100
7%
20%
1%
%
20%
Royal Typewriter
South New Engl Tel
Spalding (A G) A Bros._.l
6% 1st preferred
*
Spanish A Gen Corp—
20
1%
%
19%
Royallte Oil Co Ltd
Jan
37
100
Southern Union Gas.....*
Preferred A
25
3%
Feb
7% preferred
Jan
Mar
800
400
Raytheon Mfg com....60c
Rossla International
Jan
3%
Jan
Southern Calif Edison—
Mar
1%
4
17
1
**16
Jan
400
1
26
Southern Phosphate Co. 10
Southern Pipe Line.....10
49%
6
Mar
3%
•
1
South Coast Corp com
South Penn Oil
Jan
Mar
Jan
pref
Boss Mfg oom
10%
12%
%
1%
Jan
Root Petroleum Co
>16
800
Mar
2
1
Southern Colo Pow el A.25
13
conv
1
1
Jan
44
SI.20
Solar Aircraft Co
Solar Mfg Co
Sonotone Corp
96%
10
Roosevelt Field Inc
1,500
3%
Skinner Organ
.......5
Smith Paper Mills..
*
6% original preferred.25
6% preferred B
25
5%% pref serlee C
26
550
6% preferred D
.100
Jan
13%
*
Mar
dep rets ord reg_£l
Sioux City G A E 7 % pf 100
Apr
49%
*
"16
Jan
>16
Amer
16 %
13
Voting trust ctfs
Singer Mfg Co
Singer Mfg Co Ltd—
70
49%
Reed Roller Bit Co
Jan
6%
♦
phate A Acid Wks Ino. 20
Red Bank Oil Co
Jan
1%
%
*
pref..
Am dep rots ord
.....*
Radiator
conv
45%
»
Richmond
S3
Jan
1,900
Republic Aviation
72
114
Feb
1%
warrants
preferred
14%
Feb
5%
oom..25
63
*
Railway A Utll Invest A.l
Raymond Concrete Pile—
oonv
Feb
1
50
4%
6% cum pref ser AAA 100
45
Ry A Light Secur com
S3
Sherwin-Williams
25
.*
Common
10
Mar
•
common
430
Radio-Kelth-Orphuem—
Option
83
5%
Seton Leather
Shattuck Denn Mining
5
Shawlnlgan Wat A Pow._*
Jan
Pyle-Nattonal Co com...6
Pyrene Manufacturing.. 10
Quaker Oats common
*
60
%
6%
4
56%^ 54% 57%
prior preferred
115
Jan
400
1%
Feb
%
%
%
•
...»
Puget Sound P A L—
Mar
Jan
Jan
Jan
6
"Too
100
100
$7 prior preferred
SO preferred
22
Jan
100
4
Feb
Mar
Feb
Jan
Mar
116%
19%
%
18%
1%
400
Mar
25%
%
1%
39
Jan
Jan
Feb
13%
29%
1
Feb
Jan
Jan
Mar
1
1
Feb
11
*
1st preferred
1st preferred
Am deprcts ord reg
Sentry Safety Control
Serrick Corp class B
Feb
Mar
**16
1,700
2
Allotment certificates...
Selfrldge Provlnc'l Sts Ltd-
1%
Public Service of Indiana—
95
Mar
Feb
Mar
%
14%
48%
6
Simmons H'ware A Paint.*
52
Jan
Feb
Feb
1%
3%
8%
%
26
Simplicity Pattern oom._l
Simpson's Ltd B stock...*
Public Service of Colorado
8%
7%
Convertible stock
S5.50 prior stock
Jan
...*
Prudential Investors
1
Jan
12
*
Providence Gas
Common
14
24
%
Selected Industries Ino—
182
85
Mar
10%
"18
16
3%
89
*»
36
Segal Lock A Hardware..1
Selberling Rubber oom...*
Selby Shoe Co
Jan
"700
*eb
9
200
1
Feb
31
Producers Corp of Nev_.20
Prosperity Co class B
88%
1
171
*
Metals of Am
88%
10%
25
500
"83%
•
Pressed
88%
Simmons-Boar dm an Pub—
100
Premier Gold Mining
Prentice-Hall Ino com
70
114
8Ilex Co common
450
6
Alexander...6
1st preferred
"""90
Jan
Power Corp. of Canada..*
Pratt A Lambert Co
400
19%
Jan
1,700
7.50
oom
Mar
27%
Mar
1%
Pleasant Valley Wine Co.l
Pneumatic Scale
Jan
Southwest Pa Pipe Line. 10
Pittsburgh A Lake Erie.60
Plough Inocom
%
19%
%
13%
»
50
Polaris Mining Co
Potero Sugar common
Mar
TT%
112%
Pltney-Bowes Postage
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
%
Scranton Elec $6 pref
115
1%
Pioneer Gold Mines Ltd..l
Meter
Jan
200
10
Jan
13%
113% 115%
•
Pitts Bess ALE RR
3%
10
Feb
Phlla Eleo Pow 8% pref.25
Common
Feb
27
109
Philadelphia Co common.*
Phillips Packing Co
2%
10
Securities Corp general
Seeman Bros Ino
Jan
100
600
27
•
2%
3
25
Warrants
High
Feb
88
25
111%
100
Perfect Circle Co
Pharls Tire A Rubber
Mfg
90
225
20
Penn Water A Power Co. *
Pepperell Mfg Co
1%
Sherwin-Williams of Can. *
*
oommon
Low
1,900
12
Conv preferred
Scovlll
Range Since Jan. 1, 1941
900
Scranton Spring Brook
Water Service S6 pref.
ScuJln Steel Co com
Jan
38
Jan
for
Week
Shares
5
Scran ton Lace common.
Feb
64%
Schlff Co common....
Schulte (D A) com
Jan
3
5%
Savoy Oil Co
Jan
6%
2%
12
Jan
Jan
2 %
18%
67%
87
100
*16
Jan
Jan
2%
Samson United Corp com.l
Sanford Mills........
Feb
Mar
2
Jan
34%
31%
16%
of Prices
High
Low
2%
5
Jan
Mar
4
Week's Range
2%
108%
Mar
St Regis Paper oom
7% preferred
Salt Dome Oil Co
Price
1
Feb
Feb
2,400
50
-
Apr
Mar
6,600
Pennsylvania Edison Co—
6
Jan
Feb
67%
Paramount Motors Corp.l
Parker Pen Co
Feb
23%
6
100
*
Jan
18
210 xl05%
83
*
2213
Sales
Sale
Par
109%
1,700
Pan tepee Oil of Venezuela-
Last
High
20 %
108
*
Page-Hersey Tubes
STOCKS
(Continued)
Low
5
15
com.
preferred
S5H
109%
Range Since Jan. 1,1941
Week
225
4
Friday
Shares
Ohio P 8 7% 1st pref... 100
6%
Exchange—Continued—Page
Sales
23
8%
2%
24 %
9
3%
700
2,500
500
17
17
17
300
7
7
7
100
Jan
6
Mar
7%
Jan
2%
Mar
3%
Jan
22%
Mar
25
Jan
8%
Feb
9%
Jan
112%
Jan
114%
Mar
2%
Mar
3%
Apr
Mar
19%
Jan
6%
Feb
Jan
8%
%
Jan
%
16
43
3%
Mar
Mar
63
4%
Jan
Jan
Jan
....£1
5s
Todd Shipyards Corp....*
93%
93
95
110
82
Jan
98
Jan
New York Curb
2214
Week's Range
Sal*
We
eek
of Prices
Low
High Shares
Par
Pries
X
Jan
Mar
"5H "~5X
200
3754
1X
300
354
""400
37
3054
Tung-Sol Lamp Work*.—1
80c conv preferred
154
~'~3
1
•
Udyllte Corp
(Ulen & Co ser A pref
Series B pref.———.
Unexoelled Mfg Co——10
Union Oa* of Canada..—*
Union Investment com...*
Un Stk Yd* of Omaha—100
United Aircraft Prod.—-1
United Chemical* com
*
$3 cum A part pref—.
Un Clgar-Whelan Ste—lOo
d"
Jan
100
Jan
Mar
Feb
ht
Jan
254
X
8X
Mar
Jan
1
Jan
8
9
54
*"9 54
Apr
27
Jan
15
Mar
27
Jan
♦Hanover (City) 7s
1939
♦Hanover (Prov) 654*.1949
{13
22
22
Feb
27
Jan
}13
20
Lima (City) Peru—
♦654* stamped.....1958
554
♦Maranhao 7s....—.1958
{1354
♦Medellln 7s stamped. 1951
8
Jan
Mtge Bk of Bogota 78.1947
♦Issue of May 1927.....
Feb
Feb
4X
Jan
X
Jan
X
Feb
Jan
♦Mtge Bk of Chile 68.1931
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
♦Rio de Janeiro 6548.1959
1054
Mar
♦Russian Govt 654*—1919
X
1921
.1949
X
Jan
400
3X
Jan
Feb
Mar
4
9
954
"8 54 ~~Feb
1,400
United O A E 7% pref.100
United Lt A Pow com A—*
82 X
Common class B......*
"27
preferred.......*
*
Mar
11X
Jan
♦Santiago 7s.—..
17
954
Jan
Jan
Jan
Bank
Friday
11254
X
Jan
Elig.A
Rating
Last
Week's Range
for
Mar
Sale
of Prices
Low
High
Week
Since
3
Jan. 1
106 X
Jan
BONDS
Sales
30
so"
Mar
1,900
X
Mar
X
19X
Mar
hi
Feb
29X
Mar
1st 5s
1946
x
a
1
23X
Jan
25
Mar
1st A ref 6s
1951
x
a
1
10654 10654
10354 104
1st A ref 6s—
1956
x a
1
104 M 104
1,300
3,700
m m m
—
m
m
W —
Jan
85
ht
See
Price
i
Rang*
Jan
Jan
m m m a
Alabama Power
Co—
.1968 j bbbl
10354
1967 Tbbbl
10154
X
300
Is" Xim
""800
MX
9
....
454
80
4554
9%
000
554
1,300
X
554
S5X
43 X
754
4X
aa
2
x aa
2
aa
2
Am Pow A Lt deb 6s
2016 ybb
4
▲ppalao Power Deb 6s
2024 xbbb3
254* s f debs
354s Sf debs—
354* *f debs
1950
—1960
Mar
Mar
Mar
61
Jan
Mar
45 H
Jan
10
Jan
Jan
Arkansas Pr A Lt 5s..—..1956
Feb
Jan
*u
Jan
654
Mar
554
1970
x
x
x
10354 10354
10154 102
Associated Eleo 454s......1953 rb
53 X
63 54
454
4
53 X
4X
176
1,800
6054
3
Feb
Feb
Jan
X
6154
454
Jan
10654 10754
10354 10654
10254 10554
16,000
9,000
5,000
3,000
28,000
103
10554
10154 10354
dddi
♦Conv deb 454s
1948
♦Conv deb 454*
♦Conv deb 5s
1949 zdddl
X
Jan
IX
254
Mar
2954
2X
Jan
Feb
454
Mar
X
Jan
X
Jan
Feb
354
Feb
X
X
100
3X
X
♦Conv deb 554s—
1977 xdddi
AssocT AT deb 554* A
3
1955 y b
Atlanta Gas Lt 454s——1955 x a
Feb
ht
Jan
Atlantic City Eleo
IX
IX
1,100
IX
Feb
IX
654
6H
4,600
7
{100
£98
5X
Feb
7
Mar
Feb
Jan
78
Jan
i78X
2X
3,000
175
79
X
X
100
4554
45X
25
Zix "Tx """766
IX
ilix
IX
17X
4,900
~~3~X
3
3X
20,100
96 X
96
97X
300
*
10
100
5X
3X
8X
6
1,400
preferred
15
10
Vultes Aircraft Co.——..1
3X
»
j
3X
8X
250
200
100
Jan
X
Mar
ht
Feb
Mar
44
49
hi
Jan
«i«
IX
X
Feb
IX
15
Mar
Mar
X
85 X
9X
5X
3X
7X
\x
Apr
Jan
Mar
Jan
854
Jan
454
Jan
Mar
Watt A Bond olass A—*
IX
West Texas Util 30 pref..*
West Va Coal A Coke.—.*
~3X
IX
IX
300
IX
'"166
IX
200
3X
2~900
4
Western Maryland Ry—
3X
*
„
69
69
4
6,000
6.0C0
'"89""
89
89
5,000
87
86
8754 181,000
8654 65,000
8754
96 54
96,000
Conn Lt A Pr 7s A
Feb
Oonsol Gas El Lt A Power—
1,100
3X
3X
100
58 X
Mar
Jan
554
454
Jan
Feb
70
Debenture 5s..........1969
Cities Serv P A L 654*
14
5X
4X
5X
5
aiOMkil""
j
Wisconsin PAL 7% pf 100
b
b
8654
"95""
654*
-1949 yb
Community Pr A Lt 6s...1967 ybb
-
—1981
x
x
aaa4
1st ref mtge 3s ser P..
I960,*
1st ref M 2J4s ser Q—1976 *
aaa4
(Bait) 3 54* ser N
1971
Conaol Gas (Bait City)—
Gen mtge 454s.
..1964
8154
8254
8554
{87
95
9554 97
110154 10154 103
aaa4
{128
,
aaa4
8
4X
4X
x
aaa4
y
b
A stamped
Cont'l Gas A El 5s..
1943
Jan
Cuban Tobacco 5a
1944 yb
4X
ser
9554
10754 108
{10154 10254
10254
1958 ybb
6
Jan
1454
654
Mar
554
4X
Feb
854
Jan
Eastern Gas A Fuel 4s...—1956 ybb
Eleo Power A Light 5a ....2030 y b
Mar
5
Apr
Elmlra Wat Lt A RR 5*—1966
X a
Jan
3
Mar
Empire Diet El 6s....—1962
x
bbb2
10X
Mar
1154
Mar
♦Eroole Marelll Eleo Mfg—
Feb
854
Jan
z
cccl
400
"225
200
7
200
9,200
Mar
4X
Mar
4X
Mar
4X
Jan
454
Feb
354
Mar
117
554
654
454
554
454
Feb
Jan
Jan
Jan
Mar
1953
Erie Lighting 5s
1967
Federal Wat Serv 654s ....1964
6 54s series A
Jan
Florida Power A Lt 5s
Jan
Gary Electric A Gas—
FOREIGN GOVERNMENT
xa
3
b
4
y
ex-warr
1954
x
for
bbb3
$
t22X
♦Baden 7s.
113
t23X
28
...
2154
Jan
23
Feb
22 54
Jan
Mar
24
Mar
1754
2
8X
Mar
Grand Trunk West 4s—.—1950
Gr Nor Pow 5a stpd
1950
354s—.1963
XI
3
x a
x
aa
2654
Jan
Green Mount Pow
854
Jan
Quantanamo A West 6s... 1958
Guardian Investors 6s..—1948 y c
z dd
113
113
18
22
Feb
27
Jan
25
22
Feb
22
Feb
133
74 X
62
Jan
81
Jan
t24X
30
25
Mar
26
@FedFRASER